# EDGAR Filing Document

**Accession Number:** 0000837276
**File Stem:** 0001104659-26-025185
**Filing Date:** 2026-3
**Character Count:** 2299795
**Document Hash:** 25832d8766bca5d132e30267f689d21b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025185.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025185

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 158

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000837276

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05629
- **FILM NUMBER:** 26734766

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-366-0066

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING INVESTORS TRUST
- **DATE OF NAME CHANGE:** 20030501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GCG TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECIALTY MANAGERS TRUST
- **DATE OF NAME CHANGE:** 19911209

## Series and Classes Contracts Data

### VY(R) JPMorgan Emerging Markets Equity Portfolio (Series ID: S000005623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015329 | Class ADV    | IJEAX           |
| C000015330 | Class I      | IJEMX           |
| C000015331 | Class S      | IJPIX           |
| C000015332 | Class S2     | IJPTX           |

### VY(R) JPMorgan Small Cap Core Equity Portfolio (Series ID: S000005624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015333 | Class I      | IJSIX           |
| C000015334 | Class S      | IJSSX           |
| C000015335 | Class S2     | IJSTX           |
| C000028903 | Class ADV    | IJSAX           |
| C000168687 | Class R6     | VPRSX           |

### Voya Limited Maturity Bond Portfolio (Series ID: S000005629)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015349 | Class ADV    | IMBAX           |
| C000015350 | Class I      | ILBPX           |
| C000015351 | Class S      | ILMBX           |

### Voya Government Liquid Assets Portfolio (Series ID: S000005630)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015353 | Class I      | IPLXX           |
| C000015354 | Class S      | ISPXX           |
| C000015355 | Class S2     | ITLXX           |

### VY(R) CBRE Global Real Estate Portfolio (Series ID: S000005647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015417 | Class ADV    | ICRNX           |
| C000015418 | Class I      | IRGIX           |
| C000015419 | Class S      | IRGTX           |
| C000015420 | Class S2     | IRGSX           |

### VY(R) Morgan Stanley Global Franchise Portfolio (Series ID: S000005745)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015776 | Class ADV    | IGFAX           |
| C000015778 | Class S      | IVGTX           |
| C000015779 | Class S2     | IGFSX           |
| C000168690 | Class R6     | VPRDX           |

### VY(R) Invesco Growth and Income Portfolio (Series ID: S000005746)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015780 | Class ADV    | IVGAX           |
| C000015781 | Class I      | IVGIX           |
| C000015782 | Class S      | IVGSX           |
| C000015783 | Class S2     | IVITX           |

### VY(R) Columbia Real Estate Portfolio (Series ID: S000005747)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015784 | Class ADV    | ICRPX           |
| C000015785 | Class I      | IVRIX           |
| C000015786 | Class S      | IVRSX           |
| C000015787 | Class S2     | IVRTX           |

### Voya Large Cap Growth Portfolio (Series ID: S000005752)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015798 | Class ADV    | IEOPX           |
| C000015799 | Class I      | IEOHX           |
| C000015800 | Class S      | IEOSX           |
| C000015801 | Class S2     | IEOTX           |
| C000163203 | Class R6     | VRLCX           |

### Voya U.S. Stock Index Portfolio (Series ID: S000005758)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015822 | Class I      | INGIX           |
| C000047554 | Class S      | ISJBX           |
| C000053098 | Class S2     | ISIPX           |
| C000075972 | Class ADV    | ISIVX           |

### VY(R) T. Rowe Price Capital Appreciation Portfolio (Series ID: S000005759)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015823 | Class ADV    | ITRAX           |
| C000015824 | Class I      | ITRIX           |
| C000015825 | Class S      | ITCSX           |
| C000015826 | Class S2     | ITCTX           |
| C000168694 | Class R6     | VPRAX           |

### VY(R) T. Rowe Price Equity Income Portfolio (Series ID: S000005760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015827 | Class ADV    | ITEAX           |
| C000015828 | Class I      | ITEIX           |
| C000015829 | Class S      | IRPSX           |
| C000015830 | Class S2     | ITETX           |

### Voya High Yield Portfolio (Series ID: S000005794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015921 | Class S2     | IPYSX           |
| C000015922 | Class ADV    | IPYAX           |
| C000015923 | Class I      | IPIMX           |
| C000015924 | Class S      | IPHYX           |

### Voya Balanced Income Portfolio (Series ID: S000010459)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028890 | Class ADV    | IIFAX           |
| C000028891 | Class I      | IIFIX           |
| C000028892 | Class S      | IIFSX           |
| C000028893 | Class S2     | IIFTX           |

### Voya Large Cap Value Portfolio (Series ID: S000012824)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034673 | Class ADV    | IPEAX           |
| C000034674 | Class I      | IPEIX           |
| C000034675 | Class S      | IPESX           |
| C000034676 | Class S2     | IPETX           |
| C000163204 | Class R6     | VLCRX           |

### Voya Inflation Protected Bond Plus Portfolio (Series ID: S000017158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047545 | Class ADV    | IBRAX           |
| C000047546 | Class I      | IBRIX           |
| C000047547 | Class S      | IBRSX           |

### Voya Retirement Conservative Portfolio (Series ID: S000026280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079016 | Class ADV    | IRCAX           |
| C000079017 | Class I      | IRCPX           |

### Voya Retirement Aggressive Portfolio (Series ID: S000026281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079018 | Class ADV    | IRGPX           |
| C000079019 | Class I      | IIRGX           |

### Voya Retirement Moderately Aggressive Portfolio (Series ID: S000026282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079020 | Class ADV    | IRMGX           |
| C000079021 | Class I      | IRGMX           |

### Voya Retirement Moderate Portfolio (Series ID: S000026283)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079022 | Class ADV    | IRMPX           |
| C000079023 | Class I      | IRMIX           |

### Voya Global Perspectives(R) Portfolio (Series ID: S000040623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125916 | Class ADV    | IPARX           |
| C000125917 | Class I      | IPIRX           |
| C000125918 | Class S      | IPSRX           |

### Voya VACS Index Series S Portfolio (Series ID: S000079415)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240437 | Voya VACS Index Series S Portfolio | VVIPX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: **811-05629**

**Voya Investors Trust** 

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ** | **85258** |
| (Address of principal executive offices) | (Zip code) |

---

**CT Corporation System, 101 Federal Street, Boston, MA 02110**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-366-0066**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2025**

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Balanced Income Portfolio](#classname3e7902ac-4a66-4e81-b7cd-d5fc2624686e)<br> **[Class ADV - IIFAX](#classname3e7902ac-4a66-4e81-b7cd-d5fc2624686e)**  |
|  [Voya Balanced Income Portfolio](#classnamee80274e5-6752-420a-a647-bdfdf1cb2f53)<br> **[Class I - IIFIX](#classnamee80274e5-6752-420a-a647-bdfdf1cb2f53)**  |
|  [Voya Balanced Income Portfolio](#classname5e9a31c2-12f2-406b-a1f2-7226a7cac691)<br> **[Class S - IIFSX](#classname5e9a31c2-12f2-406b-a1f2-7226a7cac691)**  |
|  [Voya Balanced Income Portfolio](#classnameb9c4fdfc-77d6-43cd-8251-98d8ce83fdbd)<br> **[Class S2 - IIFTX](#classnameb9c4fdfc-77d6-43cd-8251-98d8ce83fdbd)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classname1a106d40-d93b-424d-bf67-9b450fc3b4b2)<br> **[Class ADV - IPARX](#classname1a106d40-d93b-424d-bf67-9b450fc3b4b2)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classnamef4c450ea-2c89-44d3-955e-c254b321b871)<br> **[Class I - IPIRX](#classnamef4c450ea-2c89-44d3-955e-c254b321b871)**  |
|  [Voya Global Perspectives<sup>®</sup> Portfolio](#classname94b7f749-e132-412c-9655-c4a3fb44eadf)<br> **[Class S - IPSRX](#classname94b7f749-e132-412c-9655-c4a3fb44eadf)**  |
|  [Voya Government Liquid Assets Portfolio](#classnameaec7641e-9b4c-4297-900d-f185d5421da2)<br> **[Class I - IPLXX](#classnameaec7641e-9b4c-4297-900d-f185d5421da2)**  |
|  [Voya Government Liquid Assets Portfolio](#classname945fd9f5-f46f-4a6c-8b89-0c9d5cfd5a89)<br> **[Class S - ISPXX](#classname945fd9f5-f46f-4a6c-8b89-0c9d5cfd5a89)**  |
|  [Voya Government Liquid Assets Portfolio](#classnameb378bc8f-a57d-4dfd-a992-38fea48348df)<br> **[Class S2 - ITLXX](#classnameb378bc8f-a57d-4dfd-a992-38fea48348df)**  |
|  [Voya High Yield Portfolio](#classname0fe193e0-cd7d-4fbd-bb6f-53f2c932e7d5)<br> **[Class ADV - IPYAX](#classname0fe193e0-cd7d-4fbd-bb6f-53f2c932e7d5)**  |
|  [Voya High Yield Portfolio](#classname956db1a7-3993-40e8-8733-b8b11ca46c4d)<br> **[Class I - IPIMX](#classname956db1a7-3993-40e8-8733-b8b11ca46c4d)**  |
|  [Voya High Yield Portfolio](#classname7c6e4a89-33c5-43df-9c58-4c8b3bcf12c4)<br> **[Class S - IPHYX](#classname7c6e4a89-33c5-43df-9c58-4c8b3bcf12c4)**  |
|  [Voya High Yield Portfolio](#classname55d6f7ab-25d1-48d5-8f95-83526ae8c49f)<br> **[Class S2 - IPYSX](#classname55d6f7ab-25d1-48d5-8f95-83526ae8c49f)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classname7e0f881b-6bf0-41b4-9c9e-831ffec4bbc8)<br> **[Class ADV - IBRAX](#classname7e0f881b-6bf0-41b4-9c9e-831ffec4bbc8)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classname4cb36fc3-061a-4d25-8da8-ba0e5aa42c11)<br> **[Class I - IBRIX](#classname4cb36fc3-061a-4d25-8da8-ba0e5aa42c11)**  |
|  [Voya Inflation Protected Bond Plus Portfolio](#classname2c835449-4806-45de-a4ef-c71350c85ba0)<br> **[Class S - IBRSX](#classname2c835449-4806-45de-a4ef-c71350c85ba0)**  |
|  [Voya Large Cap Growth Portfolio](#classnamee7e99d1f-89f9-4e80-8ee2-4c2948a51bf1)<br> **[Class ADV - IEOPX](#classnamee7e99d1f-89f9-4e80-8ee2-4c2948a51bf1)**  |
|  [Voya Large Cap Growth Portfolio](#classnameb0fa7698-c543-4035-9ccf-28ddfba1fbf4)<br> **[Class I - IEOHX](#classnameb0fa7698-c543-4035-9ccf-28ddfba1fbf4)**  |
|  [Voya Large Cap Growth Portfolio](#classname7033781b-f9ba-46e8-95de-9cce338fb545)<br> **[Class R6 - VRLCX](#classname7033781b-f9ba-46e8-95de-9cce338fb545)**  |
|  [Voya Large Cap Growth Portfolio](#classname6d2de1d6-45de-4a19-8893-b8f33d6ba06a)<br> **[Class S - IEOSX](#classname6d2de1d6-45de-4a19-8893-b8f33d6ba06a)**  |
|  [Voya Large Cap Growth Portfolio](#classname6f710e13-422e-43c3-a70a-eedbbd000752)<br> **[Class S2 - IEOTX](#classname6f710e13-422e-43c3-a70a-eedbbd000752)**  |
|  [Voya Large Cap Value Portfolio](#classname6529b260-f37d-488b-b7e7-d59c83d34d0f)<br> **[Class ADV - IPEAX](#classname6529b260-f37d-488b-b7e7-d59c83d34d0f)**  |
|  [Voya Large Cap Value Portfolio](#classnamec0408a3d-01b0-4768-b4bf-bc94edaf7b1d)<br> **[Class I - IPEIX](#classnamec0408a3d-01b0-4768-b4bf-bc94edaf7b1d)**  |
|  [Voya Large Cap Value Portfolio](#classnameab1ecfd8-4445-4ffe-b1e5-5cfa0dbce60c)<br> **[Class R6 - VLCRX](#classnameab1ecfd8-4445-4ffe-b1e5-5cfa0dbce60c)**  |
|  [Voya Large Cap Value Portfolio](#classname43ce3689-fd5d-4bfc-9bf1-bbf457119ef3)<br> **[Class S - IPESX](#classname43ce3689-fd5d-4bfc-9bf1-bbf457119ef3)**  |
|  [Voya Large Cap Value Portfolio](#classname047ea6ff-8d00-40e3-801a-30c5d018e877)<br> **[Class S2 - IPETX](#classname047ea6ff-8d00-40e3-801a-30c5d018e877)**  |
|  [Voya Limited Maturity Bond Portfolio](#classnamec138deeb-3d28-4b28-91df-9d7c47d5dd02)<br> **[Class ADV - IMBAX](#classnamec138deeb-3d28-4b28-91df-9d7c47d5dd02)**  |
|  [Voya Limited Maturity Bond Portfolio](#classname14c4763b-c0fe-4219-97b6-6f7636456315)<br> **[Class I - ILBPX](#classname14c4763b-c0fe-4219-97b6-6f7636456315)**  |
|  [Voya Limited Maturity Bond Portfolio](#classnamee8232f05-b386-489c-8eb6-79c2f3f240ef)<br> **[Class S - ILMBX](#classnamee8232f05-b386-489c-8eb6-79c2f3f240ef)**  |
|  [Voya Retirement Conservative Portfolio](#classnamee52741e1-6c4e-4bc5-a50e-fc7ea845b136)<br> **[Class ADV - IRCAX](#classnamee52741e1-6c4e-4bc5-a50e-fc7ea845b136)**  |
|  [Voya Retirement Conservative Portfolio](#classname2ae16e55-2b59-4e60-a07b-b902521fe037)<br> **[Class I - IRCPX](#classname2ae16e55-2b59-4e60-a07b-b902521fe037)**  |
|  [Voya Retirement Aggressive Portfolio](#classname0b7abd23-169c-4f9b-86c4-aa17136343a4)<br> **[Class ADV - IRGPX](#classname0b7abd23-169c-4f9b-86c4-aa17136343a4)**  |
|  [Voya Retirement Aggressive Portfolio](#classnameee060051-0edf-45e1-8380-6e3e8bafca42)<br> **[Class I - IIRGX](#classnameee060051-0edf-45e1-8380-6e3e8bafca42)**  |
|  [Voya Retirement Moderately Aggressive Portfolio](#classname087cfd5c-30f8-4cd3-805b-81bfe49cd524)<br> **[Class ADV - IRMGX](#classname087cfd5c-30f8-4cd3-805b-81bfe49cd524)**  |
|  [Voya Retirement Moderately Aggressive Portfolio](#classname6c8b0fd8-0e85-4fb8-b34f-b0f25d29c868)<br> **[Class I - IRGMX](#classname6c8b0fd8-0e85-4fb8-b34f-b0f25d29c868)**  |
|  [Voya Retirement Moderate Portfolio](#classname7cabc77c-fec0-4c6a-9067-d3368ac3c6a5)<br> **[Class ADV - IRMPX](#classname7cabc77c-fec0-4c6a-9067-d3368ac3c6a5)**  |
|  [Voya Retirement Moderate Portfolio](#classname538ecdff-bfdf-4c81-bcf9-e3e61b972fb5)<br> **[Class I - IRMIX](#classname538ecdff-bfdf-4c81-bcf9-e3e61b972fb5)**  |
|  [Voya U.S. Stock Index Portfolio](#classname7868c241-05c5-4516-8e31-4e2a4aad2bcc)<br> **[Class ADV - ISIVX](#classname7868c241-05c5-4516-8e31-4e2a4aad2bcc)**  |
|  [Voya U.S. Stock Index Portfolio](#classname26317830-6d51-4fc2-b785-23b49ce7e44c)<br> **[Class I - INGIX](#classname26317830-6d51-4fc2-b785-23b49ce7e44c)**  |
|  [Voya U.S. Stock Index Portfolio](#classname024ee9d4-b524-4c6d-8b4d-00b0d9ded29b)<br> **[Class S - ISJBX](#classname024ee9d4-b524-4c6d-8b4d-00b0d9ded29b)**  |
|  [Voya U.S. Stock Index Portfolio](#classname14d1d52b-5bbe-4f77-810c-6eb6a244c46b)<br> **[Class S2 - ISIPX](#classname14d1d52b-5bbe-4f77-810c-6eb6a244c46b)**  |
|  [Voya VACS Index Series S Portfolio](#classname633cf145-bb33-45f0-8442-35bec185a948)<br> **[Portfolio - VVIPX](#classname633cf145-bb33-45f0-8442-35bec185a948)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamebf55bb7a-3042-49ef-8403-154c9c7faa1c)<br> **[Class ADV - ICRNX](#classnamebf55bb7a-3042-49ef-8403-154c9c7faa1c)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamea973fb59-74aa-49fe-97c0-3d2b11e767ae)<br> **[Class I - IRGIX](#classnamea973fb59-74aa-49fe-97c0-3d2b11e767ae)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamedcdf5487-1e49-4c72-ad42-accf278e808c)<br> **[Class S - IRGTX](#classnamedcdf5487-1e49-4c72-ad42-accf278e808c)**  |
|  [VY<sup>®</sup> CBRE Global Real Estate Portfolio](#classnamea5904f67-dcd8-4cb6-8bf1-e61cf6b56843)<br> **[Class S2 - IRGSX](#classnamea5904f67-dcd8-4cb6-8bf1-e61cf6b56843)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classnameaac99aca-9a37-480d-90b5-7928b4f7a2e0)<br> **[Class ADV - ICRPX](#classnameaac99aca-9a37-480d-90b5-7928b4f7a2e0)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classnamed67e9cdd-b307-4a32-8ab3-a6619022dc03)<br> **[Class I - IVRIX](#classnamed67e9cdd-b307-4a32-8ab3-a6619022dc03)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classnameadcfc1ea-75c4-4f2a-849c-1c91088914e3)<br> **[Class S - IVRSX](#classnameadcfc1ea-75c4-4f2a-849c-1c91088914e3)**  |
|  [VY<sup>®</sup> CBRE Real Estate Portfolio](#classname6b5d727d-bb4a-4d2b-9909-c1b8d128f5f3)<br> **[Class S2 - IVRTX](#classname6b5d727d-bb4a-4d2b-9909-c1b8d128f5f3)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classnameb506019f-e3fd-4898-8c87-092053ff8d5b)<br> **[Class ADV - IVGAX](#classnameb506019f-e3fd-4898-8c87-092053ff8d5b)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classname41b84d69-334d-4fe9-8150-45f8940a1675)<br> **[Class I - IVGIX](#classname41b84d69-334d-4fe9-8150-45f8940a1675)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classname48837639-788f-47c0-98ff-07bfbab69666)<br> **[Class S - IVGSX](#classname48837639-788f-47c0-98ff-07bfbab69666)**  |
|  [VY<sup>®</sup> Invesco Growth and Income Portfolio](#classnameb08b0bf3-6136-45cd-9cca-e5c7bf9eeb63)<br> **[Class S2 - IVITX](#classnameb08b0bf3-6136-45cd-9cca-e5c7bf9eeb63)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classname3fc712b5-ca44-4a89-bb27-eaa75ae35eab)<br> **[Class ADV - IJEAX](#classname3fc712b5-ca44-4a89-bb27-eaa75ae35eab)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classnameeddfdffd-aaed-44ac-beaa-2ecf30c36cd3)<br> **[Class I - IJEMX](#classnameeddfdffd-aaed-44ac-beaa-2ecf30c36cd3)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classname942392a1-79e6-4f5a-b5a8-01929266969a)<br> **[Class S - IJPIX](#classname942392a1-79e6-4f5a-b5a8-01929266969a)**  |
|  [VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio](#classname4fbac465-79b0-4416-8dc0-fb0888c25d85)<br> **[Class S2 - IJPTX](#classname4fbac465-79b0-4416-8dc0-fb0888c25d85)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnameef8f5d56-2612-4a5b-a485-f5b3aa1262a0)<br> **[Class ADV - IJSAX](#classnameef8f5d56-2612-4a5b-a485-f5b3aa1262a0)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnamef5feece7-8cdf-45d2-8016-cdcea5a631c1)<br> **[Class I - IJSIX](#classnamef5feece7-8cdf-45d2-8016-cdcea5a631c1)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classname727df0f4-93cd-45a5-9d71-dd4a9dd41ce2)<br> **[Class R6 - VPRSX](#classname727df0f4-93cd-45a5-9d71-dd4a9dd41ce2)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnamec896be8b-e55e-491c-9a6c-28a19eac185a)<br> **[Class S - IJSSX](#classnamec896be8b-e55e-491c-9a6c-28a19eac185a)**  |
|  [VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio](#classnamef414cb88-0d08-4db3-836d-ba88aea3f5e4)<br> **[Class S2 - IJSTX](#classnamef414cb88-0d08-4db3-836d-ba88aea3f5e4)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classname377c849f-4682-4769-951a-94748540869e)<br> **[Class ADV - IGFAX](#classname377c849f-4682-4769-951a-94748540869e)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnameddc87351-86b9-42e9-9a2f-99b005cf6220)<br> **[Class R6 - VPRDX](#classnameddc87351-86b9-42e9-9a2f-99b005cf6220)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnamea9fdf286-906d-4209-9509-41e342f547d5)<br> **[Class S - IVGTX](#classnamea9fdf286-906d-4209-9509-41e342f547d5)**  |
|  [VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio](#classnamebe4659ce-d99c-4914-a22c-22b09eb5fb81)<br> **[Class S2 - IGFSX](#classnamebe4659ce-d99c-4914-a22c-22b09eb5fb81)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamef4482494-62eb-4859-a08a-6b78d59995fa)<br> **[Class ADV - ITRAX](#classnamef4482494-62eb-4859-a08a-6b78d59995fa)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamef3a33532-9ca9-4e28-ac8b-ad388c3e186e)<br> **[Class I - ITRIX](#classnamef3a33532-9ca9-4e28-ac8b-ad388c3e186e)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classname557b7007-dbfd-4e96-86fe-2209e7d148aa)<br> **[Class R6 - VPRAX](#classname557b7007-dbfd-4e96-86fe-2209e7d148aa)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classnamedc4d5c60-dec 7-4874-a189-9ecc3cd2bbe8)<br> **[Class S - ITCSX](#classnamedc4d5c60-dec 7-4874-a189-9ecc3cd2bbe8)**  |
|  [VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio](#classname176e13c1-ccb7-4fb1-84a3-47a4ba9801dc)<br> **[Class S2 - ITCTX](#classname176e13c1-ccb7-4fb1-84a3-47a4ba9801dc)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classname015e85dc-45eb-4999-9801-65e8944bd0dc)<br> **[Class ADV - ITEAX](#classname015e85dc-45eb-4999-9801-65e8944bd0dc)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classname934be5f5-990b-4955-b44c-ca63d8a91395)<br> **[Class I - ITEIX](#classname934be5f5-990b-4955-b44c-ca63d8a91395)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classname21d1776f-51fc-4ad3-a3c6-42a2ad43ee22)<br> **[Class S - IRPSX](#classname21d1776f-51fc-4ad3-a3c6-42a2ad43ee22)**  |
|  [VY<sup>®</sup> T. Rowe Price Equity Income Portfolio](#classname0377b414-d3e1-4932-b04c-0922da710a36)<br> **[Class S2 - ITETX](#classname0377b414-d3e1-4932-b04c-0922da710a36)**  |

---

# Class ADV: IIFAX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Balanced Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Balanced Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $126 | 1.19% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the blended 60% Bloomberg U.S. Aggregate Bond Index/30% of the Russell 1000 Index/10% MSCI EAFE Index.

↑ Top contributors to performance: Underlying fund selection and asset allocation had positive impacts. The Fund's overweight to emerging market equities and underweight to U.S. small cap were the biggest contributors.

↓ Top detractors from performance: The Fund's overweight to S&P 500 health care and underweight to U.S. mid cap were the biggest detractors

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg024.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11526 | $10786 | $10265 | $10541 | $10100 | $11205 |
| **2017** | $12682 | $13371 | $10628 | $11680 | $12628 | $13635 |
| **2018** | $11999 | $12113 | $10629 | $11376 | $10887 | $12984 |
| **2019** | $14150 | $15335 | $11556 | $13278 | $13283 | $17064 |
| **2020** | $14546 | $17827 | $12424 | $14909 | $14321 | $20641 |
| **2021** | $15804 | $21132 | $12233 | $16049 | $15934 | $26101 |
| **2022** | $13544 | $17252 | $10641 | $13686 | $13632 | $21108 |
| **2023** | $15036 | $21083 | $11230 | $15446 | $16118 | $26707 |
| **2024** | $16910 | $24770 | $11370 | $16702 | $16734 | $33253 |
| **2025** | $18815 | $30303 | $12200 | $18815 | $21958 | $39028 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 11.27% | 5.28% | 6.52% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index | 12.65% | 4.76% | 6.53% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$372,553,770

* # of Portfolio Holdings406

* Portfolio Turnover Rate117%

* Investment Advisory Fees Paid$2,175,808

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Core Bond ETF | 29.2% |
| Voya Multi-Sector Income ETF | 28.7% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| NVIDIA Corp. | 2.0% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Apple, Inc. | 1.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Broadcom, Inc. | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.2% |
| Preferred Stock | 0.0% |
| Mutual Funds | 1.1% |
| Common Stock | 33.9% |
| Exchange-Traded Funds | 63.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective November 15, 2025, the Portfolio (i) made changes to the Portfolio's principal investment strategies, including changes to the principal risks; (ii) implemented a management fee waiver on investments into affiliated exchange-traded funds; & (iii) reduced the Portfolio's standard expense limits.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IIFAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Balanced Income Portfolio
92914E705-AR

# Class I: IIFIX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Balanced Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Balanced Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $63 | 0.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the blended 60% Bloomberg U.S. Aggregate Bond Index/30% of the Russell 1000 Index/10% MSCI EAFE Index.

↑ Top contributors to performance: Underlying fund selection and asset allocation had positive impacts. The Fund's overweight to emerging market equities and underweight to U.S. small cap were the biggest contributors.

↓ Top detractors from performance: The Fund's overweight to S&P 500 health care and underweight to U.S. mid cap were the biggest detractors

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg109.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11602 | $10786 | $10265 | $10541 | $10100 | $11205 |
| **2017** | $12827 | $13371 | $10628 | $11680 | $12628 | $13635 |
| **2018** | $12212 | $12113 | $10629 | $11376 | $10887 | $12984 |
| **2019** | $14500 | $15335 | $11556 | $13278 | $13283 | $17064 |
| **2020** | $14983 | $17827 | $12424 | $14909 | $14321 | $20641 |
| **2021** | $16394 | $21132 | $12233 | $16049 | $15934 | $26101 |
| **2022** | $14134 | $17252 | $10641 | $13686 | $13632 | $21108 |
| **2023** | $15785 | $21083 | $11230 | $15446 | $16118 | $26707 |
| **2024** | $17837 | $24770 | $11370 | $16702 | $16734 | $33253 |
| **2025** | $19970 | $30303 | $12200 | $18815 | $21958 | $39028 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.96% | 5.92% | 7.16% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index | 12.65% | 4.76% | 6.53% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$372,553,770

* # of Portfolio Holdings406

* Portfolio Turnover Rate117%

* Investment Advisory Fees Paid$2,175,808

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Core Bond ETF | 29.2% |
| Voya Multi-Sector Income ETF | 28.7% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| NVIDIA Corp. | 2.0% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Apple, Inc. | 1.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Broadcom, Inc. | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.2% |
| Preferred Stock | 0.0% |
| Mutual Funds | 1.1% |
| Common Stock | 33.9% |
| Exchange-Traded Funds | 63.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective November 15, 2025, the Portfolio (i) made changes to the Portfolio's principal investment strategies, including changes to the principal risks; (ii) implemented a management fee waiver on investments into affiliated exchange-traded funds; & (iii) reduced the Portfolio's standard expense limits.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IIFIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Balanced Income Portfolio
92914E606-AR

# Class S: IIFSX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Balanced Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Balanced Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $90 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the blended 60% Bloomberg U.S. Aggregate Bond Index/30% of the Russell 1000 Index/10% MSCI EAFE Index.

↑ Top contributors to performance: Underlying fund selection and asset allocation had positive impacts. The Fund's overweight to emerging market equities and underweight to U.S. small cap were the biggest contributors.

↓ Top detractors from performance: The Fund's overweight to S&P 500 health care and underweight to U.S. mid cap were the biggest detractors

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg019.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11568 | $10786 | $10265 | $10541 | $10100 | $11205 |
| **2017** | $12763 | $13371 | $10628 | $11680 | $12628 | $13635 |
| **2018** | $12123 | $12113 | $10629 | $11376 | $10887 | $12984 |
| **2019** | $14353 | $15335 | $11556 | $13278 | $13283 | $17064 |
| **2020** | $14789 | $17827 | $12424 | $14909 | $14321 | $20641 |
| **2021** | $16133 | $21132 | $12233 | $16049 | $15934 | $26101 |
| **2022** | $13880 | $17252 | $10641 | $13686 | $13632 | $21108 |
| **2023** | $15464 | $21083 | $11230 | $15446 | $16118 | $26707 |
| **2024** | $17442 | $24770 | $11370 | $16702 | $16734 | $33253 |
| **2025** | $19338 | $30303 | $12200 | $18815 | $21958 | $39028 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 10.87% | 5.51% | 6.82% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index | 12.65% | 4.76% | 6.53% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$372,553,770

* # of Portfolio Holdings406

* Portfolio Turnover Rate117%

* Investment Advisory Fees Paid$2,175,808

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Core Bond ETF | 29.2% |
| Voya Multi-Sector Income ETF | 28.7% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| NVIDIA Corp. | 2.0% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Apple, Inc. | 1.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Broadcom, Inc. | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.2% |
| Preferred Stock | 0.0% |
| Mutual Funds | 1.1% |
| Common Stock | 33.9% |
| Exchange-Traded Funds | 63.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective November 15, 2025, the Portfolio (i) made changes to the Portfolio's principal investment strategies, including changes to the principal risks; (ii) implemented a management fee waiver on investments into affiliated exchange-traded funds; & (iii) reduced the Portfolio's standard expense limits.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IIFSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Balanced Income Portfolio
92914E507-AR

# Class S2: IIFTX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Balanced Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Balanced Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $104 | 0.99% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the blended 60% Bloomberg U.S. Aggregate Bond Index/30% of the Russell 1000 Index/10% MSCI EAFE Index.

↑ Top contributors to performance: Underlying fund selection and asset allocation had positive impacts. The Fund's overweight to emerging market equities and underweight to U.S. small cap were the biggest contributors.

↓ Top detractors from performance: The Fund's overweight to S&P 500 health care and underweight to U.S. mid cap were the biggest detractors

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg017.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11552 | $10786 | $10265 | $10541 | $10100 | $11205 |
| **2017** | $12726 | $13371 | $10628 | $11680 | $12628 | $13635 |
| **2018** | $12070 | $12113 | $10629 | $11376 | $10887 | $12984 |
| **2019** | $14260 | $15335 | $11556 | $13278 | $13283 | $17064 |
| **2020** | $14691 | $17827 | $12424 | $14909 | $14321 | $20641 |
| **2021** | $15996 | $21132 | $12233 | $16049 | $15934 | $26101 |
| **2022** | $13734 | $17252 | $10641 | $13686 | $13632 | $21108 |
| **2023** | $15273 | $21083 | $11230 | $15446 | $16118 | $26707 |
| **2024** | $17206 | $24770 | $11370 | $16702 | $16734 | $33253 |
| **2025** | $19114 | $30303 | $12200 | $18815 | $21958 | $39028 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 11.09% | 5.41% | 6.69% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 60% Bloomberg US Aggregate Bond Index/ 30% Russell 1000<sup>®</sup> Index/ 10% MSCI EAFE<sup>®</sup> Index | 12.65% | 4.76% | 6.53% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$372,553,770

* # of Portfolio Holdings406

* Portfolio Turnover Rate117%

* Investment Advisory Fees Paid$2,175,808

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Core Bond ETF | 29.2% |
| Voya Multi-Sector Income ETF | 28.7% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| NVIDIA Corp. | 2.0% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Apple, Inc. | 1.3% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Broadcom, Inc. | 0.8% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.2% |
| Preferred Stock | 0.0% |
| Mutual Funds | 1.1% |
| Common Stock | 33.9% |
| Exchange-Traded Funds | 63.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective November 15, 2025, the Portfolio (i) made changes to the Portfolio's principal investment strategies, including changes to the principal risks; (ii) implemented a management fee waiver on investments into affiliated exchange-traded funds; & (iii) reduced the Portfolio's standard expense limits.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IIFTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Balanced Income Portfolio
92914E408-AR

# Class ADV: IPARX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Perspectives<sup>®</sup> Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $56 | 0.52% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Growth<sup>®</sup> Index. Underlying fund selection and asset allocation detracted.

↑ Top contributors to performance: An underweight in U.S. large cap equities & overweight to emerging market equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Equity, Voya Global Bond,& Voya High Yield were contributors.

↓ Top detractors from performance: Overweights to U.S. real estate investment trusts, U.S. small cap & U.S. mid cap as well as underweight in international equities were the biggest detractors. On an individual holdings level, Voya Mid Cap Opportunities, VY<sup><sup>®</sup></sup> CBRE Global Real Estate & Voya Small Company Portfolios were key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg007.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10649 | $10786 | $10265 | $10677 |
| **2017** | $12205 | $13371 | $10628 | $12378 |
| **2018** | $11289 | $12113 | $10629 | $11674 |
| **2019** | $13317 | $15335 | $11556 | $13915 |
| **2020** | $15421 | $17827 | $12424 | $15561 |
| **2021** | $16307 | $21132 | $12233 | $17330 |
| **2022** | $13421 | $17252 | $10641 | $14684 |
| **2023** | $14789 | $21083 | $11230 | $16942 |
| **2024** | $15810 | $24770 | $11370 | $18760 |
| **2025** | $18006 | $30303 | $12200 | $21873 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 13.89% | 3.15% | 6.06% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$9,346,502

* # of Portfolio Holdings10

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$27,017

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.7% |
| Voya International Index Portfolio - Class I | 10.3% |
| Voya Small Company Portfolio - Class R6 | 10.1% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.1% |
| Voya High Yield Portfolio - Class I | 10.0% |
| Voya GNMA Income Fund - Class R6 | 10.0% |
| Voya U.S. Bond Index Portfolio - Class I | 9.9% |
| Voya Global Bond Fund - Class R6 | 9.9% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya MidCap Opportunities Portfolio - Class R6 | 9.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 39.8% |
| Equity | 60.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 10, 2025, the Portfolio revised its prospectus to add (i) principal risks related to Environmental, Social, and Governance and sector-focused investing & (ii) include additional information about an affiliated underlying fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IPARX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C303-AR

# Class I: IPIRX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Perspectives<sup>®</sup> Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $22 | 0.21% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Growth<sup>®</sup> Index. Underlying fund selection and asset allocation detracted.

↑ Top contributors to performance: An underweight in U.S. large cap equities & overweight to emerging market equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Equity, Voya Global Bond,& Voya High Yield were contributors.

↓ Top detractors from performance: Overweights to U.S. real estate investment trusts, U.S. small cap & U.S. mid cap as well as underweight in international equities were the biggest detractors. On an individual holdings level, Voya Mid Cap Opportunities, VY<sup><sup>®</sup></sup> CBRE Global Real Estate & Voya Small Company Portfolios were key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg110.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10681 | $10786 | $10265 | $10677 |
| **2017** | $12281 | $13371 | $10628 | $12378 |
| **2018** | $11396 | $12113 | $10629 | $11674 |
| **2019** | $13485 | $15335 | $11556 | $13915 |
| **2020** | $15661 | $17827 | $12424 | $15561 |
| **2021** | $16615 | $21132 | $12233 | $17330 |
| **2022** | $13707 | $17252 | $10641 | $14684 |
| **2023** | $15146 | $21083 | $11230 | $16942 |
| **2024** | $16253 | $24770 | $11370 | $18760 |
| **2025** | $18565 | $30303 | $12200 | $21873 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.23% | 3.46% | 6.38% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$9,346,502

* # of Portfolio Holdings10

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$27,017

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.7% |
| Voya International Index Portfolio - Class I | 10.3% |
| Voya Small Company Portfolio - Class R6 | 10.1% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.1% |
| Voya High Yield Portfolio - Class I | 10.0% |
| Voya GNMA Income Fund - Class R6 | 10.0% |
| Voya U.S. Bond Index Portfolio - Class I | 9.9% |
| Voya Global Bond Fund - Class R6 | 9.9% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya MidCap Opportunities Portfolio - Class R6 | 9.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 39.8% |
| Equity | 60.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 10, 2025, the Portfolio revised its prospectus to add (i) principal risks related to Environmental, Social, and Governance and sector-focused investing & (ii) include additional information about an affiliated underlying fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IPIRX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C204-AR

# Class S: IPSRX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Perspectives<sup>®</sup> Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $49 | 0.46% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Growth<sup>®</sup> Index. Underlying fund selection and asset allocation detracted.

↑ Top contributors to performance: An underweight in U.S. large cap equities & overweight to emerging market equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Equity, Voya Global Bond,& Voya High Yield were contributors.

↓ Top detractors from performance: Overweights to U.S. real estate investment trusts, U.S. small cap & U.S. mid cap as well as underweight in international equities were the biggest detractors. On an individual holdings level, Voya Mid Cap Opportunities, VY<sup><sup>®</sup></sup> CBRE Global Real Estate & Voya Small Company Portfolios were key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg058.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10655 | $10786 | $10265 | $10677 |
| **2017** | $12222 | $13371 | $10628 | $12378 |
| **2018** | $11310 | $12113 | $10629 | $11674 |
| **2019** | $13354 | $15335 | $11556 | $13915 |
| **2020** | $15463 | $17827 | $12424 | $15561 |
| **2021** | $16365 | $21132 | $12233 | $17330 |
| **2022** | $13475 | $17252 | $10641 | $14684 |
| **2023** | $14860 | $21083 | $11230 | $16942 |
| **2024** | $15882 | $24770 | $11370 | $18760 |
| **2025** | $18109 | $30303 | $12200 | $21873 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 14.02% | 3.21% | 6.12% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$9,346,502

* # of Portfolio Holdings10

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$27,017

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10.7% |
| Voya International Index Portfolio - Class I | 10.3% |
| Voya Small Company Portfolio - Class R6 | 10.1% |
| Voya Index Plus LargeCap Portfolio - Class I | 10.1% |
| Voya High Yield Portfolio - Class I | 10.0% |
| Voya GNMA Income Fund - Class R6 | 10.0% |
| Voya U.S. Bond Index Portfolio - Class I | 9.9% |
| Voya Global Bond Fund - Class R6 | 9.9% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 9.8% |
| Voya MidCap Opportunities Portfolio - Class R6 | 9.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 39.8% |
| Equity | 60.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 10.0% |
| US Mid Cap Blend | 10.0% |
| US Small Cap | 10.0% |
| International | 10.0% |
| Emerging Markets | 10.0% |
| Mortgage Backed | 10.0% |
| Global Real Estate | 10.0% |
| Core Fixed Income | 10.0% |
| High Yield | 10.0% |
| International Bonds | 10.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus, as supplemented, at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 10, 2025, the Portfolio revised its prospectus to add (i) principal risks related to Environmental, Social, and Governance and sector-focused investing & (ii) include additional information about an affiliated underlying fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IPSRX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Global Perspectives<sup>®</sup> Portfolio
92914C105-AR

# Class I: IPLXX
![Image](tm263417d1_ncsrimg010.jpg)

# Voya Government Liquid Assets Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Government Liquid Assets Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.28% |

---

## Fund Statistics
* Total Net Assets$1,243,326,721

* # of Portfolio Holdings25

* Investment Advisory Fees Paid$3,431,084

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (8.1)% |
| Mutual Funds | 9.5% |
| U.S. Treasury Repurchase Agreements | 12.4% |
| U.S. Government Agency Debt | 42.1% |
| U.S. Treasury Debt | 44.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IPLXX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Government Liquid Assets Portfolio
92914F835-AR

# Class S: ISPXX
![Image](tm263417d1_ncsrimg010.jpg)

# Voya Government Liquid Assets Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Government Liquid Assets Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $54 | 0.53% |

---

## Fund Statistics
* Total Net Assets$1,243,326,721

* # of Portfolio Holdings25

* Investment Advisory Fees Paid$3,431,084

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (8.1)% |
| Mutual Funds | 9.5% |
| U.S. Treasury Repurchase Agreements | 12.4% |
| U.S. Government Agency Debt | 42.1% |
| U.S. Treasury Debt | 44.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: ISPXX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Government Liquid Assets Portfolio
92914F843-AR

# Class S2: ITLXX
![Image](tm263417d1_ncsrimg010.jpg)

# Voya Government Liquid Assets Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Government Liquid Assets Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $69 | 0.68% |

---

## Fund Statistics
* Total Net Assets$1,243,326,721

* # of Portfolio Holdings25

* Investment Advisory Fees Paid$3,431,084

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (8.1)% |
| Mutual Funds | 9.5% |
| U.S. Treasury Repurchase Agreements | 12.4% |
| U.S. Government Agency Debt | 42.1% |
| U.S. Treasury Debt | 44.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: ITLXX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Government Liquid Assets Portfolio
92914F827-AR

# Class ADV: IPYAX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya High Yield Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya High Yield Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $112 | 1.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund's Class I shares outperformed the ICE BofA U.S. High Yield Index. Classes ADV, S, S2 shares underperformed.

↑ Top contributors to performance: The first half of the reporting period, contributions were from security selection within energy, retailers and wirelines. For the second of reporting period, underweights in CCC rated bonds was a relative performance tailwind. Industries helping relative performance in the period included chemicals, cable and satellite TV, & financial services. Security selection was the main source of strength in financial services.

↓ Top detractors from performance: Negative contributions included security selection within building products, followed by an underweight in wireless during the first half of the reporting period. For the second half of reporting period, industries detracting the most were healthcare, support-services, as well as basic industry and real estate.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg012.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11421 | $10265 | $11749 | $11713 |
| **2017** | $12087 | $10628 | $12628 | $12591 |
| **2018** | $11660 | $10629 | $12342 | $12330 |
| **2019** | $13388 | $11556 | $14121 | $14095 |
| **2020** | $14093 | $12424 | $14992 | $15089 |
| **2021** | $14748 | $12233 | $15796 | $15883 |
| **2022** | $12856 | $10641 | $14024 | $14107 |
| **2023** | $14351 | $11230 | $15911 | $16003 |
| **2024** | $15341 | $11370 | $17216 | $17313 |
| **2025** | $16573 | $12200 | $18680 | $18806 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 8.03% | 3.29% | 5.18% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index | 8.50% | 4.50% | 6.45% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 8.62% | 4.50% | 6.52% |

---

Effective, June 16, 2025, the secondary benchmark was changed from Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index to the ICE BofA U.S. High Yield Index.

## Fund Statistics
* Total Net Assets$317,961,547

* # of Portfolio Holdings106

* Portfolio Turnover Rate147%

* Investment Advisory Fees Paid$1,503,502

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.2% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Bombardier, Inc., 6.750%, 06/15/33 | 1.5% |
| Vmed O2 UK Financing I PLC, 7.750%, 04/15/32 | 1.5% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Navient Corp., 7.875%, 06/15/32 | 1.5% |
| Frontier Communications Holdings LLC, 8.750%, 05/15/30 | 1.5% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.5% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.4% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Other | 0.0% |
| Convertible Bonds/Notes | 0.0% |
| Corporate Bonds/Notes | 94.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 16, 2025, the principal investment strategies and risks were revised to allow the Portfolio to invest in convertible securities.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IPYAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya High Yield Portfolio
92914E101-AR

# Class I: IPIMX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya High Yield Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya High Yield Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $50 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund's Class I shares outperformed the ICE BofA U.S. High Yield Index. Classes ADV, S, S2 shares underperformed.

↑ Top contributors to performance: The first half of the reporting period, contributions were from security selection within energy, retailers and wirelines. For the second of reporting period, underweights in CCC rated bonds was a relative performance tailwind. Industries helping relative performance in the period included chemicals, cable and satellite TV, & financial services. Security selection was the main source of strength in financial services.

↓ Top detractors from performance: Negative contributions included security selection within building products, followed by an underweight in wireless during the first half of the reporting period. For the second half of reporting period, industries detracting the most were healthcare, support-services, as well as basic industry and real estate.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg061.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11489 | $10265 | $11749 | $11713 |
| **2017** | $12244 | $10628 | $12628 | $12591 |
| **2018** | $11882 | $10629 | $12342 | $12330 |
| **2019** | $13708 | $11556 | $14121 | $14095 |
| **2020** | $14531 | $12424 | $14992 | $15089 |
| **2021** | $15298 | $12233 | $15796 | $15883 |
| **2022** | $13419 | $10641 | $14024 | $14107 |
| **2023** | $15068 | $11230 | $15911 | $16003 |
| **2024** | $16185 | $11370 | $17216 | $17313 |
| **2025** | $17610 | $12200 | $18680 | $18806 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.80% | 3.92% | 5.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index | 8.50% | 4.50% | 6.45% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 8.62% | 4.50% | 6.52% |

---

Effective, June 16, 2025, the secondary benchmark was changed from Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index to the ICE BofA U.S. High Yield Index.

## Fund Statistics
* Total Net Assets$317,961,547

* # of Portfolio Holdings106

* Portfolio Turnover Rate147%

* Investment Advisory Fees Paid$1,503,502

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.2% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Bombardier, Inc., 6.750%, 06/15/33 | 1.5% |
| Vmed O2 UK Financing I PLC, 7.750%, 04/15/32 | 1.5% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Navient Corp., 7.875%, 06/15/32 | 1.5% |
| Frontier Communications Holdings LLC, 8.750%, 05/15/30 | 1.5% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.5% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.4% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Other | 0.0% |
| Convertible Bonds/Notes | 0.0% |
| Corporate Bonds/Notes | 94.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 16, 2025, the principal investment strategies and risks were revised to allow the Portfolio to invest in convertible securities.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IPIMX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya High Yield Portfolio
92914E309-AR

# Class S: IPHYX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya High Yield Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya High Yield Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $76 | 0.73% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund's Class I shares outperformed the ICE BofA U.S. High Yield Index. Classes ADV, S, S2 shares underperformed.

↑ Top contributors to performance: The first half of the reporting period, contributions were from security selection within energy, retailers and wirelines. For the second of reporting period, underweights in CCC rated bonds was a relative performance tailwind. Industries helping relative performance in the period included chemicals, cable and satellite TV, & financial services. Security selection was the main source of strength in financial services.

↓ Top detractors from performance: Negative contributions included security selection within building products, followed by an underweight in wireless during the first half of the reporting period. For the second half of reporting period, industries detracting the most were healthcare, support-services, as well as basic industry and real estate.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg038.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11461 | $10265 | $11749 | $11713 |
| **2017** | $12171 | $10628 | $12628 | $12591 |
| **2018** | $11782 | $10629 | $12342 | $12330 |
| **2019** | $13574 | $11556 | $14121 | $14095 |
| **2020** | $14339 | $12424 | $14992 | $15089 |
| **2021** | $15058 | $12233 | $15796 | $15883 |
| **2022** | $13173 | $10641 | $14024 | $14107 |
| **2023** | $14754 | $11230 | $15911 | $16003 |
| **2024** | $15828 | $11370 | $17216 | $17313 |
| **2025** | $17159 | $12200 | $18680 | $18806 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.41% | 3.66% | 5.55% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index | 8.50% | 4.50% | 6.45% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 8.62% | 4.50% | 6.52% |

---

Effective, June 16, 2025, the secondary benchmark was changed from Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index to the ICE BofA U.S. High Yield Index.

## Fund Statistics
* Total Net Assets$317,961,547

* # of Portfolio Holdings106

* Portfolio Turnover Rate147%

* Investment Advisory Fees Paid$1,503,502

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.2% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Bombardier, Inc., 6.750%, 06/15/33 | 1.5% |
| Vmed O2 UK Financing I PLC, 7.750%, 04/15/32 | 1.5% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Navient Corp., 7.875%, 06/15/32 | 1.5% |
| Frontier Communications Holdings LLC, 8.750%, 05/15/30 | 1.5% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.5% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.4% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Other | 0.0% |
| Convertible Bonds/Notes | 0.0% |
| Corporate Bonds/Notes | 94.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 16, 2025, the principal investment strategies and risks were revised to allow the Portfolio to invest in convertible securities.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IPHYX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya High Yield Portfolio
92914G759-AR

# Class S2: IPYSX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya High Yield Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya High Yield Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $92 | 0.88% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund's Class I shares outperformed the ICE BofA U.S. High Yield Index. Classes ADV, S, S2 shares underperformed.

↑ Top contributors to performance: The first half of the reporting period, contributions were from security selection within energy, retailers and wirelines. For the second of reporting period, underweights in CCC rated bonds was a relative performance tailwind. Industries helping relative performance in the period included chemicals, cable and satellite TV, & financial services. Security selection was the main source of strength in financial services.

↓ Top detractors from performance: Negative contributions included security selection within building products, followed by an underweight in wireless during the first half of the reporting period. For the second half of reporting period, industries detracting the most were healthcare, support-services, as well as basic industry and real estate.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg021.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11443 | $10265 | $11749 | $11713 |
| **2017** | $12135 | $10628 | $12628 | $12591 |
| **2018** | $11743 | $10629 | $12342 | $12330 |
| **2019** | $13493 | $11556 | $14121 | $14095 |
| **2020** | $14232 | $12424 | $14992 | $15089 |
| **2021** | $14923 | $12233 | $15796 | $15883 |
| **2022** | $13038 | $10641 | $14024 | $14107 |
| **2023** | $14580 | $11230 | $15911 | $16003 |
| **2024** | $15618 | $11370 | $17216 | $17313 |
| **2025** | $16906 | $12200 | $18680 | $18806 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 8.25% | 3.50% | 5.39% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index | 8.50% | 4.50% | 6.45% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 8.62% | 4.50% | 6.52% |

---

Effective, June 16, 2025, the secondary benchmark was changed from Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index to the ICE BofA U.S. High Yield Index.

## Fund Statistics
* Total Net Assets$317,961,547

* # of Portfolio Holdings106

* Portfolio Turnover Rate147%

* Investment Advisory Fees Paid$1,503,502

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| OneMain Finance Corp., 7.125%, 09/15/32 | 2.2% |
| Iron Mountain, Inc., 6.250%, 01/15/33 | 1.9% |
| Bombardier, Inc., 6.750%, 06/15/33 | 1.5% |
| Vmed O2 UK Financing I PLC, 7.750%, 04/15/32 | 1.5% |
| Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/30 | 1.5% |
| Navient Corp., 7.875%, 06/15/32 | 1.5% |
| Frontier Communications Holdings LLC, 8.750%, 05/15/30 | 1.5% |
| Sirius XM Radio, Inc., 5.500%, 07/01/29 | 1.5% |
| Gen Digital, Inc., 6.250%, 04/01/33 | 1.4% |
| Panther Escrow Issuer LLC, 7.125%, 06/01/31 | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| Other | 0.0% |
| Convertible Bonds/Notes | 0.0% |
| Corporate Bonds/Notes | 94.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective June 16, 2025, the principal investment strategies and risks were revised to allow the Portfolio to invest in convertible securities.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IPYSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya High Yield Portfolio
92914G742-AR

# Class ADV: IBRAX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Inflation Protected Bond Plus Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Inflation Protected Bond Plus Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $123 | 1.19% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S. TIPS Index (before fees and expenses).

↑ Top contributors to performance: The primary positive contributors were commercial mortgage-backed securities (CMBS), investment grade corporates (IG), collateralized loan obligations (CLOs), and agency mortgage floaters. The Fund was overweight single-asset, single-borrower (SASB) deals in CMBS which contributed, & added to investment grade (IG) amid some weakness after liberation day. After the rally, allocation to the front end of the curve to harvest carry. The Fund's active allocation to agency mortgage floaters also helped performance. Derivatives contributed positively to performance. Derivatives are used to replicate duration and inflation exposure. During the Liberation Day sell-off, the Fund used CDX High Yield to add exposure which also added to performance.

↓ Top detractors from performance: Duration reflects as the primary negative contributor, this is because the Fund replicates duration using total return swaps. In practice, the Fund did not take active duration in the portfolio.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg066.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. TIPS Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10327 | $10265 | $10468 |
| **2017** | $10550 | $10628 | $10783 |
| **2018** | $10297 | $10629 | $10647 |
| **2019** | $11073 | $11556 | $11545 |
| **2020** | $12252 | $12424 | $12814 |
| **2021** | $12808 | $12233 | $13577 |
| **2022** | $11099 | $10641 | $11968 |
| **2023** | $11523 | $11230 | $12435 |
| **2024** | $11692 | $11370 | $12663 |
| **2025** | $12467 | $12200 | $13551 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 6.64% | 0.35% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

Prior to December 6, 2024 the Fund was managed by a different sub-adviser. The performance information for these periods reflects returns achieved by a different sub-adviser.

## Fund Statistics
* Total Net Assets$218,264,143

* # of Portfolio Holdings419

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$941,244

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 2.7% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.9% |
| Sumitomo Mitsui Banking Corp./New York, 3.940%, 01/30/26 | 1.0% |
| Freddie Mac REMIC Trust - Class FH, 4.974%, 10/25/54 | 0.9% |
| Zaxbys Funding LLC - Class A2, 3.238%, 07/30/51 | 0.8% |
| MHP Commercial Mortgage Trust - Class A, 5.250%, 09/15/40 | 0.7% |
| Pagaya AI Debt Trust - Class B, 5.688%, 01/17/33 | 0.7% |
| SMB Private Education Loan Trust - Class A1A, 5.130%, 04/15/54 | 0.7% |
| Pagaya AI Debt Grantor Trust - Class A2, 5.365%, 12/15/32 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.1% |
| U.S. Treasury Obligations | 9.5% |
| Collateralized Mortgage Obligations | 12.9% |
| Commercial Mortgage-Backed Securities | 18.2% |
| Asset-Backed Securities | 23.4% |
| Corporate Bonds/Notes | 24.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IBRAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C667-AR

# Class I: IBRIX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Inflation Protected Bond Plus Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Inflation Protected Bond Plus Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $61 | 0.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S. TIPS Index (before fees and expenses).

↑ Top contributors to performance: The primary positive contributors were commercial mortgage-backed securities (CMBS), investment grade corporates (IG), collateralized loan obligations (CLOs), and agency mortgage floaters. The Fund was overweight single-asset, single-borrower (SASB) deals in CMBS which contributed, & added to investment grade (IG) amid some weakness after liberation day. After the rally, allocation to the front end of the curve to harvest carry. The Fund's active allocation to agency mortgage floaters also helped performance. Derivatives contributed positively to performance. Derivatives are used to replicate duration and inflation exposure. During the Liberation Day sell-off, the Fund used CDX High Yield to add exposure which also added to performance.

↓ Top detractors from performance: Duration reflects as the primary negative contributor, this is because the Fund replicates duration using total return swaps. In practice, the Fund did not take active duration in the portfolio.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg103.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. TIPS Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10392 | $10265 | $10468 |
| **2017** | $10674 | $10628 | $10783 |
| **2018** | $10487 | $10629 | $10647 |
| **2019** | $11348 | $11556 | $11545 |
| **2020** | $12613 | $12424 | $12814 |
| **2021** | $13276 | $12233 | $13577 |
| **2022** | $11585 | $10641 | $11968 |
| **2023** | $12083 | $11230 | $12435 |
| **2024** | $12336 | $11370 | $12663 |
| **2025** | $13236 | $12200 | $13551 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.30% | 0.97% | 2.84% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

Prior to December 6, 2024 the Fund was managed by a different sub-adviser. The performance information for these periods reflects returns achieved by a different sub-adviser.

## Fund Statistics
* Total Net Assets$218,264,143

* # of Portfolio Holdings419

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$941,244

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 2.7% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.9% |
| Sumitomo Mitsui Banking Corp./New York, 3.940%, 01/30/26 | 1.0% |
| Freddie Mac REMIC Trust - Class FH, 4.974%, 10/25/54 | 0.9% |
| Zaxbys Funding LLC - Class A2, 3.238%, 07/30/51 | 0.8% |
| MHP Commercial Mortgage Trust - Class A, 5.250%, 09/15/40 | 0.7% |
| Pagaya AI Debt Trust - Class B, 5.688%, 01/17/33 | 0.7% |
| SMB Private Education Loan Trust - Class A1A, 5.130%, 04/15/54 | 0.7% |
| Pagaya AI Debt Grantor Trust - Class A2, 5.365%, 12/15/32 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.1% |
| U.S. Treasury Obligations | 9.5% |
| Collateralized Mortgage Obligations | 12.9% |
| Commercial Mortgage-Backed Securities | 18.2% |
| Asset-Backed Securities | 23.4% |
| Corporate Bonds/Notes | 24.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IBRIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C675-AR

# Class S: IBRSX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Inflation Protected Bond Plus Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Inflation Protected Bond Plus Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $88 | 0.84% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S. TIPS Index (before fees and expenses).

↑ Top contributors to performance: The primary positive contributors were commercial mortgage-backed securities (CMBS), investment grade corporates (IG), collateralized loan obligations (CLOs), and agency mortgage floaters. The Fund was overweight single-asset, single-borrower (SASB) deals in CMBS which contributed, & added to investment grade (IG) amid some weakness after liberation day. After the rally, allocation to the front end of the curve to harvest carry. The Fund's active allocation to agency mortgage floaters also helped performance. Derivatives contributed positively to performance. Derivatives are used to replicate duration and inflation exposure. During the Liberation Day sell-off, the Fund used CDX High Yield to add exposure which also added to performance.

↓ Top detractors from performance: Duration reflects as the primary negative contributor, this is because the Fund replicates duration using total return swaps. In practice, the Fund did not take active duration in the portfolio.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg049.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. TIPS Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10362 | $10265 | $10468 |
| **2017** | $10618 | $10628 | $10783 |
| **2018** | $10402 | $10629 | $10647 |
| **2019** | $11234 | $11556 | $11545 |
| **2020** | $12465 | $12424 | $12814 |
| **2021** | $13080 | $12233 | $13577 |
| **2022** | $11376 | $10641 | $11968 |
| **2023** | $11851 | $11230 | $12435 |
| **2024** | $12071 | $11370 | $12663 |
| **2025** | $12910 | $12200 | $13551 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 6.96% | 0.71% | 2.59% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

Prior to December 6, 2024 the Fund was managed by a different sub-adviser. The performance information for these periods reflects returns achieved by a different sub-adviser.

## Fund Statistics
* Total Net Assets$218,264,143

* # of Portfolio Holdings419

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$941,244

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 2.7% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 2.0% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.9% |
| Sumitomo Mitsui Banking Corp./New York, 3.940%, 01/30/26 | 1.0% |
| Freddie Mac REMIC Trust - Class FH, 4.974%, 10/25/54 | 0.9% |
| Zaxbys Funding LLC - Class A2, 3.238%, 07/30/51 | 0.8% |
| MHP Commercial Mortgage Trust - Class A, 5.250%, 09/15/40 | 0.7% |
| Pagaya AI Debt Trust - Class B, 5.688%, 01/17/33 | 0.7% |
| SMB Private Education Loan Trust - Class A1A, 5.130%, 04/15/54 | 0.7% |
| Pagaya AI Debt Grantor Trust - Class A2, 5.365%, 12/15/32 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.1% |
| U.S. Treasury Obligations | 9.5% |
| Collateralized Mortgage Obligations | 12.9% |
| Commercial Mortgage-Backed Securities | 18.2% |
| Asset-Backed Securities | 23.4% |
| Corporate Bonds/Notes | 24.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IBRSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Inflation Protected Bond Plus Portfolio
92914C683-AR

# Class ADV: IEOPX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Growth Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $134 | 1.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection in communication services, consumer staples, and real estate sectors contributed the most to performance. On an individual stock basis, owning a non-benchmark position in Micron Technology, Inc., an overweight to the combined shares of Alphabet Inc. and an overweight position in Comfort Systems USA, Inc. contributed the most to performance.

↓ Top detractors from performance: Conversely, stock selection within the health care, consumer discretionary, & financials sectors detracted the most from performance. On an individual stock basis, positioning in UnitedHealth Group Inc., Atlassian Corp., & Doximity, Inc. detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg043.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10333 | $11274 | $10708 |
| **2017** | $13331 | $13656 | $13943 |
| **2018** | $13056 | $12941 | $13732 |
| **2019** | $17220 | $16955 | $18730 |
| **2020** | $22405 | $20497 | $25939 |
| **2021** | $26638 | $25756 | $33098 |
| **2022** | $18387 | $20808 | $23453 |
| **2023** | $25202 | $26210 | $33462 |
| **2024** | $33786 | $32449 | $44624 |
| **2025** | $38732 | $38013 | $52906 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 14.64% | 11.57% | 14.50% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

## Fund Statistics
* Total Net Assets$3,705,757,905

* # of Portfolio Holdings69

* Portfolio Turnover Rate53%

* Investment Advisory Fees Paid$14,478,058

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc. - Class A | 7.7% |
| Broadcom, Inc. | 5.2% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Tesla, Inc. | 2.9% |
| Meta Platforms, Inc. - Class A | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.1% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 48.8% |
| Communication Services | 12.9% |
| Consumer Discretionary | 12.2% |
| Health Care | 8.9% |
| Industrials | 6.2% |
| Financials | 4.9% |
| Consumer Staples | 2.5% |
| Materials | 1.5% |
| Real Estate | 0.5% |
| Energy | 0.5% |
| Preferred Stock | 0.1% |
| Common Stock | 0.1% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IEOPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Growth Portfolio
92914G783-AR

# Class I: IEOHX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Growth Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $72 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection in communication services, consumer staples, and real estate sectors contributed the most to performance. On an individual stock basis, owning a non-benchmark position in Micron Technology, Inc., an overweight to the combined shares of Alphabet Inc. and an overweight position in Comfort Systems USA, Inc. contributed the most to performance.

↓ Top detractors from performance: Conversely, stock selection within the health care, consumer discretionary, & financials sectors detracted the most from performance. On an individual stock basis, positioning in UnitedHealth Group Inc., Atlassian Corp., & Doximity, Inc. detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10396 | $11274 | $10708 |
| **2017** | $13488 | $13656 | $13943 |
| **2018** | $13289 | $12941 | $13732 |
| **2019** | $17643 | $16955 | $18730 |
| **2020** | $23092 | $20497 | $25939 |
| **2021** | $27606 | $25756 | $33098 |
| **2022** | $19186 | $20808 | $23453 |
| **2023** | $26448 | $26210 | $33462 |
| **2024** | $35653 | $32449 | $44624 |
| **2025** | $41118 | $38013 | $52906 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.33% | 12.23% | 15.19% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

## Fund Statistics
* Total Net Assets$3,705,757,905

* # of Portfolio Holdings69

* Portfolio Turnover Rate53%

* Investment Advisory Fees Paid$14,478,058

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc. - Class A | 7.7% |
| Broadcom, Inc. | 5.2% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Tesla, Inc. | 2.9% |
| Meta Platforms, Inc. - Class A | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.1% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 48.8% |
| Communication Services | 12.9% |
| Consumer Discretionary | 12.2% |
| Health Care | 8.9% |
| Industrials | 6.2% |
| Financials | 4.9% |
| Consumer Staples | 2.5% |
| Materials | 1.5% |
| Real Estate | 0.5% |
| Energy | 0.5% |
| Preferred Stock | 0.1% |
| Common Stock | 0.1% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IEOHX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Growth Portfolio
92914G775-AR

# Class R6: VRLCX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Growth Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $72 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection in communication services, consumer staples, and real estate sectors contributed the most to performance. On an individual stock basis, owning a non-benchmark position in Micron Technology, Inc., an overweight to the combined shares of Alphabet Inc. and an overweight position in Comfort Systems USA, Inc. contributed the most to performance.

↓ Top detractors from performance: Conversely, stock selection within the health care, consumer discretionary, & financials sectors detracted the most from performance. On an individual stock basis, positioning in UnitedHealth Group Inc., Atlassian Corp., & Doximity, Inc. detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10395 | $11274 | $10708 |
| **2017** | $13493 | $13656 | $13943 |
| **2018** | $13286 | $12941 | $13732 |
| **2019** | $17647 | $16955 | $18730 |
| **2020** | $23093 | $20497 | $25939 |
| **2021** | $27615 | $25756 | $33098 |
| **2022** | $19200 | $20808 | $23453 |
| **2023** | $26454 | $26210 | $33462 |
| **2024** | $35666 | $32449 | $44624 |
| **2025** | $41121 | $38013 | $52906 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 15.30% | 12.23% | 15.19% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

## Fund Statistics
* Total Net Assets$3,705,757,905

* # of Portfolio Holdings69

* Portfolio Turnover Rate53%

* Investment Advisory Fees Paid$14,478,058

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc. - Class A | 7.7% |
| Broadcom, Inc. | 5.2% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Tesla, Inc. | 2.9% |
| Meta Platforms, Inc. - Class A | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.1% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 48.8% |
| Communication Services | 12.9% |
| Consumer Discretionary | 12.2% |
| Health Care | 8.9% |
| Industrials | 6.2% |
| Financials | 4.9% |
| Consumer Staples | 2.5% |
| Materials | 1.5% |
| Real Estate | 0.5% |
| Energy | 0.5% |
| Preferred Stock | 0.1% |
| Common Stock | 0.1% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VRLCX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Growth Portfolio
92914G460-AR

# Class S: IEOSX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Growth Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $99 | 0.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection in communication services, consumer staples, and real estate sectors contributed the most to performance. On an individual stock basis, owning a non-benchmark position in Micron Technology, Inc., an overweight to the combined shares of Alphabet Inc. and an overweight position in Comfort Systems USA, Inc. contributed the most to performance.

↓ Top detractors from performance: Conversely, stock selection within the health care, consumer discretionary, & financials sectors detracted the most from performance. On an individual stock basis, positioning in UnitedHealth Group Inc., Atlassian Corp., & Doximity, Inc. detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10369 | $11274 | $10708 |
| **2017** | $13419 | $13656 | $13943 |
| **2018** | $13187 | $12941 | $13732 |
| **2019** | $17461 | $16955 | $18730 |
| **2020** | $22802 | $20497 | $25939 |
| **2021** | $27197 | $25756 | $33098 |
| **2022** | $18858 | $20808 | $23453 |
| **2023** | $25907 | $26210 | $33462 |
| **2024** | $34852 | $32449 | $44624 |
| **2025** | $40110 | $38013 | $52906 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 15.09% | 11.96% | 14.90% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

## Fund Statistics
* Total Net Assets$3,705,757,905

* # of Portfolio Holdings69

* Portfolio Turnover Rate53%

* Investment Advisory Fees Paid$14,478,058

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc. - Class A | 7.7% |
| Broadcom, Inc. | 5.2% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Tesla, Inc. | 2.9% |
| Meta Platforms, Inc. - Class A | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.1% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 48.8% |
| Communication Services | 12.9% |
| Consumer Discretionary | 12.2% |
| Health Care | 8.9% |
| Industrials | 6.2% |
| Financials | 4.9% |
| Consumer Staples | 2.5% |
| Materials | 1.5% |
| Real Estate | 0.5% |
| Energy | 0.5% |
| Preferred Stock | 0.1% |
| Common Stock | 0.1% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IEOSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Growth Portfolio
92914G817-AR

# Class S2: IEOTX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Growth Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $115 | 1.07% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection in communication services, consumer staples, and real estate sectors contributed the most to performance. On an individual stock basis, owning a non-benchmark position in Micron Technology, Inc., an overweight to the combined shares of Alphabet Inc. and an overweight position in Comfort Systems USA, Inc. contributed the most to performance.

↓ Top detractors from performance: Conversely, stock selection within the health care, consumer discretionary, & financials sectors detracted the most from performance. On an individual stock basis, positioning in UnitedHealth Group Inc., Atlassian Corp., & Doximity, Inc. detracted the most from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10357 | $11274 | $10708 |
| **2017** | $13383 | $13656 | $13943 |
| **2018** | $13134 | $12941 | $13732 |
| **2019** | $17358 | $16955 | $18730 |
| **2020** | $22639 | $20497 | $25939 |
| **2021** | $26963 | $25756 | $33098 |
| **2022** | $18659 | $20808 | $23453 |
| **2023** | $25611 | $26210 | $33462 |
| **2024** | $34406 | $32449 | $44624 |
| **2025** | $39494 | $38013 | $52906 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 14.79% | 11.77% | 14.72% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

## Fund Statistics
* Total Net Assets$3,705,757,905

* # of Portfolio Holdings69

* Portfolio Turnover Rate53%

* Investment Advisory Fees Paid$14,478,058

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc. - Class A | 7.7% |
| Broadcom, Inc. | 5.2% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Tesla, Inc. | 2.9% |
| Meta Platforms, Inc. - Class A | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.1% |
| Preferred Stock | 0.1% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 48.8% |
| Communication Services | 12.9% |
| Consumer Discretionary | 12.2% |
| Health Care | 8.9% |
| Industrials | 6.2% |
| Financials | 4.9% |
| Consumer Staples | 2.5% |
| Materials | 1.5% |
| Real Estate | 0.5% |
| Energy | 0.5% |
| Preferred Stock | 0.1% |
| Common Stock | 0.1% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IEOTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Growth Portfolio
92914G767-AR

# Class ADV: IPEAX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Value Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $141 | 1.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection.

↑ Top contributors to performance: On the sector level the communication services, real estate, & energy sectors had the largest positive impact on performance. At the individual stock level, the biggest contributors were our overweight positions in Micron Technology, Inc., Welltower Inc., and Warner Bros. Discovery, Inc. Series A.

↓ Top detractors from performance: On the sector level health care, industrials, & information technology sectors had negative impacts on performance. At the individual stock level, the biggest detractors included overweight positions in Kenvue, Inc., Globant SA, & Centene Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11320 | $11274 | $11734 |
| **2017** | $12774 | $13656 | $13337 |
| **2018** | $11709 | $12941 | $12234 |
| **2019** | $14572 | $16955 | $15481 |
| **2020** | $15389 | $20497 | $15914 |
| **2021** | $19428 | $25756 | $19918 |
| **2022** | $18673 | $20808 | $18416 |
| **2023** | $21105 | $26210 | $20527 |
| **2024** | $24565 | $32449 | $23477 |
| **2025** | $27535 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 12.09% | 12.34% | 10.66% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$522,620,923

* # of Portfolio Holdings73

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$3,044,788

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.3% |
| Chevron Corp. | 4.3% |
| Bank of America Corp. | 3.1% |
| Wells Fargo & Co. | 2.6% |
| Amazon.com, Inc. | 2.5% |
| Welltower, Inc. | 2.4% |
| Duke Energy Corp. | 2.3% |
| Intercontinental Exchange, Inc. | 2.3% |
| Coca-Cola Co. | 2.2% |
| American International Group, Inc. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Health Care | 13.3% |
| Information Technology | 10.6% |
| Industrials | 10.6% |
| Communication Services | 9.2% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 7.3% |
| Energy | 7.1% |
| Utilities | 5.0% |
| Real Estate | 4.3% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IPEAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Value Portfolio
92914C626-AR

# Class I: IPEIX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Value Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $78 | 0.73% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection.

↑ Top contributors to performance: On the sector level the communication services, real estate, & energy sectors had the largest positive impact on performance. At the individual stock level, the biggest contributors were our overweight positions in Micron Technology, Inc., Welltower Inc., and Warner Bros. Discovery, Inc. Series A.

↓ Top detractors from performance: On the sector level health care, industrials, & information technology sectors had negative impacts on performance. At the individual stock level, the biggest detractors included overweight positions in Kenvue, Inc., Globant SA, & Centene Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg090.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11389 | $11274 | $11734 |
| **2017** | $12932 | $13656 | $13337 |
| **2018** | $11922 | $12941 | $12234 |
| **2019** | $14916 | $16955 | $15481 |
| **2020** | $15852 | $20497 | $15914 |
| **2021** | $20131 | $25756 | $19918 |
| **2022** | $19486 | $20808 | $18416 |
| **2023** | $22161 | $26210 | $20527 |
| **2024** | $25942 | $32449 | $23477 |
| **2025** | $29246 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.74% | 13.03% | 11.33% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$522,620,923

* # of Portfolio Holdings73

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$3,044,788

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.3% |
| Chevron Corp. | 4.3% |
| Bank of America Corp. | 3.1% |
| Wells Fargo & Co. | 2.6% |
| Amazon.com, Inc. | 2.5% |
| Welltower, Inc. | 2.4% |
| Duke Energy Corp. | 2.3% |
| Intercontinental Exchange, Inc. | 2.3% |
| Coca-Cola Co. | 2.2% |
| American International Group, Inc. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Health Care | 13.3% |
| Information Technology | 10.6% |
| Industrials | 10.6% |
| Communication Services | 9.2% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 7.3% |
| Energy | 7.1% |
| Utilities | 5.0% |
| Real Estate | 4.3% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IPEIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Value Portfolio
92914C634-AR

# Class R6: VLCRX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Value Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $78 | 0.73% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection.

↑ Top contributors to performance: On the sector level the communication services, real estate, & energy sectors had the largest positive impact on performance. At the individual stock level, the biggest contributors were our overweight positions in Micron Technology, Inc., Welltower Inc., and Warner Bros. Discovery, Inc. Series A.

↓ Top detractors from performance: On the sector level health care, industrials, & information technology sectors had negative impacts on performance. At the individual stock level, the biggest detractors included overweight positions in Kenvue, Inc., Globant SA, & Centene Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11380 | $11274 | $11734 |
| **2017** | $12914 | $13656 | $13337 |
| **2018** | $11914 | $12941 | $12234 |
| **2019** | $14909 | $16955 | $15481 |
| **2020** | $15844 | $20497 | $15914 |
| **2021** | $20126 | $25756 | $19918 |
| **2022** | $19469 | $20808 | $18416 |
| **2023** | $22156 | $26210 | $20527 |
| **2024** | $25920 | $32449 | $23477 |
| **2025** | $29252 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 12.86% | 13.05% | 11.33% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$522,620,923

* # of Portfolio Holdings73

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$3,044,788

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.3% |
| Chevron Corp. | 4.3% |
| Bank of America Corp. | 3.1% |
| Wells Fargo & Co. | 2.6% |
| Amazon.com, Inc. | 2.5% |
| Welltower, Inc. | 2.4% |
| Duke Energy Corp. | 2.3% |
| Intercontinental Exchange, Inc. | 2.3% |
| Coca-Cola Co. | 2.2% |
| American International Group, Inc. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Health Care | 13.3% |
| Information Technology | 10.6% |
| Industrials | 10.6% |
| Communication Services | 9.2% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 7.3% |
| Energy | 7.1% |
| Utilities | 5.0% |
| Real Estate | 4.3% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VLCRX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Value Portfolio
92914C618-AR

# Class S: IPESX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Value Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $104 | 0.98% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection.

↑ Top contributors to performance: On the sector level the communication services, real estate, & energy sectors had the largest positive impact on performance. At the individual stock level, the biggest contributors were our overweight positions in Micron Technology, Inc., Welltower Inc., and Warner Bros. Discovery, Inc. Series A.

↓ Top detractors from performance: On the sector level health care, industrials, & information technology sectors had negative impacts on performance. At the individual stock level, the biggest detractors included overweight positions in Kenvue, Inc., Globant SA, & Centene Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11358 | $11274 | $11734 |
| **2017** | $12861 | $13656 | $13337 |
| **2018** | $11831 | $12941 | $12234 |
| **2019** | $14763 | $16955 | $15481 |
| **2020** | $15644 | $20497 | $15914 |
| **2021** | $19817 | $25756 | $19918 |
| **2022** | $19128 | $20808 | $18416 |
| **2023** | $21669 | $26210 | $20527 |
| **2024** | $25328 | $32449 | $23477 |
| **2025** | $28539 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 12.68% | 12.78% | 11.06% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$522,620,923

* # of Portfolio Holdings73

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$3,044,788

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.3% |
| Chevron Corp. | 4.3% |
| Bank of America Corp. | 3.1% |
| Wells Fargo & Co. | 2.6% |
| Amazon.com, Inc. | 2.5% |
| Welltower, Inc. | 2.4% |
| Duke Energy Corp. | 2.3% |
| Intercontinental Exchange, Inc. | 2.3% |
| Coca-Cola Co. | 2.2% |
| American International Group, Inc. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Health Care | 13.3% |
| Information Technology | 10.6% |
| Industrials | 10.6% |
| Communication Services | 9.2% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 7.3% |
| Energy | 7.1% |
| Utilities | 5.0% |
| Real Estate | 4.3% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IPESX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Value Portfolio
92914C642-AR

# Class S2: IPETX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya Large Cap Value Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $120 | 1.13% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection.

↑ Top contributors to performance: On the sector level the communication services, real estate, & energy sectors had the largest positive impact on performance. At the individual stock level, the biggest contributors were our overweight positions in Micron Technology, Inc., Welltower Inc., and Warner Bros. Discovery, Inc. Series A.

↓ Top detractors from performance: On the sector level health care, industrials, & information technology sectors had negative impacts on performance. At the individual stock level, the biggest detractors included overweight positions in Kenvue, Inc., Globant SA, & Centene Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg072.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11340 | $11274 | $11734 |
| **2017** | $12825 | $13656 | $13337 |
| **2018** | $11783 | $12941 | $12234 |
| **2019** | $14686 | $16955 | $15481 |
| **2020** | $15546 | $20497 | $15914 |
| **2021** | $19656 | $25756 | $19918 |
| **2022** | $18931 | $20808 | $18416 |
| **2023** | $21437 | $26210 | $20527 |
| **2024** | $25023 | $32449 | $23477 |
| **2025** | $28134 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 12.43% | 12.60% | 10.90% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$522,620,923

* # of Portfolio Holdings73

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$3,044,788

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.3% |
| Chevron Corp. | 4.3% |
| Bank of America Corp. | 3.1% |
| Wells Fargo & Co. | 2.6% |
| Amazon.com, Inc. | 2.5% |
| Welltower, Inc. | 2.4% |
| Duke Energy Corp. | 2.3% |
| Intercontinental Exchange, Inc. | 2.3% |
| Coca-Cola Co. | 2.2% |
| American International Group, Inc. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.4% |
| Health Care | 13.3% |
| Information Technology | 10.6% |
| Industrials | 10.6% |
| Communication Services | 9.2% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 7.3% |
| Energy | 7.1% |
| Utilities | 5.0% |
| Real Estate | 4.3% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IPETX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Large Cap Value Portfolio
92914C659-AR

# Class ADV: IMBAX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Limited Maturity Bond Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Limited Maturity Bond Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $90 | 0.88% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S 1-3 Year Government/Credit Bond Index on a net asset value basis. Sector allocation contributed the most to performance, followed by duration & curve positioning. Meanwhile, security selection decisions detracted.

↑ Top contributors to performance: Sector allocation contributed the most to performance. Contributions came primarily from non-agency commercial mortgage-backed securities (CMBS) and an allocation to agency MBS.&nbsp;&nbsp;&nbsp;&nbsp;The general positive macro backdrop was positive for investment grade corporate allocations, as spreads grinded tighter and the steepening of the yield curve in 2025 contributed given our longer duration position established in the second half of the year.

↓ Top detractors from performance: Security selection detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10090 | $10265 | $10128 |
| **2017** | $10185 | $10628 | $10213 |
| **2018** | $10257 | $10629 | $10376 |
| **2019** | $10632 | $11556 | $10795 |
| **2020** | $10937 | $12424 | $11154 |
| **2021** | $10877 | $12233 | $11102 |
| **2022** | $10305 | $10641 | $10692 |
| **2023** | $10735 | $11230 | $11185 |
| **2024** | $11220 | $11370 | $11672 |
| **2025** | $11790 | $12200 | $12296 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 5.08% | 1.51% | 1.66% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.35% | 1.97% | 2.09% |

---

## Fund Statistics
* Total Net Assets$284,425,693

* # of Portfolio Holdings562

* Portfolio Turnover Rate196%

* Investment Advisory Fees Paid$744,719

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 01/15/27 | 2.3% |
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 1.6% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.3% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.3% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 1.2% |
| Fannie Mae REMIC Trust - Class DF, 5.124%, 12/25/54 | 1.0% |
| Ginnie Mae - Class FC, 4.564%, 07/20/70 | 0.8% |
| Freddie Mac REMIC Trust - Class FG, 5.274%, 02/25/55 | 0.7% |
| United States Treasury Notes, 3.875%, 12/31/32 | 0.7% |
| BXSC Commercial Mortgage Trust - Class B, 5.843%, 03/15/35 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.1% |
| U.S. Government Agency Obligations | 0.0% |
| U.S. Treasury Obligations | 5.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 12.8% |
| Asset-Backed Securities | 18.0% |
| Corporate Bonds/Notes | 42.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IMBAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Limited Maturity Bond Portfolio
92914E200-AR

# Class I: ILBPX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Limited Maturity Bond Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Limited Maturity Bond Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.28% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S 1-3 Year Government/Credit Bond Index on a net asset value basis. Sector allocation contributed the most to performance, followed by duration & curve positioning. Meanwhile, security selection decisions detracted.

↑ Top contributors to performance: Sector allocation contributed the most to performance. Contributions came primarily from non-agency commercial mortgage-backed securities (CMBS) and an allocation to agency MBS.&nbsp;&nbsp;&nbsp;&nbsp;The general positive macro backdrop was positive for investment grade corporate allocations, as spreads grinded tighter and the steepening of the yield curve in 2025 contributed given our longer duration position established in the second half of the year.

↓ Top detractors from performance: Security selection detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10153 | $10265 | $10128 |
| **2017** | $10300 | $10628 | $10213 |
| **2018** | $10436 | $10629 | $10376 |
| **2019** | $10888 | $11556 | $10795 |
| **2020** | $11265 | $12424 | $11154 |
| **2021** | $11274 | $12233 | $11102 |
| **2022** | $10749 | $10641 | $10692 |
| **2023** | $11264 | $11230 | $11185 |
| **2024** | $11843 | $11370 | $11672 |
| **2025** | $12516 | $12200 | $12296 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.69% | 2.13% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.35% | 1.97% | 2.09% |

---

## Fund Statistics
* Total Net Assets$284,425,693

* # of Portfolio Holdings562

* Portfolio Turnover Rate196%

* Investment Advisory Fees Paid$744,719

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 01/15/27 | 2.3% |
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 1.6% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.3% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.3% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 1.2% |
| Fannie Mae REMIC Trust - Class DF, 5.124%, 12/25/54 | 1.0% |
| Ginnie Mae - Class FC, 4.564%, 07/20/70 | 0.8% |
| Freddie Mac REMIC Trust - Class FG, 5.274%, 02/25/55 | 0.7% |
| United States Treasury Notes, 3.875%, 12/31/32 | 0.7% |
| BXSC Commercial Mortgage Trust - Class B, 5.843%, 03/15/35 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.1% |
| U.S. Government Agency Obligations | 0.0% |
| U.S. Treasury Obligations | 5.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 12.8% |
| Asset-Backed Securities | 18.0% |
| Corporate Bonds/Notes | 42.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: ILBPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Limited Maturity Bond Portfolio
92914F793-AR

# Class S: ILMBX
![Image](tm263417d1_ncsrimg041.jpg)

# Voya Limited Maturity Bond Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Limited Maturity Bond Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $54 | 0.53% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg U.S 1-3 Year Government/Credit Bond Index on a net asset value basis. Sector allocation contributed the most to performance, followed by duration & curve positioning. Meanwhile, security selection decisions detracted.

↑ Top contributors to performance: Sector allocation contributed the most to performance. Contributions came primarily from non-agency commercial mortgage-backed securities (CMBS) and an allocation to agency MBS.&nbsp;&nbsp;&nbsp;&nbsp;The general positive macro backdrop was positive for investment grade corporate allocations, as spreads grinded tighter and the steepening of the yield curve in 2025 contributed given our longer duration position established in the second half of the year.

↓ Top detractors from performance: Security selection detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10128 | $10265 | $10128 |
| **2017** | $10250 | $10628 | $10213 |
| **2018** | $10360 | $10629 | $10376 |
| **2019** | $10780 | $11556 | $10795 |
| **2020** | $11124 | $12424 | $11154 |
| **2021** | $11107 | $12233 | $11102 |
| **2022** | $10558 | $10641 | $10692 |
| **2023** | $11035 | $11230 | $11185 |
| **2024** | $11573 | $11370 | $11672 |
| **2025** | $12200 | $12200 | $12296 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 5.42% | 1.86% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.35% | 1.97% | 2.09% |

---

## Fund Statistics
* Total Net Assets$284,425,693

* # of Portfolio Holdings562

* Portfolio Turnover Rate196%

* Investment Advisory Fees Paid$744,719

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.000%, 01/15/27 | 2.3% |
| Freddie Mac REMIC Trust - Class DF, 5.324%, 05/25/54 | 1.6% |
| Fannie Mae REMIC Trust - Class FH, 5.124%, 01/25/55 | 1.3% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.3% |
| Fannie Mae REMIC Trust - Class FD, 5.224%, 04/25/54 | 1.2% |
| Fannie Mae REMIC Trust - Class DF, 5.124%, 12/25/54 | 1.0% |
| Ginnie Mae - Class FC, 4.564%, 07/20/70 | 0.8% |
| Freddie Mac REMIC Trust - Class FG, 5.274%, 02/25/55 | 0.7% |
| United States Treasury Notes, 3.875%, 12/31/32 | 0.7% |
| BXSC Commercial Mortgage Trust - Class B, 5.843%, 03/15/35 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.1% |
| U.S. Government Agency Obligations | 0.0% |
| U.S. Treasury Obligations | 5.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 12.8% |
| Asset-Backed Securities | 18.0% |
| Corporate Bonds/Notes | 42.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: ILMBX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Limited Maturity Bond Portfolio
92914F819-AR

# Class ADV: IRCAX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Conservative Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Conservative Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $59 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Portfolio underperformed the S&P Target Risk<sup><sup>®</sup></sup> Conservative Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg036.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10468 | $10786 | $10265 | $10526 |
| **2017** | $11280 | $13371 | $10628 | $11547 |
| **2018** | $10971 | $12113 | $10629 | $11232 |
| **2019** | $12463 | $15335 | $11556 | $12803 |
| **2020** | $13751 | $17827 | $12424 | $14041 |
| **2021** | $14396 | $21132 | $12233 | $14742 |
| **2022** | $12382 | $17252 | $10641 | $12679 |
| **2023** | $13470 | $21083 | $11230 | $14066 |
| **2024** | $14235 | $24770 | $11370 | $14993 |
| **2025** | $15549 | $30303 | $12200 | $16754 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 9.23% | 2.49% | 4.51% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$84,291,998

* # of Portfolio Holdings10

* Portfolio Turnover Rate19%

* Investment Advisory Fees Paid$494,714

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Bond Index Portfolio - Class I | 46.5% |
| Voya U.S. Stock Index Portfolio - Class I | 18.6% |
| Voya Short Duration Bond Fund - Class R6 | 13.9% |
| Vanguard Short-Term Bond ETF | 4.9% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.1% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.9% |
| Vanguard Long-Term Treasury ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 25.8% |
| Fixed Income | 74.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 18.0% |
| US Mid Cap Blend | 2.0% |
| International | 3.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 47.0% |
| High Yield | 4.0% |
| TIPS | 3.0% |
| Short Duration | 19.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IRCAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Conservative Portfolio
92914C840-AR

# Class I: IRCPX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Conservative Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Conservative Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $34 | 0.32% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Portfolio underperformed the S&P Target Risk<sup><sup>®</sup></sup> Conservative Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg094.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10473 | $10786 | $10265 | $10526 |
| **2017** | $11291 | $13371 | $10628 | $11547 |
| **2018** | $11004 | $12113 | $10629 | $11232 |
| **2019** | $12523 | $15335 | $11556 | $12803 |
| **2020** | $13873 | $17827 | $12424 | $14041 |
| **2021** | $14549 | $21132 | $12233 | $14742 |
| **2022** | $12559 | $17252 | $10641 | $12679 |
| **2023** | $13697 | $21083 | $11230 | $14066 |
| **2024** | $14498 | $24770 | $11370 | $14993 |
| **2025** | $15880 | $30303 | $12200 | $16754 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.53% | 2.74% | 4.73% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$84,291,998

* # of Portfolio Holdings10

* Portfolio Turnover Rate19%

* Investment Advisory Fees Paid$494,714

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Bond Index Portfolio - Class I | 46.5% |
| Voya U.S. Stock Index Portfolio - Class I | 18.6% |
| Voya Short Duration Bond Fund - Class R6 | 13.9% |
| Vanguard Short-Term Bond ETF | 4.9% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya International Index Portfolio - Class I | 3.1% |
| Schwab U.S. TIPS ETF | 2.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 1.9% |
| Vanguard Long-Term Treasury ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 25.8% |
| Fixed Income | 74.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 18.0% |
| US Mid Cap Blend | 2.0% |
| International | 3.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 47.0% |
| High Yield | 4.0% |
| TIPS | 3.0% |
| Short Duration | 19.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRCPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Conservative Portfolio
92914C857-AR

# Class ADV: IRGPX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Aggressive Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Aggressive Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $75 | 0.70% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Aggressive<sup>®</sup> Index.

↑ Top contributors to performance: Underlying fund selection had a positive impact. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg117.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10731 | $10786 | $10265 | $10100 | $10771 | $11274 |
| **2017** | $12519 | $13371 | $10628 | $12628 | $12932 | $13656 |
| **2018** | $11584 | $12113 | $10629 | $10887 | $11942 | $12941 |
| **2019** | $14080 | $15335 | $11556 | $13283 | $14664 | $16955 |
| **2020** | $16001 | $17827 | $12424 | $14321 | $16584 | $20497 |
| **2021** | $18485 | $21132 | $12233 | $15934 | $19174 | $25756 |
| **2022** | $15395 | $17252 | $10641 | $13632 | $16081 | $20808 |
| **2023** | $18139 | $21083 | $11230 | $16118 | $19040 | $26210 |
| **2024** | $20779 | $24770 | $11370 | $16734 | $21610 | $32449 |
| **2025** | $24012 | $30303 | $12200 | $21958 | $25878 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 15.56% | 8.46% | 9.15% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$159,402,112

* # of Portfolio Holdings8

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$2,956,416

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 56.9% |
| Voya U.S. Bond Index Portfolio - Class I | 12.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 11.6% |
| Voya International Index Portfolio - Class I | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 4.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya Russell™ Small Cap Index Portfolio - Class I | 2.1% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 18.8% |
| Equity | 81.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 56.5% |
| US Mid Cap Blend | 12.0% |
| US Small Cap | 2.0% |
| International | 8.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 12.0% |
| High Yield | 2.0% |
| Short Duration | 5.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the name of the Portfolio changed from "Voya Retirement Growth Portfolio."

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IRGPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Aggressive Portfolio
92914C709-AR

# Class I: IIRGX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Aggressive Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Aggressive Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $37 | 0.34% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Aggressive<sup>®</sup> Index.

↑ Top contributors to performance: Underlying fund selection had a positive impact. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg023.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10780 | $10786 | $10265 | $10100 | $10771 | $11274 |
| **2017** | $12624 | $13371 | $10628 | $12628 | $12932 | $13656 |
| **2018** | $11734 | $12113 | $10629 | $10887 | $11942 | $12941 |
| **2019** | $14326 | $15335 | $11556 | $13283 | $14664 | $16955 |
| **2020** | $16347 | $17827 | $12424 | $14321 | $16584 | $20497 |
| **2021** | $18957 | $21132 | $12233 | $15934 | $19174 | $25756 |
| **2022** | $15863 | $17252 | $10641 | $13632 | $16081 | $20808 |
| **2023** | $18779 | $21083 | $11230 | $16118 | $19040 | $26210 |
| **2024** | $21588 | $24770 | $11370 | $16734 | $21610 | $32449 |
| **2025** | $25060 | $30303 | $12200 | $21958 | $25878 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.08% | 8.92% | 9.62% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$159,402,112

* # of Portfolio Holdings8

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$2,956,416

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 56.9% |
| Voya U.S. Bond Index Portfolio - Class I | 12.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 11.6% |
| Voya International Index Portfolio - Class I | 8.5% |
| Voya Short Duration Bond Fund - Class R6 | 4.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya Russell™ Small Cap Index Portfolio - Class I | 2.1% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 18.8% |
| Equity | 81.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 56.5% |
| US Mid Cap Blend | 12.0% |
| US Small Cap | 2.0% |
| International | 8.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 12.0% |
| High Yield | 2.0% |
| Short Duration | 5.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the name of the Portfolio changed from "Voya Retirement Growth Portfolio."

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IIRGX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Aggressive Portfolio
92914C600-AR

# Class ADV: IRMGX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Moderately Aggressive Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Moderately Aggressive Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $72 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Growth Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg034.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10681 | $10786 | $10265 | $10100 | $10677 | $11274 |
| **2017** | $12235 | $13371 | $10628 | $12628 | $12378 | $13656 |
| **2018** | $11464 | $12113 | $10629 | $10887 | $11674 | $12941 |
| **2019** | $13759 | $15335 | $11556 | $13283 | $13915 | $16955 |
| **2020** | $15569 | $17827 | $12424 | $14321 | $15561 | $20497 |
| **2021** | $17736 | $21132 | $12233 | $15934 | $17330 | $25756 |
| **2022** | $14844 | $17252 | $10641 | $13632 | $14684 | $20808 |
| **2023** | $17126 | $21083 | $11230 | $16118 | $16942 | $26210 |
| **2024** | $19237 | $24770 | $11370 | $16734 | $18760 | $32449 |
| **2025** | $21918 | $30303 | $12200 | $21958 | $21873 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 13.94% | 7.08% | 8.16% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$151,366,862

* # of Portfolio Holdings7

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$2,038,604

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 52.9% |
| Voya U.S. Bond Index Portfolio - Class I | 24.8% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya International Index Portfolio - Class I | 5.5% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.6% |
| Equity | 65.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.5% |
| US Mid Cap Blend | 5.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 25.0% |
| High Yield | 2.0% |
| Short Duration | 8.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the name of the Portfolio changed from "Voya Retirement Moderate Growth Portfolio."

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IRMGX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Moderately Aggressive Portfolio
92914C881-AR

# Class I: IRGMX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Moderately Aggressive Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Moderately Aggressive Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $35 | 0.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk Growth Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg063.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10725 | $10786 | $10265 | $10100 | $10677 | $11274 |
| **2017** | $12339 | $13371 | $10628 | $12628 | $12378 | $13656 |
| **2018** | $11611 | $12113 | $10629 | $10887 | $11674 | $12941 |
| **2019** | $13979 | $15335 | $11556 | $13283 | $13915 | $16955 |
| **2020** | $15879 | $17827 | $12424 | $14321 | $15561 | $20497 |
| **2021** | $18167 | $21132 | $12233 | $15934 | $17330 | $25756 |
| **2022** | $15258 | $17252 | $10641 | $13632 | $14684 | $20808 |
| **2023** | $17666 | $21083 | $11230 | $16118 | $16942 | $26210 |
| **2024** | $19942 | $24770 | $11370 | $16734 | $18760 | $32449 |
| **2025** | $22792 | $30303 | $12200 | $21958 | $21873 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.29% | 7.50% | 8.59% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$151,366,862

* # of Portfolio Holdings7

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$2,038,604

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 52.9% |
| Voya U.S. Bond Index Portfolio - Class I | 24.8% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Voya International Index Portfolio - Class I | 5.5% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 4.8% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Voya High Yield Bond Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 34.6% |
| Equity | 65.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.5% |
| US Mid Cap Blend | 5.0% |
| International | 5.5% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 25.0% |
| High Yield | 2.0% |
| Short Duration | 8.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the name of the Portfolio changed from "Voya Retirement Moderate Growth Portfolio."

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRGMX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Moderately Aggressive Portfolio
92914C808-AR

# Class ADV: IRMPX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Moderate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Moderate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $67 | 0.63% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk<sup><sup>®</sup></sup> Moderate Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg053.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk<sup>®</sup> Moderate Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10578 | $10786 | $10265 | $10100 | $10577 | $11274 |
| **2017** | $11828 | $13371 | $10628 | $12628 | $11823 | $13656 |
| **2018** | $11229 | $12113 | $10629 | $10887 | $11383 | $12941 |
| **2019** | $13154 | $15335 | $11556 | $13283 | $13171 | $16955 |
| **2020** | $14754 | $17827 | $12424 | $14321 | $14544 | $20497 |
| **2021** | $16177 | $21132 | $12233 | $15934 | $15579 | $25756 |
| **2022** | $13723 | $17252 | $10641 | $13632 | $13334 | $20808 |
| **2023** | $15265 | $21083 | $11230 | $16118 | $14989 | $26210 |
| **2024** | $16458 | $24770 | $11370 | $16734 | $16183 | $32449 |
| **2025** | $18387 | $30303 | $12200 | $21958 | $18348 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 11.72% | 4.50% | 6.28% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk<sup>®</sup> Moderate Index | 13.37% | 4.75% | 6.26% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$131,783,929

* # of Portfolio Holdings8

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,147,419

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Bond Index Portfolio - Class I | 37.4% |
| Voya U.S. Stock Index Portfolio - Class I | 33.8% |
| Voya Short Duration Bond Fund - Class R6 | 11.7% |
| Voya International Index Portfolio - Class I | 6.1% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Schwab U.S. TIPS ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 45.0% |
| Fixed Income | 55.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.0% |
| US Mid Cap Blend | 3.0% |
| International | 6.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 38.0% |
| High Yield | 4.0% |
| TIPS | 2.0% |
| Short Duration | 12.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IRMPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Moderate Portfolio
92914C865-AR

# Class I: IRMIX
![Image](tm263417d1_ncsrimg051.jpg)

# Voya Retirement Moderate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Retirement Moderate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $34 | 0.32% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Risk<sup><sup>®</sup></sup> Moderate Index.

↑ Top contributors to performance: Underlying fund selection & tactical asset allocation had positive impacts. On an individual holdings level, Voya Multi-Manager Emerging Market Equity was the key contributor. Futures were utilized to avoid significant underlying manager disruption and provided liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions.

↓ Top detractors from performance: On an individual holdings level, Vanguard FTSE Emerging Market ETF was the key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg015.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Risk<sup>®</sup> Moderate Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10612 | $10786 | $10265 | $10100 | $10577 | $11274 |
| **2017** | $11908 | $13371 | $10628 | $12628 | $11823 | $13656 |
| **2018** | $11344 | $12113 | $10629 | $10887 | $11383 | $12941 |
| **2019** | $13337 | $15335 | $11556 | $13283 | $13171 | $16955 |
| **2020** | $15004 | $17827 | $12424 | $14321 | $14544 | $20497 |
| **2021** | $16512 | $21132 | $12233 | $15934 | $15579 | $25756 |
| **2022** | $14056 | $17252 | $10641 | $13632 | $13334 | $20808 |
| **2023** | $15687 | $21083 | $11230 | $16118 | $14989 | $26210 |
| **2024** | $16972 | $24770 | $11370 | $16734 | $16183 | $32449 |
| **2025** | $19024 | $30303 | $12200 | $21958 | $18348 | $38013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.09% | 4.86% | 6.64% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Risk<sup>®</sup> Moderate Index | 13.37% | 4.75% | 6.26% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$131,783,929

* # of Portfolio Holdings8

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,147,419

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Bond Index Portfolio - Class I | 37.4% |
| Voya U.S. Stock Index Portfolio - Class I | 33.8% |
| Voya Short Duration Bond Fund - Class R6 | 11.7% |
| Voya International Index Portfolio - Class I | 6.1% |
| Voya High Yield Bond Fund - Class R6 | 4.0% |
| Voya Russell™ Mid Cap Index Portfolio - Class I | 2.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2.2% |
| Schwab U.S. TIPS ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 45.0% |
| Fixed Income | 55.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d1_ncsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 33.0% |
| US Mid Cap Blend | 3.0% |
| International | 6.0% |
| Emerging Markets | 2.0% |
| Core Fixed Income | 38.0% |
| High Yield | 4.0% |
| TIPS | 2.0% |
| Short Duration | 12.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRMIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya Retirement Moderate Portfolio
92914C873-AR

# Class ADV: ISIVX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya U.S. Stock Index Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya U.S. Stock Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $87 | 0.80% |

---

## How did the Fund perform in the past 12 months?
The Fund employs a "passive management" approach designed to track the performance of the S&P 500<sup>®</sup> Index. The Fund attempts to track the S&P 500<sup>®</sup> Index by principally investing in stocks that make up the S&P 500<sup>®</sup> Index.

↑ Top contributors to performance: For the reporting period, all sectors posted positive returns. Absolute performance was strongest within communication services, information technology, industrials and utilities.

↓ Top detractors from performance: Real estate and consumer staples were the bottom absolute performing sectors for the reporting period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11111 | $11274 | $11196 |
| **2017** | $13424 | $13656 | $13640 |
| **2018** | $12739 | $12941 | $13043 |
| **2019** | $16616 | $16955 | $17150 |
| **2020** | $19521 | $20497 | $20305 |
| **2021** | $24920 | $25756 | $26135 |
| **2022** | $20239 | $20808 | $21402 |
| **2023** | $25349 | $26210 | $27028 |
| **2024** | $31449 | $32449 | $33790 |
| **2025** | $36766 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 16.91% | 13.50% | 13.91% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,651,762,031

* # of Portfolio Holdings506

* Portfolio Turnover Rate7%

* Investment Advisory Fees Paid$9,401,783

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. - Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.5% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.7% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.4% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its principal investment strategies to clarify the types of equity securities that the Portfolio may invest in, and made corresponding changes to its risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: ISIVX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya U.S. Stock Index Portfolio
92914G718-AR

# Class I: INGIX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya U.S. Stock Index Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya U.S. Stock Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.27% |

---

## How did the Fund perform in the past 12 months?
The Fund employs a "passive management" approach designed to track the performance of the S&P 500<sup>®</sup> Index. The Fund attempts to track the S&P 500<sup>®</sup> Index by principally investing in stocks that make up the S&P 500<sup>®</sup> Index.

↑ Top contributors to performance: For the reporting period, all sectors posted positive returns. Absolute performance was strongest within communication services, information technology, industrials and utilities.

↓ Top detractors from performance: Real estate and consumer staples were the bottom absolute performing sectors for the reporting period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11165 | $11274 | $11196 |
| **2017** | $13561 | $13656 | $13640 |
| **2018** | $12934 | $12941 | $13043 |
| **2019** | $16960 | $16955 | $17150 |
| **2020** | $20032 | $20497 | $20305 |
| **2021** | $25716 | $25756 | $26135 |
| **2022** | $20997 | $20808 | $21402 |
| **2023** | $26442 | $26210 | $27028 |
| **2024** | $32967 | $32449 | $33790 |
| **2025** | $38748 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.53% | 14.10% | 14.51% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,651,762,031

* # of Portfolio Holdings506

* Portfolio Turnover Rate7%

* Investment Advisory Fees Paid$9,401,783

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. - Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.5% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.7% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.4% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its principal investment strategies to clarify the types of equity securities that the Portfolio may invest in, and made corresponding changes to its risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: INGIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya U.S. Stock Index Portfolio
92914G734-AR

# Class S: ISJBX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya U.S. Stock Index Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya U.S. Stock Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $55 | 0.51% |

---

## How did the Fund perform in the past 12 months?
The Fund employs a "passive management" approach designed to track the performance of the S&P 500<sup>®</sup> Index. The Fund attempts to track the S&P 500<sup>®</sup> Index by principally investing in stocks that make up the S&P 500<sup>®</sup> Index.

↑ Top contributors to performance: For the reporting period, all sectors posted positive returns. Absolute performance was strongest within communication services, information technology, industrials and utilities.

↓ Top detractors from performance: Real estate and consumer staples were the bottom absolute performing sectors for the reporting period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11135 | $11274 | $11196 |
| **2017** | $13498 | $13656 | $13640 |
| **2018** | $12846 | $12941 | $13043 |
| **2019** | $16799 | $16955 | $17150 |
| **2020** | $19800 | $20497 | $20305 |
| **2021** | $25349 | $25756 | $26135 |
| **2022** | $20659 | $20808 | $21402 |
| **2023** | $25939 | $26210 | $27028 |
| **2024** | $32275 | $32449 | $33790 |
| **2025** | $37834 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.23% | 13.83% | 14.23% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,651,762,031

* # of Portfolio Holdings506

* Portfolio Turnover Rate7%

* Investment Advisory Fees Paid$9,401,783

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. - Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.5% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.7% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.4% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its principal investment strategies to clarify the types of equity securities that the Portfolio may invest in, and made corresponding changes to its risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: ISJBX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya U.S. Stock Index Portfolio
92914G726-AR

# Class S2: ISIPX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya U.S. Stock Index Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya U.S. Stock Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $73 | 0.67% |

---

## How did the Fund perform in the past 12 months?
The Fund employs a "passive management" approach designed to track the performance of the S&P 500<sup>®</sup> Index. The Fund attempts to track the S&P 500<sup>®</sup> Index by principally investing in stocks that make up the S&P 500<sup>®</sup> Index.

↑ Top contributors to performance: For the reporting period, all sectors posted positive returns. Absolute performance was strongest within communication services, information technology, industrials and utilities.

↓ Top detractors from performance: Real estate and consumer staples were the bottom absolute performing sectors for the reporting period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11119 | $11274 | $11196 |
| **2017** | $13457 | $13656 | $13640 |
| **2018** | $12781 | $12941 | $13043 |
| **2019** | $16691 | $16955 | $17150 |
| **2020** | $19632 | $20497 | $20305 |
| **2021** | $25100 | $25756 | $26135 |
| **2022** | $20424 | $20808 | $21402 |
| **2023** | $25608 | $26210 | $27028 |
| **2024** | $31800 | $32449 | $33790 |
| **2025** | $37231 | $38013 | $39832 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 17.08% | 13.65% | 14.05% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Fund Statistics
* Total Net Assets$2,651,762,031

* # of Portfolio Holdings506

* Portfolio Turnover Rate7%

* Investment Advisory Fees Paid$9,401,783

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. - Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.5% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.7% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.4% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its principal investment strategies to clarify the types of equity securities that the Portfolio may invest in, and made corresponding changes to its risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: ISIPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# Voya U.S. Stock Index Portfolio
92914C766-AR

# Portfolio: VVIPX
![Image](tm263417d1_ncsrimg018.jpg)

# Voya VACS Index Series S Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya VACS Index Series S Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Index Series | $17 | 0.16% |

---

## How did the Fund perform in the past 12 months?
The Fund employs a "passive management" approach designed to track the performance of the S&P 500<sup>®</sup> Index. The Fund attempts to track the S&P 500<sup>®</sup> Index by principally investing in stocks that make up the S&P 500<sup>®</sup> Index. The Fund may not always hold all of the same securities as the S&P 500<sup>®</sup> Index.

↑ Top contributors to performance: While all sectors posted positive returns for the reporting period, absolute performance was strongest within communication services, information technology & industrials.

↓ Top detractors from performance: Real estate and consumer staples were the bottom absolute performing sectors for the reporting period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya VACS Index Series S Portfolio** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **1/27/2023** | $10000 | $10000 | $10000 |
| **2023** | $11880 | $11814 | $11901 |
| **2024** | $14824 | $14627 | $14879 |
| **2025** | $17444 | $17134 | $17539 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (1/27/2023)** |
| Voya VACS Index Series S Portfolio | 17.67% | 20.94% |
| Russell 3000<sup>®</sup> Index | 17.15% | 20.20% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.16% |

---

## Fund Statistics
* Total Net Assets$4,197,827,957

* # of Portfolio Holdings506

* Portfolio Turnover Rate7%

* Investment Advisory Fees Paid$6,043,055

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. - Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.5% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.1% |
| Financials | 13.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.7% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/variable-portfolio/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIPX
![QR Code](tm263417d1_ncsrimg086.jpg)

# Voya VACS Index Series S Portfolio
92914G296-AR

# Class ADV: ICRNX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $156 | 1.51% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the FTSE EPRA Nareit Developed Index due to negative stock selection and sector allocation.

↑ Top contributors to performance: On a sector level, – U.S. Residential, Continental Europe, and U.S. Net Lease contributed. Positioning in Continental Europe, Australia, and Hong Kong were additive. Key individual contributors included Unibail-Rodamco-Westfield, Charter Hall Group & Klepierre.

↓ Top detractors from performance: On a sector level, U.S. Net Lease, U.S. Industrial, Japan REOCs detracted. Positioning in the U.S., Japan,& Canada hurt performance. Key individual detractors included Mitsubishi Estate Company, Prologis, and VICI Properties.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg067.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **S&P 500<sup>®</sup> Index** | **FTSE EPRA Nareit Developed Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10023 | $10786 | $11196 | $10406 |
| **2017** | $11045 | $13371 | $13640 | $11484 |
| **2018** | $10040 | $12113 | $13043 | $10838 |
| **2019** | $12449 | $15335 | $17150 | $13212 |
| **2020** | $11780 | $17827 | $20305 | $12018 |
| **2021** | $15734 | $21132 | $26135 | $15153 |
| **2022** | $11739 | $17252 | $21402 | $11351 |
| **2023** | $13145 | $21083 | $27028 | $12449 |
| **2024** | $13113 | $24770 | $33790 | $12566 |
| **2025** | $13927 | $30303 | $39832 | $13769 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 6.21% | 3.41% | 3.37% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| FTSE EPRA Nareit Developed Index | 9.58% | 2.76% | 3.25% |

---

## Fund Statistics
* Total Net Assets$132,935,914

* # of Portfolio Holdings89

* Portfolio Turnover Rate101%

* Investment Advisory Fees Paid$1,017,881

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 8.9% |
| Equinix, Inc. | 5.4% |
| Simon Property Group, Inc. | 5.4% |
| VICI Properties, Inc. | 3.6% |
| Public Storage | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Prologis, Inc. | 2.6% |
| Ventas, Inc. | 2.4% |
| UDR, Inc. | 2.4% |
| American Homes 4 Rent - Class A | 2.3% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 0.9% |
| Netherlands | 0.7% |
| Belgium | 0.9% |
| Germany | 1.3% |
| Hong Kong | 2.3% |
| Canada | 3.1% |
| France | 4.0% |
| Singapore | 4.2% |
| United Kingdom | 4.3% |
| Australia | 6.9% |
| Japan | 9.5% |
| United States | 60.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 18.1% |
| Health Care REITs | 15.7% |
| Industrial REITs | 15.2% |
| Specialized REITs | 10.1% |
| Diversified REITs | 6.7% |
| Office REITs | 5.3% |
| Diversified Real Estate Activities | 4.5% |
| Self-Storage REITs | 4.2% |
| Real Estate Operating Companies | 3.8% |
| Residential REITs | 3.3% |
| Multi-Family Residential REITs | 2.8% |
| REITs-Other | 8.7% |
| Assets in Excess of Other Liabilities | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: ICRNX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E796-AR

# Class I: IRGIX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $94 | 0.91% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the FTSE EPRA Nareit Developed Index due to negative stock selection and sector allocation.

↑ Top contributors to performance: On a sector level, – U.S. Residential, Continental Europe, and U.S. Net Lease contributed. Positioning in Continental Europe, Australia, and Hong Kong were additive. Key individual contributors included Unibail-Rodamco-Westfield, Charter Hall Group & Klepierre.

↓ Top detractors from performance: On a sector level, U.S. Net Lease, U.S. Industrial, Japan REOCs detracted. Positioning in the U.S., Japan,& Canada hurt performance. Key individual detractors included Mitsubishi Estate Company, Prologis, and VICI Properties.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **S&P 500<sup>®</sup> Index** | **FTSE EPRA Nareit Developed Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10089 | $10786 | $11196 | $10406 |
| **2017** | $11175 | $13371 | $13640 | $11484 |
| **2018** | $10223 | $12113 | $13043 | $10838 |
| **2019** | $12753 | $15335 | $17150 | $13212 |
| **2020** | $12137 | $17827 | $20305 | $12018 |
| **2021** | $16320 | $21132 | $26135 | $15153 |
| **2022** | $12248 | $17252 | $21402 | $11351 |
| **2023** | $13791 | $21083 | $27028 | $12449 |
| **2024** | $13843 | $24770 | $33790 | $12566 |
| **2025** | $14786 | $30303 | $39832 | $13769 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.82% | 4.03% | 3.99% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| FTSE EPRA Nareit Developed Index | 9.58% | 2.76% | 3.25% |

---

## Fund Statistics
* Total Net Assets$132,935,914

* # of Portfolio Holdings89

* Portfolio Turnover Rate101%

* Investment Advisory Fees Paid$1,017,881

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 8.9% |
| Equinix, Inc. | 5.4% |
| Simon Property Group, Inc. | 5.4% |
| VICI Properties, Inc. | 3.6% |
| Public Storage | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Prologis, Inc. | 2.6% |
| Ventas, Inc. | 2.4% |
| UDR, Inc. | 2.4% |
| American Homes 4 Rent - Class A | 2.3% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 0.9% |
| Netherlands | 0.7% |
| Belgium | 0.9% |
| Germany | 1.3% |
| Hong Kong | 2.3% |
| Canada | 3.1% |
| France | 4.0% |
| Singapore | 4.2% |
| United Kingdom | 4.3% |
| Australia | 6.9% |
| Japan | 9.5% |
| United States | 60.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 18.1% |
| Health Care REITs | 15.7% |
| Industrial REITs | 15.2% |
| Specialized REITs | 10.1% |
| Diversified REITs | 6.7% |
| Office REITs | 5.3% |
| Diversified Real Estate Activities | 4.5% |
| Self-Storage REITs | 4.2% |
| Real Estate Operating Companies | 3.8% |
| Residential REITs | 3.3% |
| Multi-Family Residential REITs | 2.8% |
| REITs-Other | 8.7% |
| Assets in Excess of Other Liabilities | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRGIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E812-AR

# Class S: IRGTX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $120 | 1.16% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the FTSE EPRA Nareit Developed Index due to negative stock selection and sector allocation.

↑ Top contributors to performance: On a sector level, – U.S. Residential, Continental Europe, and U.S. Net Lease contributed. Positioning in Continental Europe, Australia, and Hong Kong were additive. Key individual contributors included Unibail-Rodamco-Westfield, Charter Hall Group & Klepierre.

↓ Top detractors from performance: On a sector level, U.S. Net Lease, U.S. Industrial, Japan REOCs detracted. Positioning in the U.S., Japan,& Canada hurt performance. Key individual detractors included Mitsubishi Estate Company, Prologis, and VICI Properties.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg102.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **S&P 500<sup>®</sup> Index** | **FTSE EPRA Nareit Developed Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10062 | $10786 | $11196 | $10406 |
| **2017** | $11119 | $13371 | $13640 | $11484 |
| **2018** | $10146 | $12113 | $13043 | $10838 |
| **2019** | $12617 | $15335 | $17150 | $13212 |
| **2020** | $11981 | $17827 | $20305 | $12018 |
| **2021** | $16071 | $21132 | $26135 | $15153 |
| **2022** | $12033 | $17252 | $21402 | $11351 |
| **2023** | $13517 | $21083 | $27028 | $12449 |
| **2024** | $13533 | $24770 | $33790 | $12566 |
| **2025** | $14417 | $30303 | $39832 | $13769 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 6.53% | 3.77% | 3.73% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| FTSE EPRA Nareit Developed Index | 9.58% | 2.76% | 3.25% |

---

## Fund Statistics
* Total Net Assets$132,935,914

* # of Portfolio Holdings89

* Portfolio Turnover Rate101%

* Investment Advisory Fees Paid$1,017,881

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 8.9% |
| Equinix, Inc. | 5.4% |
| Simon Property Group, Inc. | 5.4% |
| VICI Properties, Inc. | 3.6% |
| Public Storage | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Prologis, Inc. | 2.6% |
| Ventas, Inc. | 2.4% |
| UDR, Inc. | 2.4% |
| American Homes 4 Rent - Class A | 2.3% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 0.9% |
| Netherlands | 0.7% |
| Belgium | 0.9% |
| Germany | 1.3% |
| Hong Kong | 2.3% |
| Canada | 3.1% |
| France | 4.0% |
| Singapore | 4.2% |
| United Kingdom | 4.3% |
| Australia | 6.9% |
| Japan | 9.5% |
| United States | 60.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 18.1% |
| Health Care REITs | 15.7% |
| Industrial REITs | 15.2% |
| Specialized REITs | 10.1% |
| Diversified REITs | 6.7% |
| Office REITs | 5.3% |
| Diversified Real Estate Activities | 4.5% |
| Self-Storage REITs | 4.2% |
| Real Estate Operating Companies | 3.8% |
| Residential REITs | 3.3% |
| Multi-Family Residential REITs | 2.8% |
| REITs-Other | 8.7% |
| Assets in Excess of Other Liabilities | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IRGTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E838-AR

# Class S2: IRGSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $135 | 1.31% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the FTSE EPRA Nareit Developed Index due to negative stock selection and sector allocation.

↑ Top contributors to performance: On a sector level, – U.S. Residential, Continental Europe, and U.S. Net Lease contributed. Positioning in Continental Europe, Australia, and Hong Kong were additive. Key individual contributors included Unibail-Rodamco-Westfield, Charter Hall Group & Klepierre.

↓ Top detractors from performance: On a sector level, U.S. Net Lease, U.S. Industrial, Japan REOCs detracted. Positioning in the U.S., Japan,& Canada hurt performance. Key individual detractors included Mitsubishi Estate Company, Prologis, and VICI Properties.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg073.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **S&P 500<sup>®</sup> Index** | **FTSE EPRA Nareit Developed Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10043 | $10786 | $11196 | $10406 |
| **2017** | $11090 | $13371 | $13640 | $11484 |
| **2018** | $10110 | $12113 | $13043 | $10838 |
| **2019** | $12551 | $15335 | $17150 | $13212 |
| **2020** | $11900 | $17827 | $20305 | $12018 |
| **2021** | $15934 | $21132 | $26135 | $15153 |
| **2022** | $11911 | $17252 | $21402 | $11351 |
| **2023** | $13354 | $21083 | $27028 | $12449 |
| **2024** | $13351 | $24770 | $33790 | $12566 |
| **2025** | $14198 | $30303 | $39832 | $13769 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 6.35% | 3.60% | 3.57% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| FTSE EPRA Nareit Developed Index | 9.58% | 2.76% | 3.25% |

---

## Fund Statistics
* Total Net Assets$132,935,914

* # of Portfolio Holdings89

* Portfolio Turnover Rate101%

* Investment Advisory Fees Paid$1,017,881

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 8.9% |
| Equinix, Inc. | 5.4% |
| Simon Property Group, Inc. | 5.4% |
| VICI Properties, Inc. | 3.6% |
| Public Storage | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Prologis, Inc. | 2.6% |
| Ventas, Inc. | 2.4% |
| UDR, Inc. | 2.4% |
| American Homes 4 Rent - Class A | 2.3% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Countries-Other | 0.9% |
| Netherlands | 0.7% |
| Belgium | 0.9% |
| Germany | 1.3% |
| Hong Kong | 2.3% |
| Canada | 3.1% |
| France | 4.0% |
| Singapore | 4.2% |
| United Kingdom | 4.3% |
| Australia | 6.9% |
| Japan | 9.5% |
| United States | 60.3% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Retail REITs | 18.1% |
| Health Care REITs | 15.7% |
| Industrial REITs | 15.2% |
| Specialized REITs | 10.1% |
| Diversified REITs | 6.7% |
| Office REITs | 5.3% |
| Diversified Real Estate Activities | 4.5% |
| Self-Storage REITs | 4.2% |
| Real Estate Operating Companies | 3.8% |
| Residential REITs | 3.3% |
| Multi-Family Residential REITs | 2.8% |
| REITs-Other | 8.7% |
| Assets in Excess of Other Liabilities | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IRGSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Global Real Estate Portfolio
92914E820-AR

# Class ADV: ICRPX
![Image](tm263417d1_ncsrimg056.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $141 | 1.41% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI U.S. REIT Index on due to negative stock selection and sector allocation.

↑ Top contributors to performance: Sector allocation was positive in the residential, towers and mall sectors. Individual names contributing to performance were American Healthcare REIT, Ventas, & Public Storage.

↓ Top detractors from performance: Stock selection accounted for most of the relative underperformance, which was concentrated in the hotel, net lease & shopping center sectors. Sector allocation was hurt by positioning in the shopping center, healthcare & hotel sectors. Individual names hurting performance were Welltower, Prologis & UDR.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **MSCI U.S. REIT<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10386 | $11274 | $10860 |
| **2017** | $10887 | $13656 | $11411 |
| **2018** | $10019 | $12941 | $10889 |
| **2019** | $12796 | $16955 | $13703 |
| **2020** | $11915 | $20497 | $12666 |
| **2021** | $18046 | $25756 | $18119 |
| **2022** | $13102 | $20808 | $13678 |
| **2023** | $14886 | $26210 | $15558 |
| **2024** | $15473 | $32449 | $16920 |
| **2025** | $15425 | $38013 | $17419 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | -0.31% | 5.30% | 4.43% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. REIT<sup>®</sup> Index | 2.95% | 6.58% | 5.71% |

---

## Fund Statistics
* Total Net Assets$142,885,063

* # of Portfolio Holdings40

* Portfolio Turnover Rate97%

* Investment Advisory Fees Paid$790,751

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 12.7% |
| Equinix, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Simon Property Group, Inc. | 6.6% |
| UDR, Inc. | 3.8% |
| VICI Properties, Inc. | 3.7% |
| CubeSmart | 3.5% |
| Brixmor Property Group, Inc. | 3.4% |
| Iron Mountain, Inc. | 3.0% |
| First Industrial Realty Trust, Inc. | 2.8% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care REITs | 20.9% |
| Industrial REITs | 17.6% |
| Specialized REITs | 16.0% |
| Retail REITs | 15.7% |
| Residential REITs | 6.3% |
| Self-Storage REITs | 5.7% |
| Office REITs | 3.8% |
| Other Specialized REITs | 3.0% |
| Single-Family Residential REITs | 2.9% |
| Diversified REITs | 2.5% |
| Multi-Family Residential REITs | 2.2% |
| REITs-Other | 2.1% |
| Assets in Excess of Other Liabilities | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: ICRPX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914E804-AR

# Class I: IVRIX
![Image](tm263417d1_ncsrimg056.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $81 | 0.81% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI U.S. REIT Index on due to negative stock selection and sector allocation.

↑ Top contributors to performance: Sector allocation was positive in the residential, towers and mall sectors. Individual names contributing to performance were American Healthcare REIT, Ventas, & Public Storage.

↓ Top detractors from performance: Stock selection accounted for most of the relative underperformance, which was concentrated in the hotel, net lease & shopping center sectors. Sector allocation was hurt by positioning in the shopping center, healthcare & hotel sectors. Individual names hurting performance were Welltower, Prologis & UDR.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg089.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **MSCI U.S. REIT<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10447 | $11274 | $10860 |
| **2017** | $11018 | $13656 | $11411 |
| **2018** | $10201 | $12941 | $10889 |
| **2019** | $13106 | $16955 | $13703 |
| **2020** | $12278 | $20497 | $12666 |
| **2021** | $18704 | $25756 | $18119 |
| **2022** | $13659 | $20808 | $13678 |
| **2023** | $15614 | $26210 | $15558 |
| **2024** | $16328 | $32449 | $16920 |
| **2025** | $16378 | $38013 | $17419 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 0.30% | 5.93% | 5.06% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. REIT<sup>®</sup> Index | 2.95% | 6.58% | 5.71% |

---

## Fund Statistics
* Total Net Assets$142,885,063

* # of Portfolio Holdings40

* Portfolio Turnover Rate97%

* Investment Advisory Fees Paid$790,751

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 12.7% |
| Equinix, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Simon Property Group, Inc. | 6.6% |
| UDR, Inc. | 3.8% |
| VICI Properties, Inc. | 3.7% |
| CubeSmart | 3.5% |
| Brixmor Property Group, Inc. | 3.4% |
| Iron Mountain, Inc. | 3.0% |
| First Industrial Realty Trust, Inc. | 2.8% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care REITs | 20.9% |
| Industrial REITs | 17.6% |
| Specialized REITs | 16.0% |
| Retail REITs | 15.7% |
| Residential REITs | 6.3% |
| Self-Storage REITs | 5.7% |
| Office REITs | 3.8% |
| Other Specialized REITs | 3.0% |
| Single-Family Residential REITs | 2.9% |
| Diversified REITs | 2.5% |
| Multi-Family Residential REITs | 2.2% |
| REITs-Other | 2.1% |
| Assets in Excess of Other Liabilities | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IVRIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G569-AR

# Class S: IVRSX
![Image](tm263417d1_ncsrimg056.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $106 | 1.06% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI U.S. REIT Index on due to negative stock selection and sector allocation.

↑ Top contributors to performance: Sector allocation was positive in the residential, towers and mall sectors. Individual names contributing to performance were American Healthcare REIT, Ventas, & Public Storage.

↓ Top detractors from performance: Stock selection accounted for most of the relative underperformance, which was concentrated in the hotel, net lease & shopping center sectors. Sector allocation was hurt by positioning in the shopping center, healthcare & hotel sectors. Individual names hurting performance were Welltower, Prologis & UDR.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg101.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **MSCI U.S. REIT<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10424 | $11274 | $10860 |
| **2017** | $10964 | $13656 | $11411 |
| **2018** | $10126 | $12941 | $10889 |
| **2019** | $12976 | $16955 | $13703 |
| **2020** | $12128 | $20497 | $12666 |
| **2021** | $18429 | $25756 | $18119 |
| **2022** | $13427 | $20808 | $13678 |
| **2023** | $15312 | $26210 | $15558 |
| **2024** | $15971 | $32449 | $16920 |
| **2025** | $15976 | $38013 | $17419 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 0.03% | 5.67% | 4.80% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. REIT<sup>®</sup> Index | 2.95% | 6.58% | 5.71% |

---

## Fund Statistics
* Total Net Assets$142,885,063

* # of Portfolio Holdings40

* Portfolio Turnover Rate97%

* Investment Advisory Fees Paid$790,751

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 12.7% |
| Equinix, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Simon Property Group, Inc. | 6.6% |
| UDR, Inc. | 3.8% |
| VICI Properties, Inc. | 3.7% |
| CubeSmart | 3.5% |
| Brixmor Property Group, Inc. | 3.4% |
| Iron Mountain, Inc. | 3.0% |
| First Industrial Realty Trust, Inc. | 2.8% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care REITs | 20.9% |
| Industrial REITs | 17.6% |
| Specialized REITs | 16.0% |
| Retail REITs | 15.7% |
| Residential REITs | 6.3% |
| Self-Storage REITs | 5.7% |
| Office REITs | 3.8% |
| Other Specialized REITs | 3.0% |
| Single-Family Residential REITs | 2.9% |
| Diversified REITs | 2.5% |
| Multi-Family Residential REITs | 2.2% |
| REITs-Other | 2.1% |
| Assets in Excess of Other Liabilities | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IVRSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G577-AR

# Class S2: IVRTX
![Image](tm263417d1_ncsrimg056.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> CBRE Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $121 | 1.21% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI U.S. REIT Index on due to negative stock selection and sector allocation.

↑ Top contributors to performance: Sector allocation was positive in the residential, towers and mall sectors. Individual names contributing to performance were American Healthcare REIT, Ventas, & Public Storage.

↓ Top detractors from performance: Stock selection accounted for most of the relative underperformance, which was concentrated in the hotel, net lease & shopping center sectors. Sector allocation was hurt by positioning in the shopping center, healthcare & hotel sectors. Individual names hurting performance were Welltower, Prologis & UDR.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **MSCI U.S. REIT<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10407 | $11274 | $10860 |
| **2017** | $10929 | $13656 | $11411 |
| **2018** | $10079 | $12941 | $10889 |
| **2019** | $12898 | $16955 | $13703 |
| **2020** | $12035 | $20497 | $12666 |
| **2021** | $18261 | $25756 | $18119 |
| **2022** | $13286 | $20808 | $13678 |
| **2023** | $15126 | $26210 | $15558 |
| **2024** | $15753 | $32449 | $16920 |
| **2025** | $15737 | $38013 | $17419 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | -0.10% | 5.51% | 4.64% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. REIT<sup>®</sup> Index | 2.95% | 6.58% | 5.71% |

---

## Fund Statistics
* Total Net Assets$142,885,063

* # of Portfolio Holdings40

* Portfolio Turnover Rate97%

* Investment Advisory Fees Paid$790,751

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 12.7% |
| Equinix, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Simon Property Group, Inc. | 6.6% |
| UDR, Inc. | 3.8% |
| VICI Properties, Inc. | 3.7% |
| CubeSmart | 3.5% |
| Brixmor Property Group, Inc. | 3.4% |
| Iron Mountain, Inc. | 3.0% |
| First Industrial Realty Trust, Inc. | 2.8% |

---

### REIT Diversification
![A graphical representation of Investments made.](tm263417d1_ncsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care REITs | 20.9% |
| Industrial REITs | 17.6% |
| Specialized REITs | 16.0% |
| Retail REITs | 15.7% |
| Residential REITs | 6.3% |
| Self-Storage REITs | 5.7% |
| Office REITs | 3.8% |
| Other Specialized REITs | 3.0% |
| Single-Family Residential REITs | 2.9% |
| Diversified REITs | 2.5% |
| Multi-Family Residential REITs | 2.2% |
| REITs-Other | 2.1% |
| Assets in Excess of Other Liabilities | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio during the year ended December 31, 2025. For more complete information, you may review the Portfolio's Prospectus at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective May 1, 2025, the Portfolio amended its investment policies in accordance with the investment focus that the Portfolio's name suggests. Corresponding changes were also made to the Portfolio's principal investment strategies and risks.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IVRTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> CBRE Real Estate Portfolio
92914G551-AR

# Class ADV: IVGAX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $133 | 1.24% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in industrials drove outperformance, due to strong performance from Johnson Controls and Vertiv. Stock selection & an underweight position in real estate also helped relative performance. The Fund's only holding in the sector, CBRE, was a strong contributor. Lastly, stock selection in health care, consumer staples, consumer discretionary, energy & utilities also made a positive contributions.

↓ Top detractors from performance: Stock selection in the communication services sector was the largest detractor from the fund's relative return. Stock selection in financials also detracted from relative returns, due in large part to Fiserv. The materials and information technology sectors also detracted. Within IT, Marvel Technology was a key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg118.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11952 | $11274 | $11734 |
| **2017** | $13560 | $13656 | $13337 |
| **2018** | $11678 | $12941 | $12234 |
| **2019** | $14515 | $16955 | $15481 |
| **2020** | $14886 | $20497 | $15914 |
| **2021** | $19127 | $25756 | $19918 |
| **2022** | $17950 | $20808 | $18416 |
| **2023** | $20092 | $26210 | $20527 |
| **2024** | $23255 | $32449 | $23477 |
| **2025** | $26727 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 14.93% | 12.42% | 10.33% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$160,977,881

* # of Portfolio Holdings77

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$968,980

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.3% |
| Bank of America Corp. | 3.1% |
| Amazon.com, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.4% |
| Microsoft Corp. | 2.2% |
| Alphabet, Inc. - Class A | 2.2% |
| Charles Schwab Corp. | 2.1% |
| Parker-Hannifin Corp. | 2.1% |
| Walt Disney Co. | 2.0% |
| Citizens Financial Group, Inc. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 2.7% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Health Care | 15.4% |
| Information Technology | 14.7% |
| Industrials | 13.4% |
| Consumer Staples | 7.1% |
| Energy | 6.9% |
| Consumer Discretionary | 6.6% |
| Communication Services | 5.8% |
| Utilities | 4.2% |
| Materials | 2.2% |
| Real Estate | 1.7% |
| Short-Term Investments | 2.7% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IVGAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G668-AR

# Class I: IVGIX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $69 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in industrials drove outperformance, due to strong performance from Johnson Controls and Vertiv. Stock selection & an underweight position in real estate also helped relative performance. The Fund's only holding in the sector, CBRE, was a strong contributor. Lastly, stock selection in health care, consumer staples, consumer discretionary, energy & utilities also made a positive contributions.

↓ Top detractors from performance: Stock selection in the communication services sector was the largest detractor from the fund's relative return. Stock selection in financials also detracted from relative returns, due in large part to Fiserv. The materials and information technology sectors also detracted. Within IT, Marvel Technology was a key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg095.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12023 | $11274 | $11734 |
| **2017** | $13723 | $13656 | $13337 |
| **2018** | $11896 | $12941 | $12234 |
| **2019** | $14867 | $16955 | $15481 |
| **2020** | $15346 | $20497 | $15914 |
| **2021** | $19828 | $25756 | $19918 |
| **2022** | $18720 | $20808 | $18416 |
| **2023** | $21082 | $26210 | $20527 |
| **2024** | $24545 | $32449 | $23477 |
| **2025** | $28382 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.63% | 13.09% | 11.00% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$160,977,881

* # of Portfolio Holdings77

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$968,980

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.3% |
| Bank of America Corp. | 3.1% |
| Amazon.com, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.4% |
| Microsoft Corp. | 2.2% |
| Alphabet, Inc. - Class A | 2.2% |
| Charles Schwab Corp. | 2.1% |
| Parker-Hannifin Corp. | 2.1% |
| Walt Disney Co. | 2.0% |
| Citizens Financial Group, Inc. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 2.7% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Health Care | 15.4% |
| Information Technology | 14.7% |
| Industrials | 13.4% |
| Consumer Staples | 7.1% |
| Energy | 6.9% |
| Consumer Discretionary | 6.6% |
| Communication Services | 5.8% |
| Utilities | 4.2% |
| Materials | 2.2% |
| Real Estate | 1.7% |
| Short-Term Investments | 2.7% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IVGIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G536-AR

# Class S: IVGSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $96 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in industrials drove outperformance, due to strong performance from Johnson Controls and Vertiv. Stock selection & an underweight position in real estate also helped relative performance. The Fund's only holding in the sector, CBRE, was a strong contributor. Lastly, stock selection in health care, consumer staples, consumer discretionary, energy & utilities also made a positive contributions.

↓ Top detractors from performance: Stock selection in the communication services sector was the largest detractor from the fund's relative return. Stock selection in financials also detracted from relative returns, due in large part to Fiserv. The materials and information technology sectors also detracted. Within IT, Marvel Technology was a key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11992 | $11274 | $11734 |
| **2017** | $13658 | $13656 | $13337 |
| **2018** | $11803 | $12941 | $12234 |
| **2019** | $14722 | $16955 | $15481 |
| **2020** | $15149 | $20497 | $15914 |
| **2021** | $19536 | $25756 | $19918 |
| **2022** | $18395 | $20808 | $18416 |
| **2023** | $20665 | $26210 | $20527 |
| **2024** | $24001 | $32449 | $23477 |
| **2025** | $27686 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 15.35% | 12.82% | 10.72% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$160,977,881

* # of Portfolio Holdings77

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$968,980

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.3% |
| Bank of America Corp. | 3.1% |
| Amazon.com, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.4% |
| Microsoft Corp. | 2.2% |
| Alphabet, Inc. - Class A | 2.2% |
| Charles Schwab Corp. | 2.1% |
| Parker-Hannifin Corp. | 2.1% |
| Walt Disney Co. | 2.0% |
| Citizens Financial Group, Inc. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 2.7% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Health Care | 15.4% |
| Information Technology | 14.7% |
| Industrials | 13.4% |
| Consumer Staples | 7.1% |
| Energy | 6.9% |
| Consumer Discretionary | 6.6% |
| Communication Services | 5.8% |
| Utilities | 4.2% |
| Materials | 2.2% |
| Real Estate | 1.7% |
| Short-Term Investments | 2.7% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IVGSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G544-AR

# Class S2: IVITX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $112 | 1.04% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in industrials drove outperformance, due to strong performance from Johnson Controls and Vertiv. Stock selection & an underweight position in real estate also helped relative performance. The Fund's only holding in the sector, CBRE, was a strong contributor. Lastly, stock selection in health care, consumer staples, consumer discretionary, energy & utilities also made a positive contributions.

↓ Top detractors from performance: Stock selection in the communication services sector was the largest detractor from the fund's relative return. Stock selection in financials also detracted from relative returns, due in large part to Fiserv. The materials and information technology sectors also detracted. Within IT, Marvel Technology was a key detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11980 | $11274 | $11734 |
| **2017** | $13618 | $13656 | $13337 |
| **2018** | $11756 | $12941 | $12234 |
| **2019** | $14632 | $16955 | $15481 |
| **2020** | $15038 | $20497 | $15914 |
| **2021** | $19367 | $25756 | $19918 |
| **2022** | $18208 | $20808 | $18416 |
| **2023** | $20425 | $26210 | $20527 |
| **2024** | $23682 | $32449 | $23477 |
| **2025** | $27277 | $38013 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 15.18% | 12.65% | 10.56% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$160,977,881

* # of Portfolio Holdings77

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$968,980

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Wells Fargo & Co. | 3.3% |
| Bank of America Corp. | 3.1% |
| Amazon.com, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.4% |
| Microsoft Corp. | 2.2% |
| Alphabet, Inc. - Class A | 2.2% |
| Charles Schwab Corp. | 2.1% |
| Parker-Hannifin Corp. | 2.1% |
| Walt Disney Co. | 2.0% |
| Citizens Financial Group, Inc. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 2.7% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Health Care | 15.4% |
| Information Technology | 14.7% |
| Industrials | 13.4% |
| Consumer Staples | 7.1% |
| Energy | 6.9% |
| Consumer Discretionary | 6.6% |
| Communication Services | 5.8% |
| Utilities | 4.2% |
| Materials | 2.2% |
| Real Estate | 1.7% |
| Short-Term Investments | 2.7% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IVITX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Invesco Growth and Income Portfolio
92914G510-AR

# Class ADV: IJEAX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $214 | 1.79% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the MSCI Emerging Markets Index<sup>SM</sup>, primarily due to favorable stock selection and country allocation.

↑ Top contributors to performance: Stock selection in information technology boosted relative performance. At a country level, stock selection in South Korea was additive. On an individual level, exposure to overweight exposure to SK Hynix, a Korean memory company, boosted returns.

↓ Top detractors from performance: Stock selection in consumer discretionary detracted from relative returns. Stock selection in Argentina hurt result. Key individual detractors included underweight exposure to Alibaba.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg075.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11262 | $10450 | $11119 |
| **2017** | $16055 | $13291 | $15264 |
| **2018** | $13307 | $11404 | $13040 |
| **2019** | $17494 | $13857 | $15442 |
| **2020** | $23216 | $15333 | $18270 |
| **2021** | $20826 | $16532 | $17806 |
| **2022** | $15338 | $13887 | $14228 |
| **2023** | $16276 | $16055 | $15627 |
| **2024** | $16537 | $16944 | $16799 |
| **2025** | $22919 | $22431 | $22438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 38.59% | -0.26% | 8.65% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI Emerging Markets Index℠ | 33.57% | 4.20% | 8.42% |

---

## Fund Statistics
* Total Net Assets$151,816,454

* # of Portfolio Holdings81

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$2,738,141

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.9% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 5.9% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 2.7% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Hanwha Aerospace Co. Ltd. | 2.1% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.0% |
| Coforge Ltd. | 1.9% |
| AIA Group Ltd. | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.8% |
| Countries-Other | 8.4% |
| Mexico | 1.6% |
| Singapore | 1.7% |
| United States | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.8% |
| Turkey | 3.2% |
| Brazil | 11.1% |
| India | 11.6% |
| South Korea | 12.4% |
| Taiwan | 17.8% |
| China | 24.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.2% |
| Financials | 19.0% |
| Industrials | 15.9% |
| Consumer Discretionary | 14.8% |
| Communication Services | 10.1% |
| Energy | 2.5% |
| Consumer Staples | 1.8% |
| Utilities | 1.4% |
| Health Care | 1.3% |
| Materials | 0.8% |
| Real Estate | 0.4% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IJEAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914E861-AR

# Class I: IJEMX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $142 | 1.19% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the MSCI Emerging Markets Index<sup>SM</sup>, primarily due to favorable stock selection and country allocation.

↑ Top contributors to performance: Stock selection in information technology boosted relative performance. At a country level, stock selection in South Korea was additive. On an individual level, exposure to overweight exposure to SK Hynix, a Korean memory company, boosted returns.

↓ Top detractors from performance: Stock selection in consumer discretionary detracted from relative returns. Stock selection in Argentina hurt result. Key individual detractors included underweight exposure to Alibaba.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg083.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11327 | $10450 | $11119 |
| **2017** | $16248 | $13291 | $15264 |
| **2018** | $13554 | $11404 | $13040 |
| **2019** | $17923 | $13857 | $15442 |
| **2020** | $23931 | $15333 | $18270 |
| **2021** | $21591 | $16532 | $17806 |
| **2022** | $16001 | $13887 | $14228 |
| **2023** | $17090 | $16055 | $15627 |
| **2024** | $17456 | $16944 | $16799 |
| **2025** | $24275 | $22431 | $22438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 39.06% | 0.29% | 9.27% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI Emerging Markets Index℠ | 33.57% | 4.20% | 8.42% |

---

## Fund Statistics
* Total Net Assets$151,816,454

* # of Portfolio Holdings81

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$2,738,141

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.9% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 5.9% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 2.7% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Hanwha Aerospace Co. Ltd. | 2.1% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.0% |
| Coforge Ltd. | 1.9% |
| AIA Group Ltd. | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.8% |
| Countries-Other | 8.4% |
| Mexico | 1.6% |
| Singapore | 1.7% |
| United States | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.8% |
| Turkey | 3.2% |
| Brazil | 11.1% |
| India | 11.6% |
| South Korea | 12.4% |
| Taiwan | 17.8% |
| China | 24.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.2% |
| Financials | 19.0% |
| Industrials | 15.9% |
| Consumer Discretionary | 14.8% |
| Communication Services | 10.1% |
| Energy | 2.5% |
| Consumer Staples | 1.8% |
| Utilities | 1.4% |
| Health Care | 1.3% |
| Materials | 0.8% |
| Real Estate | 0.4% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IJEMX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F660-AR

# Class S: IJPIX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $172 | 1.44% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the MSCI Emerging Markets Index<sup>SM</sup>, primarily due to favorable stock selection and country allocation.

↑ Top contributors to performance: Stock selection in information technology boosted relative performance. At a country level, stock selection in South Korea was additive. On an individual level, exposure to overweight exposure to SK Hynix, a Korean memory company, boosted returns.

↓ Top detractors from performance: Stock selection in consumer discretionary detracted from relative returns. Stock selection in Argentina hurt result. Key individual detractors included underweight exposure to Alibaba.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg084.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11295 | $10450 | $11119 |
| **2017** | $16164 | $13291 | $15264 |
| **2018** | $13446 | $11404 | $13040 |
| **2019** | $17737 | $13857 | $15442 |
| **2020** | $23631 | $15333 | $18270 |
| **2021** | $21267 | $16532 | $17806 |
| **2022** | $15714 | $13887 | $14228 |
| **2023** | $16744 | $16055 | $15627 |
| **2024** | $17065 | $16944 | $16799 |
| **2025** | $23680 | $22431 | $22438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 38.77% | 0.04% | 9.00% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI Emerging Markets Index℠ | 33.57% | 4.20% | 8.42% |

---

## Fund Statistics
* Total Net Assets$151,816,454

* # of Portfolio Holdings81

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$2,738,141

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.9% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 5.9% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 2.7% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Hanwha Aerospace Co. Ltd. | 2.1% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.0% |
| Coforge Ltd. | 1.9% |
| AIA Group Ltd. | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.8% |
| Countries-Other | 8.4% |
| Mexico | 1.6% |
| Singapore | 1.7% |
| United States | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.8% |
| Turkey | 3.2% |
| Brazil | 11.1% |
| India | 11.6% |
| South Korea | 12.4% |
| Taiwan | 17.8% |
| China | 24.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.2% |
| Financials | 19.0% |
| Industrials | 15.9% |
| Consumer Discretionary | 14.8% |
| Communication Services | 10.1% |
| Energy | 2.5% |
| Consumer Staples | 1.8% |
| Utilities | 1.4% |
| Health Care | 1.3% |
| Materials | 0.8% |
| Real Estate | 0.4% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IJPIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F678-AR

# Class S2: IJPTX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $190 | 1.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the MSCI Emerging Markets Index<sup>SM</sup>, primarily due to favorable stock selection and country allocation.

↑ Top contributors to performance: Stock selection in information technology boosted relative performance. At a country level, stock selection in South Korea was additive. On an individual level, exposure to overweight exposure to SK Hynix, a Korean memory company, boosted returns.

↓ Top detractors from performance: Stock selection in consumer discretionary detracted from relative returns. Stock selection in Argentina hurt result. Key individual detractors included underweight exposure to Alibaba.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11279 | $10450 | $11119 |
| **2017** | $16112 | $13291 | $15264 |
| **2018** | $13387 | $11404 | $13040 |
| **2019** | $17623 | $13857 | $15442 |
| **2020** | $23444 | $15333 | $18270 |
| **2021** | $21074 | $16532 | $17806 |
| **2022** | $15547 | $13887 | $14228 |
| **2023** | $16547 | $16055 | $15627 |
| **2024** | $16842 | $16944 | $16799 |
| **2025** | $23383 | $22431 | $22438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 38.84% | -0.05% | 8.87% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI Emerging Markets Index℠ | 33.57% | 4.20% | 8.42% |

---

## Fund Statistics
* Total Net Assets$151,816,454

* # of Portfolio Holdings81

* Portfolio Turnover Rate37%

* Investment Advisory Fees Paid$2,738,141

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.9% |
| Tencent Holdings Ltd. | 6.1% |
| SK Hynix, Inc. | 5.9% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 2.7% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Hanwha Aerospace Co. Ltd. | 2.1% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.0% |
| Coforge Ltd. | 1.9% |
| AIA Group Ltd. | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.8% |
| Countries-Other | 8.4% |
| Mexico | 1.6% |
| Singapore | 1.7% |
| United States | 2.1% |
| Spain | 2.2% |
| Hong Kong | 2.8% |
| Turkey | 3.2% |
| Brazil | 11.1% |
| India | 11.6% |
| South Korea | 12.4% |
| Taiwan | 17.8% |
| China | 24.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.2% |
| Financials | 19.0% |
| Industrials | 15.9% |
| Consumer Discretionary | 14.8% |
| Communication Services | 10.1% |
| Energy | 2.5% |
| Consumer Staples | 1.8% |
| Utilities | 1.4% |
| Health Care | 1.3% |
| Materials | 0.8% |
| Real Estate | 0.4% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IJPTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio
92914F652-AR

# Class ADV: IJSAX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $151 | 1.49% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Index due to stock selection.

↑ Top contributors to performance: Stock selection in the finance and software & services sectors contributed to performance. Overweight allocations in Cipher Mining and Terns Pharmaceutical were top contributors.

↓ Top detractors from performance: Stock selection in pharmaceuticals and consumer cyclical sectors detracted most from performance. Underweight allocations in Guardant Health and Bloom Energy were top detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12117 | $11274 | $12131 |
| **2017** | $13955 | $13656 | $13908 |
| **2018** | $12445 | $12941 | $12377 |
| **2019** | $15675 | $16955 | $15535 |
| **2020** | $18158 | $20497 | $18636 |
| **2021** | $21416 | $25756 | $21398 |
| **2022** | $17543 | $20808 | $17024 |
| **2023** | $19627 | $26210 | $19907 |
| **2024** | $21665 | $32449 | $22203 |
| **2025** | $22361 | $38013 | $25047 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 3.21% | 4.25% | 8.38% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$290,910,897

* # of Portfolio Holdings702

* Portfolio Turnover Rate81%

* Investment Advisory Fees Paid$2,805,475

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| Hayward Holdings, Inc. | 0.9% |
| Modine Manufacturing Co. | 0.9% |
| Fabrinet | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Novanta, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.3)% |
| Short-Term Investments | 8.1% |
| Common Stock | 97.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.6% |
| Financials | 19.0% |
| Health Care | 13.2% |
| Information Technology | 13.0% |
| Consumer Discretionary | 10.7% |
| Materials | 5.6% |
| Real Estate | 5.4% |
| Energy | 4.2% |
| Consumer Staples | 3.2% |
| Utilities | 2.1% |
| Communication Services | 1.2% |
| Short-Term Investments | 8.1% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IJSAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914G627-AR

# Class I: IJSIX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $91 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Index due to stock selection.

↑ Top contributors to performance: Stock selection in the finance and software & services sectors contributed to performance. Overweight allocations in Cipher Mining and Terns Pharmaceutical were top contributors.

↓ Top detractors from performance: Stock selection in pharmaceuticals and consumer cyclical sectors detracted most from performance. Underweight allocations in Guardant Health and Bloom Energy were top detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12192 | $11274 | $12131 |
| **2017** | $14126 | $13656 | $13908 |
| **2018** | $12665 | $12941 | $12377 |
| **2019** | $16053 | $16955 | $15535 |
| **2020** | $18707 | $20497 | $18636 |
| **2021** | $22207 | $25756 | $21398 |
| **2022** | $18305 | $20808 | $17024 |
| **2023** | $20587 | $26210 | $19907 |
| **2024** | $22870 | $32449 | $22203 |
| **2025** | $23753 | $38013 | $25047 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.86% | 4.89% | 9.04% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$290,910,897

* # of Portfolio Holdings702

* Portfolio Turnover Rate81%

* Investment Advisory Fees Paid$2,805,475

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| Hayward Holdings, Inc. | 0.9% |
| Modine Manufacturing Co. | 0.9% |
| Fabrinet | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Novanta, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.3)% |
| Short-Term Investments | 8.1% |
| Common Stock | 97.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.6% |
| Financials | 19.0% |
| Health Care | 13.2% |
| Information Technology | 13.0% |
| Consumer Discretionary | 10.7% |
| Materials | 5.6% |
| Real Estate | 5.4% |
| Energy | 4.2% |
| Consumer Staples | 3.2% |
| Utilities | 2.1% |
| Communication Services | 1.2% |
| Short-Term Investments | 8.1% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IJSIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F769-AR

# Class R6: VPRSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $91 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Index due to stock selection.

↑ Top contributors to performance: Stock selection in the finance and software & services sectors contributed to performance. Overweight allocations in Cipher Mining and Terns Pharmaceutical were top contributors.

↓ Top detractors from performance: Stock selection in pharmaceuticals and consumer cyclical sectors detracted most from performance. Underweight allocations in Guardant Health and Bloom Energy were top detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **5/3/2016** | $10000 | $10000 | $10000 |
| **2016** | $12104 | $11120 | $12225 |
| **2017** | $14024 | $13470 | $14016 |
| **2018** | $12574 | $12764 | $12473 |
| **2019** | $15941 | $16723 | $15656 |
| **2020** | $18568 | $20217 | $18781 |
| **2021** | $22035 | $25404 | $21564 |
| **2022** | $18168 | $20524 | $17156 |
| **2023** | $20436 | $25852 | $20061 |
| **2024** | $22706 | $32006 | $22375 |
| **2025** | $23584 | $37494 | $25241 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | 3.87% | 4.90% | 9.29% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.66% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 10.06% |

---

## Fund Statistics
* Total Net Assets$290,910,897

* # of Portfolio Holdings702

* Portfolio Turnover Rate81%

* Investment Advisory Fees Paid$2,805,475

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| Hayward Holdings, Inc. | 0.9% |
| Modine Manufacturing Co. | 0.9% |
| Fabrinet | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Novanta, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.3)% |
| Short-Term Investments | 8.1% |
| Common Stock | 97.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.6% |
| Financials | 19.0% |
| Health Care | 13.2% |
| Information Technology | 13.0% |
| Consumer Discretionary | 10.7% |
| Materials | 5.6% |
| Real Estate | 5.4% |
| Energy | 4.2% |
| Consumer Staples | 3.2% |
| Utilities | 2.1% |
| Communication Services | 1.2% |
| Short-Term Investments | 8.1% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VPRSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914G387-AR

# Class S: IJSSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $116 | 1.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Index due to stock selection.

↑ Top contributors to performance: Stock selection in the finance and software & services sectors contributed to performance. Overweight allocations in Cipher Mining and Terns Pharmaceutical were top contributors.

↓ Top detractors from performance: Stock selection in pharmaceuticals and consumer cyclical sectors detracted most from performance. Underweight allocations in Guardant Health and Bloom Energy were top detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12159 | $11274 | $12131 |
| **2017** | $14050 | $13656 | $13908 |
| **2018** | $12572 | $12941 | $12377 |
| **2019** | $15889 | $16955 | $15535 |
| **2020** | $18480 | $20497 | $18636 |
| **2021** | $21865 | $25756 | $21398 |
| **2022** | $17981 | $20808 | $17024 |
| **2023** | $20186 | $26210 | $19907 |
| **2024** | $22353 | $32449 | $22203 |
| **2025** | $23170 | $38013 | $25047 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 3.65% | 4.63% | 8.77% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$290,910,897

* # of Portfolio Holdings702

* Portfolio Turnover Rate81%

* Investment Advisory Fees Paid$2,805,475

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| Hayward Holdings, Inc. | 0.9% |
| Modine Manufacturing Co. | 0.9% |
| Fabrinet | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Novanta, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.3)% |
| Short-Term Investments | 8.1% |
| Common Stock | 97.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.6% |
| Financials | 19.0% |
| Health Care | 13.2% |
| Information Technology | 13.0% |
| Consumer Discretionary | 10.7% |
| Materials | 5.6% |
| Real Estate | 5.4% |
| Energy | 4.2% |
| Consumer Staples | 3.2% |
| Utilities | 2.1% |
| Communication Services | 1.2% |
| Short-Term Investments | 8.1% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IJSSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F777-AR

# Class S2: IJSTX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $131 | 1.29% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Index due to stock selection.

↑ Top contributors to performance: Stock selection in the finance and software & services sectors contributed to performance. Overweight allocations in Cipher Mining and Terns Pharmaceutical were top contributors.

↓ Top detractors from performance: Stock selection in pharmaceuticals and consumer cyclical sectors detracted most from performance. Underweight allocations in Guardant Health and Bloom Energy were top detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12139 | $11274 | $12131 |
| **2017** | $14012 | $13656 | $13908 |
| **2018** | $12521 | $12941 | $12377 |
| **2019** | $15801 | $16955 | $15535 |
| **2020** | $18341 | $20497 | $18636 |
| **2021** | $21673 | $25756 | $21398 |
| **2022** | $17801 | $20808 | $17024 |
| **2023** | $19938 | $26210 | $19907 |
| **2024** | $22052 | $32449 | $22203 |
| **2025** | $22821 | $38013 | $25047 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 3.49% | 4.47% | 8.60% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$290,910,897

* # of Portfolio Holdings702

* Portfolio Turnover Rate81%

* Investment Advisory Fees Paid$2,805,475

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| MSA Safety, Inc. | 1.0% |
| Hayward Holdings, Inc. | 0.9% |
| Modine Manufacturing Co. | 0.9% |
| Fabrinet | 0.9% |
| Ryman Hospitality Properties, Inc. | 0.9% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Applied Industrial Technologies, Inc. | 0.8% |
| Novanta, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Wintrust Financial Corp. | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (5.3)% |
| Short-Term Investments | 8.1% |
| Common Stock | 97.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.6% |
| Financials | 19.0% |
| Health Care | 13.2% |
| Information Technology | 13.0% |
| Consumer Discretionary | 10.7% |
| Materials | 5.6% |
| Real Estate | 5.4% |
| Energy | 4.2% |
| Consumer Staples | 3.2% |
| Utilities | 2.1% |
| Communication Services | 1.2% |
| Short-Term Investments | 8.1% |
| Liabilities in Excess of Other Assets | (5.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IJSTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio
92914F751-AR

# Class ADV: IGFAX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $158 | 1.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>.

↑ Top contributors to performance: Largest contributors to absolute performance were cloud hyperscalers, led by Alphabet and Microsofte. Oracle also contributed positively before its third-quarter exit. In Consumer Staples, L'Oréal outperformed on reaccelerating growth, while Visa benefited from resilient consumer spending and cross-border volume growth.

↓ Top detractors from performance: Accenture was the largest absolute detractor, reflecting weak industry growth, U.S. government cost cutting and concerns over profitability, prompting an exit in the fourth quarter. In Health Care, UnitedHealth and Becton Dickinson disappointed and were sold, while Zoetis struggled near term despite solid long-term fundamentals. Constellation Brands detracted before an early-year exit.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg071.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **MSCI World Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10494 | $10786 | $10751 |
| **2017** | $13167 | $13371 | $13159 |
| **2018** | $12894 | $12113 | $12013 |
| **2019** | $16619 | $15335 | $15337 |
| **2020** | $18759 | $17827 | $17776 |
| **2021** | $22746 | $21132 | $21654 |
| **2022** | $18674 | $17252 | $17726 |
| **2023** | $21571 | $21083 | $21943 |
| **2024** | $23363 | $24770 | $26040 |
| **2025** | $23315 | $30303 | $31532 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | -0.20% | 4.44% | 8.83% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| MSCI World Index℠ | 21.09% | 12.15% | 12.17% |

---

## Fund Statistics
* Total Net Assets$82,205,964

* # of Portfolio Holdings33

* Portfolio Turnover Rate32%

* Investment Advisory Fees Paid$2,134,313

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| SAP SE | 7.4% |
| Visa, Inc. - Class A | 5.2% |
| Alphabet, Inc. - Class A | 5.0% |
| Coca-Cola Co. | 4.0% |
| RELX PLC - GBP | 3.6% |
| L'Oreal SA | 3.5% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Italy | 2.3% |
| France | 3.5% |
| United Kingdom | 4.2% |
| Germany | 7.4% |
| United States | 80.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.7% |
| Information Technology | 21.0% |
| Industrials | 16.2% |
| Health Care | 13.3% |
| Consumer Staples | 12.3% |
| Consumer Discretionary | 7.0% |
| Communication Services | 4.9% |
| Short-Term Investments | 1.7% |
| Assets in Excess of Other Liabilities | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: IGFAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914E887-AR

# Class R6: VPRDX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $98 | 0.98% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>.

↑ Top contributors to performance: Largest contributors to absolute performance were cloud hyperscalers, led by Alphabet and Microsofte. Oracle also contributed positively before its third-quarter exit. In Consumer Staples, L'Oréal outperformed on reaccelerating growth, while Visa benefited from resilient consumer spending and cross-border volume growth.

↓ Top detractors from performance: Accenture was the largest absolute detractor, reflecting weak industry growth, U.S. government cost cutting and concerns over profitability, prompting an exit in the fourth quarter. In Health Care, UnitedHealth and Becton Dickinson disappointed and were sold, while Zoetis struggled near term despite solid long-term fundamentals. Constellation Brands detracted before an early-year exit.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg070.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **MSCI World Index℠** |
| **5/3/2016** | $10000 | $10000 | $10000 |
| **2016** | $10146 | $10505 | $10696 |
| **2017** | $12800 | $13023 | $13092 |
| **2018** | $12606 | $11798 | $11952 |
| **2019** | $16354 | $14936 | $15259 |
| **2020** | $18570 | $17363 | $17685 |
| **2021** | $22657 | $20582 | $21544 |
| **2022** | $18707 | $16803 | $17636 |
| **2023** | $21755 | $20534 | $21831 |
| **2024** | $23686 | $24125 | $25906 |
| **2025** | $23765 | $29513 | $31371 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | 0.33% | 5.06% | 9.37% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.98% |
| MSCI World Index℠ | 21.09% | 12.15% | 12.57% |

---

## Fund Statistics
* Total Net Assets$82,205,964

* # of Portfolio Holdings33

* Portfolio Turnover Rate32%

* Investment Advisory Fees Paid$2,134,313

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| SAP SE | 7.4% |
| Visa, Inc. - Class A | 5.2% |
| Alphabet, Inc. - Class A | 5.0% |
| Coca-Cola Co. | 4.0% |
| RELX PLC - GBP | 3.6% |
| L'Oreal SA | 3.5% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Italy | 2.3% |
| France | 3.5% |
| United Kingdom | 4.2% |
| Germany | 7.4% |
| United States | 80.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.7% |
| Information Technology | 21.0% |
| Industrials | 16.2% |
| Health Care | 13.3% |
| Consumer Staples | 12.3% |
| Consumer Discretionary | 7.0% |
| Communication Services | 4.9% |
| Short-Term Investments | 1.7% |
| Assets in Excess of Other Liabilities | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VPRDX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G379-AR

# Class S: IVGTX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $122 | 1.22% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>.

↑ Top contributors to performance: Largest contributors to absolute performance were cloud hyperscalers, led by Alphabet and Microsofte. Oracle also contributed positively before its third-quarter exit. In Consumer Staples, L'Oréal outperformed on reaccelerating growth, while Visa benefited from resilient consumer spending and cross-border volume growth.

↓ Top detractors from performance: Accenture was the largest absolute detractor, reflecting weak industry growth, U.S. government cost cutting and concerns over profitability, prompting an exit in the fourth quarter. In Health Care, UnitedHealth and Becton Dickinson disappointed and were sold, while Zoetis struggled near term despite solid long-term fundamentals. Constellation Brands detracted before an early-year exit.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg088.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **MSCI World Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10530 | $10786 | $10751 |
| **2017** | $13249 | $13371 | $13159 |
| **2018** | $13025 | $12113 | $12013 |
| **2019** | $16847 | $15335 | $15337 |
| **2020** | $19083 | $17827 | $17776 |
| **2021** | $23217 | $21132 | $21654 |
| **2022** | $19135 | $17252 | $17726 |
| **2023** | $22179 | $21083 | $21943 |
| **2024** | $24101 | $24770 | $26040 |
| **2025** | $24125 | $30303 | $31532 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 0.10% | 4.80% | 9.21% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| MSCI World Index℠ | 21.09% | 12.15% | 12.17% |

---

## Fund Statistics
* Total Net Assets$82,205,964

* # of Portfolio Holdings33

* Portfolio Turnover Rate32%

* Investment Advisory Fees Paid$2,134,313

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| SAP SE | 7.4% |
| Visa, Inc. - Class A | 5.2% |
| Alphabet, Inc. - Class A | 5.0% |
| Coca-Cola Co. | 4.0% |
| RELX PLC - GBP | 3.6% |
| L'Oreal SA | 3.5% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Italy | 2.3% |
| France | 3.5% |
| United Kingdom | 4.2% |
| Germany | 7.4% |
| United States | 80.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.7% |
| Information Technology | 21.0% |
| Industrials | 16.2% |
| Health Care | 13.3% |
| Consumer Staples | 12.3% |
| Consumer Discretionary | 7.0% |
| Communication Services | 4.9% |
| Short-Term Investments | 1.7% |
| Assets in Excess of Other Liabilities | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IVGTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G494-AR

# Class S2: IGFSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $137 | 1.37% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>.

↑ Top contributors to performance: Largest contributors to absolute performance were cloud hyperscalers, led by Alphabet and Microsofte. Oracle also contributed positively before its third-quarter exit. In Consumer Staples, L'Oréal outperformed on reaccelerating growth, while Visa benefited from resilient consumer spending and cross-border volume growth.

↓ Top detractors from performance: Accenture was the largest absolute detractor, reflecting weak industry growth, U.S. government cost cutting and concerns over profitability, prompting an exit in the fourth quarter. In Health Care, UnitedHealth and Becton Dickinson disappointed and were sold, while Zoetis struggled near term despite solid long-term fundamentals. Constellation Brands detracted before an early-year exit.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **MSCI World Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10516 | $10786 | $10751 |
| **2017** | $13218 | $13371 | $13159 |
| **2018** | $12968 | $12113 | $12013 |
| **2019** | $16749 | $15335 | $15337 |
| **2020** | $18937 | $17827 | $17776 |
| **2021** | $23013 | $21132 | $21654 |
| **2022** | $18936 | $17252 | $17726 |
| **2023** | $21928 | $21083 | $21943 |
| **2024** | $23777 | $24770 | $26040 |
| **2025** | $23783 | $30303 | $31532 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 0.02% | 4.66% | 9.05% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| MSCI World Index℠ | 21.09% | 12.15% | 12.17% |

---

## Fund Statistics
* Total Net Assets$82,205,964

* # of Portfolio Holdings33

* Portfolio Turnover Rate32%

* Investment Advisory Fees Paid$2,134,313

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| SAP SE | 7.4% |
| Visa, Inc. - Class A | 5.2% |
| Alphabet, Inc. - Class A | 5.0% |
| Coca-Cola Co. | 4.0% |
| RELX PLC - GBP | 3.6% |
| L'Oreal SA | 3.5% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d1_ncsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.6% |
| Italy | 2.3% |
| France | 3.5% |
| United Kingdom | 4.2% |
| Germany | 7.4% |
| United States | 80.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.7% |
| Information Technology | 21.0% |
| Industrials | 16.2% |
| Health Care | 13.3% |
| Consumer Staples | 12.3% |
| Consumer Discretionary | 7.0% |
| Communication Services | 4.9% |
| Short-Term Investments | 1.7% |
| Assets in Excess of Other Liabilities | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: IGFSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio
92914G486-AR

# Class ADV: ITRAX
![Image](tm263417d1_ncsrimg041.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $132 | 1.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index primarily due to underperformance within the Fund's equity allocation.

↑ Top contributors to performance: The leading contributor to relative performance was an underweight allocation to consumer staples, as the sector lagged the broader benchmark. Portfolio positioning in the industrials & business services sector also added value.

↓ Top detractors from performance: Stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results. Stock selection in the information technology sector also weighed on relative results, driven by positions in Aurora Innovations and Roper.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg014.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Government/Credit Index** | **60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10765 | $10786 | $10265 | $11196 | $10305 | $10848 |
| **2017** | $12349 | $13371 | $10628 | $13640 | $10717 | $12411 |
| **2018** | $12363 | $12113 | $10629 | $13043 | $10672 | $12098 |
| **2019** | $15328 | $15335 | $11556 | $17150 | $11708 | $14838 |
| **2020** | $18016 | $17827 | $12424 | $20305 | $12754 | $17108 |
| **2021** | $21255 | $21132 | $12233 | $26135 | $12531 | $19804 |
| **2022** | $18604 | $17252 | $10641 | $21402 | $10829 | $16635 |
| **2023** | $21983 | $21083 | $11230 | $27028 | $11449 | $19589 |
| **2024** | $24645 | $24770 | $11370 | $33790 | $11583 | $22530 |
| **2025** | $27508 | $30303 | $12200 | $39832 | $12380 | $25576 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 11.62% | 8.83% | 10.65% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| 60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index | 13.52% | 8.37% | 9.85% |

---

## Fund Statistics
* Total Net Assets$6,986,211,733

* # of Portfolio Holdings207

* Portfolio Turnover Rate131%

* Investment Advisory Fees Paid$43,549,289

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.4% |
| Apple, Inc. | 4.0% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| United States Treasury Notes, 3.625%, 10/31/30 | 3.5% |
| United States Treasury Notes, 3.500%, 11/30/30 | 3.3% |
| United States Treasury Notes, 3.875%, 07/31/30 | 3.2% |
| Becton Dickinson and Co. | 2.5% |
| Revvity, Inc. | 2.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 1.0% |
| Corporate Bonds/Notes | 7.4% |
| Bank Loans | 9.6% |
| U.S. Treasury Obligations | 16.2% |
| Common Stock | 63.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: ITRAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G619-AR

# Class I: ITRIX
![Image](tm263417d1_ncsrimg041.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $69 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index primarily due to underperformance within the Fund's equity allocation.

↑ Top contributors to performance: The leading contributor to relative performance was an underweight allocation to consumer staples, as the sector lagged the broader benchmark. Portfolio positioning in the industrials & business services sector also added value.

↓ Top detractors from performance: Stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results. Stock selection in the information technology sector also weighed on relative results, driven by positions in Aurora Innovations and Roper.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg022.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Government/Credit Index** | **60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10831 | $10786 | $10265 | $11196 | $10305 | $10848 |
| **2017** | $12498 | $13371 | $10628 | $13640 | $10717 | $12411 |
| **2018** | $12590 | $12113 | $10629 | $13043 | $10672 | $12098 |
| **2019** | $15700 | $15335 | $11556 | $17150 | $11708 | $14838 |
| **2020** | $18570 | $17827 | $12424 | $20305 | $12754 | $17108 |
| **2021** | $22037 | $21132 | $12233 | $26135 | $12531 | $19804 |
| **2022** | $19401 | $17252 | $10641 | $21402 | $10829 | $16635 |
| **2023** | $23072 | $21083 | $11230 | $27028 | $11449 | $19589 |
| **2024** | $26012 | $24770 | $11370 | $33790 | $11583 | $22530 |
| **2025** | $29217 | $30303 | $12200 | $39832 | $12380 | $25576 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.32% | 9.49% | 11.32% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| 60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index | 13.52% | 8.37% | 9.85% |

---

## Fund Statistics
* Total Net Assets$6,986,211,733

* # of Portfolio Holdings207

* Portfolio Turnover Rate131%

* Investment Advisory Fees Paid$43,549,289

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.4% |
| Apple, Inc. | 4.0% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| United States Treasury Notes, 3.625%, 10/31/30 | 3.5% |
| United States Treasury Notes, 3.500%, 11/30/30 | 3.3% |
| United States Treasury Notes, 3.875%, 07/31/30 | 3.2% |
| Becton Dickinson and Co. | 2.5% |
| Revvity, Inc. | 2.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 1.0% |
| Corporate Bonds/Notes | 7.4% |
| Bank Loans | 9.6% |
| U.S. Treasury Obligations | 16.2% |
| Common Stock | 63.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: ITRIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G791-AR

# Class R6: VPRAX
![Image](tm263417d1_ncsrimg041.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $69 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index primarily due to underperformance within the Fund's equity allocation.

↑ Top contributors to performance: The leading contributor to relative performance was an underweight allocation to consumer staples, as the sector lagged the broader benchmark. Portfolio positioning in the industrials & business services sector also added value.

↓ Top detractors from performance: Stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results. Stock selection in the information technology sector also weighed on relative results, driven by positions in Aurora Innovations and Roper.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg055.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Government/Credit Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Government/Credit Bond Index** |
| **5/3/2016** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10478 | $10505 | $9918 | $11014 | $9905 | $10565 |
| **2017** | $12098 | $13023 | $10269 | $13418 | $10301 | $12087 |
| **2018** | $12183 | $11798 | $10270 | $12831 | $10258 | $11783 |
| **2019** | $15197 | $14936 | $11166 | $16871 | $11254 | $14450 |
| **2020** | $17973 | $17363 | $12004 | $19975 | $12259 | $16661 |
| **2021** | $21326 | $20582 | $11819 | $25710 | $12044 | $19287 |
| **2022** | $18777 | $16803 | $10282 | $21054 | $10409 | $16201 |
| **2023** | $22327 | $20534 | $10850 | $26589 | $11004 | $19078 |
| **2024** | $25179 | $24125 | $10986 | $33241 | $11134 | $21942 |
| **2025** | $28277 | $29513 | $11788 | $39185 | $11899 | $24909 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | 12.31% | 9.49% | 11.36% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.98% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.19% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 1.82% |
| 60% S&P 500 Index / 40% Bloomberg U.S. Government/Credit Bond Index | 13.52% | 8.37% | 9.91% |

---

## Fund Statistics
* Total Net Assets$6,986,211,733

* # of Portfolio Holdings207

* Portfolio Turnover Rate131%

* Investment Advisory Fees Paid$43,549,289

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.4% |
| Apple, Inc. | 4.0% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| United States Treasury Notes, 3.625%, 10/31/30 | 3.5% |
| United States Treasury Notes, 3.500%, 11/30/30 | 3.3% |
| United States Treasury Notes, 3.875%, 07/31/30 | 3.2% |
| Becton Dickinson and Co. | 2.5% |
| Revvity, Inc. | 2.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 1.0% |
| Corporate Bonds/Notes | 7.4% |
| Bank Loans | 9.6% |
| U.S. Treasury Obligations | 16.2% |
| Common Stock | 63.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VPRAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G361-AR

# Class S: ITCSX
![Image](tm263417d1_ncsrimg041.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $95 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index primarily due to underperformance within the Fund's equity allocation.

↑ Top contributors to performance: The leading contributor to relative performance was an underweight allocation to consumer staples, as the sector lagged the broader benchmark. Portfolio positioning in the industrials & business services sector also added value.

↓ Top detractors from performance: Stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results. Stock selection in the information technology sector also weighed on relative results, driven by positions in Aurora Innovations and Roper.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg026.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Government/Credit Index** | **60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10805 | $10786 | $10265 | $11196 | $10305 | $10848 |
| **2017** | $12436 | $13371 | $10628 | $13640 | $10717 | $12411 |
| **2018** | $12500 | $12113 | $10629 | $13043 | $10672 | $12098 |
| **2019** | $15544 | $15335 | $11556 | $17150 | $11708 | $14838 |
| **2020** | $18338 | $17827 | $12424 | $20305 | $12754 | $17108 |
| **2021** | $21713 | $21132 | $12233 | $26135 | $12531 | $19804 |
| **2022** | $19068 | $17252 | $10641 | $21402 | $10829 | $16635 |
| **2023** | $22614 | $21083 | $11230 | $27028 | $11449 | $19589 |
| **2024** | $25438 | $24770 | $11370 | $33790 | $11583 | $22530 |
| **2025** | $28497 | $30303 | $12200 | $39832 | $12380 | $25576 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 12.02% | 9.22% | 11.04% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| 60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index | 13.52% | 8.37% | 9.85% |

---

## Fund Statistics
* Total Net Assets$6,986,211,733

* # of Portfolio Holdings207

* Portfolio Turnover Rate131%

* Investment Advisory Fees Paid$43,549,289

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.4% |
| Apple, Inc. | 4.0% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| United States Treasury Notes, 3.625%, 10/31/30 | 3.5% |
| United States Treasury Notes, 3.500%, 11/30/30 | 3.3% |
| United States Treasury Notes, 3.875%, 07/31/30 | 3.2% |
| Becton Dickinson and Co. | 2.5% |
| Revvity, Inc. | 2.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 1.0% |
| Corporate Bonds/Notes | 7.4% |
| Bank Loans | 9.6% |
| U.S. Treasury Obligations | 16.2% |
| Common Stock | 63.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: ITCSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G692-AR

# Class S2: ITCTX
![Image](tm263417d1_ncsrimg041.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $111 | 1.05% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index primarily due to underperformance within the Fund's equity allocation.

↑ Top contributors to performance: The leading contributor to relative performance was an underweight allocation to consumer staples, as the sector lagged the broader benchmark. Portfolio positioning in the industrials & business services sector also added value.

↓ Top detractors from performance: Stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results. Stock selection in the information technology sector also weighed on relative results, driven by positions in Aurora Innovations and Roper.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg099.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Government/Credit Index** | **60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10786 | $10786 | $10265 | $11196 | $10305 | $10848 |
| **2017** | $12399 | $13371 | $10628 | $13640 | $10717 | $12411 |
| **2018** | $12440 | $12113 | $10629 | $13043 | $10672 | $12098 |
| **2019** | $15449 | $15335 | $11556 | $17150 | $11708 | $14838 |
| **2020** | $18201 | $17827 | $12424 | $20305 | $12754 | $17108 |
| **2021** | $21513 | $21132 | $12233 | $26135 | $12531 | $19804 |
| **2022** | $18868 | $17252 | $10641 | $21402 | $10829 | $16635 |
| **2023** | $22343 | $21083 | $11230 | $27028 | $11449 | $19589 |
| **2024** | $25088 | $24770 | $11370 | $33790 | $11583 | $22530 |
| **2025** | $28056 | $30303 | $12200 | $39832 | $12380 | $25576 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 11.83% | 9.04% | 10.87% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| 60% S&P 500<sup>®</sup> Index / 40% Bloomberg U.S. Government/Credit Bond Index | 13.52% | 8.37% | 9.85% |

---

## Fund Statistics
* Total Net Assets$6,986,211,733

* # of Portfolio Holdings207

* Portfolio Turnover Rate131%

* Investment Advisory Fees Paid$43,549,289

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.4% |
| Apple, Inc. | 4.0% |
| Alphabet, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| United States Treasury Notes, 3.625%, 10/31/30 | 3.5% |
| United States Treasury Notes, 3.500%, 11/30/30 | 3.3% |
| United States Treasury Notes, 3.875%, 07/31/30 | 3.2% |
| Becton Dickinson and Co. | 2.5% |
| Revvity, Inc. | 2.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Asset-Backed Securities | 0.1% |
| Preferred Stock | 1.0% |
| Corporate Bonds/Notes | 7.4% |
| Bank Loans | 9.6% |
| U.S. Treasury Obligations | 16.2% |
| Common Stock | 63.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: ITCTX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio
92914G858-AR

# Class ADV: ITEAX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Equity Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $134 | 1.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value primarily due to unfavorable sector allocation and stock selection.

↑ Top contributors to performance: Stock selection in the industrials & business services sector contributed the most to relative performance. An underweight allocation & stock selection in the consumer discretionary sector also supported relative results. Individual holdings that contributed to relative performance included Samsung Electronics, GE Aerospace, Citigroup, & L3Harris Technologies.

↓ Top detractors from performance: Stock selection in the materials sector detracted the most from relative performance. Security choices in the consumer staples sector also hampered relative results. Individual holdings that detracted from relative performance included Fiserv, Johnson & Johnson, and JPMorgan Chase. A zero-weight allocation to Micron Technology was also a significant relative detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg081.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11830 | $11274 | $11196 | $11734 |
| **2017** | $13709 | $13656 | $13640 | $13337 |
| **2018** | $12381 | $12941 | $13043 | $12234 |
| **2019** | $15591 | $16955 | $17150 | $15481 |
| **2020** | $15691 | $20497 | $20305 | $15914 |
| **2021** | $19609 | $25756 | $26135 | $19918 |
| **2022** | $18855 | $20808 | $21402 | $18416 |
| **2023** | $20540 | $26210 | $27028 | $20527 |
| **2024** | $22827 | $32449 | $33790 | $23477 |
| **2025** | $25978 | $38013 | $39832 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 13.80% | 10.61% | 10.02% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$288,365,638

* # of Portfolio Holdings125

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,763,057

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Qualcomm, Inc. | 2.0% |
| Citigroup, Inc. | 2.0% |
| MetLife, Inc. | 2.0% |
| Alphabet, Inc. - Class A | 2.0% |
| Southern Co. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Bank of America Corp. | 1.7% |
| TotalEnergies SE | 1.6% |
| L3Harris Technologies, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 0.4% |
| Preferred Stock | 0.8% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.6% |
| Industrials | 14.2% |
| Health Care | 13.5% |
| Information Technology | 10.1% |
| Energy | 8.3% |
| Communication Services | 6.8% |
| Consumer Staples | 6.8% |
| Utilities | 6.1% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.5% |
| Materials | 2.9% |
| Short-Term Investments | 0.4% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class ADV: ITEAX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G650-AR

# Class I: ITEIX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Equity Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $70 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value primarily due to unfavorable sector allocation and stock selection.

↑ Top contributors to performance: Stock selection in the industrials & business services sector contributed the most to relative performance. An underweight allocation & stock selection in the consumer discretionary sector also supported relative results. Individual holdings that contributed to relative performance included Samsung Electronics, GE Aerospace, Citigroup, & L3Harris Technologies.

↓ Top detractors from performance: Stock selection in the materials sector detracted the most from relative performance. Security choices in the consumer staples sector also hampered relative results. Individual holdings that detracted from relative performance included Fiserv, Johnson & Johnson, and JPMorgan Chase. A zero-weight allocation to Micron Technology was also a significant relative detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg093.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11907 | $11274 | $11196 | $11734 |
| **2017** | $13869 | $13656 | $13640 | $13337 |
| **2018** | $12608 | $12941 | $13043 | $12234 |
| **2019** | $15969 | $16955 | $17150 | $15481 |
| **2020** | $16173 | $20497 | $20305 | $15914 |
| **2021** | $20322 | $25756 | $26135 | $19918 |
| **2022** | $19669 | $20808 | $21402 | $18416 |
| **2023** | $21551 | $26210 | $27028 | $20527 |
| **2024** | $24084 | $32449 | $33790 | $23477 |
| **2025** | $27592 | $38013 | $39832 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.57% | 11.28% | 10.68% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$288,365,638

* # of Portfolio Holdings125

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,763,057

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Qualcomm, Inc. | 2.0% |
| Citigroup, Inc. | 2.0% |
| MetLife, Inc. | 2.0% |
| Alphabet, Inc. - Class A | 2.0% |
| Southern Co. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Bank of America Corp. | 1.7% |
| TotalEnergies SE | 1.6% |
| L3Harris Technologies, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 0.4% |
| Preferred Stock | 0.8% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.6% |
| Industrials | 14.2% |
| Health Care | 13.5% |
| Information Technology | 10.1% |
| Energy | 8.3% |
| Communication Services | 6.8% |
| Consumer Staples | 6.8% |
| Utilities | 6.1% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.5% |
| Materials | 2.9% |
| Short-Term Investments | 0.4% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class I: ITEIX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G528-AR

# Class S: IRPSX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Equity Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $96 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value primarily due to unfavorable sector allocation and stock selection.

↑ Top contributors to performance: Stock selection in the industrials & business services sector contributed the most to relative performance. An underweight allocation & stock selection in the consumer discretionary sector also supported relative results. Individual holdings that contributed to relative performance included Samsung Electronics, GE Aerospace, Citigroup, & L3Harris Technologies.

↓ Top detractors from performance: Stock selection in the materials sector detracted the most from relative performance. Security choices in the consumer staples sector also hampered relative results. Individual holdings that detracted from relative performance included Fiserv, Johnson & Johnson, and JPMorgan Chase. A zero-weight allocation to Micron Technology was also a significant relative detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg112.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11877 | $11274 | $11196 | $11734 |
| **2017** | $13806 | $13656 | $13640 | $13337 |
| **2018** | $12518 | $12941 | $13043 | $12234 |
| **2019** | $15826 | $16955 | $17150 | $15481 |
| **2020** | $15977 | $20497 | $20305 | $15914 |
| **2021** | $20014 | $25756 | $26135 | $19918 |
| **2022** | $19331 | $20808 | $21402 | $18416 |
| **2023** | $21135 | $26210 | $27028 | $20527 |
| **2024** | $23555 | $32449 | $33790 | $23477 |
| **2025** | $26925 | $38013 | $39832 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 14.31% | 11.00% | 10.41% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$288,365,638

* # of Portfolio Holdings125

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,763,057

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Qualcomm, Inc. | 2.0% |
| Citigroup, Inc. | 2.0% |
| MetLife, Inc. | 2.0% |
| Alphabet, Inc. - Class A | 2.0% |
| Southern Co. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Bank of America Corp. | 1.7% |
| TotalEnergies SE | 1.6% |
| L3Harris Technologies, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 0.4% |
| Preferred Stock | 0.8% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.6% |
| Industrials | 14.2% |
| Health Care | 13.5% |
| Information Technology | 10.1% |
| Energy | 8.3% |
| Communication Services | 6.8% |
| Consumer Staples | 6.8% |
| Utilities | 6.1% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.5% |
| Materials | 2.9% |
| Short-Term Investments | 0.4% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S: IRPSX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G478-AR

# Class S2: ITETX
![Image](tm263417d1_ncsrimg018.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> T. Rowe Price Equity Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $112 | 1.05% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value primarily due to unfavorable sector allocation and stock selection.

↑ Top contributors to performance: Stock selection in the industrials & business services sector contributed the most to relative performance. An underweight allocation & stock selection in the consumer discretionary sector also supported relative results. Individual holdings that contributed to relative performance included Samsung Electronics, GE Aerospace, Citigroup, & L3Harris Technologies.

↓ Top detractors from performance: Stock selection in the materials sector detracted the most from relative performance. Security choices in the consumer staples sector also hampered relative results. Individual holdings that detracted from relative performance included Fiserv, Johnson & Johnson, and JPMorgan Chase. A zero-weight allocation to Micron Technology was also a significant relative detractor.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d1_ncsrimg054.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11859 | $11274 | $11196 | $11734 |
| **2017** | $13765 | $13656 | $13640 | $13337 |
| **2018** | $12465 | $12941 | $13043 | $12234 |
| **2019** | $15721 | $16955 | $17150 | $15481 |
| **2020** | $15854 | $20497 | $20305 | $15914 |
| **2021** | $19842 | $25756 | $26135 | $19918 |
| **2022** | $19134 | $20808 | $21402 | $18416 |
| **2023** | $20878 | $26210 | $27028 | $20527 |
| **2024** | $23246 | $32449 | $33790 | $23477 |
| **2025** | $26512 | $38013 | $39832 | $27211 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do not reflect insurance-related charges imposed under a variable contract or qualified plan and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 14.05% | 10.83% | 10.24% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$288,365,638

* # of Portfolio Holdings125

* Portfolio Turnover Rate24%

* Investment Advisory Fees Paid$1,763,057

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Qualcomm, Inc. | 2.0% |
| Citigroup, Inc. | 2.0% |
| MetLife, Inc. | 2.0% |
| Alphabet, Inc. - Class A | 2.0% |
| Southern Co. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Bank of America Corp. | 1.7% |
| TotalEnergies SE | 1.6% |
| L3Harris Technologies, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d1_ncsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.6% |
| Short-Term Investments | 0.4% |
| Preferred Stock | 0.8% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d1_ncsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.6% |
| Industrials | 14.2% |
| Health Care | 13.5% |
| Information Technology | 10.1% |
| Energy | 8.3% |
| Communication Services | 6.8% |
| Consumer Staples | 6.8% |
| Utilities | 6.1% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.5% |
| Materials | 2.9% |
| Short-Term Investments | 0.4% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/variable-portfolio/prospectuses-reports or call us at 1-800-992-0180.

# Class S2: ITETX
![QR Code](tm263417d1_ncsrimg074.jpg)

# VY<sup>®</sup> T. Rowe Price Equity Income Portfolio
92914G593-AR

(b) Not applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

**Item 3. Audit Committee Financial Expert.** 

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, Christopher P. Sullivan, Jody Foster and Mark Wetzel are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended December 31, 2025 and December 31, 2024.

(a) <u>Audit Fees</u>: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by
EY, the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided
by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $587,073 for the year
ended December 31, 2025 and $581,150 for the year ended December 31, 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services
by EY that are reasonably related to the performance of each respective audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item were $0 for the year ended December 31, 2025 and $0 for the year ended December 31, 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY
for tax compliance, tax advice, and tax planning were $164,213 for the year ended December 31, 2025 and $135,228 for the year ended December
31, 2024. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants' federal,
state, and excise tax returns, tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the
last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through (c) of this
Item were $0 for the year ended December 31, 2025 and $0 for the year ended December 31, 2024.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax, and
other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's fiscal
years ended December 31, 2025 and December 31, 2024; and (ii) the aggregate non-audit fees billed and paid to the investment adviser,
or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the
same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Investors Trust | $164213 | $135228 |
| Voya Investments, LLC <sup>(1)</sup> | $11775221 | $15784141 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii)
of Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.** 

(a) Schedule
is included as part of the report to shareholders filed under Item 7 of this For m.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm263417d1_vitbkfunfin1img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S and S2

**Voya Investors Trust**

**■** Voya Government Liquid Assets Portfolio ■ VY <sup>®</sup> Morgan Stanley Global Franchise Portfolio

**■** VY <sup>®</sup> CBRE Global Real Estate Portfolio ■ VY <sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

■ VY <sup>®</sup> Invesco Growth and Income Portfolio ■ VY <sup>®</sup> T. Rowe Price Equity Income Portfolio

■ VY <sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm263417d1_vitbkfunfin1img03.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d1_vitbkfunfin1img02.jpg) |

---

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#funfin1_001) | [1](#funfin1_001) |
| [Statements of Assets and Liabilities](#funfin1_002) | [2](#funfin1_002) |
| [Statements of Operations](#funfin1_007) | [7](#funfin1_007) |
| [Statements of Changes in Net Assets](#fund_001) | [8](#fund_001) |
| [Financial Highlights](#fund_002) | [12](#fund_002) |
| [Notes to Financial Statements](#fund1_003) | [16](#fund1_003) |
| [Portfolios of Investments](#portfol_001) | [33](#portfol_001) |
| [Tax Information](#taxin_001) | [67](#taxin_001) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#advdisc_01) | [69](#advdisc_01) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Liquid Assets Portfolio does not file on Form N-PORT.

The Voya Government Liquid Assets Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio's Form N-MFP is available on the SEC's website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: https://individuals.voya.com/product/variable-portfolio/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio, VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio and the Board of Trustees of Voya Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio, VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (collectively referred to as the "Portfolios") (seven of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (seven of the portfolios constituting Voya Investors Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d1_vitbkfunfin1img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya**<br>**Government**<br>**Liquid Assets**<br>**Portfolio** | **VY<sup>®</sup>**<br>**CBRE Global**<br>**Real Estate**<br>**Portfolio** | **VY<sup>®</sup><br> Invesco**<br>**Growth and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup><br> JPMorgan**<br>**Emerging**<br>**Markets Equity**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $– | $130814032 | $156656009 | $150583690 |
| Short-term investments at fair value† |  | 3358891 | 4284164 | 2886185 |
| Short-term investments at amortized cost | 1190043877 |  |  |  |
| Repurchase agreements | 154267000 |  |  |  |
| Cash | 21260 |  |  |  |
| Foreign currencies at value‡ |  |  | 32228 | 653 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 336244128 | 392411 |  | 328867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1752518 | 942172 | 15757 | 50573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 12169 | 613813 | 212748 | 265061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3960235 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 191033 | 40599 | 100231 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 3171 |  |
| Prepaid expenses |  | 574 |  |  |
| Reimbursement due from Investment Adviser |  | 36931 |  | 9697 |
| Other assets | 17424 | 9871 | 16985 | 19225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1686318611 | 136359728 | 161261661 | 154244182 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities and currencies purchased | 442370965 | 246238 |  | 165394 |
| Payable for fund shares redeemed | 193 | 8384 | 70133 | 696639 |
| Payable upon receipt of securities loaned |  | 2968846 |  | 904374 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 82018 |  |
| Payable for unified fees | 260845 |  | 87409 | 160853 |
| Payable for investment management fees |  | 101136 |  |  |
| Payable for distribution and shareholder service fees | 339320 | 14749 | 27235 | 30558 |
| Payable to trustees under the deferred compensation plan (Note 6) | 17424 | 9871 | 16985 | 19225 |
| Payable for trustee fees | 3143 | 370 |  |  |
| Payable for foreign capital gains tax |  |  |  | 450685 |
| Other accrued expenses and liabilities | – | 74220 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 442991890 | 3423814 | 283780 | 2427728 |
| **NET ASSETS** | $1243326721 | $132935914 | $160977881 | $151816454 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $1243284251 | $110848324 | $110306768 | $107907841 |
| Total distributable earnings | 42470 | 22087590 | 50671113 | 43908613 |
| **NET ASSETS** | $1243326721 | $132935914 | $160977881 | $151816454 |
| + Including securities loaned at value | $— | $2681313 | $— | $875626 |
| \* Cost of investments in securities | $— | $110822076 | $118317571 | $104371390 |
| † Cost of short-term investments | $— | $3358891 | $4284164 | $2886185 |
| ‡ Cost of foreign currencies | $— | $— | $32094 | $786 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya**<br>**Government**<br>**Liquid Assets**<br>**Portfolio** | **VY<sup>®</sup>**<br>**CBRE Global**<br>**Real Estate**<br>**Portfolio** | **VY<sup>®</sup><br> Invesco**<br>**Growth and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup><br> JPMorgan**<br>**Emerging**<br>**Markets Equity**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $8748092 | $14508781 | $38976324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 870796 | 736357 | 3271907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $10.05 | $19.70 | $11.91 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $154164877 | $75297405 | $54279346 | $63306644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 154152751 | 7271187 | 2703934 | 4589119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.36 | $20.07 | $13.79 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $239613626 | $48477316 | $90071484 | $49530183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 239595376 | 4697807 | 4349546 | 3673825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.32 | $20.71 | $13.48 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $849548218 | $413101 | $2118270 | $3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 849483849 | 39526 | 101675 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $1.00 | $10.45 | $20.83 | $13.09 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup>**<br>**Morgan Stanley**<br>**Global**<br>**Franchise**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Capital**<br>**Appreciation**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Equity**<br>**Income**<br>**Portfolio** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $80057824 | $6811618057 | $285443980 |
| Short-term investments at fair value† | 1392261 | 404573165 | 1147910 |
| Cash |  | 16710367 | 2000145 |
| Foreign currencies at value‡ | 148598 | 4118523 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 11104123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 486641 | 1673300 | 58918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 41182 | 3029036 | 475574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 18194646 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 187542 | 675028 | 296540 |
| Other assets | 13881 | 207937 | 31818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 82327929 | 7271904182 | 289458105 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased |  | 69995738 | 650278 |
| Payable for fund shares redeemed |  | 1072742 | 152027 |
| Payable upon receipt of securities loaned |  | 190163045 |  |
| Payable for unified fees | 67895 | 3808988 | 148869 |
| Payable for distribution and shareholder service fees | 40189 | 1554981 | 84778 |
| Payable to trustees under the deferred compensation plan (Note 6) | 13881 | 207937 | 31818 |
| Payable for proxy and solicitation costs (Note 6) |  |  | 24697 |
| Written options, at fair value^ | – | 18889018 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 121965 | 285692449 | 1092467 |
| **NET ASSETS** | $82205964 | $6986211733 | $288365638 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $50750977 | $5763171793 | $180720631 |
| Total distributable earnings | 31454987 | 1223039940 | 107645007 |
| **NET ASSETS** | $82205964 | $6986211733 | $288365638 |
| + Including securities loaned at value | $— | $185042369 | $— |
| \* Cost of investments in securities | $70757485 | $6385347063 | $222405515 |
| † Cost of short-term investments | $1392261 | $404573165 | $1147910 |
| ‡ Cost of foreign currencies | $148820 | $3829797 | $— |
| ^ Premiums received on written options | $— | $13526165 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup>**<br>**Morgan Stanley**<br>**Global**<br>**Franchise**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Capital**<br>**Appreciation**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Equity**<br>**Income**<br>**Portfolio** |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $76962436 | $2184582474 | $58314692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 8359562 | 88586388 | 5788513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.21 | $24.66 | $10.07 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $2000130265 | $13766660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 74784734 | 1309705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $26.75 | $10.51 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $995440 | $739469313 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 90389 | 27617293 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.01 | $26.78 | n/a |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3279243 | $2044279092 | $141121894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 295406 | 76342967 | 13117603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.10 | $26.78 | $10.76 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $968845 | $17750589 | $75162392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 89251 | 680504 | 7316155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.86 | $26.08 | $10.27 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya**<br>**Government**<br>**Liquid Assets**<br>**Portfolio** | **VY<sup>®</sup>**<br>**CBRE Global**<br>**Real Estate**<br>**Portfolio** | **VY<sup>®</sup><br> Invesco**<br>**Growth and**<br>**Income**<br>**Portfolio** | **VY<sup>®</sup><br> JPMorgan**<br>**Emerging**<br>**Markets Equity**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $407772 | $4809556 | $3109135 | $4824236 |
| Interest | 53433163 | 1727 |  | 1993 |
| Securities lending income, net |  | 15164 | 1079 | 8619 |
| Other | 8318 | 1051 | 1043 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 53849253 | 4827498 | 3111257 | 4836510 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees |  | 1330902 |  |  |
| Unified fees | 3431084 |  | 983925 | 2899487 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 54465 | 84849 | 219461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 609201 | 127964 | 213531 | 336224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3365972 | 1643 | 8643 | 12937 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 11256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 106677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | 63351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 510 |  |  |
| Shareholder reporting expense |  | 48112 |  |  |
| Professional fees |  | 17730 |  |  |
| Custody and accounting expense |  | 52284 |  |  |
| Trustee fees and expenses | 47518 | 3699 | 18581 | 21411 |
| Miscellaneous expense |  | 18789 |  |  |
| Interest expense |  | 4244 |  | 5856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7453775 | 1841626 | 1309529 | 3495376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (313021) | (14945) | (161346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (1454) |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 7453775 | 1527151 | 1294584 | 3333964 |
| Net investment income | 46395478 | 3300347 | 1816673 | 1502546 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 922605 | 4545351 | 11308556 | 67479389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | (2030) | (198116) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (22334) | 26401 | (159979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 3921345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 922605 | 4520987 | 11136841 | 71240755 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) |  | 1659702 | 9223429 | 6691024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | 140 | (154875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | 22167 | 3876 | 13837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  | 1682009 | 9072430 | 6704861 |
| Net realized and unrealized gain | 922605 | 6202996 | 20209271 | 77945616 |
| **Increase in net assets resulting from operations** | $47318083 | $9503343 | $22025944 | $79448162 |
| \* Foreign taxes withheld | $— | $238310 | $26321 | $614368 |
| ^ Foreign capital gains taxes withheld | $— | $— | $— | $760561 |
| # Change in foreign capital gains taxes accrued | $— | $— | $— | $149731 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup>**<br>**Morgan Stanley**<br>**Global**<br>**Franchise**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Capital**<br>**Appreciation**<br>**Portfolio** | **VY<sup>®</sup>**<br>**T. Rowe Price**<br>**Equity**<br>**Income**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $2957586 | $55618341 | $6933475 |
| Interest, net of foreign taxes withheld\* | 575 | 118117998 | 66479 |
| Securities lending income, net | 409 | 484492 | 7870 |
| Other | 1663 | 45653 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2960233 | 174266484 | 7009865 |
| **EXPENSES:** |  |  |  |
| Unified fees | 2191818 | 43549289 | 1849487 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 521479 | 12610786 | 346564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 285244 | 4991831 | 344680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 75917 | 66545 | 299309 |
| Proxy and solicitation costs (Note 6) |  |  | 88500 |
| Trustee fees and expenses | 19948 | 564322 | 24858 |
| Miscellaneous expense |  |  |  |
| Interest expense |  | 6397 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3094406 | 61789170 | 2953491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (57505) |  | (86430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3036901 | 61789170 | 2867061 |
| Net investment income (loss) | (76668) | 112477314 | 4142804 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 66317992 | 834113410 | 45254568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 49976 | 12819 | 12197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 8013533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 66367968 | 842139762 | 45266765 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (57907167) | (177969346) | (9251075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 40382 | 424622 | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (7439189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (57866785) | (184983913) | (9247475) |
| Net realized and unrealized gain | 8501183 | 657155849 | 36019290 |
| **Increase in net assets resulting from operations** | $8424515 | $769633163 | $40162094 |
| \* Foreign taxes withheld | $73955 | $889372 | $134086 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Government** | **Voya Government** | **VY<sup>®</sup> CBRE Global** | **VY<sup>®</sup> CBRE Global** |
|  | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Real Estate Portfolio** | **Real Estate Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $46395478 | $49242172 | $3300347 | $4938771 |
| Net realized gain | 922605 | 593775 | 4520987 | 4553041 |
| Net change in unrealized appreciation (depreciation) |  |  | 1682009 | (8682968) |
| Increase in net assets resulting from operations | 47318083 | 49835947 | 9503343 | 808844 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  | (220990) | (251119) |
| &nbsp;&nbsp;&nbsp;Class I | (7032656) | (3921362) | (2432898) | (3405382) |
| &nbsp;&nbsp;&nbsp;Class S | (9325457) | (12451264) | (1402619) | (1628509) |
| &nbsp;&nbsp;&nbsp;Class S2 | (30927890) | (33275574) | (9783) | (18458) |
| Total distributions | (47286003) | (49648200) | (4066290) | (5303468) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 470256530 | 248477126 | 7360542 | 16209791 |
| Reinvestment of distributions | 47286003 | 49648200 | 4066290 | 5303468 |
|  | 517542533 | 298125326 | 11426832 | 21513259 |
| Cost of shares redeemed | (383769756) | (243287123) | (52505177) | (30261508) |
| Net increase (decrease) in net assets resulting from capital share transactions | 133772777 | 54838203 | (41078345) | (8748249) |
| Net increase (decrease) in net assets | 133804857 | 55025950 | (35641292) | (13242873) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1109521864 | 1054495914 | 168577206 | 181820079 |
| End of year or period | $1243326721 | $1109521864 | $132935914 | $168577206 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **Invesco Growth and** | **Invesco Growth and** | **JPMorgan Emerging** | **JPMorgan Emerging** |
|  | **Income Portfolio** | **Income Portfolio** | **Markets Equity Portfolio** | **Markets Equity Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1816673 | $4163053 | $1502546 | $2478411 |
| Net realized gain | 11136841 | 72654842 | 71240755 | 15465562 |
| Net change in unrealized appreciation (depreciation) | 9072430 | (32021120) | 6704861 | (11225415) |
| Increase in net assets resulting from operations | 22025944 | 44796775 | 79448162 | 6718558 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (2965375) | (1761980) | (8858043) | (196559) |
| &nbsp;&nbsp;&nbsp;Class I | (11087898) | (6092532) | (12919340) | (645875) |
| &nbsp;&nbsp;&nbsp;Class S | (17403057) | (34200462) | (38695653) | (1450582) |
| &nbsp;&nbsp;&nbsp;Class S2 | (382011) | (2493192) | (1002349) | (30232) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  | (544847) |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (775075) |  |
| &nbsp;&nbsp;&nbsp;Class S |  |  | (2348560) |  |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  | (61222) |  |
| Total distributions | (31838341) | (44548166) | (65205089) | (2323248) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 7394631 | 8937761 | 14993058 | 13931217 |
| Reinvestment of distributions | 31838341 | 44548166 | 65205089 | 2323248 |
|  | 39232972 | 53485927 | 80198147 | 16254465 |
| Cost of shares redeemed | (22961782) | (281316719) | (203348365) | (55481571) |
| Net increase (decrease) in net assets resulting from capital share transactions | 16271190 | (227830792) | (123150218) | (39227106) |
| Net increase (decrease) in net assets | 6458793 | (227582183) | (108907145) | (34831796) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 154519088 | 382101271 | 260723599 | 295555395 |
| End of year or period | $160977881 | $154519088 | $151816454 | $260723599 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **Morgan Stanley Global** | **Morgan Stanley Global** | **T. Rowe Price Capital** | **T. Rowe Price Capital** |
|  | **Franchise Portfolio** | **Franchise Portfolio** | **Appreciation Portfolio** | **Appreciation Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(76668) | $632262 | $112477314 | $158759043 |
| Net realized gain | 66367968 | 44591857 | 842139762 | 993912197 |
| Net change in unrealized appreciation (depreciation) | (57866785) | (19575355) | (184983913) | (248204625) |
| Increase in net assets resulting from operations | 8424515 | 25648764 | 769633163 | 904466615 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (31019132) | (10535284) | (350672831) | (53426721) |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (312046510) | (76780124) |
| &nbsp;&nbsp;&nbsp;Class R6 | (389344) | (149091) | (118145888) | (28410634) |
| &nbsp;&nbsp;&nbsp;Class S | (48725657) | (16796477) | (316217036) | (105205665) |
| &nbsp;&nbsp;&nbsp;Class S2 | (8277052) | (2625784) | (2677078) | (1328094) |
| Total distributions | (88411185) | (30106636) | (1099759343) | (265151238) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5616001 | 4963013 | 270008558 | 321959059 |
| Reinvestment of distributions | 88411185 | 30106636 | 1099759343 | 265151238 |
|  | 94027186 | 35069649 | 1369767901 | 587110297 |
| Cost of shares redeemed | (217489429) | (63590037) | (650760850) | (2759658670) |
| Net increase (decrease) in net assets resulting from capital share transactions | (123462243) | (28520388) | 719007051 | (2172548373) |
| Net increase (decrease) in net assets | (203448913) | (32978260) | 388880871 | (1533232996) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 285654877 | 318633137 | 6597330862 | 8130563858 |
| End of year or period | $82205964 | $285654877 | $6986211733 | $6597330862 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **VY<sup>®</sup> T. Rowe Price Equity<br> Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity<br> Income Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $4142804 | $5590168 |
| Net realized gain | 45266765 | 31016004 |
| Net change in unrealized appreciation (depreciation) | (9247475) | 545837 |
| Increase in net assets resulting from operations | 40162094 | 37152009 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (7143922) | (3867250) |
| &nbsp;&nbsp;&nbsp;Class I | (1725511) | (4369681) |
| &nbsp;&nbsp;&nbsp;Class S | (16791274) | (9011238) |
| &nbsp;&nbsp;&nbsp;Class S2 | (9296585) | (4961261) |
| Total distributions | (34957292) | (22209430) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 6505464 | 10736878 |
| Reinvestment of distributions | 34957292 | 22209430 |
|  | 41462756 | 32946308 |
| Cost of shares redeemed | (96604920) | (42596783) |
| Net decrease in net assets resulting from capital share transactions | (55142164) | (9650475) |
| Net increase (decrease) in net assets | (49937362) | 5292104 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 338303000 | 333010896 |
| End of year or period | $288365638 | $338303000 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 1.00 | 0.04 | • |  | 0.04 | 0.04 | 0.00 \* |  | 0.04 |  | 1.00 | **4.15** | 0.28 | 0.28 | 0.28 | 4.01 | 154165 |  |
| 12-31-24 | 1.00 | 0.05 | • |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **5.03** | 0.28 | 0.28 | 0.28 | 4.91 | 82795 |  |
| 12-31-23 | 1.00 | 0.05 | • | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **4.93** | 0.28 | 0.28 | 0.28 | 4.82 | 75141 |  |
| 12-31-22 | 1.00 | 0.02 | • | 0.00 \* | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **1.51** | 0.28 | 0.24 | 0.24 | 1.65 | 77571 |  |
| 12-31-21 | 1.00 |  | • | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.28 | 0.05 | 0.05 | 0.00 \* | 50337 |  |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 1.00 | 0.04 | • |  | 0.04 | 0.04 | 0.00 \* |  | 0.04 |  | 1.00 | **3.90** | 0.53 | 0.53 | 0.53 | 3.76 | 239614 |  |
| 12-31-24 | 1.00 | 0.05 | • |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **4.77** | 0.53 | 0.53 | 0.53 | 4.66 | 251573 |  |
| 12-31-23 | 1.00 | 0.05 | • | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **4.68** | 0.53 | 0.53 | 0.53 | 4.56 | 280488 |  |
| 12-31-22 | 1.00 | 0.01 | • | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.34** | 0.53 | 0.40 | 0.40 | 1.34 | 322096 |  |
| 12-31-21 | 1.00 |  | • | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.53 | 0.05 | 0.05 | 0.00 \* | 320548 |  |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 1.00 | 0.04 | • |  | 0.04 | 0.04 | 0.00 \* |  | 0.04 |  | 1.00 | **3.74** | 0.68 | 0.68 | 0.68 | 3.60 | 849548 |  |
| 12-31-24 | 1.00 | 0.05 | • |  | 0.05 | 0.05 | 0.00 \* |  | 0.05 |  | 1.00 | **4.61** | 0.68 | 0.68 | 0.68 | 4.50 | 775154 |  |
| 12-31-23 | 1.00 | 0.04 | • | 0.00 \* | 0.04 | 0.04 |  |  | 0.04 |  | 1.00 | **4.52** | 0.68 | 0.68 | 0.68 | 4.44 | 698867 |  |
| 12-31-22 | 1.00 | 0.01 | • | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.24** | 0.68 | 0.52 | 0.52 | 1.37 | 609604 |  |
| 12-31-21 | 1.00 |  | • | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.68 | 0.05 | 0.05 | 0.00 \* | 437744 |  |
| **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 9.70 | 0.18 | • | 0.41 | 0.59 | 0.24 |  |  | 0.24 |  | 10.05 | **6.21** | 1.72 | 1.51 | 1.51 | 1.78 | 8748 | 101 |
| 12-31-24 | 9.98 | 0.23 | • | (0.25) | (0.02) | 0.26 |  |  | 0.26 |  | 9.70 | **(0.24)** | 1.66 | 1.49 | 1.49 | 2.30 | 9270 | 80 |
| 12-31-23 | 9.13 | 0.19 | • | 0.89 | 1.08 | 0.13 | 0.10 |  | 0.23 |  | 9.98 | **11.97** | 1.69 | 1.47 | 1.47 | 2.01 | 10511 | 95 |
| 12-31-22 | 13.38 | 0.17 | • | (3.54) | (3.37) | 0.29 | 0.59 |  | 0.88 |  | 9.13 | **(25.39)** | 1.68 | 1.47 | 1.47 | 1.55 | 10401 | 91 |
| 12-31-21 | 10.26 | 0.17 | • | 3.24 | 3.41 | 0.29 |  |  | 0.29 |  | 13.38 | **33.56** | 1.66 | 1.47 | 1.47 | 1.48 | 16348 | 74 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.00 | 0.24 | • | 0.43 | 0.67 | 0.31 |  |  | 0.31 |  | 10.36 | **6.82** | 1.12 | 0.91 | 0.91 | 2.34 | 75297 | 101 |
| 12-31-24 | 10.28 | 0.30 | • | (0.26) | 0.04 | 0.32 |  |  | 0.32 |  | 10.00 | **0.38** | 1.06 | 0.89 | 0.89 | 2.91 | 105217 | 80 |
| 12-31-23 | 9.41 | 0.25 | • | 0.92 | 1.17 | 0.20 | 0.10 |  | 0.30 |  | 10.28 | **12.59** | 1.09 | 0.87 | 0.87 | 2.65 | 109276 | 95 |
| 12-31-22 | 13.79 | 0.24 | • | (3.65) | (3.41) | 0.38 | 0.59 |  | 0.97 |  | 9.41 | **(24.95)** | 1.08 | 0.87 | 0.87 | 2.19 | 92596 | 91 |
| 12-31-21 | 10.55 | 0.25 | • | 3.35 | 3.60 | 0.36 |  |  | 0.36 |  | 13.79 | **34.47** | 1.06 | 0.87 | 0.87 | 2.09 | 122954 | 74 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 9.96 | 0.22 | • | 0.42 | 0.64 | 0.28 |  |  | 0.28 |  | 10.32 | **6.53** | 1.37 | 1.16 | 1.16 | 2.13 | 48477 | 101 |
| 12-31-24 | 10.24 | 0.27 | • | (0.26) | 0.01 | 0.29 |  |  | 0.29 |  | 9.96 | **0.12** | 1.31 | 1.14 | 1.14 | 2.65 | 53675 | 80 |
| 12-31-23 | 9.37 | 0.22 | • | 0.92 | 1.14 | 0.17 | 0.10 |  | 0.27 |  | 10.24 | **12.33** | 1.34 | 1.12 | 1.12 | 2.36 | 61362 | 95 |
| 12-31-22 | 13.72 | 0.21 | • | (3.63) | (3.42) | 0.34 | 0.59 |  | 0.93 |  | 9.37 | **(25.12)** | 1.33 | 1.12 | 1.12 | 1.90 | 61861 | 91 |
| 12-31-21 | 10.50 | 0.22 | • | 3.33 | 3.55 | 0.33 |  |  | 0.33 |  | 13.72 | **34.14** | 1.31 | 1.12 | 1.12 | 1.83 | 94359 | 74 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.07 | 0.20 | • | 0.43 | 0.63 | 0.25 |  |  | 0.25 |  | 10.45 | **6.35** | 1.52 | 1.31 | 1.31 | 1.99 | 413 | 101 |
| 12-31-24 | 10.35 | 0.25 | • | (0.25) | 0.00 \* | 0.28 |  |  | 0.28 |  | 10.07 | **(0.02)** | 1.46 | 1.29 | 1.29 | 2.48 | 415 | 80 |
| 12-31-23 | 9.47 | 0.21 | • | 0.92 | 1.13 | 0.15 | 0.10 |  | 0.25 |  | 10.35 | **12.11** | 1.49 | 1.27 | 1.27 | 2.21 | 670 | 95 |
| 12-31-22 | 13.86 | 0.20 | • | (3.67) | (3.47) | 0.33 | 0.59 |  | 0.92 |  | 9.47 | **(25.25)** | 1.48 | 1.27 | 1.27 | 1.77 | 712 | 91 |
| 12-31-21 | 10.61 | 0.21 | • | 3.35 | 3.56 | 0.31 |  |  | 0.31 |  | 13.86 | **33.90** | 1.46 | 1.27 | 1.27 | 1.70 | 1016 | 74 |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 21.77 | 0.16 | • | 2.67 | 2.83 | 0.66 | 4.24 |  | 4.90 |  | 19.70 | **14.93** | 1.25 | 1.24 | 1.24 | 0.79 | 14509 | 27 |
| 12-31-24 | 21.32 | 0.20 | • | 3.02 | 3.22 | 0.24 | 2.53 |  | 2.77 |  | 21.77 | **15.74** | 1.24 | 1.21 | 1.21 | 0.90 | 14585 | 22 |
| 12-31-23 | 20.75 | 0.21 | • | 2.16 | 2.37 | 0.31 | 1.49 |  | 1.80 |  | 21.32 | **11.93** | 1.24 | 1.21 | 1.21 | 1.04 | 14598 | 28 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income<br> (loss)<br> <sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-22 | 26.21 | 0.23 | • | (2.16) | (1.93) | 0.25 | 3.28 |  | 3.53 |  | 20.75 | **(6.16)** | 1.24 | 1.21 | 1.21 | 1.00 | 16239 | 18 |
| 12-31-21 | 20.62 | 0.18 | • | 5.67 | 5.85 | 0.26 |  |  | 0.26 |  | 26.21 | **28.50** | 1.24 | 1.21 | 1.21 | 0.75 | 18354 | 30 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 22.11 | 0.29 | • | 2.71 | 3.00 | 0.80 | 4.24 |  | 5.04 |  | 20.07 | **15.63** | 0.65 | 0.64 | 0.64 | 1.39 | 54279 | 27 |
| 12-31-24 | 21.62 | 0.34 | • | 3.06 | 3.40 | 0.38 | 2.53 |  | 2.91 |  | 22.11 | **16.43** | 0.64 | 0.61 | 0.61 | 1.51 | 51797 | 22 |
| 12-31-23 | 21.04 | 0.34 | • | 2.19 | 2.53 | 0.46 | 1.49 |  | 1.95 |  | 21.62 | **12.62** | 0.64 | 0.61 | 0.61 | 1.64 | 46049 | 28 |
| 12-31-22 | 26.54 | 0.37 | • | (2.19) | (1.82) | 0.40 | 3.28 |  | 3.68 |  | 21.04 | **(5.59)** | 0.64 | 0.61 | 0.61 | 1.62 | 42132 | 18 |
| 12-31-21 | 20.86 | 0.33 | • | 5.73 | 6.06 | 0.38 |  |  | 0.38 |  | 26.54 | **29.21** | 0.64 | 0.61 | 0.61 | 1.35 | 41488 | 30 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 22.56 | 0.24 | • | 2.79 | 3.03 | 0.64 | 4.24 |  | 4.88 |  | 20.71 | **15.35** | 0.90 | 0.89 | 0.89 | 1.14 | 90071 | 27 |
| 12-31-24 | 22.00 | 0.30 | • | 3.11 | 3.41 | 0.32 | 2.53 |  | 2.85 |  | 22.56 | **16.15** | 0.89 | 0.86 | 0.86 | 1.32 | 85922 | 22 |
| 12-31-23 | 21.37 | 0.29 | • | 2.23 | 2.52 | 0.40 | 1.49 |  | 1.89 |  | 22.00 | **12.34** | 0.89 | 0.86 | 0.86 | 1.39 | 301058 | 28 |
| 12-31-22 | 26.88 | 0.32 | • | (2.22) | (1.90) | 0.33 | 3.28 |  | 3.61 |  | 21.37 | **(5.84)** | 0.89 | 0.86 | 0.86 | 1.36 | 319719 | 18 |
| 12-31-21 | 21.12 | 0.27 | • | 5.82 | 6.09 | 0.33 |  |  | 0.33 |  | 26.88 | **28.97** | 0.89 | 0.86 | 0.86 | 1.10 | 367120 | 30 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 22.20 | 0.21 | • | 2.78 | 2.99 | 0.12 | 4.24 |  | 4.36 |  | 20.83 | **15.18** | 1.05 | 1.04 | 1.04 | 0.98 | 2118 | 27 |
| 12-31-24 | 21.70 | 0.27 | • | 3.05 | 3.32 | 0.29 | 2.53 |  | 2.82 |  | 22.20 | **15.95** | 1.04 | 1.01 | 1.01 | 1.19 | 2216 | 22 |
| 12-31-23 | 21.10 | 0.26 | • | 2.19 | 2.45 | 0.36 | 1.49 |  | 1.85 |  | 21.70 | **12.17** | 1.04 | 1.01 | 1.01 | 1.24 | 20396 | 28 |
| 12-31-22 | 26.57 | 0.28 | • | (2.19) | (1.91) | 0.28 | 3.28 |  | 3.56 |  | 21.10 | **(5.99)** | 1.04 | 1.01 | 1.01 | 1.20 | 20482 | 18 |
| 12-31-21 | 20.88 | 0.23 | • | 5.76 | 5.99 | 0.30 |  |  | 0.30 |  | 26.57 | **28.78** | 1.04 | 1.01 | 1.01 | 0.95 | 24924 | 30 |
| **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 11.33 | 0.03 | • | 4.00 | 4.03 | 0.26 | 2.99 | 0.20 | 3.45 |  | 11.91 | **38.59** | 1.86 | 1.79 | 1.79 | 0.28 | 38976 | 37 |
| 12-31-24 | 11.20 | 0.06 | • | 0.13 | 0.19 | 0.06 |  |  | 0.06 |  | 11.33 | **1.69** | 1.86 | 1.79 | 1.79 | 0.52 | 33344 | 35 |
| 12-31-23 | 10.72 | (0.01) |)• | 0.66 | 0.65 | 0.17 |  |  | 0.17 |  | 11.20 | **6.02** | 1.85 | 1.81 | 1.81 | (0.06) | 36809 | 29 |
| 12-31-22 | 21.50 | (0.03) |)• | (5.71) | (5.74) |  | 5.04 |  | 5.04 |  | 10.72 | **(26.35)** | 1.86 | 1.86 | 1.86 | (0.25) | 37190 | 18 |
| 12-31-21 | 25.92 | (0.25) |)• | (2.19) | (2.44) |  | 1.98 |  | 1.98 |  | 21.50 | **(10.30)** | 1.86 | 1.86 | 1.86 | (1.01) | 54012 | 25 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.71 | 0.12 | • | 4.49 | 4.61 | 0.34 | 2.99 | 0.20 | 3.53 |  | 13.79 | **39.06** | 1.26 | 1.19 | 1.19 | 0.90 | 63307 | 37 |
| 12-31-24 | 12.55 | 0.14 | • | 0.16 | 0.30 | 0.14 |  |  | 0.14 |  | 12.71 | **2.30** | 1.26 | 1.19 | 1.19 | 1.12 | 59050 | 35 |
| 12-31-23 | 11.99 | 0.06 | • | 0.74 | 0.80 | 0.24 |  |  | 0.24 |  | 12.55 | **6.64** | 1.25 | 1.21 | 1.21 | 0.49 | 62596 | 29 |
| 12-31-22 | 23.10 | 0.05 | • | (6.12) | (6.07) |  | 5.04 |  | 5.04 |  | 11.99 | **(25.89)** | 1.26 | 1.26 | 1.26 | 0.36 | 60063 | 18 |
| 12-31-21 | 27.55 | (0.11) |)• | (2.36) | (2.47) |  | 1.98 |  | 1.98 |  | 23.10 | **(9.78)** | 1.26 | 1.26 | 1.26 | (0.40) | 80785 | 25 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 12.48 | 0.09 | • | 4.40 | 4.49 | 0.30 | 2.99 | 0.20 | 3.49 |  | 13.48 | **38.77** | 1.51 | 1.44 | 1.44 | 0.64 | 49530 | 37 |
| 12-31-24 | 12.32 | 0.11 | • | 0.15 | 0.26 | 0.10 |  |  | 0.10 |  | 12.48 | **2.08** | 1.51 | 1.44 | 1.44 | 0.87 | 164116 | 35 |
| 12-31-23 | 11.77 | 0.04 | • | 0.72 | 0.76 | 0.21 |  |  | 0.21 |  | 12.32 | **6.38** | 1.50 | 1.46 | 1.46 | 0.31 | 191201 | 29 |
| 12-31-22 | 22.86 | 0.01 | • | (6.06) | (6.05) |  | 5.04 |  | 5.04 |  | 11.77 | **(26.11)** | 1.51 | 1.51 | 1.51 | 0.10 | 205544 | 18 |
| 12-31-21 | 27.35 | (0.17) |)• | (2.34) | (2.51) |  | 1.98 |  | 1.98 |  | 22.86 | **(10.00)** | 1.51 | 1.51 | 1.51 | (0.64) | 320977 | 25 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 12.18 | 0.06 | • | 4.32 | 4.38 | 0.28 | 2.99 | 0.20 | 3.47 |  | 13.09 | **38.84** | 1.66 | 1.59 | 1.59 | 0.46 | 3 | 37 |
| 12-31-24 | 12.02 | 0.09 | • | 0.15 | 0.24 | 0.08 |  |  | 0.08 |  | 12.18 | **1.95** | 1.66 | 1.59 | 1.59 | 0.72 | 4214 | 35 |
| 12-31-23 | 11.48 | 0.03 | • | 0.69 | 0.72 | 0.18 |  |  | 0.18 |  | 12.02 | **6.25** | 1.65 | 1.61 | 1.61 | 0.23 | 4950 | 29 |
| 12-31-22 | 22.50 | (0.01) |)• | (5.97) | (5.98) |  | 5.04 |  | 5.04 |  | 11.48 | **(26.23)** | 1.66 | 1.66 | 1.66 | (0.06) | 6126 | 18 |
| 12-31-21 | 26.98 | (0.20) |)• | (2.30) | (2.50) |  | 1.98 |  | 1.98 |  | 22.50 | **(10.11)** | 1.66 | 1.66 | 1.66 | (0.79) | 10071 | 25 |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 13.70 | (0.03) |)• | 0.23 | 0.20 | 0.00 \* | 4.69 |  | 4.69 |  | 9.21 | **(0.20)** | 1.60 | 1.58 | 1.58 | (0.29) | 76962 | 32 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income<br> (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-24 | 14.14 | (0.00) |)\*• | 1.11 | 1.11 | 0.04 | 1.51 |  | 1.55 |  | 13.70 | **8.31** | 1.59 | 1.56 | 1.56 | (0.02) | 93354 | 32 |
| 12-31-23 | 13.36 | 0.03 | • | 2.01 | 2.04 | 0.03 | 1.23 |  | 1.26 |  | 14.14 | **15.52** | 1.58 | 1.56 | 1.56 | 0.20 | 104981 | 15 |
| 12-31-22 | 18.19 | 0.02 | • | (3.31) | (3.29) | 0.05 | 1.49 |  | 1.54 |  | 13.36 | **(17.90)** | 1.58 | 1.55 | 1.55 | 0.16 | 103692 | 14 |
| 12-31-21 | 16.52 | 0.03 | • | 3.34 | 3.37 | 0.09 | 1.61 |  | 1.70 |  | 18.19 | **21.26** | 1.57 | 1.54 | 1.54 | 0.18 | 138475 | 11 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 15.52 | 0.04 | • | 0.24 | 0.28 | 0.10 | 4.69 |  | 4.79 |  | 11.01 | **0.33** | 1.00 | 0.98 | 0.98 | 0.32 | 995 | 32 |
| 12-31-24 | 15.83 | 0.09 | • | 1.24 | 1.33 | 0.13 | 1.51 |  | 1.64 |  | 15.52 | **8.88** | 0.99 | 0.96 | 0.96 | 0.59 | 1207 | 32 |
| 12-31-23 | 14.81 | 0.12 | • | 2.26 | 2.38 | 0.13 | 1.23 |  | 1.36 |  | 15.83 | **16.30** | 0.98 | 0.96 | 0.96 | 0.80 | 1773 | 15 |
| 12-31-22 | 19.98 | 0.12 | • | (3.64) | (3.52) | 0.16 | 1.49 |  | 1.65 |  | 14.81 | **(17.43)** | 0.98 | 0.95 | 0.95 | 0.77 | 1673 | 14 |
| 12-31-21 | 17.97 | 0.15 | • | 3.65 | 3.80 | 0.18 | 1.61 |  | 1.79 |  | 19.98 | **22.01** | 0.97 | 0.94 | 0.94 | 0.79 | 1828 | 11 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 15.60 | 0.02 | • | 0.23 | 0.25 | 0.06 | 4.69 |  | 4.75 |  | 11.10 | **0.10** | 1.25 | 1.22 | 1.22 | 0.15 | 3279 | 32 |
| 12-31-24 | 15.89 | 0.05 | • | 1.26 | 1.31 | 0.09 | 1.51 |  | 1.60 |  | 15.60 | **8.67** | 1.24 | 1.21 | 1.21 | 0.33 | 164470 | 32 |
| 12-31-23 | 14.87 | 0.08 | • | 2.25 | 2.33 | 0.08 | 1.23 |  | 1.31 |  | 15.89 | **15.91** | 1.23 | 1.21 | 1.21 | 0.55 | 183705 | 15 |
| 12-31-22 | 20.02 | 0.08 | • | (3.64) | (3.56) | 0.10 | 1.49 |  | 1.59 |  | 14.87 | **(17.58)** | 1.23 | 1.20 | 1.20 | 0.51 | 185295 | 14 |
| 12-31-21 | 18.01 | 0.10 | • | 3.65 | 3.75 | 0.13 | 1.61 |  | 1.74 |  | 20.02 | **21.66** | 1.22 | 1.19 | 1.19 | 0.52 | 260008 | 11 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 15.35 | (0.00) |)\*• | 0.23 | 0.23 | 0.03 | 4.69 |  | 4.72 |  | 10.86 | **0.02** | 1.40 | 1.37 | 1.37 | (0.00) | 969 | 32 |
| 12-31-24 | 15.67 | 0.03 | • | 1.23 | 1.26 | 0.07 | 1.51 |  | 1.58 |  | 15.35 | **8.43** | 1.39 | 1.36 | 1.36 | 0.18 | 26623 | 32 |
| 12-31-23 | 14.67 | 0.06 | • | 2.22 | 2.28 | 0.05 | 1.23 |  | 1.28 |  | 15.67 | **15.80** | 1.38 | 1.36 | 1.36 | 0.39 | 28173 | 15 |
| 12-31-22 | 19.77 | 0.06 | • | (3.60) | (3.54) | 0.07 | 1.49 |  | 1.56 |  | 14.67 | **(17.72)** | 1.38 | 1.35 | 1.35 | 0.36 | 28024 | 14 |
| 12-31-21 | 17.80 | 0.07 | • | 3.61 | 3.68 | 0.10 | 1.61 |  | 1.71 |  | 19.77 | **21.53** | 1.37 | 1.34 | 1.34 | 0.37 | 40135 | 11 |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 26.40 | 0.34 | • | 2.52 | 2.86 | 0.48 | 4.12 |  | 4.60 |  | 24.66 | **11.62** | 1.25 | 1.25 | 1.25 | 1.32 | 2184582 | 131 |
| 12-31-24 | 24.19 | 0.43 | • | 2.49 | 2.92 | 0.37 | 0.34 |  | 0.71 |  | 26.40 | **12.11** | 1.24 | 1.24 | 1.24 | 1.69 | 2029776 | 84 |
| 12-31-23 | 23.00 | 0.44 | • | 3.58 | 4.02 | 0.14 | 2.69 |  | 2.83 |  | 24.19 | **18.16** | 1.24 | 1.24 | 1.24 | 1.86 | 1826729 | 75 |
| 12-31-22 | 30.88 | 0.25 | • | (4.19) | (3.94) | 0.26 | 3.68 |  | 3.94 |  | 23.00 | **(12.47)** | 1.24 | 1.24 | 1.24 | 0.95 | 1586695 | 90 |
| 12-31-21 | 29.91 | 0.14 | • | 4.98 | 5.12 | 0.16 | 3.99 |  | 4.15 |  | 30.88 | **17.97** | 1.24 | 1.24 | 1.24 | 0.47 | 1891868 | 58 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 28.23 | 0.53 | • | 2.73 | 3.26 | 0.62 | 4.12 |  | 4.74 |  | 26.75 | **12.32** | 0.65 | 0.65 | 0.65 | 1.92 | 2000130 | 131 |
| 12-31-24 | 26.09 | 0.64 | • | 2.68 | 3.32 | 0.84 | 0.34 |  | 1.18 |  | 28.23 | **12.75** | 0.64 | 0.64 | 0.64 | 2.29 | 1896044 | 84 |
| 12-31-23 | 24.83 | 0.63 | • | 3.90 | 4.53 | 0.58 | 2.69 |  | 3.27 |  | 26.09 | **18.92** | 0.64 | 0.64 | 0.64 | 2.46 | 1712529 | 75 |
| 12-31-22 | 32.96 | 0.44 | • | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.83 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.57 | 1447933 | 90 |
| 12-31-21 | 31.64 | 0.35 | • | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.96 | **18.67** | 0.64 | 0.64 | 0.64 | 1.07 | 1553598 | 58 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 28.26 | 0.53 | • | 2.73 | 3.26 | 0.62 | 4.12 |  | 4.74 |  | 26.78 | **12.31** | 0.65 | 0.65 | 0.65 | 1.92 | 739469 | 131 |
| 12-31-24 | 26.11 | 0.64 | • | 2.69 | 3.33 | 0.84 | 0.34 |  | 1.18 |  | 28.26 | **12.78** | 0.64 | 0.64 | 0.64 | 2.29 | 693687 | 84 |
| 12-31-23 | 24.85 | 0.63 | • | 3.90 | 4.53 | 0.58 | 2.69 |  | 3.27 |  | 26.11 | **18.90** | 0.64 | 0.64 | 0.64 | 2.46 | 621535 | 75 |
| 12-31-22 | 32.98 | 0.44 | • | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.85 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.55 | 525750 | 90 |
| 12-31-21 | 31.66 | 0.35 | • | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.98 | **18.66** | 0.64 | 0.64 | 0.64 | 1.07 | 620373 | 58 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 28.27 | 0.46 | • | 2.73 | 3.19 | 0.56 | 4.12 |  | 4.68 |  | 26.78 | **12.02** | 0.90 | 0.90 | 0.90 | 1.67 | 2044279 | 131 |
| 12-31-24 | 26.08 | 0.57 | • | 2.68 | 3.25 | 0.72 | 0.34 |  | 1.06 |  | 28.27 | **12.49** | 0.89 | 0.89 | 0.89 | 2.05 | 1962100 | 84 |
| 12-31-23 | 24.83 | 0.57 | • | 3.89 | 4.46 | 0.52 | 2.69 |  | 3.21 |  | 26.08 | **18.60** | 0.89 | 0.89 | 0.89 | 2.20 | 3912825 | 75 |
| 12-31-22 | 32.96 | 0.36 | • | (4.47) | (4.11) | 0.34 | 3.68 |  | 4.02 |  | 24.83 | **(12.18)** | 0.89 | 0.89 | 0.89 | 1.30 | 3757937 | 90 |
| 12-31-21 | 31.64 | 0.27 | • | 5.29 | 5.56 | 0.25 | 3.99 |  | 4.24 |  | 32.96 | **18.40** | 0.89 | 0.89 | 0.89 | 0.82 | 4700019 | 58 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br> <sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income<br> (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (continued)** |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 27.66 | 0.41 | • | 2.66 | 3.07 | 0.53 | 4.12 |  | 4.65 |  | 26.08 | **11.83** | 1.05 | 1.05 | 1.05 | 1.52 | 17751 | 131 |
| 12-31-24 | 25.64 | 0.51 | • | 2.63 | 3.14 | 0.78 | 0.34 |  | 1.12 |  | 27.66 | **12.29** | 1.04 | 1.04 | 1.04 | 1.91 | 15724 | 84 |
| 12-31-23 | 24.55 | 0.52 | • | 3.84 | 4.36 | 0.58 | 2.69 |  | 3.27 |  | 25.64 | **18.42** | 1.04 | 1.04 | 1.04 | 2.05 | 56946 | 75 |
| 12-31-22 | 32.63 | 0.32 | • | (4.43) | (4.11) | 0.29 | 3.68 |  | 3.97 |  | 24.55 | **(12.30)** | 1.04 | 1.04 | 1.04 | 1.14 | 53434 | 90 |
| 12-31-21 | 31.37 | 0.22 | • | 5.23 | 5.45 | 0.20 | 3.99 |  | 4.19 |  | 32.63 | **18.19** | 1.04 | 1.04 | 1.04 | 0.67 | 71364 | 58 |
| **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 10.10 | 0.12 | • | 1.19 | 1.31 | 0.13 | 1.21 |  | 1.34 |  | 10.07 | **13.80** | 1.28 | 1.25 | 1.25 | 1.20 | 58315 | 24 |
| 12-31-24 | 9.70 | 0.14 | • | 0.94 | 1.08 | 0.16 | 0.52 |  | 0.68 |  | 10.10 | **11.13** | 1.24 | 1.21 | 1.21 | 1.31 | 59424 | 21 |
| 12-31-23 | 9.64 | 0.15 | • | 0.68 | 0.83 | 0.16 | 0.61 |  | 0.77 |  | 9.70 | **8.94** | 1.24 | 1.21 | 1.21 | 1.63 | 57865 | 16 |
| 12-31-22 | 11.48 | 0.16 | • | (0.67) | (0.51) | 0.17 | 1.16 |  | 1.33 |  | 9.64 | **(3.85)** | 1.24 | 1.21 | 1.21 | 1.57 | 60127 | 18 |
| 12-31-21 | 9.46 | 0.12 | • | 2.23 | 2.35 | 0.14 | 0.19 |  | 0.33 |  | 11.48 | **24.97** | 1.24 | 1.21 | 1.21 | 1.12 | 58287 | 19 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.47 | 0.17 | • | 1.27 | 1.44 | 0.19 | 1.21 |  | 1.40 |  | 10.51 | **14.57** | 0.68 | 0.65 | 0.65 | 1.57 | 13767 | 24 |
| 12-31-24 | 10.03 | 0.20 | • | 0.97 | 1.17 | 0.21 | 0.52 |  | 0.73 |  | 10.47 | **11.75** | 0.64 | 0.61 | 0.61 | 1.91 | 64366 | 21 |
| 12-31-23 | 9.94 | 0.22 | • | 0.70 | 0.92 | 0.22 | 0.61 |  | 0.83 |  | 10.03 | **9.57** | 0.64 | 0.61 | 0.61 | 2.23 | 61929 | 16 |
| 12-31-22 | 11.78 | 0.23 | • | (0.69) | (0.46) | 0.22 | 1.16 |  | 1.38 |  | 9.94 | **(3.22)** | 0.64 | 0.61 | 0.61 | 2.14 | 67596 | 18 |
| 12-31-21 | 9.70 | 0.19 | • | 2.29 | 2.48 | 0.21 | 0.19 |  | 0.40 |  | 11.78 | **25.66** | 0.64 | 0.61 | 0.61 | 1.71 | 73572 | 19 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.69 | 0.17 | • | 1.27 | 1.44 | 0.16 | 1.21 |  | 1.37 |  | 10.76 | **14.31** | 0.93 | 0.90 | 0.90 | 1.55 | 141122 | 24 |
| 12-31-24 | 10.23 | 0.18 | • | 0.99 | 1.17 | 0.19 | 0.52 |  | 0.71 |  | 10.69 | **11.45** | 0.89 | 0.86 | 0.86 | 1.66 | 138782 | 21 |
| 12-31-23 | 10.12 | 0.20 | • | 0.71 | 0.91 | 0.19 | 0.61 |  | 0.80 |  | 10.23 | **9.33** | 0.89 | 0.86 | 0.86 | 1.98 | 137827 | 16 |
| 12-31-22 | 11.96 | 0.21 | • | (0.69) | (0.48) | 0.20 | 1.16 |  | 1.36 |  | 10.12 | **(3.41)** | 0.89 | 0.86 | 0.86 | 1.88 | 141080 | 18 |
| 12-31-21 | 9.85 | 0.17 | • | 2.31 | 2.48 | 0.18 | 0.19 |  | 0.37 |  | 11.96 | **25.27** | 0.89 | 0.86 | 0.86 | 1.47 | 158847 | 19 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.27 | 0.14 | • | 1.22 | 1.36 | 0.15 | 1.21 |  | 1.36 |  | 10.27 | **14.05** | 1.08 | 1.05 | 1.05 | 1.40 | 75162 | 24 |
| 12-31-24 | 9.84 | 0.16 | • | 0.95 | 1.11 | 0.16 | 0.52 |  | 0.68 |  | 10.27 | **11.34** | 1.04 | 1.01 | 1.01 | 1.51 | 75731 | 21 |
| 12-31-23 | 9.76 | 0.18 | • | 0.68 | 0.86 | 0.17 | 0.61 |  | 0.78 |  | 9.84 | **9.12** | 1.04 | 1.01 | 1.01 | 1.83 | 75390 | 16 |
| 12-31-22 | 11.59 | 0.18 | • | (0.67) | (0.49) | 0.18 | 1.16 |  | 1.34 |  | 9.76 | **(3.57)** | 1.04 | 1.01 | 1.01 | 1.73 | 76937 | 18 |
| 12-31-21 | 9.55 | 0.14 | • | 2.26 | 2.40 | 0.17 | 0.19 |  | 0.36 |  | 11.59 | **25.15** | 1.04 | 1.01 | 1.01 | 1.32 | 88637 | 19 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

\* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

&nbsp;&nbsp;&nbsp;&nbsp;• Calculated
 using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

------

**NOTE 1** — **ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The seven series (each a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Government Liquid Assets Portfolio ("Government Liquid Assets"), VY<sup>®</sup> CBRE Global Real Estate Portfolio ("CBRE Global Real Estate"), VY<sup>®</sup> Invesco Growth and Income Portfolio ("Invesco Growth and Income"), VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio ("JPMorgan Emerging Markets Equity"), VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio ("Morgan Stanley Global Franchise"), VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio ("T. Rowe Price Capital Appreciation"), and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio ("T. Rowe Price Equity Income"). All of the Portfolios are diversified except for Morgan Stanley Global Franchise, which is a non-diversified Portfolio of the Trust. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Institutional ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Government Liquid Assets. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities'

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Government Liquid Assets uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Liquid Assets, there can be no assurance that the Portfolio's NAV can be maintained at $1.00 per share.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Global Real Estate estimates character of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Global Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains. These estimates are adjusted after the actual character of distributions is reported by the REITs.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market
 value of investment securities, other assets and liabilities — at the exchange rates
 prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases
 and sales of investment securities, income and expenses — at the rates of exchange
 prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Government Liquid Assets. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign

(non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are

subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of December 31, 2025, the maximum amount of loss that Invesco Growth and Income would incur if its counterparties failed to perform would be $3,171 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of December 31, 2025. There was no cash collateral pledged by any counterparty at December 31, 2025 to any Portfolio.

Certain Portfolios have entered into derivative contracts that contain credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

As of December 31, 2025, Invesco Growth and Income and T. Rowe Price Capital Appreciation had a liability position of $82,018 and $18,889,018, respectively, on open forward foreign currency contracts and open written options. If a contingent feature would have been triggered as of December 31, 2025, each Portfolio could have been required to pay these amounts in cash to its counterparties. There was no cash collateral pledged by any Portfolio as of December 31, 2025.

H. ***Forward Foreign Currency Transactions and Futures Contracts.*** Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

During the year ended December 31, 2025, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. The Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for Invesco Growth and Income for open forward foreign currency contracts at December 31, 2025. There were no open forward foreign currency contracts for CBRE Global Real Estate at December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| CBRE Global Real Estate | $336595 | $— |
| Invesco Growth and Income | 2126869 | 6456323 |

---

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell

a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio's assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio's Statement of Operations. Realized gains (losses) are reported in each Portfolio's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2025, JPMorgan Emerging Markets Equity had an average notional value of $137,276,815 on futures contracts purchased. There were no open futures contracts at December 31, 2025.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

I. ***Options Contracts.*** Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2025, T. Rowe Price Capital Appreciation had written equity options with an average notional value of $327,404,627 to generate income. Please refer to the tables within the Portfolio of Investments for open written equity options at December 31, 2025. T. Rowe Price Capital Appreciation had pledged securities fair valued at $5,024,150 for open written call options and these are footnoted within the Portfolio of Investments.

J. ***Repurchase Agreements.*** Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive

as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Government Liquid Assets for open repurchase agreements subject to the MRA on a net basis at December 31, 2025.

K. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33⅓% (except for JPMorgan Emerging Markets Equity which may temporarily loan up to 30%) of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

L. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| CBRE Global Real Estate | $148693600 | $189410317 |
| Invesco Growth and Income | 40118239 | 55117376 |
| JPMorgan Emerging Markets Equity | 85303883 | 264265829 |
| Morgan Stanley Global Franchise | 70219779 | 279175243 |
| T. Rowe Price Capital Appreciation | 5479291884 | 5755695923 |
| T. Rowe Price Equity Income | 69714389 | 155265592 |

---

U.S. government securities not included above were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| T. Rowe Price Capital Appreciation | $2986267908 | $2850544664 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

CBRE Global Real Estate has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management

and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| CBRE Global Real Estate | 0.90% on the first $250 million;0.875% on the next $250 million;<br> 0.80% on the amount in excess of $500 million |

---

With the exception of CBRE Global Real Estate, the Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a "Unified Fee") based on the following annual rates of the average daily net assets of the Portfolios:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Government Liquid Assets | 0.35% on the first $200 million; |
|  | 0.30% on the next $300 million; |
|  | 0.25% on the amount in excess of $500 million |
| JPMorgan Emerging Markets Equity | 1.25% |
| Morgan Stanley Global Franchise | 1.00% on the first $250 million; |
|  | 0.90% on the next $250 million; |
|  | 0.75% on the amount in excess of $500 million |
| Invesco Growth and Income | 0.75% first $750 million; |
| T. Rowe Price Capital | 0.70% on the next $1.25 billion; |
| Appreciation, and | 0.65% on the next $1.5 billion; |
| T. Rowe Price Equity Income | 0.60% on the amount in excess of $3.5 billion |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

The assets of Government Liquid Assets are aggregated with those of Voya Limited Maturity Bond Portfolios, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.

The Investment Adviser is contractually obligated to waive 0.026% and 0.030% of the Unified Fee for Morgan Stanley Global Franchise, and T. Rowe Price Equity Income, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

Effective May 1, 2025, the Board approved the expiration of the Unified Fee waiver for Invesco Growth and Income. Prior to May 1, 2025, the Investment Adviser was contractually obligated to waive 0.030% of the Unified Fee for Invesco Growth and Income. Any fees waived or reimbursed were not eligible for recoupment.

The assets of Invesco Growth and Income, T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income are aggregated with those of CBRE Real Estate Portfolio, which is not included in this report, to determine the Unified Fee applicable to the respective Portfolios.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or Investment Adviser may determine, the sub-advisers manage each respective Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

---

| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Government Liquid Assets | Voya Investment Management Co. LLC\* |
| CBRE Global Real Estate | CBRE Investment Management Listed Real Assets LLC |
| Invesco Growth and Income | Invesco Advisers, Inc. |
| JPMorgan Emerging Markets Equity | J.P. Morgan Investment Management Inc. |
| Morgan Stanley Global Franchise | Morgan Stanley Investment Management Inc. |
| T. Rowe Price Capital Appreciation | T. Rowe Price Associates, Inc. |
| T. Rowe Price Equity Income | T. Rowe Price Associates, Inc. |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account

maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services, including payments to the Distributor at an annual rate of 0.15% of the average daily net assets attributable to Class S2 shares.

Each Portfolio that offers Class ADV shares has a shareholder service and distribution plan. Class ADV shares pay a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio's average daily net assets attributable to Class ADV shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and Unified Fee, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Liquid Assets in maintaining a yield of not less than zero through May 1, 2026. There is no guarantee that the Portfolio will maintain such a yield. Unified Fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the year ended December 31, 2025, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero.

Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of December 31, 2025, Government Liquid Assets did not have any amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Invesco Growth |  |
|  | and Income | 13.99% |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

---

| | | |
|:---|:---|:---|
|  | JPMorgan Emerging Markets Equity | 12.21 |
| Voya Institutional Trust Company | Government Liquid Assets | 70.73 |
|  | CBRE Global Real Estate | 11.6 |
|  | Invesco Growth and Income | 12.91 |
|  | JPMorgan Emerging Markets Equity | 28.46 |
|  | Morgan Stanley Global Franchise | 95.34 |
|  | T. Rowe Price Capital Appreciation | 48.41 |
|  | T. Rowe Price Equity Income | 46.34 |
| Voya Retirement Insurance and Annuity Company | CBRE Global Real Estate | 42.52 |
|  | Invesco Growth and Income | 64.05 |
|  | JPMorgan Emerging Markets Equity | 36.4 |
|  | T. Rowe Price Capital Appreciation | 41.32 |
|  | T. Rowe Price Equity Income | 50.67 |

---

The Investment Adviser may direct the Portfolios' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities.

Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

CBRE Global Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by the Portfolio were $181,642.

During the year ended December 31, 2025, T. Rowe Price Equity Income incurred $88,500 of proxy and solicitation costs associated with obtaining shareholder approval relating to its proposed merger with and into Voya Large Cap Value Fund, which is not included in this report. The Investment Adviser reimbursed T. Rowe Price Equity Income for these costs.

**NOTE 7 — OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. These transactions are made pursuant to Rule 17a-7 under the 1940 Act and in accordance with the "Rule 17a-7 Policy" adopted by the Board. For the year ended December 31, 2025, T. Rowe Price Equity Income engaged in such transactions amounting to $111,848 in purchases, resulting in a net realized gain of $0.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the below Portfolio, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** |<br>**Class I** | **Class**<br>**S** | **Class**<br>**S2** |
| CBRE Global Real Estate | 1.50% | 0.90% | 1.15% | 1.30% |

---

Pursuant to a side letter agreement through May 1, 2026, the Investment Adviser has lowered the expense limits to the levels listed below for JPMorgan Emerging Markets Equity. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**S** | **Class**<br>**S2** |
| JPMorgan Emerging Markets Equity | 1.79% | 1.19% | 1.44% | 1.59% |

---

With the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026 and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| CBRE Global Real Estate | $112579 | $86190 | $131231 | $330000 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, until May 1, 2026 and the related expiration dates as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **CBRE Global Real Estate** |  |  |  |  |
| Class ADV | $12357 | $11077 | $11256 | $34690 |
| Class I | 121188 | 123549 | 106676 | 351413 |
| Class S | 72851 | 64375 | 63348 | 200574 |
| Class S2 | 823 | 658 | 510 | 1991 |

---

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of

$400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| CBRE Global Real Estate | 8 | $3583500 | 5.33% |
| JPMorgan Emerging Markets Equity | 20 | 2050700 | 5.14 |
| T. Rowe Price Capital Appreciation | 2 | 21604000 | 5.33 |
| T. Rowe Price Equity Income | 1 | 626000 | 5.33 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 195347520 |  | 7032656 | (131017940) |  | 71362236 | 195347520 |  | 7032656 | (131017940) |  | 71362236 |
| 12/31/2024 | 30035323 |  | 3921362 | (26315715) |  | 7640970 | 30035323 |  | 3921362 | (26315715) |  | 7640970 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 79872993 |  | 9325457 | (101161688) |  | (11963238) | 79872993 |  | 9325457 | (101161688) |  | (11963238) |
| 12/31/2024 | 71007378 |  | 12451264 | (112421469) |  | (28962827) | 71007378 |  | 12451264 | (112421469) |  | (28962827) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 195036017 |  | 30927890 | (151590128) |  | 74373779 | 195036017 |  | 30927890 | (151590128) |  | 74373779 |
| 12/31/2024 | 147434425 |  | 33275574 | (104549939) |  | 76160060 | 147434425 |  | 33275574 | (104549939) |  | 76160060 |
| **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 44550 |  | 22689 | (152270) |  | (85031) | 440492 |  | 220990 | (1511711) |  | (850229) |
| 12/31/2024 | 47810 |  | 25756 | (171262) |  | (97696) | 473508 |  | 251119 | (1691808) |  | (967181) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 504330 |  | 243047 | (4002099) |  | (3254722) | 5116668 |  | 2432898 | (40651243) |  | (33101677) |
| 12/31/2024 | 1206164 |  | 339858 | (1652964) |  | (106942) | 12192702 |  | 3405382 | (16862091) |  | (1264007) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 174567 |  | 140402 | (1007637) |  | (692668) | 1796981 |  | 1402619 | (10308045) |  | (7108445) |
| 12/31/2024 | 340360 |  | 162851 | (1107087) |  | (603876) | 3453110 |  | 1628509 | (11335192) |  | (6253573) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 611 |  | 966 | (3323) |  | (1746) | 6401 |  | 9783 | (34178) |  | (17994) |
| 12/31/2024 | 9069 |  | 1824 | (34388) |  | (23495) | 90471 |  | 18458 | (372417) |  | (263488) |
| **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 28975 |  | 163562 | (126246) |  | 66291 | 592143 |  | 2965375 | (2607831) |  | 949687 |
| 12/31/2024 | 27408 |  | 84956 | (126933) |  | (14569) | 615296 |  | 1761980 | (2801642) |  | (424366) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 202420 |  | 601949 | (443338) |  | 361031 | 4211292 |  | 11087898 | (9238814) |  | 6060376 |
| 12/31/2024 | 157001 |  | 289982 | (233762) |  | 213221 | 3517247 |  | 6092532 | (5217938) |  | 4391841 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 112294 |  | 914987 | (486903) |  | 540378 | 2368160 |  | 17403057 | (10507072) |  | 9264145 |
| 12/31/2024 | 195870 |  | 1593684 | (11663071) |  | (9873517) | 4534578 |  | 34200462 | (252786253) |  | (214051213) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10857 |  | 19948 | (28940) |  | 1865 | 223036 |  | 382011 | (608065) |  | (3018) |
| 12/31/2024 | 11815 |  | 117937 | (969806) |  | (840054) | 270640 |  | 2493192 | (20510886) |  | (17747054) |
| **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 261785 |  | 864382 | (796581) |  | 329586 | 3131372 |  | 9402890 | (9491375) |  | 3042887 |
| 12/31/2024 | 157374 |  | 16353 | (518912) |  | (345185) | 1795986 |  | 196559 | (5973176) |  | (3980631) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 526563 |  | 1083271 | (1665142) |  | (55308) | 7366655 |  | 13694415 | (22305553) |  | (1244483) |
| 12/31/2024 | 322957 |  | 48020 | (715185) |  | (344208) | 4150973 |  | 645875 | (9148251) |  | (4351403) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 322339 |  | 3325669 | (13121227) |  | (9473219) | 4376165 |  | 41044213 | (166071724) |  | (120651346) |
| 12/31/2024 | 621718 |  | 109726 | (3102906) |  | (2371462) | 7790977 |  | 1450582 | (39318234) |  | (30076675) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9433 |  | 88998 | (444284) |  | (345853) | 118866 |  | 1063571 | (5479713) |  | (4297276) |
| 12/31/2024 | 15816 |  | 2342 | (83967) |  | (65809) | 193281 |  | 30232 | (1041910) |  | (818397) |
| **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 204333 |  | 2909351 | (1569741) |  | 1543943 | 2207952 |  | 31019132 | (18934046) |  | 14293038 |
| 12/31/2024 | 66968 |  | 798128 | (1471568) |  | (606472) | 948251 |  | 10535284 | (20815688) |  | (9332153) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7026 |  | 30833 | (25266) |  | 12593 | 102021 |  | 389344 | (325931) |  | 165434 |
| 12/31/2024 | 7421 |  | 9993 | (51680) |  | (34266) | 119584 |  | 149091 | (820682) |  | (552007) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 181524 |  | 3841705 | (14272604) |  | (10249375) | 2892553 |  | 48725657 | (171065046) |  | (119446836) |
| 12/31/2024 | 188170 |  | 1119019 | (2321646) |  | (1014457) | 3004967 |  | 16796477 | (37224579) |  | (17423135) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 29754 |  | 666502 | (2341431) |  | (1645175) | 413475 |  | 8277052 | (27164406) |  | (18473879) |
| 12/31/2024 | 56786 |  | 177658 | (298504) |  | (64060) | 890211 |  | 2625784 | (4729088) |  | (1213093) |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 10 — CAPITAL SHARES (continued)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1937069 |  | 14663206 | (4908702) |  | 11691573 | 50137743 |  | 350672831 | (126212384) |  | 274598190 |
| 12/31/2024 | 2332424 |  | 2046258 | (2990602) |  | 1388080 | 59974218 |  | 53426721 | (76851431) |  | 36549508 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3373208 |  | 12003354 | (7758027) |  | 7618535 | 93853468 |  | 312046510 | (215788853) |  | 190111125 |
| 12/31/2024 | 4096185 |  | 2709785 | (5288795) |  | 1517175 | 113052541 |  | 76780124 | (146178169) |  | 43654496 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3122240 |  | 4539942 | (4594621) |  | 3067561 | 87511752 |  | 118145888 | (125809123) |  | 79848517 |
| 12/31/2024 | 4077690 |  | 1001908 | (4333965) |  | 745633 | 114106935 |  | 28410634 | (120686555) |  | 21831014 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1300874 |  | 12168915 | (6538998) |  | 6930791 | 36690862 |  | 316217036 | (181305087) |  | 171602811 |
| 12/31/2024 | 1205285 |  | 3735021 | (85559599) |  | (80619293) | 33359596 |  | 105205665 | (2368226518) |  | (2229661257) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 66684 |  | 105768 | (60447) |  | 112005 | 1814733 |  | 2677078 | (1645403) |  | 2846408 |
| 12/31/2024 | 53871 |  | 48201 | (1754902) |  | (1652830) | 1465769 |  | 1328094 | (47715997) |  | (44922134) |
| **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 282363 |  | 747837 | (1126260) |  | (96060) | 2835992 |  | 7143922 | (11456675) |  | (1476761) |
| 12/31/2024 | 349248 |  | 381680 | (809377) |  | (78449) | 3612641 |  | 3867250 | (8282716) |  | (802825) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 101372 |  | 172282 | (5109840) |  | (4836186) | 1086051 |  | 1725511 | (55937883) |  | (53126321) |
| 12/31/2024 | 365262 |  | 414868 | (806210) |  | (26080) | 3913635 |  | 4369681 | (8610248) |  | (326932) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 214126 |  | 1642913 | (1719797) |  | 137242 | 2322942 |  | 16791274 | (18518793) |  | 595423 |
| 12/31/2024 | 237256 |  | 839391 | (1567917) |  | (491270) | 2603912 |  | 9011238 | (17070250) |  | (5455100) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25222 |  | 952532 | (1036144) |  | (58390) | 260479 |  | 9296585 | (10691569) |  | (1134505) |
| 12/31/2024 | 58644 |  | 481557 | (824335) |  | (284134) | 606690 |  | 4961261 | (8633569) |  | (3065618) |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more

than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 11 — SECURITIES LENDING (continued)**

a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

The following tables represent a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

**CBRE Global Real Estate**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $158540 | $(158540) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Limited | 1538811 | (1538811) |  |
| Goldman, Sachs & Co. LLC | 361448 | (361448) |  |
| Morgan Stanley & Co. LLC | 494454 | (494454) |  |
| Scotia Capital (USA) Inc. | 128060 | (128060) |  |
| Total | $2681313 | $(2681313) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,968,846 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**JPMorgan Emerging Markets Equity**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $196961 | $(196961) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas Prime Brokerage Intl Ltd | 133604 | (133604) |  |
| Citigroup Global Markets Inc. | 545061 | (545061) |  |
| Total | $875626 | $(875626) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $904,374 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**T. Rowe Price Capital Appreciation**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Bank PLC | $10532141 | $(10532141) | $— |
| BMO Capital Markets Corp | 78982 | (78982) |  |
| BNP Paribas | 265049 | (265049) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 4288642 | (4288642) |  |
| BofA Securities Inc | 11224648 | (11224648) |  |
| Citadel Clearing LLC | 15100383 | (15100383) |  |
| Citadel Securities LLC | 596810 | (596810) |  |
| Citigroup Global Markets Inc. | 36396859 | (36396859) |  |
| HSBC Bank PLC | 396388 | (396388) |  |
| J.P. Morgan Securities LLC | 2667243 | (2667243) |  |
| Mizuho Securities USA LLC. | 121300 | (121300) |  |
| Morgan Stanley & Co. LLC | 11445380 | (11445380) |  |
| National Financial Services LLC | 30426942 | (30426942) |  |
| Nomura Securities International, Inc. | 18521598 | (18521598) |  |
| State Street Bank and Trust Company | 16671154 | (16671154) |  |
| TD Securities (USA) Inc. | 17487875 | (17487875) |  |
| Truist Securities INC | 49825 | (49825) |  |
| UBS AG | 29546 | (29546) |  |
| Wells Fargo Bank NA | 1696721 | (1696721) |  |
| Wells Fargo Securities LLC | 7044883 | (7044883) |  |
| Total | $185042369 | $(185042369) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $190,163,045 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Government Liquid Assets | $47286003 | $— | $— | $49648200 | $— |
| CBRE Global Real Estate | 4066290 |  |  | 5303468 |  |
| Invesco Growth and Income | 4954557 | 26883784 |  | 5850178 | 38697988 |
| JPMorgan Emerging Markets Equity | 5702402 | 55772983 | 3729704 | 2323248 |  |
| Morgan Stanley Global Franchise | 3421015 | 84990170 |  | 1367795 | 28738841 |
| T. Rowe Price Capital Appreciation | 319336388 | 780422955 |  | 172204349 | 92946889 |
| T. Rowe Price Equity Income | 4844809 | 30112483 |  | 7233577 | 14975853 |

---

The tax-basis components of distributable earnings as of December 31, 2025, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Carryforward** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Government Liquid Assets | $42470 | $— | $— | $— | $— | $42470 |
| CBRE Global Real Estate | 4433592 | 993335 | 16660663 |  |  | 22087590 |
| Invesco Growth and Income | 1488162 | 11303740 | 37879211 |  |  | 50671113 |
| JPMorgan Emerging Markets Equity |  |  | 44359301 |  | (450688) | 43908613 |
| Morgan Stanley Global Franchise |  | 22250549 | 9204438 |  |  | 31454987 |
| T. Rowe Price Capital Appreciation | 233646937 | 606804516 | 382588487 |  |  | 1223039940 |
| T. Rowe Price Equity Income | 997576 | 44606371 | 62041060 |  |  | 107645007 |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in

economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other

financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolios' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings

on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolios' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing

specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 16 — SUBSEQUENT EVENTS**

Dividends: Subsequent to December 31, 2025, the following Portfolios paid dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **Per Share Amount** | **Payable Date** | **Record Date** |
| **Government Liquid Assets** |  |  |  |  |
| Class I | NII | $0.0029 | January 30, 2026 | Daily |
| Class S | NII | $0.0026 | January 30, 2026 | Daily |
| Class S2 | NII | $0.0025 | January 30, 2026 | Daily |
| **T. Rowe Price Equity Income** |  |  |  |  |
| Class ADV | NII | $0.0000 | February 5, 2026 | February 4, 2026 |
| Class I | NII | $0.0070 | February 5, 2026 | February 4, 2026 |
| Class S | NII | $0.0037 | February 5, 2026 | February 4, 2026 |
| Class S2 | NII | $0.0019 | February 5, 2026 | February 4, 2026 |
| All Classes | STCG | $0.1872 | February 5, 2026 | February 4, 2026 |
| All Classes | LTCG | $3.6537 | February 5, 2026 | February 4, 2026 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 16 — SUBSEQUENT EVENTS (continued)**

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Reorganization: The Board approved a proposal, subject to shareholder approval, to reorganize T. Rowe Price Equity Income with and into Voya Large Cap Value Fund, which is not included in this report and is a series of Voya Equity Trust, and shareholder approval was obtained. Following the reorganization on close of business February 6, 2026, shareholders of T. Rowe Price Equity Income hold shares of Voya Large Cap Value Fund.

*Reorganization:* On November 13, 2025, the Board approved a proposal to reorganize CBRE Global Real Estate (the "Merging Portfolio") with and into VY<sup>®</sup> CBRE Real Estate Portfolio (the "Reorganization"), which is not included in this report. The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Portfolio at a shareholder meeting held on or about July 9, 2026. If shareholder approval is obtained, the Reorganization will take place on or about close of business July 24, 2026.

Fee changes: Effective January 1, 2026, the investment management fee for Morgan Stanley Global Franchise were reduced to the following: 0.880% on the first $250 million in assets; 0.780% on the next $250 million in assets; and 0.630% on assets in excess of $500 million in assets. In connection with these changes, the management fee waiver of 0.026% on all assets was eliminated.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Government Liquid Assets Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY DEBT: 44.1%** | **U.S. TREASURY DEBT: 44.1%** | **U.S. TREASURY DEBT: 44.1%** | **U.S. TREASURY DEBT: 44.1%** |
| 286500000 <sup>(1)</sup> | United States Treasury Bill, 3.000%, 02/03/2026 | $285700422 | 23.0 |
| 118500000 <sup>(1)</sup> | United States Treasury Bill, 3.470%, 02/12/2026 | 118018229 | 9.5 |
| 144750000 <sup>(2)</sup> | United States Treasury Floating Rate Notes, 3.847%, (USBMMY3M + 0.245%), 01/31/2026 | 144762403 | 11.6 |
|  |  | **548481054** | **44.1** |
|  | Total U.S. Treasury Debt |  |  |
|  | (Cost $548,481,054) | **548481054** | **44.1** |
| **U.S. GOVERNMENT AGENCY DEBT: 42.1%** | **U.S. GOVERNMENT AGENCY DEBT: 42.1%** | **U.S. GOVERNMENT AGENCY DEBT: 42.1%** | **U.S. GOVERNMENT AGENCY DEBT: 42.1%** |
| 33000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.680%, (FEDL01 + 0.040%), 01/06/2026 | 32999964 | 2.7 |
| 44000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.700%, (FEDL01 + 0.060%), 01/16/2026 | 44000421 | 3.5 |
| 25000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.750%, (SOFRRATE + 0.040%), 04/10/2026 | 24998619 | 2.0 |
| 5750000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.795%, (FEDL01 + 0.155%), 09/16/2026 | 5752574 | 0.5 |
| 25000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 3.860%, (SOFRRATE + 0.150%), 11/13/2026 | 25008966 | 2.0 |
| 14250000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 3.705%, (FEDL01 + 0.065%), 07/15/2026 | 14249758 | 1.2 |
| 87000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 3.710%, (FCPR DLY + (3.040)%), 10/16/2026 | 87000000 | 7.0 |
| 5500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0002, 3.790%, (FEDL01 + 0.150%), 04/24/2026 | 5501403 | 0.4 |
| 117000000 <sup>(1)</sup> | Federal Home Loan Bank Discount Notes, 3.430%, 01/16/2026 | 116824500 | 9.4 |
| 25000000 <sup>(1)</sup> | Federal Home Loan Bank Discount Notes, 3.580%, 02/13/2026 | 24892500 | 2.0 |
| 49000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.710%, (SOFRRATE + 0.000%), 01/21/2026 | 49000000 | 3.9 |
| 4000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.770%, (SOFRRATE + 0.060%), 08/11/2026 | 4000000 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** |
| 24750000 <sup>(2)</sup> | Federal Home Loan Banks, 3.775%, (SOFRRATE + 0.065%), 08/10/2026 | $| 24750000 | 2 |
| 6000000 <sup>(2)</sup> | Federal Home Loan Banks, 3.820%, (SOFRRATE + 0.110%), 04/10/2026 |  | 6000781 | 0.5 |
| 4083333 <sup>(2)</sup> | Federal Home Loan Banks, 3.850%, (SOFRRATE + 0.140%), 07/22/2026 |  | 4083337 | 0.3 |
| 14500000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 3.720%, (SOFRRATE + 0.010%), 02/11/2026 |  | 14500000 | 1.2 |
| 25000000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 3.720%, (SOFRRATE + 0.010%), 02/27/2026 |  | 25000000 | 2 |
| 15000000 <sup>(2)</sup> | Federal Home Loan Banks 0003, 3.730%, (SOFRRATE + 0.020%), 01/20/2026 |  | 15000000 | 1.2 |
|  |  |  | **523562823** | **42.1** |
|  | Total U.S. Government Agency Debt |  |  |  |
|  | (Cost $523,562,823) |  | **523562823** | **42.1** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: 12.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 12.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 12.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 12.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 12.4%** |
| 13000000 | Royal Bank of Canada, Repurchase Agreement dated 12/31/2025, 3.550%, due 01/02/2026 $13,002,564 to be received upon repurchase (Collateralized by $13,331,300, various U.S. Treasuries, 2.750-3.125%, Market Value plus accrued interest $13,260,042 due 04/30/2027-8/31/2029) |  | 13000000 | 1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Government Liquid Assets Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS: (continued)** |
| 141267000 | Deutsche Bank, Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 $141,296,980 to be received upon repurchase (Collateralized by $178,357,500, various U.S. Treasuries, 2.000-4.625 %, Market Value plus accrued interest $144,092,435 due 11/15/2041-5/15/2054) | $141267000 | 11.4 |
|  |  | **154267000** | **12.4** |
|  | Total U.S. Treasury Repurchase Agreements |  |  |
|  | (Cost $154,267,000) | **154267000** | **12.4** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **MUTUAL FUNDS: 9.5%** | **MUTUAL FUNDS: 9.5%** | **MUTUAL FUNDS: 9.5%** | **MUTUAL FUNDS: 9.5%** |
|  | **Mutual Funds: 9.5%** | **Mutual Funds: 9.5%** | **Mutual Funds: 9.5%** |
| 58000000 | BlackRock Liquidity Funds, FedFund - Institutional Class, 3.650%, 04/01/2022 | 58000000 | 4.7 |
| 60000000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.690%, 01/02/2024 | 60000000 | 4.8 |
|  |  | **118000000** | **9.5** |
|  | Total Mutual Funds |  |  |
|  | (Cost $118,000,000) | **118000000** | **9.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,344,310,877)** | $**1344310877** | **108.1** |
|  | **Liabilities in Excess of Other Assets** | **(100984156)** | **(8.1)** |
|  | **Net Assets** | $**1243326721** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Unless
 otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2025.

<sup>(2)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2025.

Reference Rate Abbreviations:

FEDL01 Federal Funds Effective Rate <br> SOFRRATE 1-day Secured Overnight Financing Rate <br> USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

<u>Voya Government Liquid Assets Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** |  |  |  |  |
| Mutual Funds | $118000000 | $— | $— | $118000000 |
| U.S. Government Agency Debt |  | 523562823 |  | 523562823 |
| U.S. Treasury Debt |  | 548481054 |  | 548481054 |
| U.S. Treasury Repurchase Agreements |  | 154267000 |  | 154267000 |
| Total Investments, at fair value | $118000000 | $1226310877 | $— | $1344310877 |

---

^ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 2, "Signiﬁcant Accounting Policies" in the Notes to Financial Statements for additional information.

The following table is a summary of the Fund's treasury repurchase agreement by counterparty which is subject to offset under a MRA as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **U.S. Treasury**<br>**Repurchase**<br>**Agreements,**<br>**at fair value** | **Fair Value of**<br>**Non-Cash Collateral**<br>**Received Including**<br>**Accrued Interest<sup>(1)</sup>** |<br><br>**Net Amount** |
| Deutsche Bank | $141267000 | $(141267000) | $— |
| Royal Bank of Canada | 13000000 | (13000000) |  |
| Totals | $154267000 | $(154267000) | $— |

---

<sup>(1)</sup> Collateral with a fair value of $157,352,477 has been pledged by the counterparty and received in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

At December 31, 2025, the aggregate cost of securities for U.S. federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |
|  | **Australia: 6.9%** | **Australia: 6.9%** | **Australia: 6.9%** |
| 133518 | Charter Hall Group | $2171730 | 1.6 |
| 136281 | Goodman Group | 2804421 | 2.1 |
| 309763 | GPT Group | 1117809 | 0.8 |
| 182676 | Ingenia Communities Group | 627925 | 0.5 |
| 192363 | Scentre Group | 537731 | 0.4 |
| 517166 | Stockland | 1971811 | 1.5 |
|  |  | **9231427** | **6.9** |
|  | **Belgium: 0.9%** | **Belgium: 0.9%** | **Belgium: 0.9%** |
| 2520 | Aedifica SA | 199470 | 0.1 |
| 5492 | Montea NV | 471606 | 0.4 |
| 20683 | Warehouses De Pauw CVA | 536380 | 0.4 |
|  |  | **1207456** | **0.9** |
|  | **Canada: 3.1%** | **Canada: 3.1%** | **Canada: 3.1%** |
| 16502 | Boardwalk Real Estate Investment Trust | 775235 | 0.6 |
| 45642 | Canadian Apartment Properties REIT | 1226054 | 0.9 |
| 14143 | Granite Real Estate Investment Trust | 841955 | 0.6 |
| 71320 <sup>(1)</sup> | H&R Real Estate Investment Trust | 531568 | 0.4 |
| 30479 <sup>(1)</sup> | Killam Apartment Real Estate Investment Trust | 364180 | 0.3 |
| 29155 | Primaris Real Estate Investment Trust | 331155 | 0.3 |
|  |  | **4070147** | **3.1** |
|  | **France: 4.0%** | **France: 4.0%** | **France: 4.0%** |
| 24327 | Carmila SA | 485303 | 0.4 |
| 52111 | Klepierre SA | 2061785 | 1.5 |
| 28876 | Mercialys SA | 373857 | 0.3 |
| 22116 | Unibail-Rodamco-Westfield | 2405044 | 1.8 |
|  |  | **5325989** | **4.0** |
|  | **Germany: 1.3%** | **Germany: 1.3%** | **Germany: 1.3%** |
| 59102 <sup>(2)</sup> | Aroundtown SA | 182978 | 0.1 |
| 31185 <sup>(2)</sup> | Grand City Properties SA | 359544 | 0.3 |
| 347433 | Sirius Real Estate Ltd. | 450993 | 0.3 |
| 47942 | TAG Immobilien AG | 742516 | 0.6 |
|  |  | **1736031** | **1.3** |
|  | **Hong Kong: 2.3%** | **Hong Kong: 2.3%** | **Hong Kong: 2.3%** |
| 271605 | Henderson Land Development Co. Ltd. | 983559 | 0.7 |
| 151894 | Hysan Development Co. Ltd. | 369046 | 0.3 |
| 114166 | Link REIT | 509754 | 0.4 |
| 422612 | Swire Properties Ltd. | 1141238 | 0.9 |
|  |  | **3003597** | **2.3** |
|  | **Japan: 9.5%** | **Japan: 9.5%** | **Japan: 9.5%** |
| 592 | Activia Properties, Inc. | 531645 | 0.4 |
| 416 | Daiwa Office Investment Corp. | 993534 | 0.7 |
| 666 <sup>(1)</sup> | Frontier Real Estate Investment Corp. | 395145 | 0.3 |
| 2167 <sup>(1)</sup> | Invincible Investment Corp. | 889834 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |  |
| 1412 <sup>(1)</sup> | Japan Hotel REIT Investment Corp. | $| 736928 | 0.6 |
| 1538 | Japan Metropolitan Fund Invest |  | 1216847 | 0.9 |
| 517 | LaSalle Logiport REIT |  | 523366 | 0.4 |
| 305000 | Mitsui Fudosan Co. Ltd. |  | 3466103 | 2.6 |
| 1863 | Orix JREIT, Inc. |  | 1262822 | 1 |
| 74600 | Sumitomo Realty & Development Co. Ltd. |  | 1872903 | 1.4 |
| 30400 <sup>(1)</sup> | Tokyo Tatemono Co. Ltd. |  | 689163 | 0.5 |
|  |  |  | **12578290** | **9.5** |
|  | **Netherlands: 0.7%** | **Netherlands: 0.7%** | **Netherlands: 0.7%** | **Netherlands: 0.7%** |
| 29933 <sup>(3)</sup> | CTP NV |  | 627227 | 0.5 |
| 11526 | Eurocommercial Properties NV |  | 352654 | 0.2 |
|  |  |  | **979881** | **0.7** |
|  | **Singapore: 4.2%** | **Singapore: 4.2%** | **Singapore: 4.2%** | **Singapore: 4.2%** |
| 656917 | CapitaLand Ascendas REIT |  | 1444280 | 1.1 |
| 987400 | CapitaLand Integrated Commercial Trust |  | 1832659 | 1.4 |
| 824000 <sup>(2)</sup> | Centurion Accommodation Reit |  | 710647 | 0.5 |
| 493916 | Keppel DC REIT |  | 863686 | 0.6 |
| 1518500 | Lendlease Global Commercial REIT |  | 731843 | 0.6 |
|  |  |  | **5583115** | **4.2** |
|  | **Sweden: 0.5%** | **Sweden: 0.5%** | **Sweden: 0.5%** | **Sweden: 0.5%** |
| 33362 | Pandox AB |  | **735620** | **0.5** |
|  | **Switzerland: 0.4%** | **Switzerland: 0.4%** | **Switzerland: 0.4%** | **Switzerland: 0.4%** |
| 2796 | PSP Swiss Property AG, Reg |  | **505899** | **0.4** |
|  | **United Kingdom: 4.3%** | **United Kingdom: 4.3%** | **United Kingdom: 4.3%** | **United Kingdom: 4.3%** |
| 52164 | Big Yellow Group PLC |  | 733566 | 0.6 |
| 162564 | Land Securities Group PLC |  | 1359286 | 1 |
| 638312 | LondonMetric Property PLC |  | 1627339 | 1.2 |
| 317276 | Primary Health Properties PLC |  | 417809 | 0.3 |
| 770309 | Tritax Big Box REIT PLC |  | 1574076 | 1.2 |
|  |  |  | **5712076** | **4.3** |
|  | **United States: 60.3%** | **United States: 60.3%** | **United States: 60.3%** | **United States: 60.3%** |
| 22164 | American Healthcare REIT, Inc. |  | 1043038 | 0.8 |
| 96964 | American Homes 4 Rent - Class A |  | 3112544 | 2.3 |
| 2862 | American Tower Corp. |  | 502481 | 0.4 |
| 16299 | Boston Properties, Inc. |  | 1099857 | 0.8 |
| 86765 | Brixmor Property Group, Inc. |  | 2274978 | 1.7 |
| 30049 | COPT Defense Properties |  | 835362 | 0.6 |
| 45977 | Cousins Properties, Inc. |  | 1185287 | 0.9 |
| 30268 | CubeSmart |  | 1091161 | 0.8 |
| 5948 | Digital Realty Trust, Inc. |  | 920215 | 0.7 |
| 11040 | EastGroup Properties, Inc. |  | 1966666 | 1.5 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |  |
| 51289 | Empire State Realty Trust, Inc. - Class A | $| 334404 | 0.3 |
| 9422 | Equinix, Inc. |  | 7218760 | 5.4 |
| 31009 | Essential Properties Realty Trust, Inc. |  | 919727 | 0.7 |
| 39818 | First Industrial Realty Trust, Inc. |  | 2280377 | 1.7 |
| 20169 | Getty Realty Corp. |  | 552026 | 0.4 |
| 91243 | Healthpeak Properties, Inc. |  | 1467187 | 1.1 |
| 3274 | Hilton Worldwide Holdings, Inc. |  | 940456 | 0.7 |
| 55157 | Host Hotels & Resorts, Inc. |  | 977934 | 0.7 |
| 67088 | Independence Realty Trust, Inc. |  | 1172698 | 0.9 |
| 36762 | Iron Mountain, Inc. |  | 3049408 | 2.3 |
| 13046 | L.P. Industrial Trust |  | 646821 | 0.5 |
| 58538 | Omega Healthcare Investors, Inc. |  | 2595575 | 2.0 |
| 26546 | Prologis, Inc. |  | 3388862 | 2.6 |
| 14223 | Public Storage |  | 3690869 | 2.8 |
| 41176 | Regency Centers Corp. |  | 2842379 | 2.1 |
| 38519 | Simon Property Group, Inc. |  | 7130252 | 5.4 |
| 56785 | STAG Industrial, Inc. |  | 2087417 | 1.6 |
| 86359 | UDR, Inc. |  | 3167648 | 2.4 |
| 41890 | Ventas, Inc. |  | 3241448 | 2.4 |
| 172339 | VICI Properties, Inc. |  | 4846173 | 3.6 |
| 50183 | Vornado Realty Trust |  | 1670090 | 1.3 |
| 64072 | Welltower, Inc. |  | 11892404 | 8.9 |
|  |  |  | **80144504** | **60.3** |
|  | Total Common Stock |  |  |  |
|  | (Cost $110,822,076) |  | **130814032** | **98.4** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $110,822,076) |  | **130814032** | **98.4** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** | **RA** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** | **SHORT-TERM INVESTMENTS: 2.5%** |
|  | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** |
| 1000000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,000,216, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,020,283, due 01/31/26-11/15/55) |  | 1000000 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 790000 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $790,165, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $805,800, due 10/15/26-12/20/55) | $790000 | 0.6 |
| 178846 <sup>(4)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $178,884, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $182,423, due 04/30/26-11/15/34) | 178846 | 0.1 |
| 1000000 <sup>(4)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,000,218, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,016,884, due 04/15/28-02/15/55) | 1000000 | 0.8 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $2,968,846) | **2968846** | **2.2** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** |
| 390045 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $390,045) | $**390045** | **0.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $3,358,891) | $**3358891** | **2.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $114,180,967)** | $**134172923** | **100.9** |
|  | **Liabilities in Excess of Other Assets** | **(1237009)** | **(0.9)** |
|  | **Net Assets** | $**132935914** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| <br>**REIT Diversification** | **Percentage**<br>**of Net Assets** |
| Retail REITs | 18.1% |
| Health Care REITs | 15.7 |
| Industrial REITs | 15.2 |
| Specialized REITs | 10.1 |
| Diversified REITs | 6.7 |
| Office REITs | 5.3 |
| Diversified Real Estate Activities | 4.5 |
| Self-Storage REITs | 4.2 |
| Real Estate Operating Companies | 3.8 |
| Residential REITs | 3.3 |
| Multi-Family Residential REITs | 2.8 |
| Single-Family Residential REITs | 2.3 |
| Other Specialized REITs | 2.3 |
| Hotel & Resort REITs | 2.0 |
| Real Estate Development | 0.7 |
| Hotels, Resorts & Cruise Lines | 0.7 |
| Data Center REITs | 0.7 |
| Assets in Excess of Other Liabilities<sup>\*</sup> | 1.6 |
| **Net Assets** | **100.0%** |

---

**\*** Includes short-term investments.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br> **Significant**<br>**Unobservable**<br> **Inputs**<br> **(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** | | | | |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $9231427 | $— | $9231427 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 1207456 |  | 1207456 |
| &nbsp;&nbsp;&nbsp;Canada | 4070147 |  |  | 4070147 |
| &nbsp;&nbsp;&nbsp;France |  | 5325989 |  | 5325989 |
| &nbsp;&nbsp;&nbsp;Germany | 450993 | 1285038 |  | 1736031 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3003597 |  | 3003597 |
| &nbsp;&nbsp;&nbsp;Japan |  | 12578290 |  | 12578290 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 979881 |  | 979881 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 5583115 |  | 5583115 |
| &nbsp;&nbsp;&nbsp;Sweden | 735620 |  |  | 735620 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 505899 |  | 505899 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 5712076 |  | 5712076 |
| &nbsp;&nbsp;&nbsp;United States | 80144504 |  |  | 80144504 |
| Total Common Stock | 85401264 | 45412768 |  | 130814032 |
| Short-Term Investments | 390045 | 2968846 |  | 3358891 |
| Total Investments, at fair value | $85791309 | $48381614 | $— | $134172923 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>#</sup> | 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. |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(2030) |
| **Total** | $(2030) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $140 |
| **Total** | $140 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, 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 U.S. federal income tax purposes was $117,518,477. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $20867002 |
| Gross Unrealized Depreciation | (4206339) |
| Net Unrealized Appreciation | $16660663 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |
|  | **Communication Services: 5.8%** | **Communication Services: 5.8%** | **Communication Services: 5.8%** |
| 11237 | Alphabet, Inc. - Class A | $3517181 | 2.2 |
| 1948 | Meta Platforms, Inc. - Class A | 1285856 | 0.8 |
| 6727 | T-Mobile US, Inc. | 1365850 | 0.8 |
| 28490 | Walt Disney Co. | 3241307 | 2 |
|  |  | **9410194** | **5.8** |
|  | **Consumer Discretionary: 6.6%** | **Consumer Discretionary: 6.6%** | **Consumer Discretionary: 6.6%** |
| 17679 <sup>(1)</sup> | Amazon.com, Inc. | 4080667 | 2.5 |
| 25451 | General Motors Co. | 2069675 | 1.3 |
| 37284 | NIKE, Inc. - Class B | 2375364 | 1.5 |
| 23953 | Starbucks Corp. | 2017082 | 1.3 |
|  |  | **10542788** | **6.6** |
|  | **Consumer Staples: 7.1%** | **Consumer Staples: 7.1%** | **Consumer Staples: 7.1%** |
| 24253 | Philip Morris International, Inc. | 3890181 | 2.4 |
| 15523 | Procter & Gamble Co. | 2224601 | 1.4 |
| 35824 | Sysco Corp. | 2639871 | 1.6 |
| 35655 <sup>(1)</sup> | US Foods Holding Corp. | 2685535 | 1.7 |
|  |  | **11440188** | **7.1** |
|  | **Energy: 6.9%** | **Energy: 6.9%** | **Energy: 6.9%** |
| 14515 | Chevron Corp. | 2212231 | 1.4 |
| 26579 | ConocoPhillips | 2488060 | 1.5 |
| 5563 | EQT Corp. | 298177 | 0.2 |
| 16381 | Exxon Mobil Corp. | 1971290 | 1.2 |
| 31488 | Schlumberger NV | 1208509 | 0.8 |
| 46797 | Shell PLC | 1724568 | 1.1 |
| 26839 | Suncor Energy, Inc. | 1191237 | 0.7 |
|  |  | **11094072** | **6.9** |
|  | **Financials: 19.3%** | **Financials: 19.3%** | **Financials: 19.3%** |
| 23165 | American International Group, Inc. | 1981766 | 1.2 |
| 90643 | Bank of America Corp. | 4985365 | 3.1 |
| 5608 | Capital One Financial Corp. | 1359155 | 0.8 |
| 33447 | Charles Schwab Corp. | 3341690 | 2.1 |
| 55307 | Citizens Financial Group, Inc. | 3230482 | 2 |
| 25164 | Fidelity National Information Services, Inc. | 1672399 | 1 |
| 2675 | Goldman Sachs Group, Inc. | 2351325 | 1.5 |
| 13760 | KKR & Co., Inc. | 1754125 | 1.1 |
| 9927 | PNC Financial Services Group, Inc. | 2072062 | 1.3 |
| 57649 | Wells Fargo & Co. | 5372887 | 3.3 |
| 9055 | Willis Towers Watson PLC | 2975473 | 1.9 |
|  |  | **31096729** | **19.3** |
|  | **Health Care: 15.4%** | **Health Care: 15.4%** | **Health Care: 15.4%** |
| 7795 | Becton Dickinson and Co. | 1512776 | 1 |
| 30641 | Bristol-Myers Squibb Co. | 1652775 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 27980 | CVS Health Corp. | 2220493 | 1.4 |
| 3771 | Elevance Health, Inc. | 1321924 | 0.8 |
| 4574 | Humana, Inc. | 1171539 | 0.7 |
| 5716 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1288444 | 0.8 |
| 14966 | Johnson & Johnson | 3097214 | 1.9 |
| 26991 | Medtronic PLC | 2592755 | 1.6 |
| 24497 | Merck & Co., Inc. | 2578554 | 1.6 |
| 2488 | Regeneron Pharmaceuticals, Inc. | 1920413 | 1.2 |
| 20470 | Sanofi | 1980577 | 1.2 |
| 2816 | Thermo Fisher Scientiﬁc, Inc. | 1631731 | 1 |
| 5722 | UnitedHealth Group, Inc. | 1888889 | 1.2 |
|  |  | **24858084** | **15.4** |
|  | **Industrials: 13.4%** | **Industrials: 13.4%** | **Industrials: 13.4%** |
| 19994 | Ashtead Group PLC | 1363170 | 0.8 |
| 14586 | Emerson Electric Co. | 1935854 | 1.2 |
| 8071 | FedEx Corp. | 2331389 | 1.5 |
| 7942 | Ferguson Enterprises, Inc. | 1768127 | 1.1 |
| 32793 | Fortive Corp. | 1810502 | 1.1 |
| 26240 | Johnson Controls International PLC | 3142240 | 2 |
| 5183 | Norfolk Southern Corp. | 1496436 | 0.9 |
| 3800 | Parker-Hannifin Corp. | 3340048 | 2.1 |
| 10542 | Raytheon Technologies Corp. | 1933403 | 1.2 |
| 14237 | Textron, Inc. | 1241039 | 0.8 |
| 7293 | Vertiv Holdings Co. - Class A | 1181539 | 0.7 |
|  |  | **21543747** | **13.4** |
|  | **Information Technology: 14.7%** | **Information Technology: 14.7%** | **Information Technology: 14.7%** |
| 22972 | Cisco Systems, Inc. | 1769533 | 1.1 |
| 20832 | Cognizant Technology Solutions Corp. - Class A | 1729056 | 1.1 |
| 14494 <sup>(1)</sup> | Coherent Corp. | 2675158 | 1.7 |
| 7424 | Lam Research Corp. | 1270840 | 0.8 |
| 49287 | Microchip Technology, Inc. | 3140568 | 1.9 |
| 7312 | Microsoft Corp. | 3536229 | 2.2 |
| 9125 | NVIDIA Corp. | 1701812 | 1.1 |
| 7711 | NXP Semiconductors NV | 1673750 | 1 |
| 5441 | Oracle Corp. | 1060505 | 0.7 |
| 9881 | Qnity Electronics, Inc. | 806784 | 0.5 |
| 26427 | Ralliant Corp. | 1345399 | 0.8 |
| 6762 | Salesforce, Inc. | 1791321 | 1.1 |
| 4899 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1189575 | 0.7 |
|  |  | **23690530** | **14.7** |
|  | **Materials: 2.2%** | **Materials: 2.2%** | **Materials: 2.2%** |
| 1053 | Air Products and Chemicals, Inc. | 260112 | 0.2 |
| 18225 | Corteva, Inc. | 1221622 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 27858 | DuPont de Nemours, Inc. | $1119891 | 0.7 |
| 9550 | PPG Industries, Inc. | 978493 | 0.6 |
|  |  | **3580118** | **2.2** |
|  | **Real Estate: 1.7%** | **Real Estate: 1.7%** | **Real Estate: 1.7%** |
| 16485 <sup>(1)</sup> | CBRE Group, Inc. - Class A | **2650623** | **1.7** |
|  | **Utilities: 4.2%** | **Utilities: 4.2%** | **Utilities: 4.2%** |
| 11802 | American Electric Power Co., Inc. | 1360889 | 0.9 |
| 28251 | FirstEnergy Corp. | 1264797 | 0.8 |
| 70151 | PPL Corp. | 2456688 | 1.5 |
| 18876 | Sempra Energy | 1666562 | 1 |
|  |  | **6748936** | **4.2** |
|  | Total Common Stock |  |  |
|  | (Cost $118,317,571) | **156656009** | **97.3** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** |
|  | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** |
| 4284164 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $4,284,164) | $**4284164** | **2.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,284,164) | **4284164** | **2.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $122,601,735)** | $**160940173** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **37708** | **0.0** |
|  | **Net Assets** | $**160977881** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $9410194 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $9410194 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 10542788 |  |  | 10542788 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 11440188 |  |  | 11440188 |
| &nbsp;&nbsp;&nbsp;Energy | 9369504 | 1724568 |  | 11094072 |
| &nbsp;&nbsp;&nbsp;Financials | 31096729 |  |  | 31096729 |
| &nbsp;&nbsp;&nbsp;Health Care | 22877507 | 1980577 |  | 24858084 |
| &nbsp;&nbsp;&nbsp;Industrials | 20180577 | 1363170 |  | 21543747 |
| &nbsp;&nbsp;&nbsp;Information Technology | 23690530 |  |  | 23690530 |
| &nbsp;&nbsp;&nbsp;Materials | 3580118 |  |  | 3580118 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2650623 |  |  | 2650623 |
| &nbsp;&nbsp;&nbsp;Utilities | 6748936 |  |  | 6748936 |
| Total Common Stock | 151587694 | 5068315 |  | 156656009 |
| Short-Term Investments | 4284164 |  |  | 4284164 |
| Total Investments, at fair value | $155871858 | $5068315 | $— | $160940173 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 3171 |  | 3171 |
| Total Assets | $155871858 | $5071486 | $— | $160943344 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(82018) | $— | $(82018) |
| Total Liabilities | $— | $(82018) | $— | $(82018) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Signiﬁcant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |
| <sup>+</sup> | 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 December 31, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Growth and Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| CAD | 70191 | USD | 50320 | State Street Bank and Trust Co. | 01/21/26 | $864 |
| CAD | 91930 | USD | 66498 | State Street Bank and Trust Co. | 01/21/26 | 539 |
| GBP | 29523 | USD | 39363 | State Street Bank and Trust Co. | 01/21/26 | 432 |
| GBP | 30618 | USD | 40864 | State Street Bank and Trust Co. | 01/21/26 | 406 |
| CAD | 28304 | USD | 20337 | State Street Bank and Trust Co. | 01/21/26 | 302 |
| EUR | 22644 | USD | 26425 | State Street Bank and Trust Co. | 01/21/26 | 211 |
| CAD | 26932 | USD | 19486 | State Street Bank and Trust Co. | 01/21/26 | 153 |
| CAD | 40459 | USD | 29389 | State Street Bank and Trust Co. | 01/21/26 | 115 |
| EUR | 20572 | USD | 24098 | State Street Bank and Trust Co. | 01/21/26 | 101 |
| USD | 13682 | CAD | 18720 | State Street Bank and Trust Co. | 01/21/26 | 32 |
| CAD | 19325 | USD | 14078 | State Street Bank and Trust Co. | 01/21/26 | 14 |
| USD | 15563 | CAD | 21338 | State Street Bank and Trust Co. | 01/21/26 | 2 |
| USD | 27408 | EUR | 23336 | State Street Bank and Trust Co. | 01/21/26 | (42) |
| USD | 13461 | CAD | 18518 | State Street Bank and Trust Co. | 01/21/26 | (43) |
| EUR | 40377 | USD | 47561 | State Street Bank and Trust Co. | 01/21/26 | (65) |
| USD | 35846 | GBP | 26707 | State Street Bank and Trust Co. | 01/21/26 | (153) |
| USD | 14281 | CAD | 19878 | State Street Bank and Trust Co. | 01/21/26 | (214) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 33353 | GBP | 24943 | State Street Bank and Trust Co. | 01/21/26 | $(268) |
| USD | 37069 | GBP | 28106 | State Street Bank and Trust Co. | 01/21/26 | (815) |
| USD | 1537797 | EUR | 1321004 | The Bank of New York | 01/21/26 | (16092) |
| USD | 1021069 | CAD | 1425968 | The Bank of New York | 01/21/26 | (18772) |
| USD | 2257301 | GBP | 1708463 | The Bank of New York | 01/21/26 | (45554) |
|  |  |  |  |  |  | $(78847) |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| CAD | &nbsp;&nbsp;Canadian Dollar |
| EUR | &nbsp;&nbsp;EU Euro |
| GBP | &nbsp;&nbsp;British Pound |
| USD | &nbsp;&nbsp;United States Dollar |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $3171 |
| **Total Asset Derivatives** |  | $3171 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $82018 |
| **Total Liability Derivatives** |  | $82018 |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(198116) |
| **Total** | $(198116) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(154875) |
| **Total** | $(154875) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street <br>Bank and Trust <br>Co.** | **The Bank of<br> New York** | **Total** |
| **Assets:** | | | |
| Forward foreign currency contracts | $3171 | $— | $3171 |
| **Total Assets** | $3171 | $— | $3171 |
| **Liabilities:** |  |  |  |
| Forward foreign currency contracts | $1600 | $80418 | $82018 |
| **Total Liabilities** | $1600 | $80418 | $82018 |
| **Net OTC derivative instruments by counterparty, at fair value** | $1571 | $(80418) | $(78847) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $– |
| **Net Exposure <sup>(1)</sup>** | $1571 | $(80418) | $(78847) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

At December 31, 2025, 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 U.S. federal income tax purposes was $123,016,720. | Cost for U.S. federal income tax purposes was $123,016,720. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $41275193 |
| Gross Unrealized Depreciation | (3395982) |
| Net Unrealized Appreciation | $37879211 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** | **COMMON STOCK: 99.1%** |
|  | **Argentina: 1.6%** | **Argentina: 1.6%** | **Argentina: 1.6%** |
| 31150 <sup>(1)</sup> | Vista Energy SAB de CV, ADR | $1515759 | 1 |
| 24515 <sup>(1)(2)</sup> | YPF SA, ADR | 886462 | 0.6 |
|  |  | **2402221** | **1.6** |
|  | **Brazil: 11.0%** | **Brazil: 11.0%** | **Brazil: 11.0%** |
| 84779 | Axia Energia | 783004 | 0.5 |
| 196245 | Banco BTG Pactual SA | 1883035 | 1.2 |
| 165241 | Banco do Brasil SA | 660994 | 0.4 |
| 24124 | Embraer SA, ADR | 1552862 | 1 |
| 189024 | Itau Unibanco Holding SA, ADR | 1353412 | 0.9 |
| 1250 <sup>(1)</sup> | MercadoLibre, Inc. | 2517825 | 1.7 |
| 180465 <sup>(1)</sup> | NU Holdings Ltd./Cayman Islands - Class A | 3020984 | 2 |
| 119289 | Petroleo Brasileiro SA, ADR | 1344387 | 0.9 |
| 170771 | Telefonica Brasil SA | 1031529 | 0.7 |
| 281979 | WEG SA | 2496245 | 1.7 |
|  |  | **16644277** | **11.0** |
|  | **China: 24.3%** | **China: 24.3%** | **China: 24.3%** |
| 26564 <sup>(3)</sup> | Advanced Micro-Fabrication Equipment, Inc. China - Class A | 1036688 | 0.7 |
| 27688 | Alibaba Group Holding Ltd., ADR | 4058507 | 2.7 |
| 19451 | Atour Lifestyle Holdings Ltd., ADR | 766369 | 0.5 |
| 72200 | BYD Co. Ltd. - Class A | 1009577 | 0.7 |
| 37800 | Contemporary Amperex Technology Co. Ltd. - Class A | 1987620 | 1.3 |
| 117915 | Full Truck Alliance Co. Ltd., ADR | 1265228 | 0.8 |
| 150669 | Fuyao Glass Industry Group Co. Ltd. - Class A | 1396826 | 0.9 |
| 28518 | H World Group Ltd., ADR | 1341772 | 0.9 |
| 37791 | KE Holdings, Inc., ADR | 595586 | 0.4 |
| 57000 <sup>(1)(4)</sup> | Meituan - Class B | 755375 | 0.5 |
| 156200 | Midea Group Co. Ltd. - Class A | 1746493 | 1.1 |
| 108840 | Montage Technology Co. Ltd. - Class A | 1834886 | 1.2 |
| 176500 | Shenzhen Inovance Technology Co. Ltd. - Class A | 1902202 | 1.3 |
| 100900 | Sieyuan Electric Co. Ltd. - Class A | 2230510 | 1.5 |
| 120800 | Tencent Holdings Ltd. | 9270620 | 6.1 |
| 59894 | Tencent Music Entertainment Group, ADR | 1049942 | 0.7 |
| 21421 | Trip.com Group Ltd., ADR | 1540384 | 1 |
| 31793 | Yum China Holdings, Inc. | 1517798 | 1 |
| 17500 | Zhongji Innolight Co. Ltd. - Class A | 1520519 | 1 |
|  |  | **36826902** | **24.3** |
|  | **Greece: 0.6%** | **Greece: 0.6%** | **Greece: 0.6%** |
| 62849 | National Bank of Greece SA | **958600** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Guatemala: 1.2%** | **Guatemala: 1.2%** | **Guatemala: 1.2%** |
| 33729 | Millicom International Cellular SA | $**1869936** | **1.2** |
|  | **Hong Kong: 2.8%** | **Hong Kong: 2.8%** | **Hong Kong: 2.8%** |
| 268000 | AIA Group Ltd. | 2758549 | 1.8 |
| 133500 | Techtronic Industries Co. Ltd. | 1535668 | 1 |
|  |  | **4294217** | **2.8** |
|  | **Hungary: 0.8%** | **Hungary: 0.8%** | **Hungary: 0.8%** |
| 11275 | OTP Bank Nyrt | **1208953** | **0.8** |
|  | **India: 11.6%** | **India: 11.6%** | **India: 11.6%** |
| 219336 | Bharat Electronics Ltd. | 976309 | 0.7 |
| 88503 | Bharti Airtel Ltd. | 2077297 | 1.4 |
| 58139 | Cholamandalam Investment and Finance Co. Ltd. | 1102763 | 0.7 |
| 257621 | Coforge Ltd. | 2833055 | 1.9 |
| 59705 | Dr Reddy's Laboratories Ltd. | 844318 | 0.6 |
| 52811 <sup>(4)</sup> | HDFC Asset Management Co. Ltd. | 1570866 | 1 |
| 12261 | ICICI Bank Ltd. | 183505 | 0.1 |
| 24880 | Mahindra & Mahindra Ltd. | 1027521 | 0.7 |
| 18520 <sup>(1)</sup> | MakeMyTrip Ltd. | 1520862 | 1 |
| 104951 | Max Healthcare Institute Ltd. | 1220730 | 0.8 |
| 342889 | NTPC Ltd. | 1258656 | 0.8 |
| 12755 | Polycab India Ltd. | 1082564 | 0.7 |
| 166735 | Shriram Finance Ltd. | 1850365 | 1.2 |
|  |  | **17548811** | **11.6** |
|  | **Indonesia: 0.8%** | **Indonesia: 0.8%** | **Indonesia: 0.8%** |
| 2534600 | Bank Central Asia Tbk PT | **1223950** | **0.8** |
|  | **Mexico: 1.6%** | **Mexico: 1.6%** | **Mexico: 1.6%** |
| 141013 | Grupo Financiero Banorte SAB de CV - Class O | 1306490 | 0.8 |
| 124267 | Grupo Mexico SAB de CV | 1174524 | 0.8 |
|  |  | **2481014** | **1.6** |
|  | **Panama: 0.7%** | **Panama: 0.7%** | **Panama: 0.7%** |
| 9033 | Copa Holdings SA - Class A | **1089470** | **0.7** |
|  | **Portugal: 0.6%** | **Portugal: 0.6%** | **Portugal: 0.6%** |
| 39231 | Jeronimo Martins SGPS SA | **933554** | **0.6** |
|  | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** |
| 30448 | Al Rajhi Bank | **790890** | **0.5** |
|  | **Singapore: 1.7%** | **Singapore: 1.7%** | **Singapore: 1.7%** |
| 213746 <sup>(1)</sup> | Grab Holdings Ltd. - Class A | 1066593 | 0.7 |
| 11400 <sup>(1)</sup> | Sea Ltd., ADR | 1454298 | 1 |
|  |  | **2520891** | **1.7** |
|  | **South Africa: 1.6%** | **South Africa: 1.6%** | **South Africa: 1.6%** |
| 32001 | Bid Corp. Ltd. | 815233 | 0.6 |
| 6251 | Capitec Bank Holdings Ltd. | 1569132 | 1 |
|  |  | **2384365** | **1.6** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea: 12.4%** | **South Korea: 12.4%** | **South Korea: 12.4%** |
| 41414 <sup>(1)</sup> | Coupang, Inc. | $976956 | 0.6 |
| 4806 | Hanwha Aerospace Co. Ltd. | 3138557 | 2.1 |
| 9313 | Kia Corp. | 789496 | 0.5 |
| 59177 | Samsung Electronics Co. Ltd. | 4959914 | 3.3 |
| 19650 | SK Hynix, Inc. | 8899056 | 5.9 |
|  |  | **18763979** | **12.4** |
|  | **Spain: 2.2%** | **Spain: 2.2%** | **Spain: 2.2%** |
| 139778 | Banco Bilbao Vizcaya Argentaria SA | **3278799** | **2.2** |
|  | **Taiwan: 17.8%** | **Taiwan: 17.8%** | **Taiwan: 17.8%** |
| 73000 | Delta Electronics, Inc. | 2226789 | 1.4 |
| 36000 | MediaTek, Inc. | 1634587 | 1.1 |
| 17000 | MPI Corp. | 1215404 | 0.8 |
| 398223 | Taiwan Semiconductor Manufacturing Co. Ltd. | 19575561 | 12.9 |
| 17000 | Wiwynn Corp. | 2421933 | 1.6 |
|  |  | **27074274** | **17.8** |
|  | **Turkey: 3.2%** | **Turkey: 3.2%** | **Turkey: 3.2%** |
| 489112 | Aselsan Elektronik Sanayi Ve Ticaret AS | 2635349 | 1.7 |
| 83480 | BIM Birlesik Magazalar AS | 1042134 | 0.7 |
| 226778 | Turkiye Garanti Bankasi AS | 756174 | 0.5 |
| 563699 <sup>(1)</sup> | Yapi ve Kredi Bankasi AS | 474656 | 0.3 |
|  |  | **4908313** | **3.2** |
|  | **United States: 2.1%** | **United States: 2.1%** | **United States: 2.1%** |
| 5598 <sup>(1)</sup> | EPAM Systems, Inc. | 1146918 | 0.8 |
| 26497 <sup>(1)</sup> | ExlService Holdings, Inc. | 1124533 | 0.7 |
| 1003 | Monolithic Power Systems, Inc. | 909079 | 0.6 |
|  |  | **3180530** | **2.1** |
|  | Total Common Stock |  |  |
|  | (Cost $104,177,549) | **150383946** | **99.1** |
| **PREFERRED STOCK: 0.1%** | **PREFERRED STOCK: 0.1%** | **PREFERRED STOCK: 0.1%** | **PREFERRED STOCK: 0.1%** |
|  | **Brazil: 0.1%** | **Brazil: 0.1%** | **Brazil: 0.1%** |
| 22283 <sup>(1)</sup> | Axia Energia | **199744** | **0.1** |
|  | Total Preferred Stock |  |  |
|  | (Cost $193,841) | **199744** | **0.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $104,371,390) | **150583690** | **99.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** |
|  | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| 849000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $849,183, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $866,220, due 01/31/26-11/15/55) | $849000 | 0.6 |
| 55374 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $55,386, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $56,481, due 04/30/26-11/15/34) | 55374 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $904,374) | **904374** | **0.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
|  | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** |
| 1981811 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $1,981,811) | $**1981811** | **1.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $2,886,185) | **2886185** | **1.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $107,257,575)** | $**153469875** | **101.1** |
|  | **Liabilities in Excess of Other Assets** | **(1653421)** | **(1.1)** |
|  | **Net Assets** | $**151816454** | **100.0** |
| ADR | American Depositary Receipt |  |  |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using signiﬁcant unobservable inputs. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Information Technology | 31.2% |
| Financials | 19.0 |
| Industrials | 15.9 |
| Consumer Discretionary | 14.8 |
| Communication Services | 10.1 |
| Energy | 2.5 |
| Consumer Staples | 1.8 |
| Utilities | 1.4 |
| Health Care | 1.3 |
| Materials | 0.8 |
| Real Estate | 0.4 |
| Short-Term Investments | 1.9 |
| Liabilities in Excess of Other Assets | (1.1) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $2402221 | $— | $— | $2402221 |
| &nbsp;&nbsp;&nbsp;Brazil | 16644277 |  |  | 16644277 |
| &nbsp;&nbsp;&nbsp;China | 12135586 | 23654628 | 1036688 | 36826902 |
| &nbsp;&nbsp;&nbsp;Greece |  | 958600 |  | 958600 |
| &nbsp;&nbsp;&nbsp;Guatemala | 1869936 |  |  | 1869936 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 4294217 |  | 4294217 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1208953 |  | 1208953 |
| &nbsp;&nbsp;&nbsp;India | 1520862 | 16027949 |  | 17548811 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 1223950 |  | 1223950 |
| &nbsp;&nbsp;&nbsp;Mexico | 2481014 |  |  | 2481014 |
| &nbsp;&nbsp;&nbsp;Panama | 1089470 |  |  | 1089470 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 933554 |  | 933554 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 790890 |  | 790890 |
| &nbsp;&nbsp;&nbsp;Singapore | 2520891 |  |  | 2520891 |
| &nbsp;&nbsp;&nbsp;South Africa | 815233 | 1569132 |  | 2384365 |
| &nbsp;&nbsp;&nbsp;South Korea | 976956 | 17787023 |  | 18763979 |
| &nbsp;&nbsp;&nbsp;Spain |  | 3278799 |  | 3278799 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 27074274 |  | 27074274 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 4908313 |  | 4908313 |
| &nbsp;&nbsp;&nbsp;United States | 3180530 |  |  | 3180530 |
| Total Common Stock | 45636976 | 103710282 | 1036688 | 150383946 |
| Preferred Stock | 199744 |  |  | 199744 |
| Short-Term Investments | 1981811 | 904374 |  | 2886185 |
| Total Investments, at fair value | $47818531 | $104614656 | $1036688 | $153469875 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Signiﬁcant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $3921345 |
| **Total** | $3921345 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, 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 U.S. federal income tax purposes was $109,119,305. | Cost for U.S. federal income tax purposes was $109,119,305. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $47620063 |
| Gross Unrealized Depreciation | (3260762) |
| Net Unrealized Appreciation | $44359301 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** |
|  | **France: 3.5%** | **France: 3.5%** | **France: 3.5%** |
| 6750 | L'Oreal SA | $**2897880** | **3.5** |
|  | **Germany: 7.4%** | **Germany: 7.4%** | **Germany: 7.4%** |
| 25063 | SAP SE | **6089513** | **7.4** |
|  | **Italy: 2.3%** | **Italy: 2.3%** | **Italy: 2.3%** |
| 5019 | Ferrari NV | 1859971 | 2.3 |
|  | **United Kingdom: 4.2%** | **United Kingdom: 4.2%** | **United Kingdom: 4.2%** |
| 11992 | RELX PLC - EUR | 488440 | 0.6 |
| 74225 | RELX PLC - GBP | 2990278 | 3.6 |
|  |  | **3478718** | **4.2** |
|  | **United States: 80.0%** | **United States: 80.0%** | **United States: 80.0%** |
| 17959 | Abbott Laboratories | 2250083 | 2.7 |
| 13021 | Alphabet, Inc. - Class A | 4075573 | 5.0 |
| 6134 | Aon PLC - Class A | 2164566 | 2.6 |
| 11190 | Arthur J Gallagher & Co. | 2895860 | 3.5 |
| 9214 | Automatic Data Processing, Inc. | 2370117 | 2.9 |
| 577 <sup>(1)</sup> | AutoZone, Inc. | 1956896 | 2.4 |
| 356 | Booking Holdings, Inc. | 1906498 | 2.3 |
| 6188 | Broadridge Financial Solutions, Inc. | 1380976 | 1.7 |
| 7744 | CME Group, Inc. | 2114732 | 2.6 |
| 47450 | Coca-Cola Co. | 3317230 | 4.0 |
| 4731 | Equifax, Inc. | 1026532 | 1.3 |
| 36282 | Experian PLC | 1635825 | 2.0 |
| 490611 | Haleon PLC | 2479235 | 3.0 |
| 17669 | Intercontinental Exchange, Inc. | 2861671 | 3.5 |
| 14533 | Microsoft Corp. | 7028450 | 8.6 |
| 2640 | MSCI, Inc. | 1514647 | 1.8 |
| 18525 | Otis Worldwide Corp. | 1618159 | 2.0 |
| 6975 | Philip Morris International, Inc. | 1118790 | 1.4 |
| 19197 | Procter & Gamble Co. | 2751122 | 3.3 |
| 4695 | Roper Technologies, Inc. | 2089885 | 2.5 |
| 5387 | S&P Global, Inc. | 2815192 | 3.4 |
| 6022 | STERIS PLC | 1526697 | 1.9 |
| 4362 <sup>(1)</sup> | Synopsys, Inc. | 2048919 | 2.5 |
| 4741 | Thermo Fisher Scientific, Inc. | 2747172 | 3.3 |
| 21997 <sup>(1)</sup> | Uber Technologies, Inc. | 1797375 | 2.2 |
| 12201 | Visa, Inc. - Class A | 4279013 | 5.2 |
| 15582 | Zoetis, Inc. | 1960527 | 2.4 |
|  |  | **65731742** | **80.0** |
|  | Total Common Stock |  |  |
|  | (Cost $70,757,485) | **80057824** | **97.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $70,757,485) | **80057824** | **97.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.7%** | **SHORT-TERM INVESTMENTS: 1.7%** | **SHORT-TERM INVESTMENTS: 1.7%** | **SHORT-TERM INVESTMENTS: 1.7%** |
|  | **Mutual Funds: 1.7%** | **Mutual Funds: 1.7%** | **Mutual Funds: 1.7%** |
| 1392261 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $1,392,261) | $**1392261** | **1.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,392,261) | $**1392261** | **1.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $72,149,746)** | $**81450085** | **99.1** |
|  | **Assets in Excess of Other Liabilities** | **755879** | **0.9** |
|  | **Net Assets** | $**82205964** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Financials | 22.7% |
| Information Technology | 21.0 |
| Industrials | 16.2 |
| Health Care | 13.3 |
| Consumer Staples | 12.3 |
| Consumer Discretionary | 7.0 |
| Communication Services | 4.9 |
| Short-Term Investments | 1.7 |
| Assets in Excess of Other Liabilities | 0.9 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | $— | $2897880 | $— | $2897880 |
| &nbsp;&nbsp;&nbsp;Germany |  | 6089513 |  | 6089513 |
| &nbsp;&nbsp;&nbsp;Italy |  | 1859971 |  | 1859971 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 3478718 |  | 3478718 |
| &nbsp;&nbsp;&nbsp;United States | 61616682 | 4115060 |  | 65731742 |
| Total Common Stock | 61616682 | 18441142 |  | 80057824 |
| Short-Term Investments | 1392261 |  |  | 1392261 |
| Total Investments, at fair value | $63008943 | $18441142 | $— | $81450085 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Signiﬁcant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $72,402,417. | Cost for U.S. federal income tax purposes was $72,402,417. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $12567534 |
| Gross Unrealized Depreciation | (3363096) |
| Net Unrealized Appreciation | $9204438 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 63.2%** | **COMMON STOCK: 63.2%** | **COMMON STOCK: 63.2%** | **COMMON STOCK: 63.2%** |
|  | **Communication Services: 5.5%** | **Communication Services: 5.5%** | **Communication Services: 5.5%** |
| 860355 | Alphabet, Inc. - Class A | $269291115 | 3.9 |
| 174682 | Meta Platforms, Inc. - Class A | 115305841 | 1.6 |
|  |  | **384596956** | **5.5** |
|  | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** |
| 1099269 <sup>(1)(2)</sup> | Amazon.com, Inc. | 253733271 | 3.6 |
| 24927 <sup>(1)</sup> | DoorDash, Inc. - Class A | 5645467 | 0.1 |
| 1209925 <sup>(2)</sup> | Starbucks Corp. | 101887784 | 1.5 |
| 531856 | Yum! Brands, Inc. | 80459176 | 1.1 |
|  |  | **441725698** | **6.3** |
|  | **Consumer Staples: 1.0%** | **Consumer Staples: 1.0%** | **Consumer Staples: 1.0%** |
| 1629572 | Keurig Dr Pepper, Inc. | 45644312 | 0.7 |
| 23546 <sup>(3)(4)</sup> | Keurig Dr Pepper, Inc., Series A | 23546000 | 0.3 |
|  |  | **69190312** | **1.0** |
|  | **Energy: 1.0%** | **Energy: 1.0%** | **Energy: 1.0%** |
| 2134677 <sup>(5)</sup> | Canadian Natural Resources Ltd. | 72258817 | 1 |
|  | **Financials: 4.8%** | **Financials: 4.8%** | **Financials: 4.8%** |
| 455315 | Arthur J Gallagher & Co. | 117830969 | 1.7 |
| 582754 | KKR & Co., Inc. | 74289480 | 1 |
| 347158 <sup>(5)</sup> | Ryan Specialty Holdings, Inc. | 17923767 | 0.2 |
| 89522 | S&P Global, Inc. | 46783302 | 0.7 |
| 247390 | Willis Towers Watson PLC | 81292354 | 1.2 |
|  |  | **338119872** | **4.8** |
|  | **Health Care: 12.9%** | **Health Care: 12.9%** | **Health Care: 12.9%** |
| 1111177 | Abbott Laboratories | 139219366 | 2 |
| 271193 | AmerisourceBergen Corp. | 91595436 | 1.3 |
| 127496 <sup>(1)(5)</sup> | Apogee Therapeutics, Inc. | 9623398 | 0.1 |
| 274228 <sup>(1)(5)</sup> | Arcellx, Inc. | 17879666 | 0.3 |
| 913685 | Becton Dickinson and Co. | 177318848 | 2.5 |
| 144961 <sup>(1)</sup> | BioNTech SE, ADR | 13800287 | 0.2 |
| 339788 <sup>(1)(5)</sup> | Cytokinetics, Inc. | 21590130 | 0.3 |
| 75652 | Danaher Corp. | 17318256 | 0.3 |
| 68700 | Eli Lilly & Co. | 73830516 | 1.1 |
| 42912 | McKesson Corp. | 35200284 | 0.5 |
| 446295 <sup>(1)(5)</sup> | Medline, Inc. - Class A | 18744390 | 0.3 |
| 1453454 <sup>(5)</sup> | Revvity, Inc. | 140621674 | 2 |
| 83611 | Thermo Fisher Scientific, Inc. | 48448394 | 0.7 |
| 253733 | UnitedHealth Group, Inc. | 83759801 | 1.2 |
| 207652 <sup>(1)</sup> | Vaxcyte, Inc. | 9581063 | 0.1 |
|  |  | **898531509** | **12.9** |
|  | **Industrials: 1.9%** | **Industrials: 1.9%** | **Industrials: 1.9%** |
| 16055070 <sup>(1)(5)</sup> | Aurora Innovation, Inc. | 61651469 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 904312 <sup>(5)</sup> | Ingersoll Rand, Inc. | $| 71639596 | 1 |
|  |  |  | **133291065** | **1.9** |
|  | **Information Technology: 23.3%** | **Information Technology: 23.3%** | **Information Technology: 23.3%** | **Information Technology: 23.3%** |
| 532965 <sup>(1)(2)</sup> | Advanced Micro Devices, Inc. |  | 114139784 | 1.6 |
| 402704 | Amphenol Corp. - Class A |  | 54421419 | 0.8 |
| 1017521 | Apple, Inc. |  | 276623259 | 4 |
| 332580 | Broadcom, Inc. |  | 115105938 | 1.6 |
| 154250 <sup>(2)</sup> | Mastercard, Inc. - Class A |  | 88058240 | 1.3 |
| 661705 <sup>(2)</sup> | Microsoft Corp. |  | 320013772 | 4.6 |
| 1634103 | NVIDIA Corp. |  | 304760209 | 4.4 |
| 729033 <sup>(1)(2)</sup> | PTC, Inc. |  | 127004839 | 1.8 |
| 57725 | Roper Technologies, Inc. |  | 25695129 | 0.4 |
| 103603 | Salesforce, Inc. |  | 27445471 | 0.4 |
| 126800 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 38533252 | 0.5 |
| 1141480 <sup>(3)(4)</sup> | Teamshares, Inc. |  | 11757244 | 0.2 |
| 236276 <sup>(2)</sup> | Visa, Inc. - Class A |  | 82864356 | 1.2 |
| 178842 <sup>(1)(2)</sup> | Workday, Inc. - Class A |  | 38411685 | 0.5 |
|  |  |  | **1624834597** | **23.3** |
|  | **Utilities: 6.5%** | **Utilities: 6.5%** | **Utilities: 6.5%** | **Utilities: 6.5%** |
| 977489 | Ameren Corp. |  | 97612052 | 1.4 |
| 3642684 | CenterPoint Energy, Inc. |  | 139660505 | 2 |
| 3189490 | NiSource, Inc. |  | 133193102 | 1.9 |
| 2451918 | PPL Corp. |  | 85866168 | 1.2 |
|  |  |  | **456331827** | **6.5** |
|  | Total Common Stock |  |  |  |
|  | (Cost $4,041,340,493) |  | **4418880653** | **63.2** |
| **PREFERRED STOCK: 1.0%** | **PREFERRED STOCK: 1.0%** | **PREFERRED STOCK: 1.0%** | **PREFERRED STOCK: 1.0%** | **PREFERRED STOCK: 1.0%** |
|  | **Consumer Discretionary: 0.9%** | **Consumer Discretionary: 0.9%** | **Consumer Discretionary: 0.9%** | **Consumer Discretionary: 0.9%** |
| 413251 <sup>(3)(6)</sup> | Waymo LLC., Series A-2 |  | 64120025 | 0.9 |
|  | **Preferred Stocks: 0.1%** | **Preferred Stocks: 0.1%** | **Preferred Stocks: 0.1%** | **Preferred Stocks: 0.1%** |
| 70526 | KKR & Co., Inc. |  | 3662415 | 0.1 |
|  | **Utilities: 0.0%** | **Utilities: 0.0%** | **Utilities: 0.0%** | **Utilities: 0.0%** |
| 3736 <sup>(7)</sup> | CMS Energy Corp. 10/15/2078 |  | 84620 | 0 |
|  | Total Preferred Stock |  |  |  |
|  | (Cost $39,070,024) |  | **67867060** | **1.0** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** | **RA** | **.** | **Value** | **Assets** |
| **U.S. TREASURY OBLIGATIONS: 16.2%** | **U.S. TREASURY OBLIGATIONS: 16.2%** | **U.S. TREASURY OBLIGATIONS: 16.2%** | **U.S. TREASURY OBLIGATIONS: 16.2%** | **U.S. TREASURY OBLIGATIONS: 16.2%** |
|  | **United States Treasury Notes: 16.2%** | **United States Treasury Notes: 16.2%** | **United States Treasury Notes: 16.2%** | **United States Treasury Notes: 16.2%** |
| 235377000 | 3.500%, 11/30/2030 |  | 233041618 | 3.3 |
| 110429300 | 3.625%, 08/31/2030 |  | 110056169 | 1.6 |
| 110853000 | 3.625%, 09/30/2030 |  | 110441631 | 1.6 |
| 249700000 | 3.625%, 10/31/2030 |  | 248685594 | 3.5 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** |
| 70195000 | 3.750%, 10/31/2032 | 69427242 | 1 |
| 54167000 | 3.750%, 11/30/2032 | 53549158 | 0.8 |
| 220036000 | 3.875%, 07/31/2030 | 221694865 | 3.2 |
| 87149000 | 3.875%, 09/30/2032 | 86891978 | 1.2 |
|  |  | **1133788255** | **16.2** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $1,133,399,988) | **1133788255** | **16.2** |
| **BANK LOANS: 9.6%** | **BANK LOANS: 9.6%** | **BANK LOANS: 9.6%** | **BANK LOANS: 9.6%** |
|  | **Consumer, Cyclical: 1.1%** | **Consumer, Cyclical: 1.1%** | **Consumer, Cyclical: 1.1%** |
| <sup>EUR</sup>11350245 | Filtration Group Corporation, 2025 Incremental Euro Term Loan, 5.401%, (EUR001M+3.500%), 10/21/2028 | 13427722 | 0.2 |
| 21770713 | Hilton Worldwide, Series B-4 Term Loan, 5.477%, (TSFR1M+1.750%), 11/08/2030 | 21915858 | 0.3 |
| 16921379 | USI, Inc., 2024-C Term Loan, 5.922%, (TSFR3M+2.250%), 09/29/2030 | 16978489 | 0.2 |
| 19784580 | Varsity Brands LLC, 2025-2 Replacement Term Loan, 6.672%, (TSFR3M+3.000%), 08/26/2031 | 19874224 | 0.3 |
| 3726542 | Wyndham Hotels & Resort, 2024 Term B Loan, 5.466%, (TSFR1M+1.750%), 05/24/2030 | 3739936 | 0.1 |
|  |  | **75936229** | **1.1** |
|  | **Consumer, Non-cyclical: 0.4%** | **Consumer, Non-cyclical: 0.4%** | **Consumer, Non-cyclical: 0.4%** |
| 25152526 | Icon Parent Inc., 2025 Term Loan (First Lien), 6.445%, (TSFR3M+2.750%), 11/13/2031 | 25234271 | 0.4 |
| 3017558 | Mister Car Wash Holdings, Inc., 2024 Term Loan, 6.216%, (TSFR1M+2.500%), 03/27/2031 | 3032269 | 0 |
|  |  | **28266540** | **0.4** |
|  | **Financial: 4.1%** | **Financial: 4.1%** | **Financial: 4.1%** |
| 45302886 | AmWINS Group, Inc., Initial Term Loan, 5.966%, (TSFR3M+2.250%), 01/30/2032 | 45495424 | 0.7 |
| 17196000 <sup>(8)</sup> | Bending Spoons U.S., Term Loan B (First Lien), 03/07/2031 | 16723110 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 1306163 | Bending Spoons U.S., Tranche B Term Loan, 9.034%, (TSFR3M+5.250%), 03/07/2031 | $1275142 | 0.0 |
| 49806874 | Broadstreet Partners, Inc., 2025 Tranche B Term Loan, 6.466%, (TSFR1M+2.750%), 06/13/2031 | 50010933 | 0.7 |
| 21989642 | CPI Holdco B, LLC, 2025 Fourth Amendment Incremental Term Loan, 5.716%, (TSFR1M+2.000%), 05/17/2031 | 22068673 | 0.3 |
| 3009711 | CPI Holdco B, LLC, 2025 Fourth Amendment Incremental Term Loan, 5.716%, (TSFR1M+2.000%), 05/17/2031 | 3020527 | 0.1 |
| 2059000 | EP Wealth Advisors LLC, Closing Date Term Loan, 6.672%, (TSFR1M+3.000%), 10/18/2032 | 2064147 | 0.0 |
| 90280497 | Hub International Limited, 2025 Incremental Term Loan, 6.120%, (TSFR3M+2.250%), 06/20/2030 | 90863528 | 1.3 |
| 21224929 | Loire UK Midco 3 Limited, Facility B3 (USD), 7.716%, (TSFR1M+4.000%), 01/21/2030 | 21277992 | 0.3 |
| 9816624 | Mariner Wealth Advisors LLC, Amendment No. 8 Refinancing Term Loan, 6.501%, 12/31/2030 | 9865707 | 0.1 |
| 682000 <sup>(8)</sup> | Mariner Wealth Advisors LLC, Term Loan B (First Lien), 12/30/2030 | 686831 | 0.0 |
| 4882393 | Quartz AcquireCo, LLC, Term B-2 Loan, 5.922%, (TSFR3M+2.250%), 06/28/2030 | 4882393 | 0.1 |
| 16851358 | USI, Inc., 2024-D Term Loan, 5.922%, (TSFR3M+2.250%), 11/21/2029 | 16914551 | 0.3 |
|  |  | **285148958** | **4.1** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Health Care: 0.1%** | **Health Care: 0.1%** | **Health Care: 0.1%** |
| 5813100 | Icon Parent Inc., Initial Term Loan (Second Lien), 8.841%, (TSFR6M+5.000%), 11/12/2032 | $5842166 | 0.1 |
|  | **Industrial: 1.1%** | **Industrial: 1.1%** | **Industrial: 1.1%** |
| 32756602 | Filtration Group Corporation, 2025-B Incremental Dollar Term Loan, 6.466%, (TSFR1M+2.750%), 10/21/2028 | 32974990 | 0.5 |
| 825829 | Ryan Specialty Group, LLC, 2024 Term Loan, 5.716%, (TSFR3M+2.000%), 09/15/2031 | 828582 | 0.0 |
| 14543933 | SBA Senior Finance II LLC, Initial Term Loan (2024), 5.470%, (TSFR1M+1.750%), 01/25/2031 | 14619678 | 0.2 |
| 32308672 | TransDigm Inc., New Tranche K Term Loan, 5.966%, (TSFR3M+2.250%), 03/22/2030 | 32436550 | 0.4 |
|  |  | **80859800** | **1.1** |
|  | **Technology: 2.8%** | **Technology: 2.8%** | **Technology: 2.8%** |
| 13888002 | Applied Systems, Inc., Initial Term Loan (2024) (Second Lien), 8.172%, (TSFR3M+4.500%), 02/23/2032 | 14151874 | 0.2 |
| 93904687 | Applied Systems, Inc., Tranche B-1 Term Loan (First Lien), 6.172%, (TSFR3M+2.500%), 02/24/2031 | 94556761 | 1.4 |
| 19774621 | Ascend Learning, LLC, Amendment No. 5 Incremental Term Loan, 6.716%, (TSFR1M+3.000%), 12/11/2028 | 19863191 | 0.3 |
| 5737533 | CCC Intelligent Solutions Inc., Initial Term Loan, 5.716%, (TSFR1M+2.000%), 01/23/2032 | 5768011 | 0.1 |
| 14560935 | Epicor Software Corporation (fka Eagle Parent Inc.), Term E Loan, 6.216%, (TSFR1M+2.500%), 05/30/2031 | 14620082 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 14955624 | Sophia, L.P., Initial Term Loan (First Lien), 6.466%, (TSFR1M+2.750%), 10/09/2029 | $| 15064052 | 0.2 |
| 13632281 | Storable, Inc., Initial Term Loan (First Lien), 6.966%, (TSFR1M+3.250%), 04/16/2031 |  | 13708962 | 0.2 |
| 16802609 | UKG Inc., 2024 Refinancing Term Loan (First Lien), 6.338%, (TSFR3M+2.500%), 02/10/2031 |  | 16838483 | 0.2 |
|  |  |  | **194571416** | **2.8** |
|  | Total Bank Loans |  |  |  |
|  | (Cost $665,957,215) |  | **670625109** | **9.6** |
| **CORPORATE BONDS/NOTES: 7.4%** | **CORPORATE BONDS/NOTES: 7.4%** | **CORPORATE BONDS/NOTES: 7.4%** | **CORPORATE BONDS/NOTES: 7.4%** | **CORPORATE BONDS/NOTES: 7.4%** |
|  | **Consumer, Cyclical: 2.2%** | **Consumer, Cyclical: 2.2%** | **Consumer, Cyclical: 2.2%** | **Consumer, Cyclical: 2.2%** |
| 6069000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 04/15/2027 |  | 6055474 | 0.1 |
| 7427000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/01/2028 |  | 7283386 | 0.1 |
| 7860000 <sup>(9)</sup> | Hilton Domestic Operating Co., Inc., 3.625%, 02/15/2032 |  | 7302531 | 0.1 |
| 8935000 <sup>(9)</sup> | Hilton Domestic Operating Co., Inc., 3.750%, 05/01/2029 |  | 8710169 | 0.1 |
| 12275000 <sup>(9)</sup> | Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031 |  | 11760797 | 0.2 |
| 5260000 | Hilton Domestic Operating Co., Inc., 4.875%, 01/15/2030 |  | 5280685 | 0.1 |
| 5717000 <sup>(9)</sup> | Hilton Domestic Operating Co., Inc., 5.500%, 03/31/2034 |  | 5759150 | 0.1 |
| 8158000 <sup>(9)</sup> | Hilton Domestic Operating Co., Inc., 5.750%, 09/15/2033 |  | 8353139 | 0.1 |
| 6073000 <sup>(5)(9)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 |  | 6221006 | 0.1 |
| 5189000 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 04/01/2027 |  | 5194319 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 14359000 <sup>(9)</sup> | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 06/01/2027 | 14353566 | 0.2 |
| 3456000 <sup>(9)</sup> | Life Time, Inc., 6.000%, 11/15/2031 | 3542870 | 0.0 |
| 5444000 <sup>(9)</sup> | Six Flags Entertainment Corp., 5.500%, 04/15/2027 | 5418399 | 0.1 |
| 2066000 <sup>(9)</sup> | Vail Resorts, Inc., 5.625%, 07/15/2030 | 2106814 | 0.0 |
| 5337000 <sup>(9)</sup> | Vail Resorts, Inc., 6.500%, 05/15/2032 | 5541658 | 0.1 |
| 8476000 | Yum! Brands, Inc., 3.625%, 03/15/2031 | 8027464 | 0.1 |
| 7544000 | Yum! Brands, Inc., 4.625%, 01/31/2032 | 7401525 | 0.1 |
| 7623000 <sup>(9)</sup> | Yum! Brands, Inc., 4.750%, 01/15/2030 | 7638360 | 0.1 |
| 11966000 | Yum! Brands, Inc., 5.350%, 11/01/2043 | 11610157 | 0.2 |
| 9172000 | Yum! Brands, Inc., 5.375%, 04/01/2032 | 9298042 | 0.1 |
| 3579000 | Yum! Brands, Inc., 6.875%, 11/15/2037 | 3952923 | 0.1 |
|  |  | **150812434** | **2.2** |
|  | **Consumer, Non-cyclical: 0.5%** | **Consumer, Non-cyclical: 0.5%** | **Consumer, Non-cyclical: 0.5%** |
| 831000 <sup>(9)</sup> | Avantor Funding, Inc., 3.875%, 11/01/2029 | 798350 | 0.0 |
| 3006000 <sup>(9)</sup> | Avantor Funding, Inc., 4.625%, 07/15/2028 | 2992012 | 0.0 |
| 3081000 <sup>(9)</sup> | Hologic, Inc., 3.250%, 02/15/2029 | 3039040 | 0.0 |
| 3141000 <sup>(9)</sup> | IQVIA, Inc., 5.000%, 05/15/2027 | 3142481 | 0.0 |
| 4109000 <sup>(9)</sup> | IQVIA, Inc., 6.500%, 05/15/2030 | 4265886 | 0.1 |
| 5481000 <sup>(9)</sup> | Korn Ferry, 4.625%, 12/15/2027 | 5486717 | 0.1 |
| 4105000 | Service Corp. International, 3.375%, 08/15/2030 | 3841844 | 0.1 |
| 760000 <sup>(5)</sup> | Service Corp. International, 4.625%, 12/15/2027 | 760009 | 0.0 |
| 3501000 | Service Corp. International, 5.750%, 10/15/2032 | 3567483 | 0.1 |
| 3129000 <sup>(9)</sup> | Surgery Center Holdings, Inc., 7.250%, 04/15/2032 | 3168795 | 0.1 |
|  |  | **31062617** | **0.5** |
|  | **Financial: 2.3%** | **Financial: 2.3%** | **Financial: 2.3%** |
| 5029000 <sup>(9)</sup> | AmWINS Group, Inc., 6.375%, 02/15/2029 | 5175027 | 0.1 |
| 11617000 <sup>(9)</sup> | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | 11658146 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 6813000 <sup>(9)</sup> | HUB International Ltd., 5.625%, 12/01/2029 | 6816931 | 0.1 |
| 57621000 <sup>(9)</sup> | HUB International Ltd., 7.250%, 06/15/2030 | 60529714 | 0.9 |
| 33821000 <sup>(9)</sup> | HUB International Ltd., 7.375%, 01/31/2032 | 35518104 | 0.5 |
| 3185000 <sup>(9)</sup> | Ryan Specialty Group LLC, 4.375%, 02/01/2030 | 3129856 | 0.0 |
| 6695000 <sup>(9)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 | 6845021 | 0.1 |
| 7851000 | SBA Communications Corp., 3.125%, 02/01/2029 | 7516548 | 0.1 |
| 10007000 | SBA Communications Corp., 3.875%, 02/15/2027 | 9939062 | 0.1 |
| 411000 <sup>(9)</sup> | SBA Tower Trust, 6.599%, 11/15/2052 | 420938 | 0.0 |
| 11269000 <sup>(9)</sup> | USI, Inc., 7.500%, 01/15/2032 | 11824889 | 0.2 |
|  |  | **159374236** | **2.3** |
|  | **Industrial: 1.3%** | **Industrial: 1.3%** | **Industrial: 1.3%** |
| 4837000 | TransDigm, Inc., 4.625%, 01/15/2029 | 4809140 | 0.1 |
| 1185000 <sup>(9)</sup> | TransDigm, Inc., 6.250%, 01/31/2034 | 1230268 | 0.0 |
| 17616000 <sup>(9)</sup> | TransDigm, Inc., 6.375%, 03/01/2029 | 18188854 | 0.3 |
| 17638000 <sup>(9)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 18110822 | 0.3 |
| 23372000 <sup>(9)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 24345888 | 0.3 |
| 2864000 <sup>(9)</sup> | TransDigm, Inc., 6.750%, 08/15/2028 | 2918032 | 0.0 |
| 11343000 <sup>(9)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 11823027 | 0.2 |
| 8889000 <sup>(9)</sup> | TransDigm, Inc., 7.125%, 12/01/2031 | 9353184 | 0.1 |
|  |  | **90779215** | **1.3** |
|  | **Technology: 0.5%** | **Technology: 0.5%** | **Technology: 0.5%** |
| 3537000 <sup>(5)(9)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 3457392 | 0.0 |
| 4891000 <sup>(5)</sup> | Booz Allen Hamilton, Inc., 5.950%, 08/04/2033 | 5098115 | 0.1 |
| 3065000 <sup>(9)</sup> | Capstone Borrower, Inc., 8.000%, 06/15/2030 | 3159628 | 0.0 |
| 918000 <sup>(5)</sup> | Crowdstrike Holdings, Inc., 3.000%, 02/15/2029 | 881708 | 0.0 |
| 4533000 <sup>(9)</sup> | Ellucian Holdings, Inc., 6.500%, 12/01/2029 | 4633410 | 0.1 |
| 4722000 <sup>(9)</sup> | Fair Isaac Corp., 6.000%, 05/15/2033 | 4865228 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 9106000 | MSCI, Inc., 5.250%, 09/01/2035 | 9169455 | 0.1 |
| 5309000 <sup>(9)</sup> | PTC, Inc., 4.000%, 02/15/2028 | 5249307 | 0.1 |
|  |  | **36514243** | **0.5** |
|  | **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| 9173000 <sup>(5)(10)</sup> | CenterPoint Energy, Inc., 5.950%, 04/01/2056 | 9270334 | 0.1 |
| 10051000 <sup>(10)</sup> | Entergy Corp., 5.875%, 06/15/2056 | 10051535 | 0.1 |
| 6816000 <sup>(10)</sup> | Entergy Corp., 6.100%, 06/15/2056 | 6808338 | 0.1 |
| 17763000 <sup>(10)</sup> | NiSource, Inc., 5.750%, 07/15/2056 | 17886951 | 0.3 |
|  |  | **44017158** | **0.6** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $497,582,161) | **512559903** | **7.4** |
| **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** |
|  | **Other Asset-Backed Securities: 0.1%** | **Other Asset-Backed Securities: 0.1%** | **Other Asset-Backed Securities: 0.1%** |
| 4483800 <sup>(9)</sup> | Domino's Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047 | 4461916 | 0.1 |
| 3561600 <sup>(9)</sup> | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 3435161 | 0.0 |
|  |  | **7897077** | **0.1** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $7,997,182) | **7897077** | **0.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $6,385,347,063) | **6811618057** | **97.5** |
| **SHORT-TERM INVESTMENTS: 5.8%** | **SHORT-TERM INVESTMENTS: 5.8%** | **SHORT-TERM INVESTMENTS: 5.8%** | **SHORT-TERM INVESTMENTS: 5.8%** |
|  | **Commercial Paper: 0.4%** | **Commercial Paper: 0.4%** | **Commercial Paper: 0.4%** |
| 2400000 <sup>(11)</sup> | ANZ Banking Group Ltd., 4.460%, 04/20/2026 | 2400268 | 0.0 |
| 2300000 <sup>(11)</sup> | Bank of Nova Scotia, 4.330%, 03/03/2026 | 2300394 | 0.0 |
| 900000 <sup>(11)</sup> | Commonwealth Bank of Australia, 4.530%, 02/25/2026 | 900124 | 0.0 |
| 1500000 <sup>(11)</sup> | Commonwealth Bank of Australia, 4.530%, 02/27/2026 | 1500215 | 0.0 |
| 2550000 <sup>(11)</sup> | HSBC Bank PLC, 4.000%, 06/17/2026 | 2553201 | 0.1 |
| 2300000 <sup>(11)</sup> | Macquarie Bank Ltd., 3.920%, 04/07/2026 | 2300465 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| 2000000 <sup>(11)</sup> | National Australia Bank Ltd., 4.320%, 03/06/2026 | $| 2000277 | 0.0 |
| 2400000 <sup>(11)</sup> | National Bank of Canada, 4.650%, 02/04/2026 |  | 2400497 | 0.1 |
| 2000000 <sup>(11)</sup> | Royal Bank of Canada, 4.320%, 03/10/2026 |  | 2000007 | 0.0 |
| 1900000 <sup>(11)</sup> | Svenska Handelsbanken AB, 4.320%, 03/23/2026 |  | 1901293 | 0.0 |
| 1150000 <sup>(11)</sup> | Swedbank AB, 4.540%, 02/20/2026 |  | 1150497 | 0.0 |
| 2350000 <sup>(11)</sup> | TotalEnergies Capital S.A., 4.380%, 01/20/2026 |  | 2345127 | 0.0 |
| 2600000 <sup>(11)</sup> | United Overseas Bank Ltd., 4.010%, 01/14/2026 |  | 2600043 | 0.1 |
| 2950000 <sup>(11)</sup> | Westpac Banking Corp., 3.820%, 01/02/2026 |  | 2950033 | 0.1 |
|  | Total Commercial Paper |  |  |  |
|  | (Cost $29,302,441) |  | **29302441** | **0.4** |
|  | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** | **Certificates of Deposits: 0.6%** |
| 1350000 <sup>(11)</sup> | Bank of America N.A., 4.540%, 02/09/2026 |  | 1350477 | 0.0 |
| 1400000 <sup>(11)</sup> | Bank of Montreal, 4.157%, 03/09/2026 |  | 1400221 | 0.0 |
| 850000 <sup>(11)</sup> | Bank of Montreal, 4.192%, 05/19/2026 |  | 850918 | 0.0 |
| 1600000 <sup>(10)(11)</sup> | Barclays Bank PLC, 3.943%, (SOFRRATE + 0.250%), 04/22/2026 |  | 1600325 | 0.0 |
| 2450000 <sup>(11)</sup> | BNP Paribas S.A., 4.330%, 03/16/2026 |  | 2451552 | 0.1 |
| 2750000 <sup>(11)</sup> | Canadian Imperial Bank of Commerce, 4.275%, 02/04/2026 |  | 2750604 | 0.1 |
| 2450000 <sup>(11)</sup> | Credit Agricole Corporate and Investment Bank, 4.276%, 04/14/2026 |  | 2452024 | 0.1 |
| 2500000 <sup>(11)</sup> | Credit Industriel et Commercial S.A., 4.171%, 03/16/2026 |  | 2501605 | 0.1 |
| 1000000 <sup>(11)</sup> | DZ Bank AG, 4.161%, 02/13/2026 |  | 1000125 | 0.0 |
| 1500000 <sup>(11)</sup> | Landesbank Baden-Wurttemberg, 4.175%, 03/11/2026 |  | 1500893 | 0.0 |
| 950000 <sup>(11)</sup> | Landesbank Baden-Wurttemberg, 4.199%, 05/18/2026 |  | 951022 | 0.0 |
| 2300000 <sup>(11)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.390%, 01/21/2026 |  | 2300835 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Certificates of Deposits (continued)** | **Certificates of Deposits (continued)** |  |
| 550000 <sup>(11)</sup> | Mitsubishi UFJ Trust & Banking Corp., 4.340%, 03/25/2026 | $550422 | 0.0 |
| 700000 <sup>(11)</sup> | Mitsubishi UFJ Trust & Banking Corp., 4.375%, 03/04/2026 | 700374 | 0.0 |
| 800000 <sup>(11)</sup> | Mitsubishi UFJ Trust & Banking Corp., 4.463%, 03/11/2026 | 800333 | 0.0 |
| 1850000 <sup>(11)</sup> | Mizuho Bank Ltd., 4.201%, 03/03/2026 | 1850315 | 0.0 |
| <sub>900000</sub> (10)(11) | Natixis S.A., 3.914%, (SOFRRATE + 0.200%), 03/09/2026 | 900193 | 0.0 |
| 1550000 <sup>(11)</sup> | Natixis S.A., 4.188%, 05/04/2026 | 1550201 | 0.0 |
| 1850000 <sup>(11)</sup> | Oversea Chinese Banking Corp. Ltd., 4.202%, 05/22/2026 | 1852068 | 0.0 |
| 600000 <sup>(11)</sup> | Oversea Chinese Banking Corp. Ltd., 4.377%, 03/10/2026 | 600332 | 0.0 |
| 2500000 <sup>(11)</sup> | Societe Generale S.A., 4.219%, 05/12/2026 | 2502797 | 0.1 |
| 2400000 <sup>(10)(11)</sup> | Standard Chartered Bank, 4.070%, (SOFRRATE + 0.380%), 01/22/2026 | 2400436 | 0.1 |
| 1950000 <sup>(11)</sup> | Sumitomo Mitsui Banking Corp., 4.177%, 03/06/2026 | 1950408 | 0.0 |
| 500000 <sup>(11)</sup> | Sumitomo Mitsui Banking Corp., 4.192%, 03/20/2026 | 500116 | 0.0 |
| 1100000 <sup>(11)</sup> | Sumitomo Mitsui Trust Bank Ltd., 4.200%, 02/26/2026 | 1100507 | 0.0 |
| 550000 <sup>(11)</sup> | Svenska Handelsbanken AB, 4.226%, 05/26/2026 | 550635 | 0.0 |
| 1400000 <sup>(11)</sup> | Swedbank AB, 3.910%, 02/20/2026 | 1400201 | 0.0 |
| 2200000 <sup>(11)</sup> | Toronto-Dominion Bank, 4.157%, 02/19/2026 | 2200426 | 0.0 |
|  | Total Certificates of Deposits |  |  |
|  | (Cost $42,520,365) | **42520365** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** |
| 6437432 <sup>(11)</sup> | Bethesda Securities, Repurchase Agreement dated 12/31/2025, 3.920%, due 01/02/2026 (Repurchase Amount $6,438,815, collateralized by various U.S. Government/U.S. Government Agency Obligations, 3.000%-4.810%, Market Value plus accrued interest $6,566,181, due 10/01/27-10/01/55) | $6437432 | 0.1 |
| 28833000 <sup>(11)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $28,839,225, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $29,417,811, due 01/31/26-11/15/55) | 28833000 | 0.4 |
| 1991657 <sup>(11)</sup> | Jefferies LLC, Repurchase Agreement dated 12/31/2025, 3.860%, due 01/02/2026 (Repurchase Amount $1,992,078, collateralized by various U.S. Government Securities, 1.625%-4.000%, Market Value plus accrued interest $2,031,490, due 01/15/27-04/15/30) | 1991657 | 0.0 |
| 13077211 <sup>(11)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 12/31/2025, 3.920%, due 01/02/2026 (Repurchase Amount $13,080,020, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $13,338,756, due 04/09/26-01/01/56) | 13077211 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 15279125 <sup>(11)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.910%, due 01/02/2026 (Repurchase Amount $15,282,399, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $15,588,093, due 01/29/26-12/01/55) | $15279125 | 0.2 |
| 11422509 <sup>(11)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $11,424,912, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $11,650,960, due 04/30/26-11/15/34) | 11422509 | 0.2 |
| 41299305 <sup>(11)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $41,308,289, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $41,996,588, due 04/15/28-02/15/55) | 41299305 | 0.6 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $118,340,239) | **118340239** | **1.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 3.1%** | **Mutual Funds: 3.1%** | **Mutual Funds: 3.1%** |
| 214410119 <sup>(12)</sup> | T. Rowe Price Government Reserve Investment Fund, 3.720% |  |  |
|  | (Cost $214,410,120) | $**214410120** | **3.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $404,573,165) | $**404573165** | **5.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $6,789,920,228)** | $**7216191222** | **103.3** |
|  | **Liabilities in Excess of Other Assets** | **(229979489)** | **(3.3)** |
|  | **Net Assets** | $**6986211733** | **100.0** |
| ADR | American Depositary Receipt |  |  |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security is pledged to cover open written call options at December 31, 2025. |
| <sup>(3)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $99,423,269 or 1.4% of net assets. Please refer to the table below for additional details. |
| <sup>(4)</sup> | Represents a commitment for future funding. |
| <sup>(5)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(6)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(7)</sup> | Preferred Stock may be called prior to convertible date. |
| <sup>(8)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(9)</sup> | 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. |
| <sup>(10)</sup> | Variable rate security. Rate shown is the rate in effect as of December 31, 2025. |
| <sup>(11)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(12)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

Currency Abbreviations:

EUR EU Euro

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| TSFR6M | 6-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $384596956 | $— | $— | $384596956 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 441725698 |  |  | 441725698 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 45644312 | 23546000 |  | 69190312 |
| &nbsp;&nbsp;&nbsp;Energy | 72258817 |  |  | 72258817 |
| &nbsp;&nbsp;&nbsp;Financials | 338119872 |  |  | 338119872 |
| &nbsp;&nbsp;&nbsp;Health Care | 898531509 |  |  | 898531509 |
| &nbsp;&nbsp;&nbsp;Industrials | 133291065 |  |  | 133291065 |
| &nbsp;&nbsp;&nbsp;Information Technology | 1613077353 | 11757244 |  | 1624834597 |
| &nbsp;&nbsp;&nbsp;Utilities | 456331827 |  |  | 456331827 |
| Total Common Stock | 4383577409 | 35303244 |  | 4418880653 |
| Asset-Backed Securities |  | 7897077 |  | 7897077 |
| Bank Loans |  | 670625109 |  | 670625109 |
| Corporate Bonds/Notes |  | 512559903 |  | 512559903 |
| Preferred Stock | 84620 | 3662415 | 64120025 | 67867060 |
| Short-Term Investments | 214410120 | 190163045 |  | 404573165 |
| U.S. Treasury Obligations |  | 1133788255 |  | 1133788255 |
| Total Investments, at fair value | $4598072149 | $2553999048 | $64120025 | $7216191222 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Written Options | $— | $(18889018) | $— | $(18889018) |
| Total Liabilities | $— | $(18889018) | $— | $(18889018) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |
| <sup>+</sup> | 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 December 31, 2025, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Keurig Dr Pepper, Inc., Series A | 12/24/2025 | $24016920 | $23546000 |
| Teamshares, Inc. | 11/14/2025 | 10501616 | 11757244 |
| Waymo LLC., Series A-2 | 5/8/2020 | 35484706 | 64120025 |
|  |  | $70003242 | $99423269 |

---

At December 31, 2025, the following OTC written equity options were outstanding for VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Exercise** | **Exercise** | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** **Call** | **Expiration**<br>**Date** | **Price** | **Price** | **Number of**<br>**Contracts** | **Amount** | **Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Abbott Laboratories | Bank of America N.A. Call | 01/16/26 | USD | 130.000 | 633 | USD | 7930857 | $350524 | $(24297) |
| Abbott Laboratories | Bank of America N.A. Call | 01/16/26 | USD | 140.000 | 346 | USD | 4335034 | 73445 | (457) |
| Abbott Laboratories | Bank of America N.A. Call | 01/16/26 | USD | 145.000 | 313 | USD | 3921577 | 179577 | (114) |
| Advanced Micro Devices, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 175.000 | 346 | USD | 7409936 | 499804 | (1397815) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Exercise** | **Exercise** | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** **Call** | **Expiration**<br>**Date** | **Price** | **Price** | **Number of**<br>**Contracts** | **Amount** | **Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Advanced Micro Devices, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 180.000 | 346 | USD | 7409936 | $443939 | $(1230915) |
| Alphabet, Inc. - Class A | UBS Securities LLC Call | 01/16/26 | USD | 205.000 | 346 | USD | 10857480 | 369085 | (3750569) |
| Alphabet, Inc. - Class A | UBS Securities LLC Call | 01/16/26 | USD | 215.000 | 346 | USD | 10857480 | 261355 | (3405332) |
| Alphabet, Inc. - Class A | UBS Securities LLC Call | 01/15/27 | USD | 340.000 | 136 | USD | 4267680 | 374201 | (522074) |
| Alphabet, Inc. - Class A | UBS Securities LLC Call | 01/15/27 | USD | 350.000 | 136 | USD | 4267680 | 338830 | (472173) |
| Alphabet, Inc. - Class A | UBS Securities LLC Call | 01/15/27 | USD | 360.000 | 136 | USD | 4267680 | 306181 | (426601) |
| Amazon.com, Inc. | Citigroup Global Markets Call | 01/16/26 | USD | 250.000 | 346 | USD | 7986372 | 394786 | (11203) |
| Amazon.com, Inc. | Citigroup Global Markets Call | 01/16/26 | USD | 260.000 | 346 | USD | 7986372 | 286142 | (3395) |
| Amphenol Corp. - Class A | UBS Securities LLC Call | 01/16/26 | USD | 115.000 | 200 | USD | 2702800 | 99382 | (410330) |
| Amphenol Corp. - Class A | UBS Securities LLC Call | 01/16/26 | USD | 120.000 | 200 | USD | 2702800 | 71386 | (314673) |
| Apple, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 235.000 | 346 | USD | 9406356 | 271575 | (1308663) |
| Apple, Inc. | Barclays Bank PLC Call | 01/16/26 | USD | 245.000 | 346 | USD | 9406356 | 175173 | (966224) |
| Canadian Natural Resources Ltd. | Barclays Bank PLC Call | 01/16/26 | USD | 32.500 | 1038 | USD | 3513630 | 126761 | (160403) |
| Canadian Natural Resources Ltd. | Barclays Bank PLC Call | 01/16/26 | USD | 35.000 | 1038 | USD | 3513630 | 76895 | (21698) |
| Danaher Corp. | UBS Securities LLC Call | 01/16/26 | USD | 220.000 | 276 | USD | 6318192 | 145714 | (305781) |
| Danaher Corp. | UBS Securities LLC Call | 01/16/26 | USD | 330.000 | 300 | USD | 6867600 | 485289 |  |
| Eli Lilly & Co. | Citigroup Global Markets Call | 01/16/26 | USD | 850.000 | 26 | USD | 2794168 | 126828 | (595556) |
| Eli Lilly & Co. | Citigroup Global Markets Call | 01/16/26 | USD | 890.000 | 26 | USD | 2794168 | 95732 | (492249) |
| Ingersoll Rand, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 95.000 | 368 | USD | 2915296 | 61460 | (72) |
| Ingersoll Rand, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 95.000 | 116 | USD | 918952 | 18169 | (23) |
| Ingersoll Rand, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 100.000 | 368 | USD | 2915296 | 29536 | (6) |
| Ingersoll Rand, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 100.000 | 116 | USD | 918952 | 7744 | (2) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 580.000 | 140 | USD | 7992320 | 379331 | (46494) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 585.000 | 138 | USD | 7878144 | 335238 | (27347) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 610.000 | 138 | USD | 7878144 | 206815 | (1864) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 620.000 | 70 | USD | 3996160 | 199162 | (377) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 01/16/26 | USD | 640.000 | 138 | USD | 7878144 | 133446 | (160) |
| Mastercard, Inc. - Class A | Barclays Bank PLC Call | 06/18/26 | USD | 670.000 | 138 | USD | 7878144 | 225216 | (71190) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 660.000 | 53 | USD | 4347537 | 186862 | (857570) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 680.000 | 52 | USD | 4265508 | 215438 | (737719) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 760.000 | 49 | USD | 4019421 | 144780 | (310641) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 760.000 | 20 | USD | 1640580 | 58621 | (126792) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 780.000 | 49 | USD | 4019421 | 111402 | (221949) |
| McKesson Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 780.000 | 20 | USD | 1640580 | 42824 | (90591) |
| Meta Platforms, Inc. - Class A | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 775.000 | 138 | USD | 9109242 | 591131 | (996) |
| Meta Platforms, Inc. - Class A | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 810.000 | 138 | USD | 9109242 | 432433 | (319) |
| Microsoft Corp. | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 565.000 | 138 | USD | 6673956 | 173815 | (46) |
| Microsoft Corp. | JPMorgan Chase Bank N.A. Call | 01/16/26 | USD | 590.000 | 138 | USD | 6673956 | 97683 | (6) |
| NVIDIA Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 190.000 | 380 | USD | 7087000 | 490086 | (149052) |
| NVIDIA Corp. | Goldman Sachs & Co. Call | 01/16/26 | USD | 200.000 | 380 | USD | 7087000 | 366031 | (41472) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Exercise** | **Exercise** | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** **Call** | **Expiration**<br>**Date** | **Price** | **Price** | **Number of**<br>**Contracts** | **Amount** | **Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 100.000 | 438 | USD | 3688398 | $280062 | $(567) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 100.000 | 116 | USD | 976836 | 63508 | (150) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 105.000 | 438 | USD | 3688398 | 199386 | (186) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 105.000 | 760 | USD | 6399960 | 179026 | (323) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 105.000 | 116 | USD | 976836 | 43894 | (49) |
| Starbucks Corp. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 125.000 | 301 | USD | 2534721 | 215817 | (6) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 01/16/26 | USD | 360.000 | 211 | USD | 7399981 | 296607 | (17268) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 01/16/26 | USD | 370.000 | 207 | USD | 7259697 | 324280 | (3147) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 01/16/26 | USD | 380.000 | 207 | USD | 7259697 | 147384 | (935) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 01/16/26 | USD | 390.000 | 228 | USD | 7996188 | 353585 | (410) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 01/16/26 | USD | 400.000 | 207 | USD | 7259697 | 127789 | (178) |
| Visa, Inc. - Class A | Goldman Sachs & Co. Call | 06/18/26 | USD | 395.000 | 207 | USD | 7259697 | 235359 | (115761) |
| Willis Towers Watson PLC | Bank of America N.A. Call | 01/16/26 | USD | 330.000 | 67 | USD | 2201620 | 64926 | (35953) |
| Willis Towers Watson PLC | Bank of America N.A. Call | 01/16/26 | USD | 340.000 | 67 | USD | 2201620 | 37428 | (12596) |
| Workday, Inc. - Class A | Wells Fargo Securities LLC Call | 01/16/26 | USD | 260.000 | 277 | USD | 5949406 | 341887 | (215) |
| Workday, Inc. - Class A | Wells Fargo Securities LLC Call | 01/16/26 | USD | 270.000 | 277 | USD | 5949406 | 268371 | (60) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 145.000 | 246 | USD | 3721488 | 65163 | (177812) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 160.000 | 319 | USD | 4825832 | 149416 | (11686) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 160.000 | 138 | USD | 2087664 | 45264 | (5055) |
| Yum! Brands, Inc. | Wells Fargo Securities LLC Call | 01/16/26 | USD | 165.000 | 138 | USD | 2087664 | 27186 | (1451) |
|  |  |  |  |  |  |  |  | $13526165 | $(18889018) |

---

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Written options, at fair value | $18889018 |
| **Total Liability Derivatives** |  | $18889018 |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Written**<br>**options** |
| Equity contracts | $8013533 |
| **Total** | $8013533 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Written**<br>**options** |
| Equity contracts | $(7439189) |
| **Total** | $(7439189) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Bank of**<br>**America N.A.** |<br>**Barclays Bank**<br>**PLC** |<br>**Citigroup**<br>**Global Markets** |<br>**Goldman**<br>**Sachs & Co.** | **JPMorgan**<br>**Chase Bank**<br>**N.A.** |<br>**UBS Securities**<br>**LLC** |<br>**Wells Fargo**<br>**Securities LLC** |<br>**Total** |
| **Liabilities:** | | | | | | | | |
| Written options | $73417 | $5233150 | $1102403 | $2673485 | $1367 | $9607533 | $197663 | $18889018 |
| **Total Liabilities** | $73417 | $5233150 | $1102403 | $2673485 | $1367 | $9607533 | $197663 | $18889018 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(73417) | $(5233150) | $(1102403) | $(2673485) | $(1367) | $(9607533) | $(197663) | $(18889018) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(73417) | $(5233150) | $(1102403) | $(2673485) | $(1367) | $(9607533) | $(197663) | $(18889018) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

At December 31, 2025, 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 U.S. federal income tax purposes was $6,818,829,448.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $510278883 |
| Gross Unrealized Depreciation | (127690396) |
| Net Unrealized Appreciation | $382588487 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |
|  | **Communication Services: 6.8%** | **Communication Services: 6.8%** | **Communication Services: 6.8%** |
| 18352 | Alphabet, Inc. - Class A | $5744176 | 2 |
| 13749 | Alphabet, Inc. - Class C | 4314436 | 1.5 |
| 45860 | Comcast Corp. - Class A | 1370755 | 0.5 |
| 2545 | Meta Platforms, Inc. - Class A | 1679929 | 0.6 |
| 89248 | News Corp. - Class A | 2331158 | 0.8 |
| 5736 | T-Mobile US, Inc. | 1164638 | 0.4 |
| 25338 | Walt Disney Co. | 2882704 | 1 |
|  |  | **19487796** | **6.8** |
|  | **Consumer Discretionary: 4.1%** | **Consumer Discretionary: 4.1%** | **Consumer Discretionary: 4.1%** |
| 19149 <sup>(1)</sup> | Amazon.com, Inc. | 4419972 | 1.5 |
| 7492 | Home Depot, Inc. | 2577997 | 0.9 |
| 56648 | Las Vegas Sands Corp. | 3687218 | 1.3 |
| 58584 <sup>(1)</sup> | Mattel, Inc. | 1162307 | 0.4 |
|  |  | **11847494** | **4.1** |
|  | **Consumer Staples: 6.8%** | **Consumer Staples: 6.8%** | **Consumer Staples: 6.8%** |
| 48033 | Colgate-Palmolive Co. | 3795568 | 1.3 |
| 33273 | Conagra Brands, Inc. | 575955 | 0.2 |
| 122031 | Kenvue, Inc. | 2105035 | 0.7 |
| 7408 | Keurig Dr Pepper, Inc. | 207498 | 0.1 |
| 21885 | Kimberly-Clark Corp. | 2207978 | 0.8 |
| 21812 | Philip Morris International, Inc. | 3498645 | 1.2 |
| 22821 | Procter & Gamble Co. | 3270477 | 1.1 |
| 38556 | Tyson Foods, Inc. - Class A | 2260153 | 0.8 |
| 14115 | Walmart, Inc. | 1572552 | 0.6 |
|  |  | **19493861** | **6.8** |
|  | **Energy: 8.3%** | **Energy: 8.3%** | **Energy: 8.3%** |
| 18990 | Chesapeake Energy Corp. | 2095736 | 0.7 |
| 13898 | Chevron Corp. | 2118194 | 0.7 |
| 41291 | ConocoPhillips | 3865251 | 1.3 |
| 13340 | EOG Resources, Inc. | 1400833 | 0.5 |
| 15890 | EQT Corp. | 851704 | 0.3 |
| 27920 | Exxon Mobil Corp. | 3359893 | 1.2 |
| 6300 | Kinder Morgan, Inc. | 173187 | 0.1 |
| 4004 | Phillips 66 | 516676 | 0.2 |
| 41395 | Schlumberger NV | 1588740 | 0.6 |
| 34746 | South Bow Corp. (CAD) | 955638 | 0.3 |
| 22351 | TC Energy Corp. | 1229529 | 0.4 |
| 71042 | TotalEnergies SE | 4631792 | 1.6 |
| 20430 | Williams Cos., Inc. | 1228047 | 0.4 |
|  |  | **24015220** | **8.3** |
|  | **Financials: 22.6%** | **Financials: 22.6%** | **Financials: 22.6%** |
| 9751 | Allstate Corp. | 2029671 | 0.7 |
| 44523 | American International Group, Inc. | 3808943 | 1.3 |
| 5379 | Apollo Global Management, Inc. | 778664 | 0.3 |
| 88196 | Bank of America Corp. | 4850780 | 1.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1980 | Capital One Financial Corp. | $| 479873 | 0.2 |
| 54664 | Charles Schwab Corp. |  | 5461480 | 1.9 |
| 12547 | Chubb Ltd. |  | 3916170 | 1.4 |
| 50342 | Citigroup, Inc. |  | 5874408 | 2 |
| 26708 | Corebridge Financial, Inc. |  | 805780 | 0.3 |
| 76751 | Equitable Holdings, Inc. |  | 3657185 | 1.3 |
| 65430 | Fifth Third Bancorp |  | 3062778 | 1.1 |
| 13337 <sup>(1)</sup> | Fiserv, Inc. |  | 895846 | 0.3 |
| 3737 | Global Payments, Inc. |  | 289244 | 0.1 |
| 11402 | Hartford Financial Services Group, Inc. |  | 1571196 | 0.5 |
| 171536 | Huntington Bancshares, Inc. |  | 2976150 | 1 |
| 17109 | JPMorgan Chase & Co. |  | 5512862 | 1.9 |
| 33570 | Loews Corp. |  | 3535257 | 1.2 |
| 74140 | MetLife, Inc. |  | 5852611 | 2 |
| 3164 | Morgan Stanley |  | 561705 | 0.2 |
| 13433 | State Street Corp. |  | 1732991 | 0.6 |
| 72676 | US Bancorp |  | 3877991 | 1.3 |
| 40105 | Wells Fargo & Co. |  | 3737786 | 1.3 |
|  |  |  | **65269371** | **22.6** |
|  | **Health Care: 13.5%** | **Health Care: 13.5%** | **Health Care: 13.5%** | **Health Care: 13.5%** |
| 24291 | AstraZeneca PLC, ADR |  | 2233072 | 0.8 |
| 22158 | Becton Dickinson and Co. |  | 4300203 | 1.5 |
| 5235 <sup>(1)</sup> | Biogen, Inc. |  | 921308 | 0.3 |
| 25999 | Bristol-Myers Squibb Co. |  | 1402386 | 0.5 |
| 875 | Cardinal Health, Inc. |  | 179812 | 0.1 |
| 9295 | Cigna Group |  | 2558263 | 0.9 |
| 48820 | CVS Health Corp. |  | 3874355 | 1.3 |
| 12724 | Elevance Health, Inc. |  | 4460398 | 1.5 |
| 1435 | Humana, Inc. |  | 367547 | 0.1 |
| 6715 | Johnson & Johnson |  | 1389669 | 0.5 |
| 25812 | Medtronic PLC |  | 2479501 | 0.9 |
| 25719 | Merck & Co., Inc. |  | 2707182 | 0.9 |
| 2900 | Novo Nordisk A/S, ADR |  | 147552 | 0 |
| 11106 | Sanofi |  | 1074562 | 0.4 |
| 12411 | Sanofi, ADR |  | 601437 | 0.2 |
| 2820 | Thermo Fisher Scientific, Inc. |  | 1634049 | 0.6 |
| 6914 | UnitedHealth Group, Inc. |  | 2282381 | 0.8 |
| 217500 | Viatris, Inc. |  | 2707875 | 0.9 |
| 40257 | Zimmer Biomet Holdings, Inc. |  | 3619909 | 1.3 |
|  |  |  | **38941461** | **13.5** |
|  | **Industrials: 13.7%** | **Industrials: 13.7%** | **Industrials: 13.7%** | **Industrials: 13.7%** |
| 3955 | 3M Co. |  | 633195 | 0.2 |
| 11949 | AGCO Corp. |  | 1246520 | 0.4 |
| 17654 <sup>(1)</sup> | Boeing Co. |  | 3833036 | 1.3 |
| 82624 | CSX Corp. |  | 2995120 | 1.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1512 | Cummins, Inc. | $| 771800 | 0.3 |
| 4611 | Dover Corp. |  | 900252 | 0.3 |
| 42339 | Fortive Corp. |  | 2337536 | 0.8 |
| 11309 | GE Aerospace |  | 3483511 | 1.2 |
| 15236 | L3Harris Technologies, Inc. |  | 4472833 | 1.6 |
| 5167 <sup>(1)</sup> | Middleby Corp. |  | 768178 | 0.3 |
| 1968 | Norfolk Southern Corp. |  | 568201 | 0.2 |
| 5395 | Rockwell Automation, Inc. |  | 2099033 | 0.7 |
| 13584 | Siemens AG, Reg |  | 3804556 | 1.3 |
| 84195 | Southwest Airlines Co. |  | 3479779 | 1.2 |
| 49193 | Stanley Black & Decker, Inc. |  | 3654056 | 1.3 |
| 7808 | Union Pacific Corp. |  | 1806147 | 0.6 |
| 25304 | United Parcel Service, Inc. - Class B |  | 2509904 | 0.9 |
|  |  |  | **39363657** | **13.7** |
|  | **Information Technology: 10.1%** | **Information Technology: 10.1%** | **Information Technology: 10.1%** | **Information Technology: 10.1%** |
| 7234 | Accenture PLC - Class A |  | 1940882 | 0.7 |
| 9466 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 2027238 | 0.7 |
| 10004 | Applied Materials, Inc. |  | 2570928 | 0.9 |
| 45935 <sup>(1)</sup> | Intel Corp. |  | 1695001 | 0.6 |
| 6166 | Microsoft Corp. |  | 2982001 | 1 |
| 34475 | Qualcomm, Inc. |  | 5896949 | 2 |
| 22456 | Ralliant Corp. |  | 1143235 | 0.4 |
| 13189 | Salesforce, Inc. |  | 3493898 | 1.2 |
| 53172 | Samsung Electronics Co. Ltd. |  | 4456606 | 1.5 |
| 1561 | TE Connectivity PLC |  | 355143 | 0.1 |
| 497 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 253833 | 0.1 |
| 14128 | Texas Instruments, Inc. |  | 2451067 | 0.9 |
|  |  |  | **29266781** | **10.1** |
|  | **Materials: 2.9%** | **Materials: 2.9%** | **Materials: 2.9%** | **Materials: 2.9%** |
| 3679 | Avery Dennison Corp. |  | 669137 | 0.2 |
| 37629 | CF Industries Holdings, Inc. |  | 2910227 | 1 |
| 88908 | International Paper Co. |  | 3502086 | 1.2 |
| 23221 | West Fraser Timber Co. Ltd. |  | 1419035 | 0.5 |
|  |  |  | **8500485** | **2.9** |
|  | **Real Estate: 3.5%** | **Real Estate: 3.5%** | **Real Estate: 3.5%** | **Real Estate: 3.5%** |
| 6408 | CubeSmart |  | 231009 | 0.1 |
| 57023 | Equity Residential |  | 3594730 | 1.2 |
| 13080 | PotlatchDeltic Corp. |  | 520322 | 0.2 |
| 61888 | Rayonier, Inc. |  | 1339875 | 0.5 |
| 44610 | Rexford Industrial Realty, Inc. |  | 1727299 | 0.6 |
| 3989 | Sun Communities, Inc. |  | 494277 | 0.2 |
| 87161 | Weyerhaeuser Co. |  | 2064844 | 0.7 |
|  |  |  | **9972356** | **3.5** |
|  | **Utilities: 5.9%** | **Utilities: 5.9%** | **Utilities: 5.9%** | **Utilities: 5.9%** |
| 29645 | Alliant Energy Corp. |  | 1927221 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 28632 | Ameren Corp. | $2859192 | 1 |
| 5564 | Dominion Energy, Inc. | 325995 | 0.1 |
| 30310 | NextEra Energy, Inc. | 2433287 | 0.9 |
| 29684 | Sempra Energy | 2620800 | 0.9 |
| 63644 | Southern Co. | 5549757 | 1.9 |
| 15616 | Xcel Energy, Inc. | 1153398 | 0.4 |
|  |  | **16869650** | **5.9** |
|  | Total Common Stock |  |  |
|  | (Cost $220,434,356) | **283028132** | **98.2** |
| **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** |
|  | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** |
| 1662 | Volkswagen AG | 202828 | 0.1 |
|  | **Industrials: 0.5%** | **Industrials: 0.5%** | **Industrials: 0.5%** |
| 21266 | Boeing Co. | 1478519 | 0.5 |
|  | **Utilities: 0.2%** | **Utilities: 0.2%** | **Utilities: 0.2%** |
| 14585 | Southern Co. | 734501 | 0.2 |
|  | Total Preferred Stock |  |  |
|  | (Cost $1,971,159) | **2415848** | **0.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $222,405,515) | **285443980** | **99.0** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 1147910 <sup>(2)</sup> | T. Rowe Price Government Reserve Fund, 3.720% |  |  |
|  | (Cost $1,147,910) | $**1147910** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,147,910) | **1147910** | **0.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $223,553,425)** | $**286591890** | **99.4** |
|  | **Assets in Excess of Other Liabilities** | **1773748** | **0.6** |
|  | **Net Assets** | $**288365638** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

------

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $19487796 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $19487796 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11847494 |  |  | 11847494 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 19493861 |  |  | 19493861 |
| &nbsp;&nbsp;&nbsp;Energy | 19383428 | 4631792 |  | 24015220 |
| &nbsp;&nbsp;&nbsp;Financials | 65269371 |  |  | 65269371 |
| &nbsp;&nbsp;&nbsp;Health Care | 37866899 | 1074562 |  | 38941461 |
| &nbsp;&nbsp;&nbsp;Industrials | 35559101 | 3804556 |  | 39363657 |
| &nbsp;&nbsp;&nbsp;Information Technology | 24810175 | 4456606 |  | 29266781 |
| &nbsp;&nbsp;&nbsp;Materials | 8500485 |  |  | 8500485 |
| &nbsp;&nbsp;&nbsp;Real Estate | 9972356 |  |  | 9972356 |
| &nbsp;&nbsp;&nbsp;Utilities | 16869650 |  |  | 16869650 |
| Total Common Stock | 269060616 | 13967516 |  | 283028132 |
| Preferred Stock |  | 2415848 |  | 2415848 |
| Short-Term Investments | 1147910 |  |  | 1147910 |
| Total Investments, at fair value | $270208526 | $16383364 | $— | $286591890 |

---

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| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |

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At December 31, 2025, 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 U.S. federal income tax purposes was $224,553,699. | Cost for U.S. federal income tax purposes was $224,553,699. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $73411144 |
| Gross Unrealized Depreciation | (11370084) |
| Net Unrealized Appreciation | $62041060 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** | <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Government Liquid Assets Portfolio | Voya Government Liquid Assets Portfolio |  | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio |  |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0401 | &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.0009 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.0376 | &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.1002 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.0361 | &nbsp;&nbsp;&nbsp;Class S | NII | $0.0541 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0007 | &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.0320 |
|  |  |  | &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.1227 |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio | VY<sup>®</sup> CBRE Global Real Estate Portfolio |  | &nbsp;&nbsp;&nbsp;All Classes | LTCG | $4.5738 |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2443 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.3109 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio |  |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.2811 | &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.4849 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2514 | &nbsp;&nbsp;&nbsp;Class I | NII | $0.6239 |
|  |  |  | &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.6239 |
| VY<sup>®</sup> Invesco Growth and Income Portfolio | VY<sup>®</sup> Invesco Growth and Income Portfolio |  | &nbsp;&nbsp;&nbsp;Class S | NII | $0.5600 |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.6551 | &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.5284 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.8030 | &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.7598 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.6383 | &nbsp;&nbsp;&nbsp;All Classes | LTCG | $3.3577 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.1157 |  |  |  |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0784 | VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | VY<sup>®</sup> T. Rowe Price Equity Income Portfolio |  |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $4.1631 | &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1296 |
|  |  |  | &nbsp;&nbsp;&nbsp;Class I | NII | $0.1880 |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio |  | &nbsp;&nbsp;&nbsp;Class S | NII | $0.1623 |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2606 | &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.1481 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.3412 | &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0283 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.3025 | &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.1771 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2806 |  |  |  |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $2.9863 |  |  |  |
| &nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1997 |  |  |  |

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NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

ROC – Return of capital

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

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| | |
|:---|:---|
| VY<sup>®</sup> CBRE Global Real Estate Portfolio | 1.01% |
| VY<sup>®</sup> Invesco Growth and Income Portfolio | 100.0% |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | 2.11% |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | 100.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | 11.7% |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | 100.0% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| VY<sup>®</sup> Invesco Growth and Income Portfolio | $26883784 |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | $55772983 |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | $84990170 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | $780422955 |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | $30112483 |

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TAX INFORMATION (UNAUDITED) (CONTINUED)

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

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| | | | |
|:---|:---|:---|:---|
|  |<br>**Creditable Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary Income**<br>**Derived from**<br>**Foreign Sourced Income\*** |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | $1363063 | $0.1182 | 71.61% |

---

\* None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS, SUB-ADVISORY CONTRACTS AND SUB-SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio, VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio, and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio, each a series of the Trust (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved for an additional one-year period ending November 30, 2026: (1) the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolios; (2) the sub-advisory contracts (the "Sub-Advisory Contracts") with Voya Investment Management Co. LLC, CBRE Investment Management Listed Real Assets LLC, Invesco Advisers, Inc., J.P. Morgan Investment Management Inc., and T. Rowe Price Associates, Inc., the respective sub-advisers to each Portfolio (the "Sub-Advisers"); and (3) the sub-sub-advisory contracts (the "Sub-Sub-Advisory Contracts" and, together with the Management Contracts and Sub-Advisory Contracts, the "Contracts") between Morgan Stanley Investment Management Limited, the sub-sub-adviser to VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, and T. Rowe Price Investment Management, Inc., the sub-sub-adviser to VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio (the "Sub-Sub-Advisers").

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers or Sub-Sub-Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts,

and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory and sub-sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management, sub-advisory, and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager, a Sub-Adviser, or a Sub-Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers and their sub-sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers and their sub-sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' and Sub-Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and sub-sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers and sub-sub-advisers, or allocation among sub-advisers and sub-sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's and Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser and Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser and Sub-Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Advisers, and Sub-Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers and Sub-Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager, the Sub-Advisers, and the Sub-Sub-Advisers,

and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser and Sub-Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management, sub-advisory and sub-sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Advisers, and Sub-Sub-Advisers if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers, or Sub-Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory and sub-sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Advisers, and Sub-Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

------

companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager, Sub-Advisers, or Sub-Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers and Sub-Sub-Advisers with respect to sub-advisory and sub-sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Advisers are responsible for paying the fees of the Sub-Sub-Advisers.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group and which additional services the Manager pays for on behalf of certain of the Portfolios under the "bundled fee" arrangement in return for a single management fee ("Unified Fee Structure"). The Board also considered the compensation payable by the Manager to each Sub-Adviser, and by the Sub-Advisers to their Sub-Sub-Adviser, for sub-advisory and sub-sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser and Sub-Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser and Sub-Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rates payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios

and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Advisers and Sub-Sub-Advisers, which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers and Sub-Sub-Advisers with respect to the negotiation of sub-advisory and sub-sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers and sub-sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Advisers, and Sub-Sub-Advisers and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's, Sub-Advisers', and Sub-Sub-Advisers' potential fall-out benefits were not unreasonable.

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11,

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

------

2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels, and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Government Liquid Assets Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Government Liquid Assets Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025, the Portfolio outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**VY** **<sup>®</sup> CBRE Global Real Estate Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> CBRE Global Real Estate Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year and five-year periods, the third quintile for the ten-year period, and the fourth quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its

performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

**VY** **<sup>®</sup> Invesco Growth and Income Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the third quintile for the three-year and ten-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**VY** **<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date period, the second quintile for the ten-year period, the fourth quintile for the one-year and three-year periods, and the fifth quintile for the five-year period; and (2)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

------

the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and ten-year periods, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and (c) the Portfolio's net expense ratio is ranked in the fifth quintile.

In analyzing this fee data, the Board took into account: (1) the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive.

**VY** **<sup>®</sup> Morgan Stanley Global Franchise Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date and ten-year periods, the second quintile for the one-year period, the fourth quintile for the three-year period, and the fifth quintile for the five-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and ten-year periods, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and

(c) the Portfolio's net expense ratio is ranked in the fifth quintile.

In analyzing this fee data, the Board took into account management's representations regarding: (1) the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure; (2) its continued evaluation of potential changes to the Portfolio; and (3) that, as a result of the Board's request during the 2025 annual contract renewal cycle, the unified management fee was reduced for the Portfolio, effective January 1, 2026.

**VY** **<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods and the third quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**VY** **<sup>®</sup> T. Rowe Price Equity Income Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Equity Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date period, the third quintile for the one-year, five-year and ten-year periods, and the fourth quintile for the three-year period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

------

exception of the one-year and three-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VIT1AISS2 (1225)**

![](tm263417d1_vitbk2funfinimg1.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S and S2

**Voya Investors Trust**

**■** Voya Balanced Income Portfolio ■ Voya Limited Maturity Bond Portfolio

**■** Voya High Yield Portfolio ■ Voya U.S. Stock Index Portfolio

■ Voya Large Cap Growth Portfolio ■ VY <sup>®</sup> CBRE Real Estate Portfolio

■ Voya Large Cap Value Portfolio ■ VY <sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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| | |
|:---|:---|
| ![](tm263417d1_vitbk2funfinimg2.jpg) | E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d1_vitbk2funfinimg3.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#bk2funfin_001) | [1](#bk2funfin_001) |
| [Statements of Assets and Liabilities](#bk2funfin_002) | [2](#bk2funfin_002) |
| [Statements of Operations](#bk2funfin_003) | [7](#bk2funfin_003) |
| [Statements of Changes in Net Assets](#statntasst) | [10](#statntasst) |
| [Financial Highlights](#finhigh) | [14](#finhigh) |
| [Notes to Financial Statements](#nottofin) | [19](#nottofin) |
| [Portfolios of Investments](#prtfolio_07) | [42](#prtfolio_07) |
| [Tax Information](#taxinfo_015) | [107](#taxinfo_015) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#adv_017) | [109](#adv_017) |
| [Shareholder Meeting Information](#shrholdmeet_017) | [118](#shrholdmeet_017) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Shareholders of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY<sup>®</sup> CBRE Real Estate Portfolio and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio and the Board of Trustees of Voya Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY<sup>®</sup> CBRE Real Estate Portfolio and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (collectively referred to as the "Portfolios") (eight of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (eight of the portfolios constituting Voya Investors Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d1_vitbk2funfinimg4.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced**<br>**Income Portfolio** | **Voya High Yield**<br>**Portfolio** | **Voya Large Cap**<br>**Growth Portfolio** | **Voya Large Cap**<br>**Value Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $148427669 | $299693452 | $3674209582 | $519049760 |
| Investments in affiliated underlying funds at fair value<sup>\*\*</sup> | 219777990 |  |  |  |
| Short-term investments at fair value† | 3320733 | 13341968 | 40276484 | 4850000 |
| Cash | 2866318 | 34957 | 517562 | 66995 |
| Cash collateral for futures contracts | 72397 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 670000 |  |  |  |
| Foreign currencies at value‡ |  |  |  | 6373 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 3641442 |  |  | 18704586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 109310 | 360052 | 554638 | 204572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 116342 | 40940 | 536873 | 511763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 18373 | 5733322 | 1696 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 148310 |  | 56643 | 36472 |
| Unrealized appreciation on forward foreign currency contracts | 60 |  |  |  |
| Prepaid expenses | 1796 |  | 7268 | 1836 |
| Reimbursement due from Investment Adviser | 103852 |  | 91828 | 65933 |
| Other assets | 69036 | 23654 | 238621 | 49710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 379343628 | 319228345 | 3716491195 | 543548130 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | 3740785 | 769600 |  | 20254075 |
| Payable for fund shares redeemed | 68340 | 312245 | 5792131 | 91289 |
| Payable upon receipt of securities loaned | 1877733 |  | 1533484 |  |
| Unrealized depreciation on forward foreign currency contracts | 680214 |  |  |  |
| Variation margin payable on futures contracts | 7360 |  |  |  |
| Cash received as collateral for OTC derivatives (Note 2) | 20000 |  |  |  |
| Payable for unified fees |  | 127829 |  |  |
| Payable for investment management fees | 120502 |  | 2084627 | 332627 |
| Payable for distribution and shareholder service fees | 24903 | 33470 | 394330 | 25019 |
| Payable to custodian due to foreign currency overdraft§ | 7591 |  |  |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 69036 | 23654 | 238621 | 49710 |
| Payable for trustee fees | 483 |  | 1636 | 1323 |
| Payable for shareholder notification costs (Note 6) | 57738 |  |  |  |
| Other accrued expenses and liabilities | 115173 | – | 688461 | 173164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6789858 | 1266798 | 10733290 | 20927207 |
| **NET ASSETS** | $372553770 | $317961547 | $3705757905 | $522620923 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced**<br>**Income Portfolio** | **Voya High Yield**<br>**Portfolio** | **Voya Large Cap**<br>**Growth Portfolio** | **Voya Large Cap**<br>**Value Portfolio** |
| **NET ASSETS WERE COMPRISED OF:** | | | | |
| Paid-in capital | $322292986 | $397256949 | $2290401624 | $413541485 |
| Total distributable earnings (loss) | 50260784 | (79295402) | 1415356281 | 109079438 |
| **NET ASSETS** | $372553770 | $317961547 | $3705757905 | $522620923 |
| + Including securities loaned at value | $1692698 | $— | $1475975 | $— |
| \* Cost of investments in securities | $106980152 | $296112005 | $2634863419 | $462702095 |
| \*\* Cost of investments in affiliated underlying funds | $219950573 | $— | $— | $— |
| † Cost of short-term investments | $3320733 | $13341968 | $40276484 | $4850000 |
| ‡ Cost of foreign currencies | $— | $— | $— | $6260 |
| § Cost of foreign currency overdraft | $7719 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced**<br>**Income Portfolio** | **Voya High Yield**<br>**Portfolio** | **Voya Large Cap**<br>**Growth Portfolio** | **Voya Large Cap**<br>**Value Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $44888135 | $55206915 | $698771758 | $43858586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4625032 | 6216799 | 50180357 | 8252755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.71 | $8.88 | $13.93 | $5.31 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $318822526 | $238586037 | $2558374329 | $359107960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 30796570 | 26849355 | 135384627 | 59821674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.35 | $8.89 | $18.90 | $6.00 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | $72918205 | $108545131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | 3851401 | 18241893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | n/a | $18.93 | $5.95 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $8840040 | $22628055 | $325184515 | $10963183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 863248 | 2548185 | 18919589 | 1973035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.24 | $8.88 | $17.19 | $5.56 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3069 | $1540540 | $50509098 | $146063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 299 | 173283 | 3043683 | 26200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.27 | $8.89 | $16.59 | $5.58 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited<br> Maturity Bond**<br>**Portfolio** | **Voya U.S. Stock**<br>**Index Portfolio** | **VY<sup>®</sup> CBRE Real**<br>**Estate Portfolio** | **VY<sup>®</sup> JPMorgan<br> Small Cap Core**<br>**Equity Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $258524920 | $2618458548 | $140924406 | $282753780 |
| Short-term investments at fair value† | 31718685 | 38409468 | 1777450 | 23645656 |
| Cash | 4946 | 830573 |  |  |
| Cash collateral for futures contracts | 719589 | 1590846 |  | 315000 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  | 306886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 68708 | 1183245 | 1105330 | 44147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 8680 | 1412792 | 461901 | 281441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 2013519 |  |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  |  | 1140 | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | 709776 |  |  |
| Prepaid expenses |  |  | 557 |  |
| Reimbursement due from Investment Adviser |  |  | 101967 |  |
| Other assets | 10923 | 156314 | 16567 | 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 293069970 | 2662751562 | 144389318 | 307393043 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | 550000 |  | 204969 |  |
| Payable for fund shares redeemed | 215710 | 9675370 | 59589 | 793516 |
| Payable upon receipt of securities loaned | 7758092 | 451468 | 884000 | 13383835 |
| Variation margin payable on futures contracts | 18745 |  |  | 30076 |
| Payable for unified fees | 66082 | 588146 |  | 226706 |
| Payable for investment management fees |  |  | 103320 |  |
| Payable for distribution and shareholder service fees | 7462 | 118233 | 39473 | 65988 |
| Payable to custodian due to bank overdraft |  |  |  | 1961430 |
| Payable to trustees under the deferred |  |  |  |  |
| compensation plan (Note 6) | 10923 | 156314 | 16567 | 20595 |
| Payable for trustee fees |  |  | 382 |  |
| Other accrued expenses and liabilities |  |  | 195955 |  |
| Written options, at fair value^ | 17263 | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8644277 | 10989531 | 1504255 | 16482146 |
| **NET ASSETS** | $284425693 | $2651762031 | $142885063 | $290910897 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $306961092 | $348411338 | $144062941 | $235086022 |
| Total distributable earnings (loss) | (22535399) | 2303350693 | (1177878) | 55824875 |
| **NET ASSETS** | $284425693 | $2651762031 | $142885063 | $290910897 |
| + Including securities loaned at value | $7596292 | $435841 | $863094 | $13021684 |
| \* Cost of investments in securities | $256653988 | $1482374642 | $135133191 | $267323869 |
| † Cost of short-term investments | $31719752 | $38409468 | $1777450 | $23645656 |
| ^ Premiums received on written options | $49628 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited<br> Maturity Bond**<br>**Portfolio** | **Voya U.S. Stock**<br>**Index Portfolio** | **VY<sup>®</sup> CBRE Real**<br>**Estate Portfolio** | **VY<sup>®</sup> JPMorgan<br> Small Cap Core**<br>**Equity Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10095747 | $95877662 | $29591785 | $97229871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1074211 | 4891766 | 1159890 | 7713909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.40 | $19.60 | $25.51 | $12.60 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $263276102 | $2319524597 | $2281272 | $101298038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 27450495 | 110127755 | 82266 | 6821759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.59 | $21.06 | $27.73 | $14.85 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | n/a | $27038653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | n/a | 1823446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | n/a | n/a | $14.83 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $11053844 | $38502143 | $105387132 | $63785336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1144332 | 1861595 | 3791990 | 4442571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.66 | $20.68 | $27.79 | $14.36 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $197857629 | $5624874 | $1558999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 9839204 | 203778 | 111306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $20.11 | $27.60 | $14.01 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced**<br>**Income Portfolio** | **Voya High Yield**<br>**Portfolio** | **Voya Large Cap**<br>**Growth Portfolio** | **Voya Large Cap**<br>**Value Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $5381943 | $388805 | $12277669 | $10554624 |
| Dividends from affiliated underlying funds | 4093146 |  |  |  |
| Interest, net of foreign taxes withheld\* | 10185464 | 20586522 | 6485 | 2302 |
| Securities lending income, net | 10993 | 73132 | 2532 | 2223 |
| Other | 3348 | 2147 | 15118 | 3692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 19674894 | 21050606 | 12301804 | 10562841 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 2618862 |  | 15813205 | 3954760 |
| Unified fees |  | 1550986 |  |  |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 271261 | 336894 | 2428251 | 263398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 284060 | 62287 | 744471 | 31584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 6546 | 6158 | 175457 | 738 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 26013 |  | 211239 | 48364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 181856 |  | 816774 | 394001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 9 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 59604 |  | 154244 | 14005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 852 |  | 22772 | 204 |
| Shareholder reporting expense | 38766 |  | 82031 | 36614 |
| Professional fees | 40793 |  | 183774 | 44718 |
| Proxy and solicitation costs (Note 6) |  |  |  | 164000 |
| Custody and accounting expense | 133289 |  | 185885 | 40150 |
| Shareholder notification costs (Note 6) | 58600 |  |  |  |
| Trustee fees and expenses | 14871 | 25068 | 16361 | 13233 |
| Miscellaneous expense | 77700 |  | 234984 | 40906 |
| Interest expense | 3685 |  |  | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3816758 | 1981393 | 21069457 | 5048232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (443054) | (47484) | (1335147) | (909972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3373704 | 1933909 | 19734310 | 4138260 |
| Net investment income (loss) | 16301190 | 19116697 | (7432506) | 6424581 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 35723569 | 2662445 | 398261933 | 54693738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 997862 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (715717) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (88193) |  |  | (3073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 2950867 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 674023 | 277343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 765021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 40307432 | 2939788 | 398261933 | 54690665 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (766710) | 4013660 | (20996529) | 4865854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 336938 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (1065519) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 15657 |  | 488 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (150736) |  |  |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced**<br>**Income Portfolio** | **Voya High Yield**<br>**Portfolio** | **Voya Large Cap**<br>**Growth Portfolio** | **Voya Large Cap**<br>**Value Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 92487 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 110477 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1427406) | 4013660 | (20996041) | 4870282 |
| Net realized and unrealized gain | 38880026 | 6953448 | 377265892 | 59560947 |
| **Increase in net assets resulting from operations** | $55181216 | $26070145 | $369833386 | $65985528 |
| \* Foreign taxes withheld | $153820 | $— | $100792 | $16775 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited<br> Maturity Bond**<br>**Portfolio** | **Voya U.S. Stock**<br>**Index Portfolio** | **VY<sup>®</sup> CBRE Real**<br>**Estate Portfolio** | **VY<sup>®</sup> JPMorgan<br> Small Cap Core**<br>**Equity Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $213250 | $46924042 | $4542313 | $3751457 |
| Interest | 12904388 | 173051 | 59 | 17677 |
| Securities lending income, net | 15056 | 7900 | 2704 | 67570 |
| Other | 1881 | 25748 | 1072 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13134575 | 47130741 | 4546148 | 3839045 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees |  |  | 1298403 |  |
| Unified fees | 744719 | 9401783 |  | 2805475 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 61373 | 498274 | 190800 | 593898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 37157 | 108917 | 281865 | 176632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 765369 | 23414 | 6830 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  |  | 46376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 3427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  |  | 164254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  |  | 8534 |  |
| Shareholder reporting expense |  |  | 25065 |  |
| Professional fees |  |  | 17011 |  |
| Proxy and solicitation costs (Note 6) |  |  | 77000 |  |
| Custody and accounting expense |  |  | 17011 |  |
| Shareholder notification costs (Note 6) |  |  | 64200 |  |
| Trustee fees and expenses | 21459 | 280978 | 3821 | 30337 |
| Miscellaneous expense |  |  | 14369 |  |
| Interest expense | 267 | 4661 | 294 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 864975 | 11059982 | 2235844 | 3613980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (4357) | (507652) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (1894) | (28283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 864975 | 11055625 | 1726298 | 3585697 |
| Net investment income | 12269600 | 36075116 | 2819850 | 253348 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 866695 | 1171383746 | (4551221) | 43601792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (106735) | 5882646 |  | 23323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 22635 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 782595 | 1177266392 | (4551221) | 43625115 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2034720 | (620058208) | 1561246 | (32124646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (152651) | (244810) |  | 155744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 32365 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1914434 | (620303018) | 1561297 | (31968902) |
| Net realized and unrealized gain (loss) | 2697029 | 556963374 | (2989924) | 11656213 |
| **Increase (decrease) in net assets resulting from operations** | $14966629 | $593038490 | $(170074) | $11909561 |
| \* Foreign taxes withheld | $— | $11103 | $— | $5645 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $16301190 | $11857493 | $19116697 | $25455653 |
| Net realized gain (loss) | 40307432 | 6611055 | 2939788 | (8237473) |
| Net change in unrealized appreciation (depreciation) | (1427406) | 20753658 | 4013660 | 12622663 |
| Increase in net assets resulting from operations | 55181216 | 39222206 | 26070145 | 29840843 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (4025150) | (437682) | (3130324) | (3584436) |
| &nbsp;&nbsp;&nbsp;Class I | (29513801) | (4554640) | (14425723) | (13938626) |
| &nbsp;&nbsp;&nbsp;Class S | (14451647) | (2035861) | (1480346) | (7942640) |
| &nbsp;&nbsp;&nbsp;Class S2 | (201530) | (27184) | (88810) | (81429) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV |  |  | (73132) |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (315845) |  |
| &nbsp;&nbsp;&nbsp;Class S |  |  | (29976) |  |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  | (2038) |  |
| Total distributions | (48192128) | (7055367) | (19546194) | (25547131) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 14119832 | 7931067 | 44266506 | 106740301 |
| Proceeds from shares issued in merger (Note 14) |  | 313900290 |  |  |
| Reinvestment of distributions | 48192128 | 7055347 | 19546194 | 25362917 |
|  | 62311960 | 328886704 | 63812700 | 132103218 |
| Cost of shares redeemed | (221617721) | (64054294) | (70740287) | (219998822) |
| Net increase (decrease) in net assets resulting from capital share transactions | (159305761) | 264832410 | (6927587) | (87895604) |
| Net increase (decrease) in net assets | (152316673) | 296999249 | (403636) | (83601892) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 524870443 | 227871194 | 318365183 | 401967075 |
| End of year or period | $372553770 | $524870443 | $317961547 | $318365183 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(7432506) | $(14264403) | $6424581 | $8611633 |
| Net realized gain | 398261933 | 1026093133 | 54690665 | 81906212 |
| Net change in unrealized appreciation (depreciation) | (20996041) | (47297067) | 4870282 | 511994 |
| Increase in net assets resulting from operations | 369833386 | 964531663 | 65985528 | 91029839 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (54714894) |  | (7740176) | (3147056) |
| &nbsp;&nbsp;&nbsp;Class I | (163683367) |  | (58167854) | (26183574) |
| &nbsp;&nbsp;&nbsp;Class R6 | (7400002) |  | (20123737) | (7858342) |
| &nbsp;&nbsp;&nbsp;Class S | (34209029) |  | (1971228) | (1742353) |
| &nbsp;&nbsp;&nbsp;Class S2 | (5247520) |  | (25066) | (16420) |
| Total distributions | (265254812) |  | (88028061) | (38947745) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 63406032 | 81274562 | 22706245 | 47304154 |
| Proceeds from shares issued in merger (Note 14) | 1340756000 |  |  |  |
| Reinvestment of distributions | 265254812 |  | 88028061 | 38947745 |
|  | 1669416844 | 81274562 | 110734306 | 86251899 |
| Cost of shares redeemed | (397542603) | (2804567561) | (146789855) | (94589424) |
| Net increase (decrease) in net assets resulting from capital share transactions | 1271874241 | (2723292999) | (36055549) | (8337525) |
| Net increase (decrease) in net assets | 1376452815 | (1758761336) | (58098082) | 43744569 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 2329305090 | 4088066426 | 580719005 | 536974436 |
| End of year or period | $3705757905 | $2329305090 | $522620923 | $580719005 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Limited** | **Voya Limited** | | |
|  | **Maturity Bond Portfolio** | **Maturity Bond Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $12269600 | $14133791 | $36075116 | $47928639 |
| Net realized gain (loss) | 782595 | (3975283) | 1177266392 | 557245680 |
| Net change in unrealized appreciation (depreciation) | 1914434 | 5272423 | (620303018) | 348502520 |
| Increase in net assets resulting from operations | 14966629 | 15430931 | 593038490 | 953676839 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (398674) | (460481) | (11482175) | (8431480) |
| &nbsp;&nbsp;&nbsp;Class I | (11133715) | (12455204) | (448764232) | (347586480) |
| &nbsp;&nbsp;&nbsp;Class S | (630507) | (2520284) | (5139429) | (22399357) |
| &nbsp;&nbsp;&nbsp;Class S2 |  |  | (22653991) | (17901080) |
| Total distributions | (12162896) | (15435969) | (488039827) | (396318397) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 67263271 | 59249183 | 567317042 | 405822366 |
| Reinvestment of distributions | 12038915 | 15414924 | 488039827 | 396318397 |
|  | 79302186 | 74664107 | 1055356869 | 802140763 |
| Cost of shares redeemed | (94975849) | (120597819) | (2609530977) | (1522297189) |
| Net decrease in net assets resulting from capital share transactions | (15673663) | (45933712) | (1554174108) | (720156426) |
| Net decrease in net assets | (12869930) | (45938750) | (1449175445) | (162797984) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 297295623 | 343234373 | 4100937476 | 4263735460 |
| End of year or period | $284425693 | $297295623 | $2651762031 | $4100937476 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **VY<sup>®</sup> JPMorgan** | **VY<sup>®</sup> JPMorgan** |
|  | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **Small Cap Core Equity Portfolio** | **Small Cap Core Equity Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2819850 | $4362407 | $253348 | $912907 |
| Net realized gain (loss) | (4551221) | 5286238 | 43625115 | 50314070 |
| Net change in unrealized appreciation (depreciation) | 1561297 | (2171974) | (31968902) | (5619123) |
| Increase (decrease) in net assets resulting from operations | (170074) | 7476671 | 11909561 | 45607854 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (813980) | (844777) | (14302859) | (53504) |
| &nbsp;&nbsp;&nbsp;Class I | (69527) | (80434) | (14063060) | (1076249) |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  | (3556975) | (161903) |
| &nbsp;&nbsp;&nbsp;Class S | (2987613) | (3261221) | (9445991) | (244489) |
| &nbsp;&nbsp;&nbsp;Class S2 | (149023) | (162004) | (238869) | (1142) |
| Total distributions | (4020143) | (4348436) | (41607754) | (1537287) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 5167868 | 6804194 | 15417327 | 25496384 |
| Reinvestment of distributions | 4020143 | 4348436 | 41607754 | 1537287 |
|  | 9188011 | 11152630 | 57025081 | 27033671 |
| Cost of shares redeemed | (28962499) | (35641312) | (163312763) | (81733652) |
| Net decrease in net assets resulting from capital share transactions | (19774488) | (24488682) | (106287682) | (54699981) |
| Net decrease in net assets | (23964705) | (21360447) | (135985875) | (10629414) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 166849768 | 188210215 | 426896772 | 437526186 |
| End of year or period | $142885063 | $166849768 | $290910897 | $426896772 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** | **Voya Balanced Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 9.56 | 0.29<sup>•</sup> | 0.76 | 1.05 | 0.41 | 0.49 |  | 0.90 |  | 9.71 | **11.27** | 1.28 | 1.19 | 1.19 | 2.97 | 44888 | 117 |
| 12-31-24 | 8.58 | 0.26<sup>•</sup> | 0.81 | 1.07 | 0.09 |  |  | 0.09 |  | 9.56 | **12.46** | 1.25 | 1.20 | 1.20 | 2.80 | 45533 | 80 |
| 12-31-23 | 7.93 | 0.24<sup>•</sup> | 0.62 | 0.86 | 0.21 |  |  | 0.21 |  | 8.58 | **11.02** | 1.24 | 1.20 | 1.20 | 2.95 | 46186 | 142 |
| 12-31-22 | 10.39 | 0.19<sup>•</sup> | (1.67) | (1.48) | 0.18 | 0.80 |  | 0.98 |  | 7.93 | **(14.30)** | 1.24 | 1.20 | 1.20 | 2.13 | 48684 | 104 |
| 12-31-21 | 9.77 | 0.17<sup>•</sup> | 0.67 | 0.84 | 0.22 |  |  | 0.22 |  | 10.39 | **8.65** | 1.22 | 1.20 | 1.20 | 1.69 | 65611 | 133 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.17 | 0.37<sup>•</sup> | 0.81 | 1.18 | 0.51 | 0.49 |  | 1.00 |  | 10.35 | **11.96** | 0.68 | 0.59 | 0.59 | 3.58 | 318823 | 117 |
| 12-31-24 | 9.13 | 0.34<sup>•</sup> | 0.84 | 1.18 | 0.14 |  |  | 0.14 |  | 10.17 | **13.00** | 0.65 | 0.60 | 0.60 | 3.36 | 312128 | 80 |
| 12-31-23 | 8.43 | 0.31<sup>•</sup> | 0.66 | 0.97 | 0.27 |  |  | 0.27 |  | 9.13 | **11.68** | 0.64 | 0.60 | 0.60 | 3.56 | 6009 | 142 |
| 12-31-22 | 10.99 | 0.26<sup>•</sup> | (1.77) | (1.51) | 0.25 | 0.80 |  | 1.05 |  | 8.43 | **(13.78)** | 0.64 | 0.60 | 0.60 | 2.73 | 6024 | 104 |
| 12-31-21 | 10.31 | 0.25<sup>•</sup> | 0.71 | 0.96 | 0.28 |  |  | 0.28 |  | 10.99 | **9.42** | 0.62 | 0.60 | 0.60 | 2.29 | 7878 | 133 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.12 | 0.33<sup>•</sup> | 0.75 | 1.08 | 0.47 | 0.49 |  | 0.96 |  | 10.24 | **10.87** | 0.90 | 0.85 | 0.85 | 3.18 | 8840 | 117 |
| 12-31-24 | 9.08 | 0.31<sup>•</sup> | 0.85 | 1.16 | 0.12 |  |  | 0.12 |  | 10.12 | **12.79** | 0.90 | 0.85 | 0.85 | 3.14 | 164601 | 80 |
| 12-31-23 | 8.38 | 0.29<sup>•</sup> | 0.66 | 0.95 | 0.25 |  |  | 0.25 |  | 9.08 | **11.42** | 0.89 | 0.85 | 0.85 | 3.30 | 173258 | 142 |
| 12-31-22 | 10.92 | 0.23<sup>•</sup> | (1.75) | (1.52) | 0.22 | 0.80 |  | 1.02 |  | 8.38 | **(13.97)** | 0.89 | 0.85 | 0.85 | 2.47 | 184513 | 104 |
| 12-31-21 | 10.25 | 0.22<sup>•</sup> | 0.70 | 0.92 | 0.25 |  |  | 0.25 |  | 10.92 | **9.09** | 0.87 | 0.85 | 0.85 | 2.04 | 256146 | 133 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.10 | 0.31<sup>•</sup> | 0.79 | 1.10 | 0.44 | 0.49 |  | 0.93 |  | 10.27 | **11.09** | 1.04 | 0.99 | 0.99 | 3.03 | 3 | 117 |
| 12-31-24 | 9.06 | 0.29<sup>•</sup> | 0.85 | 1.14 | 0.10 |  |  | 0.10 |  | 10.10 | **12.66** | 1.05 | 1.00 | 1.00 | 3.01 | 2609 | 80 |
| 12-31-23 | 8.36 | 0.27<sup>•</sup> | 0.66 | 0.93 | 0.23 |  |  | 0.23 |  | 9.06 | **11.20** | 1.04 | 1.00 | 1.00 | 3.15 | 2418 | 142 |
| 12-31-22 | 10.89 | 0.22<sup>•</sup> | (1.75) | (1.53) | 0.20 | 0.80 |  | 1.00 |  | 8.36 | **(14.14)** | 1.04 | 1.00 | 1.00 | 2.32 | 2698 | 104 |
| 12-31-21 | 10.22 | 0.20<sup>•</sup> | 0.70 | 0.90 | 0.23 |  |  | 0.23 |  | 10.89 | **8.88** | 1.02 | 1.00 | 1.00 | 1.89 | 4112 | 133 |
| **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** | **Voya High Yield Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 8.70 | 0.49<sup>•</sup> | 0.19 | 0.68 | 0.49 |  | 0.01 | 0.50 |  | 8.88 | **8.03** | 1.10 | 1.08 | 1.08 | 5.57 | 55207 | 147 |
| 12-31-24 | 8.65 | 0.53<sup>•</sup> | 0.05 | 0.58 | 0.53 |  |  | 0.53 |  | 8.70 | **6.90** | 1.10 | 1.08 | 1.08 | 6.10 | 57509 | 88 |
| 12-31-23 | 8.23 | 0.50<sup>•</sup> | 0.43 | 0.93 | 0.51 |  |  | 0.51 |  | 8.65 | **11.63** | 1.09 | 1.08 | 1.08 | 5.91 | 61268 | 47 |
| 12-31-22 | 9.94 | 0.46<sup>•</sup> | (1.72) | (1.26) | 0.45 |  |  | 0.45 |  | 8.23 | **(12.83)** | 1.10 | 1.08 | 1.08 | 5.22 | 61172 | 21 |
| 12-31-21 | 9.96 | 0.45<sup>•</sup> | 0.01 | 0.46 | 0.46 |  | 0.02 | 0.48 |  | 9.94 | **4.65** | 1.10 | 1.08 | 1.08 | 4.52 | 79216 | 63 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 8.70 | 0.54<sup>•</sup> | 0.20 | 0.74 | 0.54 |  | 0.01 | 0.55 |  | 8.89 | **8.80** | 0.50 | 0.48 | 0.48 | 6.17 | 238586 | 147 |
| 12-31-24 | 8.66 | 0.58<sup>•</sup> | 0.04 | 0.62 | 0.58 |  |  | 0.58 |  | 8.70 | **7.42** | 0.50 | 0.48 | 0.48 | 6.70 | 233489 | 88 |
| 12-31-23 | 8.24 | 0.55<sup>•</sup> | 0.43 | 0.98 | 0.56 |  |  | 0.56 |  | 8.66 | **12.28** | 0.49 | 0.48 | 0.48 | 6.51 | 165274 | 47 |
| 12-31-22 | 9.95 | 0.51<sup>•</sup> | (1.72) | (1.21) | 0.50 |  |  | 0.50 |  | 8.24 | **(12.28)** | 0.50 | 0.48 | 0.48 | 5.83 | 152175 | 21 |
| 12-31-21 | 9.97 | 0.51<sup>•</sup> | 0.01 | 0.52 | 0.52 |  | 0.02 | 0.54 |  | 9.95 | **5.28** | 0.50 | 0.48 | 0.48 | 5.12 | 189224 | 63 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 8.70 | 0.52<sup>•</sup> | 0.19 | 0.71 | 0.52 |  | 0.01 | 0.53 |  | 8.88 | **8.41** | 0.75 | 0.73 | 0.73 | 5.93 | 22628 | 147 |
| 12-31-24 | 8.65 | 0.56<sup>•</sup> | 0.05 | 0.61 | 0.56 |  |  | 0.56 |  | 8.70 | **7.28** | 0.75 | 0.73 | 0.73 | 6.45 | 25957 | 88 |
| 12-31-23 | 8.23 | 0.52<sup>•</sup> | 0.44 | 0.96 | 0.54 |  |  | 0.54 |  | 8.65 | **12.01** | 0.74 | 0.73 | 0.73 | 6.26 | 174158 | 47 |
| 12-31-22 | 9.94 | 0.49<sup>•</sup> | (1.72) | (1.23) | 0.48 |  |  | 0.48 |  | 8.23 | **(12.52)** | 0.75 | 0.73 | 0.73 | 5.56 | 179355 | 21 |
| 12-31-21 | 9.96 | 0.48<sup>•</sup> | 0.01 | 0.49 | 0.49 |  | 0.02 | 0.51 |  | 9.94 | **5.01** | 0.75 | 0.73 | 0.73 | 4.87 | 244800 | 63 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 8.71 | 0.51<sup>•</sup> | 0.19 | 0.70 | 0.51 |  | 0.01 | 0.52 |  | 8.89 | **8.25** | 0.90 | 0.88 | 0.88 | 5.76 | 1541 | 147 |
| 12-31-24 | 8.66 | 0.55<sup>•</sup> | 0.05 | 0.60 | 0.55 |  |  | 0.55 |  | 8.71 | **7.12** | 0.90 | 0.88 | 0.88 | 6.29 | 1414 | 88 |
| 12-31-23 | 8.24 | 0.51<sup>•</sup> | 0.43 | 0.94 | 0.52 |  |  | 0.52 |  | 8.66 | **11.83** | 0.89 | 0.88 | 0.88 | 6.10 | 1267 | 47 |
| 12-31-22 | 9.95 | 0.48<sup>•</sup> | (1.72) | (1.24) | 0.47 |  |  | 0.47 |  | 8.24 | **(12.63)** | 0.90 | 0.88 | 0.88 | 5.34 | 1407 | 21 |
| 12-31-21 | 9.97 | 0.47<sup>•</sup> | 0.01 | 0.48 | 0.48 |  | 0.02 | 0.50 |  | 9.95 | **4.86** | 0.90 | 0.88 | 0.88 | 4.72 | 2688 | 63 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** | **Voya Large Cap Growth Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 14.13 | (0.36)<sup>•</sup> | 2.25 | 1.89 |  | 2.09 | &nbsp;&nbsp;&nbsp;— | 2.09 | &nbsp;&nbsp;&nbsp;— | 13.93 | **14.64** | 1.31 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;1.25 | (0.66) | 698772 | 53 |
| 12-31-24 | 10.54 | (0.09)<sup>•</sup> | 3.68 | 3.59 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 14.13 | **34.06** | 1.31 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.27 | (0.73) | 395905 | 42 |
| 12-31-23 | 7.69 | (0.05)<sup>•</sup> | 2.90 | 2.85 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 10.54 | **37.06** | 1.31 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.27 | (0.56) | 1497865 | 57 |
| 12-31-22 | 19.43 | (0.07)<sup>•</sup> | (5.77) | (5.84) |  | 5.90 | &nbsp;&nbsp;&nbsp;— | 5.90 | &nbsp;&nbsp;&nbsp;— | 7.69 | **(30.97)** | 1.31 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.27 | (0.58) | 1263757 | 47 |
| 12-31-21 | 20.45 | (0.14)<sup>•</sup> | 3.76 | 3.62 |  | 4.64 | &nbsp;&nbsp;&nbsp;— | 4.64 | &nbsp;&nbsp;&nbsp;— | 19.43 | **18.89** | 1.30 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.27 | (0.68) | 2085856 | 72 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 18.36 | (0.15)<sup>•</sup> | 2.78 | 2.63 |  | 2.09 | &nbsp;&nbsp;&nbsp;— | 2.09 | &nbsp;&nbsp;&nbsp;— | 18.90 | **15.33** | 0.73 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.20) | 2558374 | 53 |
| 12-31-24 | 13.62 | (0.01)<sup>•</sup> | 4.75 | 4.74 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 18.36 | **34.80** | 0.71 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.09) | 1518131 | 42 |
| 12-31-23 | 9.88 | 0.01<sup>•</sup> | 3.73 | 3.74 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 13.62 | **37.86** | 0.71 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | 0.05 | 1260097 | 57 |
| 12-31-22 | 22.48 | 0.00<sup>\*•</sup> | (6.70) | (6.70) |  | 5.90 | &nbsp;&nbsp;&nbsp;— | 5.90 | &nbsp;&nbsp;&nbsp;— | 9.88 | **(30.50)** | 0.71 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | 0.02 | 1251871 | 47 |
| 12-31-21 | 22.90 | (0.02)<sup>•</sup> | 4.24 | 4.22 |  | 4.64 | &nbsp;&nbsp;&nbsp;— | 4.64 | &nbsp;&nbsp;&nbsp;— | 22.48 | **19.55** | 0.70 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.07) | 1937889 | 72 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 18.39 | (0.12)<sup>•</sup> | 2.75 | 2.63 |  | 2.09 | &nbsp;&nbsp;&nbsp;— | 2.09 | &nbsp;&nbsp;&nbsp;— | 18.93 | **15.30** | 0.68 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.12) | 72918 | 53 |
| 12-31-24 | 13.64 | (0.01)<sup>•</sup> | 4.76 | 4.75 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 18.39 | **34.82** | 0.68 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.09) | 67229 | 42 |
| 12-31-23 | 9.90 | 0.01<sup>•</sup> | 3.73 | 3.74 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 13.64 | **37.78** | 0.67 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | 0.05 | 66206 | 57 |
| 12-31-22 | 22.50 | 0.00<sup>\*</sup> | (6.70) | (6.70) |  | 5.90 | &nbsp;&nbsp;&nbsp;— | 5.90 | &nbsp;&nbsp;&nbsp;— | 9.90 | **(30.47)** | 0.68 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | 0.02 | 53900 | 47 |
| 12-31-21 | 22.91 | (0.02)<sup>•</sup> | 4.25 | 4.23 |  | 4.64 | &nbsp;&nbsp;&nbsp;— | 4.64 | &nbsp;&nbsp;&nbsp;— | 22.50 | **19.58** | 0.67 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.67 | (0.08) | 95588 | 72 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 16.91 | (0.34)<sup>•</sup> | 2.71 | 2.37 |  | 2.09 | &nbsp;&nbsp;&nbsp;— | 2.09 | &nbsp;&nbsp;&nbsp;— | 17.19 | **15.09** | 0.98 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.92 | (0.41) | 325185 | 53 |
| 12-31-24 | 12.57 | (0.06)<sup>•</sup> | 4.40 | 4.34 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 16.91 | **34.53** | 0.96 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.92 | (0.38) | 304779 | 42 |
| 12-31-23 | 9.15 | (0.02)<sup>•</sup> | 3.44 | 3.42 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 12.57 | **37.38** | 0.96 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.92 | (0.21) | 1219524 | 57 |
| 12-31-22 | 21.47 | (0.03)<sup>•</sup> | (6.39) | (6.42) |  | 5.90 | &nbsp;&nbsp;&nbsp;— | 5.90 | &nbsp;&nbsp;&nbsp;— | 9.15 | **(30.66)** | 0.96 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.92 | (0.23) | 1066004 | 47 |
| 12-31-21 | 22.10 | (0.07)<sup>•</sup> | 4.08 | 4.01 |  | 4.64 | &nbsp;&nbsp;&nbsp;— | 4.64 | &nbsp;&nbsp;&nbsp;— | 21.47 | **19.28** | 0.95 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.92 | (0.33) | 1787956 | 72 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 16.43 | (0.36)<sup>•</sup> | 2.61 | 2.25 |  | 2.09 | &nbsp;&nbsp;&nbsp;— | 2.09 | &nbsp;&nbsp;&nbsp;— | 16.59 | **14.79** | 1.13 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.07 | (0.45) | 50509 | 53 |
| 12-31-24 | 12.23 | (0.07)<sup>•</sup> | 4.27 | 4.20 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 16.43 | **34.34** | 1.11 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.07 | (0.50) | 43261 | 42 |
| 12-31-23 | 8.91 | (0.04)<sup>•</sup> | 3.36 | 3.32 |  |  | &nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;— | 12.23 | **37.26** | 1.11 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.07 | (0.36) | 44374 | 57 |
| 12-31-22 | 21.16 | (0.05)<sup>•</sup> | (6.30) | (6.35) |  | 5.90 | &nbsp;&nbsp;&nbsp;— | 5.90 | &nbsp;&nbsp;&nbsp;— | 8.91 | **(30.80)** | 1.11 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.07 | (0.38) | 36077 | 47 |
| 12-31-21 | 21.87 | (0.10)<sup>•</sup> | 4.03 | 3.93 |  | 4.64 | &nbsp;&nbsp;&nbsp;— | 4.64 | &nbsp;&nbsp;&nbsp;— | 21.16 | **19.10** | 1.10 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.07 | (0.48) | 64403 | 72 |
| **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** | **Voya Large Cap Value Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 5.74 | 0.04<sup>•</sup> | 0.59 | 0.63 | 0.05 | 1.01 | &nbsp;&nbsp;&nbsp;— | 1.06 | &nbsp;&nbsp;&nbsp;— | 5.31 | **12.09** | 1.52 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.33 | 0.67 | 43859 | 114 |
| 12-31-24 | 5.30 | 0.05<sup>•</sup> | 0.81 | 0.86 | 0.10 | 0.32 | &nbsp;&nbsp;&nbsp;— | 0.42 | &nbsp;&nbsp;&nbsp;— | 5.74 | **16.39** | 1.47 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.28 | 0.93 | 43980 | 101 |
| 12-31-23 | 4.83 | 0.06<sup>•</sup> | 0.57 | 0.63 | 0.09 | 0.07 | &nbsp;&nbsp;&nbsp;— | 0.16 | &nbsp;&nbsp;&nbsp;— | 5.30 | **13.03** | 1.48 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.24 | 1.18 | 44283 | 82 |
| 12-31-22 | 13.67 | 0.08<sup>•</sup> | (1.13) | (1.05) | 0.06 | 7.73 | &nbsp;&nbsp;&nbsp;— | 7.79 | &nbsp;&nbsp;&nbsp;— | 4.83 | **(3.88)** | 1.50 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.24 | 1.02 | 46054 | 74 |
| 12-31-21 | 11.16 | 0.08<sup>•</sup> | 2.83 | 2.91 | 0.22 | 0.18 | &nbsp;&nbsp;&nbsp;— | 0.40 | &nbsp;&nbsp;&nbsp;— | 13.67 | **26.24** | 1.42 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.24 | 0.66 | 52418 | 82 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 6.35 | 0.08<sup>•</sup> | 0.66 | 0.74 | 0.08 | 1.01 | &nbsp;&nbsp;&nbsp;— | 1.09 | &nbsp;&nbsp;&nbsp;— | 6.00 | **12.74** | 0.92 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.73 | 1.27 | 359108 | 114 |
| 12-31-24 | 5.80 | 0.10<sup>•</sup> | 0.88 | 0.98 | 0.11 | 0.32 | &nbsp;&nbsp;&nbsp;— | 0.43 | &nbsp;&nbsp;&nbsp;— | 6.35 | **17.06** | 0.87 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.68 | 1.53 | 399147 | 101 |
| 12-31-23 | 5.23 | 0.10<sup>•</sup> | 0.62 | 0.72 | 0.08 | 0.07 | &nbsp;&nbsp;&nbsp;— | 0.15 | &nbsp;&nbsp;&nbsp;— | 5.80 | **13.73** | 0.88 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.78 | 375498 | 82 |
| 12-31-22 | 14.04 | 0.13<sup>•</sup> | (1.13) | (1.00) | 0.08 | 7.73 | &nbsp;&nbsp;&nbsp;— | 7.81 | &nbsp;&nbsp;&nbsp;— | 5.23 | **(3.21)** | 0.90 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.62 | 357384 | 74 |
| 12-31-21 | 11.45 | 0.17<sup>•</sup> | 2.90 | 3.07 | 0.30 | 0.18 | &nbsp;&nbsp;&nbsp;— | 0.48 | &nbsp;&nbsp;&nbsp;— | 14.04 | **26.99** | 0.82 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.26 | 386934 | 82 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 6.30 | 0.08<sup>•</sup> | 0.66 | 0.74 | 0.08 | 1.01 | &nbsp;&nbsp;&nbsp;— | 1.09 | &nbsp;&nbsp;&nbsp;— | 5.95 | **12.86** | 0.81 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.73 | 1.27 | 108545 | 114 |
| 12-31-24 | 5.76 | 0.10<sup>•</sup> | 0.87 | 0.97 | 0.11 | 0.32 | &nbsp;&nbsp;&nbsp;— | 0.43 | &nbsp;&nbsp;&nbsp;— | 6.30 | **16.99** | 0.76 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.68 | 1.53 | 112519 | 101 |
| 12-31-23 | 5.21 | 0.10<sup>•</sup> | 0.62 | 0.72 | 0.10 | 0.07 | &nbsp;&nbsp;&nbsp;— | 0.17 | &nbsp;&nbsp;&nbsp;— | 5.76 | **13.80** | 0.77 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.77 | 92856 | 82 |
| 12-31-22 | 14.03 | 0.12<sup>•</sup> | (1.12) | (1.00) | 0.09 | 7.73 | &nbsp;&nbsp;&nbsp;— | 7.82 | &nbsp;&nbsp;&nbsp;— | 5.21 | **(3.26)** | 0.78 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.71 | 72042 | 74 |
| 12-31-21 | 11.44 | 0.19<sup>•</sup> | 2.88 | 3.07 | 0.30 | 0.18 | &nbsp;&nbsp;&nbsp;— | 0.48 | &nbsp;&nbsp;&nbsp;— | 14.03 | **27.02** | 0.76 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.64 | 1.41 | 12976 | 82 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** | **Voya Large Cap Value Portfolio (continued)** |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 5.95 | 0.06<sup>•</sup> | 0.62 | 0.68 | 0.06 | 1.01 | &nbsp;&nbsp;&nbsp;— | 1.07 | &nbsp;&nbsp;&nbsp;— | 5.56 | **12.68** | 1.17 | 0.98 | 0.98 | 1.02 | 10963 | 114 |
| 12-31-24 | 5.46 | 0.08<sup>•</sup> | 0.83 | 0.91 | 0.10 | 0.32 | &nbsp;&nbsp;&nbsp;— | 0.42 | &nbsp;&nbsp;&nbsp;— | 5.95 | **16.89** | 1.12 | 0.93 | 0.93 | 1.28 | 24820 | 101 |
| 12-31-23 | 4.96 | 0.08<sup>•</sup> | 0.58 | 0.66 | 0.09 | 0.07 | &nbsp;&nbsp;&nbsp;— | 0.16 | &nbsp;&nbsp;&nbsp;— | 5.46 | **13.28** | 1.13 | 0.89 | 0.89 | 1.53 | 24122 | 82 |
| 12-31-22 | 13.78 | 0.10<sup>•</sup> | (1.11) | (1.01) | 0.08 | 7.73 | &nbsp;&nbsp;&nbsp;— | 7.81 | &nbsp;&nbsp;&nbsp;— | 4.96 | **(3.47)** | 1.15 | 0.89 | 0.89 | 1.36 | 25128 | 74 |
| 12-31-21 | 11.25 | 0.13<sup>•</sup> | 2.85 | 2.98 | 0.27 | 0.18 | &nbsp;&nbsp;&nbsp;— | 0.45 | &nbsp;&nbsp;&nbsp;— | 13.78 | **26.67** | 1.07 | 0.89 | 0.89 | 0.99 | 30661 | 82 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 5.97 | 0.05<sup>•</sup> | 0.62 | 0.67 | 0.05 | 1.01 | &nbsp;&nbsp;&nbsp;— | 1.06 | &nbsp;&nbsp;&nbsp;— | 5.58 | **12.43** | 1.32 | 1.13 | 1.13 | 0.89 | 146 | 114 |
| 12-31-24 | 5.48 | 0.07<sup>•</sup> | 0.84 | 0.91 | 0.10 | 0.32 | &nbsp;&nbsp;&nbsp;— | 0.42 | &nbsp;&nbsp;&nbsp;— | 5.97 | **16.73** | 1.27 | 1.08 | 1.08 | 1.13 | 252 | 101 |
| 12-31-23 | 4.97 | 0.07<sup>•</sup> | 0.59 | 0.66 | 0.08 | 0.07 | &nbsp;&nbsp;&nbsp;— | 0.15 | &nbsp;&nbsp;&nbsp;— | 5.48 | **13.24** | 1.28 | 1.04 | 1.04 | 1.38 | 215 | 164 |
| 12-31-22 | 13.80 | 0.09<sup>•</sup> | (1.12) | (1.03) | 0.07 | 7.73 | &nbsp;&nbsp;&nbsp;— | 7.80 | &nbsp;&nbsp;&nbsp;— | 4.97 | **(3.69)** | 1.28 | 1.04 | 1.04 | 1.23 | 189 | 74 |
| 12-31-21 | 11.27 | 0.11<sup>•</sup> | 2.85 | 2.96 | 0.25 | 0.18 | &nbsp;&nbsp;&nbsp;— | 0.43 | &nbsp;&nbsp;&nbsp;— | 13.80 | **26.43** | 1.22 | 1.04 | 1.04 | 0.87 | 196 | 82 |
| **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** | **Voya Limited Maturity Bond Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 9.30 | 0.37<sup>•</sup> | 0.09 | 0.46 | 0.36 |  | &nbsp;&nbsp;&nbsp;— | 0.36 | &nbsp;&nbsp;&nbsp;— | 9.40 | **5.08** | 0.88 | 0.88 | 0.88 | 3.94 | 10096 | 196 |
| 12-31-24 | 9.29 | 0.36<sup>•</sup> | 0.05 | 0.41 | 0.40 |  | &nbsp;&nbsp;&nbsp;— | 0.40 | &nbsp;&nbsp;&nbsp;— | 9.30 | **4.52** | 0.88 | 0.88 | 0.88 | 3.91 | 10033 | 298 |
| 12-31-23 | 9.23 | 0.31<sup>•</sup> | 0.07 | 0.38 | 0.32 |  | &nbsp;&nbsp;&nbsp;— | 0.32 | &nbsp;&nbsp;&nbsp;— | 9.29 | **4.17** | 0.88 | 0.88 | 0.88 | 3.38 | 11268 | 281 |
| 12-31-22 | 9.87 | 0.14<sup>•</sup> | (0.66) | (0.52) | 0.12 |  | &nbsp;&nbsp;&nbsp;— | 0.12 | &nbsp;&nbsp;&nbsp;— | 9.23 | **(5.26)** | 0.88 | 0.88 | 0.88 | 1.53 | 13671 | 306 |
| 12-31-21 | 10.03 | 0.05<sup>•</sup> | (0.10) | (0.05) | 0.11 |  | &nbsp;&nbsp;&nbsp;— | 0.11 | &nbsp;&nbsp;&nbsp;— | 9.87 | **(0.55)** | 0.88 | 0.88 | 0.88 | 0.47 | 14958 | 253 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 9.49 | 0.43<sup>•</sup> | 0.10 | 0.53 | 0.43 |  | &nbsp;&nbsp;&nbsp;— | 0.43 | &nbsp;&nbsp;&nbsp;— | 9.59 | **5.69** | 0.28 | 0.28 | 0.28 | 4.53 | 263276 | 196 |
| 12-31-24 | 9.48 | 0.43<sup>•</sup> | 0.05 | 0.48 | 0.47 |  | &nbsp;&nbsp;&nbsp;— | 0.47 | &nbsp;&nbsp;&nbsp;— | 9.49 | **5.14** | 0.28 | 0.28 | 0.28 | 4.51 | 235923 | 298 |
| 12-31-23 | 9.42 | 0.38<sup>•</sup> | 0.06 | 0.44 | 0.38 |  | &nbsp;&nbsp;&nbsp;— | 0.38 | &nbsp;&nbsp;&nbsp;— | 9.48 | **4.79** | 0.28 | 0.28 | 0.28 | 3.99 | 273180 | 281 |
| 12-31-22 | 10.07 | 0.21<sup>•</sup> | (0.68) | (0.47) | 0.18 |  | &nbsp;&nbsp;&nbsp;— | 0.18 | &nbsp;&nbsp;&nbsp;— | 9.42 | **(4.66)** | 0.28 | 0.28 | 0.28 | 2.16 | 301980 | 306 |
| 12-31-21 | 10.23 | 0.11<sup>•</sup> | (0.10) | 0.01 | 0.17 |  | &nbsp;&nbsp;&nbsp;— | 0.17 | &nbsp;&nbsp;&nbsp;— | 10.07 | **0.08** | 0.28 | 0.28 | 0.28 | 1.06 | 329913 | 253 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 9.56 | 0.41<sup>•</sup> | 0.10 | 0.51 | 0.41 |  | &nbsp;&nbsp;&nbsp;— | 0.41 | &nbsp;&nbsp;&nbsp;— | 9.66 | **5.42** | 0.53 | 0.53 | 0.53 | 4.30 | 11054 | 196 |
| 12-31-24 | 9.55 | 0.41<sup>•</sup> | 0.05 | 0.46 | 0.45 |  | &nbsp;&nbsp;&nbsp;— | 0.45 | &nbsp;&nbsp;&nbsp;— | 9.56 | **4.88** | 0.53 | 0.53 | 0.53 | 4.26 | 51340 | 298 |
| 12-31-23 | 9.49 | 0.36<sup>•</sup> | 0.06 | 0.42 | 0.36 |  | &nbsp;&nbsp;&nbsp;— | 0.36 | &nbsp;&nbsp;&nbsp;— | 9.55 | **4.52** | 0.53 | 0.53 | 0.53 | 3.75 | 58787 | 281 |
| 12-31-22 | 10.15 | 0.18<sup>•</sup> | (0.68) | (0.50) | 0.16 |  | &nbsp;&nbsp;&nbsp;— | 0.16 | &nbsp;&nbsp;&nbsp;— | 9.49 | **(4.94)** | 0.53 | 0.53 | 0.53 | 1.87 | 57412 | 306 |
| 12-31-21 | 10.31 | 0.08<sup>•</sup> | (0.10) | (0.02) | 0.14 |  | &nbsp;&nbsp;&nbsp;— | 0.14 | &nbsp;&nbsp;&nbsp;— | 10.15 | **(0.16)** | 0.53 | 0.53 | 0.53 | 0.82 | 71037 | 253 |
| **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** | **Voya U.S. Stock Index Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 19.04 | 0.09<sup>•</sup> | 2.91 | 3.00 | 0.21 | 2.23 | &nbsp;&nbsp;&nbsp;— | 2.44 | &nbsp;&nbsp;&nbsp;— | 19.60 | **16.91** | 0.80 | 0.80 | 0.80 | 0.49 | 95878 | 7 |
| 12-31-24 | 16.82 | 0.11<sup>•</sup> | 3.87 | 3.98 | 0.16 | 1.60 | &nbsp;&nbsp;&nbsp;— | 1.76 | &nbsp;&nbsp;&nbsp;— | 19.04 | **24.06** | 0.80 | 0.80 | 0.80 | 0.61 | 93832 | 2 |
| 12-31-23 | 15.01 | 0.14<sup>•</sup> | 3.54 | 3.68 | 0.17 | 1.70 | &nbsp;&nbsp;&nbsp;— | 1.87 | &nbsp;&nbsp;&nbsp;— | 16.82 | **25.25** | 0.80 | 0.80 | 0.80 | 0.89 | 83268 | 6 |
| 12-31-22 | 20.92 | 0.14<sup>•</sup> | (4.09) | (3.95) | 0.14 | 1.82 | &nbsp;&nbsp;&nbsp;— | 1.96 | &nbsp;&nbsp;&nbsp;— | 15.01 | **(18.78)** | 0.80 | 0.80 | 0.80 | 0.82 | 73855 | 8 |
| 12-31-21 | 18.21 | 0.12<sup>•</sup> | 4.72 | 4.84 | 0.11 | 2.02 | &nbsp;&nbsp;&nbsp;— | 2.13 | &nbsp;&nbsp;&nbsp;— | 20.92 | **27.66** | 0.80 | 0.80 | 0.80 | 0.61 | 99373 | 3 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 20.27 | 0.21<sup>•</sup> | 3.12 | 3.33 | 0.31 | 2.23 | &nbsp;&nbsp;&nbsp;— | 2.54 | &nbsp;&nbsp;&nbsp;— | 21.06 | **17.53** | 0.27 | 0.27 | 0.27 | 1.04 | 2319525 | 7 |
| 12-31-24 | 17.80 | 0.22<sup>•</sup> | 4.10 | 4.32 | 0.25 | 1.60 | &nbsp;&nbsp;&nbsp;— | 1.85 | &nbsp;&nbsp;&nbsp;— | 20.27 | **24.68** | 0.27 | 0.27 | 0.27 | 1.14 | 3761609 | 2 |
| 12-31-23 | 15.78 | 0.24<sup>•</sup> | 3.74 | 3.98 | 0.26 | 1.70 | &nbsp;&nbsp;&nbsp;— | 1.96 | &nbsp;&nbsp;&nbsp;— | 17.80 | **25.93** | 0.27 | 0.27 | 0.27 | 1.42 | 3746966 | 6 |
| 12-31-22 | 21.87 | 0.24<sup>•</sup> | (4.28) | (4.04) | 0.23 | 1.82 | &nbsp;&nbsp;&nbsp;— | 2.05 | &nbsp;&nbsp;&nbsp;— | 15.78 | **(18.35)** | 0.27 | 0.27 | 0.27 | 1.35 | 3602730 | 8 |
| 12-31-21 | 18.94 | 0.23<sup>•</sup> | 4.95 | 5.18 | 0.23 | 2.02 | &nbsp;&nbsp;&nbsp;— | 2.25 | &nbsp;&nbsp;&nbsp;— | 21.87 | **28.37** | 0.27 | 0.27 | 0.27 | 1.14 | 4525779 | 3 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 19.95 | 0.16<sup>•</sup> | 3.05 | 3.21 | 0.25 | 2.23 | &nbsp;&nbsp;&nbsp;— | 2.48 | &nbsp;&nbsp;&nbsp;— | 20.68 | **17.23** | 0.52 | 0.51 | 0.51 | 0.78 | 38502 | 7 |
| 12-31-24 | 17.54 | 0.17<sup>•</sup> | 4.04 | 4.21 | 0.20 | 1.60 | &nbsp;&nbsp;&nbsp;— | 1.80 | &nbsp;&nbsp;&nbsp;— | 19.95 | **24.43** | 0.52 | 0.51 | 0.51 | 0.91 | 49386 | 2 |
| 12-31-23 | 15.57 | 0.20<sup>•</sup> | 3.67 | 3.87 | 0.20 | 1.70 | &nbsp;&nbsp;&nbsp;— | 1.90 | &nbsp;&nbsp;&nbsp;— | 17.54 | **25.56** | 0.52 | 0.51 | 0.51 | 1.18 | 260411 | 6 |
| 12-31-22 | 21.60 | 0.20<sup>•</sup> | (4.22) | (4.02) | 0.19 | 1.82 | &nbsp;&nbsp;&nbsp;— | 2.01 | &nbsp;&nbsp;&nbsp;— | 15.57 | **(18.50)** | 0.52 | 0.51 | 0.51 | 1.11 | 224160 | 8 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** | **Voya U.S. Stock Index Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-21 | 18.74 | 0.18<sup>•</sup> | 4.88 | 5.06 | 0.18 | 2.02 |  | 2.20 |  | 21.60 | **28.02** | 0.52 | 0.51 | 0.51 | 0.90 | 303248 | 3 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.47 | 0.12<sup>•</sup> | 2.98 | 3.10 | 0.23 | 2.23 |  | 2.46 |  | 20.11 | **17.08** | 0.67 | 0.67 | 0.67 | 0.62 | 197858 | 7 |
| 12-31-24 | 17.17 | 0.14<sup>•</sup> | 3.94 | 4.08 | 0.18 | 1.60 |  | 1.78 |  | 19.47 | **24.18** | 0.67 | 0.67 | 0.67 | 0.74 | 196110 | 2 |
| 12-31-23 | 15.31 | 0.17<sup>•</sup> | 3.61 | 3.78 | 0.22 | 1.70 |  | 1.92 |  | 17.17 | **25.38** | 0.67 | 0.67 | 0.67 | 1.02 | 173092 | 6 |
| 12-31-22 | 21.28 | 0.17<sup>•</sup> | (4.16) | (3.99) | 0.16 | 1.82 |  | 1.98 |  | 15.31 | **(18.63)** | 0.67 | 0.67 | 0.67 | 0.95 | 142580 | 8 |
| 12-31-21 | 18.49 | 0.15<sup>•</sup> | 4.81 | 4.96 | 0.15 | 2.02 |  | 2.17 |  | 21.28 | **27.85** | 0.67 | 0.67 | 0.67 | 0.74 | 181812 | 3 |
| **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** | **VY<sup>®</sup> CBRE Real Estate Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 26.27 | 0.41<sup>•</sup> | (0.51) | (0.10) | 0.66 |  |  | 0.66 |  | 25.51 | **(0.31)** | 1.74 | 1.41 | 1.40 | 1.57 | 29592 | 97 |
| 12-31-24 | 25.88 | 0.57<sup>•</sup> | 0.44 | 1.01 | 0.62 |  |  | 0.62 |  | 26.27 | **3.95** | 1.61 | 1.33 | 1.33 | 2.19 | 34072 | 82 |
| 12-31-23 | 24.94 | 0.51<sup>•</sup> | 2.79 | 3.30 | 0.59 | 1.77 |  | 2.36 |  | 25.88 | **13.62** | 1.63 | 1.28 | 1.28 | 2.07 | 38058 | 73 |
| 12-31-22 | 43.39 | 0.46<sup>•</sup> | (11.98) | (11.52) | 0.46 | 6.47 |  | 6.93 |  | 24.94 | **(27.40)** | 1.61 | 1.28 | 1.28 | 1.44 | 38305 | 62 |
| 12-31-21 | 29.09 | 0.37<sup>•</sup> | 14.50 | 14.87 | 0.57 |  |  | 0.57 |  | 43.39 | **51.46** | 1.62 | 1.28 | 1.28 | 1.02 | 63318 | 67 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 28.51 | 0.61<sup>•</sup> | (0.54) | 0.07 | 0.85 |  |  | 0.85 |  | 27.73 | **0.30** | 1.14 | 0.81 | 0.80 | 2.18 | 2281 | 97 |
| 12-31-24 | 28.05 | 0.79<sup>•</sup> | 0.48 | 1.27 | 0.81 |  |  | 0.81 |  | 28.51 | **4.58** | 1.01 | 0.73 | 0.73 | 2.78 | 2504 | 82 |
| 12-31-23 | 26.92 | 0.56<sup>•</sup> | 3.18 | 3.74 | 0.84 | 1.77 |  | 2.61 |  | 28.05 | **14.31** | 1.03 | 0.68 | 0.68 | 2.07 | 3281 | 73 |
| 12-31-22 | 46.19 | 0.72<sup>•</sup> | (12.81) | (12.09) | 0.71 | 6.47 |  | 7.18 |  | 26.92 | **(26.97)** | 1.01 | 0.68 | 0.68 | 2.10 | 8128 | 62 |
| 12-31-21 | 30.88 | 0.62<sup>•</sup> | 15.41 | 16.03 | 0.72 |  |  | 0.72 |  | 46.19 | **52.34** | 1.02 | 0.68 | 0.68 | 1.65 | 11745 | 67 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 28.56 | 0.54<sup>•</sup> | (0.55) | (0.01) | 0.76 |  |  | 0.76 |  | 27.79 | **0.03** | 1.39 | 1.06 | 1.05 | 1.92 | 105387 | 97 |
| 12-31-24 | 28.08 | 0.72<sup>•</sup> | 0.47 | 1.19 | 0.71 |  |  | 0.71 |  | 28.56 | **4.30** | 1.26 | 0.98 | 0.98 | 2.54 | 124125 | 82 |
| 12-31-23 | 26.88 | 0.64<sup>•</sup> | 3.03 | 3.67 | 0.70 | 1.77 |  | 2.47 |  | 28.08 | **14.04** | 1.28 | 0.93 | 0.93 | 2.41 | 139768 | 73 |
| 12-31-22 | 46.11 | 0.62<sup>•</sup> | (12.77) | (12.15) | 0.61 | 6.47 |  | 7.08 |  | 26.88 | **(27.14)** | 1.26 | 0.93 | 0.93 | 1.80 | 143264 | 62 |
| 12-31-21 | 30.87 | 0.52<sup>•</sup> | 15.39 | 15.91 | 0.67 |  |  | 0.67 |  | 46.11 | **51.96** | 1.27 | 0.93 | 0.93 | 1.37 | 227726 | 67 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 28.36 | 0.49<sup>•</sup> | (0.53) | (0.04) | 0.72 |  |  | 0.72 |  | 27.60 | **(0.10)** | 1.54 | 1.21 | 1.20 | 1.77 | 5625 | 97 |
| 12-31-24 | 27.89 | 0.67<sup>•</sup> | 0.47 | 1.14 | 0.67 |  |  | 0.67 |  | 28.36 | **4.14** | 1.41 | 1.13 | 1.13 | 2.38 | 6150 | 82 |
| 12-31-23 | 26.70 | 0.59<sup>•</sup> | 3.01 | 3.60 | 0.64 | 1.77 |  | 2.41 |  | 27.89 | **13.86** | 1.43 | 1.08 | 1.08 | 2.24 | 7103 | 73 |
| 12-31-22 | 45.78 | 0.54<sup>•</sup> | (12.65) | (12.11) | 0.50 | 6.47 |  | 6.97 |  | 26.70 | **(27.25)** | 1.41 | 1.08 | 1.08 | 1.58 | 7597 | 62 |
| 12-31-21 | 30.64 | 0.46<sup>•</sup> | 15.28 | 15.74 | 0.60 |  |  | 0.60 |  | 45.78 | **51.74** | 1.42 | 1.08 | 1.08 | 1.21 | 13826 | 67 |
| **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 14.31 | (0.04)<sup>•</sup> | 0.38 | 0.34 | 0.00<sup>\*</sup> | 2.05 |  | 2.05 |  | 12.60 | **3.21** | 1.49 | 1.49 | 1.48 | (0.27) | 97230 | 81 |
| 12-31-24 | 12.97 | (0.03)<sup>•</sup> | 1.38 | 1.35 | 0.01 |  |  | 0.01 |  | 14.31 | **10.38** | 1.48 | 1.48 | 1.47 | (0.20) | 106939 | 55 |
| 12-31-23 | 12.47 | (0.01)<sup>•</sup> | 1.46 | 1.45 |  | 0.95 |  | 0.95 |  | 12.97 | **11.88** | 1.48 | 1.48 | 1.46 | (0.07) | 109167 | 46 |
| 12-31-22 | 19.30 | (0.03)<sup>•</sup> | (3.59) | (3.62) |  | 3.21 |  | 3.21 |  | 12.47 | **(18.08)** | 1.47 | 1.47 | 1.47 | (0.18) | 105703 | 46 |
| 12-31-21 | 17.26 | (0.08)<sup>•</sup> | 3.14 | 3.06 |  | 1.02 |  | 1.02 |  | 19.30 | **17.94** | 1.46 | 1.46 | 1.45 | (0.44) | 140945 | 52 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 16.49 | 0.05<sup>•</sup> | 0.46 | 0.51 | 0.10 | 2.05 |  | 2.15 |  | 14.85 | **3.86** | 0.89 | 0.89 | 0.88 | 0.30 | 101298 | 81 |
| 12-31-24 | 14.92 | 0.06<sup>•</sup> | 1.59 | 1.65 | 0.08 |  |  | 0.08 |  | 16.49 | **11.09** | 0.88 | 0.88 | 0.87 | 0.41 | 209997 | 55 |
| 12-31-23 | 14.19 | 0.07<sup>•</sup> | 1.66 | 1.73 | 0.05 | 0.95 |  | 1.00 |  | 14.92 | **12.46** | 0.88 | 0.88 | 0.86 | 0.52 | 203320 | 46 |
| 12-31-22 | 21.28 | 0.07<sup>•</sup> | (3.95) | (3.88) |  | 3.21 |  | 3.21 |  | 14.19 | **(17.57)** | 0.87 | 0.87 | 0.87 | 0.43 | 229935 | 46 |
| 12-31-21 | 18.89 | 0.04<sup>•</sup> | 3.45 | 3.49 | 0.08 | 1.02 |  | 1.10 |  | 21.28 | **18.71** | 0.86 | 0.86 | 0.85 | 0.18 | 282032 | 52 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 16.47 | 0.05<sup>•</sup> | 0.46 | 0.51 | 0.10 | 2.05 |  | 2.15 |  | 14.83 | **3.87** | 0.89 | 0.89 | 0.88 | 0.32 | 27039 | 81 |
| 12-31-24 | 14.90 | 0.06<sup>•</sup> | 1.59 | 1.65 | 0.08 |  |  | 0.08 |  | 16.47 | **11.11** | 0.88 | 0.88 | 0.87 | 0.40 | 30642 | 55 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (continued)** |
| **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |
| 12-31-23 | 14.17 | 0.08<sup>•</sup> | 1.65 | 1.73 | 0.05 | 0.95 |  | 1.00 |  | 14.90 | **12.48** | 0.88 | 0.88 | 0.86 | 0.53 | 32760 | 46 |
| 12-31-22 | 21.25 | 0.05<sup>•</sup> | (3.92) | (3.87) |  | 3.21 |  | 3.21 |  | 14.17 | **(17.55)** | 0.87 | 0.87 | 0.87 | 0.30 | 31036 | 46 |
| 12-31-21 | 18.87 | 0.03<sup>•</sup> | 3.45 | 3.48 | 0.08 | 1.02 |  | 1.10 |  | 21.25 | **18.67** | 0.86 | 0.86 | 0.85 | 0.16 | 129718 | 52 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 16.00 | 0.01<sup>•</sup> | 0.45 | 0.46 | 0.05 | 2.05 |  | 2.10 |  | 14.36 | **3.65** | 1.14 | 1.14 | 1.13 | 0.07 | 63785 | 81 |
| 12-31-24 | 14.49 | 0.02<sup>•</sup> | 1.53 | 1.55 | 0.04 |  |  | 0.04 |  | 16.00 | **10.74** | 1.13 | 1.13 | 1.12 | 0.15 | 77527 | 55 |
| 12-31-23 | 13.80 | 0.04<sup>•</sup> | 1.62 | 1.66 | 0.02 | 0.95 |  | 0.97 |  | 14.49 | **12.26** | 1.13 | 1.13 | 1.11 | 0.28 | 86418 | 46 |
| 12-31-22 | 20.85 | 0.03<sup>•</sup> | (3.87) | (3.84) |  | 3.21 |  | 3.21 |  | 13.80 | **(17.76)** | 1.12 | 1.12 | 1.12 | 0.16 | 86656 | 46 |
| 12-31-21 | 18.55 | (0.02)<sup>•</sup> | 3.38 | 3.36 | 0.04 | 1.02 |  | 1.06 |  | 20.85 | **18.32** | 1.11 | 1.11 | 1.10 | (0.09) | 124185 | 52 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 15.64 | (0.01)<sup>•</sup> | 0.44 | 0.43 | 0.01 | 2.05 |  | 2.06 |  | 14.01 | **3.49** | 1.29 | 1.29 | 1.28 | (0.07) | 1559 | 81 |
| 12-31-24 | 14.15 | (0.00)<sup>\*•</sup> | 1.50 | 1.50 | 0.01 |  |  | 0.01 |  | 15.64 | **10.60** | 1.28 | 1.28 | 1.27 | (0.03) | 1791 | 55 |
| 12-31-23 | 13.51 | 0.02<sup>•</sup> | 1.57 | 1.59 |  | 0.95 |  | 0.95 |  | 14.15 | **12.00** | 1.28 | 1.28 | 1.26 | 0.13 | 5862 | 46 |
| 12-31-22 | 20.52 | 0.00<sup>\*</sup> | (3.80) | (3.80) |  | 3.21 |  | 3.21 |  | 13.51 | **(17.86)** | 1.27 | 1.27 | 1.27 | 0.01 | 6076 | 46 |
| 12-31-21 | 18.27 | (0.05)<sup>•</sup> | 3.33 | 3.28 | 0.01 | 1.02 |  | 1.03 |  | 20.52 | **18.17** | 1.26 | 1.26 | 1.25 | (0.24) | 8692 | 52 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| \* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>●</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The eight series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya Balanced Income Portfolio ("Balanced Income"), Voya High Yield Portfolio ("High Yield"), Voya Large Cap Growth Portfolio ("Large Cap Growth"), Voya Large Cap Value Portfolio ("Large Cap Value"), Voya Limited Maturity Bond Portfolio ("Limited Maturity Bond"), Voya U.S. Stock Index Portfolio ("U.S. Stock Index"), VY<sup>®</sup> CBRE Real Estate Portfolio ("CBRE Real Estate"), and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio ("JPMorgan Small Cap Core Equity"). All of the Portfolios are diversified except for Large Cap Growth and CBRE Real Estate, which are non-diversified Portfolios of the Trust. Prior to November 1, 2025, CBRE Real Estate was a diversified Portfolio of the Trust. In seeking to track the performance of the index, U.S. Stock Index may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of the index. As a result, whether U.S. Stock Index will be considered diversified or non-diversified at any time will depend largely on the make-up of the index at the time. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Institutional ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each

class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Balanced Income, High Yield, Large Cap Growth, Large Cap Value, Limited Maturity Bond, and U.S. Stock Index. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Real Estate estimates components of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market
 value of investment securities, other assets and liabilities — at the exchange rates
 prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases
 and sales of investment securities, income and expenses — at the rates of exchange
 prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net

unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by High Yield and Limited Maturity Bond. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Large Cap Value and U.S. Stock Index. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes***. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being

hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that

may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of December 31, 2025, the maximum amount of loss that Balanced Income would incur if its counterparties failed to perform would be $60 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of December 31, 2025. As of December 31, 2025, Balanced Income received $20,000 in cash collateral from certain counterparties.

Certain Portfolios have entered into derivative contracts that contain credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

As of December 31, 2025, Balanced Income and Limited Maturity Bond had a liability position of $680,214 and $17,263, respectively on open forward foreign currency contracts and written options. If a contingent feature

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

would have been triggered as of December 31, 2025, the Portfolios could have been required to pay these amounts in cash to its counterparties. As of December 31, 2025, Balanced Income pledged $670,000 in cash collateral for its open OTC derivatives. There was no cash collateral pledged by any other Portfolio at December 31, 2025.

H. ***Forward Foreign Currency Contracts.*** Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

During the year ended December 31, 2025, Balanced Income had average contract amounts on forward foreign currency contracts purchased and sold of $4,364,355 and $12,839,169, respectively. The Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2025.

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio's assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin)

in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio's Statement of Operations. Realized gains (losses) are reported in each Portfolio's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2025, U.S. Stock Index and JPMorgan Small Cap Core Equity have purchased futures contracts on various equity indexes to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. In addition, Balanced Income and Limited Maturity Bond had purchased and sold futures contracts on treasury futures to manage the duration and yield curve of the Portfolios. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio's securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against counterparty default.

During the year ended December 31, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Balanced Income | $192579486 | $45579973 |
| Limited Maturity Bond | 127515066 | 29857364 |
| U.S. Stock Index | 78860813 |  |
| JPMorgan Small Cap Core Equity | 3557155 |  |

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

J. ***Repurchase Agreements.*** Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at December 31, 2025.

K. ***Securities Lending.*** Each Portfolio may loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

L. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. ***Delayed-Delivery Transactions.*** Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio's Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.

N. ***Options Contracts.*** Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps ("swaptions"), securities, commodities or foreign currencies it owns or in which it may invest. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2025, Balanced Income had purchased and written foreign currency options with a notional value of $983,000 and $4,977,000, respectively, to gain exposure to foreign currencies and to generate income. There were no open purchased and written foreign currency options at December 31, 2025.

During the year ended December 31, 2025, Balanced Income had purchased and written interest rate swaptions with an average notional value of $7,736,927 and $11,942,626, respectively, to gain exposure to interest rates and to generate income. There were no open purchased and written interest rate swaptions at December 31, 2025.

During the year ended December 31, 2025, Balanced Income had purchased and written forward premium swaptions with an average notional value of $27,133,714 and $52,529,574, respectively, to manage duration and yield curve exposures. There were no open purchased and written forward premium swaptions at December 31, 2025.

During the year ended December 31, 2025, Balanced Income had purchased written credit default swaptions with an average notional value of $5,972,000 and $11,168,353 to generate income. There were no open written credit default swaptions at December 31, 2025.

During the year ended December 31, 2025, Limited Maturity Bond had written credit default swaptions to generate income. The Portfolio had an average notional values of $21,547,498 on written credit default swaptions. Please refer to the tables within the Portfolio of Investments

for open written credit default swaptions at December 31, 2025.

O. ***Swap Agreements.*** Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio's Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio's Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Portfolio's counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio's Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a 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 a 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 a referenced index. 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. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investments and 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. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the year ended December 31, 2025, Balanced Income and High Yield bought and sold credit protection on credit default swap indices ("CDX"). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced Income and High Yield used CDX swaps to hedge the credit risk

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

and to gain additional exposure associated with various sectors within the credit market.

For the year ended December 31, 2025, Balanced Income had an average notional amount of $9,500,000 on credit default swaps to buy protection. There were no open credit default swaps to buy protection for any Portfolio at December 31, 2025.

For the year ended December 31, 2025, Balanced Income and High Yield had average notional amount of $26,330,500 and $12,500,000, respectively, on credit default swaps to sell protection. There were no open credit default swaps to sell protection for any Portfolio at December 31, 2025.

***Interest Rate Swap Contracts.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the year ended December 31, 2025, Balanced Income had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on long interest rate swaps was $3,011,895.

For the year ended December 31, 2025, Balanced Income had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $15,793,211.

Balanced Income entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. There were no open centrally cleared interest rate swaps at December 31, 2025.

***Total Return Swap Agreements.*** Certain Portfolios may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index,

and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended December 31, 2025, Balanced Income had an average notional amount of $13,880,000 on receiver total return swaps. There were no open receiver total return swaps at December 31, 2025.

***Volatility Swap Contracts.*** Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the year ended December 31, 2025, Balanced Income had an average notional amount of $9,459,333 and $5,182,750 on receiver and payer foreign currency volatility swaps, respectively. There were no open receiver and payer foreign currency volatility swaps at December 31, 2025.

***Cross-Currency Swaps.*** Certain Portfolios may enter into cross-currency swaps. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

There were no open cross-currency swaps for any Portfolio at December 31, 2025.

P. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Balanced Income | $476829916 | $640689667 |
| High Yield | 439883183 | 452988010 |
| Large Cap Growth | 391896030 | 494404067 |
| Large Cap Value | 612714308 | 729460151 |
| Limited Maturity Bond | 120689122 | 122801295 |
| U.S. Stock Index | 268313695 | 2246052640 |
| CBRE Real Estate | 148399322 | 167875559 |
| JPMorgan Small Cap Core Equity | 252950781 | 399601266 |

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U.S. government securities not included above were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Balanced Income | $31563627 | $45898182 |
| Limited Maturity Bond | 358259081 | 397583838 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed

daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

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| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Balanced Income | 0.55% on all assets |
| Large Cap Growth | 0.65% on the first $4 billion; |
|  | 0.62% on the next $1.5 billion; |
|  | 0.60% on the next $3 billion; and |
|  | 0.59% thereafter |
| Large Cap Value | 0.75% on the first $500 million; |
|  | 0.70% on the next $1.5 billion; and |
|  | 0.65% on the amount in excess of $2 billion |
| CBRE Real Estate | 0.85% on the first $200 million; |
|  | 0.80% on the next $550 million; and |
|  | 0.75% on the amount in excess of $750 million |

---

Prior to November 21, 2025, the management fee for Large Cap Growth was 0.65% on the first $5.5 billion of assets; 0.62% on the next $1.5 billion of assets; 0.60% on the next $3 billion of assets; and 0.59% thereafter.

The Investment Adviser is contractually obligated to waive the management fee it receives for advising Balanced Income in an amount equal to any advisory fee that Voya receives as a result of any investment by Balanced Income into an affiliated exchange traded fund. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

With the exception of the Portfolios in the table above, the Investment Adviser provides the below Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to the Unified Agreement, the Investment Adviser also is responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of a Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services, licensing fees and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a "Unified Fee") based on the following annual rates of the average daily net assets of each Portfolio:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

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| | |
|:---|:---|
| **Portfolio** | **Fee** |
| High Yield | 0.490% on the first $1 billion; |
|  | 0.480% on the next $1 billion; |
|  | 0.470% on the amount in excess of $2 billion |
| Limited Maturity | 0.350% on the first $200 million; |
| Bond | 0.300% on the next $300 million; |
|  | 0.250% on the amount in excess of $500 million |
| U.S. Stock Index | 0.260% |
| JPMorgan Small | 0.900% on the first $200 million; |
| Cap Core Equity | 0.850% on the next $300 million; |
|  | 0.800% on the next $250 million; |
|  | 0.750% on the amount in excess of $750 million |

---

The Investment Adviser is contractually obligated to waive 0.015% of the Unified Fee for High Yield. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The assets of Limited Maturity Bond are aggregated with those of Voya Government Liquid Assets Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

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| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Balanced Income | Voya Investment Management Co. LLC\* |
| High Yield | Voya Investment Management Co. LLC\* |
| Large Cap Growth | Voya Investment Management Co. LLC\* |
| Large Cap Value | Voya Investment Management Co. LLC\* |
| Limited Maturity Bond | Voya Investment Management Co. LLC\* |
| U.S. Stock Index | Voya Investment Management Co. LLC\* |
| CBRE Real Estate | CBRE Investment Management Listed Real Assets LLC |
| JPMorgan Small Cap Core Equity | J.P. Morgan Investment Management Inc. |

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**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners

of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV shares of the Portfolios have a shareholder service and distribution plan. The respective Portfolios pay the Distributor a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio's average daily net assets attributable to Class ADV shares, except for U.S. Stock Index, which pays a distribution fee of 0.28%. Effective November 21, 2025, Large Cap Growth pays a distribution fee of 0.25%. Prior to November 21, 2025, Large Cap Growth paid a distribution fee of 0.35%.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

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| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated<br> Investment Company** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Large Cap Growth | 9.23% |
|  | JPMorgan Small Cap Core Equity | 5.60 |
|  | U.S. Stock Index | 5.05 |
| Voya Institutional Trust Company | Balanced Income | 12.72 |
|  | High Yield | 18.15 |
|  | Large Cap Growth | 25.12 |
|  | Large Cap Value | 10.05 |
|  | U.S. Stock Index | 9.85 |
|  | CBRE Real Estate | 21.82 |
|  | JPMorgan Small Cap Core Equity | 45.41 |
| Voya Retirement Insurance and Annuity Company | Balanced Income | 72.34 |
|  | High Yield | 45.72 |
|  | Large Cap Growth | 62.82 |
|  | Large Cap Value | 69.07 |
|  | U.S. Stock Index | 21.39 |
|  | CBRE Real Estate | 37.65 |
|  | JPMorgan Small Cap Core Equity | 43.92 |
| Voya Solution 2035 Portfolio | U.S. Stock Index | 5.72 |
| Voya Solution 2045 Portfolio | U.S. Stock Index | 6.10 |

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The Investment Adviser may direct the Portfolios' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Balanced Income | $268274 |
| Large Cap Growth | 1204695 |
| Large Cap Value | 456332 |
| CBRE Real Estate | 222432 |

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During the year ended December 31, 2025, Balanced Income incurred $58,600 of information statement costs associated with an Investment Strategy Change. The Investment Adviser reimbursed Balanced Income for these costs.

During the year end December 31, 2025, Large Cap Value incurred $164,000 of proxy and solicitation costs associated with obtaining shareholder approval relating to its proposed merger with and into Voya Large Cap Value Fund, which is not included in this report.

During the year end December 31, 2025, CBRE Real Estate incurred $77,000 of proxy and solicitation costs associated with a diversification status change and $64,200 of information statement costs associated with a sub-adviser change. The Investment Adviser reimbursed CBRE Real Estate for the costs associated with the sub- adviser change.

**NOTE 7 — OTHER TRANSACTIONS**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the year ended December 31, 2025, Balanced Income engaged in such transactions amounting to $93,549,535 of in-kind sales, resulting in a net realized loss of $3,587,844.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into written expense limitation agreements ("Expense Limitation Agreements") with the following Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**R6** | **Class**<br>**S** | **Class**<br>**S2** |
| Balanced Income | 1.17% | 0.57% | N/A | 0.82% | 0.97% |
| Large Cap Growth | 1.17% | 0.67% | 0.67% | 0.92% | 1.07% |
| Large Cap Value | 1.29% | 0.69% | 0.69% | 0.94% | 1.09% |
| CBRE Real Estate | 1.35% | 0.75% | N/A | 1.00% | 1.15% |

---

Prior to November 21, 2025 the expense limit for Large Cap Growth Class ADV was 1.27%. For Large Cap Growth, any fees waived pursuant to the Expense Limit Agreement shall not be eligible for recoupment.

Prior to December 2, 2025, the expense limits for Balanced Income for Class ADV, Class I, Class S and Class S2 were 1.20%, 0.60%, 0.85% and 1.00%, respectively. Effective December 2, 2025, any fees waived pursuant to the Expense Limit Agreement shall not be eligible for recoupment.

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for High Yield Bond, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| Large Cap Value | $— | $278366 | $464135 | $742501 |
| CBRE Real Estate | 249444 | 221590 | 288248 | 759282 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, until May 1 2026 and the related expiration dates, as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| **Large Cap Value** |  |  |  |  |
| Class ADV | $— | $32207 | $47287 | $79494 |
| Class I |  | 288732 | 385007 | 673739 |
| Class R6 |  | 48 | 67 | 115 |
| Class S |  | 18162 | 13286 | 31448 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| Class S2 |  | 177 | 189 | 366 |
| **CBRE Real Estate** |  |  |  |  |
| Class ADV | $55077 | $46581 | $45972 | $147630 |
| Class I | 6174 | 3662 | 3427 | 13263 |
| Class S | 200356 | 170263 | 161471 | 532090 |
| Class S2 | 10283 | 8588 | 8534 | 27405 |

---

The Expense Limitation Agreements are contractual through May 1, 2026, except Large Cap Growth and Balanced Income which are through May 1, 2027. Termination or modification of this obligation requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2025 as follows:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 9 — LINE OF CREDIT (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** |<br><br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Balanced Income | 6 | $4203000 | 5.26% |
| Large Cap Value | 3 | 3355333 | 5.33 |
| Limited Maturity Bond | 2 | 902500 | 5.33 |
| U.S. Stock Index | 3 | 10494000 | 5.33 |
| CBRE Real Estate | 2 | 991500 | 5.33 |
| JPMorgan Small Cap Core Equity | 2 | 2839500 | 5.12 |

---

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Balanced Income** | **Balanced Income** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 65888 |  | 419771 | (625948) |  | (140289) | 643252 |  | 4025150 | (6114416) |  | (1446014) |
| 12/31/2024 | 86935 |  | 46499 | (750040) |  | (616606) | 778757 |  | 437682 | (6885469) |  | (5669030) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 915376 |  | 2886846 | (3686902) |  | 115320 | 9469521 |  | 29513801 | (38370049) |  | 613273 |
| 12/31/2024 | 174862 | 31440264 | 458168 | (2050346) |  | 30022948 | 1757641 | 312092858 | 4554623 | (20643240) |  | 297761882 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 380251 |  | 1418795 | (17208385) |  | (15409339) | 3945660 |  | 14451647 | (174262062) |  | (155864755) |
| 12/31/2024 | 397761 | 183305 | 205299 | (3597504) |  | (2811139) | 3964224 | 1807432 | 2035858 | (34980355) |  | (27172841) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5866 |  | 19803 | (283744) |  | (258075) | 61399 |  | 201530 | (2871194) |  | (2608265) |
| 12/31/2024 | 151722 |  | 2740 | (162808) |  | (8346) | 1430445 |  | 27184 | (1545230) |  | (87601) |
| **High Yield** | **High Yield** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 394584 |  | 364763 | (1153847) |  | (394500) | 3459274 |  | 3203456 | (10093868) |  | (3431138) |
| 12/31/2024 | 396015 |  | 414136 | (1282586) |  | (472435) | 3420209 |  | 3584436 | (11085691) |  | (4081046) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3101028 |  | 1676878 | (4753550) |  | 24356 | 27247891 |  | 14741568 | (41736268) |  | 253191 |
| 12/31/2024 | 10792610 |  | 1607427 | (4670478) |  | 7729559 | 92222682 |  | 13938626 | (40453642) |  | 65707666 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1501084 |  | 172010 | (2108827) |  | (435733) | 13231540 |  | 1510322 | (18584745) |  | (3842883) |
| 12/31/2024 | 1255212 |  | 900615 | (19308104) |  | (17152277) | 10846304 |  | 7758426 | (168267715) |  | (149662985) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 37435 |  | 10331 | (36898) |  | 10868 | 327801 |  | 90848 | (325406) |  | 93243 |
| 12/31/2024 | 28847 |  | 9393 | (22127) |  | 16113 | 251106 |  | 81429 | (191774) |  | 140761 |
| **Large Cap Growth** | **Large Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1307720 | 22345063 | 4257968 | (5755636) |  | 22155115 | 17819114 | 301037701 | 54714894 | (78658135) |  | 294913574 |
| 12/31/2024 | 1037020 |  |  | (115141536) |  | (114104516) | 12912571 |  |  | (1396933076) |  | (1384020505) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1164579 | 53160619 | 9412500 | (11040804) |  | 52696894 | 20904547 | 971394040 | 163683367 | (200657000) |  | 955324954 |
| 12/31/2024 | 2522430 |  |  | (12381609) |  | (9859179) | 39780031 |  |  | (197916633) |  | (158136602) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 447212 |  | 424556 | (676224) |  | 195544 | 8213778 |  | 7400002 | (12078039) |  | 3535741 |
| 12/31/2024 | 558955 |  |  | (1757718) |  | (1198763) | 9054661 |  |  | (30021050) |  | (20966389) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 731915 | 3826616 | 2159661 | (5817407) |  | 900785 | 12087127 | 63607636 | 34209029 | (98130304) |  | 11773488 |
| 12/31/2024 | 981545 |  |  | (79944131) |  | (78962586) | 14394538 |  |  | (1160380469) |  | (1145985931) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 274837 | 293812 | 342975 | (501664) |  | 409960 | 4381466 | 4716623 | 5247520 | (8019125) |  | 6326484 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large Cap Growth (continued)** | **Large Cap Growth (continued)** | **Large Cap Growth (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 357928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (1352437) |  | (994509) | 5132761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (19316333) |  | (14183572) |
| **Large Cap Value** | **Large Cap Value** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 199113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1534220 | (1146246) |  | 587087 | 1101910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7740176 | (6285851) |  | 2556235 |
| 12/31/2024 | 203550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 561671 | (1454797) |  | (689576) | 1166113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3147056 | (8294816) |  | (3981647) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 321692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10174623 | (13572114) |  | (3075799) | 2032812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58167854 | (87016488) |  | (26815822) |
| 12/31/2024 | 398625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4232211 | (6528428) |  | (1897592) | 2507144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 26183574 | (40881669) |  | (12190951) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2861999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3553027 | (6046689) |  | 368337 | 17862419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 20123737 | (35826264) |  | 2159892 |
| 12/31/2024 | 6803618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1279667 | (6344366) |  | 1738919 | 41442342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7858342 | (40039322) |  | 9261362 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 287552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 373355 | (2860604) |  | (2199697) | 1703928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1971228 | (17535294) |  | (13860138) |
| 12/31/2024 | 369662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300531 | (912489) |  | (242296) | 2186564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1742353 | (5372661) |  | (1443744) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4741 | (21597) |  | (16025) | 5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25066 | (125958) |  | (95716) |
| 12/31/2024 | 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2822 | (155) |  | 3004 | 1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16420 | (956) |  | 17455 |
| **Limited Maturity Bond** | **Limited Maturity Bond** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 133442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42562 | (180762) |  | (4758) | 1247232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 398658 | (1689774) |  | (43884) |
| 12/31/2024 | 61170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 49624 | (244439) |  | (133645) | 564202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 460481 | (2266721) |  | (1242038) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 6859183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1163769 | (5434361) |  | 2588591 | 65564319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11125283 | (51893111) |  | 24796491 |
| 12/31/2024 | 5809941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1313156 | (11071532) |  | (3948435) | 55177240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12434159 | (104823878) |  | (37212479) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 46995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 53508 | (4326581) |  | (4226078) | 451720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 514974 | (41392964) |  | (40426270) |
| 12/31/2024 | 369146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 264205 | (1416722) |  | (783371) | 3507741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2520284 | (13507220) |  | (7479195) |
| **U.S. Stock Index** | **U.S. Stock Index** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 441416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 632384 | (1111260) |  | (37460) | 8406676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11482175 | (21095145) |  | (1206294) |
| 12/31/2024 | 610369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 458117 | (1088916) |  | (20430) | 11336576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8431480 | (20114186) |  | (346131) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26805498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22994931 | (125274505) |  | (75474076) | 544776494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 448764232 | (2527784073) |  | (1534243347) |
| 12/31/2024 | 18936426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 17662508 | (61518946) |  | (24920012) | 368407970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 347586480 | (1207094664) |  | (491100213) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 197391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 268076 | (1079962) |  | (614495) | 3904107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5139429 | (22084641) |  | (13041105) |
| 12/31/2024 | 418805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1165148 | (13951231) |  | (12367278) | 8070771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22399357 | (258651452) |  | (228181324) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 528570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1214596 | (1977414) |  | (234248) | 10229765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22653991 | (38567118) |  | (5683362) |
| 12/31/2024 | 968155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 949758 | (1926145) |  | (8232) | 18007049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 17901080 | (36436887) |  | (528758) |
| **CBRE Real Estate** | **CBRE Real Estate** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 65116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 32598 | (235006) |  | (137292) | 1684878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 813980 | (6051846) |  | (3552988) |
| 12/31/2024 | 72011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 32781 | (278154) |  | (173362) | 1877743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 844777 | (7292834) |  | (4570314) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2568 | (12424) |  | (5549) | 121416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 69527 | (347522) |  | (156579) |
| 12/31/2024 | 22242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2883 | (54258) |  | (29133) | 611657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 80434 | (1521228) |  | (829137) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 106910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 110000 | (771661) |  | (554751) | 2983647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2987613 | (21665079) |  | (15693819) |
| 12/31/2024 | 133001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 116597 | (880848) |  | (631250) | 3768112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3261221 | (25022216) |  | (17992883) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5521 | (32221) |  | (13058) | 377927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 149023 | (898052) |  | (371102) |
| 12/31/2024 | 19817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5827 | (63499) |  | (37855) | 546682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 162004 | (1805034) |  | (1096348) |
| **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 321260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1198899 | (1278807) |  | 241352 | 4212426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14302859 | (16737758) |  | 1777527 |
| 12/31/2024 | 355521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3794 | (1305205) |  | (945890) | 4828521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 53504 | (18259637) |  | (13377612) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 384603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1003071 | (7300681) |  | (5913007) | 5821293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14063060 | (120376450) |  | (100492097) |
| 12/31/2024 | 828108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 66435 | (1784997) |  | (890454) | 13216703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1076249 | (28171673) |  | (13878721) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 172885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 254070 | (464384) |  | (37429) | 2624907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3556975 | (7100454) |  | (918572) |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** |<br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** | **JPMorgan Small Cap Core Equity (continued)** |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 210363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10006 | (557969) |  | (337600) | 3364514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 161903 | (8784246) |  | (5257829) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 176339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 696094 | (1274103) |  | (401670) | 2592011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 9445991 | (18643333) |  | (6605331) |
| 12/31/2024 | 245178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 15533 | (1382284) |  | (1121573) | 3798082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 244489 | (21768497) |  | (17725926) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 18028 | (32422) |  | (3185) | 166690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 238869 | (454768) |  | (49209) |
| 12/31/2024 | 19306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 74 | (319101) |  | (299721) | 288564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1142 | (4749599) |  | (4459893) |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

The following tables represent a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Balanced Income**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** | <br>**Net Amount** |
| BMO Capital Markets Corp | $26533 | $(26533) | $— |
| BNP Paribas Financial Markets | 9141 | (9141) |  |
| BofA Securities Inc | 171406 | (171406) |  |
| Citigroup Global Markets Limited | 697144 | (697144) |  |
| JP Morgan Securities Plc. | 99339 | (99339) |  |
| Merrill Lynch International | 31110 | (31110) |  |
| Morgan Stanley & Co. LLC | 348118 | (348118) |  |
| State Street Bank and Trust Company | 122782 | (122782) |  |
| Wells Fargo Securities LLC | 187125 | (187125) |  |
| Total | $1692698 | $(1692698) | $— |

---

(1) Cash
 collateral with a fair value of $1,877,733 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Growth**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** | <br>**Net Amount** |
| BofA Securities Inc | $1475975 | $(1475975) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $1475975 | $(1475975) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) Cash
 collateral with a fair value of $1,533,484 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Limited Maturity Bond**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** | <br>**Net Amount** |
| Cantor Fitzgerald & Co | $135520 | $(135520) | $— |
| Daiwa Capital Markets America Inc. | 167551 | (167551) |  |
| Deutsche Bank Securities Inc. | 339204 | (339204) |  |
| National Bank Financial Inc | 192733 | (192733) |  |
| Societe Generale | 6761284 | (6761284) |  |
| Total | $7596292 | $(7596292) | $— |

---

(1) Cash
 collateral with a fair value of $7,758,092 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** |
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas Prime Brokerage Intl Ltd | $247012 | $(247012) | $— |
| BofA Securities Inc | 188829 | (188829) |  |
| Total | $435841 | $(435841) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $451,468 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** |
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $292799 | $(292799) | $— |
| Mizuho Securities USA LLC. | 570295 | (570295) |  |
| Total | $863094 | $(863094) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $884,000 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** |
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $363500 | $(363500) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BMO Capital Markets Corp | $160817 | $(160817) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 1176684 | (1176684) |  |
| BNP Paribas Securities Corp. | 409231 | (409231) |  |
| BofA Securities Inc | 4608053 | (4608053) |  |
| Citigroup Global Markets Inc. | 28889 | (28889) |  |
| Deutsche Bank Securities Inc. | 204618 | (204618) |  |
| Goldman Sachs International | 14609 | (14609) |  |
| Goldman, Sachs & Co. LLC | 23006 | (23006) |  |
| HSBC Bank PLC | 1026966 | (1026966) |  |
| Jefferies LLC | 219951 | (219951) |  |
| Morgan Stanley & Co. LLC | 273203 | (273203) |  |
| National Financial Services LLC | 856591 | (856591) |  |
| Natixis Securities America LLC | 42394 | (42394) |  |
| Nomura Securities International, Inc. | 1054919 | (1054919) |  |
| Scotia Capital (USA) INC | 1330248 | (1330248) |  |
| SG Americas Securities, LLC | 103812 | (103812) |  |
| State Street Bank and Trust Company | 59331 | (59331) |  |
| TD Securities (USA) Inc. | 115826 | (115826) |  |
| UBS AG | 95607 | (95607) |  |
| Wells Fargo Bank NA | 853429 | (853429) |  |
| Total | $13021684 | $(13021684) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $13,383,835 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), in-kind sales, net operating losses, paydowns, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| Balanced Income<sup>(1)</sup> | $(3587844) | $3587844 |
| High Yield | 76 | (76) |
| Large Cap Growth<sup>(2)</sup> | (7413739) | 7413739 |
| U.S. Stock Index | 13478 | (13478) |
| JPMorgan Small Cap Core Equity | 375 | (375) |

---

<sup>(1)</sup> Amount relates to in-kind sales.

<sup>(2)</sup> Amount relates to net operating loss.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Balanced Income | $30901296 | $17290832 | $— | $7055367 | $— |
| High Yield | 19125203 |  | 420991 | 25547131 |  |
| Large Cap Growth |  | 265254813 |  |  |  |
| Large Cap Value | 26621001 | 61407060 |  | 18367680 | 20580065 |
| Limited Maturity Bond | 12162895 |  |  | 15435969 |  |
| U.S. Stock Index | 42405000 | 445634827 |  | 53035579 | 343282818 |
| CBRE Real Estate | 4020143 |  |  | 4348436 |  |
| JPMorgan Small Cap Core Equity | 8761467 | 32846287 |  | 1537287 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Balanced Income | $6006534 | $4335075 | $39919175 | $— |  | $50260784 |
| High Yield |  |  | 3345084 | (287175) | Short-term | (79295402) |
|  |  |  |  | (82353311) | Long-term |  |
|  |  |  |  | $(82640486) |  |  |
| Large Cap Growth |  | 388663311 | 1026692970 |  |  | 1415356281 |
| Large Cap Value | 2297009 | 52796128 | 53986301 |  |  | 109079438 |
| Limited Maturity Bond | 217143 |  | 1879933 | (2854057) | Short-term | (22535399) |
|  |  |  |  | (21778418) | Long-term |  |
|  |  |  |  | $(24632475) |  |  |
| U.S. Stock Index | 11115883 | 1163738452 | 1128496358 |  |  | 2303350693 |
| CBRE Real Estate | 2818985 |  | 3656017 | (5213710) | Short-term | (1177878) |
|  |  |  |  | (2439170) | Long-term |  |
|  |  |  |  | $(7652880) |  |  |
| JPMorgan Small Cap Core Equity | 4729088 | 39936118 | 11159669 |  |  | 55824875 |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment

and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and

domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 14 — REORGANIZATIONS**

On November 21, 2025, Large Cap Growth ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio ("Acquired Portfolio"), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2025, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment loss | $(12364689) |
| Net realized and unrealized gain on investments | 528938569 |
| Net increase in net assets resulting from operations | $516573880 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since November 21, 2025. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** | **Total Net**<br>**Assets of**<br>**Acquiring**<br>**Portfolio**<br>**(000s)** | **Acquired**<br>**Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired**<br>**Portfolio's**<br>**Unrealized**<br>**Appreciation**<br>**(000s)** |<br>**Portfolios'**<br>**Conversion**<br>**Ratio** |
| $1340756 | $2326885 | $— | $305295 | 3.4085 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $3,667,640,581.

On July 14, 2024, Balanced Income Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Balanced Portfolio ("Acquired Portfolio"), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 14 — REORGANIZATIONS (continued)**

---

| | |
|:---|:---|
| Net investment loss | $14834681 |
| Net realized and unrealized gain on investments | 73359527 |
| Net increase in net assets resulting from operations | $88194208 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 14, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** |<br>**Total Net Assets of**<br>**Acquiring Portfolio**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation**<br>**(000s)** |<br>**Portfolios'**<br>**Conversion**<br>**Ratio** |
| $313900 | $226719 | $— | $18358 | 1.4257 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $540,618,962.

**NOTE 15 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolio's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in

net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 17 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to December 31, 2025, the following Portfolios paid dividends and distributions of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share Amount** | **Payable Date** | **Record Date** |
| **High Yield** | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.0390 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.0436 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.0416 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.0405 | January 30, 2026 | Daily |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 17 — SUBSEQUENT EVENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value** |  | |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.0023 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0066 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.0066 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.0047 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;Class S2 | NII | $0.0037 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0209 | February 5, 2026 | February 4, 2026 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.6128 | February 5, 2026 | February 4, 2026 |
| **Limited Maturity Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.0297 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0352 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;Class S | NII | $0.0334 | January 30, 2026 | Daily |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Reorganization*:* The Board approved a proposal, subject to shareholder approval, to reorganize Large Cap Value with and into Voya Large Cap Value Fund, which is not included in this report and is a series of Voya Equity Trust, and shareholder approval was obtained. Following the reorganization on close of business February 6, 2026, shareholders of Large Cap Value hold shares of Voya Large Cap Value Fund.

Reorganization: On November 13, 2025, the Board approved a proposal to reorganize VY<sup>®</sup> CBRE Global Real Estate Portfolio (the "Merging Portfolio"), which is not included in this report, with and into CBRE Real Estate Portfolio (renamed VY<sup>®</sup> Columbia Real Estate Portfolio on January 21, 2026) (the "Reorganization"). The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Portfolio at a shareholder meeting held on or about July 9, 2026. If the shareholder approval is obtained, the Reorganization will take place on or about close of business July 24, 2026.

Fund Changes: Effective January 21, 2026: (i) CBRE Investment Management Listed Real Assets, LLC ("CBRE") was removed as a sub-adviser to the CBRE Real Estate Portfolio; (ii) Columbia Management Investment Advisers, LLC. was appointed as a sub-adviser; (iii) the Portfolio's name was changed to "VY<sup>®</sup> Columbia Real Estate Portfolio"; and (iv) changes were made to the management fee schedule, expense limitation agreement, and sub-advisory fee schedule.

Fund Conversion: On January 22, 2026, the Board approved changes to the structure of Balanced Income (the "Conversion"). Following the Conversion, Balanced Income will be offered directly to the public, the eligibility to invest in Balanced Income will be revised, the Portfolio's name will become "Voya Balanced Income Fund", and Class ADV, Class S, and Class S2 will be renamed to Class R, Class R3, and Class A, respectively. It is expected that these changes will take effect on or about July 24, 2026.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 33.9%** | **COMMON STOCK: 33.9%** | **COMMON STOCK: 33.9%** | **COMMON STOCK: 33.9%** |
|  | **Communication Services: 3.6%** | **Communication Services: 3.6%** | **Communication Services: 3.6%** |
| 20943 | Alphabet, Inc. — Class A | $6555159 | 1.8 |
| 20813 | AT&T, Inc. | 516995 | 0.1 |
| 107 | Comcast Corp. — Class A | 3198 | 0.0 |
| 5616 | Deutsche Telekom AG, Reg | 182807 | 0.1 |
| 3162 | Fox Corp. — Class A | 231047 | 0.1 |
| 77000 | HKT Trust & HKT Ltd. — Stapled Security | 114018 | 0.0 |
| 1457 | Iridium Communications, Inc. | 25323 | 0.0 |
| 34266 | Koninklijke KPN NV | 160115 | 0.0 |
| 2437 | Meta Platforms, Inc. — Class A | 1608639 | 0.4 |
| 5720 | Millicom International Cellular SA | 317117 | 0.1 |
| 2668 | New York Times Co. — Class A | 185213 | 0.1 |
| 174900 | Nippon Telegraph & Telephone Corp. | 176560 | 0.0 |
| 12205 <sup>(1)</sup> | Orange SA | 203659 | 0.1 |
| 1800 <sup>(2)</sup> | Reddit, Inc. — Class A | 413766 | 0.1 |
| 3612 <sup>(2)</sup> | ROBLOX Corp. — Class A | 292680 | 0.1 |
| 968 <sup>(3)</sup> | Scout24 SE | 97226 | 0.0 |
| 1169 <sup>(2)</sup> | Spotify Technology SA | 678850 | 0.2 |
| 84 <sup>(1)</sup> | Swisscom AG, Reg | 61014 | 0.0 |
| 1750 <sup>(2)</sup> | Take-Two Interactive Software, Inc. | 448053 | 0.1 |
| 9673 | Telenor ASA | 140688 | 0.0 |
| 37232 | Telstra Group Ltd. | 120802 | 0.0 |
| 1970 | T-Mobile US, Inc. | 399989 | 0.1 |
| 14270 | Verizon Communications, Inc. | 581217 | 0.2 |
| 16700 | Z Holdings Corp. | 44438 | 0.0 |
|  |  | **13558573** | **3.6** |
|  | **Consumer Discretionary: 2.7%** | **Consumer Discretionary: 2.7%** | **Consumer Discretionary: 2.7%** |
| 35211 | ADT, Inc. | 284153 | 0.1 |
| 6714 <sup>(2)</sup> | Amazon.com, Inc. | 1549725 | 0.4 |
| 159 | Booking Holdings, Inc. | 851497 | 0.2 |
| 1752 | BorgWarner, Inc. | 78945 | 0.0 |
| 7600 <sup>(1)</sup> | Bridgestone Corp. | 170995 | 0.1 |
| 13000 | Denso Corp. | 179557 | 0.1 |
| 2007 <sup>(2)</sup> | DoorDash, Inc. — Class A | 454545 | 0.1 |
| 369 | Expedia Group, Inc. | 104541 | 0.0 |
| 5172 | General Motors Co. | 420587 | 0.1 |
| 3855 | H&R Block, Inc. | 168001 | 0.1 |
| 400 | Isuzu Motors Ltd. | 6243 | 0.0 |
| 2202 | La Francaise des Jeux SAEM | 60953 | 0.0 |
| 1853 | Las Vegas Sands Corp. | 120612 | 0.0 |
| 2237 | Lowe's Cos., Inc. | 539475 | 0.2 |
| 1027 | Mercedes-Benz Group AG | 71194 | 0.0 |
| 5908 <sup>(2)</sup> | O'Reilly Automotive, Inc. | 538869 | 0.2 |
| 8990 | Pearson PLC | 127109 | 0.0 |
| 672 | Ralph Lauren Corp. | 237626 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1999 | Ross Stores, Inc. | 360100 | 0.1 |
| 1654 | Royal Caribbean Cruises Ltd. | 461334 | 0.1 |
| 4164 | Starbucks Corp. | 350650 | 0.1 |
| 3401 <sup>(2)</sup> | Tesla, Inc. | 1529498 | 0.4 |
| 3039 | TJX Cos., Inc. | 466821 | 0.1 |
| 3958 | Travel + Leisure Co. | 279158 | 0.1 |
| 2869 | Williams-Sonoma, Inc. | 512375 | 0.1 |
|  |  | **9924563** | **2.7** |
|  | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** |
| 7714 | Altria Group, Inc. | 444789 | 0.1 |
| 5698 | British American Tobacco PLC | 323022 | 0.1 |
| 1609 | Carrefour SA | 26847 | 0.0 |
| 14349 | Coca-Cola Co. | 1003139 | 0.3 |
| 4290 | Colgate-Palmolive Co. | 338996 | 0.1 |
| 2083 | Danone SA | 187884 | 0.0 |
| 3473 <sup>(2)</sup> | Dollar Tree, Inc. | 427214 | 0.1 |
| 81 | Essity AB — Class B | 2329 | 0.0 |
| 1510 | Heineken Holding NV | 110572 | 0.0 |
| 4532 | Imperial Brands PLC | 190299 | 0.1 |
| 406 | Ingredion, Inc. | 44766 | 0.0 |
| 5700 <sup>(1)</sup> | Japan Tobacco, Inc. | 204871 | 0.1 |
| 1300 | Kao Corp. | 51885 | 0.0 |
| 1441 | Keurig Dr Pepper, Inc. | 40362 | 0.0 |
| 8900 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 133224 | 0.0 |
| 4894 | Koninklijke Ahold Delhaize NV | 200687 | 0.1 |
| 8456 | Kraft Heinz Co. | 205058 | 0.1 |
| 3696 | Kroger Co. | 230926 | 0.1 |
| 1590 | Lancaster Colony Corp. | 261428 | 0.1 |
| 6500 | MatsukiyoCocokara & Co. | 112538 | 0.0 |
| 1063 | Nestle SA | 105512 | 0.0 |
| 9927 | Orkla ASA | 110545 | 0.0 |
| 4176 | PepsiCo, Inc. | 599340 | 0.2 |
| 4224 | Philip Morris International, Inc. | 677530 | 0.2 |
| 3837 | Procter & Gamble Co. | 549880 | 0.1 |
| 3190 | Reckitt Benckiser Group PLC | 258132 | 0.1 |
| 1000 | Smithfield Foods, Inc. | 22330 | 0.0 |
| 4100 <sup>(1)</sup> | Suntory Beverage & Food Ltd. | 123302 | 0.0 |
| 482 | Sysco Corp. | 35519 | 0.0 |
| 557 | Tesco PLC | 3312 | 0.0 |
| 4800 | Tsuruha Holdings, Inc. | 88192 | 0.0 |
| 4971 | Tyson Foods, Inc. — Class A | 291400 | 0.1 |
| 3400 | Walmart, Inc. | 378794 | 0.1 |
| 69000 <sup>(3)</sup> | WH Group Ltd. | 76867 | 0.0 |
|  |  | **7861491** | **2.1** |
|  | **Energy: 1.1%** | **Energy: 1.1%** | **Energy: 1.1%** |
| 5911 | Aker BP ASA | 150412 | 0.0 |
| 39231 | BP PLC | 228793 | 0.1 |
| 5345 | Chesapeake Energy Corp. | 589874 | 0.2 |
| 11772 <sup>(1)</sup> | Eni SpA | 223151 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 3322 | EOG Resources, Inc. | 348843 | 0.1 |
| 5095 | EQT Corp. | 273092 | 0.1 |
| 6891 | Equinor ASA | 162502 | 0.0 |
| 13385 | Kinder Morgan, Inc. | 367954 | 0.1 |
| 2554 | OMV AG | 142123 | 0.0 |
| 4965 | ONEOK, Inc. | 364928 | 0.1 |
| 3963 | Range Resources Corp. | 139736 | 0.0 |
| 3162 | Repsol SA | 58998 | 0.0 |
| 12413 | Shell PLC | 457445 | 0.1 |
| 777 | TotalEnergies SE | 50659 | 0.0 |
| 1863 | Valero Energy Corp. | 303278 | 0.1 |
| 6219 | Williams Cos., Inc. | 373824 | 0.1 |
|  |  | **4235612** | **1.1** |
|  | **Financials: 6.0%** | **Financials: 6.0%** | **Financials: 6.0%** |
| 5300 <sup>(3)</sup> | ABN AMRO Bank NV | 185176 | 0.1 |
| 2462 | Admiral Group PLC | 105319 | 0.0 |
| 3040 | Aegon Ltd. | 23640 | 0.0 |
| 2146 | Ageas SA | 150351 | 0.0 |
| 16163 | AIB Group PLC | 172788 | 0.1 |
| 1133 | Allianz SE | 523873 | 0.1 |
| 1813 | Allstate Corp. | 377376 | 0.1 |
| 3566 | American International Group, Inc. | 305071 | 0.1 |
| 597 | Ameriprise Financial, Inc. | 292733 | 0.1 |
| 11987 | ANZ Group Holdings Ltd. | 289818 | 0.1 |
| 2118 | ASR Nederland NV | 150697 | 0.0 |
| 1370 | Assurant, Inc. | 329964 | 0.1 |
| 1818 <sup>(1)</sup> | ASX Ltd. | 62253 | 0.0 |
| 20034 | Aviva PLC | 184210 | 0.1 |
| 3853 | AXA SA | 184871 | 0.1 |
| 2840 | Axis Capital Holdings Ltd. | 304136 | 0.1 |
| 5750 | Bank Hapoalim BM | 130048 | 0.0 |
| 5709 | Bank Leumi Le-Israel BM | 125813 | 0.0 |
| 8392 | Bank of Ireland Group PLC | 160499 | 0.0 |
| 3667 | Bank of New York Mellon Corp. | 425702 | 0.1 |
| 248 <sup>(1)</sup> | Banque Cantonale Vaudoise | 31352 | 0.0 |
| 1713 | Barclays PLC | 10965 | 0.0 |
| 10132 | Blue Owl Capital, Inc. | 151372 | 0.0 |
| 1191 | BNP Paribas SA | 112677 | 0.0 |
| 31000 | BOC Hong Kong Holdings Ltd. | 157325 | 0.0 |
| 20317 | CaixaBank SA | 248398 | 0.1 |
| 1376 | Cboe Global Markets, Inc. | 345376 | 0.1 |
| 5629 | Charles Schwab Corp. | 562393 | 0.2 |
| 673 | Chubb Ltd. | 210057 | 0.1 |
| 3711 | Citigroup, Inc. | 433037 | 0.1 |
| 1705 | CME Group, Inc. | 465601 | 0.1 |
| 1113 | CNA Financial Corp. | 53135 | 0.0 |
| 5074 | Commerce Bancshares, Inc. | 265573 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 17500 | Concordia Financial Group Ltd. | $144673 | 0.0 |
| 8742 | Credit Agricole SA | 179979 | 0.1 |
| 120 | Cullen/Frost Bankers, Inc. | 15196 | 0.0 |
| 3973 | Danske Bank A/S | 198397 | 0.1 |
| 3190 | DBS Group Holdings Ltd. | 139737 | 0.0 |
| 6788 | DNB Bank ASA | 189119 | 0.1 |
| 3982 | Equitable Holdings, Inc. | 189742 | 0.1 |
| 777 <sup>(3)</sup> | Euronext NV | 116719 | 0.0 |
| 2048 | FinecoBank Banca Fineco SpA | 53063 | 0.0 |
| 1810 | First Hawaiian, Inc. | 45793 | 0.0 |
| 2631 | Gjensidige Forsikring ASA | 78636 | 0.0 |
| 2203 | Globe Life, Inc. | 308112 | 0.1 |
| 663 | Goldman Sachs Group, Inc. | 582777 | 0.2 |
| 714 | Hancock Whitney Corp. | 45468 | 0.0 |
| 68 | Hannover Rueck SE | 21160 | 0.0 |
| 1677 | Hanover Insurance Group, Inc. | 306505 | 0.1 |
| 2860 | Hartford Financial Services Group, Inc. | 394108 | 0.1 |
| 554 | Helvetia Holding AG | 145709 | 0.0 |
| 45062 | HSBC Holdings PLC | 709090 | 0.2 |
| 11557 | ING Groep NV | 324846 | 0.1 |
| 25918 | Insurance Australia Group Ltd. | 137553 | 0.0 |
| 784 | Interactive Brokers Group, Inc. — Class A | 50419 | 0.0 |
| 50422 | Intesa Sanpaolo SpA | 348421 | 0.1 |
| 13500 | Japan Post Bank Co. Ltd. | 190041 | 0.1 |
| 1605 | JPMorgan Chase & Co. | 517163 | 0.1 |
| 1293 | KBC Group NV | 168395 | 0.0 |
| 3106 | Loews Corp. | 327093 | 0.1 |
| 7393 | M&G PLC | 28462 | 0.0 |
| 2148 | Marsh & McLennan Cos., Inc. | 398497 | 0.1 |
| 43826 | Medibank Pvt Ltd. | 139865 | 0.0 |
| 4630 | MetLife, Inc. | 365492 | 0.1 |
| 3700 | MS&AD Insurance Group Holdings, Inc. | 86865 | 0.0 |
| 572 | MSCI, Inc. | 328174 | 0.1 |
| 1488 | National Australia Bank Ltd. | 41838 | 0.0 |
| 20926 | NatWest Group PLC | 183568 | 0.1 |
| 2211 | NN Group NV | 170567 | 0.0 |
| 12215 | Nordea Bank Abp - EUR | 229816 | 0.1 |
| 1861 | Northern Trust Corp. | 254194 | 0.1 |
| 2037 | OneMain Holdings, Inc. | 137599 | 0.0 |
| 900 | ORIX Corp. | 26323 | 0.0 |
| 13800 | Oversea-Chinese Banking Corp. Ltd. | 212012 | 0.1 |
| 5130 | PayPal Holdings, Inc. | 299489 | 0.1 |
| 123 | Pinnacle Financial Partners, Inc. | 11735 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 2282 | Popular, Inc. | 284155 | 0.1 |
| 6714 <sup>(1)(3)</sup> | Poste Italiane SpA | 168547 | 0.0 |
| 941 | Primerica, Inc. | 243117 | 0.1 |
| 10485 | QBE Insurance Group Ltd. | 138816 | 0.0 |
| 24515 | Rithm Capital Corp. | 267213 | 0.1 |
| 15650 | Sampo Oyj — Class A | 189346 | 0.1 |
| 4857 | SLM Corp. | 131430 | 0.0 |
| 1902 | Swedbank AB — Class A | 65990 | 0.0 |
| 28 | Swiss Life Holding AG | 32252 | 0.0 |
| 2912 | Synchrony Financial | 242948 | 0.1 |
| 240 | Synovus Financial Corp. | 12012 | 0.0 |
| 565 | Talanx AG | 75054 | 0.0 |
| 2895 | Tradeweb Markets, Inc. — Class A | 311328 | 0.1 |
| 7278 | Truist Financial Corp. | 358150 | 0.1 |
| 4703 | Tryg A/S | 122990 | 0.0 |
| 2176 | UniCredit SpA | 180231 | 0.1 |
| 3908 | Unum Group | 302870 | 0.1 |
| 8571 | US Bancorp | 457349 | 0.1 |
| 5275 | Visa, Inc. — Class A | 1849995 | 0.5 |
| 2019 | W.R. Berkley Corp. | 141572 | 0.0 |
| 2408 | Zions Bancorp NA | 140964 | 0.0 |
| 255 | Zurich Insurance Group AG | 192959 | 0.1 |
|  |  | **22283297** | **6.0** |
|  | **Health Care: 3.6%** | **Health Care: 3.6%** | **Health Care: 3.6%** |
| 1428 | AbbVie, Inc. | 326284 | 0.1 |
| 898 | AmerisourceBergen Corp. | 303300 | 0.1 |
| 13200 | Astellas Pharma, Inc. | 175686 | 0.1 |
| 8981 | Bristol-Myers Squibb Co. | 484435 | 0.1 |
| 1635 | Cardinal Health, Inc. | 335992 | 0.1 |
| 1370 | Cigna Group | 377065 | 0.1 |
| 4904 | CVS Health Corp. | 389181 | 0.1 |
| 1112 | Danaher Corp. | 254559 | 0.1 |
| 7250 <sup>(2)</sup> | Doximity, Inc. — Class A | 321030 | 0.1 |
| 1116 | Elevance Health, Inc. | 391214 | 0.1 |
| 1741 | Eli Lilly & Co. | 1871018 | 0.5 |
| 4755 | Fisher & Paykel Healthcare Corp. Ltd. | 103312 | 0.0 |
| 923 | Fresenius Medical Care AG & Co. KGaA | 44088 | 0.0 |
| 3256 | Fresenius SE & Co. KGaA | 186542 | 0.1 |
| 57 | Galderma Group AG | 11607 | 0.0 |
| 4069 | Gilead Sciences, Inc. | 499429 | 0.1 |
| 4537 | GSK PLC | 111234 | 0.0 |
| 4779 | Hikma Pharmaceuticals PLC | 99627 | 0.0 |
| 756 | Humana, Inc. | 193634 | 0.1 |
| 694 <sup>(2)</sup> | Intuitive Surgical, Inc. | 393054 | 0.1 |
| 5724 | Johnson & Johnson | 1184582 | 0.3 |
| 1032 | McKesson Corp. | 846539 | 0.2 |
| 5599 | Medtronic PLC | 537840 | 0.1 |
| 7223 | Merck & Co., Inc. | 760293 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 906 | Novartis AG, Reg | 124843 | 0.0 |
| 21839 | Pfizer, Inc. | 543791 | 0.2 |
| 751 | Regeneron Pharmaceuticals, Inc. | 579674 | 0.2 |
| 1306 | Roche Holding AG | 539339 | 0.1 |
| 2293 | Smith & Nephew PLC | 38135 | 0.0 |
| 7573 <sup>(1)</sup> | Sonic Healthcare Ltd. | 114027 | 0.0 |
| 7600 | Takeda Pharmaceutical Co. Ltd. | 236096 | 0.1 |
| 1678 <sup>(2)</sup> | Vertex Pharmaceuticals, Inc. | 760738 | 0.2 |
| 517 | Viatris, Inc. | 6437 | 0.0 |
| 659 <sup>(2)</sup> | Waters Corp. | 250308 | 0.1 |
|  |  | **13394933** | **3.6** |
|  | **Industrials: 3.6%** | **Industrials: 3.6%** | **Industrials: 3.6%** |
| 1271 | ABB Ltd., Reg | 93695 | 0.0 |
| 1100 | AECOM | 104863 | 0.0 |
| 4451 <sup>(3)</sup> | Aena SME SA | 124365 | 0.0 |
| 3400 <sup>(1)</sup> | AGC, Inc. | 112757 | 0.0 |
| 1768 | AMERCO | 82636 | 0.0 |
| 1922 | AMETEK, Inc. | 394606 | 0.1 |
| 900 | ANA Holdings, Inc. | 17093 | 0.0 |
| 118 | Applied Industrial Technologies, Inc. | 30299 | 0.0 |
| 728 <sup>(2)</sup> | Axon Enterprise, Inc. | 413453 | 0.1 |
| 5582 | BAE Systems PLC | 128470 | 0.0 |
| 2907 | Brambles Ltd. | 44391 | 0.0 |
| 916 | Broadridge Financial Solutions, Inc. | 204424 | 0.1 |
| 3349 | Bureau Veritas SA | 106541 | 0.0 |
| 4900 | Central Japan Railway Co. | 135730 | 0.0 |
| 1514 | Cintas Corp. | 284738 | 0.1 |
| 2853 | CNH Industrial NV | 26305 | 0.0 |
| 479 | Comfort Systems USA, Inc. | 447046 | 0.1 |
| 3721 | Computershare Ltd. | 84331 | 0.0 |
| 567 <sup>(1)</sup> | Concentrix Corp. | 23576 | 0.0 |
| 586 | Delta Air Lines, Inc. | 40668 | 0.0 |
| 4600 | East Japan Railway Co. | 121242 | 0.0 |
| 906 | Eaton Corp. PLC | 288570 | 0.1 |
| 382 | Eiffage SA | 54733 | 0.0 |
| 2854 | Emerson Electric Co. | 378783 | 0.1 |
| 2552 | Flowserve Corp. | 177058 | 0.1 |
| 4508 | Fortive Corp. | 248887 | 0.1 |
| 491 | General Dynamics Corp. | 165300 | 0.1 |
| 6735 | Genpact Ltd. | 315063 | 0.1 |
| 4384 | Getlink SE | 80924 | 0.0 |
| 1597 | HEICO Corp. | 516773 | 0.2 |
| 464 | Hexcel Corp. | 34290 | 0.0 |
| 2195 | Honeywell International, Inc. | 428223 | 0.1 |
| 2699 | Howmet Aerospace, Inc. | 553349 | 0.2 |
| 2411 | Ingersoll Rand, Inc. | 190999 | 0.1 |
| 702 | ITT, Inc. | 121804 | 0.0 |
| 6400 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 118693 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4655 | Johnson Controls International PLC | 557436 | 0.2 |
| 1785 | Leidos Holdings, Inc. | 322014 | 0.1 |
| 1100 | Makita Corp. | 33340 | 0.0 |
| 7300 | Obayashi Corp. | 152774 | 0.1 |
| 367 | Parker-Hannifin Corp. | 322578 | 0.1 |
| 1575 | Paycom Software, Inc. | 250992 | 0.1 |
| 665 | Regal Rexnord Corp. | 93313 | 0.0 |
| 1074 | RELX PLC - GBP | 43268 | 0.0 |
| 893 | Rockwell Automation, Inc. | 347439 | 0.1 |
| 3230 | Rollins, Inc. | 193865 | 0.1 |
| 8672 | Rolls-Royce Holdings PLC | 134118 | 0.0 |
| 355 | Safran SA | 123652 | 0.0 |
| 4300 | Secom Co. Ltd. | 152797 | 0.1 |
| 1285 | SGS SA | 147399 | 0.1 |
| 3733 | Smiths Group PLC | 118075 | 0.0 |
| 3636 | SS&C Technologies Holdings, Inc. | 317859 | 0.1 |
| 6000 | Sumitomo Corp. | 207675 | 0.1 |
| 1550 | Textron, Inc. | 135113 | 0.0 |
| 11600 | Tokyo Metro Co. Ltd. | 118081 | 0.0 |
| 10400 | Tokyu Corp. | 121540 | 0.0 |
| 741 | Trane Technologies PLC | 288397 | 0.1 |
| 12517 | Transurban Group | 118456 | 0.0 |
| 5939 <sup>(2)</sup> | Uber Technologies, Inc. | 485276 | 0.1 |
| 3598 | UL Solutions, Inc. — Class A | 283738 | 0.1 |
| 2161 | Union Pacific Corp. | 499882 | 0.1 |
| 630 | United Rentals, Inc. | 509872 | 0.1 |
| 3034 | Veralto Corp. | 302732 | 0.1 |
| 100 | Vertiv Holdings Co. — Class A | 16201 | 0.0 |
| 745 | Watts Water Technologies, Inc. — Class A | 205635 | 0.1 |
| 6000 | West Japan Railway Co. | 119551 | 0.0 |
|  |  | **13417746** | **3.6** |
|  | **Information Technology: 8.3%** | **Information Technology: 8.3%** | **Information Technology: 8.3%** |
| 1036 <sup>(2)</sup> | Advanced Micro Devices, Inc. | 221870 | 0.1 |
| 17390 | Apple, Inc. | 4727645 | 1.3 |
| 1309 | Applied Materials, Inc. | 336400 | 0.1 |
| 891 <sup>(2)</sup> | AppLovin Corp. — Class A | 600374 | 0.2 |
| 4993 | Avnet, Inc. | 240063 | 0.1 |
| 8778 | Broadcom, Inc. | 3038066 | 0.8 |
| 10965 | Cisco Systems, Inc. | 844634 | 0.2 |
| 2022 <sup>(2)</sup> | Cloudflare, Inc. — Class A | 398637 | 0.1 |
| 4307 | Cognizant Technology Solutions Corp. — Class A | 357481 | 0.1 |
| 974 <sup>(2)</sup> | Crowdstrike Holdings, Inc. — Class A | 456572 | 0.1 |
| 1427 | Intuit, Inc. | 945273 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 242 | KLA Corp. | 294049 | 0.1 |
| 5516 | Lam Research Corp. | 944229 | 0.2 |
| 1249 | Micron Technology, Inc. | 356477 | 0.1 |
| 12755 | Microsoft Corp. | 6168573 | 1.6 |
| 2766 | NetApp, Inc. | 296211 | 0.1 |
| 40293 | NVIDIA Corp. | 7514644 | 2.0 |
| 3700 | Obic Co. Ltd. | 116138 | 0.0 |
| 2028 <sup>(2)</sup> | Onto Innovation, Inc. | 320140 | 0.1 |
| 300 | Oracle Corp. Japan | 25215 | 0.0 |
| 3805 <sup>(2)</sup> | Palantir Technologies, Inc. — Class A | 676339 | 0.2 |
| 3170 | Qualcomm, Inc. | 542229 | 0.1 |
| 3888 | Sage Group PLC | 56549 | 0.0 |
| 2561 | Salesforce, Inc. | 678435 | 0.2 |
| 2650 <sup>(2)</sup> | Snowflake, Inc. — Class A | 581304 | 0.2 |
| 800 | TIS, Inc. | 26876 | 0.0 |
| 1083 | VeriSign, Inc. | 263115 | 0.1 |
|  |  | **31027538** | **8.3** |
|  | **Materials: 0.9%** | **Materials: 0.9%** | **Materials: 0.9%** |
| 628 | Air Liquide SA | 118035 | 0.0 |
| 1714 | AptarGroup, Inc. | 209039 | 0.1 |
| 18100 | Asahi Kasei Corp. | 160886 | 0.1 |
| 2032 | BHP Group Ltd. — Class DI | 61324 | 0.0 |
| 245 | DSM-Firmenich AG | 19764 | 0.0 |
| 3231 | DuPont de Nemours, Inc. | 129886 | 0.0 |
| 1362 | Ecolab, Inc. | 357552 | 0.1 |
| 5448 | Element Solutions, Inc. | 136146 | 0.1 |
| 86 | EMS-Chemie Holding AG | 59326 | 0.0 |
| 36 <sup>(1)</sup> | Givaudan SA, Reg | 142425 | 0.1 |
| 9100 | JFE Holdings, Inc. | 116015 | 0.0 |
| 25300 | Mitsubishi Chemical Group Corp. | 148097 | 0.1 |
| 71 | NewMarket Corp. | 48796 | 0.0 |
| 2939 | Newmont Corp. | 293459 | 0.1 |
| 16600 | Nippon Steel Corp. | 67928 | 0.0 |
| 4900 | Nitto Denko Corp. | 116668 | 0.0 |
| 223 <sup>(1)</sup> | Rio Tinto Ltd. | 21755 | 0.0 |
| 1331 | Sherwin-Williams Co. | 431284 | 0.1 |
| 2500 | Shin-Etsu Chemical Co. Ltd. | 77653 | 0.0 |
| 1815 | Smurfit WestRock PLC | 70186 | 0.0 |
| 610 | Sonoco Products Co. | 26620 | 0.0 |
| 1378 | Vulcan Materials Co. | 393033 | 0.1 |
|  |  | **3205877** | **0.9** |
|  | **Real Estate: 0.8%** | **Real Estate: 0.8%** | **Real Estate: 0.8%** |
| 568 | Agree Realty Corp. | 40913 | 0.0 |
| 1417 | American Tower Corp. | 248783 | 0.1 |
| 10842 | Brixmor Property Group, Inc. | 284277 | 0.1 |
| 4066 | COPT Defense Properties | 113035 | 0.0 |
| 171 | Covivio SA/France | 11351 | 0.0 |
| 7000 | Daito Trust Construction Co. Ltd. | 133294 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 4800 | Daiwa House Industry Co. Ltd. | 159450 | 0 |
| 1580 | Digital Realty Trust, Inc. | 244442 | 0.1 |
| 383 | EPR Properties | 19112 | 0 |
| 2192 | Klepierre SA | 86727 | 0 |
| 9600 | Link REIT | 42864 | 0 |
| 3564 | Millrose Properties, Inc. | 106457 | 0 |
| 6314 | National Retail Properties, Inc. | 250224 | 0.1 |
| 11 <sup>(1)</sup> | Nippon Building Fund, Inc. | 10026 | 0 |
| 4481 | Regency Centers Corp. | 309323 | 0.1 |
| 15049 | Sabra Health Care REIT, Inc. | 285028 | 0.1 |
| 42572 | Scentre Group | 119005 | 0 |
| 2161 | Simon Property Group, Inc. | 400023 | 0.1 |
| 649 | Ventas, Inc. | 50220 | 0 |
| 1522 | Welltower, Inc. | 282498 | 0.1 |
|  |  | **3197052** | **0.8** |
|  | **Utilities: 1.2%** | **Utilities: 1.2%** | **Utilities: 1.2%** |
| 444 | BKW AG | 94177 | 0 |
| 2299 | Black Hills Corp. | 159597 | 0.1 |
| 18425 | Centrica PLC | 42010 | 0 |
| 13000 | CK Infrastructure Holdings Ltd. | 96333 | 0 |
| 14000 | CLP Holdings Ltd. | 125229 | 0 |
| 8967 | Contact Energy Ltd. | 47703 | 0 |
| 3852 | Duke Energy Corp. | 451493 | 0.1 |
| 4202 | E.ON SE | 79564 | 0 |
| 5424 | Edison International | 325548 | 0.1 |
| 30256 | Enel SpA | 314581 | 0.1 |
| 8670 | Engie SA | 227755 | 0.1 |
| 2423 | Entergy Corp. | 223958 | 0.1 |
| 4180 | Eversource Energy | 281439 | 0.1 |
| 8136 | Exelon Corp. | 354648 | 0.1 |
| 3139 | Iberdrola SA | 67970 | 0 |
| 1819 | National Fuel Gas Co. | 145629 | 0 |
| 2275 | Naturgy Energy Group SA | 69270 | 0 |
| 7604 | NiSource, Inc. | 317543 | 0.1 |
| 800 | Osaka Gas Co. Ltd. | 27798 | 0 |
| 13836 | PG&E Corp. | 222345 | 0.1 |
| 5605 | Portland General Electric Co. | 268984 | 0.1 |
| 21000 <sup>(1)</sup> | Power Assets Holdings Ltd. | 148811 | 0.1 |
| 12926 | Terna - Rete Elettrica Nazionale | 137516 | 0 |
| 7368 | United Utilities Group PLC | 118377 | 0 |
|  |  | **4348278** | **1.2** |
|  | Total Common Stock |  |  |
|  | (Cost $86,140,208) | **126454960** | **33.9** |
| **EXCHANGE-TRADED FUNDS: 63.8%** | **EXCHANGE-TRADED FUNDS: 63.8%** | **EXCHANGE-TRADED FUNDS: 63.8%** | **EXCHANGE-TRADED FUNDS: 63.8%** |
| 19504 | Invesco S&P 500 Equal Weight ETF | 3736186 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: (continued)** | **EXCHANGE-TRADED FUNDS: (continued)** | **EXCHANGE-TRADED FUNDS: (continued)** | **EXCHANGE-TRADED FUNDS: (continued)** |
| 253677 | iShares Core S&P Mid-Cap ETF | 16742682 | 4.5 |
| 4858 | iShares MSCI EAFE Value ETF | 346910 | 0.1 |
| 4658 | iShares Russell 1000 Value ETF<br>| 979764 | 0.3 |
| 2180000 <sup>(4)</sup> | Voya Core Bond ETF | 108999346 | 29.2 |
| 2140000 <sup>(4)</sup> | Voya Multi-Sector Income ETF | 106856834 | 28.7 |
|  |  | **237661722** | **63.8** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $236,683,739) | **237661722** | **63.8** |
| **MUTUAL FUNDS: 1.1%** | **MUTUAL FUNDS: 1.1%** | **MUTUAL FUNDS: 1.1%** | **MUTUAL FUNDS: 1.1%** |
|  | **Affiliated Investment Companies: 1.1%** | **Affiliated Investment Companies: 1.1%** | **Affiliated Investment Companies: 1.1%** |
| 305437 | Voya Multi-Manager Emerging Markets Equity Fund — Class I | 3921810 | 1.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $3,950,573) | **3921810** | **1.1** |
| **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** |
|  | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 2049 | Henkel AG & Co. KGaA | 167167 | 0.0 |
|  | Total Preferred Stock |  |  |
|  | (Cost $156,205) | **167167** | **0.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $326,930,725) | **368205659** | **98.8** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount**† | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |
|  | **Repurchase Agreements: 0.5%** | **Repurchase Agreements: 0.5%** | **Repurchase Agreements: 0.5%** |
| 764000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $764,165, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $779,496, due 01/31/26-11/15/55) | 764000 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 113733 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $113,757, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $116,008, due 04/30/26-11/15/34) | $113733 | 0.0 |
| 1000000 <sup>(5)</sup><br>| State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,000,218, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,016,884, due 04/15/28-02/15/55) | 1000000 | 0.3 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,877,733) | **1877733** | **0.5** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 584000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% | 584000 | 0.2 |
| 859000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.690% | 859000 | 0.2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $1,443,000) | **1443000** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $3,320,733) | **3320733** | **0.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $330,251,458)** | $**371526392** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **1027378** | **0.3** |
|  | **Net Assets** | $**372553770** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | Investment in affiliate. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br> **(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $12257246 | $1301327 | $— | $13558573 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 9308512 | 616051 |  | 9924563 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 5752201 | 2109290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 7861491 |
| &nbsp;&nbsp;&nbsp;Energy | 2761529 | 1474083 |  | 4235612 |
| &nbsp;&nbsp;&nbsp;Financials | 13842185 | 8441112 |  | 22283297 |
| &nbsp;&nbsp;&nbsp;Health Care | 11610397 | 1784536 |  | 13394933 |
| &nbsp;&nbsp;&nbsp;Industrials | 10869535 | 2548211 |  | 13417746 |
| &nbsp;&nbsp;&nbsp;Information Technology | 30802760 | 224778 |  | 31027538 |
| &nbsp;&nbsp;&nbsp;Materials | 2096001 | 1109876 |  | 3205877 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2634335 | 562717 |  | 3197052 |
| &nbsp;&nbsp;&nbsp;Utilities | 2899995 | 1448283 |  | 4348278 |
| Total Common Stock | 104834696 | 21620264 |  | 126454960 |
| Exchange-Traded Funds | 237661722 |  |  | 237661722 |
| Mutual Funds | 3921810 |  |  | 3921810 |
| Preferred Stock |  | 167167 |  | 167167 |
| Short-Term Investments | 1443000 | 1877733 |  | 3320733 |
| Total Investments, at fair value | $347861228 | $23665164 | $— | $371526392 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 60 |  | 60 |
| Futures | 74179 |  |  | 74179 |
| Total Assets | $347935407 | $23665224 | $— | $371600631 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(680214) | $— | $(680214) |
| Total Liabilities | $— | $(680214) | $— | $(680214) |

---

---

| |
|:---|
| See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| 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. |
| 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. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** | <br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Core Bond ETF | $— | $109000000 | $— | $(654) | $108999346 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I |  | 3950573 |  | (28763) | 3921810 |  |  |  |
| Voya Multi-Sector Income ETF |  | 107000000 |  | (143166) | 106856834 |  |  |  |
| Voya VACS Series EMHCD Fund | 10095521 | 591288 | (11160418) | 473609 |  | 617474 | 242881 |  |
| Voya VACS Series HYB Fund | 29428063 | 10300583 | (39546518) | (182128) |  | 2141104 | 609657 |  |

---

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ending** | | | |
| | | | | | **Fair** | | | |
| | | | | | **Value at** | | | |
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya VACS Series SC Fund | $31615106 | $1307316 | $(33140462) | $218040 | $— | $1334568 | $145324 | $&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $71138690 | $232149760 | $(83847398) | $336938 | $219777990 | $4093146 | $997862 | $— |

---

The financial statements for the above mutual fund[s] and ETFs can be found at www.sec.gov.

At December 31, 2025, the following forward foreign currency contracts were outstanding for Voya Balanced Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| EUR | 40564 | USD | 47660 | BNP Paribas | 01/23/26 | $60 |
| USD | 5038798 | BRL | 31364000 | Goldman Sachs International | 01/05/26 | (680210) |
| USD | 464 | PEN | 1572 | Standard Chartered Bank | 01/09/26 | (4) |
|  |  |  |  |  |  | $(680154) |

---

At December 31, 2025, the following futures contracts were outstanding for Voya Balanced Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 32 | 03/20/26 | $2258240 | $74179 |
|  |  |  | $2258240 | $74179 |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| BRL | &nbsp;&nbsp;Brazilian Real |
| EUR | &nbsp;&nbsp;EU Euro |
| PEN | &nbsp;&nbsp;Peruvian Nuevo Sol |
| USD | &nbsp;&nbsp;United States Dollar |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  | |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $60 |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | 74179 |
| **Total Asset Derivatives** |  | $74239 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $680214 |
| **Total Liability Derivatives** |  | $680214 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

<u>Voya Balanced Income Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**instruments** |<br><br>**Investments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $(31125) | $— | $— | $(144102) | $407728 | $232501 |
| Equity contracts |  |  | (208468) |  |  | (208468) |
| Foreign exchange contracts | (10682) | (715717) |  | 74198 | 231342 | (420859) |
| Interest rate contracts | 48913 |  | 3159335 | 743927 | 125951 | 4078126 |
| **Total** | $7106 | $(715717) | $2950867 | $674023 | $765021 | $3681300 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**instruments** |<br><br>**Investments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Equity contracts | $— | $— | $74179 | $— | $— | $74179 |
| Foreign exchange contracts | (1700) | (1065519) |  | 9436 | (26195) | (1083978) |
| Interest rate contracts | (248894) |  | (224915) | 83051 | 136672 | (254086) |
| **Total** | $(250594) | $(1065519) | $(150736) | $92487 | $110477 | $(1263885) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**BNP Paribas** | **Goldman**<br>**Sachs**<br>**International** |<br>**Standard**<br>**Chartered Bank** |<br>**Total** |
| **Assets:** |  |  |  |  |
| Forward foreign currency contracts | $60 | $— |  | $60 |
| **Total Assets** | $60 | $— |  | $60 |
| **Liabilities:** |  |  |  |  |
| Forward foreign currency contracts | $— | $680210 | 4 | $680214 |
| **Total Liabilities** | $— | $680210 | $4 | $680214 |
| **Net OTC derivative instruments by counterparty, at fair value** | $60 | $(680210) | $(4) | $(680154) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $670000 |  | $670000 |
| **Net Exposure<sup>(1)(2)</sup>** | $60 | $(10210) | $(4) | $(10154) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

<sup>(2)</sup> At December 31, 2025, the Portfolio had pledged $670,000 in cash collateral to Goldman Sachs International. In addition, the Portfolio had received $20,000 in cash collateral from Morgan Stanley Capital Services LLC. Excess cash collateral, if any, is not shown for financial reporting purposes.

At December 31, 2025, 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 U.S. federal income tax purposes was $330,998,084. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $42869119 |
| Gross Unrealized Depreciation | (2949944) |
| Net Unrealized Appreciation | $39919175 |

---

See Accompanying Notes to Financial Statements

<u>Voya High Yield Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 94.3%** | **CORPORATE BONDS/NOTES: 94.3%** |  |  |
|  | **Basic Materials: 4.9%** |  |  |
| 2885000 <sup>(1)</sup> | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | $3065055 | 1 |
| 2275000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 2362829 | 0.7 |
| 1540000 | Celanese US Holdings LLC, 6.750%, 04/15/2033 | 1533314 | 0.5 |
| 3120000 <sup>(1)</sup> | Chemours Co., 8.000%, 01/15/2033 | 3023772 | 0.9 |
| 3035000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 7.625%, 01/15/2034 | 3173961 | 1 |
| 2350000 <sup>(1)</sup> | Commercial Metals Co., 6.000%, 12/15/2035 | 2410479 | 0.8 |
|  |  | **15569410** | **4.9** |
|  | **Communications: 15.6%** |  |  |
| 1685000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 1513437 | 0.5 |
| 3110000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 09/01/2029 | 3154320 | 1 |
| 2945000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/2031 | 3007191 | 0.9 |
| 3035000 <sup>(1)</sup> | Cipher Compute LLC, 7.125%, 11/15/2030 | 3094889 | 1 |
| 3140000 <sup>(1)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | 3180958 | 1 |
| 4445000 <sup>(1)</sup> | Frontier Communications Holdings LLC, 8.750%, 05/15/2030 | 4646294 | 1.5 |
| 4475000 <sup>(1)</sup> | Gen Digital, Inc., 6.250%, 04/01/2033 | 4633599 | 1.4 |
| 2205000 <sup>(1)</sup> | Gray Media, Inc., 9.625%, 07/15/2032 | 2289944 | 0.7 |
| 1550000 <sup>(1)</sup> | Level 3 Financing, Inc., 8.500%, 01/15/2036 | 1589273 | 0.5 |
| 2320000 <sup>(1)</sup> | Nexstar Media, Inc., 5.625%, 07/15/2027 | 2334050 | 0.7 |
| 1100000 | Northwestern Bell Telephone, 7.750%, 05/01/2030 | 1123221 | 0.3 |
| 4600000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 4640306 | 1.5 |
| 3325000 <sup>(1)</sup> | Snap, Inc., 6.875%, 03/01/2033 | 3448142 | 1.1 |
| 3100000 <sup>(1)</sup> | Versant Media Group, Inc., 7.250%, 01/30/2031 | 3199989 | 1 |
| 4535000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 7.750%, 04/15/2032 | 4731592 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 3065000 <sup>(1)</sup> | WULF Compute LLC, 7.750%, 10/15/2030 | $3160041 | 1 |
|  |  | **49747246** | **15.6** |
|  | **Consumer, Cyclical: 15.6%** |  |  |
| 2665000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | 2738745 | 0.9 |
| 1575000 <sup>(1)</sup> | Acushnet Co., 5.625%, 12/01/2033 | 1596634 | 0.5 |
| 3085000 <sup>(1)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 | 3186219 | 1 |
| 3020000 <sup>(1)</sup> | Advance Auto Parts, Inc., 7.375%, 08/01/2033 | 3034134 | 1 |
| 2865000 <sup>(1)</sup> | Amer Sports Co., 6.750%, 02/16/2031 | 3001216 | 0.9 |
| 2315000 <sup>(1)</sup> | American Axle & Manufacturing, Inc., 7.750%, 10/15/2033 | 2359306 | 0.7 |
| 1495000 | Bath & Body Works, Inc., 6.875%, 11/01/2035 | 1513999 | 0.5 |
| 4070000 <sup>(1)</sup> | Caesars Entertainment, Inc., 6.000%, 10/15/2032 | 3960960 | 1.2 |
| 1600000 <sup>(1)</sup> | Carnival Corp., 5.750%, 08/01/2032 | 1644050 | 0.5 |
| 1530000 <sup>(1)</sup> | Churchill Downs, Inc., 6.750%, 05/01/2031 | 1588411 | 0.5 |
| 3170000 <sup>(1)</sup> | Clarios Global L.P. / Clarios US Finance Co., 6.750%, 09/15/2032 | 3289152 | 1 |
| 2315000 <sup>(1)</sup> | Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032 | 2462162 | 0.8 |
| 2330000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 2387737 | 0.7 |
| 3665000 <sup>(1)</sup> | Light & Wonder International, Inc., 7.500%, 09/01/2031 | 3830951 | 1.2 |
| 3790000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 3882996 | 1.2 |
| 2620000 <sup>(1)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 2750602 | 0.9 |
| 2410000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | 2428958 | 0.8 |
| 1540000 <sup>(1)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 1583463 | 0.5 |
| 2400000 <sup>(1)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 2409312 | 0.8 |
|  |  | **49649007** | **15.6** |

---

See Accompanying Notes to Financial Statements

<u>Voya High Yield Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: 14.1%** |  |  |
| 3625000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | $3728086 | 1.2 |
| 2940000 <sup>(1)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | 3078339 | 1 |
| 3700000 <sup>(1)</sup> | DaVita, Inc., 6.750%, 07/15/2033 | 3839390 | 1.2 |
| 2310000 <sup>(1)</sup> | EquipmentShare. com, Inc., 8.625%, 05/15/2032 | 2442876 | 0.8 |
| 2985000 <sup>(1)</sup> | Genmab A/S/Genmab Finance LLC, 7.250%, 12/15/2033 | 3137987 | 1 |
| 2425000 <sup>(1)</sup> | Global Medical Response, Inc., 7.375%, 10/01/2032 | 2525344 | 0.8 |
| 3595000 <sup>(1)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 | 3814202 | 1.2 |
| 3000000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 3138651 | 1 |
| 2345000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 2359060 | 0.7 |
| 3755000 <sup>(1)</sup> | Performance Food Group, Inc., 6.125%, 09/15/2032 | 3875753 | 1.2 |
| 3800000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 3841724 | 1.2 |
| 2680000 <sup>(1)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 | 2768673 | 0.9 |
| 3125000 <sup>(1)</sup> | Tenet Healthcare Corp., 6.000%, 11/15/2033 | 3219434 | 1 |
| 2960000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 3069828 | 0.9 |
|  |  | **44839347** | **14.1** |
|  | **Energy: 7.2%** |  |  |
| 2920000 <sup>(1)</sup> | CITGO Petroleum Corp., 8.375%, 01/15/2029 | 3047178 | 1 |
| 2250000 <sup>(1)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 | 2336965 | 0.7 |
| 2970000 <sup>(1)</sup> | CNX Resources Corp., 7.375%, 01/15/2031 | 3086636 | 1 |
| 2280000 <sup>(1)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 | 2304727 | 0.7 |
| 2245000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 2303956 | 0.7 |
| 1555000 <sup>(1)</sup> | SM Energy Co., 7.000%, 08/01/2032 | 1529651 | 0.5 |
| 2990000 <sup>(1)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 3064249 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 3136905 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | $3205876 | 1 |
| 1905000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.750%, 01/15/2036 | 1952168 | 0.6 |
|  |  | **22831406** | **7.2** |
|  | **Financial: 11.9%** |  |  |
| 2260000 <sup>(1)</sup> | Asurion LLC and Asurion Co-Issuer, Inc., 8.000%, 12/31/2032 | 2346166 | 0.7 |
| 6070000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 6124731 | 1.9 |
| 4440000 | Navient Corp., 7.875%, 06/15/2032 | 4650638 | 1.5 |
| 6770000 | OneMain Finance Corp., 7.125%, 09/15/2032 | 7041954 | 2.2 |
| 4420000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 4583001 | 1.4 |
| 2980000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | 3113065 | 1 |
| 750000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 | 798512 | 0.3 |
| 2975000 <sup>(1)</sup> | PRA Group, Inc., 8.375%, 02/01/2028 | 3050895 | 1 |
| 2980000 <sup>(1)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 | 3110730 | 1 |
| 2865000 <sup>(1)</sup> | Rocket Cos., Inc., 7.125%, 02/01/2032 | 3015323 | 0.9 |
|  |  | **37835015** | **11.9** |
|  | **Industrial: 18.1%** |  |  |
| 2990000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 3095711 | 1 |
| 2460000 <sup>(1)</sup> | AmeriTex HoldCo Intermediate LLC, 7.625%, 08/15/2033 | 2597216 | 0.8 |
| 3060000 <sup>(1)</sup> | Axon Enterprise, Inc., 6.250%, 03/15/2033 | 3196146 | 1 |
| 4530000 <sup>(1)</sup> | Bombardier, Inc., 6.750%, 06/15/2033 | 4793809 | 1.5 |
| 3250000 <sup>(1)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 | 3369861 | 1.1 |
| 2925000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 3052224 | 1 |
| 4425000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/2030 | 4722156 | 1.5 |
| 2275000 <sup>(1)</sup> | GFL Environmental, Inc., 6.750%, 01/15/2031 | 2389710 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya High Yield Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 3720000 <sup>(1)</sup> | Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2030 | $3694091 | 1.2 |
| 2285000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 2335332 | 0.7 |
| 1600000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 1666456 | 0.5 |
| 2985000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.750%, 03/01/2033 | 3119269 | 1 |
| 2230000 <sup>(1)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 | 2362654 | 0.7 |
| 3120000 <sup>(1)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 3203638 | 1 |
| 3755000 <sup>(1)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 3913909 | 1.2 |
| 2980000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 3074811 | 1 |
| 3000000 <sup>(1)</sup> | WESCO Distribution, Inc., 6.375%, 03/15/2033 | 3134127 | 1 |
| 3595000 <sup>(1)</sup> | XPO, Inc., 7.125%, 06/01/2031 | 3763102 | 1.2 |
|  |  | **57484222** | **18.1** |
|  | **Technology: 4.4%** |  |  |
| 2290000 <sup>(1)</sup> | CACI International, Inc., 6.375%, 06/15/2033 | 2372277 | 0.7 |
| 2395000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 2427926 | 0.8 |
| 3480000 <sup>(1)</sup> | McAfee Corp., 7.375%, 02/15/2030 | 3038536 | 1 |
| 3580000 <sup>(1)</sup> | Seagate Data Storage Technology Pte Ltd., 8.500%, 07/15/2031 | 3808805 | 1.2 |
| 2240000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 2304496 | 0.7 |
|  |  | **13952040** | **4.4** |
|  | **Utilities: 2.5%** |  |  |
| 3740000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 | 3844552 | 1.2 |
| 3800000 <sup>(1)</sup> | Talen Energy Supply LLC, 6.500%, 02/01/2036 | 3931915 | 1.3 |
|  |  | **7776467** | **2.5** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $295,648,506) | **299684160** | **94.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: 0.0%** | **CONVERTIBLE BONDS/NOTES: 0.0%** | **CONVERTIBLE BONDS/NOTES: 0.0%** | **CONVERTIBLE BONDS/NOTES: 0.0%** |
|  | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
| 499200 <sup>(1)</sup> | Lehman Brothers Holdings, Inc. SD, 8.160%, 05/30/2009 | $1386 | 0.0 |
|  | Total Convertible Bonds/Notes |  |  |
|  | (Cost $451,666) | **1386** | **0.0** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** |  |  |
|  | **Consumer Discretionary: —%** |  |  |
| 1476 <sup>(1)(2)</sup> | Perseus Holding Corp. |  |  |
|  | **Energy: 0.0%** |  |  |
| 2 <sup>(3)</sup> | Amplify Energy Corp. | 9 | 0.0 |
| 424441 <sup>(2)</sup> | Ascent Resources - Utica LLC - Class A | 5093 | 0.0 |
|  |  | **5102** | **0.0** |
|  | **Health Care: 0.0%** |  |  |
| 88 <sup>(3)</sup> | Option Care Health, Inc. | 2804 | 0.0 |
|  | Total Common Stock |  |  |
|  | (Cost $11,833) | **7906** | **0.0** |
| **OTHER: —%** | **OTHER: —%** |  |  |
|  | **Energy: —%** |  |  |
| 2000 <sup>(2)(4)(5)</sup> | Green Field Energy Services, Inc. |  |  |
|  | Total Other |  |  |
|  | (Cost $–) | **—** | **—** |
| **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** |  |  |
|  | **Consumer Discretionary: —%** |  |  |
| 775 <sup>(1)(2)</sup> | Perseus Holding Corp. |  |  |
|  | Total Preferred Stock |  |  |
|  | (Cost $–) | **—** | **—** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $296,112,005) | **299693452** | **94.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya High Yield Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 4.2%** | **SHORT-TERM INVESTMENTS: 4.2%** | **SHORT-TERM INVESTMENTS: 4.2%** | **SHORT-TERM INVESTMENTS: 4.2%** |
|  | **Mutual Funds: 4.2%** |  |  |
| 13341968 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $13,341,968) | $**13341968** | **4.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $13,341,968) | $**13341968** | **4.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $309,453,973)** | $**313035420** | **98.5** |
|  | **Assets in Excess of Other Liabilities** | **4926127** | **1.5** |
|  | **Net Assets** | $**317961547** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(3)</sup> | Non-income producing security. |
| <sup>(4)</sup> | Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing. |
| <sup>(5)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya High Yield Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Energy | 9 |  | 5093 | 5102 |
| &nbsp;&nbsp;&nbsp;Health Care | 2804 |  |  | 2804 |
| Total Common Stock | 2813 |  | 5093 | 7906 |
| Corporate Bonds/Notes |  | 299684160 |  | 299684160 |
| Convertible Bonds/Notes |  | 1386 |  | 1386 |
| Preferred Stock |  |  |  |  |
| Other |  |  |  |  |
| Short-Term Investments | 13341968 |  |  | 13341968 |
| Total Investments, at fair value | $13344781 | $299685546 | $5093 | $313035420 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At December 31, 2025, Voya High Yield Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Green Field Energy Services, Inc. | 8/25/2019 | $— | $— |
|  |  | $— | $— |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Swaps** |
| Credit contracts | $277343 |
| **Total** | $277343 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $309,690,336. | Cost for U.S. federal income tax purposes was $309,690,336. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4330033 |
| Gross Unrealized Depreciation | (984949) |
| Net Unrealized Appreciation | $3345084 |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Growth Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Common Stock: 0.1%** |  |  |
| 5269 <sup>(1)(2)</sup> | Epic Games, Inc. | $2724811 | 0.1 |
| 7871 <sup>(1)(2)</sup> | Magic Leap, Inc. - Class A |  |  |
|  |  | **2724811** | **0.1** |
|  | **Communication Services: 12.9%** |  |  |
| 914613 | Alphabet, Inc. - Class A | 286273869 | 7.7 |
| 98990 | Meta Platforms, Inc. - Class A | 65342309 | 1.8 |
| 125984 <sup>(3)</sup> | Reddit, Inc. - Class A | 28959942 | 0.8 |
| 233431 <sup>(3)</sup> | ROBLOX Corp. - Class A | 18914914 | 0.5 |
| 82304 <sup>(3)</sup> | Spotify Technology SA | 47794756 | 1.3 |
| 122826 <sup>(3)</sup> | Take-Two Interactive Software, Inc. | 31447141 | 0.8 |
|  |  | **478732931** | **12.9** |
|  | **Consumer Discretionary: 12.2%** |  |  |
| 489688 <sup>(3)</sup> | Amazon.com, Inc. | 113029784 | 3 |
| 7123 | Booking Holdings, Inc. | 38146015 | 1 |
| 139857 <sup>(3)</sup> | DoorDash, Inc. - Class A | 31674813 | 0.9 |
| 157492 | Lowe's Cos., Inc. | 37980771 | 1 |
| 355889 <sup>(3)</sup> | O'Reilly Automotive, Inc. | 32460636 | 0.9 |
| 115334 | Royal Caribbean Cruises Ltd. | 32168959 | 0.9 |
| 268377 | Starbucks Corp. | 22600027 | 0.6 |
| 238987 <sup>(3)</sup> | Tesla, Inc. | 107477234 | 2.9 |
| 200957 | Williams-Sonoma, Inc. | 35888911 | 1 |
|  |  | **451427150** | **12.2** |
|  | **Consumer Staples: 2.5%** |  |  |
| 474076 | Coca-Cola Co. | 33142653 | 0.9 |
| 245134 <sup>(3)</sup> | Dollar Tree, Inc. | 30153933 | 0.8 |
| 252777 | Walmart, Inc. | 28161886 | 0.8 |
|  |  | **91458472** | **2.5** |
|  | **Energy: 0.5%** |  |  |
| 156358 | Chesapeake Energy Corp. | **17255669** | **0.5** |
|  | **Financials: 4.9%** |  |  |
| 712184 <sup>(4)</sup> | Blue Owl Capital, Inc. | 10640029 | 0.3 |
| 46591 | Goldman Sachs Group, Inc. | 40953489 | 1.1 |
| 371180 | Visa, Inc. - Class A | 130176538 | 3.5 |
|  |  | **181770056** | **4.9** |
|  | **Health Care: 8.9%** |  |  |
| 81651 | Danaher Corp. | 18691547 | 0.5 |
| 508197 <sup>(3)</sup> | Doximity, Inc. - Class A | 22502963 | 0.6 |
| 122629 | Eli Lilly & Co. | 131786934 | 3.5 |
| 48572 <sup>(3)</sup> | Intuitive Surgical, Inc. | 27509238 | 0.7 |
| 45171 | McKesson Corp. | 37053320 | 1 |
| 32155 | Regeneron Pharmaceuticals, Inc. | 24819480 | 0.7 |
| 112823 <sup>(3)</sup> | Vertex Pharmaceuticals, Inc. | 51149435 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |  |
| 45793 <sup>(3)</sup> | Waters Corp. | $| 17393555 | 0.5 |
|  |  |  | **330906472** | **8.9** |
|  | **Industrials: 6.2%** |  |  |  |
| 49251 <sup>(3)</sup> | Axon Enterprise, Inc. |  | 27971121 | 0.8 |
| 33870 | Comfort Systems USA, Inc. |  | 31610532 | 0.9 |
| 111750 | HEICO Corp. |  | 36161183 | 1 |
| 188818 | Howmet Aerospace, Inc. |  | 38711466 | 1 |
| 227957 | Johnson Controls International PLC |  | 27297851 | 0.7 |
| 410440 <sup>(3)</sup> | Uber Technologies, Inc. |  | 33537052 | 0.9 |
| 41553 | United Rentals, Inc. |  | 33629674 | 0.9 |
|  |  |  | **228918879** | **6.2** |
|  | **Information Technology: 48.8%** | **Information Technology: 48.8%** | **Information Technology: 48.8%** |  |
| 73086 <sup>(3)</sup> | Advanced Micro Devices, Inc. |  | 15652098 | 0.4 |
| 1222607 | Apple, Inc. |  | 332377939 | 9 |
| 62515 <sup>(3)</sup> | AppLovin Corp. - Class A |  | 42123857 | 1.1 |
| 560102 | Broadcom, Inc. |  | 193851302 | 5.2 |
| 141035 <sup>(3)</sup> | Cloudflare, Inc. - Class A |  | 27805050 | 0.8 |
| 62893 <sup>(3)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 29481723 | 0.8 |
| 72138 | Intuit, Inc. |  | 47785654 | 1.3 |
| 257562 | Lam Research Corp. |  | 44089463 | 1.2 |
| 95468 | Micron Technology, Inc. |  | 27247522 | 0.7 |
| 857452 | Microsoft Corp. |  | 414680936 | 11.2 |
| 2796062 | NVIDIA Corp. |  | 521465563 | 14.1 |
| 141042 <sup>(3)</sup> | Onto Innovation, Inc. |  | 22264890 | 0.6 |
| 267116 <sup>(3)</sup> | Palantir Technologies, Inc. - Class A |  | 47479869 | 1.3 |
| 186069 <sup>(3)</sup> | Snowflake, Inc. - Class A |  | 40816096 | 1.1 |
|  |  |  | **1807121962** | **48.8** |
|  | **Materials: 1.5%** |  |  |  |
| 93323 | Sherwin-Williams Co. |  | 30239451 | 0.8 |
| 96485 | Vulcan Materials Co. |  | 27519452 | 0.7 |
|  |  |  | **57758903** | **1.5** |
|  | **Real Estate: 0.5%** |  |  |  |
| 106825 | Welltower, Inc. |  | **19827788** | **0.5** |
|  | Total Common Stock |  |  |  |
|  | (Cost $2,627,667,514) |  | **3667903093** | **99.0** |
| **PREFERRED STOCK: 0.1%** | **PREFERRED STOCK: 0.1%** |  |  |  |
|  | **Common Stock: 0.0%** |  |  |  |
| 37201 <sup>(1)(2)</sup> | Sila Nanotechnologies, Inc., - Series F |  | 677802 | 0 |
|  | **Preferred Stock: 0.1%** |  |  |  |
| 132943 <sup>(1)(2)</sup> | Nuro, Inc. - Series C |  | 2007439 | 0 |
| 38487 <sup>(1)(2)</sup> | Rappi, Inc. - Series E |  | 683914 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Growth Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
|  | **Preferred Stock: (continued)** |  |  |
| 18931 <sup>(1)(2)</sup> | Waymo LLC., Series A-2 | $2937334 | 0.1 |
|  |  | **5628687** | **0.1** |
|  | Total Preferred Stock |  |  |
|  | (Cost $7,195,905) | **6306489** | **0.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $2,634,863,419) | **3674209582** | **99.1** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** |  |  |
|  | **Repurchase Agreements: 0.0%** |  |  |
| 278000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $278,060, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $283,639, due 01/31/26-11/15/55) | 278000 | 0.0 |
| 190000 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $190,040, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $193,800, due 10/15/26-12/20/55) | 190000 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 282582 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $282,641, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $288,234, due 04/30/26-11/15/34) | $282582 | 0.0 |
| 82902 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $82,920, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $84,302, due 04/15/28-02/15/55) | 82902 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $833,484) | **833484** | **0.0** |
|  | **Time Deposits: 0.0%** |  |  |
| 220000 <sup>(5)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | 220000 | 0.0 |
| 260000 <sup>(5)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 260000 | 0.0 |
| 120000 <sup>(5)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 | 120000 | 0.0 |
| 100000 <sup>(5)</sup> | Toronto-Dominion Bank, 3.650%, 01/02/2026 | 100000 | 0.0 |
|  | Total Time Deposits |  |  |
|  | (Cost $700,000) | **700000** | **0.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Growth Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.1%** |  |  |
| 38743000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $38,743,000) | $**38743000** | **1.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $40,276,484) | $**40276484** | **1.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $2,675,139,903)** | $**3714486066** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(8728161)** | **(0.2)** |
|  | **Net Assets** | $**3705757905** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(2)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $9,031,300 or 0.2% of net assets. Please refer to the table below for additional details. |
| <sup>(3)</sup> | Non-income producing security. |
| <sup>(4)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Growth Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $478732931 | $— | $— | $478732931 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 451427150 |  |  | 451427150 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 91458472 |  |  | 91458472 |
| &nbsp;&nbsp;&nbsp;Energy | 17255669 |  |  | 17255669 |
| &nbsp;&nbsp;&nbsp;Financials | 181770056 |  |  | 181770056 |
| &nbsp;&nbsp;&nbsp;Health Care | 330906472 |  |  | 330906472 |
| &nbsp;&nbsp;&nbsp;Industrials | 228918879 |  |  | 228918879 |
| &nbsp;&nbsp;&nbsp;Information Technology | 1807121962 |  |  | 1807121962 |
| &nbsp;&nbsp;&nbsp;Materials | 57758903 |  |  | 57758903 |
| &nbsp;&nbsp;&nbsp;Real Estate | 19827788 |  |  | 19827788 |
| Total Common Stock | 3665178282 |  |  | 3665178282 |
| Common Stock\* |  |  | 2724811 | 2724811 |
| Preferred Stock |  |  | 6306489 | 6306489 |
| Short-Term Investments | 38743000 | 1533484 |  | 40276484 |
| Total Investments, at fair value | $3703921282 | $1533484 | $9031300 | $3714486066 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2025, Voya Large Cap Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Epic Games, Inc. | 6/18/2020 | $3029675 | $2724811 |
| Magic Leap, Inc. - Class A | 1/20/2016 | 3824971 |  |
| Nuro, Inc. - Series C | 10/30/2020 | 1735518 | 2007439 |
| Rappi, Inc. - Series E | 9/8/2020 | 2299446 | 683914 |
| Sila Nanotechnologies, Inc., - Series F | 1/7/2021 | 1535389 | 677802 |
| Waymo LLC., Series A-2 | 5/8/2020 | 1625552 | 2937334 |
|  |  | $14050551 | $9031300 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $2,687,793,584. | Cost for U.S. federal income tax purposes was $2,687,793,584. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1090819062 |
| Gross Unrealized Depreciation | (64126092) |
| Net Unrealized Appreciation | $1026692970 |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Value Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** |
|  | **Communication Services: 9.2%** |  |  |
| 72031 | Alphabet, Inc. - Class A $| 22545703 | 4.3 |
| 331347 | AT&T, Inc. | 8230659 | 1.6 |
| 27584 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 7062332 | 1.4 |
| 88601 | Walt Disney Co. | 10080136 | 1.9 |
|  |  | **47918830** | **9.2** |
|  | **Consumer Discretionary: 7.3%** |  |  |
| 56447 <sup>(1)</sup> | Amazon.com, Inc. | 13029097 | 2.5 |
| 1013 | Booking Holdings, Inc. | 5424949 | 1 |
| 30795 <sup>(1)</sup> | Brinker International, Inc. | 4419699 | 0.9 |
| 34602 | Lowe's Cos., Inc. | 8344618 | 1.6 |
| 38056 | Williams-Sonoma, Inc. | 6796421 | 1.3 |
|  |  | **38014784** | **7.3** |
|  | **Consumer Staples: 7.9%** |  |  |
| 162445 | Coca-Cola Co. | 11356530 | 2.2 |
| 33143 <sup>(1)</sup> | Dollar Tree, Inc. | 4076920 | 0.8 |
| 78719 | McCormick & Co., Inc. | 5361551 | 1 |
| 67434 | Philip Morris International, Inc. | 10816414 | 2.1 |
| 67407 | Procter & Gamble Co. | 9660097 | 1.8 |
|  |  | **41271512** | **7.9** |
|  | **Energy: 7.1%** |  |  |
| 27460 | Chesapeake Energy Corp. | 3030486 | 0.6 |
| 145911 | Chevron Corp. | 22238295 | 4.3 |
| 131671 | Devon Energy Corp. | 4823109 | 0.9 |
| 29184 | Expand Energy Corp. | 3220746 | 0.6 |
| 77419 | HF Sinclair Corp. | 3567468 | 0.7 |
|  |  | **36880104** | **7.1** |
|  | **Financials: 21.4%** |  |  |
| 132602 | American International Group, Inc. | 11344101 | 2.2 |
| 42981 | Assurant, Inc. | 10351974 | 2 |
| 296797 | Bank of America Corp. | 16323835 | 3.1 |
| 73769 | Intercontinental Exchange, Inc. | 11947627 | 2.3 |
| 155138 | Lazard, Inc. | 7533501 | 1.4 |
| 44055 | PNC Financial Services Group, Inc. | 9195600 | 1.8 |
| 83323 | State Street Corp. | 10749500 | 2 |
| 45545 | Stifel Financial Corp. | 5703145 | 1.1 |
| 87505 | Synchrony Financial | 7300542 | 1.4 |
| 661970 | Valley National Bancorp | 7731810 | 1.5 |
| 147313 | Wells Fargo & Co. | 13729572 | 2.6 |
|  |  | **111911207** | **21.4** |
|  | **Health Care: 13.3%** |  |  |
| 26098 <sup>(1)</sup> | Align Technology, Inc. | 4075203 | 0.8 |
| 71204 | AstraZeneca PLC, ADR | 6545784 | 1.3 |
| 28234 | Danaher Corp. | 6463327 | 1.2 |
| 36112 | Humana, Inc. | 9249367 | 1.8 |
| 20957 <sup>(1)</sup> | ICON PLC | 3818785 | 0.7 |
| 4650 | McKesson Corp. | 3814348 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 446917 | Pfizer, Inc. | $11128233 | 2.1 |
| 5073 | Regeneron Pharmaceuticals, Inc. | 3915696 | 0.7 |
| 13329 | Thermo Fisher Scientific, Inc. | 7723489 | 1.5 |
| 17327 | Universal Health Services, Inc. - Class B | 3777633 | 0.7 |
| 11530 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 5227241 | 1 |
| 10392 <sup>(1)</sup> | Waters Corp. | 3947193 | 0.8 |
|  |  | **69686299** | **13.3** |
|  | **Industrials: 10.6%** |  |  |
| 70595 | 3M Co. | 11302260 | 2.2 |
| 35212 <sup>(1)</sup> | Boeing Co. | 7645229 | 1.5 |
| 7689 <sup>(1)</sup> | Dycom Industries, Inc. | 2598113 | 0.5 |
| 149318 <sup>(1)</sup> | Gates Industrial Corp. PLC | 3205858 | 0.6 |
| 94309 | Leonardo DRS, Inc. | 3214994 | 0.6 |
| 10400 | Parker-Hannifin Corp. | 9141184 | 1.7 |
| 73512 | RELX PLC, ADR | 2971355 | 0.6 |
| 17918 <sup>(1)</sup> | Saia, Inc. | 5850585 | 1.1 |
| 58076 | UL Solutions, Inc. - Class A | 4579873 | 0.9 |
| 5932 | United Rentals, Inc. | 4800886 | 0.9 |
|  |  | **55310337** | **10.6** |
|  | **Information Technology: 10.6%** |  |  |
| 28876 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 6184084 | 1.2 |
| 15063 | Broadcom, Inc. | 5213304 | 1 |
| 142232 | Cisco Systems, Inc. | 10956131 | 2.1 |
| 34331 | International Business Machines Corp. | 10169185 | 2 |
| 5738 | Intuit, Inc. | 3800966 | 0.7 |
| 23836 | Micron Technology, Inc. | 6803033 | 1.3 |
| 20937 <sup>(1)</sup> | Onto Innovation, Inc. | 3305115 | 0.6 |
| 24375 | Salesforce, Inc. | 6457181 | 1.2 |
| 8195 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2490379 | 0.5 |
|  |  | **55379378** | **10.6** |
|  | **Materials: 2.6%** |  |  |
| 77524 | Alcoa Corp. | 4119625 | 0.8 |
| 41076 | Crown Holdings, Inc. | 4229596 | 0.8 |
| 33717 | Nucor Corp. | 5499580 | 1 |
|  |  | **13848801** | **2.6** |
|  | **Real Estate: 4.3%** |  |  |
| 148894 | Boston Properties, Inc. | 10047367 | 1.9 |
| 67548 | Welltower, Inc. | 12537584 | 2.4 |
|  |  | **22584951** | **4.3** |
|  | **Utilities: 5.0%** |  |  |
| 52227 | DTE Energy Co. | 6736238 | 1.3 |
| 103969 | Duke Energy Corp. | 12186207 | 2.3 |
| 440822 <sup>(2)</sup> | Prime AET&D Holdings No 1 |  |  |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Value Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 91172 | Public Service Enterprise Group, Inc. | $7321112 | 1.4 |
|  |  | **26243557** | **5.0** |
|  | Total Common Stock |  |  |
|  | (Cost $461,883,345) | **519049760** | **99.3** |
| **CORPORATE BONDS/NOTES: —%** | **CORPORATE BONDS/NOTES: —%** |  |  |
|  | **Financial: —%** |  |  |
| 1216000 <sup>(2)(3)</sup> | Tropicana Entertainment LLC / Tropicana Finance Corp., 9.625%, 12/15/2014 |  |  |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $787,908) | **—** | **—** |
| **OTHER: 0.0%** | **OTHER: 0.0%** |  |  |
|  | **Energy: 0.0%** |  |  |
| 1685000 <sup>(2)(4)(5)</sup> | Samson Investment Co. | **—** | **0.0** |
|  | Total Other |  |  |
|  | (Cost $30,842) | **—** | **0.0** |
| **WARRANTS: —%** | **WARRANTS: —%** |  |  |
|  | **Information Technology: —%** |  |  |
| 1823 <sup>(2)</sup> | Constellation Software, Inc. |  |  |
|  | Total Warrants |  |  |
|  | (Cost $—) | **—** | **—** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $462,702,095) | **519049760** | **99.3** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |  |  |
|  | **Mutual Funds: 0.9%** |  |  |
| 4850000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $4,850,000) | $**4850000** | **0.9** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,850,000) | **4850000** | **0.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $467,552,095)** | $**523899760** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(1278837)** | **(0.2)** |
|  | **Net Assets** | $**522620923** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Defaulted security.

<sup>(4)</sup> Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

<sup>(5)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(6)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Value Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** | | | | |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $47918830 | $— | $— | $47918830 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 38014784 |  |  | 38014784 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 41271512 |  |  | 41271512 |
| &nbsp;&nbsp;&nbsp;Energy | 36880104 |  |  | 36880104 |
| &nbsp;&nbsp;&nbsp;Financials | 111911207 |  |  | 111911207 |
| &nbsp;&nbsp;&nbsp;Health Care | 69686299 |  |  | 69686299 |
| &nbsp;&nbsp;&nbsp;Industrials | 55310337 |  |  | 55310337 |
| &nbsp;&nbsp;&nbsp;Information Technology | 55379378 |  |  | 55379378 |
| &nbsp;&nbsp;&nbsp;Materials | 13848801 |  |  | 13848801 |
| &nbsp;&nbsp;&nbsp;Real Estate | 22584951 |  |  | 22584951 |
| &nbsp;&nbsp;&nbsp;Utilities | 26243557 |  |  | 26243557 |
| Total Common Stock | 519049760 |  |  | 519049760 |
| Warrants |  |  |  |  |
| Short-Term Investments | 4850000 |  |  | 4850000 |
| Total Investments, at fair value | $523899760 | $— | $— | $523899760 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At December 31, 2025, Voya Large Cap Value Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Samson Investment Co. | 6/28/2017 | $30842 | $— |
|  |  | $30842 | $— |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $469,916,544. | Cost for U.S. federal income tax purposes was $469,916,544. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $65123030 |
| Gross Unrealized Depreciation | (11136729) |
| Net Unrealized Appreciation | $53986301 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 42.6%** | **CORPORATE BONDS/NOTES: 42.6%** |  |  |
|  | **Basic Materials: 1.7%** |  |  |
| 528000 | Air Products and Chemicals, Inc., 4.300%, 06/11/2028 | $533560 | 0.2 |
| 533000 | Albemarle Corp., 4.650%, 06/01/2027 | 536542 | 0.2 |
| 173000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026 | 174619 | 0.1 |
| 289000 <sup>(1)</sup> | Eastman Chemical Co., 5.000%, 08/01/2029 | 295057 | 0.1 |
| 449000 | Ecolab, Inc., 4.300%, 06/15/2028 | 454186 | 0.2 |
| 501000 | EIDP, Inc., 4.500%, 05/15/2026 | 501444 | 0.2 |
| 326000 | Nucor Corp., 4.650%, 06/01/2030 | 333271 | 0.1 |
| 54000 | Nutrien Ltd., 4.900%, 03/27/2028 | 55026 | 0.0 |
| 327000 | Nutrien Ltd., 5.200%, 06/21/2027 | 332561 | 0.1 |
| 235000 | Rio Tinto Finance USA PLC, 4.500%, 03/14/2028 | 237959 | 0.1 |
| 74000 | Rio Tinto Finance USA PLC, 4.875%, 03/14/2030 | 76062 | 0.0 |
| 408000 | Sherwin-Williams Co., 4.300%, 08/15/2028 | 410619 | 0.1 |
| 259000 | Sherwin-Williams Co., 4.500%, 08/15/2030 | 261723 | 0.1 |
| 635000 | Steel Dynamics, Inc., 4.000%, 12/15/2028 | 634472 | 0.2 |
|  |  | **4837101** | **1.7** |
|  | **Communications: 2.3%** |  |  |
| 220000 | Alphabet, Inc., 1.100%, 08/15/2030 | 194028 | 0.1 |
| 455000 | Alphabet, Inc., 3.875%, 11/15/2028 | 457279 | 0.2 |
| 275000 | Amazon.com, Inc., 3.900%, 11/20/2028 | 275916 | 0.1 |
| 103000 | AppLovin Corp., 5.125%, 12/01/2029 | 105685 | 0.0 |
| 646000 | AT&T, Inc., 1.700%, 03/25/2026 | 642786 | 0.2 |
| 440000 | Cisco Systems, Inc., 4.550%, 02/24/2028 | 447296 | 0.2 |
| 215000 | Cisco Systems, Inc., 4.750%, 02/24/2030 | 221071 | 0.1 |
| 230000 | Comcast Corp., 3.400%, 04/01/2030 | 223129 | 0.1 |
| 115000 | Meta Platforms, Inc., 4.200%, 11/15/2030 | 115272 | 0.0 |
| 425000 | Meta Platforms, Inc., 4.300%, 08/15/2029 | 430250 | 0.2 |
| 216000 <sup>(2)</sup> | NBN Co. Ltd., 5.750%, 10/06/2028 | 225605 | 0.1 |
| 418000 <sup>(2)</sup> | NTT Finance Corp., 4.567%, 07/16/2027 | 421801 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 232000 <sup>(2)</sup> | NTT Finance Corp., 4.620%, 07/16/2028 | $235123 | 0.1 |
| 420000 | Rogers Communications, Inc., 5.000%, 02/15/2029 | 428129 | 0.1 |
| 835000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 896353 | 0.3 |
| 391000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 375488 | 0.1 |
| 194000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 193564 | 0.1 |
| 135000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 131610 | 0.0 |
| 181000 | T-Mobile USA, Inc., 4.950%, 03/15/2028 | 184475 | 0.1 |
| 235000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 236640 | 0.1 |
|  |  | **6441500** | **2.3** |
|  | **Consumer, Cyclical: 4.8%** |  |  |
| 815000 <sup>(2)</sup> | Alimentation Couche-Tard, Inc., 4.148%, 09/29/2028 | 816136 | 0.3 |
| 240000 | American Honda Finance Corp., GMTN, 4.450%, 10/22/2027 | 242237 | 0.1 |
| 140000 | American Honda Finance Corp., MTN, 1.300%, 09/09/2026 | 137544 | 0.1 |
| 428000 <sup>(2)</sup> | BMW US Capital LLC, 1.250%, 08/12/2026 | 421298 | 0.1 |
| 259000 <sup>(2)</sup> | BMW US Capital LLC, 4.150%, 08/11/2027 | 260189 | 0.1 |
| 162000 <sup>(2)</sup> | BMW US Capital LLC, 4.500%, 08/11/2030 | 162875 | 0.1 |
| 195000 | BorgWarner, Inc., 4.950%, 08/15/2029 | 199592 | 0.1 |
| 425000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 421735 | 0.1 |
| 200000 | Ford Motor Credit Co. LLC, 5.800%, 03/08/2029 | 204418 | 0.1 |
| 314000 | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | 314729 | 0.1 |
| 226000 | General Motors Financial Co., Inc., 5.050%, 04/04/2028 | 230370 | 0.1 |
| 651000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 651524 | 0.2 |
| 268000 | General Motors Financial Co., Inc., 5.400%, 04/06/2026 | 268955 | 0.1 |
| 637000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 660820 | 0.2 |
| 345000 | Home Depot, Inc., 3.750%, 09/15/2028 | 345467 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 767000 | Home Depot, Inc., 4.875%, 06/25/2027 | $780487 | 0.3 |
| 389000 | Honda Motor Co. Ltd., 2.534%, 03/10/2027 | 382732 | 0.1 |
| 397000 | Honda Motor Co. Ltd., 4.436%, 07/08/2028 | 400927 | 0.1 |
| 164000 | Hyatt Hotels Corp., 5.050%, 03/30/2028 | 167077 | 0.1 |
| 462000 <sup>(2)</sup> | Hyundai Capital America, 1.300%, 01/08/2026 | 461784 | 0.2 |
| 410000 <sup>(2)</sup> | Hyundai Capital America, 4.250%, 09/18/2028 | 410231 | 0.1 |
| 307000 <sup>(2)</sup> | Hyundai Capital America, 5.650%, 06/26/2026 | 309284 | 0.1 |
| 159000 <sup>(2)</sup> | Hyundai Capital America, 5.950%, 09/21/2026 | 161095 | 0.1 |
| 507000 <sup>(2)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 530587 | 0.2 |
| 857000 | Lowe's Cos., Inc., 3.350%, 04/01/2027 | 851353 | 0.3 |
| 570000 | Lowe's Cos., Inc., 4.000%, 10/15/2028 | 571306 | 0.2 |
| 270000 | Marriott International, Inc., 4.200%, 07/15/2027 | 271143 | 0.1 |
| 260000 | McDonald's Corp., 4.400%, 02/12/2031 | 262173 | 0.1 |
| 245000 | PACCAR Financial Corp., 4.000%, 08/08/2028 | 246785 | 0.1 |
| 135000 | PACCAR Financial Corp., 4.000%, 09/26/2029 | 135395 | 0.0 |
| 360000 | PACCAR Financial Corp. R, 4.000%, 11/07/2028 | 361805 | 0.1 |
| 658000 | Toll Brothers Finance Corp., 4.350%, 02/15/2028 | 660736 | 0.2 |
| 506000 | Toyota Motor Credit Corp., 5.400%, 11/20/2026 | 513235 | 0.2 |
| 125000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 126298 | 0.0 |
| 424000 | Toyota Motor Credit Corp. B, 5.000%, 03/19/2027 | 430348 | 0.2 |
| 33666 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 34544 | 0.0 |
| 200000 <sup>(2)</sup> | Volkswagen Group of America Finance LLC, 4.550%, 09/11/2028 | 201188 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 134000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | $133344 | 0.0 |
|  |  | **13741746** | **4.8** |
|  | **Consumer, Non-cyclical: 5.6%** |  |  |
| 170000 | AbbVie, Inc., 3.200%, 11/21/2029 | 164907 | 0.1 |
| 192000 | AbbVie, Inc., 4.800%, 03/15/2029 | 196754 | 0.1 |
| 821000 | Amgen, Inc., 5.150%, 03/02/2028 | 840376 | 0.3 |
| 700000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 709477 | 0.2 |
| 201000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 202342 | 0.1 |
| 165000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | 169552 | 0.1 |
| 160000 | Cardinal Health, Inc., 5.125%, 02/15/2029 | 164838 | 0.0 |
| 195000 <sup>(2)</sup> | Cargill, Inc., 3.625%, 04/22/2027 | 194591 | 0.1 |
| 114000 | Cigna Group, 1.250%, 03/15/2026 | 113357 | 0.0 |
| 236000 | Cigna Group, 2.375%, 03/15/2031 | 213713 | 0.1 |
| 190000 | Cigna Group, 4.500%, 09/15/2030 | 191350 | 0.1 |
| 233000 <sup>(2)</sup> | CSL Finance PLC, 3.850%, 04/27/2027 | 232888 | 0.1 |
| 595000 | CVS Health Corp., 5.400%, 06/01/2029 | 616531 | 0.2 |
| 242000 <sup>(2)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 246227 | 0.1 |
| 635000 | Eli Lilly & Co., 4.000%, 10/15/2028 | 639386 | 0.2 |
| 516000 | Eli Lilly & Co., 4.550%, 02/12/2028 | 525229 | 0.2 |
| 112000 | Eli Lilly & Co., 4.750%, 02/12/2030 | 115192 | 0.0 |
| 440000 <sup>(2)</sup> | EMD Finance LLC, 4.125%, 08/15/2028 | 441479 | 0.1 |
| 296000 <sup>(2)</sup> | ERAC USA Finance LLC, 5.000%, 02/15/2029 | 303589 | 0.1 |
| 192000 | Gilead Sciences, Inc., 4.800%, 11/15/2029 | 197613 | 0.1 |
| 149000 | GlaxoSmithKline Capital, Inc., 4.500%, 04/15/2030 | 151615 | 0.0 |
| 163000 | Global Payments, Inc., 1.200%, 03/01/2026 | 162250 | 0.0 |
| 275000 | HCA, Inc., 5.875%, 02/01/2029 | 286663 | 0.1 |
| 215000 | Hershey Co., 4.750%, 02/24/2030 | 220911 | 0.1 |
| 420000 | Humana, Inc., 5.750%, 03/01/2028 | 433373 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 200000 <sup>(2)</sup> | Imperial Brands Finance PLC, 4.500%, 06/30/2028 | $201657 | 0.1 |
| 515000 | Johnson & Johnson, 4.550%, 03/01/2028 | 524896 | 0.2 |
| 170000 | Laboratory Corp. of America Holdings, 4.350%, 04/01/2030 | 170316 | 0.1 |
| 426000 <sup>(2)</sup> | Mars, Inc., 4.600%, 03/01/2028 | 431933 | 0.1 |
| 121000 <sup>(2)</sup> | Mars, Inc., 4.800%, 03/01/2030 | 123682 | 0.0 |
| 108000 | McKesson Corp., 4.250%, 09/15/2029 | 108749 | 0.0 |
| 122000 | Merck & Co., Inc., 4.150%, 03/15/2031 | 121651 | 0.0 |
| 215000 | Novartis Capital Corp., 3.800%, 09/18/2029 | 214017 | 0.1 |
| 384000 | PepsiCo, Inc., 4.100%, 01/15/2029 | 386231 | 0.1 |
| 248000 | PepsiCo, Inc., 4.300%, 07/23/2030 | 250658 | 0.1 |
| 365000 | Philip Morris International, Inc., 3.875%, 10/27/2028 | 364662 | 0.1 |
| 505000 | Philip Morris International, Inc., 4.125%, 04/28/2028 | 507367 | 0.2 |
| 162000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 165869 | 0.1 |
| 245000 | Quanta Services, Inc., 4.300%, 08/09/2028 | 246403 | 0.1 |
| 195000 | Quanta Services, Inc., 4.750%, 08/09/2027 | 197499 | 0.1 |
| 474000 | Quest Diagnostics, Inc., 4.600%, 12/15/2027 | 479998 | 0.2 |
| 192000 | RELX Capital, Inc., 4.750%, 03/27/2030 | 195973 | 0.1 |
| 448000 <sup>(2)</sup> | Roche Holdings, Inc., 5.338%, 11/13/2028 | 466038 | 0.2 |
| 280000 | S&P Global, Inc., 2.700%, 03/01/2029 | 269221 | 0.1 |
| 519000 | Smith & Nephew PLC, 5.150%, 03/20/2027 | 525195 | 0.2 |
| 88000 | Solventum Corp., 5.400%, 03/01/2029 | 91160 | 0.0 |
| 320000 | Stryker Corp., 3.650%, 03/07/2028 | 318471 | 0.1 |
| 516000 | Stryker Corp., 4.700%, 02/10/2028 | 523766 | 0.2 |
| 95000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 98248 | 0.0 |
| 544000 | UnitedHealth Group, Inc., 2.950%, 10/15/2027 | 536760 | 0.2 |
| 180000 | UnitedHealth Group, Inc., 4.800%, 01/15/2030 | 184529 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 295000 | Zimmer Biomet Holdings, Inc., 5.050%, 02/19/2030 | $304355 | 0.1 |
| 188000 | Zoetis, Inc., 4.150%, 08/17/2028 | 189078 | 0.1 |
|  |  | **15932585** | **5.6** |
|  | **Energy: 1.7%** |  |  |
| 339000 | Chevron USA, Inc., 4.050%, 08/13/2028 | 341934 | 0.1 |
| 163000 <sup>(1)</sup> | Chevron USA, Inc., 4.300%, 10/15/2030 | 164619 | 0.1 |
| 218000 | Chevron USA, Inc., 4.687%, 04/15/2030 | 223091 | 0.1 |
| 295000 | Diamondback Energy, Inc., 5.150%, 01/30/2030 | 303775 | 0.1 |
| 520000 | Diamondback Energy, Inc., 5.200%, 04/18/2027 | 527778 | 0.2 |
| 660000 | Enbridge, Inc., 4.600%, 06/20/2028 | 667513 | 0.2 |
| 662000 | Enterprise Products Operating LLC, 4.300%, 06/20/2028 | 667778 | 0.2 |
| 825000 | Kinder Morgan, Inc., 1.750%, 11/15/2026 | 810150 | 0.3 |
| 118000 | Occidental Petroleum Corp., 6.625%, 09/01/2030 | 127118 | 0.0 |
| 306000 | Ovintiv Exploration, Inc., 5.375%, 01/01/2026 | 306000 | 0.1 |
| 495000 | Pioneer Natural Resources Co., 1.125%, 01/15/2026 | 494484 | 0.2 |
| 270000 | Targa Resources Corp., 4.350%, 01/15/2029 | 270816 | 0.1 |
|  |  | **4905056** | **1.7** |
|  | **Financial: 13.9%** |  |  |
| 200000 | Aflac, Inc., 1.125%, 03/15/2026 | 198951 | 0.1 |
| 360000 <sup>(3)</sup> | American Express Co., 4.351%, 07/20/2029 | 362681 | 0.1 |
| 136000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 137619 | 0.1 |
| 147000 <sup>(3)</sup> | American Express Co., 5.282%, 07/27/2029 | 151433 | 0.1 |
| 515000 <sup>(3)</sup> | American Express Co., 5.389%, 07/28/2027 | 519045 | 0.2 |
| 651000 <sup>(3)</sup> | American Express Co., 5.645%, 04/23/2027 | 654182 | 0.2 |
| 533000 | American Tower Corp., 3.650%, 03/15/2027 | 530941 | 0.2 |
| 91000 | American Tower Corp., 5.250%, 07/15/2028 | 93596 | 0.0 |
| 71000 | American Tower Corp., 5.500%, 03/15/2028 | 73084 | 0.0 |
| 259000 | Aon North America, Inc., 5.125%, 03/01/2027 | 262306 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 96000 | Aon North America, Inc., 5.150%, 03/01/2029 | $98795 | 0.0 |
| 238000 | Arthur J Gallagher & Co., 4.850%, 12/15/2029 | 243696 | 0.1 |
| 420000 <sup>(2)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 420878 | 0.2 |
| 367000 <sup>(2)</sup> | Aviation Capital Group LLC, 5.125%, 04/10/2030 | 372797 | 0.1 |
| 246000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 | 239026 | 0.1 |
| 679000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 670430 | 0.2 |
| 481000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 475105 | 0.2 |
| 268000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 266903 | 0.1 |
| 94000 <sup>(3)</sup> | Bank of America Corp., 4.376%, 04/27/2028 | 94400 | 0.0 |
| 127000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 121186 | 0.0 |
| 271000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 266634 | 0.1 |
| 48000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 46375 | 0.0 |
| 97000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 96863 | 0.0 |
| 635000 <sup>(3)</sup> | Bank of Montreal, 4.062%, 09/22/2028 | 635873 | 0.2 |
| 642000 | Bank of Montreal, 5.300%, 06/05/2026 | 645882 | 0.2 |
| 60000 <sup>(3)</sup> | Bank of New York Mellon, 4.729%, 04/20/2029 | 60995 | 0.0 |
| 421000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.947%, 04/26/2027 | 422382 | 0.2 |
| 1000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 1036 | 0.0 |
| 180000 <sup>(3)</sup> | Bank of Nova Scotia, 4.043%, 09/15/2028 | 180044 | 0.1 |
| 200000 <sup>(3)</sup> | Barclays PLC, 4.476%, 11/11/2029 | 201130 | 0.1 |
| 248000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 233325 | 0.1 |
| 104000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 97351 | 0.0 |
| 580000 | Brown & Brown, Inc., 4.700%, 06/23/2028 | 587147 | 0.2 |
| 291000 <sup>(2)(3)</sup> | CaixaBank SA, 4.634%, 07/03/2029 | 294228 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 143000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.857%, 03/30/2029 | $145402 | 0.1 |
| 412000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 404339 | 0.1 |
| 335000 <sup>(3)</sup> | Capital One Financial Corp., 5.468%, 02/01/2029 | 344254 | 0.1 |
| 335000 <sup>(3)</sup> | Capital One Financial Corp., 5.700%, 02/01/2030 | 348625 | 0.1 |
| 332000 | Charles Schwab Corp., 5.875%, 08/24/2026 | 335722 | 0.1 |
| 124000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 131200 | 0.1 |
| 150000 <sup>(3)</sup> | Citigroup, Inc., 2.572%, 06/03/2031 | 139037 | 0.1 |
| 33000 <sup>(3)</sup> | Citigroup, Inc., 4.786%, 03/04/2029 | 33477 | 0.0 |
| 177000 | CME Group, Inc., 4.400%, 03/15/2030 | 179633 | 0.1 |
| 210000 <sup>(2)</sup> | CNO Global Funding, 4.375%, 09/08/2028 | 210476 | 0.1 |
| 435000 | Cooperatieve Rabobank UA, 4.800%, 01/09/2029 | 445503 | 0.2 |
| 668000 | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 664114 | 0.2 |
| 245000 <sup>(2)</sup> | Corebridge Global Funding, 4.250%, 08/21/2028 | 245770 | 0.1 |
| 507000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 526816 | 0.2 |
| 126000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 126321 | 0.0 |
| 906000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.431%, 03/09/2027 | 901422 | 0.3 |
| 360000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.948%, 10/21/2027 | 353994 | 0.1 |
| 261000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 267483 | 0.1 |
| 617000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 644727 | 0.2 |
| 5000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 5304 | 0.0 |
| 257000 | Hanover Insurance Group, Inc., 4.500%, 04/15/2026 | 257058 | 0.1 |
| 334000 <sup>(1)(3)</sup> | HSBC Holdings PLC, 4.899%, 03/03/2029 | 338928 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 905000 | Intercontinental Exchange, Inc., 3.950%, 12/01/2028 | $907603 | 0.3 |
| 200000 <sup>(2)</sup> | Jackson National Life Global Funding, 4.550%, 09/09/2030 | 199386 | 0.1 |
| 388000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 381001 | 0.1 |
| 518000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 514163 | 0.2 |
| 228000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 217901 | 0.1 |
| 444000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 438751 | 0.2 |
| 538000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 533212 | 0.2 |
| 183000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.960%, 01/29/2027 | 182970 | 0.1 |
| 345000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 348625 | 0.1 |
| 658000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.505%, 10/22/2028 | 664546 | 0.2 |
| 95000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 96357 | 0.0 |
| 115000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 118084 | 0.0 |
| 443000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 454268 | 0.2 |
| 246000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.040%, 01/23/2028 | 248616 | 0.1 |
| 913000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 931416 | 0.3 |
| 155000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 161749 | 0.1 |
| 515000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.070%, 10/22/2027 | 523237 | 0.2 |
| 532000 | KeyBank NA/ Cleveland OH, 4.390%, 12/14/2027 | 535006 | 0.2 |
| 416000 <sup>(3)</sup> | Lloyds Banking Group PLC, 3.574%, 11/07/2028 | 412880 | 0.1 |
| 214000 <sup>(2)</sup> | LPL Holdings, Inc., 4.625%, 11/15/2027 | 214032 | 0.1 |
| 787000 | Marsh & McLennan Cos., Inc., 4.550%, 11/08/2027 | 796840 | 0.3 |
| 327000 | Mastercard, Inc., 4.550%, 03/15/2028 | 332693 | 0.1 |
| 256000 <sup>(3)</sup> | Mizuho Financial Group, Inc., 5.376%, 05/26/2030 | 264925 | 0.1 |
| 568000 <sup>(3)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 563106 | 0.2 |
| 546000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 537234 | 0.2 |
| 190000 <sup>(3)</sup> | Morgan Stanley, 4.994%, 04/12/2029 | 193785 | 0.1 |
| 79000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 81020 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 45000 <sup>(3)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | $46223 | 0.0 |
| 233000 <sup>(3)</sup> | Morgan Stanley, 5.230%, 01/15/2031 | 240389 | 0.1 |
| 9000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 9453 | 0.0 |
| 81000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 84178 | 0.0 |
| 545000 <sup>(3)</sup> | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | 537333 | 0.2 |
| 229000 | Morgan Stanley, MTN, 3.125%, 07/27/2026 | 228005 | 0.1 |
| 122000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 124790 | 0.0 |
| 602000 <sup>(3)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 601885 | 0.2 |
| 10000 <sup>(3)</sup> | Morgan Stanley I, 4.892%, 10/22/2036 | 9915 | 0.0 |
| 265000 <sup>(3)</sup> | Morgan Stanley Private Bank NA, 4.734%, 07/18/2031 | 268684 | 0.1 |
| 250000 <sup>(2)</sup> | National Securities Clearing Corp., 4.700%, 05/20/2030 | 255758 | 0.1 |
| 240000 <sup>(2)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 249085 | 0.1 |
| 296000 <sup>(2)</sup> | Principal Life Global Funding II, 5.100%, 01/25/2029 | 303244 | 0.1 |
| 214000 | Prologis L.P., 4.875%, 06/15/2028 | 219277 | 0.1 |
| 90000 <sup>(2)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 92767 | 0.0 |
| 570000 <sup>(2)</sup> | RGA Global Funding, 4.350%, 08/25/2028 | 572594 | 0.2 |
| 90000 <sup>(3)</sup> | Royal Bank of Canada, 4.498%, 08/06/2029 | 90915 | 0.0 |
| 544000 | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | 536418 | 0.2 |
| 579000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.522%, 10/18/2028 | 585081 | 0.2 |
| 313000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.715%, 03/27/2028 | 315720 | 0.1 |
| 202000 | Royal Bank of Canada, GMTN, 4.950%, 02/01/2029 | 207423 | 0.1 |
| 95000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 97389 | 0.0 |
| 434000 | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | 437141 | 0.2 |
| 205000 <sup>(2)</sup> | Skandinaviska Enskilda Banken AB, 4.375%, 06/02/2028 | 207103 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 175000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | $165317 | 0.1 |
| 340000 <sup>(3)</sup> | State Street Corp., 4.530%, 02/20/2029 | 344419 | 0.1 |
| 372000 | State Street Corp., 4.536%, 02/28/2028 | 377965 | 0.1 |
| 83000 <sup>(3)</sup> | State Street Corp., 4.543%, 04/24/2028 | 83719 | 0.0 |
| 65000 | State Street Corp., 4.729%, 02/28/2030 | 66596 | 0.0 |
| 572000 | Toronto-Dominion Bank, GMTN, 4.980%, 04/05/2027 | 579566 | 0.2 |
| 691000 | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | 696795 | 0.2 |
| 260000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | 258724 | 0.1 |
| 316000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.887%, 06/07/2029 | 300283 | 0.1 |
| 256000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 265082 | 0.1 |
| 270000 <sup>(2)(3)</sup> | UBS Group AG, 4.194%, 04/01/2031 | 267520 | 0.1 |
| 155000 <sup>(3)</sup> | US Bancorp, 5.046%, 02/12/2031 | 159264 | 0.1 |
| 165000 <sup>(2)</sup> | USAA Capital Corp., 4.375%, 06/01/2028 | 167064 | 0.1 |
| 280000 <sup>(3)</sup> | Wells Fargo & Co., 4.078%, 09/15/2029 | 279811 | 0.1 |
| 64000 <sup>(3)</sup> | Wells Fargo & Co., 4.970%, 04/23/2029 | 65202 | 0.0 |
| 365000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | 347342 | 0.1 |
| 353000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | 350770 | 0.1 |
| 377000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 374639 | 0.1 |
| 416000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | 431119 | 0.2 |
|  |  | **39561297** | **13.9** |
|  | **Industrial: 3.8%** |  |  |
| 219000 | 3M Co., 4.800%, 03/15/2030 | 224133 | 0.1 |
| 311000 | AGCO Corp., 5.450%, 03/21/2027 | 315368 | 0.1 |
| 127000 | Amcor Flexibles North America, Inc., 4.800%, 03/17/2028 | 128867 | 0.0 |
| 127000 | Amcor Flexibles North America, Inc., 5.100%, 03/17/2030 | 130439 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 910000 | Amphenol Corp., 3.900%, 11/15/2028 | $909246 | 0.3 |
| 527000 | Amphenol Corp., 4.375%, 06/12/2028 | 532067 | 0.2 |
| 364000 | Caterpillar Financial Services Corp., 4.400%, 03/03/2028 | 368287 | 0.1 |
| 207000 | Caterpillar Financial Services Corp., 4.800%, 01/08/2030 | 214028 | 0.1 |
| 190000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 194223 | 0.1 |
| 250000 | FedEx Corp., 3.250%, 04/01/2026 | 249488 | 0.1 |
| 517000 | GATX Corp., 5.400%, 03/15/2027 | 524566 | 0.2 |
| 221000 | HEICO Corp., 5.250%, 08/01/2028 | 227245 | 0.1 |
| 523000 | Ingersoll Rand, Inc., 5.197%, 06/15/2027 | 531600 | 0.2 |
| 235000 | JB Hunt Transport Services, Inc., 4.900%, 03/15/2030 | 240181 | 0.1 |
| 380000 | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 | 373993 | 0.1 |
| 659000 | John Deere Capital Corp. I, 4.250%, 06/05/2028 | 666751 | 0.2 |
| 318000 | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | 320530 | 0.1 |
| 113000 | Lockheed Martin Corp., 4.150%, 08/15/2028 | 113770 | 0.0 |
| 232000 | Lockheed Martin Corp., 4.400%, 08/15/2030 | 234316 | 0.1 |
| 118000 <sup>(2)</sup> | Molex Electronic Technologies LLC, 4.750%, 04/30/2028 | 119409 | 0.0 |
| 96000 | Northrop Grumman Corp., 4.650%, 07/15/2030 | 97748 | 0.0 |
| 245000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 01/12/2027 | 247868 | 0.1 |
| 564000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 581009 | 0.2 |
| 447000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.050%, 08/01/2028 | 466240 | 0.2 |
| 165000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 168919 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 518000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | $532286 | 0.2 |
| 171000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 177192 | 0.1 |
| 61000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 63588 | 0.0 |
| 504000 | Stanley Black & Decker, Inc., 6.000%, 03/06/2028 | 522801 | 0.2 |
| 646000 | Veralto Corp., 5.500%, 09/18/2026 | 651681 | 0.2 |
| 766000 | Waste Management, Inc., 4.950%, 07/03/2027 | 779221 | 0.3 |
|  |  | **10907060** | **3.8** |
|  | **Technology: 3.4%** |  |  |
| 261000 | Advanced Micro Devices, Inc., 4.319%, 03/24/2028 | 263810 | 0.1 |
| 792000 | Analog Devices, Inc., 4.250%, 06/15/2028 | 798692 | 0.3 |
| 444000 | Broadcom, Inc., 3.459%, 09/15/2026 | 442864 | 0.2 |
| 360000 <sup>(2)</sup> | Broadcom, Inc., 4.000%, 04/15/2029 | 358585 | 0.1 |
| 657000 | Broadcom, Inc., 4.150%, 02/15/2028 | 659539 | 0.2 |
| 145000 | Broadcom, Inc., 4.800%, 04/15/2028 | 147727 | 0.1 |
| 578000 | Cadence Design Systems, Inc., 4.200%, 09/10/2027 | 581582 | 0.2 |
| 470000 | Dell International LLC / EMC Corp., 4.150%, 02/15/2029 | 469629 | 0.2 |
| 55000 | Dell International LLC / EMC Corp., 4.500%, 02/15/2031 | 54961 | 0.0 |
| 253000 | Dell International LLC / EMC Corp., 4.750%, 04/01/2028 | 256645 | 0.1 |
| 56000 | Dell International LLC / EMC Corp., 5.000%, 04/01/2030 | 57408 | 0.0 |
| 311000 | Fiserv, Inc., 5.150%, 03/15/2027 | 314395 | 0.1 |
| 444000 | Fiserv, Inc., 5.450%, 03/02/2028 | 454865 | 0.2 |
| 245000 | Hewlett Packard Enterprise Co., 4.150%, 09/15/2028 | 245268 | 0.1 |
| 395000 | Hewlett Packard Enterprise Co., 4.550%, 10/15/2029 | 397377 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Technology: (continued)** |  |  |
| 445000 | IBM International Capital Pte Ltd., 4.600%, 02/05/2029 | $452265 | 0.2 |
| 781000 | Oracle Corp., 1.650%, 03/25/2026 | 776141 | 0.3 |
| 720000 | Oracle Corp., 2.650%, 07/15/2026 | 714231 | 0.2 |
| 188000 <sup>(1)</sup> | Oracle Corp., 4.800%, 08/03/2028 | 188971 | 0.1 |
| 245000 | Roper Technologies, Inc., 4.250%, 09/15/2028 | 245923 | 0.1 |
| 416000 | Synopsys, Inc., 4.650%, 04/01/2028 | 421853 | 0.1 |
| 61000 | Synopsys, Inc., 4.850%, 04/01/2030 | 62321 | 0.0 |
| 530000 | VMware LLC, 3.900%, 08/21/2027 | 530544 | 0.2 |
| 408000 | VMware, Inc., 1.400%, 08/15/2026 | 402077 | 0.1 |
| 215000 | Workday, Inc., 3.500%, 04/01/2027 | 213828 | 0.1 |
|  |  | **9511501** | **3.4** |
|  | **Utilities: 5.4%** |  |  |
| 519000 | AES Corp., 5.450%, 06/01/2028 | 531213 | 0.2 |
| 529000 | Alabama Power Co., 3.750%, 09/01/2027 | 529722 | 0.2 |
| 305000 | Ameren Corp., 5.700%, 12/01/2026 | 309263 | 0.1 |
| 534000 | Ameren Illinois Co., 3.800%, 05/15/2028 | 532958 | 0.2 |
| 393000 | American Electric Power Co., Inc., 5.200%, 01/15/2029 | 405195 | 0.1 |
| 471000 <sup>(2)</sup> | Capital Power US Holdings, Inc., 5.257%, 06/01/2028 | 480610 | 0.2 |
| 218000 | CenterPoint Energy Houston Electric LLC, 4.800%, 03/15/2030 | 223348 | 0.1 |
| 218000 | Connecticut Light and Power Co., 4.650%, 01/01/2029 | 222330 | 0.1 |
| 149000 | Consumers Energy Co., 4.500%, 01/15/2031 | 150823 | 0.0 |
| 188000 | Consumers Energy Co., 4.900%, 02/15/2029 | 192971 | 0.1 |
| 69000 | DTE Electric Co., 4.250%, 05/14/2027 | 69511 | 0.0 |
| 580000 | DTE Energy Co., 4.875%, 06/01/2028 | 590620 | 0.2 |
| 323000 | DTE Energy Co., 5.100%, 03/01/2029 | 331093 | 0.1 |
| 565000 <sup>(2)</sup> | Enel Finance International NV, 4.125%, 09/30/2028 | 564161 | 0.2 |
| 459000 | Eversource Energy, 2.900%, 03/01/2027 | 452868 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 711000 | Eversource Energy, 4.750%, 05/15/2026 | $712888 | 0.2 |
| 86000 | Exelon Corp., 5.150%, 03/15/2029 | 88454 | 0.0 |
| 245000 | Georgia Power Co., 4.000%, 10/01/2028 | 246445 | 0.1 |
| 567000 | Georgia Power Co., 5.004%, 02/23/2027 | 574598 | 0.2 |
| 360000 <sup>(2)</sup> | Jersey Central Power & Light Co., 4.150%, 01/15/2029 | 359501 | 0.1 |
| 195000 <sup>(2)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 201508 | 0.1 |
| 527000 | National Rural Utilities Cooperative Finance Corp., 4.120%, 09/16/2027 | 529778 | 0.2 |
| 188000 | National Rural Utilities Cooperative Finance Corp., 5.150%, 06/15/2029 | 194621 | 0.1 |
| 259000 | National Rural Utilities Cooperative Finance Corp., MTN, 5.600%, 11/13/2026 | 262606 | 0.1 |
| 180000 | National Rural Utilities Cooperative Finance Corp. D, 4.150%, 08/25/2028 | 181001 | 0.1 |
| 231000 <sup>(2)</sup> | New York State Electric & Gas Corp., 5.650%, 08/15/2028 | 240571 | 0.1 |
| 683000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 668853 | 0.2 |
| 287000 | NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028 | 273590 | 0.1 |
| 492000 | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | 497577 | 0.2 |
| 165000 | NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028 | 168120 | 0.1 |
| 355000 | NextEra Energy Capital Holdings, Inc., 5.050%, 03/15/2030 | 366402 | 0.1 |
| 324000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 293431 | 0.1 |
| 389000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 400507 | 0.1 |
| 492542 | PG&E Wildfire Recovery Funding LLC A-1, 3.594%, 06/01/2032 | 487844 | 0.2 |
| 129000 | Pinnacle West Capital Corp., 5.150%, 05/15/2030 | 132981 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |  |
| 562000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | $| 579974 | 0.2 |
| 150000 | SCE Recovery Funding LLC, 4.453%, 03/15/2036 |  | 150571 | 0.0 |
| 155000 | Sempra Energy, 5.400%, 08/01/2026 |  | 156021 | 0.1 |
| 144000 | Southern Co., 5.500%, 03/15/2029 |  | 149509 | 0.0 |
| 384000 | Southern Co. Gas Capital Corp., 3.250%, 06/15/2026 |  | 382718 | 0.1 |
| 580000 | Southern Co. Gas Capital Corp. A, 4.050%, 09/15/2028 |  | 580345 | 0.2 |
| 160000 | Southern Power Co. A, 4.250%, 10/01/2030 |  | 159651 | 0.1 |
| 315000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.050%, 12/30/2026 |  | 317409 | 0.1 |
| 171000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 |  | 162478 | 0.1 |
| 194000 | WEC Energy Group, Inc., 4.750%, 01/09/2026 |  | 194022 | 0.1 |
| 61000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 |  | 62242 | 0.0 |
|  |  |  | **15362902** | **5.4** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $119,718,149) |  | **121200748** | **42.6** |
| **ASSET-BACKED SECURITIES: 18.0%** | **ASSET-BACKED SECURITIES: 18.0%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 6.2%** | **Automobile Asset-Backed Securities: 6.2%** | **Automobile Asset-Backed Securities: 6.2%** | **Automobile Asset-Backed Securities: 6.2%** |
| 577091 | Bridgecrest Lending Auto Securitization Trust 2025-2 A2, 4.840%, 01/18/2028 |  | 578092 | 0.2 |
| 550000 | Carmax Auto Owner Trust 2025-2 A4, 4.650%, 11/15/2030 |  | 561171 | 0.2 |
| 750000 | CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027 |  | 746160 | 0.3 |
| 720316 <sup>(2)</sup> | Chase Auto Owner Trust 2023-AA A3, 5.680%, 01/25/2029 |  | 728039 | 0.2 |
| 500000 | Drive Auto Receivables Trust 2024-2 A3, 4.500%, 09/15/2028 |  | 500694 | 0.2 |
| 658116 | Drive Auto Receivables Trust 2025-1 A2, 4.870%, 08/15/2028 |  | 659280 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 454768 | Exeter Automobile Receivables Trust 2025-3A A2, 4.830%, 01/18/2028 | $455580 | 0.2 |
| 482230 | Exeter Automobile Receivables Trust 2025-4A A2, 4.530%, 03/15/2028 | 482969 | 0.2 |
| 450000 | Exeter Automobile Receivables Trust 2025-4A A3, 4.390%, 09/17/2029 | 452128 | 0.2 |
| 100000 | Exeter Automobile Receivables Trust 2025-5A A2, 4.380%, 06/15/2028 | 100107 | 0.0 |
| 100000 <sup>(2)</sup> | First Investors Auto Owner Trust 2025-1A A2, 4.310%, 12/15/2028 | 100159 | 0.0 |
| 600000 | GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028 | 605633 | 0.2 |
| 818118 | Harley-Davidson Motorcycle Trust 2025-A A2A, 4.710%, 07/17/2028 | 820435 | 0.3 |
| 1450000 | Honda Auto Receivables Owner Trust 2025-4 A2A, 4.040%, 06/15/2028 | 1452972 | 0.5 |
| 750000 <sup>(2)</sup> | Hyundai Auto Lease Securitization Trust 2025-B A3, 4.530%, 04/17/2028 | 757073 | 0.3 |
| 1200000 | Nissan Auto Receivables Owner Trust 2025-A A2A, 4.500%, 02/15/2028 | 1204035 | 0.4 |
| 950000 <sup>(2)</sup> | Porsche Financial Auto Securitization Trust 2023-1A A4, 4.720%, 06/23/2031 | 956297 | 0.3 |
| 650000 <sup>(2)</sup> | Porsche Innovative Lease Owner Trust 2024-1A A4, 4.660%, 02/20/2030 | 655548 | 0.2 |
| 810485 <sup>(2)</sup> | Porsche Innovative Lease Owner Trust 2025-1A A2A, 4.600%, 12/20/2027 | 812852 | 0.3 |
| 726100 | Santander Drive Auto Receivables Trust 2024-4 A3, 4.850%, 01/16/2029 | 728062 | 0.3 |
| 550000 <sup>(2)</sup> | Tesla Auto Lease Trust 2024-B A3, 4.820%, 10/20/2027 | 552355 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 800000 | Toyota Auto Receivables Owner Trust 2023-A A4, 4.420%, 08/15/2028 | $| 804745 | 0.3 |
| 550000 <sup>(2)</sup> | Toyota Lease Owner Trust 2025-A A3, 4.750%, 02/22/2028 |  | 555466 | 0.2 |
| 1500000 <sup>(2)</sup> | Toyota Lease Owner Trust 2025-B A3, 3.960%, 11/20/2028 |  | 1504649 | 0.5 |
| 798957 <sup>(2)</sup> | Westlake Automobile Receivables Trust 2023-3A B, 5.920%, 09/15/2028 |  | 800823 | 0.3 |
|  |  |  | **17575324** | **6.2** |
|  | **Credit Card Asset-Backed Securities: 0.6%** | **Credit Card Asset-Backed Securities: 0.6%** | **Credit Card Asset-Backed Securities: 0.6%** | **Credit Card Asset-Backed Securities: 0.6%** |
| 1750000 | Capital One Multi-Asset Execution Trust 2025-A1 A, 3.820%, 09/15/2030 |  | 1752441 | 0.6 |
|  | **Other Asset-Backed Securities: 10.1%** | **Other Asset-Backed Securities: 10.1%** | **Other Asset-Backed Securities: 10.1%** | **Other Asset-Backed Securities: 10.1%** |
| 1200000 <sup>(2)(3)</sup> | 720 East CLO Ltd. 2023-IA A1R, 5.275%, (TSFR3M + 1.370%), 04/15/2038 |  | 1204134 | 0.4 |
| 900000 <sup>(2)(3)</sup> | AB BSL CLO 6 Ltd. 2025-6A A, 5.314%, (TSFR3M + 1.430%), 07/20/2037 |  | 902799 | 0.3 |
| 750000 <sup>(2)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 6.765%, (TSFR1M + 3.014%), 11/15/2036 |  | 750824 | 0.3 |
| 650000 <sup>(2)(3)</sup> | Ares LXV CLO Ltd. 2022-65A A1R, 4.978%, (TSFR3M + 1.120%), 07/25/2034 |  | 650262 | 0.2 |
| 110883 <sup>(2)(3)</sup> | Bain Capital Credit CLO 2018-2A A1R, 4.964%, (TSFR3M + 1.080%), 07/19/2031 |  | 110937 | 0 |
| 580000 <sup>(2)(3)</sup> | Bain Capital Credit CLO Ltd. 2020-5A ARR, 5.034%, (TSFR3M + 1.150%), 04/20/2034 |  | 580694 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | Benefit Street Partners CLO XXI Ltd. 2020-21A A1R2, 5.163%, (TSFR3M + 1.240%), 01/15/2039 |  | 997726 | 0.4 |
| 350000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2017-3A A1R2, 5.270%, (TSFR3M + 1.400%), 10/21/2037 |  | 351024 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 1550000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2021-4A A2, 5.546%, (TSFR3M + 1.662%), 04/20/2034 | $1550998 |  | 0.6 |
| 800000 <sup>(2)(3)</sup> | CBAM Ltd. 2017-1A AR2, 5.274%, (TSFR3M + 1.390%), 01/20/2038 | 803030 |  | 0.3 |
| 1000000 <sup>(2)(3)</sup> | CIFC Funding Ltd. 2021-7A AR, 4.950%, (TSFR3M + 1.090%), 01/23/2035 | 1000309 |  | 0.4 |
| 600000 <sup>(2)(3)</sup> | CIFC Funding Ltd. 2022-4A AR, 4.984%, (TSFR3M + 1.090%), 07/16/2035 | 600216 |  | 0.2 |
| 750000 <sup>(2)(3)</sup> | Empower CLO Ltd. 2022-1A A1R, 5.274%, (TSFR3M + 1.390%), 10/20/2037 | 752033 |  | 0.3 |
| 850000 <sup>(2)(3)</sup> | Empower CLO Ltd. 2025-1A A, 5.194%, (TSFR3M + 1.310%), 07/20/2038 | 849958 |  | 0.3 |
| 106283 <sup>(2)(3)</sup> | HGI CRE CLO Ltd. 2022-FL3 A, 5.674%, (SOFR30A + 1.700%), 04/20/2037 | 106308 |  | 0 |
| 1150000 <sup>(2)(3)</sup> | HPS Loan Management Ltd. 2025-25A A, 5.619%, (TSFR3M + 1.430%), 07/26/2038 | 1154291 |  | 0.4 |
| 1540000 <sup>(2)(3)</sup> | Invesco CLO Ltd. 2021-3A A1R, 4.937%, (TSFR3M + 1.080%), 10/22/2034 | 1540374 |  | 0.5 |
| 260032 <sup>(2)</sup> | JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077 | 236132 |  | 0.1 |
| 400000 | John Deere Owner Trust 2025 2025-A A4, 4.420%, 02/17/2032 | 404941 |  | 0.1 |
| 1300000 <sup>(2)(3)</sup> | KKR Clo 33 Ltd. 33A AR, 4.993%, (TSFR3M + 1.080%), 07/20/2034 | 1300822 |  | 0.5 |
| 300000 <sup>(2)</sup> | Kubota Credit Owner Trust 2025-2A A4, 4.570%, 11/15/2030 | 305396 |  | 0.1 |
| 500000 <sup>(2)(3)</sup> | Madison Park Funding XXX Ltd. 2018-30A A1R, 5.254%, (TSFR3M + 1.360%), 07/16/2037 | 500995 |  | 0.2 |
| 550000 <sup>(2)(3)</sup> | Magnetite XXXI Ltd. 2021-31A A1R, 4.672%, (TSFR3M + 1.000%), 07/15/2034 | 550137 |  | 0.2 |
| 500000 <sup>(2)(3)</sup> | Market Street CLO Ltd. I 2025-1A A1, 5.484%, (TSFR3M + 1.600%), 07/20/2038 | 501066 |  | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 1080000 <sup>(2)(3)</sup> | Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A AR2, 5.244%, (TSFR3M + 1.360%), 10/18/2038 | $1082457 |  | 0.4 |
| 1150000 <sup>(2)(3)</sup> | Neuberger Berman Loan Advisers CLO 47 Ltd. 2022-47A AR, 5.205%, (TSFR3M + 1.090%), 04/16/2035 | 1150026 |  | 0.4 |
| 1000000 <sup>(2)(3)</sup> | Octagon Investment Partners 48 Ltd. 2020-3A A1R2, 5.265%, (TSFR3M + 1.360%), 01/15/2038 | 1002311 |  | 0.4 |
| 234455 <sup>(2)(3)</sup> | OZLM XV Ltd. 2016-15A A1R3, 4.934%, (TSFR3M + 1.050%), 04/20/2033 | 234571 |  | 0.1 |
| 650000 <sup>(2)(3)</sup> | Park Avenue Institutional Advisers CLO Ltd. 2021-1A A1AR, 4.994%, (TSFR3M + 1.110%), 01/20/2034 | 650010 |  | 0.2 |
| 600000 <sup>(2)</sup> | PFS Financing Corp. 2023-C A, 5.520%, 10/15/2028 | 607031 |  | 0.2 |
| 1300000 <sup>(2)(3)</sup> | Rad CLO 6 Ltd. 2019-6A A1R, 5.274%, (TSFR3M + 1.390%), 10/20/2037 | 1305555 |  | 0.5 |
| 800000 <sup>(2)</sup> | SoFi Consumer Loan Program Trust 2025-1 B, 5.120%, 02/27/2034 | 809407 |  | 0.3 |
| 55426 <sup>(2)(3)</sup> | Sound Point CLO XVIII Ltd. 2017-4A A1, 5.266%, (TSFR3M + 1.382%), 01/21/2031 | 55454 |  | 0 |
| 800000 <sup>(2)(3)</sup> | Sound Point CLO XXIII 2019-2A AR, 5.336%, (TSFR3M + 1.432%), 07/15/2034 | 801269 |  | 0.3 |
| 850000 <sup>(2)(3)</sup> | Sound Point CLO XXIX Ltd. 2021-1A AR, 4.955%, (TSFR3M + 1.050%), 04/25/2034 | 850249 |  | 0.3 |
| 80311 <sup>(2)(3)</sup> | TCI-Symphony CLO Ltd. 2017-1A AR, 5.096%, (TSFR3M + 1.192%), 07/15/2030 | 80322 |  | 0 |
| 399022 <sup>(2)(3)</sup> | Venture 37 CLO Ltd. 2019-37A A1RR, 5.155%, (TSFR3M + 1.250%), 07/15/2032 | 399122 |  | 0.1 |
| 300000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A3, 4.290%, 10/16/2028 | 301398 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 300000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A4, 4.290%, 07/15/2031 | $| 302437 | 0.1 |
| 400000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2025-1A A3, 4.460%, 05/15/2029 |  | 403556 | 0.1 |
| 500000 <sup>(2)(3)</sup> | Wellman Park CLO Ltd. 2021-1A AR, 5.255%, (TSFR3M + 1.350%), 07/15/2037 |  | 501246 | 0.2 |
| 400000 <sup>(2)(3)</sup> | Wind River CLO Ltd. 2024-1A A, 5.484%, (TSFR3M + 1.600%), 04/20/2037 |  | 400942 | 0.1 |
|  |  |  | **28642769** | **10.1** |
|  | **Student Loan Asset-Backed Securities: 1.1%** | **Student Loan Asset-Backed Securities: 1.1%** | **Student Loan Asset-Backed Securities: 1.1%** | **Student Loan Asset-Backed Securities: 1.1%** |
| 153281 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |  | 148431 | 0.0 |
| 174870 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069 |  | 165134 | 0.1 |
| 91647 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 |  | 84276 | 0.0 |
| 166093 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-FA A, 1.110%, 02/18/2070 |  | 148250 | 0.0 |
| 738163 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2022-BA A, 4.160%, 10/15/2070 |  | 727407 | 0.3 |
| 1024807 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2023-A A, 5.510%, 10/15/2071 |  | 1054733 | 0.4 |
| 651727 <sup>(2)</sup> | SMB Private Education Loan Trust 2025-A A1A, 5.130%, 04/15/2054 |  | 662106 | 0.2 |
| 223019 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 |  | 195606 | 0.1 |
|  |  |  | **3185943** | **1.1** |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $51,020,678) |  | **51156477** | **18.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.8%** |  |
| 1000000 <sup>(2)(3)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 A, 5.088%, (TSFR1M + 1.354%), 01/20/2043 | $999341 | 0.3 |
| 1000000 <sup>(2)(3)</sup> | AREIT Ltd. 2025-CRE10 A, 5.347%, (TSFR1M + 1.388%), 12/17/2029 | 999743 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | ARES1 2024-IND2 A, 5.193%, (TSFR1M + 1.443%), 10/15/2034 | 1001845 | 0.4 |
| 1000000 <sup>(3)</sup> | BANK5 2024-5YR10 B, 6.140%, 10/15/2057 | 1030136 | 0.4 |
| 834297 <sup>(2)(3)</sup> | BFLD Mortgage Trust 2024-WRHS A, 5.242%, (TSFR1M + 1.492%), 07/15/2039 | 835581 | 0.3 |
| 1500000 <sup>(2)(3)</sup> | BHMS Commercial Mortgage Trust 2025-ATLS A, 5.600%, (TSFR1M + 1.850%), 08/15/2042 | 1508493 | 0.5 |
| 1713312 <sup>(2)(3)</sup> | BLP Commercial Mortgage Trust 2024-IND2 B, 5.442%, (TSFR1M + 1.692%), 03/15/2041 | 1716470 | 0.6 |
| 1250000 <sup>(3)</sup> | BMO Mortgage Trust 2024-5C6 B, 6.086%, 09/15/2057 | 1288224 | 0.5 |
| 1000000 <sup>(2)(3)</sup> | BSPRT Issuer LLC 2025-FL12 A, 5.122%, (TSFR1M + 1.386%), 01/17/2043 | 1001531 | 0.4 |
| 865385 <sup>(2)(3)</sup> | BX 2024-PALM A, 5.291%, (TSFR1M + 1.541%), 06/15/2037 | 866967 | 0.3 |
| 936194 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2021-ACNT B, 5.114%, (TSFR1M + 1.364%), 11/15/2038 | 935364 | 0.3 |
| 1198975 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2024-AIR2 B, 5.543%, (TSFR1M + 1.792%), 10/15/2041 | 1202998 | 0.4 |
| 887680 <sup>(2)(3)</sup> | BX Trust 2025-LUNR B, 5.600%, (TSFR1M + 1.850%), 06/15/2040 | 890368 | 0.3 |
| 500000 <sup>(2)(3)</sup> | BX Trust 2025-VOLT B, 5.850%, (TSFR1M + 2.100%), 12/15/2044 | 502637 | 0.2 |
| 1787121 <sup>(2)(3)</sup> | BXSC Commercial Mortgage Trust 2022-WSS B, 5.843%, (TSFR1M + 2.092%), 03/15/2035 | 1791371 | 0.6 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 337567 <sup>(2)(3)</sup> | BXSC Commercial Mortgage Trust 2022-WSS C, 6.142%, (TSFR1M + 2.391%), 03/15/2035 | $338598 | 0.1 |
| 1500000 <sup>(2)(3)</sup> | CSTL Commercial Mortgage Trust 2024-GATE B, 5.052%, 11/10/2041 | 1505439 | 0.5 |
| 1500000 <sup>(2)</sup> | ELM Trust 2024-ELM B15, 5.995%, 06/10/2039 | 1508810 | 0.5 |
| 1000000 <sup>(2)(3)</sup> | Extended Stay America Trust 2025-ESH B, 5.350%, (TSFR1M + 1.600%), 10/15/2042 | 1003221 | 0.4 |
| 32376 | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 | 31905 | 0.0 |
| 500000 <sup>(2)</sup> | ICNQ Mortgage Trust 2024-MF A, 5.778%, 12/10/2034 | 516515 | 0.2 |
| 1500000 <sup>(2)(3)</sup> | ILPT Commercial Mortgage Trust 2025-LPF2 A, 5.292%, 07/13/2042 | 1530764 | 0.5 |
| 1300000 <sup>(2)(3)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH B, 5.205%, (TSFR1M + 1.454%), 06/15/2038 | 1212616 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | KRE Commercial Mortgage Trust 2025-AIP4 A, 5.050%, (TSFR1M + 1.300%), 03/15/2042 | 1000014 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.754%, 10/15/2042 | 1004866 | 0.4 |
| 46694 <sup>(2)(3)</sup> | MHP 2022-MHIL B, 4.864%, (TSFR1M + 1.114%), 01/15/2039 | 46639 | 0.0 |
| 1250000 <sup>(2)(3)</sup> | MHP Commercial Mortgage Trust 2025-MHIL2 B, 5.550%, (TSFR1M + 1.800%), 09/15/2040 | 1252333 | 0.4 |
| 1810000 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 AS, 3.561%, 04/15/2048 | 1757188 | 0.6 |
| 500000 <sup>(2)(3)</sup> | MTN Commercial Mortgage Trust 2022-LPFL A, 5.157%, (TSFR1M + 1.397%), 03/15/2039 | 499899 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | NXPT Commercial Mortgage Trust 2024-STOR A, 4.312%, 11/05/2041 | 993181 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 1200000 <sup>(2)(3)</sup> | ONNI Commercial Mortgage Trust 2024-APT A, 5.567%, 07/15/2039 | $| 1224292 | 0.4 |
| 1000000 <sup>(2)(3)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 |  | 999493 | 0.3 |
| 500000 <sup>(2)(3)</sup> | SCG Commercial Mortgage Trust 2025-FLWR A, 5.000%, (TSFR1M + 1.250%), 08/15/2042 |  | 500946 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | STWD LLC 2025-FL4 A, 5.181%, (TSFR1M + 1.450%), 11/19/2042 |  | 1002166 | 0.4 |
| 618564 <sup>(2)</sup> | THPT Mortgage Trust 2023-THL A, 6.994%, 12/10/2034 |  | 626578 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-B33RP A, 5.100%, (TSFR1M + 1.350%), 08/15/2042 |  | 1000963 | 0.4 |
| 218686 <sup>(2)(3)</sup> | WMRK Commercial Mortgage Trust 2022-WMRK A, 6.539%, (TSFR1M + 2.789%), 11/15/2027 |  | 220441 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $36,106,784) |  | **36347936** | **12.8** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 11.6%** |  |
| 562032 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-43 FJ, 4.399%, (SOFR30A + 0.524%), 06/25/2036 |  | 558544 | 0.2 |
| 206922 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-14 PF, 4.179%, (SOFR30A + 0.304%), 03/25/2037 |  | 203863 | 0.1 |
| 751508 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-75 AF, 4.259%, (SOFR30A + 0.384%), 08/25/2037 |  | 742818 | 0.3 |
| 124895 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-123 FL, 4.419%, (SOFR30A + 0.544%), 11/25/2040 |  | 124083 | 0.0 |
| 279014 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-136 FG, 4.489%, (SOFR30A + 0.614%), 12/25/2030 |  | 279535 | 0.1 |
| 718175 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-51 FM, 4.639%, (SOFR30A + 0.764%), 06/25/2041 |  | 717671 | 0.3 |
| 19052 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-68 F, 4.259%, (SOFR30A + 0.384%), 07/25/2031 |  | 19041 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 47989 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-96 FN, 4.489%, (SOFR30A + 0.614%), 10/25/2041 | $47767 | 0 |
| 203194 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-34 PF, 4.339%, (SOFR30A + 0.464%), 08/25/2042 | 201792 | 0.1 |
| 3634603 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FH, 5.124%, (SOFR30A + 1.250%), 01/25/2055 | 3652498 | 1.3 |
| 401473 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FM, 5.374%, (SOFR30A + 1.500%), 01/25/2055 | 405483 | 0.1 |
| 3331789 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-15 FD, 5.224%, (SOFR30A + 1.350%), 04/25/2054 | 3354599 | 1.2 |
| 431196 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-86 FA, 5.324%, (SOFR30A + 1.450%), 12/25/2054 | 435159 | 0.2 |
| 2771797 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-88 DF, 5.124%, (SOFR30A + 1.250%), 12/25/2054 | 2785362 | 1 |
| 12167 <sup>(2)(3)</sup> | Flagstar Mortgage Trust 2017-2 A3, 3.500%, 10/25/2047 | 11087 | 0 |
| 204757 <sup>(2)(3)</sup> | Flagstar Mortgage Trust 2020-2 A2, 3.000%, 08/25/2050 | 179387 | 0.1 |
| 1275993 <sup>(3)</sup> | Freddie Mac REMIC Trust 3119 PF, 4.398%, (SOFR30A + 0.414%), 02/15/2036 | 1263604 | 0.4 |
| 820260 <sup>(3)</sup> | Freddie Mac REMIC Trust 3153 UF, 4.528%, (SOFR30A + 0.544%), 05/15/2036 | 815414 | 0.3 |
| 299106 <sup>(3)</sup> | Freddie Mac REMIC Trust 3626 FA, 4.748%, (SOFR30A + 0.764%), 05/15/2036 | 299424 | 0.1 |
| 178586 <sup>(3)</sup> | Freddie Mac REMIC Trust 4508 CF, 4.498%, (SOFR30A + 0.514%), 09/15/2045 | 177110 | 0.1 |
| 195566 <sup>(3)</sup> | Freddie Mac REMIC Trust 4879 DF, 4.498%, (SOFR30A + 0.514%), 08/15/2034 | 194331 | 0.1 |
| 4526546 <sup>(3)</sup> | Freddie Mac REMIC Trust 5410 DF, 5.324%, (SOFR30A + 1.450%), 05/25/2054 | 4568265 | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 791914 <sup>(3)</sup> | Freddie Mac REMIC Trust 5481 FA, 5.274%, (SOFR30A + 1.400%), 12/25/2054 | $798268 | 0.3 |
| 385793 <sup>(3)</sup> | Freddie Mac REMIC Trust 5483 FD, 5.174%, (SOFR30A + 1.300%), 12/25/2054 | 388206 | 0.1 |
| 2013163 <sup>(3)</sup> | Freddie Mac REMIC Trust 5507 FG, 5.274%, (SOFR30A + 1.400%), 02/25/2055 | 2031466 | 0.7 |
| 308058 <sup>(3)</sup> | Ginnie Mae 2012-H11 FA, 4.814%, (TSFR1M + 0.814%), 02/20/2062 | 309146 | 0.1 |
| 53867 <sup>(3)</sup> | Ginnie Mae 2014-H05 FB, 4.714%, (TSFR1M + 0.714%), 12/20/2063 | 53970 | 0 |
| 547423 <sup>(3)</sup> | Ginnie Mae 2015-H30 FE, 4.714%, (TSFR1M + 0.714%), 11/20/2065 | 548355 | 0.2 |
| 443506 <sup>(3)</sup> | Ginnie Mae 2016-H06 FD, 5.034%, (TSFR1M + 1.034%), 07/20/2065 | 446167 | 0.2 |
| 363295 <sup>(3)</sup> | Ginnie Mae 2016-H16 FE, 5.161%, (TSFR12M + 1.095%), 06/20/2066 | 366318 | 0.1 |
| 119952 <sup>(3)</sup> | Ginnie Mae 2017-H09 FG, 4.584%, (TSFR1M + 0.584%), 03/20/2067 | 119972 | 0 |
| 803408 <sup>(3)</sup> | Ginnie Mae 2020-H09 NF, 5.364%, (TSFR1M + 1.364%), 04/20/2070 | 815292 | 0.3 |
| 2245564 <sup>(3)</sup> | Ginnie Mae 2020-H13 FC, 4.564%, (TSFR1M + 0.564%), 07/20/2070 | 2240026 | 0.8 |
| 618172 | Ginnie Mae 2023-86 DA, 5.500%, 08/20/2050 | 623102 | 0.2 |
| 387793 <sup>(3)</sup> | Ginnie Mae 2024-64 UF, 5.168%, (SOFR30A + 1.250%), 04/20/2054 | 389690 | 0.1 |
| 5525 <sup>(2)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 5212 | 0 |
| 135029 <sup>(2)(3)</sup> | JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050 | 122539 | 0 |
| 259189 <sup>(2)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | 215336 | 0.1 |
| 1368757 <sup>(2)(3)</sup> | OBX Trust 2023-J1 A3, 4.500%, 01/25/2053 | 1326158 | 0.5 |
| 478070 <sup>(2)(3)</sup> | Rate Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | 398185 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 538859 | Seasoned Credit Risk Transfer Trust Series 2018-2 MA, 3.500%, 11/25/2057 | $| 529901 | 0.2 |
| 117471 <sup>(2)(3)</sup> | Sequoia Mortgage Trust 2014-4 B3, 3.895%, 11/25/2044 |  | 114707 | 0.0 |
| 30337 <sup>(2)(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 |  | 28420 | 0.0 |
| 59654 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 5.444%, 06/25/2034 |  | 58247 | 0.0 |
| 147897 <sup>(2)(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 A17, 3.000%, 12/25/2049 |  | 129305 | 0.0 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $33,077,407) |  | **33094825** | **11.6** |
| **U.S. TREASURY OBLIGATIONS: 5.9%** | **U.S. TREASURY OBLIGATIONS: 5.9%** |  |  |  |
|  | **United States Treasury Notes: 5.9%** | **United States Treasury Notes: 5.9%** | **United States Treasury Notes: 5.9%** |  |
| 189400 | 1.250%, 11/30/2026 |  | 185538 | 0.1 |
| 128900 | 1.500%, 11/30/2028 |  | 121680 | 0.0 |
| 1295800 | 3.375%, 09/15/2027 |  | 1293573 | 0.5 |
| 3639900 | 3.375%, 12/31/2027 |  | 3632862 | 1.3 |
| 80000 | 3.500%, 10/31/2027 |  | 80023 | 0.0 |
| 1316000 | 3.500%, 12/15/2028 |  | 1314509 | 0.5 |
| 554800 | 3.625%, 12/31/2030 |  | 552178 | 0.2 |
| 1913900 | 3.875%, 12/31/2032 |  | 1905676 | 0.7 |
| 6607200 <sup>(1)</sup> | 4.000%, 01/15/2027 |  | 6639553 | 2.3 |
| 107900 | 4.000%, 02/28/2030 |  | 105605 | 0.0 |
| 14500 | 4.000%, 11/15/2035 |  | 14293 | 0.0 |
| 69000 | 4.375%, 12/15/2026 |  | 69548 | 0.0 |
| 802000 | 4.625%, 03/15/2026 |  | 803543 | 0.3 |
|  |  |  | **16718581** | **5.9** |
|  | Total U.S. Treasury Obligations |  |  |  |
|  | (Cost $16,724,790) |  | **16718581** | **5.9** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** |  |
|  | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** |
| 3064 | 6.500%, 10/01/2032 |  | 3180 | 0.0 |
| 3021 | 7.000%, 10/01/2032 |  | 3173 | 0.0 |
|  |  |  | **6353** | **0.0** |
|  | Total U.S. Government Agency Obligations |  |  |  |
|  | (Cost $6,180) |  | **6353** | **0.0** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $256,653,988) |  | **258524920** | **90.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 11.1%** | **SHORT-TERM INVESTMENTS: 11.1%** | **SHORT-TERM INVESTMENTS: 11.1%** | **SHORT-TERM INVESTMENTS: 11.1%** |
|  | **Commercial Paper: 8.2%** |  |  |
| 2800000 | American Honda Finance Corp., 3.870%, 01/12/2026 | $2796442 | 1 |
| 1000000 | ASB BK Ltd. COM, 4.270%, 01/07/2026 | 1000042 | 0.4 |
| 2000000 | Barton Capital Corp., 3.800%, 01/13/2026 | 1997297 | 0.7 |
| 850000 | Barton Capital S.A., 3.820%, 02/02/2026 | 847077 | 0.3 |
| 2300000 | Broadcom, Inc., 3.930%, 01/20/2026 | 2295061 | 0.8 |
| 3000000 | Concord Minutemen Capital Co. LLC, 3.800%, 01/09/2026 | 2997194 | 1.1 |
| 2000000 | Consolidated Edison Co. of New York, Inc., 3.930%, 02/02/2026 | 1992925 | 0.7 |
| 2000000 | Duke Energy Corp., 3.860%, 02/11/2026 | 1991166 | 0.7 |
| 1000000 | Enbridge, Inc., 3.920%, 01/21/2026 | 997750 | 0.3 |
| 2800000 | Equifax, Inc., 3.890%, 01/12/2026 | 2796423 | 1 |
| 1500000 | Parker-Hannifin Corp., 3.860%, 01/05/2026 | 1499207 | 0.5 |
| 250000 | Parker-Hannifin Corp., 3.880%, 01/08/2026 | 249788 | 0.1 |
| 1000000 | Parker-Hannifin Corp., 3.920%, 03/06/2026 | 993076 | 0.3 |
| 1000000 | Toronto-Dominion Bank, 3.850%, 03/16/2026 | 992145 | 0.3 |
|  | Total Commercial Paper |  |  |
|  | (Cost $23,446,660) | **23445593** | **8.2** |
|  | **Repurchase Agreements: 2.5%** | **Repurchase Agreements: 2.5%** |  |
| 1742933 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,743,301, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $1,777,792, due 12/01/30-11/20/75) | 1742933 | 0.6 |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1854184 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,854,584, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,891,792, due 01/31/26-11/15/55) | $1854184 | 0.6 |
| 1742933 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,743,298, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $1,777,792, due 10/15/26-12/20/55) | 1742933 | 0.6 |
| 1361950 <sup>(4)</sup> | HSBC Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $1,362,237, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.225%-6.500%, Market Value plus accrued interest $1,389,189, due 06/01/34-09/01/55) | 1361950 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 466092 <sup>(4)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $466,190, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $475,414, due 04/30/26-11/15/34) | $466092 | 0.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $7,168,092) | **7168092** | **2.5** |
|  | **Time Deposits: 0.2%** |  |  |
| 130000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 | 130000 | 0.0 |
| 130000 <sup>(4)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 | 130000 | 0.0 |
| 150000 <sup>(4)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | 150000 | 0.1 |
| 180000 <sup>(4)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 180000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $590,000) | **590000** | **0.2** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 0.2%** |  |  |
| 515000 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $515,000) | $**515000** | **0.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $31,719,752) | **31718685** | **11.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $288,373,740)** | $**290243605** | **102.0** |
|  | **Liabilities in Excess of Other Assets** | **(5817912)** | **(2.0)** |
|  | **Net Assets** | $**284425693** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> 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.

<sup>(3)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2025.

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| TSFR12M | 12-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $121200748 | $— | $121200748 |
| Asset-Backed Securities |  | 51156477 |  | 51156477 |
| Commercial Mortgage-Backed Securities |  | 36347936 |  | 36347936 |
| Collateralized Mortgage Obligations |  | 33094825 |  | 33094825 |
| U.S. Treasury Obligations |  | 16718581 |  | 16718581 |
| U.S. Government Agency Obligations |  | 6353 |  | 6353 |
| Short-Term Investments | 515000 | 31203685 |  | 31718685 |
| Total Investments, at fair value | $515000 | $289728605 | $— | $290243605 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 81990 |  |  | 81990 |
| Total Assets | $596990 | $289728605 | $— | $290325595 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Written Options | $— | $(17263) | $— | $(17263) |
| Total Liabilities | $— | $(17263) | $— | $(17263) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | 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 December 31, 2025, the following futures contracts were outstanding for Voya Limited Maturity Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 635 | 03/31/26 | $132581054 | $23908 |
|  |  |  | $132581054 | $23908 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (64) | 03/31/26 | (6995500) | 10377 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (27) | 03/20/26 | (3035812) | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (14) | 03/20/26 | (1618313) | 21689 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (18) | 03/20/26 | (2070281) | 15525 |
|  |  |  | $(13719906) | $58082 |

---

At December 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Limited Maturity Bond Portfolio:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate** | **(Pay)/**<br>**Receive**<br>**Fixed**<br>**Rate** | <br>**Payment**<br>**Frequency** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
| Put on 5-Year Credit Default Swap | Goldman Sachs International | CDX North American Investment Grade, Series 45, Version 1 | 60.00% | 1.000% | Quarterly | 01/21/26 | USD | 14244996 | $24516 | $(1764) |
| Put on 5-Year Credit Default Swap | Citibank N.A. | CDX North American Investment Grade, Series 45, Version 1 | 57.50 | 1.000 | Quarterly | 03/18/26 | USD | 14350000 | 25112 | (15499) |
|  |  |  |  |  |  |  |  |  | $49628 | $(17263) |

---

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $81990 |
| **Total Asset Derivatives** |  | $81990 |
| **<u>Liability Derivatives</u>** |  |  |
| Credit contracts | Written options, at fair value | $17263 |
| **Total Liability Derivatives** |  | $17263 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** |<br>**Futures** | **Written**<br>**options** |<br>**Total** |
| Interest rate contracts | $(106735) | $22635 | $(84100) |
| **Total** | $(106735) | $22635 | $(84100) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** |<br>**Futures** | **Written**<br>**options** |<br>**Total** |
| Credit contracts | $— | $32365 | $32365 |
| Interest rate contracts | (152651) |  | (152651) |
| **Total** | $(152651) | $32365 | $(120286) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Citibank N.A.** | **Goldman**<br>**Sachs**<br>**International** |<br>**Total** |
| **Liabilities:** |  |  |  |
| Written options | $15499 | $1764 | $17263 |
| **Total Liabilities** | $15499 | $1764 | $17263 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(15499) | $(1764) | $(17263) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $(15499) | $(1764) | $(17263) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements

Voya Limited Maturity Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, 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 U.S. federal income tax purposes was $288,428,399. | Cost for U.S. federal income tax purposes was $288,428,399. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2330854 |
| Gross Unrealized Depreciation | (450921) |
| Net Unrealized Appreciation | $1879933 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** |
|  | **Communication Services: 10.4%** | **Communication Services: 10.4%** | **Communication Services: 10.4%** |
| 260690 | Alphabet, Inc. - Class A | $81595970 | 3.1 |
| 208356 | Alphabet, Inc. - Class C | 65382113 | 2.5 |
| 317661 | AT&T, Inc. | 7890699 | 0.3 |
| 3943 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 823101 | 0.0 |
| 162851 | Comcast Corp. - Class A | 4867616 | 0.2 |
| 10058 | Electronic Arts, Inc. | 2055151 | 0.1 |
| 9336 | Fox Corp. - Class A | 682182 | 0.0 |
| 6650 | Fox Corp. - Class B | 431784 | 0.0 |
| 7075 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1008188 | 0.0 |
| 10578 | Match Group, Inc. | 341564 | 0.0 |
| 97586 | Meta Platforms, Inc. - Class A | 64415543 | 2.4 |
| 189864 <sup>(1)</sup> | Netflix, Inc. | 17801649 | 0.7 |
| 16780 | News Corp. - Class A | 438294 | 0.0 |
| 5531 | News Corp. - Class B | 163884 | 0.0 |
| 14293 | Omnicom Group, Inc. | 1154160 | 0.1 |
| 13978 <sup>(2)</sup> | Paramount Skydance Corp. - Class B | 187305 | 0.0 |
| 7783 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 1992681 | 0.1 |
| 2970 | TKO Group Holdings, Inc. | 620730 | 0.0 |
| 21551 | T-Mobile US, Inc. | 4375715 | 0.2 |
| 19730 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 748951 | 0.0 |
| 188928 | Verizon Communications, Inc. | 7695037 | 0.3 |
| 79994 | Walt Disney Co. | 9100917 | 0.3 |
| 111032 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 3199942 | 0.1 |
|  |  | **276973176** | **10.4** |
|  | **Consumer Discretionary: 10.3%** | **Consumer Discretionary: 10.3%** | **Consumer Discretionary: 10.3%** |
| 19056 <sup>(1)</sup> | Airbnb, Inc. - Class A | 2586280 | 0.1 |
| 435892 <sup>(1)</sup> | Amazon.com, Inc. | 100612591 | 3.8 |
| 9682 <sup>(1)</sup> | Aptiv PLC | 736703 | 0.0 |
| 745 <sup>(1)</sup> | AutoZone, Inc. | 2526667 | 0.1 |
| 8755 | Best Buy Co., Inc. | 585972 | 0.0 |
| 1444 | Booking Holdings, Inc. | 7733097 | 0.3 |
| 48653 <sup>(1)</sup> | Carnival Corp. | 1485863 | 0.1 |
| 6337 <sup>(1)</sup> | Carvana Co. | 2674341 | 0.1 |
| 59248 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 2192176 | 0.1 |
| 12271 | D.R. Horton, Inc. | 1767392 | 0.1 |
| 5212 | Darden Restaurants, Inc. | 959112 | 0.0 |
| 6530 <sup>(1)</sup> | Deckers Outdoor Corp. | 676965 | 0.0 |
| 1393 | Domino's Pizza, Inc. | 580630 | 0.0 |
| 16750 <sup>(1)</sup> | DoorDash, Inc. - Class A | 3793540 | 0.2 |
| 20253 | eBay, Inc. | 1764036 | 0.1 |
| 5243 | Expedia Group, Inc. | 1485394 | 0.1 |
| 175361 | Ford Motor Co. | 2300736 | 0.1 |
| 7325 | Garmin Ltd. | 1485876 | 0.1 |
| 41799 | General Motors Co. | 3399095 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 6233 | Genuine Parts Co. | $| 766410 | 0.0 |
| 5974 | Hasbro, Inc. |  | 489868 | 0.0 |
| 10415 | Hilton Worldwide Holdings, Inc. |  | 2991709 | 0.1 |
| 44601 | Home Depot, Inc. |  | 15347204 | 0.6 |
| 13633 | Las Vegas Sands Corp. |  | 887372 | 0.0 |
| 9667 | Lennar Corp. - Class A |  | 993768 | 0.0 |
| 25129 | Lowe's Cos., Inc. |  | 6060110 | 0.2 |
| 4835 <sup>(1)</sup> | Lululemon Athletica, Inc. |  | 1004761 | 0.0 |
| 9980 | Marriott International, Inc. - Class A |  | 3096195 | 0.1 |
| 31910 | McDonald's Corp. |  | 9752653 | 0.4 |
| 9191 <sup>(1)</sup> | MGM Resorts International |  | 335380 | 0.0 |
| 53290 | NIKE, Inc. - Class B |  | 3395106 | 0.1 |
| 20399 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. |  | 455306 | 0.0 |
| 127 <sup>(1)</sup> | NVR, Inc. |  | 926182 | 0.0 |
| 37822 <sup>(1)</sup> | O'Reilly Automotive, Inc. |  | 3449745 | 0.1 |
| 1469 | Pool Corp. |  | 336034 | 0.0 |
| 8734 | PulteGroup, Inc. |  | 1024149 | 0.1 |
| 1737 | Ralph Lauren Corp. |  | 614221 | 0.0 |
| 14573 | Ross Stores, Inc. |  | 2625180 | 0.1 |
| 11364 | Royal Caribbean Cruises Ltd. |  | 3169647 | 0.1 |
| 50942 | Starbucks Corp. |  | 4289826 | 0.2 |
| 9170 | Tapestry, Inc. |  | 1171651 | 0.1 |
| 125907 <sup>(1)</sup> | Tesla, Inc. |  | 56622896 | 2.1 |
| 49868 | TJX Cos., Inc. |  | 7660223 | 0.3 |
| 23677 | Tractor Supply Co. |  | 1184087 | 0.1 |
| 2009 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 1215465 | 0.1 |
| 5457 | Williams-Sonoma, Inc. |  | 974566 | 0.0 |
| 3783 | Wynn Resorts Ltd. |  | 455208 | 0.0 |
| 12441 | Yum! Brands, Inc. |  | 1882074 | 0.1 |
|  |  |  | **272523462** | **10.3** |
|  | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** |
| 75217 | Altria Group, Inc. |  | 4337012 | 0.2 |
| 21533 | Archer-Daniels-Midland Co. |  | 1237932 | 0.1 |
| 7890 | Brown-Forman Corp. - Class B |  | 205613 | 0.0 |
| 6065 | Bunge Global SA |  | 540270 | 0.0 |
| 8804 <sup>(2)</sup> | Campbell Soup Co. |  | 245367 | 0.0 |
| 10760 | Church & Dwight Co., Inc. |  | 902226 | 0.0 |
| 5466 | Clorox Co. |  | 551137 | 0.0 |
| 173470 | Coca-Cola Co. |  | 12127288 | 0.5 |
| 36118 | Colgate-Palmolive Co. |  | 2854044 | 0.1 |
| 21434 | Conagra Brands, Inc. |  | 371023 | 0.0 |
| 6317 | Constellation Brands, Inc. - Class A |  | 871493 | 0.0 |
| 19858 | Costco Wholesale Corp. |  | 17124348 | 0.7 |
| 9862 | Dollar General Corp. |  | 1309378 | 0.1 |
| 8500 <sup>(1)</sup> | Dollar Tree, Inc. |  | 1045585 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 11016 | Estee Lauder Cos., Inc. - Class A | $| 1153596 | 0.0 |
| 23901 | General Mills, Inc. |  | 1111397 | 0.0 |
| 6639 | Hershey Co. |  | 1208165 | 0.1 |
| 13061 | Hormel Foods Corp. |  | 309546 | 0.0 |
| 4780 | JM Smucker Co. |  | 467532 | 0.0 |
| 85842 | Kenvue, Inc. |  | 1480774 | 0.1 |
| 60875 | Keurig Dr Pepper, Inc. |  | 1705109 | 0.1 |
| 14870 | Kimberly-Clark Corp. |  | 1500234 | 0.1 |
| 38186 | Kraft Heinz Co. |  | 926011 | 0.0 |
| 27318 | Kroger Co. |  | 1706829 | 0.1 |
| 6244 | Lamb Weston Holdings, Inc. |  | 261561 | 0.0 |
| 11347 | McCormick & Co., Inc. |  | 772844 | 0.0 |
| 7586 | Molson Coors Beverage Co. - Class B |  | 354114 | 0.0 |
| 57818 | Mondelez International, Inc. - Class A |  | 3112343 | 0.1 |
| 31958 <sup>(1)</sup> | Monster Beverage Corp. |  | 2450220 | 0.1 |
| 61267 | PepsiCo, Inc. |  | 8793040 | 0.3 |
| 69749 | Philip Morris International, Inc. |  | 11187740 | 0.4 |
| 104703 | Procter & Gamble Co. |  | 15004987 | 0.6 |
| 21457 | Sysco Corp. |  | 1581166 | 0.1 |
| 20361 | Target Corp. |  | 1990288 | 0.1 |
| 12683 | Tyson Foods, Inc. - Class A |  | 743477 | 0.0 |
| 196484 | Walmart, Inc. |  | 21890282 | 0.8 |
|  |  |  | **123433971** | **4.7** |
|  | **Energy: 2.8%** | **Energy: 2.8%** | **Energy: 2.8%** | **Energy: 2.8%** |
| 15892 | APA Corp. |  | 388718 | 0.0 |
| 44215 | Baker Hughes Co. |  | 2013551 | 0.1 |
| 10672 | Chesapeake Energy Corp. |  | 1177762 | 0.0 |
| 84808 | Chevron Corp. |  | 12925587 | 0.5 |
| 55370 | ConocoPhillips |  | 5183186 | 0.2 |
| 34115 | Coterra Energy, Inc. |  | 897907 | 0.0 |
| 28108 | Devon Energy Corp. |  | 1029596 | 0.0 |
| 8345 | Diamondback Energy, Inc. |  | 1254504 | 0.0 |
| 24312 | EOG Resources, Inc. |  | 2553003 | 0.1 |
| 27963 | EQT Corp. |  | 1498817 | 0.1 |
| 188961 | Exxon Mobil Corp. |  | 22739567 | 0.9 |
| 37711 | Halliburton Co. |  | 1065713 | 0.0 |
| 87724 | Kinder Morgan, Inc. |  | 2411533 | 0.1 |
| 13469 | Marathon Petroleum Corp. |  | 2190463 | 0.1 |
| 32226 | Occidental Petroleum Corp. |  | 1325133 | 0.1 |
| 28194 | ONEOK, Inc. |  | 2072259 | 0.1 |
| 18054 | Phillips 66 |  | 2329688 | 0.1 |
| 66939 | Schlumberger NV |  | 2569119 | 0.1 |
| 9618 | Targa Resources Corp. |  | 1774521 | 0.1 |
| 2595 | Texas Pacific Land Corp. |  | 745336 | 0.0 |
| 13667 | Valero Energy Corp. |  | 2224851 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 54720 | Williams Cos., Inc. | $| 3289219 | 0.1 |
|  |  |  | **73660033** | **2.8** |
|  | **Financials: 13.2%** | **Financials: 13.2%** | **Financials: 13.2%** | **Financials: 13.2%** |
| 21136 | Aflac, Inc. |  | 2330667 | 0.1 |
| 11725 | Allstate Corp. |  | 2440559 | 0.1 |
| 24075 | American Express Co. |  | 8906546 | 0.3 |
| 24177 | American International Group, Inc. |  | 2068342 | 0.1 |
| 4163 | Ameriprise Financial, Inc. |  | 2041285 | 0.1 |
| 9631 | Aon PLC - Class A |  | 3398587 | 0.1 |
| 20806 | Apollo Global Management, Inc. |  | 3011877 | 0.1 |
| 16180 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 1551986 | 0.1 |
| 9231 | Ares Management Corp. - Class A |  | 1492007 | 0.1 |
| 11507 | Arthur J Gallagher & Co. |  | 2977896 | 0.1 |
| 2244 | Assurant, Inc. |  | 540467 | 0.0 |
| 301031 | Bank of America Corp. |  | 16556705 | 0.6 |
| 31247 | Bank of New York Mellon Corp. |  | 3627464 | 0.1 |
| 82165 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B |  | 41300237 | 1.6 |
| 6465 | Blackrock, Inc. |  | 6919748 | 0.3 |
| 33088 | Blackstone, Inc. |  | 5100184 | 0.2 |
| 24540 <sup>(1)</sup> | Block, Inc. |  | 1597309 | 0.1 |
| 13156 | Brown & Brown, Inc. |  | 1048533 | 0.0 |
| 28486 | Capital One Financial Corp. |  | 6903867 | 0.3 |
| 4689 | Cboe Global Markets, Inc. |  | 1176939 | 0.0 |
| 74843 | Charles Schwab Corp. |  | 7477564 | 0.3 |
| 16400 | Chubb Ltd. |  | 5118768 | 0.2 |
| 6991 | Cincinnati Financial Corp. |  | 1141770 | 0.0 |
| 80174 | Citigroup, Inc. |  | 9355504 | 0.4 |
| 19244 | Citizens Financial Group, Inc. |  | 1124042 | 0.0 |
| 16157 | CME Group, Inc. |  | 4412154 | 0.2 |
| 10223 <sup>(1)</sup> | Coinbase Global, Inc. - Class A |  | 2311829 | 0.1 |
| 3135 <sup>(1)</sup> | Corpay, Inc. |  | 943416 | 0.0 |
| 1138 | Erie Indemnity Co. - Class A |  | 326208 | 0.0 |
| 1881 | Everest Re Group Ltd. |  | 638317 | 0.0 |
| 1678 | FactSet Research Systems, Inc. |  | 486939 | 0.0 |
| 23204 | Fidelity National Information Services, Inc. |  | 1542138 | 0.1 |
| 29618 | Fifth Third Bancorp |  | 1386419 | 0.1 |
| 24100 <sup>(1)</sup> | Fiserv, Inc. |  | 1618797 | 0.1 |
| 13773 | Franklin Resources, Inc. |  | 329037 | 0.0 |
| 10608 | Global Payments, Inc. |  | 821059 | 0.0 |
| 3567 | Globe Life, Inc. |  | 498881 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 13439 | Goldman Sachs Group, Inc. | $| 11812881 | 0.4 |
| 12486 | Hartford Financial Services Group, Inc. |  | 1720571 | 0.1 |
| 70445 | Huntington Bancshares, Inc. |  | 1222221 | 0 |
| 19956 | Interactive Brokers Group, Inc. - Class A |  | 1283370 | 0 |
| 25548 | Intercontinental Exchange, Inc. |  | 4137754 | 0.2 |
| 19944 | Invesco Ltd. |  | 523929 | 0 |
| 3243 | Jack Henry & Associates, Inc. |  | 591783 | 0 |
| 121978 | JPMorgan Chase & Co. |  | 39303751 | 1.5 |
| 41625 | KeyCorp |  | 859140 | 0 |
| 30753 | KKR & Co., Inc. |  | 3920392 | 0.1 |
| 7593 | Loews Corp. |  | 799619 | 0 |
| 6887 | M&T Bank Corp. |  | 1387593 | 0.1 |
| 21952 | Marsh & McLennan Cos., Inc. |  | 4072535 | 0.2 |
| 36740 | Mastercard, Inc. - Class A |  | 20974131 | 0.8 |
| 24800 | MetLife, Inc. |  | 1957712 | 0.1 |
| 6875 | Moody's Corp. |  | 3512094 | 0.1 |
| 54122 | Morgan Stanley |  | 9608279 | 0.4 |
| 3367 | MSCI, Inc. |  | 1931749 | 0.1 |
| 20212 | Nasdaq, Inc. |  | 1963192 | 0.1 |
| 8474 | Northern Trust Corp. |  | 1157464 | 0 |
| 41924 | PayPal Holdings, Inc. |  | 2447523 | 0.1 |
| 17572 | PNC Financial Services Group, Inc. |  | 3667804 | 0.1 |
| 8958 | Principal Financial Group, Inc. |  | 790185 | 0 |
| 26275 | Progressive Corp. |  | 5983343 | 0.2 |
| 15683 | Prudential Financial, Inc. |  | 1770297 | 0.1 |
| 7900 | Raymond James Financial, Inc. |  | 1268661 | 0 |
| 39291 | Regions Financial Corp. |  | 1064786 | 0 |
| 35235 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A |  | 3985078 | 0.2 |
| 13890 | S&P Global, Inc. |  | 7258775 | 0.3 |
| 12515 | State Street Corp. |  | 1614560 | 0.1 |
| 16138 | Synchrony Financial |  | 1346393 | 0.1 |
| 9779 | T. Rowe Price Group, Inc. |  | 1001174 | 0 |
| 9995 | Travelers Cos., Inc. |  | 2899150 | 0.1 |
| 57320 | Truist Financial Corp. |  | 2820717 | 0.1 |
| 69650 | US Bancorp |  | 3716524 | 0.1 |
| 75619 | Visa, Inc. - Class A |  | 26520339 | 1 |
| 13452 | W.R. Berkley Corp. |  | 943254 | 0 |
| 140655 | Wells Fargo & Co. |  | 13109046 | 0.5 |
| 4290 | Willis Towers Watson PLC |  | 1409694 | 0.1 |
|  |  |  | **350881510** | **13.2** |
|  | **Health Care: 9.5%** | **Health Care: 9.5%** | **Health Care: 9.5%** | **Health Care: 9.5%** |
| 77915 | Abbott Laboratories |  | 9761970 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 79192 | AbbVie, Inc. | $18094580 | 0.7 |
| 12703 | Agilent Technologies, Inc. | 1728497 | 0.1 |
| 2990 <sup>(1)</sup> | Align Technology, Inc. | 466888 | 0.0 |
| 8687 | AmerisourceBergen Corp. | 2934034 | 0.1 |
| 24128 | Amgen, Inc. | 7897336 | 0.3 |
| 23034 | Baxter International, Inc. | 440180 | 0.0 |
| 12843 | Becton Dickinson and Co. | 2492441 | 0.1 |
| 6573 <sup>(1)</sup> | Biogen, Inc. | 1156782 | 0.1 |
| 6982 | Bio-Techne Corp. | 410611 | 0.0 |
| 66425 <sup>(1)</sup> | Boston Scientific Corp. | 6333624 | 0.2 |
| 91217 | Bristol-Myers Squibb Co. | 4920245 | 0.2 |
| 10646 | Cardinal Health, Inc. | 2187753 | 0.1 |
| 20923 <sup>(1)</sup> | Centene Corp. | 860981 | 0.0 |
| 2205 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 439853 | 0.0 |
| 11969 | Cigna Group | 3294228 | 0.1 |
| 8908 <sup>(1)</sup> | Cooper Cos., Inc. | 730100 | 0.0 |
| 56880 | CVS Health Corp. | 4513997 | 0.2 |
| 28168 | Danaher Corp. | 6448219 | 0.3 |
| 1582 <sup>(1)</sup> | DaVita, Inc. | 179731 | 0.0 |
| 17476 <sup>(1)</sup> | Dexcom, Inc. | 1159882 | 0.1 |
| 26002 <sup>(1)</sup> | Edwards Lifesciences Corp. | 2216671 | 0.1 |
| 9958 | Elevance Health, Inc. | 3490777 | 0.1 |
| 35583 | Eli Lilly & Co. | 38240338 | 1.5 |
| 20411 | GE HealthCare Technologies, Inc. | 1674110 | 0.1 |
| 55592 | Gilead Sciences, Inc. | 6823362 | 0.3 |
| 7157 | HCA Healthcare, Inc. | 3341317 | 0.1 |
| 4484 <sup>(1)</sup> | Henry Schein, Inc. | 338901 | 0.0 |
| 9973 <sup>(1)</sup> | Hologic, Inc. | 742889 | 0.0 |
| 5389 | Humana, Inc. | 1380285 | 0.1 |
| 3578 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 2420624 | 0.1 |
| 7389 <sup>(1)</sup> | Incyte Corp. | 729812 | 0.0 |
| 3152 <sup>(1)</sup> | Insulet Corp. | 895924 | 0.0 |
| 15884 <sup>(1)</sup> | Intuitive Surgical, Inc. | 8996062 | 0.3 |
| 7631 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1720104 | 0.1 |
| 107955 | Johnson & Johnson | 22341287 | 0.9 |
| 3715 | Labcorp Holdings, Inc. | 932019 | 0.0 |
| 5530 | McKesson Corp. | 4536204 | 0.2 |
| 57471 | Medtronic PLC | 5520664 | 0.2 |
| 111213 | Merck & Co., Inc. | 11706280 | 0.4 |
| 915 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 1275684 | 0.1 |
| 15580 <sup>(1)</sup> | Moderna, Inc. | 459454 | 0.0 |
| 2303 <sup>(1)</sup> | Molina Healthcare, Inc. | 399663 | 0.0 |
| 254763 | Pfizer, Inc. | 6343599 | 0.2 |
| 4984 | Quest Diagnostics, Inc. | 864874 | 0.0 |
| 4516 | Regeneron Pharmaceuticals, Inc. | 3485765 | 0.1 |
| 6540 | ResMed, Inc. | 1575290 | 0.1 |
| 5080 | Revvity, Inc. | 491490 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 6606 <sup>(1)</sup> | Solventum Corp. | $| 523459 | 0.0 |
| 4398 | STERIS PLC |  | 1114981 | 0.1 |
| 15422 | Stryker Corp. |  | 5420370 | 0.2 |
| 16835 | Thermo Fisher Scientific, Inc. |  | 9755041 | 0.4 |
| 40588 | UnitedHealth Group, Inc. |  | 13398505 | 0.5 |
| 2475 | Universal Health Services, Inc. - Class B |  | 539599 | 0.0 |
| 11369 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 5154250 | 0.2 |
| 51608 | Viatris, Inc. |  | 642520 | 0.0 |
| 2668 <sup>(1)</sup> | Waters Corp. |  | 1013386 | 0.0 |
| 3224 | West Pharmaceutical Services, Inc. |  | 887051 | 0.0 |
| 8880 | Zimmer Biomet Holdings, Inc. |  | 798490 | 0.0 |
| 19746 | Zoetis, Inc. |  | 2484442 | 0.1 |
|  |  |  | **251127475** | **9.5** |
|  | **Industrials: 8.1%** | **Industrials: 8.1%** | **Industrials: 8.1%** | **Industrials: 8.1%** |
| 23803 | 3M Co. |  | 3810860 | 0.1 |
| 5080 | A.O. Smith Corp. |  | 339750 | 0.0 |
| 3855 | Allegion PLC |  | 613793 | 0.0 |
| 10315 | AMETEK, Inc. |  | 2117773 | 0.1 |
| 18122 | Automatic Data Processing, Inc. |  | 4661522 | 0.2 |
| 3536 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 2008200 | 0.1 |
| 35087 <sup>(1)</sup> | Boeing Co. |  | 7618089 | 0.3 |
| 5230 | Broadridge Financial Solutions, Inc. |  | 1167179 | 0.0 |
| 4955 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 509820 | 0.0 |
| 35473 | Carrier Global Corp. |  | 1874393 | 0.1 |
| 20969 | Caterpillar, Inc. |  | 12012511 | 0.5 |
| 7171 <sup>(1)</sup> | Ceridian HCM Holding, Inc. |  | 495946 | 0.0 |
| 5293 | CH Robinson Worldwide, Inc. |  | 850903 | 0.0 |
| 15306 | Cintas Corp. |  | 2878599 | 0.1 |
| 1577 | Comfort Systems USA, Inc. |  | 1471798 | 0.1 |
| 39897 <sup>(1)</sup> | Copart, Inc. |  | 1561968 | 0.1 |
| 83438 | CSX Corp. |  | 3024628 | 0.1 |
| 6185 | Cummins, Inc. |  | 3157133 | 0.1 |
| 11265 | Deere & Co. |  | 5244646 | 0.2 |
| 29064 | Delta Air Lines, Inc. |  | 2017042 | 0.1 |
| 6145 | Dover Corp. |  | 1199750 | 0.1 |
| 17403 | Eaton Corp. PLC |  | 5543030 | 0.2 |
| 2006 | EMCOR Group, Inc. |  | 1227251 | 0.1 |
| 25173 | Emerson Electric Co. |  | 3340961 | 0.1 |
| 5484 | Equifax, Inc. |  | 1189918 | 0.1 |
| 6005 | Expeditors International of Washington, Inc. |  | 894805 | 0.0 |
| 51441 | Fastenal Co. |  | 2064327 | 0.1 |
| 9727 | FedEx Corp. |  | 2809741 | 0.1 |
| 14231 | Fortive Corp. |  | 785694 | 0.0 |
| 47264 | GE Aerospace |  | 14558730 | 0.6 |
| 12157 | GE Vernova, Inc. |  | 7945451 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 2629 <sup>(1)</sup> | Generac Holdings, Inc. | $358517 | 0.0 |
| 11360 | General Dynamics Corp. | 3824458 | 0.2 |
| 28448 | Honeywell International, Inc. | 5549920 | 0.2 |
| 18015 | Howmet Aerospace, Inc. | 3693435 | 0.1 |
| 2381 | Hubbell, Inc. | 1057426 | 0.0 |
| 1758 | Huntington Ingalls Industries, Inc. | 597843 | 0.0 |
| 3354 | IDEX Corp. | 596811 | 0.0 |
| 11829 | Illinois Tool Works, Inc. | 2913483 | 0.1 |
| 16111 | Ingersoll Rand, Inc. | 1276313 | 0.1 |
| 5356 | Jacobs Solutions, Inc. | 709456 | 0.0 |
| 3371 | JB Hunt Transport Services, Inc. | 655120 | 0.0 |
| 27384 | Johnson Controls International PLC | 3279234 | 0.1 |
| 8381 | L3Harris Technologies, Inc. | 2460410 | 0.1 |
| 5729 | Leidos Holdings, Inc. | 1033512 | 0.0 |
| 1430 | Lennox International, Inc. | 694379 | 0.0 |
| 9124 | Lockheed Martin Corp. | 4413005 | 0.2 |
| 9306 | Masco Corp. | 590559 | 0.0 |
| 2392 | Nordson Corp. | 575109 | 0.0 |
| 10054 | Norfolk Southern Corp. | 2902791 | 0.1 |
| 6011 | Northrop Grumman Corp. | 3427532 | 0.1 |
| 8245 | Old Dominion Freight Line, Inc. | 1292816 | 0.1 |
| 17462 | Otis Worldwide Corp. | 1525306 | 0.1 |
| 23533 | PACCAR, Inc. | 2577099 | 0.1 |
| 5654 | Parker-Hannifin Corp. | 4969640 | 0.2 |
| 14513 | Paychex, Inc. | 1628068 | 0.1 |
| 2190 | Paycom Software, Inc. | 348998 | 0.0 |
| 7332 | Pentair PLC | 763555 | 0.0 |
| 6682 | Quanta Services, Inc. | 2820205 | 0.1 |
| 60077 | Raytheon Technologies Corp. | 11018122 | 0.4 |
| 9016 | Republic Services, Inc. | 1910761 | 0.1 |
| 5031 | Rockwell Automation, Inc. | 1957411 | 0.1 |
| 13151 | Rollins, Inc. | 789323 | 0.0 |
| 2330 | Snap-on, Inc. | 802918 | 0.0 |
| 23172 | Southwest Airlines Co. | 957699 | 0.0 |
| 6940 | Stanley Black & Decker, Inc. | 515503 | 0.0 |
| 7896 | Textron, Inc. | 688294 | 0.0 |
| 9936 | Trane Technologies PLC | 3867091 | 0.2 |
| 2524 | TransDigm Group, Inc. | 3356541 | 0.1 |
| 93103 <sup>(1)</sup> | Uber Technologies, Inc. | 7607446 | 0.3 |
| 26578 | Union Pacific Corp. | 6148023 | 0.2 |
| 14506 <sup>(1)</sup> | United Airlines Holdings, Inc. | 1622061 | 0.1 |
| 33112 | United Parcel Service, Inc. - Class B | 3284379 | 0.1 |
| 2851 | United Rentals, Inc. | 2307371 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 11126 | Veralto Corp. | $| 1110152 | 0.0 |
| 6245 | Verisk Analytics, Inc. |  | 1396944 | 0.1 |
| 16607 | Waste Management, Inc. |  | 3648724 | 0.1 |
| 7660 | Westinghouse Air Brake Technologies Corp. |  | 1635027 | 0.1 |
| 1960 | WW Grainger, Inc. |  | 1977738 | 0.1 |
| 10909 | Xylem, Inc. |  | 1485588 | 0.1 |
|  |  |  | **213618327** | **8.1** |
|  | **Information Technology: 34.0%** | **Information Technology: 34.0%** | **Information Technology: 34.0%** | **Information Technology: 34.0%** |
| 27787 | Accenture PLC - Class A |  | 7455252 | 0.3 |
| 18756 <sup>(1)</sup> | Adobe, Inc. |  | 6564412 | 0.3 |
| 72949 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 15622758 | 0.6 |
| 6446 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 562414 | 0.0 |
| 54847 | Amphenol Corp. - Class A |  | 7412024 | 0.3 |
| 22043 | Analog Devices, Inc. |  | 5978062 | 0.2 |
| 662092 | Apple, Inc. |  | 179996331 | 6.8 |
| 35696 | Applied Materials, Inc. |  | 9173515 | 0.3 |
| 12129 <sup>(1)</sup> | AppLovin Corp. - Class A |  | 8172763 | 0.3 |
| 46269 <sup>(1)</sup> | Arista Networks, Inc. |  | 6062627 | 0.2 |
| 9544 <sup>(1)</sup> | Autodesk, Inc. |  | 2825119 | 0.1 |
| 211598 | Broadcom, Inc. |  | 73234068 | 2.8 |
| 12197 <sup>(1)</sup> | Cadence Design Systems, Inc. |  | 3812538 | 0.1 |
| 5834 | CDW Corp. |  | 794591 | 0.0 |
| 176574 | Cisco Systems, Inc. |  | 13601495 | 0.5 |
| 21626 | Cognizant Technology Solutions Corp. - Class A |  | 1794958 | 0.1 |
| 34959 | Corning, Inc. |  | 3061010 | 0.1 |
| 11245 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 5271206 | 0.2 |
| 14582 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 1983006 | 0.1 |
| 13505 | Dell Technologies, Inc. - Class C |  | 1700009 | 0.1 |
| 2475 <sup>(1)</sup> | EPAM Systems, Inc. |  | 507078 | 0.0 |
| 2585 <sup>(1)</sup> | F5, Inc. |  | 659847 | 0.0 |
| 1062 <sup>(1)</sup> | Fair Isaac Corp. |  | 1795438 | 0.1 |
| 4808 <sup>(1)</sup> | First Solar, Inc. |  | 1255994 | 0.0 |
| 28323 <sup>(1)</sup> | Fortinet, Inc. |  | 2249129 | 0.1 |
| 3230 <sup>(1)</sup> | Gartner, Inc. |  | 814864 | 0.0 |
| 25147 | Gen Digital, Inc. |  | 683747 | 0.0 |
| 6055 <sup>(1)</sup> | GoDaddy, Inc. - Class A |  | 751304 | 0.0 |
| 59121 | Hewlett Packard Enterprise Co. |  | 1420086 | 0.1 |
| 41882 | HP, Inc. |  | 933131 | 0.0 |
| 200908 <sup>(1)</sup> | Intel Corp. |  | 7413505 | 0.3 |
| 41883 | International Business Machines Corp. |  | 12406163 | 0.5 |
| 12493 | Intuit, Inc. |  | 8275613 | 0.3 |
| 4787 | Jabil, Inc. |  | 1091532 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 7700 <sup>(1)</sup> | Keysight Technologies, Inc. | $| 1564563 | 0.1 |
| 5887 | KLA Corp. |  | 7153176 | 0.3 |
| 56280 | Lam Research Corp. |  | 9634010 | 0.4 |
| 24216 | Microchip Technology, Inc. |  | 1543044 | 0.1 |
| 50295 | Micron Technology, Inc. |  | 14354696 | 0.5 |
| 333027 | Microsoft Corp. |  | 161058518 | 6.1 |
| 2147 | Monolithic Power Systems, Inc. |  | 1945955 | 0.1 |
| 7463 | Motorola Solutions, Inc. |  | 2860717 | 0.1 |
| 8944 | NetApp, Inc. |  | 957813 | 0.0 |
| 1088824 | NVIDIA Corp. |  | 203065676 | 7.7 |
| 11277 | NXP Semiconductors NV |  | 2447786 | 0.1 |
| 18030 <sup>(1)</sup> | ON Semiconductor Corp. |  | 976325 | 0.0 |
| 75365 | Oracle Corp. |  | 14689392 | 0.6 |
| 102355 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 18193601 | 0.7 |
| 30648 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 5645362 | 0.2 |
| 5368 <sup>(1)</sup> | PTC, Inc. |  | 935159 | 0.0 |
| 9384 | Qnity Electronics, Inc. |  | 766204 | 0.0 |
| 47989 | Qualcomm, Inc. |  | 8208519 | 0.3 |
| 4823 | Roper Technologies, Inc. |  | 2146862 | 0.1 |
| 42657 | Salesforce, Inc. |  | 11300266 | 0.4 |
| 6238 <sup>(1)</sup> | Sandisk Corp. |  | 1480777 | 0.1 |
| 9762 | Seagate Technology Holdings PLC |  | 2688357 | 0.1 |
| 46484 <sup>(1)</sup> | ServiceNow, Inc. |  | 7120884 | 0.3 |
| 6662 | Skyworks Solutions, Inc. |  | 422437 | 0.0 |
| 22469 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 657668 | 0.0 |
| 8323 <sup>(1)</sup> | Synopsys, Inc. |  | 3909480 | 0.2 |
| 13182 | TE Connectivity PLC |  | 2999037 | 0.1 |
| 2104 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 1074576 | 0.0 |
| 7017 | Teradyne, Inc. |  | 1358211 | 0.1 |
| 40713 | Texas Instruments, Inc. |  | 7063298 | 0.3 |
| 10661 <sup>(1)</sup> | Trimble, Inc. |  | 835289 | 0.0 |
| 1928 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 875216 | 0.0 |
| 3738 | VeriSign, Inc. |  | 908147 | 0.0 |
| 15320 | Western Digital Corp. |  | 2639176 | 0.1 |
| 9723 <sup>(1)</sup> | Workday, Inc. - Class A |  | 2088306 | 0.1 |
| 2270 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 551201 | 0.0 |
|  |  |  | **901455293** | **34.0** |
|  | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** |
| 9972 | Air Products and Chemicals, Inc. |  | 2463284 | 0.1 |
| 5274 | Albemarle Corp. |  | 745955 | 0.0 |
| 103432 | Amcor PLC |  | 862623 | 0.0 |
| 3463 | Avery Dennison Corp. |  | 629851 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 12008 | Ball Corp. | $| 636064 | 0.0 |
| 6989 | CF Industries Holdings, Inc. |  | 540529 | 0.0 |
| 30278 | Corteva, Inc. |  | 2029534 | 0.1 |
| 30033 | CRH PLC US |  | 3748118 | 0.2 |
| 31848 | Dow, Inc. |  | 744606 | 0.0 |
| 18773 | DuPont de Nemours, Inc. |  | 754675 | 0.0 |
| 11422 | Ecolab, Inc. |  | 2998504 | 0.1 |
| 64341 | Freeport-McMoRan, Inc. |  | 3267879 | 0.1 |
| 11475 | International Flavors & Fragrances, Inc. |  | 773300 | 0.0 |
| 23660 | International Paper Co. |  | 931967 | 0.0 |
| 20923 | Linde PLC US |  | 8921358 | 0.4 |
| 11538 | LyondellBasell Industries NV - Class A |  | 499595 | 0.0 |
| 2702 | Martin Marietta Materials, Inc. |  | 1682427 | 0.1 |
| 14222 | Mosaic Co. |  | 342608 | 0.0 |
| 48897 | Newmont Corp. |  | 4882366 | 0.2 |
| 10255 | Nucor Corp. |  | 1672693 | 0.1 |
| 4004 | Packaging Corp. of America |  | 825745 | 0.0 |
| 10055 | PPG Industries, Inc. |  | 1030235 | 0.1 |
| 10330 | Sherwin-Williams Co. |  | 3347230 | 0.1 |
| 23398 | Smurfit WestRock PLC |  | 904801 | 0.0 |
| 6151 | Steel Dynamics, Inc. |  | 1042287 | 0.1 |
| 5920 | Vulcan Materials Co. |  | 1688502 | 0.1 |
|  |  |  | **47966736** | **1.8** |
|  | **Real Estate: 1.8%** | **Real Estate: 1.8%** | **Real Estate: 1.8%** | **Real Estate: 1.8%** |
| 6969 | Alexandria Real Estate Equities, Inc. |  | 341063 | 0.0 |
| 20977 | American Tower Corp. |  | 3682932 | 0.1 |
| 6337 | AvalonBay Communities, Inc. |  | 1148961 | 0.1 |
| 6604 | Boston Properties, Inc. |  | 445638 | 0.0 |
| 4767 | Camden Property Trust |  | 524751 | 0.0 |
| 13135 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 2111977 | 0.1 |
| 18990 <sup>(1)</sup> | CoStar Group, Inc. |  | 1276888 | 0.1 |
| 19513 | Crown Castle, Inc. |  | 1734120 | 0.1 |
| 14468 | Digital Realty Trust, Inc. |  | 2238344 | 0.1 |
| 4399 | Equinix, Inc. |  | 3370338 | 0.1 |
| 15514 | Equity Residential |  | 978003 | 0.0 |
| 2886 | Essex Property Trust, Inc. |  | 755209 | 0.0 |
| 9510 | Extra Space Storage, Inc. |  | 1238392 | 0.1 |
| 3518 | Federal Realty Investment Trust |  | 354614 | 0.0 |
| 31139 | Healthpeak Properties, Inc. |  | 500715 | 0.0 |
| 28657 | Host Hotels & Resorts, Inc. |  | 508089 | 0.0 |
| 25271 | Invitation Homes, Inc. |  | 702281 | 0.0 |
| 13245 | Iron Mountain, Inc. |  | 1098673 | 0.1 |
| 30343 | Kimco Realty Corp. |  | 615053 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 5246 | Mid-America Apartment Communities, Inc. | $| 728722 | 0.0 |
| 41620 | Prologis, Inc. |  | 5313209 | 0.2 |
| 7076 | Public Storage |  | 1836222 | 0.1 |
| 41219 | Realty Income Corp. |  | 2323515 | 0.1 |
| 7376 | Regency Centers Corp. |  | 509165 | 0.0 |
| 4774 | SBA Communications Corp. |  | 923435 | 0.0 |
| 14628 | Simon Property Group, Inc. |  | 2707789 | 0.1 |
| 13476 | UDR, Inc. |  | 494300 | 0.0 |
| 21048 | Ventas, Inc. |  | 1628694 | 0.1 |
| 47891 | VICI Properties, Inc. |  | 1346695 | 0.1 |
| 30753 | Welltower, Inc. |  | 5708064 | 0.2 |
| 32300 | Weyerhaeuser Co. |  | 765187 | 0.0 |
|  |  |  | **47911038** | **1.8** |
|  | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** |
| 31908 | AES Corp. |  | 457561 | 0.0 |
| 11518 | Alliant Energy Corp. |  | 748785 | 0.0 |
| 12120 | Ameren Corp. |  | 1210303 | 0.1 |
| 23984 | American Electric Power Co., Inc. |  | 2765595 | 0.1 |
| 8743 | American Water Works Co., Inc. |  | 1140962 | 0.0 |
| 7193 | Atmos Energy Corp. |  | 1205763 | 0.0 |
| 29253 | CenterPoint Energy, Inc. |  | 1121560 | 0.0 |
| 13636 | CMS Energy Corp. |  | 953565 | 0.0 |
| 16173 | Consolidated Edison, Inc. |  | 1606302 | 0.1 |
| 13993 | Constellation Energy Corp. |  | 4943307 | 0.2 |
| 38262 | Dominion Energy, Inc. |  | 2241771 | 0.1 |
| 9306 | DTE Energy Co. |  | 1200288 | 0.0 |
| 34845 | Duke Energy Corp. |  | 4084182 | 0.2 |
| 17241 | Edison International |  | 1034805 | 0.0 |
| 20011 | Entergy Corp. |  | 1849617 | 0.1 |
| 10315 | Evergy, Inc. |  | 747734 | 0.0 |
| 16802 | Eversource Energy |  | 1131279 | 0.0 |
| 45269 | Exelon Corp. |  | 1973276 | 0.1 |
| 23295 | FirstEnergy Corp. |  | 1042917 | 0.0 |
| 93317 | NextEra Energy, Inc. |  | 7491489 | 0.3 |
| 21382 | NiSource, Inc. |  | 892912 | 0.0 |
| 8587 | NRG Energy, Inc. |  | 1367394 | 0.1 |
| 98483 | PG&E Corp. |  | 1582622 | 0.1 |
| 5363 | Pinnacle West Capital Corp. |  | 475698 | 0.0 |
| 33146 | PPL Corp. |  | 1160773 | 0.0 |
| 22366 | Public Service Enterprise Group, Inc. |  | 1795990 | 0.1 |
| 29245 | Sempra Energy |  | 2582041 | 0.1 |
| 49338 | Southern Co. |  | 4302274 | 0.2 |
| 14271 | Vistra Corp. |  | 2302340 | 0.1 |
| 14572 | WEC Energy Group, Inc. |  | 1536763 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 26505 | Xcel Energy, Inc. | $| 1957659 | 0.1 |
|  |  |  | **58907527** | **2.2** |
|  | Total Common Stock |  |  |  |
|  | (Cost $1,482,374,642) |  | **2618458548** | **98.8** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** |
|  | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** |
| 423000 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $423,091, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $431,580, due 01/31/26-11/15/55) |  | 423000 | 0.0 |
| 28468 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $28,474, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $29,037, due 04/30/26-11/15/34) |  | 28468 | 0.0 |
|  | Total Repurchase Agreements |  |  |  |
|  | (Cost $451,468) |  | **451468** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** |
| 37958000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $37,958,000) | $**37958000** | **1.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $38,409,468) | $**38409468** | **1.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,520,784,110)** | $**2656868016** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(5105985**) | **(0.2**) |
|  | **Net Assets** | $**2651762031** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $2618458548 | $— | $— | $2618458548 |
| Short-Term Investments | 37958000 | 451468 |  | 38409468 |
| Total Investments, at fair value | $2656416548 | $451468 | $— | $2656868016 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(256860) | $— | $— | $(256860) |
| Total Liabilities | $(256860) | $— | $— | $(256860) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>\*</sup> | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| <sup>+</sup> | 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 December 31, 2025, the following futures contracts were outstanding for Voya U.S. Stock Index Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 122 | 03/20/26 | $42044250 | $(256860) |
|  |  |  | $42044250 | $(256860) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| <u>**Liability Derivatives**</u> |  |  |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $256860 |
| **Total Liability Derivatives** |  | $256860 |

---

<sup>\*</sup> The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $5882646 |

---

See Accompanying Notes to Financial Statements

<u>Voya U.S. Stock Index Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| **Total** | $5882646 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(244810) |
| **Total** | $(244810) |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $1,528,114,798.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1195747067 |
| Gross Unrealized Depreciation | (67250709) |
| Net Unrealized Appreciation | $1128496358 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** |
|  | **Diversified REITs: 2.5%** | **Diversified REITs: 2.5%** | **Diversified REITs: 2.5%** |
| 119963 | Essential Properties Realty Trust, Inc. | $**3558103** | **2.5** |
|  | **Health Care REITs: 20.9%** |  |  |
| 64441 | American Healthcare REIT, Inc. | 3032594 | 2.1 |
| 135802 | Healthpeak Properties, Inc. | 2183696 | 1.5 |
| 83155 | Omega Healthcare Investors, Inc. | 3687093 | 2.6 |
| 37485 | Ventas, Inc. | 2900589 | 2 |
| 97571 | Welltower, Inc. | 18110153 | 12.7 |
|  |  | **29914125** | **20.9** |
|  | **Hotel & Resort REITs: 2.1%** | **Hotel & Resort REITs: 2.1%** | **Hotel & Resort REITs: 2.1%** |
| 92039 | Host Hotels & Resorts, Inc. | 1631851 | 1.1 |
| 156355 | Sunstone Hotel Investors, Inc. | 1397814 | 1 |
|  |  | **3029665** | **2.1** |
|  | **Industrial REITs: 17.6%** | **Industrial REITs: 17.6%** | **Industrial REITs: 17.6%** |
| 21522 | EastGroup Properties, Inc. | 3833929 | 2.7 |
| 69152 | First Industrial Realty Trust, Inc. | 3960335 | 2.8 |
| 17199 | L.P. Industrial Trust | 852726 | 0.6 |
| 98172 | Prologis, Inc. | 12532638 | 8.8 |
| 106862 | STAG Industrial, Inc. | 3928247 | 2.7 |
|  |  | **25107875** | **17.6** |
|  | **Multi-Family Residential REITs: 2.2%** | **Multi-Family Residential REITs: 2.2%** | **Multi-Family Residential REITs: 2.2%** |
| 20032 | Camden Property Trust | 2205122 | 1.6 |
| 61477 | Veris Residential, Inc. | 914778 | 0.6 |
|  |  | **3119900** | **2.2** |
|  | **Office REITs: 3.8%** | **Office REITs: 3.8%** | **Office REITs: 3.8%** |
| 8156 | Boston Properties, Inc. | 550367 | 0.4 |
| 52411 | COPT Defense Properties | 1457026 | 1 |
| 53380 | Cousins Properties, Inc. | 1376136 | 1 |
| 62535 | Vornado Realty Trust | 2081165 | 1.4 |
|  |  | **5464694** | **3.8** |
|  | **Other Specialized REITs: 3.0%** | **Other Specialized REITs: 3.0%** | **Other Specialized REITs: 3.0%** |
| 50893 | Iron Mountain, Inc. | **4221574** | **3.0** |
|  | **Residential REITs: 6.3%** | **Residential REITs: 6.3%** | **Residential REITs: 6.3%** |
| 55793 | Equity Residential | 3517191 | 2.5 |
| 148289 | UDR, Inc. | 5439240 | 3.8 |
|  |  | **8956431** | **6.3** |
|  | **Retail REITs: 15.7%** | **Retail REITs: 15.7%** | **Retail REITs: 15.7%** |
| 185343 | Brixmor Property Group, Inc. | 4859693 | 3.4 |
| 37942 | Getty Realty Corp. | 1038473 | 0.8 |
| 49451 <sup>(1)</sup> | NetSTREIT Corp. | 872316 | 0.6 |
| 60696 | Realty Income Corp. | 3421434 | 2.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Retail REITs: (continued)** | **Retail REITs: (continued)** | **Retail REITs: (continued)** | **Retail REITs: (continued)** |
| 10630 | Regency Centers Corp. | $| 733789 | 0.5 |
| 50840 | Simon Property Group, Inc. |  | 9410992 | 6.6 |
| 60971 | Tanger Factory Outlet Centers, Inc. |  | 2034602 | 1.4 |
|  |  |  | **22371299** | **15.7** |
|  | **Self-Storage REITs: 5.7%** | **Self-Storage REITs: 5.7%** | **Self-Storage REITs: 5.7%** | **Self-Storage REITs: 5.7%** |
| 137780 | CubeSmart |  | 4966969 | 3.5 |
| 12380 | Public Storage |  | 3212610 | 2.2 |
|  |  |  | **8179579** | **5.7** |
|  | **Single-Family Residential REITs: 2.9%** | **Single-Family Residential REITs: 2.9%** | **Single-Family Residential REITs: 2.9%** | **Single-Family Residential REITs: 2.9%** |
| 109136 | American Homes 4 Rent - Class A |  | 3503266 | 2.4 |
| 11013 | Equity LifeStyle Properties, Inc. |  | 667498 | 0.5 |
|  |  |  | **4170764** | **2.9** |
|  | **Specialized REITs: 16.0%** | **Specialized REITs: 16.0%** | **Specialized REITs: 16.0%** | **Specialized REITs: 16.0%** |
| 7810 | American Tower Corp. |  | 1371202 | 1 |
| 13442 | Digital Realty Trust, Inc. |  | 2079612 | 1.5 |
| 18312 | Equinix, Inc. |  | 14029922 | 9.8 |
| 190244 | VICI Properties, Inc. |  | 5349661 | 3.7 |
|  |  |  | **22830397** | **16.0** |
|  | Total Common Stock |  |  |  |
|  | (Cost $135,133,191) |  | **140924406** | **98.7** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** |
|  | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| 829990 <sup>(2)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $830,169, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $846,824, due 01/31/26-11/15/55) |  | 829990 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 54010 <sup>(2)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $54,021, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $55,090, due 04/30/26-11/15/34) | $54010 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $884,000) | **884000** | **0.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** |
| 893450 <sup>(3)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $893,450) | $**893450** | **0.6** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $1,777,450) | **1777450** | **1.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $136,910,641)** | $**142701856** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **183207** | **0.1** |
|  | **Net Assets** | $**142885063** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(3)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> CBRE Real Estate Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $140924406 | $— | $— | $140924406 |
| Short-Term Investments | 893450 | 884000 |  | 1777450 |
| Total Investments, at fair value | $141817856 | $884000 | $— | $142701856 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2025, 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 U.S. federal income tax purposes was $139,045,812. | Cost for U.S. federal income tax purposes was $139,045,812. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $11234480 |
| Gross Unrealized Depreciation | (7578463) |
| Net Unrealized Appreciation | $3656017 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** |
|  | **Communication Services: 1.2%** | **Communication Services: 1.2%** | **Communication Services: 1.2%** |
| 33161 <sup>(1)(2)</sup> | AMC Entertainment Holdings, Inc. - Class A $| $51731 | 0.0 |
| 1490 <sup>(1)</sup> | AMC Networks, Inc. - Class A | 14185 | 0.0 |
| 11159 <sup>(1)</sup> | CarGurus, Inc. | 427948 | 0.2 |
| 2959 <sup>(1)</sup> | Cars.com, Inc. | 36100 | 0.0 |
| 6491 <sup>(1)</sup> | EchoStar Corp. - Class A | 705572 | 0.3 |
| 1997 <sup>(1)</sup> | Globalstar, Inc. | 121897 | 0.0 |
| 3623 <sup>(1)</sup> | Gogo, Inc. | 16883 | 0.0 |
| 5366 | Gray Television, Inc. | 25971 | 0.0 |
| 1957 <sup>(1)</sup> | IMAX Corp. | 72331 | 0.0 |
| 1591 | Iridium Communications, Inc. | 27652 | 0.0 |
| 4667 | John Wiley & Sons, Inc. - Class A | 142950 | 0.1 |
| 48885 <sup>(1)</sup> | Lumen Technologies, Inc. | 379836 | 0.1 |
| 16523 <sup>(1)</sup> | Magnite, Inc. | 268168 | 0.1 |
| 12403 <sup>(1)</sup> | Nextdoor Holdings, Inc. | 26046 | 0.0 |
| 17078 | Playtika Holding Corp. | 67458 | 0.0 |
| 4173 <sup>(1)</sup> | PubMatic, Inc. - Class A | 37015 | 0.0 |
| 4403 <sup>(1)</sup> | QuinStreet, Inc. | 63271 | 0.0 |
| 4711 | Scholastic Corp. | 139587 | 0.1 |
| 26104 <sup>(1)</sup> | Stagwell, Inc. | 127649 | 0.1 |
| 8675 <sup>(1)</sup> | TechTarget, Inc. | 46845 | 0.0 |
| 3769 | Telephone and Data Systems, Inc. | 154529 | 0.1 |
| 7680 <sup>(1)</sup> | Thryv Holdings, Inc. | 46464 | 0.0 |
| 11444 <sup>(1)</sup> | Yelp, Inc. | 347783 | 0.1 |
|  |  | **3347871** | **1.2** |
|  | **Consumer Discretionary: 10.7%** | **Consumer Discretionary: 10.7%** | **Consumer Discretionary: 10.7%** |
| 1495 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A | 188176 | 0.1 |
| 11593 | Acushnet Holdings Corp. | 925353 | 0.3 |
| 15860 <sup>(1)</sup> | Adient PLC | 304036 | 0.1 |
| 3981 <sup>(1)</sup> | Adtalem Global Education, Inc. | 411914 | 0.1 |
| 14327 | American Eagle Outfitters, Inc. | 377803 | 0.1 |
| 3777 <sup>(1)</sup> | American Public Education, Inc. | 142771 | 0.0 |
| 813 <sup>(1)</sup> | Asbury Automotive Group, Inc. | 189047 | 0.1 |
| 2595 <sup>(1)</sup> | Beazer Homes USA, Inc. | 52601 | 0.0 |
| 486 <sup>(1)</sup> | Biglari Holdings, Inc. - Class B | 161561 | 0.1 |
| 2763 <sup>(1)(2)</sup> | Black Rock Coffee Bar, Inc. - Class A | 61477 | 0.0 |
| 1372 <sup>(1)</sup> | Boot Barn Holdings, Inc. | 242117 | 0.1 |
| 20886 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 2117840 | 0.7 |
| 1417 <sup>(1)</sup> | Brinker International, Inc. | 203368 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 4446 | Buckle, Inc. | $237505 | 0.1 |
| 17973 <sup>(1)</sup> | Capri Holdings Ltd. | 438541 | 0.1 |
| 500 <sup>(1)</sup> | Cavco Industries, Inc. | 295370 | 0.1 |
| 1587 | Century Communities, Inc. | 94188 | 0.0 |
| 8821 | Dana, Inc. | 209587 | 0.1 |
| 79263 <sup>(1)(2)</sup> | Driven Brands Holdings, Inc. | 1174678 | 0.4 |
| 17239 <sup>(1)</sup> | EVgo, Inc. | 50165 | 0.0 |
| 4407 <sup>(1)</sup> | Five Below, Inc. | 830103 | 0.3 |
| 31777 | Garrett Motion, Inc. | 553873 | 0.2 |
| 34643 | Gentex Corp. | 806143 | 0.3 |
| 6377 <sup>(1)</sup> | GigaCloud Technology, Inc. - Class A | 250489 | 0.1 |
| 4035 <sup>(1)</sup> | Green Brick Partners, Inc. | 252833 | 0.1 |
| 428 | Group 1 Automotive, Inc. | 168332 | 0.1 |
| 5265 <sup>(1)</sup> | Hilton Grand Vacations, Inc. | 235609 | 0.1 |
| 1566 | Installed Building Products, Inc. | 406205 | 0.1 |
| 14496 <sup>(2)</sup> | Jack in the Box, Inc. | 274699 | 0.1 |
| 4013 | KB Home | 226373 | 0.1 |
| 7378 | Kohl's Corp. | 150585 | 0.1 |
| 4840 <sup>(1)(2)</sup> | Kura Sushi USA, Inc. - Class A | 253277 | 0.1 |
| 8667 <sup>(1)</sup> | Laureate Education, Inc. | 291818 | 0.1 |
| 505 | LCI Industries | 61277 | 0.0 |
| 2711 <sup>(1)</sup> | M/I Homes, Inc. | 346872 | 0.1 |
| 1870 | Marriott Vacations Worldwide Corp. | 107880 | 0.0 |
| 38215 <sup>(1)</sup> | McGraw Hill, Inc. | 630548 | 0.2 |
| 2503 | Meritage Homes Corp. | 164697 | 0.1 |
| 19966 <sup>(1)</sup> | Modine Manufacturing Co. | 2665661 | 0.9 |
| 13106 | Monarch Casino & Resort, Inc. | 1254244 | 0.4 |
| 10901 <sup>(1)</sup> | Motorcar Parts of America, Inc. | 134518 | 0.0 |
| 13413 | OneSpaWorld Holdings Ltd. | 278186 | 0.1 |
| 1484 | Patrick Industries, Inc. | 160910 | 0.1 |
| 34360 <sup>(1)(2)</sup> | Peloton Interactive, Inc. - Class A | 211658 | 0.1 |
| 4084 | Phinia, Inc. | 256026 | 0.1 |
| 17453 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 1893127 | 0.6 |
| 5453 | Polaris, Inc. | 344902 | 0.1 |
| 6184 | Pool Corp. | 1414590 | 0.5 |
| 11533 <sup>(1)</sup> | RealReal, Inc. | 181991 | 0.1 |
| 6419 <sup>(1)</sup> | SeaWorld Entertainment, Inc. | 233010 | 0.1 |
| 17396 <sup>(1)</sup> | Shake Shack, Inc. - Class A | 1412033 | 0.5 |
| 8254 | Signet Jewelers Ltd. | 684092 | 0.2 |
| 4632 <sup>(1)</sup> | Skyline Champion Corp. | 391404 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1169 | Sonic Automotive, Inc. - Class A | $| 72314 | 0.0 |
| 26486 | Super Group SGHC Ltd. |  | 316508 | 0.1 |
| 8044 <sup>(1)</sup> | Taylor Morrison Home Corp. |  | 473550 | 0.2 |
| 22490 <sup>(1)</sup> | Topgolf Callaway Brands Corp. |  | 262458 | 0.1 |
| 13111 <sup>(1)</sup> | Tri Pointe Homes, Inc. |  | 412603 | 0.1 |
| 6344 <sup>(1)</sup> | Urban Outfitters, Inc. |  | 477449 | 0.2 |
| 4638 | Vail Resorts, Inc. |  | 615926 | 0.2 |
| 5498 <sup>(1)</sup> | Victoria's Secret & Co. |  | 297827 | 0.1 |
| 43391 <sup>(1)</sup> | Warby Parker, Inc. - Class A |  | 945490 | 0.3 |
| 12992 | Wolverine World Wide, Inc. |  | 235805 | 0.1 |
| 22488 | Wyndham Hotels & Resorts, Inc. |  | 1699193 | 0.6 |
|  |  |  | **31215186** | **10.7** |
|  | **Consumer Staples: 3.2%** | **Consumer Staples: 3.2%** | **Consumer Staples: 3.2%** | **Consumer Staples: 3.2%** |
| 7054 | Andersons, Inc. |  | 375061 | 0.1 |
| 1976 <sup>(1)</sup> | BellRing Brands, Inc. |  | 52818 | 0.0 |
| 6862 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 617786 | 0.2 |
| 2480 | Cal-Maine Foods, Inc. |  | 197334 | 0.1 |
| 2672 <sup>(1)</sup> | Central Garden & Pet Co. - Class A |  | 77996 | 0.0 |
| 18276 <sup>(1)</sup> | Chefs' Warehouse, Inc. |  | 1139143 | 0.4 |
| 12737 | Dole PLC |  | 190928 | 0.1 |
| 1360 | Fresh Del Monte Produce, Inc. |  | 48457 | 0.0 |
| 18071 <sup>(1)</sup> | Freshpet, Inc. |  | 1101066 | 0.4 |
| 12916 <sup>(1)</sup> | Mama's Creations, Inc. |  | 174237 | 0.1 |
| 4240 <sup>(1)</sup> | Nature's Sunshine Products, Inc. |  | 91499 | 0.0 |
| 5527 <sup>(1)</sup> | Oddity Tech Ltd. - Class A |  | 222075 | 0.1 |
| 17887 <sup>(1)</sup> | Performance Food Group Co. |  | 1608399 | 0.5 |
| 80989 | Primo Brands Corp. - Class A |  | 1324170 | 0.5 |
| 36147 <sup>(1)</sup> | SunOpta, Inc. |  | 137359 | 0.0 |
| 1128 | Turning Point Brands, Inc. |  | 122275 | 0.0 |
| 6033 <sup>(1)</sup> | United Natural Foods, Inc. |  | 203131 | 0.1 |
| 136454 | Utz Brands, Inc. |  | 1416392 | 0.5 |
| 3259 <sup>(1)</sup> | Vita Coco Co., Inc. |  | 172760 | 0.1 |
| 4274 <sup>(1)(2)</sup> | Vital Farms, Inc. |  | 136511 | 0.0 |
|  |  |  | **9409397** | **3.2** |
|  | **Energy: 4.2%** |  |  |  |
| 1845 <sup>(1)</sup> | Bristow Group, Inc. |  | 67564 | 0.0 |
| 38336 | Cactus, Inc. - Class A |  | 1751188 | 0.6 |
| 2709 | California Resources Corp. |  | 121119 | 0.0 |
| 731 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A |  | 177458 | 0.1 |
| 1126 | Chord Energy Corp. |  | 104380 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** |  |  |
| 64674 <sup>(1)</sup> | Clean Energy Fuels Corp. | $135815 | 0.1 |
| 9845 <sup>(1)</sup> | CNX Resources Corp. | 362001 | 0.1 |
| 856 | Core Natural Resources, Inc. | 75765 | 0.0 |
| 3027 <sup>(1)</sup> | CVR Energy, Inc. | 77007 | 0.0 |
| 4487 | Delek US Holdings, Inc. | 133084 | 0.0 |
| 11354 | DT Midstream, Inc. | 1358847 | 0.5 |
| 16024 <sup>(1)</sup> | Energy Fuels, Inc./ Canada | 232989 | 0.1 |
| 6089 | Excelerate Energy, Inc. - Class A | 170796 | 0.1 |
| 51005 | Flowco Holdings, Inc. - Class A | 955834 | 0.3 |
| 7097 <sup>(1)</sup> | Forum Energy Technologies, Inc. | 262234 | 0.1 |
| 1350 <sup>(1)</sup> | Gulfport Energy Corp. | 280786 | 0.1 |
| 1672 | International Seaways, Inc. | 81176 | 0.0 |
| 16024 | Liberty Energy, Inc. | 295803 | 0.1 |
| 7545 | Magnolia Oil & Gas Corp. - Class A | 165160 | 0.1 |
| 5670 | Murphy Oil Corp. | 177188 | 0.1 |
| 11937 <sup>(1)</sup> | National Energy Services Reunited Corp. | 186933 | 0.1 |
| 13280 <sup>(1)(2)</sup> | New Fortress Energy, Inc. | 15139 | 0.0 |
| 4394 | Noble Corp. PLC | 124087 | 0.0 |
| 9512 <sup>(1)</sup> | Oceaneering International, Inc. | 228573 | 0.1 |
| 30602 <sup>(1)</sup> | Oil States International, Inc. | 207176 | 0.1 |
| 3240 | Ovintiv, Inc. | 126976 | 0.0 |
| 13436 <sup>(1)</sup> | Par Pacific Holdings, Inc. | 472141 | 0.2 |
| 18182 | Patterson-UTI Energy, Inc. | 111092 | 0.0 |
| 4054 | PBF Energy, Inc. - Class A | 109944 | 0.0 |
| 10581 | Peabody Energy Corp. | 314256 | 0.1 |
| 9555 <sup>(1)</sup> | ProPetro Holding Corp. | 90868 | 0.0 |
| 10644 | Ranger Energy Services, Inc. - Class A | 148803 | 0.1 |
| 362 | Scorpio Tankers, Inc. | 18400 | 0.0 |
| 67771 | SM Energy Co. | 1267318 | 0.4 |
| 33001 | Teekay Corp. Ltd. | 297999 | 0.1 |
| 7564 | Teekay Tankers Ltd. - Class A | 404069 | 0.1 |
| 2382 <sup>(1)</sup> | Tidewater, Inc. | 120315 | 0.0 |
| 103758 <sup>(1)</sup> | Transocean Ltd. | 428521 | 0.2 |
| 20528 <sup>(1)</sup> | Uranium Energy Corp. | 239767 | 0.1 |
| 1612 <sup>(1)</sup> | Valaris Ltd. | 81245 | 0.0 |
| 2043 | Weatherford International PLC | 159885 | 0.1 |
| 7689 | World Fuel Services Corp. | 180153 | 0.1 |
|  |  | **12319854** | **4.2** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: 19.0%** | **Financials: 19.0%** | **Financials: 19.0%** |
| 56167 <sup>(1)(2)</sup> | Accelerant Holdings - Class A | $918330 | 0.3 |
| 1956 | Amerant Bancorp, Inc. | 38162 | 0.0 |
| 7315 | Ameris Bancorp | 543285 | 0.2 |
| 6471 | Apollo Commercial Real Estate Finance, Inc. | 62639 | 0.0 |
| 2231 | Associated Banc-Corp. | 57471 | 0.0 |
| 1414 | Atlantic Union Bankshares Corp. | 49914 | 0.0 |
| 3891 <sup>(1)</sup> | Axos Financial, Inc. | 335249 | 0.1 |
| 26204 | Banc of California, Inc. | 505475 | 0.2 |
| 3083 | Banco Latinoamericano de Comercio Exterior SA - Class E | 137502 | 0.1 |
| 17066 | Bank of NT Butterfield & Son Ltd. | 850228 | 0.3 |
| 29428 | BankUnited, Inc. | 1311606 | 0.5 |
| 451 | BayCom Corp. | 13259 | 0.0 |
| 4016 | Berkshire Hills Bancorp, Inc. | 105902 | 0.0 |
| 39972 | BGC Group, Inc. - Class A | 356950 | 0.1 |
| 4801 <sup>(1)</sup> | Bridgewater Bancshares, Inc. | 84162 | 0.0 |
| 1414 | Brightsphere Investment Group, Inc. | 66458 | 0.0 |
| 23056 | BrightSpire Capital, Inc. | 129114 | 0.0 |
| 37288 <sup>(1)</sup> | BRP Group, Inc. - Class A | 896031 | 0.3 |
| 4845 <sup>(1)(2)</sup> | Bullish | 183480 | 0.1 |
| 19813 | Burford Capital Ltd. | 176732 | 0.1 |
| 556 | Burke & Herbert Financial Services Corp. | 34644 | 0.0 |
| 5501 | Business First Bancshares, Inc. | 143796 | 0.1 |
| 12684 | Byline Bancorp, Inc. | 369739 | 0.1 |
| 667 | Capital City Bank Group, Inc. | 28394 | 0.0 |
| 4084 | Capitol Federal Financial, Inc. | 27812 | 0.0 |
| 1764 | Central Pacific Financial Corp. | 54966 | 0.0 |
| 1168 | ChoiceOne Financial Services, Inc. | 34479 | 0.0 |
| 6790 | CNB Financial Corp. | 177694 | 0.1 |
| 8276 | CNO Financial Group, Inc. | 351482 | 0.1 |
| 30808 | Commerce Bancshares, Inc. | 1612491 | 0.6 |
| 2145 | Community Trust Bancorp, Inc. | 121192 | 0.0 |
| 11775 | ConnectOne Bancorp, Inc. | 308740 | 0.1 |
| 13331 | Cullen/Frost Bankers, Inc. | 1688105 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 9908 <sup>(1)</sup> | Customers Bancorp, Inc. | $724473 | 0.3 |
| 8010 | DigitalBridge Group, Inc. | 122873 | 0.0 |
| 1452 | Dime Community Bancshares, Inc. | 43691 | 0.0 |
| 4757 <sup>(1)</sup> | Donnelley Financial Solutions, Inc. | 222104 | 0.1 |
| 32910 | Eastern Bankshares, Inc. | 606531 | 0.2 |
| 10286 | Ellington Financial, Inc. | 139684 | 0.1 |
| 4917 | Enact Holdings, Inc. | 194910 | 0.1 |
| 5790 <sup>(1)</sup> | Enova International, Inc. | 910188 | 0.3 |
| 6915 | Enterprise Financial Services Corp. | 373410 | 0.1 |
| 7526 | Equity Bancshares, Inc. - Class A | 336036 | 0.1 |
| 5453 | Essent Group Ltd. | 354500 | 0.1 |
| 5840 | Evercore, Inc. - Class A | 1987060 | 0.7 |
| 8768 | EVERTEC, Inc. | 255061 | 0.1 |
| 875 | FB Financial Corp. | 48825 | 0.0 |
| 11399 | Fidelis Insurance Holdings Ltd. | 223078 | 0.1 |
| 7801 | Financial Institutions, Inc. | 243157 | 0.1 |
| 18110 | First BanCorp/Puerto Rico | 375420 | 0.1 |
| 47027 | First Financial Bancorp | 1176616 | 0.4 |
| 5163 | First Financial Corp. | 311948 | 0.1 |
| 39989 | First Hawaiian, Inc. | 1011722 | 0.4 |
| 32905 | First Horizon Corp. | 786429 | 0.3 |
| 35924 | First Interstate BancSystem, Inc. - Class A | 1242970 | 0.4 |
| 6518 | First Merchants Corp. | 244295 | 0.1 |
| 4185 | First Mid Bancshares, Inc. | 163215 | 0.1 |
| 2910 | FirstCash Holdings, Inc. | 463796 | 0.2 |
| 1579 | Five Star Bancorp | 56497 | 0.0 |
| 5343 | Fulton Financial Corp. | 103280 | 0.0 |
| 3069 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | 85625 | 0.0 |
| 3323 | Hancock Whitney Corp. | 211609 | 0.1 |
| 8616 | Hanmi Financial Corp. | 232890 | 0.1 |
| 7877 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 247574 | 0.1 |
| 508 | HBT Financial, Inc. | 13132 | 0.0 |
| 23897 | Heritage Commerce Corp. | 287003 | 0.1 |
| 1287 <sup>(1)</sup> | Heritage Insurance Holdings, Inc. | 37658 | 0.0 |
| 8660 | Hilltop Holdings, Inc. | 293920 | 0.1 |
| 703 | HomeTrust Bancshares, Inc. | 30187 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 2048 | Horace Mann Educators Corp. | $94577 | 0.0 |
| 19637 | Horizon Bancorp, Inc. | 333044 | 0.1 |
| 502 | Independent Bank Corp. | 36686 | 0.0 |
| 5419 | Jackson Financial, Inc. - Class A | 577936 | 0.2 |
| 4018 | Kinsale Capital Group, Inc. | 1571520 | 0.5 |
| 53905 | Ladder Capital Corp. | 592416 | 0.2 |
| 5392 <sup>(1)</sup> | LendingClub Corp. | 102124 | 0.0 |
| 552 <sup>(1)</sup> | LendingTree, Inc. | 29306 | 0.0 |
| 6601 | Marex Group PLC | 253214 | 0.1 |
| 10871 | MarketAxess Holdings, Inc. | 1970369 | 0.7 |
| 57877 <sup>(1)</sup> | Marqeta, Inc. - Class A | 274916 | 0.1 |
| 4927 | Mercantile Bank Corp. | 236989 | 0.1 |
| 1202 | Mercury General Corp. | 113060 | 0.0 |
| 3544 | Metropolitan Bank Holding Corp. | 270620 | 0.1 |
| 22589 <sup>(1)(2)</sup> | Miami International Holdings, Inc. | 1002500 | 0.3 |
| 920 | Mid Penn Bancorp, Inc. | 28538 | 0.0 |
| 2677 | MidWestOne Financial Group, Inc. | 103064 | 0.0 |
| 15650 | Moelis & Co. - Class A | 1075781 | 0.4 |
| 8793 | Morningstar, Inc. | 1910807 | 0.7 |
| 1818 | National Bank Holdings Corp. - Class A | 69102 | 0.0 |
| 562 | Nelnet, Inc. - Class A | 74724 | 0.0 |
| 25539 <sup>(1)</sup> | Neptune Insurance Holdings, Inc. - Class A | 744717 | 0.3 |
| 2452 <sup>(1)</sup> | NerdWallet, Inc. - Class A | 33225 | 0.0 |
| 12421 | New York Mortgage Trust, Inc. | 90673 | 0.0 |
| 1156 | Nicolet Bankshares, Inc. | 140223 | 0.1 |
| 7375 <sup>(1)</sup> | NMI Holdings, Inc. - Class A | 300826 | 0.1 |
| 3485 | Northrim BanCorp, Inc. | 92736 | 0.0 |
| 16996 | OceanFirst Financial Corp. | 305078 | 0.1 |
| 6033 | OFG Bancorp | 247232 | 0.1 |
| 22180 | Old National Bancorp | 494836 | 0.2 |
| 13256 | Old Second Bancorp, Inc. | 258492 | 0.1 |
| 1487 | Origin Bancorp, Inc. | 55926 | 0.0 |
| 14232 <sup>(1)</sup> | Oscar Health, Inc. - Class A | 204514 | 0.1 |
| 1377 <sup>(1)</sup> | Palomar Holdings, Inc. | 185565 | 0.1 |
| 7512 | Pathward Financial, Inc. | 533352 | 0.2 |
| 3210 | PennyMac Financial Services, Inc. | 423206 | 0.2 |
| 401 | Pinnacle Financial Partners, Inc. | 38259 | 0.0 |
| 1535 | Piper Sandler Cos. | 521455 | 0.2 |
| 3886 | PROG Holdings, Inc. | 114598 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 2626 | Provident Financial Services, Inc. | $51863 | 0.0 |
| 4569 | QCR Holdings, Inc. | 380598 | 0.1 |
| 8975 | Radian Group, Inc. | 323010 | 0.1 |
| 21749 | RLI Corp. | 1391501 | 0.5 |
| 1979 | Safety Insurance Group, Inc. | 154184 | 0.1 |
| 1598 | Selective Insurance Group, Inc. | 133705 | 0.1 |
| 16972 | ServisFirst Bancshares, Inc. | 1218420 | 0.4 |
| 1957 <sup>(1)</sup> | Sezzle, Inc. | 124221 | 0.0 |
| 14689 | Simmons First National Corp. - Class A | 276888 | 0.1 |
| 8510 <sup>(1)</sup> | SiriusPoint Ltd. | 186284 | 0.1 |
| 886 <sup>(1)</sup> | Skyward Specialty Insurance Group, Inc. | 45283 | 0.0 |
| 755 | SmartFinancial, Inc. | 27927 | 0.0 |
| 12504 | South Plains Financial, Inc. | 485155 | 0.2 |
| 915 | Southern Missouri Bancorp, Inc. | 54095 | 0.0 |
| 2491 | Southside Bancshares, Inc. | 75701 | 0.0 |
| 874 | Southstate Bank Corp. | 82252 | 0.0 |
| 28584 | StepStone Group, Inc. - Class A | 1834235 | 0.6 |
| 1387 | Stewart Information Services Corp. | 97451 | 0.0 |
| 5827 <sup>(1)</sup> | StoneX Group, Inc. | 554323 | 0.2 |
| 659 <sup>(1)</sup> | Texas Capital Bancshares, Inc. | 59666 | 0.0 |
| 5865 | Towne Bank/ Portsmouth VA | 195715 | 0.1 |
| 8847 | TPG RE Finance Trust, Inc. | 76173 | 0.0 |
| 2460 | TriCo Bancshares | 116530 | 0.0 |
| 2438 | UMB Financial Corp. | 280468 | 0.1 |
| 1945 | United Bankshares, Inc. | 74688 | 0.0 |
| 1603 | United Community Banks, Inc. | 50046 | 0.0 |
| 1583 | Unity Bancorp, Inc. | 81873 | 0.0 |
| 1111 | Universal Insurance Holdings, Inc. | 37552 | 0.0 |
| 3159 | Univest Financial Corp. | 103426 | 0.0 |
| 4849 <sup>(1)(2)</sup> | Upstart Holdings, Inc. | 212047 | 0.1 |
| 2193 | Victory Capital Holdings, Inc. - Class A | 138356 | 0.1 |
| 989 | Virtus Investment Partners, Inc. | 161355 | 0.1 |
| 3274 | Walker & Dunlop, Inc. | 196931 | 0.1 |
| 52577 <sup>(1)(2)</sup> | Wealthfront Corp. | 714521 | 0.3 |
| 3109 | WesBanco, Inc. | 103343 | 0.0 |
| 15575 | Wintrust Financial Corp. | 2177696 | 0.8 |
| 6156 <sup>(2)</sup> | WisdomTree, Inc. | 75042 | 0.0 |
| 23673 | WSFS Financial Corp. | 1307697 | 0.5 |
|  |  | **55103277** | **19.0** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 13.2%** |  |  |
| 20546 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | $335105 | 0.1 |
| 10221 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 273003 | 0.1 |
| 9834 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 159704 | 0.1 |
| 597 <sup>(1)</sup> | Addus HomeCare Corp. | 64112 | 0.0 |
| 7869 <sup>(1)</sup> | Alkermes PLC | 220175 | 0.1 |
| 6830 <sup>(1)</sup> | Alumis, Inc. | 66661 | 0.0 |
| 31327 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 446096 | 0.2 |
| 23001 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. | 289813 | 0.1 |
| 4237 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. | 334469 | 0.1 |
| 1813 <sup>(1)</sup> | Apogee Therapeutics, Inc. | 136845 | 0.1 |
| 3249 <sup>(1)(2)</sup> | ArriVent Biopharma, Inc. | 65370 | 0.0 |
| 7589 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 503834 | 0.2 |
| 23402 <sup>(1)(2)</sup> | ARS Pharmaceuticals, Inc. | 272633 | 0.1 |
| 62430 <sup>(1)</sup> | Atea Pharmaceuticals, Inc. | 222875 | 0.1 |
| 8401 <sup>(1)</sup> | AtriCure, Inc. | 332344 | 0.1 |
| 4330 <sup>(1)</sup> | Avanos Medical, Inc. | 48626 | 0.0 |
| 10688 <sup>(1)</sup> | Axogen, Inc. | 349818 | 0.1 |
| 1209 <sup>(1)</sup> | Axsome Therapeutics, Inc. | 220812 | 0.1 |
| 5285 <sup>(1)</sup> | Beam Therapeutics, Inc. | 146500 | 0.1 |
| 5037 <sup>(1)</sup> | Beta Bionics, Inc. | 153477 | 0.1 |
| 5619 <sup>(1)(2)</sup> | Billiontoone, Inc. - Class A | 459859 | 0.2 |
| 23144 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 180523 | 0.1 |
| 26344 <sup>(1)</sup> | Biohaven Ltd. | 297424 | 0.1 |
| 10361 <sup>(1)</sup> | Bridgebio Pharma, Inc. | 792513 | 0.3 |
| 5136 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 192343 | 0.1 |
| 42250 <sup>(1)(2)</sup> | Butterfly Network, Inc. | 160550 | 0.1 |
| 10119 <sup>(1)</sup> | Capricor Therapeutics, Inc. | 292034 | 0.1 |
| 3814 <sup>(1)</sup> | Castle Biosciences, Inc. | 148365 | 0.1 |
| 12239 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 285658 | 0.1 |
| 1820 <sup>(1)</sup> | Celcuity, Inc. | 181527 | 0.1 |
| 2947 <sup>(1)</sup> | Celldex Therapeutics, Inc. | 80040 | 0.0 |
| 16246 <sup>(1)</sup> | Ceribell, Inc. | 356275 | 0.1 |
| 4404 <sup>(1)</sup> | CG oncology, Inc. | 182854 | 0.1 |
| 4026 | Chemed Corp. | 1722564 | 0.6 |
| 8602 <sup>(1)</sup> | Cogent Biosciences, Inc. | 305543 | 0.1 |
| 78951 | Concentra Group Holdings Parent, Inc. | 1553756 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 4667 <sup>(1)</sup> | Corcept Therapeutics, Inc. | $162412 | 0.1 |
| 8526 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 396885 | 0.1 |
| 4987 <sup>(1)</sup> | CRISPR Therapeutics AG | 261518 | 0.1 |
| 11126 <sup>(1)</sup> | CryoPort, Inc. | 106810 | 0.0 |
| 7339 <sup>(1)</sup> | Cullinan Oncology, Inc. | 75959 | 0.0 |
| 6040 <sup>(1)</sup> | Cytokinetics, Inc. | 383782 | 0.1 |
| 22663 <sup>(1)</sup> | Doximity, Inc. - Class A | 1003518 | 0.3 |
| 30839 <sup>(1)</sup> | Dynavax Technologies Corp. | 474304 | 0.2 |
| 4814 <sup>(1)</sup> | Edgewise Therapeutics, Inc. | 119459 | 0.0 |
| 5330 | Embecta Corp. | 63320 | 0.0 |
| 15848 | Encompass Health Corp. | 1682107 | 0.6 |
| 3294 | Ensign Group, Inc. | 573815 | 0.2 |
| 83016 <sup>(1)</sup> | Envista Holdings Corp. | 1802277 | 0.6 |
| 695 <sup>(1)</sup> | GeneDx Holdings Corp. | 90392 | 0.0 |
| 3871 <sup>(1)</sup> | Glaukos Corp. | 437075 | 0.2 |
| 20241 <sup>(1)</sup> | Gossamer Bio, Inc. | 62747 | 0.0 |
| 1764 <sup>(1)</sup> | GRAIL, Inc. | 150981 | 0.1 |
| 6762 <sup>(1)</sup> | Guardant Health, Inc. | 690671 | 0.2 |
| 4664 <sup>(1)</sup> | Haemonetics Corp. | 373820 | 0.1 |
| 3590 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 241607 | 0.1 |
| 31013 <sup>(1)</sup> | Health Catalyst, Inc. | 74121 | 0.0 |
| 16914 <sup>(1)</sup> | HealthEquity, Inc. | 1549492 | 0.5 |
| 10760 | HealthStream, Inc. | 248233 | 0.1 |
| 1892 <sup>(1)(2)</sup> | HeartFlow, Inc. | 55152 | 0.0 |
| 8903 <sup>(1)</sup> | Hinge Health, Inc. - Class A | 413544 | 0.1 |
| 11380 <sup>(1)</sup> | ICU Medical, Inc. | 1623585 | 0.6 |
| 4374 <sup>(1)</sup> | Ideaya Biosciences, Inc. | 151209 | 0.1 |
| 6518 <sup>(1)</sup> | Indivior PLC | 233866 | 0.1 |
| 17512 <sup>(1)</sup> | Inogen, Inc. | 117681 | 0.0 |
| 10121 <sup>(1)</sup> | Integra LifeSciences Holdings Corp. | 125703 | 0.0 |
| 5248 <sup>(1)(2)</sup> | Intellia Therapeutics, Inc. | 47179 | 0.0 |
| 32506 <sup>(1)</sup> | Iovance Biotherapeutics, Inc. | 88741 | 0.0 |
| 2346 <sup>(1)</sup> | iRhythm Technologies, Inc. | 416274 | 0.1 |
| 7891 <sup>(1)</sup> | Janux Therapeutics, Inc. | 108896 | 0.0 |
| 1564 <sup>(1)</sup> | Krystal Biotech, Inc. | 385589 | 0.1 |
| 4954 <sup>(1)</sup> | Kymera Therapeutics, Inc. | 385471 | 0.1 |
| 3200 <sup>(1)</sup> | Lantheus Holdings, Inc. | 212960 | 0.1 |
| 5748 <sup>(1)</sup> | Liquidia Corp. | 198248 | 0.1 |
| 1296 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 754713 | 0.3 |
| 1182 <sup>(1)</sup> | Medpace Holdings, Inc. | 663870 | 0.2 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 5957 <sup>(1)</sup> | Mind Medicine MindMed, Inc. | $79764 | 0.0 |
| 3828 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 302374 | 0.1 |
| 4594 <sup>(1)</sup> | Molina Healthcare, Inc. | 797243 | 0.3 |
| 957 | National HealthCare Corp. | 131195 | 0.0 |
| 5290 <sup>(1)</sup> | NeoGenomics, Inc. | 62210 | 0.0 |
| 10593 <sup>(1)</sup> | Novocure Ltd. | 136967 | 0.1 |
| 2918 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 293522 | 0.1 |
| 24000 <sup>(1)</sup> | Ocular Therapeutix, Inc. | 291360 | 0.1 |
| 22006 <sup>(1)</sup> | Oncology Institute, Inc. | 78341 | 0.0 |
| 10743 <sup>(1)</sup> | Option Care Health, Inc. | 342272 | 0.1 |
| 7147 <sup>(1)</sup> | ORIC Pharmaceuticals, Inc. | 58462 | 0.0 |
| 6298 <sup>(1)(2)</sup> | Outset Medical, Inc. | 23366 | 0.0 |
| 5257 <sup>(1)</sup> | Pediatrix Medical Group, Inc. | 112447 | 0.0 |
| 4802 <sup>(1)(2)</sup> | Phathom Pharmaceuticals, Inc. | 79665 | 0.0 |
| 11650 | Phibro Animal Health Corp. - Class A | 435244 | 0.2 |
| 15587 <sup>(1)</sup> | Progyny, Inc. | 400274 | 0.1 |
| 8644 <sup>(1)</sup> | Prothena Corp. PLC | 82550 | 0.0 |
| 3207 <sup>(1)</sup> | PTC Therapeutics, Inc. | 243604 | 0.1 |
| 25111 <sup>(1)</sup> | Pulmonx Corp. | 55495 | 0.0 |
| 52242 <sup>(1)(2)</sup> | Recursion Pharmaceuticals, Inc. - Class A | 213670 | 0.1 |
| 5487 <sup>(1)</sup> | REGENXBIO, Inc. | 79013 | 0.0 |
| 30629 <sup>(1)</sup> | Replimune Group, Inc. | 297714 | 0.1 |
| 2674 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 286225 | 0.1 |
| 3975 <sup>(1)</sup> | Scholar Rock Holding Corp. | 175099 | 0.1 |
| 5437 <sup>(1)</sup> | SI-BONE, Inc. | 107218 | 0.0 |
| 2116 <sup>(1)</sup> | Sight Sciences, Inc. | 16780 | 0.0 |
| 4433 <sup>(1)</sup> | Soleno Therapeutics, Inc. | 205248 | 0.1 |
| 5407 <sup>(1)</sup> | Stoke Therapeutics, Inc. | 171618 | 0.1 |
| 2973 <sup>(1)</sup> | Supernus Pharmaceuticals, Inc. | 147758 | 0.1 |
| 2042 <sup>(1)</sup> | Surgery Partners, Inc. | 31549 | 0.0 |
| 4681 <sup>(1)</sup> | Syndax Pharmaceuticals, Inc. | 98348 | 0.0 |
| 8178 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 179752 | 0.1 |
| 12451 <sup>(1)</sup> | Terns Pharmaceuticals, Inc. | 503020 | 0.2 |
| 5766 <sup>(1)</sup> | Theravance Biopharma, Inc. | 107882 | 0.0 |
| 2496 <sup>(1)</sup> | TransMedics Group, Inc. | 303638 | 0.1 |
| 10288 <sup>(1)</sup> | Travere Therapeutics, Inc. | 393104 | 0.1 |
| 909 <sup>(1)</sup> | Twist Bioscience Corp. | 28833 | 0.0 |
| 3442 <sup>(1)</sup> | Tyra Biosciences, Inc. | 90490 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 3396 | US Physical Therapy, Inc. | $265194 | 0.1 |
| 7173 <sup>(1)</sup> | Vaxcyte, Inc. | 330962 | 0.1 |
| 13904 <sup>(1)</sup> | Veracyte, Inc. | 585358 | 0.2 |
| 4120 <sup>(1)</sup> | Vericel Corp. | 148361 | 0.1 |
| 6576 <sup>(1)</sup> | Viridian Therapeutics, Inc. | 204645 | 0.1 |
| 7501 <sup>(1)</sup> | WaVe Life Sciences Ltd. | 127517 | 0.0 |
| 9690 <sup>(1)</sup> | Xencor, Inc. | 148354 | 0.1 |
| 23656 <sup>(1)</sup> | Zevra Therapeutics, Inc. | 211958 | 0.1 |
|  |  | **38307749** | **13.2** |
|  | **Industrials: 19.6%** |  |  |
| 12170 <sup>(2)</sup> | AAON, Inc. | 927962 | 0.3 |
| 13986 | ABM Industries, Inc. | 591608 | 0.2 |
| 45021 <sup>(1)</sup> | ACV Auctions, Inc. - Class A | 361068 | 0.1 |
| 1566 <sup>(1)</sup> | AeroVironment, Inc. | 378800 | 0.1 |
| 39267 <sup>(1)</sup> | Alliance Laundry Holdings, Inc. | 799083 | 0.3 |
| 23066 <sup>(1)(2)</sup> | Andersen Group, Inc. - Class A | 598101 | 0.2 |
| 23804 <sup>(1)</sup> | API Group Corp. | 910741 | 0.3 |
| 1558 | Apogee Enterprises, Inc. | 56727 | 0.0 |
| 8956 | Applied Industrial Technologies, Inc. | 2299632 | 0.8 |
| 9083 <sup>(1)</sup> | Archer Aviation, Inc. - Class A | 68304 | 0.0 |
| 4798 | Arcosa, Inc. | 510123 | 0.2 |
| 4185 | Atkore, Inc. | 264701 | 0.1 |
| 5798 | Atmus Filtration Technologies, Inc. | 300974 | 0.1 |
| 7571 <sup>(1)</sup> | Beta Technologies, Inc. - Class A | 213578 | 0.1 |
| 1105 <sup>(1)(2)</sup> | BlackSky Technology, Inc. | 20719 | 0.0 |
| 8329 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 723707 | 0.3 |
| 3714 <sup>(1)</sup> | Blue Bird Corp. | 174558 | 0.1 |
| 843 <sup>(1)</sup> | BlueLinx Holdings, Inc. | 51785 | 0.0 |
| 1756 | Boise Cascade Co. | 129242 | 0.1 |
| 2502 | Brink's Co. | 292058 | 0.1 |
| 21017 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | 2058405 | 0.7 |
| 1019 <sup>(1)</sup> | Cimpress PLC | 67855 | 0.0 |
| 37485 <sup>(1)</sup> | Core & Main, Inc. - Class A | 1948095 | 0.7 |
| 19283 | Costamare, Inc. | 304479 | 0.1 |
| 797 <sup>(1)</sup> | DXP Enterprises, Inc. | 87503 | 0.0 |
| 3401 <sup>(1)</sup> | Dycom Industries, Inc. | 1149198 | 0.4 |
| 6285 | EnerSys | 922324 | 0.3 |
| 4065 <sup>(1)</sup> | ExlService Holdings, Inc. | 172519 | 0.1 |
| 9593 <sup>(1)(2)</sup> | Firefly Aerospace, Inc. | 214595 | 0.1 |
| 87573 <sup>(1)</sup> | First Advantage Corp. | 1272436 | 0.4 |
| 5632 <sup>(1)</sup> | Fluence Energy, Inc. | 111401 | 0.0 |
| 10738 <sup>(1)</sup> | Fluor Corp. | 425547 | 0.2 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 16128 | Fortune Brands Innovations, Inc. | $806723 | 0.3 |
| 1692 | GATX Corp. | 286963 | 0.1 |
| 1608 | Granite Construction, Inc. | 185483 | 0.1 |
| 336 | Greenbrier Cos., Inc. | 15705 | 0 |
| 8543 | Griffon Corp. | 629192 | 0.2 |
| 174056 <sup>(1)</sup> | Hayward Holdings, Inc. | 2689165 | 0.9 |
| 1504 | Herc Holdings, Inc. | 223164 | 0.1 |
| 144275 <sup>(1)</sup> | Hillman Solutions Corp. | 1249421 | 0.4 |
| 1209 <sup>(1)</sup> | Hudson Technologies, Inc. | 8282 | 0 |
| 8863 <sup>(1)</sup> | IBEX Holdings Ltd. | 338389 | 0.1 |
| 745 <sup>(1)</sup> | IES Holdings, Inc. | 289820 | 0.1 |
| 3392 <sup>(1)(2)</sup> | Innodata, Inc. | 172822 | 0.1 |
| 152646 <sup>(1)</sup> | Janus International Group, Inc. | 998305 | 0.3 |
| 19275 <sup>(1)</sup> | Joby Aviation, Inc. | 254430 | 0.1 |
| 11553 <sup>(1)(2)</sup> | Karman Holdings, Inc. | 845333 | 0.3 |
| 4267 | KBR, Inc. | 171533 | 0.1 |
| 9993 | Kelly Services, Inc. - Class A | 87938 | 0 |
| 6195 | Kennametal, Inc. | 176000 | 0.1 |
| 4311 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 327248 | 0.1 |
| 10781 | Landstar System, Inc. | 1549230 | 0.5 |
| 12503 <sup>(1)</sup> | Legalzoom.com, Inc. | 124155 | 0 |
| 5281 | Lincoln Electric Holdings, Inc. | 1265539 | 0.4 |
| 15267 <sup>(1)</sup> | Loar Holdings, Inc. | 1038156 | 0.4 |
| 10793 <sup>(1)(2)</sup> | Masterbrand, Inc. | 119155 | 0 |
| 8652 <sup>(1)</sup> | Matrix Service Co. | 101228 | 0 |
| 920 | McGrath RentCorp | 96536 | 0 |
| 4515 <sup>(1)</sup> | Middleby Corp. | 671245 | 0.2 |
| 10240 | MillerKnoll, Inc. | 187187 | 0.1 |
| 1435 | Moog, Inc. - Class A | 349494 | 0.1 |
| 17826 | MSA Safety, Inc. | 2854656 | 1 |
| 4802 | Mueller Industries, Inc. | 551270 | 0.2 |
| 4259 <sup>(1)</sup> | MYR Group, Inc. | 930591 | 0.3 |
| 3803 <sup>(1)</sup> | Nextracker, Inc. - Class A | 331279 | 0.1 |
| 1116 <sup>(1)</sup> | Northwest Pipe Co. | 69739 | 0 |
| 36958 <sup>(1)</sup> | NOW, Inc. | 489693 | 0.2 |
| 2828 <sup>(1)(2)</sup> | NuScale Power Corp. | 40073 | 0 |
| 10692 <sup>(1)</sup> | Orion Group Holdings, Inc. | 106278 | 0 |
| 2518 | Park Aerospace Corp. | 53734 | 0 |
| 12133 <sup>(1)</sup> | Paylocity Holding Corp. | 1850282 | 0.6 |
| 7977 <sup>(1)</sup> | Planet Labs PBC | 157306 | 0.1 |
| 7558 | Primoris Services Corp. | 938250 | 0.3 |
| 11615 <sup>(1)</sup> | Radiant Logistics, Inc. | 73523 | 0 |
| 4616 <sup>(1)</sup> | RBC Bearings, Inc. | 2069953 | 0.7 |
| 11863 <sup>(1)</sup> | Resideo Technologies, Inc. | 416629 | 0.2 |
| 8649 | Rush Enterprises, Inc. - Class A | 466527 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |  |
| 9868 | Safe Bulkers, Inc. | $| 47564 | 0.0 |
| 4614 <sup>(1)</sup> | Saia, Inc. |  | 1506563 | 0.5 |
| 10625 | Simpson Manufacturing Co., Inc. |  | 1715619 | 0.6 |
| 2699 <sup>(1)</sup> | SkyWest, Inc. |  | 271007 | 0.1 |
| 4387 <sup>(1)</sup> | Standardaero, Inc. |  | 125819 | 0.1 |
| 2409 <sup>(1)</sup> | Sterling Infrastructure, Inc. |  | 737708 | 0.3 |
| 8646 <sup>(1)</sup> | Sunrun, Inc. |  | 159086 | 0.1 |
| 6763 | Terex Corp. |  | 361009 | 0.1 |
| 10342 | Tetra Tech, Inc. |  | 346871 | 0.1 |
| 6706 <sup>(1)</sup> | Thermon Group Holdings, Inc. |  | 249195 | 0.1 |
| 13750 <sup>(1)</sup> | Titan International, Inc. |  | 107662 | 0.0 |
| 1481 | TriNet Group, Inc. |  | 87572 | 0.0 |
| 4768 | Tutor Perini Corp. |  | 319551 | 0.1 |
| 3714 | UFP Industries, Inc. |  | 338160 | 0.1 |
| 85636 <sup>(1)</sup> | Verra Mobility Corp. |  | 1919103 | 0.7 |
| 2728 | Watts Water Technologies, Inc. - Class A |  | 752983 | 0.3 |
| 1523 | WESCO International, Inc. |  | 372587 | 0.1 |
| 110438 | WillScot Mobile Mini Holdings Corp. |  | 2079548 | 0.7 |
| 1558 | Woodward, Inc. |  | 471015 | 0.2 |
| 1403 | Worthington Industries, Inc. |  | 72353 | 0.0 |
|  |  |  | **57106427** | **19.6** |
|  | **Information Technology: 13.0%** | **Information Technology: 13.0%** | **Information Technology: 13.0%** | **Information Technology: 13.0%** |
| 2835 | A10 Networks, Inc. |  | 50151 | 0.0 |
| 2964 <sup>(1)</sup> | ACM Research, Inc. - Class A |  | 116930 | 0.0 |
| 4939 | Adeia, Inc. |  | 85198 | 0.0 |
| 17210 <sup>(1)</sup> | ADTRAN Holdings, Inc. |  | 149555 | 0.1 |
| 3055 <sup>(1)(2)</sup> | Aehr Test Systems |  | 61680 | 0.0 |
| 52515 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 1385346 | 0.5 |
| 2065 <sup>(1)</sup> | Alpha & Omega Semiconductor Ltd. |  | 40908 | 0.0 |
| 1937 <sup>(1)</sup> | Ambarella, Inc. |  | 137217 | 0.0 |
| 5064 <sup>(1)</sup> | Appian Corp. - Class A |  | 179367 | 0.1 |
| 17819 <sup>(1)(2)</sup> | Applied Digital Corp. |  | 436922 | 0.2 |
| 22864 <sup>(1)</sup> | Arlo Technologies, Inc. |  | 319867 | 0.1 |
| 11319 <sup>(1)</sup> | Asana, Inc. - Class A |  | 155183 | 0.1 |
| 658 <sup>(1)</sup> | Axcelis Technologies, Inc. |  | 52864 | 0.0 |
| 9205 | Badger Meter, Inc. |  | 1605444 | 0.6 |
| 3791 | Bel Fuse, Inc. - Class B |  | 643067 | 0.2 |
| 19747 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. |  | 106634 | 0.0 |
| 122926 <sup>(1)</sup> | Bit Digital, Inc. |  | 232330 | 0.1 |
| 5430 <sup>(1)(2)</sup> | Bitdeer Technologies Group - Class A |  | 60870 | 0.0 |
| 3482 <sup>(1)</sup> | Blackline, Inc. |  | 192520 | 0.1 |
| 13738 <sup>(1)</sup> | Box, Inc. - Class A |  | 410904 | 0.1 |
| 3785 <sup>(1)</sup> | Braze, Inc. - Class A |  | 129788 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 134734 <sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. | $1071135 | 0.4 |
| 24827 <sup>(1)(2)</sup> | Cipher Mining, Inc. | 366447 | 0.1 |
| 28860 <sup>(1)(2)</sup> | Cleanspark, Inc. | 292063 | 0.1 |
| 10166 <sup>(1)(2)</sup> | Clearfield, Inc. | 296339 | 0.1 |
| 71347 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 1720890 | 0.6 |
| 16788 <sup>(1)</sup> | CommScope Holding Co., Inc. | 304366 | 0.1 |
| 1720 <sup>(1)</sup> | CommVault Systems, Inc. | 215619 | 0.1 |
| 9904 <sup>(1)</sup> | Consensus Cloud Solutions, Inc. | 216105 | 0.1 |
| 8516 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 1225367 | 0.4 |
| 3451 <sup>(1)</sup> | Diebold Nixdorf, Inc. | 234288 | 0.1 |
| 14405 <sup>(1)</sup> | Digi International, Inc. | 623592 | 0.2 |
| 17138 <sup>(1)</sup> | Digital Turbine, Inc. | 85690 | 0.0 |
| 5656 <sup>(1)</sup> | DigitalOcean Holdings, Inc. | 272167 | 0.1 |
| 6725 <sup>(1)</sup> | Diodes, Inc. | 331812 | 0.1 |
| 21589 <sup>(1)(2)</sup> | D-Wave Quantum, Inc. | 564552 | 0.2 |
| 6791 <sup>(1)</sup> | Extreme Networks, Inc. | 113070 | 0.0 |
| 5739 <sup>(1)</sup> | Fabrinet | 2612852 | 0.9 |
| 7676 <sup>(1)</sup> | FormFactor, Inc. | 428167 | 0.1 |
| 23454 <sup>(1)</sup> | Freshworks, Inc. - Class A | 287312 | 0.1 |
| 6575 <sup>(1)</sup> | Hut 8 Corp. | 302055 | 0.1 |
| 4981 <sup>(1)</sup> | Impinj, Inc. | 866744 | 0.3 |
| 542 <sup>(1)</sup> | Insight Enterprises, Inc. | 44157 | 0.0 |
| 901 <sup>(2)</sup> | InterDigital, Inc. | 286860 | 0.1 |
| 16564 <sup>(1)(2)</sup> | IonQ, Inc. | 743227 | 0.3 |
| 14114 <sup>(1)</sup> | Knowles Corp. | 302463 | 0.1 |
| 21037 <sup>(1)(2)</sup> | Kopin Corp. | 49227 | 0.0 |
| 6700 <sup>(1)</sup> | LiveRamp Holdings, Inc. | 196779 | 0.1 |
| 14500 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 2483560 | 0.9 |
| 24721 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 221995 | 0.1 |
| 3249 <sup>(1)</sup> | MaxLinear, Inc. | 56630 | 0.0 |
| 11510 <sup>(1)</sup> | Mirion Technologies, Inc. | 269564 | 0.1 |
| 6178 <sup>(1)(2)</sup> | Navitas Semiconductor Corp. | 44111 | 0.0 |
| 30664 <sup>(1)</sup> | nCino, Inc. | 786225 | 0.3 |
| 5478 <sup>(1)</sup> | NETGEAR, Inc. | 134375 | 0.0 |
| 7742 <sup>(1)</sup> | nLight, Inc. | 290402 | 0.1 |
| 18684 <sup>(1)</sup> | Novanta, Inc. | 2223209 | 0.8 |
| 1023 | NVE Corp. | 60695 | 0.0 |
| 47303 <sup>(1)</sup> | ON24, Inc. | 376532 | 0.1 |
| 20559 <sup>(1)</sup> | Ooma, Inc. | 241157 | 0.1 |
| 3644 <sup>(1)</sup> | Pagaya Technologies Ltd. - Class A | 76160 | 0.0 |
| 3428 <sup>(1)</sup> | Plexus Corp. | 503916 | 0.2 |
| 9474 <sup>(1)</sup> | Porch Group, Inc. | 86498 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 40893 | Power Integrations, Inc. | $1453337 | 0.5 |
| 11564 <sup>(1)</sup> | Qualys, Inc. | 1536856 | 0.5 |
| 8979 <sup>(1)</sup> | Rambus, Inc. | 825080 | 0.3 |
| 4972 <sup>(1)(2)</sup> | Red Cat Holdings, Inc. | 39428 | 0.0 |
| 21472 <sup>(1)</sup> | Rigetti Computing, Inc. | 475605 | 0.2 |
| 16962 <sup>(1)</sup> | Riot Platforms, Inc. | 214909 | 0.1 |
| 4272 <sup>(1)</sup> | Sanmina Corp. | 641099 | 0.2 |
| 3810 <sup>(1)</sup> | ScanSource, Inc. | 148819 | 0.1 |
| 2810 <sup>(1)</sup> | Semtech Corp. | 207069 | 0.1 |
| 1093 <sup>(1)</sup> | SiTime Corp. | 386037 | 0.1 |
| 12829 <sup>(1)(2)</sup> | SoundHound AI, Inc. - Class A | 127905 | 0.0 |
| 9925 <sup>(1)</sup> | SPS Commerce, Inc. | 884615 | 0.3 |
| 7627 <sup>(1)</sup> | Tenable Holdings, Inc. | 179463 | 0.1 |
| 18986 <sup>(1)(2)</sup> | Terawulf, Inc. | 218149 | 0.1 |
| 5171 <sup>(1)</sup> | TTM Technologies, Inc. | 356799 | 0.1 |
| 5955 <sup>(1)</sup> | Turtle Beach Corp. | 83549 | 0.0 |
| 15434 <sup>(1)</sup> | Ultra Clean Holdings, Inc. | 390943 | 0.1 |
| 46090 <sup>(1)</sup> | Unisys Corp. | 127208 | 0.0 |
| 5502 <sup>(1)</sup> | Viasat, Inc. | 189599 | 0.1 |
| 18039 | Vishay Intertechnology, Inc. | 261385 | 0.1 |
| 5950 <sup>(1)</sup> | Whitefiber, Inc. | 94010 | 0.0 |
| 29427 <sup>(1)</sup> | WM Technology, Inc. | 24280 | 0.0 |
| 2395 <sup>(1)</sup> | Workiva, Inc. | 206569 | 0.1 |
| 36511 <sup>(1)</sup> | Xperi, Inc. | 213954 | 0.1 |
| 8375 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A | 170431 | 0.1 |
|  |  | **37918217** | **13.0** |
|  | **Materials: 5.6%** |  |  |
| 826 <sup>(1)</sup> | Alpha Metallurgical Resources, Inc. | 165101 | 0.1 |
| 8462 | AptarGroup, Inc. | 1032026 | 0.4 |
| 5027 | Avient Corp. | 157043 | 0.1 |
| 13983 | Balchem Corp. | 2144433 | 0.7 |
| 2625 <sup>(1)</sup> | Century Aluminum Co. | 102847 | 0.0 |
| 7087 | Chemours Co. | 83556 | 0.0 |
| 51463 <sup>(1)</sup> | Coeur Mining, Inc. | 917585 | 0.3 |
| 9725 | Commercial Metals Co. | 673164 | 0.2 |
| 36456 <sup>(1)</sup> | Constellium SE | 687196 | 0.2 |
| 8322 | Eagle Materials, Inc. | 1719991 | 0.6 |
| 2178 <sup>(1)</sup> | Ecovyst, Inc. | 21192 | 0.0 |
| 88685 | Element Solutions, Inc. | 2216238 | 0.8 |
| 2423 | Greif, Inc. - Class A | 164037 | 0.1 |
| 461 | Hawkins, Inc. | 65490 | 0.0 |
| 7756 | HB Fuller Co. | 461172 | 0.2 |
| 26885 | Hecla Mining Co. | 515923 | 0.2 |
| 2694 | Innospec, Inc. | 206199 | 0.1 |
| 4681 <sup>(1)</sup> | Ivanhoe Electric, Inc. / US | 74802 | 0.0 |
| 2897 | Materion Corp. | 360155 | 0.1 |
| 11988 | Mativ Holdings, Inc. | 145654 | 0.1 |
| 7031 <sup>(1)</sup> | O-I Glass, Inc. | 103778 | 0.0 |
| 1066 | Olympic Steel, Inc. | 45609 | 0.0 |
| 11612 | Orion SA | 61311 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 60167 <sup>(1)</sup> | Perimeter Solutions, Inc. | $1656397 | 0.6 |
| 3552 <sup>(1)</sup> | Perpetua Resources Corp. | 85994 | 0.0 |
| 10714 <sup>(2)</sup> | Quaker Chemical Corp. | 1471139 | 0.5 |
| 2949 | Sensient Technologies Corp. | 277059 | 0.1 |
| 12642 <sup>(1)</sup> | SSR Mining, Inc. | 277113 | 0.1 |
| 3696 | Warrior Met Coal, Inc. | 325876 | 0.1 |
|  |  | **16218080** | **5.6** |
|  | **Real Estate: 5.4%** |  |  |
| 27240 | Alexander & Baldwin, Inc. | 562234 | 0.2 |
| 2472 | American Assets Trust, Inc. | 46795 | 0.0 |
| 1107 | American Healthcare REIT, Inc. | 52095 | 0.0 |
| 34062 | Broadstone Net Lease, Inc. | 591657 | 0.2 |
| 12026 | CareTrust REIT, Inc. | 434860 | 0.1 |
| 828 | Centerspace | 55244 | 0.0 |
| 22179 | Chatham Lodging Trust | 151039 | 0.0 |
| 12942 <sup>(2)</sup> | Colliers International Group, Inc. | 1902603 | 0.7 |
| 1853 | Community Healthcare Trust, Inc. | 30426 | 0.0 |
| 18090 | COPT Defense Properties | 502902 | 0.2 |
| 19872 | CubeSmart | 716386 | 0.2 |
| 10698 | Curbline Properties Corp. | 248301 | 0.1 |
| 117999 <sup>(1)</sup> | Cushman & Wakefield Ltd. | 1910404 | 0.7 |
| 21743 | DiamondRock Hospitality Co. | 194817 | 0.1 |
| 5111 | EastGroup Properties, Inc. | 910473 | 0.3 |
| 16220 | Essential Properties Realty Trust, Inc. | 481085 | 0.2 |
| 4820 | Four Corners Property Trust, Inc. | 111149 | 0.0 |
| 5148 | Getty Realty Corp. | 140901 | 0.0 |
| 10868 | Independence Realty Trust, Inc. | 189973 | 0.1 |
| 9346 | InvenTrust Properties Corp. | 263651 | 0.1 |
| 8594 | Kite Realty Group Trust | 205998 | 0.1 |
| 4914 | L.P. Industrial Trust | 243636 | 0.1 |
| 2412 | LTC Properties, Inc. | 82925 | 0.0 |
| 8700 | Macerich Co. | 160602 | 0.1 |
| 529 | National Health Investors, Inc. | 40400 | 0.0 |
| 4500 <sup>(2)</sup> | NetSTREIT Corp. | 79380 | 0.0 |
| 19887 | Newmark Group, Inc. - Class A | 344841 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** |  |  |
| 12709 | Phillips Edison & Co., Inc. | $452059 | 0.2 |
| 29422 | Piedmont Office Realty Trust, Inc. - Class A | 245379 | 0.1 |
| 5201 | Postal Realty Trust, Inc. - Class A | 83944 | 0.0 |
| 3957 | PotlatchDeltic Corp. | 157409 | 0.1 |
| 2152 <sup>(1)</sup> | RE/MAX Holdings, Inc. - Class A | 16334 | 0.0 |
| 27426 <sup>(1)(2)</sup> | Real Brokerage, Inc. | 100105 | 0.0 |
| 26402 | Ryman Hospitality Properties, Inc. | 2498157 | 0.9 |
| 15007 | Sabra Health Care REIT, Inc. | 284233 | 0.1 |
| 2940 | SL Green Realty Corp. | 134858 | 0.0 |
| 7316 | Smartstop Self Storage REIT, Inc. | 226357 | 0.1 |
| 9596 | Tanger Factory Outlet Centers, Inc. | 320218 | 0.1 |
| 2790 | Terreno Realty Corp. | 163801 | 0.1 |
| 2215 | UMH Properties, Inc. | 35241 | 0.0 |
| 2678 | Veris Residential, Inc. | 39849 | 0.0 |
| 23029 | Xenia Hotels & Resorts, Inc. | 325630 | 0.1 |
|  |  | **15738351** | **5.4** |
|  | **Utilities: 2.1%** |  |  |
| 1210 | American States Water Co. | 87701 | 0.0 |
| 948 | Avista Corp. | 36536 | 0.0 |
| 6965 | Black Hills Corp. | 483510 | 0.2 |
| 2387 | Chesapeake Utilities Corp. | 297802 | 0.1 |
| 2001 | Clearway Energy, Inc. - Class A | 62871 | 0.0 |
| 5201 | Clearway Energy, Inc. - Class C | 172985 | 0.1 |
| 12524 | Consolidated Water Co. Ltd. | 441972 | 0.1 |
| 2903 | Genie Energy Ltd. - Class B | 40003 | 0.0 |
| 3567 | IDACORP, Inc. | 451440 | 0.2 |
| 9076 | New Jersey Resources Corp. | 418585 | 0.1 |
| 2209 <sup>(1)(2)</sup> | Oklo, Inc. | 158518 | 0.1 |
| 5896 | ONE Gas, Inc. | 455466 | 0.2 |
| 5071 | Otter Tail Corp. | 409788 | 0.1 |
| 33950 | Portland General Electric Co. | 1629261 | 0.6 |
| 6375 | Southwest Gas Holdings, Inc. | 510127 | 0.2 |
| 8522 | Unitil Corp. | 412806 | 0.1 |
|  |  | **6069371** | **2.1** |
|  | Total Common Stock |  |  |
|  | (Cost $267,323,869) | **282753780** | **97.2** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **RIGHTS: —%** | **RIGHTS: —%** | **RIGHTS: —%** | **RIGHTS: —%** |
|  | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** |
| 28260 <sup>(3)(4)</sup> | Aduro Biotech - CVR | $— |  |
|  | Total Rights |  |  |
|  | (Cost $—) | **—** | **—** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $267,323,869) | **282753780** | **97.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 8.1%** | **SHORT-TERM INVESTMENTS: 8.1%** | **SHORT-TERM INVESTMENTS: 8.1%** | **SHORT-TERM INVESTMENTS: 8.1%** |
|  | **Repurchase Agreements: 4.1%** | **Repurchase Agreements: 4.1%** |  |
| 2097568 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $2,098,011, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $2,139,520, due 12/01/30-11/20/75) | 2097568 | 0.7 |
| 3198676 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $3,199,367, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $3,263,554, due 01/31/26-11/15/55) | 3198676 | 1.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 3006756 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $3,007,385, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $3,066,891, due 10/15/26-12/20/55) | $3006756 | 1 |
| 804026 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $804,195, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $820,107, due 04/30/26-11/15/34) | 804026 | 0.3 |
| 2946809 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $2,947,450, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,996,562, due 04/15/28-02/15/55) | 2946809 | 1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $12,053,835) | **12053835** | **4.1** |
|  | **Time Deposits: 0.5%** |  |  |
| 240000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 | 240000 | 0.1 |
| 230000 <sup>(5)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 | 230000 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Time Deposits (continued)** |  |  |
| 270000 <sup>(5)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | $270000 | 0.1 |
| 310000 <sup>(5)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 310000 | 0.1 |
| 150000 <sup>(5)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 | 150000 | 0.1 |
| 130000 <sup>(5)</sup> | Toronto-Dominion Bank, 3.650%, 01/02/2026 | 130000 | 0.0 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,330,000) | **1330000** | **0.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 3.5%** |  |  |
| 10261821 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $10,261,821) | $**10261821** | **3.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $23,645,656) | **23645656** | **8.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $290,969,525)** | $**306399436** | **105.3** |
|  | **Liabilities in Excess of Other Assets** | **(15488539)** | **(5.3**) |
|  | **Net Assets** | $**290910897** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $282753780 | $— | $— | $282753780 |
| Short-Term Investments | 10261821 | 13383835 |  | 23645656 |
| Total Investments, at fair value | $293015601 | $13383835 | $— | $306399436 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(87780) | $— | $— | $(87780) |
| Total Liabilities | $(87780) | $— | $— | $(87780) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| \* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
| <sup>+</sup> | 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 December 31, 2025, VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Aduro Biotech - CVR | 10/6/2020 | $— | $— |
|  |  | $— | $— |

---

At December 31, 2025, the following futures contracts were outstanding for VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 28 | 03/20/26 | $3497200 | $(87780) |
|  |  |  | $3497200 | $(87780) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **Liability Derivatives** |  | |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $87780 |
| **Total Liability Derivatives** |  | $87780 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $23323 |
| **Total** | $23323 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Small Cap Core Equity Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $155744 |
| **Total** | $155744 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $295,151,987. | Cost for U.S. federal income tax purposes was $295,151,987. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $39445570 |
| Gross Unrealized Depreciation | (28285901) |
| Net Unrealized Appreciation | $11159669 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

------

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Balanced Income Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.4108 |
| &nbsp;&nbsp;Class I | NII | $0.5144 |
| &nbsp;&nbsp;Class S | NII | $0.4680 |
| &nbsp;&nbsp;Class S2 | NII | $0.4362 |
| &nbsp;&nbsp;All Classes | STCG | $0.1389 |
| &nbsp;&nbsp;All Classes | LTCG | $0.3514 |
| Voya High Yield Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.4881 |
| &nbsp;&nbsp;Class I | NII | $0.5412 |
| &nbsp;&nbsp;Class S | NII | $0.5189 |
| &nbsp;&nbsp;Class S2 | NII | $0.5063 |
| &nbsp;&nbsp;All Classes | ROC | $0.0118 |
| Voya Large Cap Growth Portfolio |  |  |
| &nbsp;&nbsp;All Classes | LTCG | $2.0929 |
| Voya Large Cap Value Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.0458 |
| &nbsp;&nbsp;Class I | NII | $0.0774 |
| &nbsp;&nbsp;Class R6 | NII | $0.0778 |
| &nbsp;&nbsp;Class S | NII | $0.0619 |
| &nbsp;&nbsp;Class S2 | NII | $0.0502 |
| &nbsp;&nbsp;All Classes | STCG | $0.2505 |
| &nbsp;&nbsp;All Classes | LTCG | $0.7629 |

---

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| | | |
|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Limited Maturity Bond Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.3646 |
| &nbsp;&nbsp;Class I | NII | $0.4293 |
| &nbsp;&nbsp;Class S | NII | $0.4085 |
| Voya U.S. Stock Index Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.2064 |
| &nbsp;&nbsp;Class I | NII | $0.3059 |
| &nbsp;&nbsp;Class S | NII | $0.2510 |
| &nbsp;&nbsp;Class S2 | NII | $0.2302 |
| &nbsp;&nbsp;All Classes | STCG | $0.0236 |
| &nbsp;&nbsp;All Classes | LTCG | $2.2109 |
| VY<sup>®</sup> CBRE Real Estate Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.6638 |
| &nbsp;&nbsp;Class I | NII | $0.8459 |
| &nbsp;&nbsp;Class S | NII | $0.7612 |
| &nbsp;&nbsp;Class S2 | NII | $0.7155 |
| VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.0022 |
| &nbsp;&nbsp;Class I | NII | $0.0973 |
| &nbsp;&nbsp;Class R6 | NII | $0.0973 |
| &nbsp;&nbsp;Class S | NII | $0.0502 |
| &nbsp;&nbsp;Class S2 | NII | $0.0053 |
| &nbsp;&nbsp;All Classes | STCG | $0.3906 |
| &nbsp;&nbsp;All Classes | LTCG | $1.6615 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

ROC – Return of capital

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Balanced Income Portfolio | 10.54% |
| Voya Large Cap Value Portfolio | 54.05% |
| Voya U.S. Stock Index Portfolio | 89.4% |
| VY<sup>®</sup> CBRE Real Estate Portfolio | 1.22% |
| VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | 41.01% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya Balanced Income Portfolio | $17290832 |
| Voya Large Cap Growth Portfolio | $265254813 |
| Voya Large Cap Value Portfolio | $61407060 |

---

TAX INFORMATION (Unaudited) (continued)

------

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio | $445634827 |
| VY<sup>®</sup> JP Morgan Small Cap Core Equity Portfolio | $32846287 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACT WITH COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), VY<sup>®</sup> CBRE Real Estate Portfolio (the "Portfolio"), a series of Voya Investors Trust, can enter into a new sub-advisory agreement only if the Board of Trustees of the Portfolio (the "Board"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of the Portfolio, as such term is defined under the 1940 Act (the "Independent Trustees"), determines to approve the new arrangement. Thus, at its meeting held on November 13, 2025, the Board, including a majority of the Independent Trustees, considered the initial approval of a new sub-advisory agreement (the "New Sub-Advisory Contract") between Voya Investments, LLC, the Portfolio's investment adviser ("Adviser"), and Columbia Management Investment Advisers, LLC ("Columbia"), and appointed Columbia as the sub-adviser to the Portfolio to replace CBRE Investment Management Listed Real Assets, LLC ("CBRE"), effective January 21, 2026 .

In determining whether to initially approve the New Sub-Advisory Contract, the Board requested, received, evaluated, and discussed such information and supporting materials related to that information as it deemed necessary for an informed determination of whether the New Sub-Advisory Contract should be approved. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the New Sub-Advisory Contract.

The materials provided to the Board to inform its consideration of whether to approve the New Sub-Advisory Contract included the following: (1) Columbia's presentation before the Investment Review Committees ("IRCs") at their November 12, 2025, joint meeting; (2) memoranda and related materials provided to the Board in advance of its November 13, 2025, meeting discussing: (a) the Adviser's rationale for recommending that Columbia replace CBRE as the sub-adviser to the Portfolio, including the Adviser's view that adding Columbia would provide the Portfolio with a lower management fee, lower net expense ratios and potential for improved performance; (b) the performance of the new sub-advisory team in managing its real estate investment strategy with an extended alpha approach and sub-sector neutrality and with such performance being compared against a relevant benchmark index; and

(c) Columbia's investment philosophy and the firm's overall investment process; (3) pro forma fees and expense tables for the Portfolio and information about the projected net expense ratio of the Portfolio reflecting Columbia as the sub-adviser; (4) Columbia's responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (5) supporting documentation, including a copy of the form of the New Sub-Advisory Contract; and (6) other information relevant to the Board's evaluation.

In reaching its decision to engage Columbia, the Board, including a majority of the Independent Trustees, considered a number of factors including, but not limited to, the following: (1) the Adviser's view with respect to Columbia's abilities in managing its real estate investment strategy; (2) the nature and quality of the services to be provided by Columbia under the New Sub-Advisory Contract; (3) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Columbia and the Adviser's knowledge of Columbia's performance as a sub-adviser to other funds in the Voya funds line-up; (4) the fairness of the compensation under the New Sub-Advisory Contract in light of the services to be provided by Columbia; (5) the sub-advisory fee rate payable by the Adviser to Columbia; (6) Columbia's operations and compliance programs, including the policies and procedures intended to assure compliance with the federal securities laws; (7) the appropriateness of the selection of Columbia in light of the Portfolio's newly approved principal investment strategies and its investment objective and investor base; and (8) Columbia's Code of Ethics and related procedures for complying with that Code of Ethics, which were previously reviewed by the Board.

With respect to the nature, extent and quality of services to be provided by Columbia, the Board was mindful of the "manager-of-managers" platform that has been developed by the Adviser. The Board recognized that the Adviser would be responsible for monitoring the investment program, performance and developments/on-going operations of Columbia under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services Columbia provides to the Portfolio and Columbia's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, the Adviser has developed an oversight process formulated by the Voya Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers, and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

The Board considered that MR&S also typically provides reports to the IRCs at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's services to a Voya fund and/or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Portfolio also can benefit from the services of the Adviser's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by the Adviser to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the Portfolio's shareholders, beyond investment management services, from being part of the Voya family of funds. The Board also took into account the Adviser's ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds' service providers.

After its deliberation, the Board concluded that, in its business judgement, the terms of the New Sub-Advisory Contract, with respect to the Portfolio, are fair and reasonable to the Portfolio and that approval of the New Sub-Advisory Contract is in the best interest of the Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the New Sub-Advisory Contract, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses related to the fees payable by the Portfolio under the New Sub-Advisory Contract. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the New Sub-Advisory Contract for the Portfolio.

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACT WITH T. ROWE PRICE ASSOCIATES, INC.**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Large Cap Growth Portfolio (the "Portfolio"), a series of Voya Investors Trust ("VIT"), can enter into a new sub-advisory agreement only if the Board of Trustees of VIT (the "Board"), including a majority of the Board members who have no direct or indirect interest in the sub-advisory agreement, and who are not "interested persons" of VIT, as such term is defined in the 1940 Act (the "Independent Trustees"), determines to approve the new arrangement. Thus, at its meeting held on May 15, 2025, the Board, including a majority of the Independent Trustees, considered: (1) a proposal by Management to appoint T. Rowe Price Associates, Inc. ("T. Rowe") as an additional sub-adviser to the Portfolio; and (2) the initial approval of a new sub-advisory agreement (the "New Sub-Advisory Agreement") between Voya Investments, LLC, the Portfolio's investment adviser ("Adviser"), and T. Rowe under which T. Rowe would serve as an additional sub-adviser to the Portfolio solely with respect to certain private placement securities held by the Portfolio.

In determining whether to approve the New Sub-Advisory Agreement with T. Rowe, with respect to the Portfolio, the Board requested, received, evaluated and discussed

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

such information and supporting materials related to that information as it deemed necessary for an informed determination of whether to approve the New Sub-Advisory Agreement. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the New Sub-Advisory Agreement.

The materials provided to the Board to inform its consideration of whether to approve the New Sub-Advisory Agreement included the following: (1) memoranda and related materials provided to the Board in advance of its May 15, 2025 meeting discussing: (a) the Adviser's rationale for recommending that T. Rowe be added as a sub-adviser to the Portfolio for the specific purpose of managing the private placement securities currently held by VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio ("TRP GE Portfolio"), a series of Voya Partners, Inc., that would be transferred to the Portfolio in connection with the proposed reorganization of TRP GE Portfolio with and into the Portfolio, effective on or about November 21, 2025, subject to approval by TRP GE Portfolio shareholders; (b) T. Rowe's investment philosophy and the firm's overall investment process; and (c) T. Rowe's experience in managing the private placement securities currently held by TRP GE Portfolio; (2) T. Rowe's responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (3) supporting documentation, including a copy of the form of the New Sub-Advisory Agreement; and (4) other information relevant to the Board's evaluation.

In reaching its decision to engage T. Rowe, the Board, including a majority of the Independent Trustees, considered a number of factors including, but not limited to, the following: (1) the Adviser's view with respect to T. Rowe in managing the private placement securities currently held by TRP GE Portfolio; (2) the nature, extent and quality of the services to be provided by T. Rowe under the New Sub-Advisory Agreement; (3) the personnel, operations, and investment management capabilities, methodologies and resources of T. Rowe; (4) the fairness of the compensation under the New Sub-Advisory Agreement payable by the Adviser to T. Rowe in light of the scope of services to be provided by T. Rowe; (6) T. Rowe's operations and compliance programs, including the policies and procedures intended to assure compliance with U.S. federal securities laws, which were previously reviewed by the Board; ; and (6) T. Rowe's Code of Ethics and related procedures for complying with that Code, which were previously reviewed by the Board.

With respect to the nature, extent and quality of services to be provided by T. Rowe, the Board was mindful of the "manager-of-managers" platform that has been developed by the Adviser. The Board recognized that the Adviser would be responsible for monitoring the investment program, performance and developments/on-going operations of T. Rowe under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services T. Rowe provides to the Portfolio and T. Rowe's compliance with applicable laws and regulations.

After its deliberation, the Board concluded that, in its business judgement, the terms of the New Sub-Advisory Agreement, with respect to the Portfolio, are fair and reasonable to the Portfolio and that approval of the New Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the New Sub-Advisory Agreement, and based on the information provided and Management's related representations, the Board concluded that it was satisfied with Management's responses relating to the fees payable by the Adviser to T. Rowe under the New Sub-Advisory Agreement. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the New Sub-Advisory Agreement for the Portfolio.

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY<sup>®</sup> CBRE Real Estate Portfolio, and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio, each a series of the Trust (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Investment Management Co. LLC, CBRE Investment Management List Real Assets LLC, and JPMorgan Investment Management Inc., the respective sub-advisers to each Portfolio (the "Sub-Advisers"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data), except for Voya U.S. Stock Index Portfolio, as discussed below, and primary benchmark, a broad-based securities market index. In addition, the Board considered Voya Limited Maturity Bond Portfolio's investment performance compared to an additional performance peer group that is approved by the Board due to the investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

In assessing the investment management and sub-advisory relationships, with respect to the Voya U.S. Stock Index Portfolio, which seeks investment results corresponding to the performance of an index (commonly referred to an as an "index fund"), the Board focused on the reasonableness of the differences between the Portfolio's net performance and the total return of such index over certain time periods.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Portfolio achieves sufficient asset levels to receive a breakpoint

discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group and which additional services the Manager pays for on behalf of Voya High Yield Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio under the "bundled fee" arrangement in return for a single management fee ("Unified Fee Structure"). The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Advisers which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers

and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Advisers' potential fall-out benefits were not unreasonable.

**Portfolio-by- Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Balanced Income Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Balanced Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year, and ten-year periods and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

In analyzing this fee and expense data, the Board took into account management's representations regarding the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

competitiveness of the Portfolio's management fee rate and net expense ratio.

**Voya High Yield Portfolio**

In considering whether to approve the renewal of the Contracts for Voya High Yield Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year and ten-year periods and the fourth quintile for the three-year and five-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya Large Cap Growth Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Large Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the one-year, three-year and ten-year periods, the fourth quintile for the five-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and

(c) the Portfolio's net expense ratio is ranked in the third quintile.

**Voya Large Cap Value Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Large Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, three-year and five-year periods and the second quintile for the year-to-date and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

**Voya Limited Maturity Bond Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Limited Maturity Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the year-to-date period, and the fourth quintile for the three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the three-year period, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya U.S. Stock Index Portfolio**

In considering whether to approve the renewal of the Contracts for Voya U.S. Stock Index Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account: (1) management's representations regarding its belief that the Portfolio's pricing is competitive; and (2) the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**VY® CBRE Real Estate Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> CBRE Real Estate Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the third quintile for the ten-year period, the fourth quintile for the year-to-date and three-year periods, and the fifth quintile for the one-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and

(c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Portfolio's net expense ratio.

**VY® JPMorgan Small Cap Core Equity Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the year-to-date and ten-year periods and the fourth quintile for the one-year, three-year and five-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account: (1) the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure; and (2) management's representations regarding the competitiveness of the Portfolio's net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

SHAREHOLDER MEETING INFORMATION (Unaudited)

**A special meeting of shareholders of VY® CBRE Real Estate Portfolio was held September 11, 2025, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.**

**Proposal:**

1. To approve a change in the VY<sup>®</sup> CBRE Real Estate Portfolio sub-classification under the Investment Company Act of 1940, as amended, from "diversified" to "non-diversified," including the elimination of the related fundamental investment restriction for the VY<sup>®</sup> CBRE Real Estate Portfolio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Proposal** |<br>**Shares Voted for** | **Shares Voted**<br>**against** | **Shares Abstained**<br>**or Withheld** | **Total Shares**<br>**Voted** |
| **VY® CBRE Real Estate Portfolio** | **1\*** | 3051018.131 | 27994.743 | 267502.163 | 3346515.037 |

---

\* Proposal Passed.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VIT2AISS2 (1225)**

![](tm263417d1vitbk3funfin1img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

**Voya Investors Trust**

■ Voya Inflation Protected Bond Plus Portfolio

Classes ADV, I and S

**Voya Variable Insurance Trust**

■ VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d1vitbk3funfin1img02.jpg) | &nbsp;&nbsp;E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT** | <br> ![](tm263417d1vitbk3funfin1img03.jpg)  |
| **voyainvestments.com** | <br> ![](tm263417d1vitbk3funfin1img03.jpg)  |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#vino_007) | [1](#vino_007) |
| [Statements of Assets and Liabilities](#vino_006) | [2](#vino_006) |
| [Statements of Operations](#vino_004) | [4](#vino_004) |
| [Statements of Changes in Net Assets](#vino_002) | [6](#vino_002) |
| [Financial Highlights](#vino_001) | [7](#vino_001) |
| [Notes to Financial Statements](#ABC1) | [8](#ABC1) |
| [Portfolios of Investments](#ABC2) | [23](#ABC2) |
| [Tax Information](#ABC3) | [42](#ABC3) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#ABC4) | [43](#ABC4) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Voya Inflation Protected Bond Plus Portfolio and the Shareholders and the Board of Trustees of Voya Variable Insurance Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Inflation Protected Bond Plus Portfolio (one of the portfolios constituting Voya Investors Trust) and Voya Variable Insurance Trust (comprising VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio, collectively with Voya Inflation Protected Bond Plus Portfolio referred to as the "Portfolios") (collectively, with Voya Investors Trust, referred to as the "Trusts"), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trusts' management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d1vitbk3funfin1img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Voya**<br>**Inflation**<br>**Protected Bond**<br>**Plus**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Brandywine**<br>**GLOBAL —**<br>**Bond**<br>**Portfolio** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $194050819 | $213659405 |
| Short-term investments at fair value† | 21182634 | 15842467 |
| Cash | 30593 | 89212 |
| Cash collateral for futures contracts | 479554 | 645437 |
| Cash pledged for centrally cleared swaps (Note 2) | 1950000 |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 780000 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | 5694 |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 267061 | 81880 |
| &nbsp;&nbsp;&nbsp; Dividends | 4246 | 37947 |
| &nbsp;&nbsp;&nbsp; Interest | 1213785 | 1767782 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 37463 |  |
| Unrealized appreciation on OTC swap agreements | 3744 |  |
| Prepaid expenses | 695 | 716 |
| Reimbursement due from Investment Adviser | 8163 |  |
| Other assets | 16460 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 220030911 | 232130479 |
| **LIABILITIES:** |  |  |
| Payable for fund shares redeemed | 58025 | 72811 |
| Payable upon receipt of securities loaned | 419741 |  |
| Unrealized depreciation on OTC swap agreements | 864370 |  |
| Variation margin payable on centrally cleared swaps | 118865 |  |
| Variation margin payable on futures contracts |  | 111 |
| Payable for investment management fees | 161388 | 98648 |
| Payable for distribution and shareholder service fees | 34337 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 16460 | 5633 |
| Payable for trustee fees | 521 | 562 |
| Payable for shareholder notification costs (Note 6) | 22450 |  |
| Other accrued expenses and liabilities | 70611 | 47980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1766768 | 225745 |
| **NET ASSETS** | $218264143 | $231904734 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $304011151 | $260085857 |
| Total distributable loss | (85747008) | (28181123) |
| **NET ASSETS** | $218264143 | $231904734 |
| + Including securities loaned at value | $408548 | $— |
| \* Cost of investments in securities | $193042654 | $213913944 |
| † Cost of short-term investments | $21183564 | $15842467 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

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| | | |
|:---|:---|:---|
|  | **Voya**<br>**Inflation**<br>**Protected Bond**<br>**Plus**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Brandywine**<br>**GLOBAL —**<br>**Bond**<br>**Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $29749833 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3357919 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.86 | n/a |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $98598387 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10636466 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.27 | n/a |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $89915923 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9785056 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.19 | n/a |
| **Portfolio<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $231904734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 24616660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $9.42 |

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<sup>(1)</sup> Portfolio does not have a share class designation.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Voya**<br>**Inflation**<br>**Protected Bond**<br>**Plus**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Brandywine**<br>**GLOBAL —**<br>**Bond**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends | $44446 | $289900 |
| Dividends from affiliated underlying funds | 101348 |  |
| Interest, net of foreign taxes withheld\* | 10529363<sup>(1)</sup> | 10490405 |
| Securities lending income, net | 7486 |  |
| Other | 1410 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10684053 | 10781808 |
| **EXPENSES:** |  |  |
| Investment management fees | 1141592 | 1124921 |
| Distribution and shareholder service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 187674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 236157 |  |
| Transfer agent fees |  | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 20096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 22965 |  |
| Shareholder reporting expense | 10030 | 3285 |
| Professional fees | 52674 | 78880 |
| Custody and accounting expense | 84561 | 21900 |
| Shareholder notification costs (Note 6) | 78400 |  |
| Trustee fees | 5208 | 5624 |
| Miscellaneous expense | 16458 | 12658 |
| Interest expense | 181 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1863600 | 1248489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (200348) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1663252 | 1248489 |
| Net investment income | 9020801 | 9533319 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4201575) | (1062948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 4674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 18407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 764962 | 1465858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 1566069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 11876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1835417) | 402910 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8131748 | 3078106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 46054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (18407) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (326) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (913422) | 653504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (243327) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7002320 | 3731610 |
| Net realized and unrealized gain | 5166903 | 4134520 |
| **Increase in net assets resulting from operations** | $14187704 | $13667839 |
| \* Foreign taxes withheld | $20219 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025 (continued)

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya** | **Voya** | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **Inflation Protected Bond** | **Inflation Protected Bond** | **BrandywineGLOBAL —** | **BrandywineGLOBAL —** |
|  | **Plus Portfolio** | **Plus Portfolio** | **Bond Portfolio** | **Bond Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $9020801 | $7845138 | $9533319 | $9038325 |
| Net realized gain (loss) | (1835417) | (10727451) | 402910 | 134161 |
| Net change in unrealized appreciation (depreciation) | 7002320 | 6786055 | 3731610 | (8461996) |
| Increase in net assets resulting from operations | 14187704 | 3903742 | 13667839 | 710490 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  | (9051847) | (9403998) |
| &nbsp;&nbsp;Class ADV | (1258565) | (1206252) |  |  |
| &nbsp;&nbsp;Class I | (3724682) | (2708682) |  |  |
| &nbsp;&nbsp;Class S | (3945094) | (3758175) |  |  |
| Total distributions | (8928341) | (7673109) | (9051847) | (9403998) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 46514137 | 30374554 | 66249743 | 63361253 |
| Reinvestment of distributions | 8928341 | 7673109 | 9051847 | 9403998 |
|  | 55442478 | 38047663 | 75301590 | 72765251 |
| Cost of shares redeemed | (46344274) | (49834524) | (61848556) | (78707288) |
| Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;resulting from capital share transactions | 9098204 | (11786861) | 13453034 | (5942037) |
| Net increase (decrease) in net assets | 14357567 | (15556228) | 18069026 | (14635545) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 203906576 | 219462804 | 213835708 | 228471253 |
| End of year or period | $218264143 | $203906576 | 231904734 | $213835708 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** | **Voya Inflation Protected Bond Plus Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 8.65 | 0.35 | <sup>•</sup> | 0.22 | 0.57 | 0.36 |  |  | 0.36 |  | 8.86 | **6.64** | 1.29 | 1.19 | 1.19 | 3.94 | 29750 | 80 |
| 12-31-24 | 8.82 | 0.30 | • | (0.17) | 0.13 | 0.30 |  |  | 0.30 |  | 8.65 | **1.46** | 1.29 | 1.23 | 1.23 | 3.42 | 31885 | 279 |
| 12-31-23 | 8.76 | 0.27 | • | 0.06 | 0.33 | 0.27 |  |  | 0.27 |  | 8.82 | **3.83** | 1.27 | 1.22 | 1.22 | 3.09 | 38745 | 297 |
| 12-31-22 | 10.51 | 0.35 | • | (1.73) | (1.38) | 0.32 |  | 0.05 | 0.37 |  | 8.76 | **(13.34)** | 1.23 | 1.18 | 1.18 | 3.70 | 43212 | 231 |
| 12-31-21 | 10.28 | 0.22 | • | 0.24 | 0.46 | 0.23 |  |  | 0.23 |  | 10.51 | **4.54** | 1.22 | 1.18 | 1.18 | 2.14 | 56857 | 156 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 9.03 | 0.42 | • | 0.23 | 0.65 | 0.41 |  |  | 0.41 |  | 9.27 | **7.30** | 0.69 | 0.59 | 0.59 | 4.53 | 98598 | 80 |
| 12-31-24 | 9.19 | 0.36 | • | (0.17) | 0.19 | 0.35 |  |  | 0.35 |  | 9.03 | **2.09** | 0.69 | 0.63 | 0.63 | 3.92 | 73236 | 279 |
| 12-31-23 | 9.13 | 0.34 | • | 0.05 | 0.39 | 0.33 |  |  | 0.33 |  | 9.19 | **4.30** | 0.67 | 0.62 | 0.62 | 3.70 | 69071 | 297 |
| 12-31-22 | 10.94 | 0.42 | • | (1.79) | (1.37) | 0.39 |  | 0.05 | 0.44 |  | 9.13 | **(12.74)** | 0.63 | 0.58 | 0.58 | 4.27 | 77275 | 231 |
| 12-31-21 | 10.68 | 0.30 | • | 0.25 | 0.55 | 0.29 |  |  | 0.29 |  | 10.94 | **5.25** | 0.62 | 0.58 | 0.58 | 2.75 | 94962 | 156 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.96 | 0.39 | • | 0.23 | 0.62 | 0.39 |  |  | 0.39 |  | 9.19 | **6.96** | 0.94 | 0.84 | 0.84 | 4.28 | 89916 | 80 |
| 12-31-24 | 9.12 | 0.33 | • | (0.16) | 0.17 | 0.33 |  |  | 0.33 |  | 8.96 | **1.86** | 0.94 | 0.88 | 0.88 | 3.64 | 98787 | 279 |
| 12-31-23 | 9.05 | 0.31 | • | 0.06 | 0.37 | 0.30 |  |  | 0.30 |  | 9.12 | **4.17** | 0.92 | 0.87 | 0.87 | 3.43 | 111647 | 297 |
| 12-31-22 | 10.85 | 0.40 | • | (1.79) | (1.39) | 0.36 |  | 0.05 | 0.41 |  | 9.05 | **(13.03)** | 0.88 | 0.83 | 0.83 | 4.06 | 133729 | 231 |
| 12-31-21 | 10.60 | 0.26 | • | 0.26 | 0.52 | 0.27 |  |  | 0.27 |  | 10.85 | **4.94** | 0.87 | 0.83 | 0.83 | 2.48 | 172822 | 156 |
| **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** | **VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio** |
| 12-31-25 | 9.24 | 0.40 | • | 0.15 | 0.55 | 0.37 |  |  | 0.37 |  | 9.42 | **6.14** | 0.55 | 0.55 | 0.55 | 4.24 | 231905 | 194 |
| 12-31-24 | 9.59 | 0.39 | • | (0.32) | 0.07 | 0.42 |  |  | 0.42 |  | 9.24 | **0.81** | 0.58 | 0.58 | 0.58 | 4.14 | 213836 | 127 |
| 12-31-23 | 9.29 | 0.38 | • | 0.13 | 0.51 | 0.21 |  |  | 0.21 |  | 9.59 | **5.53** | 0.55 | 0.55 | 0.55 | 4.01 | 228471 | 126 |
| 12-31-22 | 11.22 | 0.16 | • | (1.45) | (1.29) | 0.11 | 0.53 |  | 0.64 |  | 9.29 | **(11.89)** | 0.55 | 0.56 | 0.56 | 1.60 | 266314 | 184 |
| 12-31-21 | 12.03 | 0.10 | • | 0.04 | 0.14 | 0.19 | 0.76 |  | 0.95 |  | 11.22 | **1.15** | 0.54 | 0.58 | 0.58 | 0.84 | 343329 | 57 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

 

<sup>(2)</sup> Annualized for periods less than one year.

 

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

 

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

 

• Calculated using
 average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Investors Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Massachusetts business trust on August 3, 1988. Voya Investors Trust currently consists of twenty-two active separate investment series. The one series included in this report is: Voya Inflation Protected Bond Plus Portfolio ("Inflation Protected Bond Plus"), a diversified series of Voya Investors Trust. Prior to December 6, 2024, Voya Inflation Protected Bond Plus Portfolio was known as VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio.

Voya Variable Insurance Trust is registered under the 1940 Act as an open-end management investment company and was organized as a Delaware statutory trust on July 15, 1999. Voya Variable Insurance Trust consists of one active investment series which is included in this report: VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio ("Bond Portfolio"), a diversified series of Voya Variable Insurance Trust.

Voya Investors Trust and Voya Variable Insurance Trust are collectively referred to as the "Trusts." Inflation Protected Bond Plus and Bond Portfolio are each, a "Portfolio" and together, the "Portfolios." The investment objective of the Portfolios is described in each Portfolio's Prospectus.

The classes of shares included in this report for Inflation Protected Bond Plus are: Adviser ("Class ADV"), Institutional ("Class I"), and Service ("Class S"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between

the separate classes, if any. Bond Portfolio does not have a share class designation.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities, other assets and liabilities —
at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment securities, income and expenses —
at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of their results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** Net investment income dividends and net capital gain distributions, if any, for Bond Portfolio are declared and paid annually. For Inflation Protected Bond Plus, dividends from net investment income, if any, are declared and paid monthly and distributions of net capital gains, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest

rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is

held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At December 31, 2025, the maximum amount of loss that Inflation Protected Bond Plus would incur if the counterparties to its derivative transactions failed to perform would be $3,744 which represents the gross payments to be received by the Portfolio on OTC total return swaps were they to be unwound as of December 31, 2025. At December 31, 2025, Inflation Protected Bond Plus did not receive any cash collateral for its open OTC derivative transactions.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between a Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

At December 31, 2025, Inflation Protected Bond Plus had a liability position of $864,370 on OTC total return swaps with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2025, the Portfolio could have been required to pay this amount in cash to its counterparties. At December 31, 2025, Inflation Protected Bond Plus pledged $780,000 in cash collateral for its open OTC derivative transactions.

H. ***Forward Foreign Currency Contracts.*** A Portfolio may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented within the Portfolio of Investments.

For the year ended December 31, 2025, Inflation Protected Bond Plus had entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolio uses forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return.

During the year ended December 31, 2025, Inflation Protected Bond Plus had average contract amounts of $479,453 and $497,860 on forward foreign currency contracts purchased and sold, respectively. At December 31, 2025, there were no open forward foreign currency contracts for Inflation Protected Bond Plus.

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when a Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within the Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the

Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2025, Inflation Protected Bond Plus and Bond Portfolio had purchased and sold futures contracts on various bonds and notes as part of their duration strategy. During the year ended December 31, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Inflation Protected Bond Plus | $9676247 | $31697569 |
| Bond Portfolio | 56139883 |  |

---

Please refer to the tables within Portfolio of Investments for open futures contracts for Inflation Protected Bond Plus and Bond Portfolio at December 31, 2025.

J. ***Options Contracts.*** The Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that a Portfolio gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that a Portfolio may incur a loss if the market price of the security decreases and the option is exercised.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

The risk in buying an option is that a Portfolio pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2025, Inflation Protected Bond Plus had written interest rate swap options ("swaptions") to generate income. Inflation Protected Bond Plus had an average notional value of $1,963,000 on written interest rate swaptions. There were no open written interest rate swaptions at December 31, 2025.

K. ***Swap Agreements.*** The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and a Portfolio's counterparty on the swap agreement becomes the CCP. A Portfolio is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a 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 a 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 a referenced index. 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. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investments and 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. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an

amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

During the year ended December 31, 2025, Inflation Protected Bond Plus sold credit protection on credit default swap indices ("CDX") with an average notional amount of $4,030,000 to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.

There were no open credit default swaps to sell protection at December 31, 2025.

***Interest Rate Swap Contracts.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

The Portfolios enter into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. For the year ended December 31, 2025, there were no interest rate swaps entered into by Inflation Protected Bond Plus.

***Inflation-linked Swap Contracts.*** In an inflation-linked swap, one party pays a fixed interest rate on a notional amount while the other party pays a floating rate linked to an inflation index on that same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional amount.

For the year ended December 31, 2025, Inflation Protected Bond Plus had entered into inflation-linked swaps in which it pays a fixed interest rate and receives a floating rate linked to an inflation index ("short inflation-linked swap"). Average notional amount on short inflation linked-bonds was $94,800,000.

Inflation Protected Bond Plus used inflation-linked swaps as part of their inflation strategy. Please refer to the tables within the Portfolio of Investments for Inflation Protected Bond Plus for open inflation-linked swaps at December 31, 2025.

At December 31, 2025, Inflation Protected Bond Plus pledged $1,950,000 in cash collateral for open centrally cleared swaps.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

***Total Return Swap Agreements.*** Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended December 31, 2025, Inflation Protected Bond Plus had an average notional amount of $98,340,000 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open total returns swaps at December 31, 2025.

L. ***Inflation-Indexed Bonds.*** Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of US Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

M. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

N. ***Sales Commitments.*** Sales commitments involve commitments to sell fixed income securities where the unit price and the estimated principal amount are established upon entering into the contract, with the actual principal amount being within a specified range of the estimate. A Portfolio will enter into sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of sale commitments are not received until the contractual settlement date. During the time a sale commitment is outstanding, except for delayed delivery transactions, the Portfolio will maintain, in a segregated account, cash or marketable securities in an amount sufficient to meet the purchase price. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or loss from the sale of the securities, based upon the unit price established at the date the commitment was entered into. There were no open sales commitments held by Inflation Protected Bond Plus at December 31, 2025.

O. ***Indemnifications.*** In the normal course of business, the Portfolios may enter into contracts that provide certain indemnifications. The Trusts' maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 3 — INVESTMENT TRANSACTIONS (continued)**

excluding U.S. government and short-term securities, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Inflation Protected Bond Plus | $153754406 | $143315884 |
| Bond Portfolio | 16841704 | 12219827 |

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U.S. government securities not included above were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Inflation Protected Bond Plus | $19552367 | $15530390 |
| Bond Portfolio | 396605204 | 394130982 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolios have entered into investment management agreements ("Management Agreements") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Each Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

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| | |
|:---|:---|
| **Portfolio** | **Fee** |
| Inflation Protected | 0.55% on the first $200 million; |
| Bond Plus | 0.50% on the next $800 million; and 0.40% thereafter |
| Bond Portfolio | 0.50% on the first $750 million; and 0.48% thereafter |

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The Investment Adviser has entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the Portfolios and are paid by the Investment Adviser based on the average daily net assets of each Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each Portfolio's assets in accordance with that Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

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| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Inflation Protected Bond Plus | Voya Investment Management Co. LLC\* |
| Bond Portfolio | Brandywine Global Investment Management, LLC |

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Prior to December 6, 2024, the sub-adviser for Inflation Protected Bond Plus was BlackRock Financial Management, Inc.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Voya Investors Trust has entered into a shareholder service plan (the "Plan") for the Class S shares of Inflation Protected Bond Plus. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S shares. Under the Plan, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares of Inflation Protected Bond Plus have a shareholder service and distribution plan. The Portfolio pays the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV shares.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

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| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated Investment**<br>**Company** | <br>**Portfolio** |<br>**Percentage** |
| Voya Institutional Trust Company | Inflation Protected Bond Plus | 15.18% |
| Voya Solution 2035 Portfolio | Bond Portfolio | 10.41 |
| Voya Solution Balanced Portfolio | Bond Portfolio | 5.24 |
| Voya Solution Income Portfolio | Bond Portfolio | 19.43 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect a Portfolio's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Inflation Protected Bond Plus | $50246 |

---

During the year ended December 31, 2025, Inflation Protected Bond Plus incurred $78,400 of information statement costs associated with a sub-adviser change. The Investment Adviser reimbursed Inflation Protected Bond Plus for these costs.

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into written expense limitation agreements ("Expense Limitation Agreements") with the below Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | |
|:---|:---|
| **Portfolio** | **Maximum Operating Expense Limit<br> (as a percentage of net assets)** |
| Inflation Protected Bond Plus | Class ADV: 1.19% |
|  | Class I: 0.59% |
|  | Class S: 0.84% |
| Bond Portfolio | 0.58% |

---

The Investment Adviser may, until May 1, 2026, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026 and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Inflation Protected Bond Plus | $— | $&nbsp;&nbsp;&nbsp;&nbsp;39404 | $149684 | $189088 |

---

The amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, until May 1, 2026 and the related expiration dates, as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Inflation Protected Bond Plus** |  |  |  |  |
| Class ADV | $— | $578 | $7604 | $8182 |
| Class I |  | 1332 | 20096 | 21428 |
| Class S |  | 1753 | 22964 | 24717 |

---

The Expense Limitation Agreements are contractual through May 1, 2026. Termination or modification of these obligations requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2025:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — LINE OF CREDIT (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** |<br><br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Inflation Protected Bond |  |  |  |
| Plus | 1 | $1223000 | 5.33% |
| Bond Portfolio | 3 | 1738000 | 5.33 |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Inflation Protected Bond Plus** | **Inflation Protected Bond Plus** | **Inflation Protected Bond Plus** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 220804 |  | 141601 | (692147) |  | (329742) | 1947268 |  | 1258565 | (6135853) |  | (2930020) |
| 12/31/2024 | 103013 |  | 138123 | (947529) |  | (706393) | 903830 |  | 1206252 | (8321044) |  | (6210962) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3814275 |  | 400798 | (1691074) |  | 2523999 | 35433945 |  | 3724682 | (15676373) |  | 23482254 |
| 12/31/2024 | 1800866 |  | 296958 | (1499236) |  | 598588 | 16538164 |  | 2708682 | (13769399) |  | 5477447 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1003306 |  | 428345 | (2677873) |  | (1246222) | 9132924 |  | 3945094 | (24532048) |  | (11454030) |
| 12/31/2024 | 1400799 |  | 415542 | (3029668) |  | (1213327) | 12932560 |  | 3758175 | (27744081) |  | (11053346) |
| **Bond Portfolio** | **Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7092514 |  | 1003531 | (6625266) |  | 1470779 | 66249743 |  | 9051847 | (61848556) |  | 13453034 |
| 12/31/2024 | 6740911 |  | 1032272 | (8438963) |  | (665780) | 63361253 |  | 9403998 | (78707288) |  | (5942037) |

---

**NOTE 10 — SECURITIES LENDING**

Under an agreement with BNY, the Portfolios can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of a Portfolio at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to a Portfolio on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more

than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, a Portfolio has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — SECURITIES LENDING (continued)**

a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

The following table represents a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Inflation Protected Bond Plus** | **Inflation Protected Bond Plus** | | |
| **Counterparty** | **Securities<br> Loaned at Value** |<br>**Cash Collateral<br> Received<sup>(1)</sup>** |<br>**Net Amount** |
| Goldman, Sachs &Co. LLC | $408548 | $(408548) | $— |
| Total | $408548 | $(408548) | $— |

---

(1) Cash collateral with a fair value of $419,741 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, paydowns, straddle loss deferrals, swaps and wash sale deferrals.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| Inflation Protected Bond Plus | $(411) | $411 |

---

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
|  | **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| Inflation Protected Bond Plus | $8928341 | $7673109 |
| Bond Portfolio | 9051847 | 9403998 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025 were:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Inflation Protected Bond Plus | $118095 | $(555147) | $(12071150) | Short-term | $(85747008) |
|  |  |  | (73238806) | Long-term |  |
|  |  |  | $(85309956) |  |  |
| Bond Portfolio | 9768212 | (547300) | (26642494) | Short-term | (28181123) |
|  |  |  | (10759541) | Long-term |  |
|  |  |  | $(37402035) |  |  |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (Inflation Protected Bond Plus).

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers

or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – *Improvements to Reportable Segment*

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 13 — SEGMENT REPORTING (continued)**

*Disclosures,* which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolios' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns

and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 15 — SUBSEQUENT EVENTS**

*Dividends*: Subsequent to December 31, 2025, the following Portfolio paid dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | Per Share Amount | Payable Date | Record Date |
| **Inflation Protected Bond Plus** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | $0.0275 | January 30, 2026 | January 29, 2026 |
| &nbsp;&nbsp;&nbsp;Class I | $0.0318 | January 30, 2026 | January 29, 2026 |
| &nbsp;&nbsp;&nbsp;Class S | $0.0299 | January 30, 2026 | January 29, 2026 |

---

*Fund Conversion*: On November 13, 2025, the Board approved changes to the structure of Inflation Protected Bond Plus (the "Conversion"). Following the Conversion, Inflation Protected Bond Plus will be offered directly to the public, the eligibility to invest in Inflation Protected Bond Plus will be revised, the Portfolio's name will become "Voya Inflation Protected Bond Plus Fund", and Class ADV and Class S will be renamed to Class R and Class R3, respectively. It is expected that these changes will take effect on or about July 17, 2026.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Inflation Protected Bond Plus Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 24.9%** | **CORPORATE BONDS/NOTES: 24.9%** | **CORPORATE BONDS/NOTES: 24.9%** | **CORPORATE BONDS/NOTES: 24.9%** |
|  | **Basic Materials: 0.6%** | **Basic Materials: 0.6%** | **Basic Materials: 0.6%** |
| 125000 | Celanese US Holdings LLC, 6.850%, 11/15/2028 | $130873 | 0.1 |
| 335000 <sup>(1)</sup> | Chemours Co., 5.750%, 11/15/2028 | 326069 | 0.2 |
| 65000 <sup>(1)</sup> | Glencore Funding LLC, 3.875%, 10/27/2027 | 64833 | 0.0 |
| 271000 <sup>(1)</sup> | Glencore Funding LLC, 5.371%, 04/04/2029 | 279829 | 0.1 |
| 43000 <sup>(1)</sup> | Glencore Funding LLC, 6.125%, 10/06/2028 | 45160 | 0.0 |
| 63000 <sup>(1)</sup> | Glencore Funding LLC, 6.375%, 10/06/2030 | 67855 | 0.0 |
| 374000 | Nucor Corp., 4.300%, 05/23/2027 | 376564 | 0.2 |
|  |  | **1291183** | **0.6** |
|  | **Communications: 1.4%** | **Communications: 1.4%** | **Communications: 1.4%** |
| 433000 | AT&T, Inc., 2.250%, 02/01/2032 | 379968 | 0.2 |
| 250000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 248162 | 0.1 |
| 250000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | 251607 | 0.1 |
| 330000 <sup>(1)</sup> | Match Group Holdings II LLC, 5.000%, 12/15/2027 | 330822 | 0.2 |
| 265000 <sup>(1)</sup> | Nexstar Media, Inc., 5.625%, 07/15/2027 | 266605 | 0.1 |
| 265000 <sup>(1)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.000%, 08/15/2027 | 266585 | 0.1 |
| 265000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | 266557 | 0.1 |
| 258000 | T-Mobile USA, Inc., 3.750%, 04/15/2027 | 257269 | 0.1 |
| 206000 | T-Mobile USA, Inc., 4.800%, 07/15/2028 | 209913 | 0.1 |
| 75000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 66051 | 0.0 |
| 434000 | Verizon Communications, Inc., 2.355%, 03/15/2032 | 382589 | 0.2 |
| 214000 | Verizon Communications, Inc., 4.780%, 02/15/2035 | 210775 | 0.1 |
|  |  | **3136903** | **1.4** |
|  | **Consumer, Cyclical: 1.5%** | **Consumer, Cyclical: 1.5%** | **Consumer, Cyclical: 1.5%** |
| 330000 | Advance Auto Parts, Inc., 1.750%, 10/01/2027 | 313213 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 200000 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029 | 203789 | 0.1 |
| 330000 <sup>(1)</sup> | Cinemark USA, Inc., 5.250%, 07/15/2028 | 330191 | 0.2 |
| 525000 | Lowe's Cos., Inc., 1.700%, 09/15/2028 | 494757 | 0.2 |
| 91000 | Lowe's Cos., Inc., 1.700%, 10/15/2030 | 80881 | 0.0 |
| 330000 | MGM Resorts International, 4.750%, 10/15/2028 | 329856 | 0.2 |
| 400000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 403429 | 0.2 |
| 628000 | O'Reilly Automotive, Inc., 3.600%, 09/01/2027 | 624807 | 0.3 |
| 330000 <sup>(1)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 331280 | 0.2 |
| 80000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 81330 | 0.0 |
|  |  | **3193533** | **1.5** |
|  | **Consumer, Non-cyclical: 2.8%** | **Consumer, Non-cyclical: 2.8%** | **Consumer, Non-cyclical: 2.8%** |
| 400000 <sup>(1)(2)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | 398182 | 0.2 |
| 400000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 | 399985 | 0.2 |
| 110000 | Altria Group, Inc., 4.800%, 02/14/2029 | 111914 | 0.1 |
| 160000 | Altria Group, Inc., 6.200%, 11/01/2028 | 169169 | 0.1 |
| 453000 | Amgen, Inc., 5.150%, 03/02/2028 | 463691 | 0.2 |
| 250000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.750%, 04/01/2028 | 244687 | 0.1 |
| 463000 | BAT International Finance PLC, 4.448%, 03/16/2028 | 466797 | 0.2 |
| 84000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 85137 | 0.0 |
| 26000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 27083 | 0.0 |
| 225000 | CommonSpirit Health, 2.782%, 10/01/2030 | 209746 | 0.1 |
| 601000 | CVS Health Corp., 1.750%, 08/21/2030 | 534054 | 0.3 |
| 212000 | CVS Health Corp., 5.000%, 01/30/2029 | 216546 | 0.1 |
| 265000 <sup>(1)</sup> | Darling Ingredients, Inc., 5.250%, 04/15/2027 | 265712 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Inflation Protected Bond Plus Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 343000 | Gilead Sciences, Inc., 1.650%, 10/01/2030 | 307190 | 0.1 |
| 20000 | Global Payments, Inc., 2.900%, 05/15/2030 | 18573 | 0.0 |
| 59000 | Global Payments, Inc., 4.950%, 08/15/2027 | 59673 | 0.0 |
| 97000 | HCA, Inc., 3.500%, 09/01/2030 | 93315 | 0.1 |
| 625000 | HCA, Inc., 5.200%, 06/01/2028 | 640480 | 0.3 |
| 139000 | HCA, Inc., 5.450%, 04/01/2031 | 145106 | 0.1 |
| 146000 | Humana, Inc., 1.350%, 02/03/2027 | 141777 | 0.1 |
| 19000 | Humana, Inc., 3.950%, 03/15/2027 | 18953 | 0.0 |
| 40000 | Moody's Corp., 4.250%, 02/01/2029 | 40297 | 0.0 |
| 265000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 258131 | 0.1 |
| 5000 | Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026 | 4971 | 0.0 |
| 49000 | Solventum Corp., 5.450%, 02/25/2027 | 49724 | 0.0 |
| 379000 | UnitedHealth Group, Inc., 3.375%, 04/15/2027 | 376967 | 0.2 |
| 265000 <sup>(1)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 265100 | 0.1 |
|  |  | **6012960** | **2.8** |
|  | **Energy: 4.9%** | **Energy: 4.9%** | **Energy: 4.9%** |
| 82000 | APA Corp., 4.250%, 01/15/2030 | 80595 | 0.1 |
| 893000 | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 | 901957 | 0.4 |
| 115000 | Cheniere Energy Partners L.P., 4.000%, 03/01/2031 | 112018 | 0.1 |
| 108000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 108260 | 0.1 |
| 162000 | Cheniere Energy Partners L.P., 5.950%, 06/30/2033 | 171850 | 0.1 |
| 265000 <sup>(1)</sup> | Civitas Resources, Inc., 8.375%, 07/01/2028 | 273385 | 0.1 |
| 64000 | Devon Energy Corp., 4.500%, 01/15/2030 | 64194 | 0.0 |
| 24000 | Devon Energy Corp., 5.250%, 10/15/2027 | 24002 | 0.0 |
| 1143000 | Diamondback Energy, Inc., 3.125%, 03/24/2031 | 1069173 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 615000 | Diamondback Energy, Inc., 3.250%, 12/01/2026 | $610774 | 0.3 |
| 1397000 | Diamondback Energy, Inc., 3.500%, 12/01/2029 | 1355963 | 0.6 |
| 1163000 | Enbridge, Inc., 1.600%, 10/04/2026 | 1142392 | 0.5 |
| 37000 | Energy Transfer L.P., 4.950%, 05/15/2028 | 37635 | 0.0 |
| 265000 | Energy Transfer L.P., 5.500%, 06/01/2027 | 269430 | 0.1 |
| 194000 <sup>(1)</sup> | EQT Corp., 3.625%, 05/15/2031 | 182571 | 0.1 |
| 809000 | EQT Corp., 3.900%, 10/01/2027 | 805987 | 0.4 |
| 235000 | EQT Corp., 5.700%, 04/01/2028 | 242703 | 0.1 |
| 18000 | EQT Corp., 7.000%, 02/01/2030 | 19559 | 0.0 |
| 388000 | Kinder Morgan, Inc., 1.750%, 11/15/2026 | 381016 | 0.2 |
| 154000 | Kinder Morgan, Inc., 5.000%, 02/01/2029 | 157610 | 0.1 |
| 106000 <sup>(1)</sup> | NGPL PipeCo LLC, 3.250%, 07/15/2031 | 97684 | 0.1 |
| 32000 | Northwest Pipeline LLC, 4.000%, 04/01/2027 | 31997 | 0.0 |
| 908000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 909627 | 0.4 |
| 73000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 73509 | 0.0 |
| 60000 | South Bow USA Infrastructure Holdings LLC, 4.911%, 09/01/2027 | 60584 | 0.0 |
| 35000 | South Bow USA Infrastructure Holdings LLC, 5.026%, 10/01/2029 | 35516 | 0.0 |
| 265000 <sup>(1)</sup> | Sunoco L.P., 7.000%, 05/01/2029 | 276541 | 0.1 |
| 209000 | Targa Resources Corp., 5.200%, 07/01/2027 | 212517 | 0.1 |
| 29000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.000%, 01/15/2032 | 27684 | 0.0 |
| 153000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 153974 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 222000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028 | 222064 | 0.1 |
| 34000 <sup>(1)</sup> | Texas Eastern Transmission L.P., 3.500%, 01/15/2028 | 33657 | 0.0 |
| 24000 | Transcontinental Gas Pipe Line Co. LLC, 4.000%, 03/15/2028 | 23990 | 0.0 |
| 214524 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | 219241 | 0.1 |
| 265000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 | 268563 | 0.1 |
|  |  | **10658222** | **4.9** |
|  | **Financial: 9.4%** | **Financial: 9.4%** | **Financial: 9.4%** |
| 270000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027 | 269503 | 0.1 |
| 60000 <sup>(3)</sup> | American Express Co., 5.043%, 07/26/2028 | 61029 | 0.0 |
| 33000 | American Tower Corp., 2.300%, 09/15/2031 | 29327 | 0.0 |
| 268000 | American Tower Corp., 3.550%, 07/15/2027 | 266059 | 0.1 |
| 219000 | American Tower Corp., 3.800%, 08/15/2029 | 215709 | 0.1 |
| 23000 | American Tower Corp., 4.050%, 03/15/2032 | 22396 | 0.0 |
| 110000 | American Tower Corp., 5.200%, 02/15/2029 | 113246 | 0.1 |
| 18000 | American Tower Corp., 5.800%, 11/15/2028 | 18796 | 0.0 |
| 90000 <sup>(3)</sup> | Associated Banc-Corp., 6.455%, 08/29/2030 | 93547 | 0.0 |
| 1173000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 1158195 | 0.5 |
| 214000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 211377 | 0.1 |
| 97000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 96603 | 0.1 |
| 564000 <sup>(3)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 560307 | 0.3 |
| 185000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 169248 | 0.1 |
| 504000 | Bank of Nova Scotia, 2.700%, 08/03/2026 | 500330 | 0.2 |
| 36000 <sup>(3)</sup> | Citigroup, Inc., 2.520%, 11/03/2032 | 32267 | 0.0 |
| 64000 <sup>(3)</sup> | Citigroup, Inc., 2.561%, 05/01/2032 | 58103 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 120000 <sup>(3)</sup> | Citigroup, Inc., 3.980%, 03/20/2030 | $118949 | 0.1 |
| 181000 <sup>(3)</sup> | Citigroup, Inc. VAR, 3.070%, 02/24/2028 | 178986 | 0.1 |
| 29000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 25610 | 0.0 |
| 112000 | Crown Castle, Inc., 2.250%, 01/15/2031 | 100166 | 0.1 |
| 37000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 33103 | 0.0 |
| 91000 | Crown Castle, Inc., 3.650%, 09/01/2027 | 90346 | 0.0 |
| 221000 | Equinix, Inc., 2.000%, 05/15/2028 | 211125 | 0.1 |
| 100000 | Equinix, Inc., 2.150%, 07/15/2030 | 90785 | 0.0 |
| 36000 | Equinix, Inc., 2.500%, 05/15/2031 | 32593 | 0.0 |
| 72000 | Equinix, Inc., 3.200%, 11/18/2029 | 69152 | 0.0 |
| 459000 | GLP Capital L.P. / GLP Financing II, Inc., 5.300%, 01/15/2029 | 467301 | 0.2 |
| 338000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 1.948%, 10/21/2027 | 332361 | 0.2 |
| 450000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.650%, 10/21/2032 | 406343 | 0.2 |
| 65000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.692%, 10/23/2030 | 65905 | 0.0 |
| 443000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 454004 | 0.2 |
| 403000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 421110 | 0.2 |
| 91000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 96541 | 0.0 |
| 400000 <sup>(1)</sup> | Iron Mountain, Inc., 4.875%, 09/15/2027 | 399790 | 0.2 |
| 992000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 974105 | 0.5 |
| 397000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.953%, 02/04/2032 | 354173 | 0.2 |
| 312000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 298181 | 0.1 |
| 51000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.522%, 04/22/2031 | 47521 | 0.0 |
| 635000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 627493 | 0.3 |
| 90000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.505%, 10/22/2028 | 90895 | 0.0 |
| 115000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.979%, 07/22/2028 | 116784 | 0.1 |
| 769000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 789620 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 171000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | $175350 | 0.1 |
| 164000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 167308 | 0.1 |
| 69000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 72005 | 0 |
| 294000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.087%, 10/23/2029 | 309753 | 0.1 |
| 714000 <sup>(3)</sup> | Morgan Stanley, 2.943%, 01/21/2033 | 651895 | 0.3 |
| 687000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 704566 | 0.3 |
| 70000 <sup>(3)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 71902 | 0 |
| 266000 <sup>(3)</sup> | Morgan Stanley, 5.449%, 07/20/2029 | 274545 | 0.1 |
| 197000 <sup>(3)</sup> | Morgan Stanley, 5.656%, 04/18/2030 | 205302 | 0.1 |
| 9000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 9453 | 0 |
| 60000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.239%, 07/21/2032 | 53330 | 0 |
| 123000 <sup>(3)</sup> | Morgan Stanley, GMTN, 2.699%, 01/22/2031 | 115417 | 0.1 |
| 55000 <sup>(3)</sup> | Morgan Stanley, MTN, 1.794%, 02/13/2032 | 48361 | 0 |
| 52000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.511%, 10/20/2032 | 46657 | 0 |
| 245000 <sup>(3)</sup> | Morgan Stanley, MTN, 3.622%, 04/01/2031 | 238129 | 0.1 |
| 383000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 391759 | 0.2 |
| 255000 <sup>(3)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 254951 | 0.1 |
| 9000 <sup>(3)</sup> | Morgan Stanley I, 4.892%, 10/22/2036 | 8924 | 0 |
| 265000 | Navient Corp., 5.000%, 03/15/2027 | 265750 | 0.1 |
| 250000 | OneMain Finance Corp., 3.875%, 09/15/2028 | 243828 | 0.1 |
| 265000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028 | 265387 | 0.1 |
| 400000 <sup>(1)</sup> | PRA Group, Inc., 8.375%, 02/01/2028 | 410204 | 0.2 |
| 2100000 <sup>(3)</sup> | Sumitomo Mitsui Banking Corp./ New York, 3.940%, (SOFRRATE + 0.230%), 01/30/2026 | 2100209 | 1 |
| 200000 <sup>(1)</sup> | Sumitomo Mitsui Trust Bank Ltd., 2.800%, 03/10/2027 | 197616 | 0.1 |
| 1212000 | VICI Properties L.P., 4.750%, 02/15/2028 | 1224274 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 206000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | $| 204738 | 0.1 |
| 194000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 3.875%, 02/15/2029 |  | 190491 | 0.1 |
| 180000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.125%, 08/15/2030 |  | 174633 | 0.1 |
| 190000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026 |  | 190023 | 0.1 |
| 181000 <sup>(1)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 12/01/2029 |  | 180718 | 0.1 |
| 210000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 |  | 208674 | 0.1 |
| 197000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 |  | 204160 | 0.1 |
|  |  |  | **20629296** | **9.4** |
|  | **Industrial: 1.4%** | **Industrial: 1.4%** | **Industrial: 1.4%** | **Industrial: 1.4%** |
| 13000 | Berry Global, Inc., 5.500%, 04/15/2028 |  | 13394 | 0.0 |
| 324000 | Canadian Pacific Railway Co., 1.750%, 12/02/2026 |  | 317762 | 0.2 |
| 125000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 |  | 124759 | 0.1 |
| 265000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.625%, 04/15/2029 |  | 270545 | 0.1 |
| 20000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 |  | 20445 | 0.0 |
| 265000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.375%, 03/31/2029 |  | 253502 | 0.1 |
| 330000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 |  | 325994 | 0.2 |
| 213000 | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 |  | 209633 | 0.1 |
| 244000 | L3Harris Technologies, Inc., 3.850%, 12/15/2026 |  | 243792 | 0.1 |
| 276000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 |  | 283862 | 0.1 |
| 9000 | L3Harris Technologies, Inc., 5.250%, 06/01/2031 |  | 9372 | 0.0 |
| 302000 | L3Harris Technologies, Inc., 5.400%, 01/15/2027 |  | 306461 | 0.1 |
| 7000 | Lockheed Martin Corp., 4.450%, 05/15/2028 |  | 7093 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 212000 | RTX Corp., 5.750%, 01/15/2029 | 222040 | 0.1 |
| 265000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 6.000%, 11/01/2028 | 266429 | 0.1 |
| 265000 <sup>(1)</sup> | TransDigm, Inc., 6.375%, 03/01/2029 | 273617 | 0.1 |
|  |  | **3148700** | **1.4** |
|  | **Technology: 1.2%** | **Technology: 1.2%** | **Technology: 1.2%** |
| 224000 | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 | 222172 | 0.1 |
| 376000 | Broadcom, Inc., 3.459%, 09/15/2026 | 375038 | 0.2 |
| 41000 | Broadcom, Inc., 4.150%, 11/15/2030 | 40847 | 0.0 |
| 90000 | Broadcom, Inc., 5.050%, 07/12/2029 | 92686 | 0.0 |
| 65000 | Broadcom, Inc., 5.150%, 11/15/2031 | 67467 | 0.0 |
| 330000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 334537 | 0.2 |
| 361000 | Fiserv, Inc., 5.450%, 03/02/2028 | 369834 | 0.2 |
| 200000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.150%, 01/25/2032 | 212095 | 0.1 |
| 101000 <sup>(1)</sup> | Gartner, Inc., 3.625%, 06/15/2029 | 97477 | 0.0 |
| 576000 <sup>(1)</sup> | Gartner, Inc., 4.500%, 07/01/2028 | 574278 | 0.3 |
| 9000 | Hewlett Packard Enterprise Co., 5.250%, 07/01/2028 | 9229 | 0.0 |
| 185000 | International Business Machines Corp., 4.150%, 07/27/2027 | 186107 | 0.1 |
| 20000 | KLA Corp., 4.650%, 07/15/2032 | 20300 | 0.0 |
| 30000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 | 27165 | 0.0 |
|  |  | **2629232** | **1.2** |
|  | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** |
| 420000 | Ameren Illinois Co., 3.800%, 05/15/2028 | 419181 | 0.2 |
| 13000 | CenterPoint Energy Resources Corp., 1.750%, 10/01/2030 | 11591 | 0.0 |
| 73000 | CenterPoint Energy Resources Corp., 5.250%, 03/01/2028 | 74847 | 0.1 |
| 64000 | Duke Energy Carolinas LLC, 2.450%, 02/01/2030 | 60079 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 117000 | Duke Energy Carolinas LLC, 4.950%, 01/15/2033 | 120736 | 0.1 |
| 738000 | Duke Energy Corp., 3.150%, 08/15/2027 | 729372 | 0.4 |
| 164000 | Duke Energy Florida LLC, 1.750%, 06/15/2030 | 148181 | 0.1 |
| 188000 | Duke Energy Florida LLC, 3.800%, 07/15/2028 | 187996 | 0.1 |
| 38000 | Duke Energy Ohio, Inc., 3.650%, 02/01/2029 | 37668 | 0.0 |
| 60000 | Duke Energy Progress LLC, 5.250%, 03/15/2033 | 62437 | 0.0 |
| 605000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 602949 | 0.3 |
| 37000 | Georgia Power Co., 4.950%, 05/17/2033 | 37745 | 0.0 |
| 233000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 210686 | 0.1 |
| 383000 | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | 387342 | 0.2 |
| 75000 | NiSource, Inc., 1.700%, 02/15/2031 | 65867 | 0.0 |
| 65000 | NiSource, Inc., 5.200%, 07/01/2029 | 67040 | 0.0 |
| 265000 <sup>(1)</sup> | NRG Energy, Inc., 3.375%, 02/15/2029 | 253706 | 0.1 |
| 68000 <sup>(1)</sup> | NRG Energy, Inc., 4.450%, 06/15/2029 | 67801 | 0.0 |
| 32000 | ONE Gas, Inc., 2.000%, 05/15/2030 | 29318 | 0.0 |
| 65000 | Piedmont Natural Gas Co., Inc., 3.500%, 06/01/2029 | 63629 | 0.0 |
|  |  | **3638171** | **1.7** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $53,529,240) | **54338200** | **24.9** |
| **ASSET-BACKED SECURITIES: 23.4%** | **ASSET-BACKED SECURITIES: 23.4%** | **ASSET-BACKED SECURITIES: 23.4%** | **ASSET-BACKED SECURITIES: 23.4%** |
|  | **Automobile Asset-Backed Securities: 3.2%** | **Automobile Asset-Backed Securities: 3.2%** | **Automobile Asset-Backed Securities: 3.2%** |
| 1300000 <sup>(1)</sup> | American Heritage Auto Receivables Issuer Trust 2025-1A B, 4.770%, 06/16/2031 | 1307725 | 0.6 |
| 1100000 | Carmax Select Receivables Trust 2025-B B, 4.350%, 07/15/2030 | 1102725 | 0.5 |
| 300000 | CarMax Select Receivables Trust 2025-A B, 5.010%, 09/16/2030 | 303950 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 550000 | Exeter Automobile Receivables Trust 2025-1A B, 4.910%, 08/15/2029 | 554786 | 0.3 |
| 1000000 | Exeter Select Automobile Receivables Trust 2025-1 A3, 4.690%, 04/15/2030 | 1011507 | 0.5 |
| 500000 <sup>(1)</sup> | GLS Auto Receivables Issuer Trust 2025-1A C, 5.070%, 11/15/2030 | 505390 | 0.2 |
| 600000 <sup>(1)</sup> | GLS Auto Receivables Issuer Trust 2025-3A B, 4.570%, 01/15/2030 | 602603 | 0.3 |
| 600000 | Santander Drive Auto Receivables Trust 2025-1 A3, 4.740%, 01/16/2029 | 601412 | 0.3 |
| 300000 | Santander Drive Auto Receivables Trust 2025-2 B, 4.870%, 05/15/2031 | 303414 | 0.1 |
| 450000 | Santander Drive Auto Receivables Trust 2025-4 C, 4.520%, 01/15/2032 | 451456 | 0.2 |
| 200000 | World Omni Auto Receivables Trust 2025-A B, 5.080%, 11/15/2030 | 203965 | 0.1 |
|  |  | **6948933** | **3.2** |
|  | **Other Asset-Backed Securities: 18.1%** | **Other Asset-Backed Securities: 18.1%** | **Other Asset-Backed Securities: 18.1%** |
| 1000000 <sup>(1)(3)</sup> | AB BSL CLO 3 Ltd. 2021-3A C2R, 5.884%, (TSFR3M + 2.000%), 04/20/2038 | 989377 | 0.4 |
| 570000 <sup>(1)(3)</sup> | AMMC CLO 27 Ltd. 2022-27A A1R, 4.964%, (TSFR3M + 1.080%), 01/20/2037 | 568226 | 0.3 |
| 500000 <sup>(1)(3)</sup> | AMMC CLO 31 Ltd. 2025-31A C, 5.784%, (TSFR3M + 1.900%), 02/20/2038 | 502378 | 0.2 |
| 550000 <sup>(1)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2025-1A A2, 6.720%, 06/07/2055 | 554671 | 0.3 |
| 1225159 <sup>(1)</sup> | Aqua Finance Issuer Trust 2025-A A, 5.250%, 12/19/2050 | 1248812 | 0.6 |
| 450000 <sup>(1)(3)</sup> | Ares LXV CLO Ltd. 2022-65A A1R, 4.978%, (TSFR3M + 1.120%), 07/25/2034 | 450181 | 0.2 |
| 1100000 <sup>(1)(3)</sup> | Ballyrock CLO 19 Ltd. 2022-19A A1R, 4.994%, (TSFR3M + 1.110%), 04/20/2035 | 1099350 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 400000 <sup>(1)(3)</sup> | Birch Grove Clo 15 Ltd. 2025-15A A2, 5.214%, (TSFR3M + 1.500%), 01/23/2039 | $400100 | 0.2 |
| 700000 <sup>(1)(3)</sup> | CBAMR LLC 2021-15A BR, 5.454%, (TSFR3M + 1.570%), 01/20/2038 | 702122 | 0.3 |
| 500000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A CRR, 5.732%, (TSFR3M + 1.850%), 01/17/2038 | 500266 | 0.2 |
| 1100000 <sup>(1)(3)</sup> | CIFC Funding Ltd. 2022-4A AR, 4.984%, (TSFR3M + 1.090%), 07/16/2035 | 1100396 | 0.5 |
| 1426357 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 1329537 | 0.6 |
| 1300000 <sup>(1)</sup> | DB Master Finance LLC 2025-1A A2I, 4.891%, 08/20/2055 | 1305799 | 0.6 |
| 1258415 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051 | 1156217 | 0.5 |
| 1450000 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2025-1A A2I, 4.930%, 07/25/2055 | 1460718 | 0.7 |
| 1000000 <sup>(1)(3)</sup> | Elevation Clo Ltd. 2021-13A C1R, 5.905%, (TSFR3M + 2.000%), 07/15/2034 | 1000297 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | Fort Greene Park CLO LLC 2025-2A CR, 5.507%, (TSFR3M + 1.650%), 04/22/2034 | 994304 | 0.5 |
| 900000 <sup>(1)(3)</sup> | HPS Loan Management Ltd. 2025-25A A, 5.619%, (TSFR3M + 1.430%), 07/26/2038 | 903358 | 0.4 |
| 1346625 <sup>(1)</sup> | Jersey Mike's Funding 2025-1A A2, 5.610%, 08/16/2055 | 1374917 | 0.6 |
| 546628 <sup>(1)</sup> | JGWPT XXIX LLC 2013-2A A, 4.210%, 03/15/2062 | 520881 | 0.2 |
| 350000 <sup>(1)(3)</sup> | LCM 36 Ltd. 36A A1R, 4.975%, (TSFR3M + 1.070%), 01/15/2034 | 349741 | 0.2 |
| 336183 <sup>(1)</sup> | Mosaic Solar Loan Trust 2025-1A A, 6.120%, 08/22/2050 | 337483 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Ocean Trails Clo XI 2021-11A C1R, 5.734%, (TSFR3M + 1.850%), 07/20/2034 | 986178 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1500000 <sup>(1)(3)</sup> | Octagon 75 Ltd. 2025-1A A1, 5.057%, (TSFR3M + 1.200%), 01/22/2038 | $1501837 | 0.7 |
| 859667 <sup>(1)(3)</sup> | OZLM XV Ltd. 2016-15A A1R3, 4.934%, (TSFR3M + 1.050%), 04/20/2033 | 860095 | 0.4 |
| 199983 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 201711 | 0.1 |
| 1499697 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-3 A2, 5.365%, 12/15/2032 | 1513457 | 0.7 |
| 1549945 <sup>(1)</sup> | Pagaya AI Debt Trust 2025-4 B, 5.688%, 01/17/2033 | 1566967 | 0.7 |
| 1000000 <sup>(1)(4)</sup> | Palmetto Issuer LLC 2025-2A A, 5.980%, 04/30/2061 | 997600 | 0.5 |
| 1250000 <sup>(1)</sup> | Planet Fitness Master Issuer LLC 2025-1A A2I, 5.274%, 12/06/2055 | 1258311 | 0.6 |
| 1050000 <sup>(1)(3)</sup> | PPM CLO 8 Ltd. 2025-8A A1, 5.154%, (TSFR3M + 1.270%), 04/20/2038 | 1050270 | 0.5 |
| 525000 <sup>(1)</sup> | Progress Residential Trust 2022-SFR7 D, 5.500%, 10/27/2039 | 525687 | 0.2 |
| 109024 <sup>(1)</sup> | Reach ABS Trust 2025-1A A, 4.960%, 08/16/2032 | 109368 | 0 |
| 1313000 <sup>(1)</sup> | Reach ABS Trust 2025-2A B, 5.120%, 08/18/2032 | 1326677 | 0.6 |
| 500000 <sup>(1)</sup> | SoFi Consumer Loan Program Trust 2025-1 C, 5.420%, 02/27/2034 | 508186 | 0.2 |
| 568000 <sup>(1)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 562446 | 0.3 |
| 446728 <sup>(1)</sup> | Sunrun Bacchus Issuer LLC 2025-1A A2A, 6.410%, 04/30/2060 | 452392 | 0.2 |
| 1015402 <sup>(1)</sup> | Sunrun Pangea Issuer LLC 2025-2A A1, 6.150%, 01/30/2054 | 1024579 | 0.5 |
| 1500000 <sup>(1)</sup> | Taco Bell Funding LLC 2025-1A A2I, 4.821%, 08/25/2055 | 1495108 | 0.7 |
| 730067 <sup>(1)</sup> | Textainer Marine Containers VII Ltd. 2021-2A A, 2.230%, 04/20/2046 | 692387 | 0.3 |
| 263500 <sup>(1)</sup> | Textainer Marine Containers VII Ltd. 2024-1A A, 5.250%, 08/20/2049 | 265264 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 483943 <sup>(1)</sup> | Wendy's Funding LLC 2019-1A A2II, 4.080%, 06/15/2049 | 472105 | 0.2 |
| 533841 <sup>(1)</sup> | Wendy's Funding LLC 2021-1A A2II, 2.775%, 06/15/2051 | 477345 | 0.2 |
| 1050000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2016-1KRA A2R3, 5.205%, (TSFR3M + 1.300%), 10/15/2034 | 1050684 | 0.5 |
| 1915000 <sup>(1)</sup> | Zaxbys Funding LLC 2021-1A A2, 3.238%, 07/30/2051 | 1809817 | 0.8 |
|  |  | **39557602** | **18.1** |
|  | **Student Loan Asset-Backed Securities: 2.1%** | **Student Loan Asset-Backed Securities: 2.1%** | **Student Loan Asset-Backed Securities: 2.1%** |
| 88755 <sup>(1)</sup> | College Ave Student Loans LLC 2021-B A2, 1.760%, 06/25/2052 | 80474 | 0.0 |
| 139111 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 | 130788 | 0.1 |
| 58439 <sup>(1)</sup> | Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059 | 57645 | 0.0 |
| 600000 <sup>(1)</sup> | Nelnet Student Loan Trust 2025-DA A1A, 4.650%, 08/20/2054 | 598413 | 0.3 |
| 202486 <sup>(1)</sup> | SMB Private Education Loan Trust 2021-D A1A, 1.340%, 03/17/2053 | 191862 | 0.1 |
| 700000 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-A B, 5.880%, 01/15/2053 | 717100 | 0.3 |
| 229757 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-B A1A, 4.990%, 10/16/2056 | 231840 | 0.1 |
| 1536213 <sup>(1)</sup> | SMB Private Education Loan Trust 2025-A A1A, 5.130%, 04/15/2054 | 1560677 | 0.7 |
| 1092793 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 | 958471 | 0.5 |
|  |  | **4527270** | **2.1** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $50,694,781) | **51033805** | **23.4** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.2%** |
| 1500000 <sup>(1)(3)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 A, 5.088%, (TSFR1M + 1.354%), 01/20/2043 | 1499012 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 118343 <sup>(1)(3)</sup> | AREIT Ltd. 2024-CRE9 A, 5.437%, (TSFR1M + 1.686%), 05/17/2041 | $118412 | 0.0 |
| 500000 <sup>(1)(3)</sup> | AREIT Ltd. 2025-CRE10 A, 5.347%, (TSFR1M + 1.388%), 12/17/2029 | 499872 | 0.2 |
| 90000 <sup>(1)(3)</sup> | BAMLL Trust 2024-BHP A, 6.100%, (TSFR1M + 2.350%), 08/15/2039 | 90315 | 0.0 |
| 1500000 <sup>(1)(3)</sup> | BAMLL Trust 2025-ASHF A, 5.601%, (TSFR1M + 1.850%), 02/15/2042 | 1502557 | 0.7 |
| 366000 | BANK 2019-BN23 A3, 2.920%, 12/15/2052 | 346821 | 0.2 |
| 280000 <sup>(3)</sup> | BANK 2022-BNK42 A5, 4.493%, 06/15/2055 | 275280 | 0.1 |
| 300000 | Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052 | 283952 | 0.1 |
| 280000 | Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052 | 246641 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | BAY Mortgage Trust 2025-LIVN A, 5.550%, (TSFR1M + 1.800%), 05/15/2035 | 1002427 | 0.5 |
| 1000000 <sup>(3)</sup> | BBCMS Mortgage Trust 2024-5C31 B, 6.002%, 12/15/2057 | 1033647 | 0.5 |
| 1000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2025-V14 B, 6.390%, 04/15/2057 | 1044779 | 0.5 |
| 1000000 | Benchmark Mortgage Trust 2025-V17 A3, 5.075%, 09/15/2058 | 1025444 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | BSPRT Issuer LLC 2025-FL12 A, 5.122%, (TSFR1M + 1.386%), 01/17/2043 | 1001531 | 0.5 |
| 98301 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-AIRC A, 5.441%, (TSFR1M + 1.691%), 08/15/2041 | 98616 | 0.0 |
| 700774 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-KING A, 5.291%, (TSFR1M + 1.541%), 05/15/2034 | 701608 | 0.3 |
| 168043 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-MDHS A, 5.391%, (TSFR1M + 1.641%), 05/15/2041 | 168509 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-SLCT A, 5.074%, (TSFR1M + 1.323%), 01/15/2042 | $1000298 | 0.4 |
| 1500000 <sup>(1)(3)</sup> | BX Trust 2025-DIME A, 4.900%, (TSFR1M + 1.150%), 02/15/2035 | 1497957 | 0.7 |
| 600000 <sup>(1)(3)</sup> | BX Trust 2025-GW A, 5.350%, (TSFR1M + 1.600%), 07/15/2042 | 602068 | 0.3 |
| 996115 <sup>(1)(3)</sup> | BX Trust 2025-ROIC B, 5.144%, (TSFR1M + 1.393%), 03/15/2030 | 993769 | 0.4 |
| 1000000 <sup>(1)(3)</sup> | BX Trust 2025-VOLT B, 5.850%, (TSFR1M + 2.100%), 12/15/2044 | 1005274 | 0.5 |
| 500000 | CD Mortgage Trust 2017-CD6 A5, 3.456%, 11/13/2050 | 493932 | 0.2 |
| 30000 <sup>(1)(3)</sup> | CONE Trust 2024-DFW1 A, 5.392%, (TSFR1M + 1.642%), 08/15/2041 | 29995 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | DBC Mortgage Trust 2025-DBC A, 5.101%, (TSFR1M + 1.350%), 11/15/2042 | 1002202 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | Extended Stay America Trust 2025-ESH A, 5.050%, (TSFR1M + 1.300%), 10/15/2042 | 1002914 | 0.5 |
| 1500000 <sup>(1)(3)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.116%, (TSFR1M + 1.385%), 08/19/2042 | 1499832 | 0.7 |
| 100000 <sup>(1)(3)</sup> | GWT 2024-WLF2 A, 5.441%, (TSFR1M + 1.691%), 05/15/2041 | 100401 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Hawaii Hotel Trust 2025-MAUI A, 5.143%, (TSFR1M + 1.393%), 03/15/2042 | 1002213 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.000%, (TSFR1M + 2.250%), 03/15/2042 | 1003276 | 0.5 |
| 781748 <sup>(1)</sup> | Key Commercial Mortgage Securities Trust 2018-S1 A3, 4.498%, 10/15/2053 | 777368 | 0.3 |
| 1200000 <sup>(1)(3)</sup> | KRE Commercial Mortgage Trust 2025-AIP4 B, 5.350%, (TSFR1M + 1.600%), 03/15/2042 | 1198894 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | KSL Commercial Mortgage Trust 2025-MH A, 5.344%, (TSFR1M + 1.594%), 12/15/2042 | 1002939 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(3)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.754%, 10/15/2042 | $1004866 | 0.5 |
| 442323 <sup>(1)(3)</sup> | MF1 Ltd. 2021-FL7 A, 4.929%, (TSFR1M + 1.194%), 10/16/2036 | 442112 | 0.2 |
| 1600000 <sup>(1)(3)</sup> | MHP Commercial Mortgage Trust 2025-MHIL2 A, 5.250%, (TSFR1M + 1.500%), 09/15/2040 | 1602501 | 0.7 |
| 1000000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 B, 6.513%, 03/15/2058 | 1042098 | 0.5 |
| 215000 <sup>(1)(3)</sup> | MTN Commercial Mortgage Trust 2022-LPFL A, 5.157%, (TSFR1M + 1.397%), 03/15/2039 | 214956 | 0.1 |
| 1500000 <sup>(1)(3)</sup> | PRM5 Trust 2025-PRM5 A, 4.471%, 03/10/2033 | 1500219 | 0.7 |
| 1000000 <sup>(1)(3)</sup> | SCG Commercial Mortgage Trust 2025-DLFN B, 5.250%, (TSFR1M + 1.500%), 03/15/2035 | 998366 | 0.4 |
| 1000000 <sup>(1)(3)</sup> | SDAL Trust 2025-DAL A, 6.191%, (TSFR1M + 2.441%), 04/15/2042 | 1008354 | 0.5 |
| 750000 <sup>(1)(3)</sup> | SREIT Trust 2021-MFP2 B, 5.036%, (TSFR1M + 1.286%), 11/15/2036 | 749982 | 0.3 |
| 1500000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.193%, (TSFR1M + 1.443%), 02/15/2042 | 1488367 | 0.7 |
| 650000 | UBS Commercial Mortgage Trust 2017-C4 A4, 3.563%, 10/15/2050 | 641050 | 0.3 |
| 700000 | Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050 | 688094 | 0.3 |
| 1000000 | Wells Fargo Commercial Mortgage Trust 2025-5C4 A3, 5.673%, 05/15/2058 | 1046022 | 0.5 |
| 1000000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP A, 6.092%, (TSFR1M + 2.341%), 04/15/2038 | 1005784 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1200000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT B, 5.492%, 03/15/2038 | 1207616 | 0.5 |
|  | Total Commercial Mortgage-Backed Securities |  |  |
|  | (Cost $39,710,031) | **39793142** | **18.2** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** |
| 210829 <sup>(1)(3)</sup> | BRAVO Residential Funding Trust 2023-NQM3 A1, 4.850%, 09/25/2062 | 210800 | 0.1 |
| 409060 <sup>(1)(3)</sup> | CSMC Trust 2022-NQM5 A1, 5.169%, 05/25/2067 | 409088 | 0.2 |
| 271057 <sup>(1)(3)</sup> | Ellington Financial Mortgage Trust 2021-3 A1, 1.241%, 09/25/2066 | 229355 | 0.1 |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 5.824%, (SOFR30A + 1.950%), 03/25/2044 | 503152 | 0.2 |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 5.524%, (SOFR30A + 1.650%), 05/25/2044 | 502223 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 5.824%, (SOFR30A + 1.950%), 02/25/2045 | 1006622 | 0.5 |
| 4202179 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FH, 5.124%, (SOFR30A + 1.250%), 01/25/2055 | 4222868 | 1.9 |
| 735110 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FM, 5.374%, (SOFR30A + 1.500%), 01/25/2055 | 742454 | 0.3 |
| 4316431 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-15 FD, 5.224%, (SOFR30A + 1.350%), 04/25/2054 | 4345981 | 2.0 |
| 966169 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-88 DF, 5.124%, (SOFR30A + 1.250%), 12/25/2054 | 970898 | 0.5 |
| 5755769 <sup>(3)</sup> | Freddie Mac REMIC Trust 5410 DF, 5.324%, (SOFR30A + 1.450%), 05/25/2054 | 5808817 | 2.7 |
| 1941936 <sup>(3)</sup> | Freddie Mac REMIC Trust 5460 FH, 4.974%, (SOFR30A + 1.100%), 10/25/2054 | 1946514 | 0.9 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** |  | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 961194 <sup>(3)</sup> | Freddie Mac REMIC Trust 5475 FG, 5.024%, (SOFR30A + 1.150%), 11/25/2054 | 964210 | 0.4 |
| 575578 <sup>(3)</sup> | Freddie Mac REMIC Trust 5483 FD, 5.174%, (SOFR30A + 1.300%), 12/25/2054 | 579179 | 0.3 |
| 1000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA3 M2, 8.224%, (SOFR30A + 4.350%), 04/25/2042 | 1042151 | 0.5 |
| 700000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 5.674%, (SOFR30A + 1.800%), 08/25/2044 | 704859 | 0.3 |
| 500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2025-HQA1 M2, 5.524%, (SOFR30A + 1.650%), 02/25/2045 | 501513 | 0.2 |
| 726360 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052 | 635656 | 0.3 |
| 117137 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2023-DSC1 A1, 4.625%, 07/25/2063 | 115885 | 0.1 |
| 438363 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 443105 | 0.2 |
| 881804 <sup>(1)(3)</sup> | Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052 | 771134 | 0.4 |
| 275708 <sup>(1)(3)</sup> | OBX Trust 2025-J2 A19, 5.500%, 09/25/2055 | 276637 | 0.1 |
| 63410 <sup>(1)(3)</sup> | PRKCM Trust 2022-AFC2 A1, 5.335%, 08/25/2057 | 63400 | 0.0 |
| 495566 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2025-12 A19, 5.500%, 12/25/2055 | 496615 | 0.2 |
| 277039 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2025-9 A28, 6.000%, 10/25/2055 | 281171 | 0.1 |
| 325944 <sup>(1)(3)</sup> | SG Residential Mortgage Trust 2021-1 A1, 1.160%, 07/25/2061 | 272492 | 0.1 |
| 102095 <sup>(1)(3)</sup> | SG Residential Mortgage Trust 2022-2 A1, 5.353%, 08/25/2062 | 102176 | 0.1 |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $28,093,402) | **28148955** | **12.9** |
| **U.S. TREASURY OBLIGATIONS: 9.5%** | **U.S. TREASURY OBLIGATIONS: 9.5%** | **U.S. TREASURY OBLIGATIONS: 9.5%** | **U.S. TREASURY OBLIGATIONS: 9.5%** |
|  | **United States Treasury Inflation Indexed Bonds:** | **United States Treasury Inflation Indexed Bonds:** | **United States Treasury Inflation Indexed Bonds:** |
|  | **2.3%** |  |  |
| 234039 | 0.125%, 02/15/2051 | 126578 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Inflation Indexed Bonds (continued)** | **United States Treasury Inflation Indexed Bonds (continued)** | **United States Treasury Inflation Indexed Bonds (continued)** |
| 282008 | 0.125%, 02/15/2052 | 149385 | 0.1 |
| 237004 | 0.250%, 02/15/2050 | 136612 | 0.1 |
| 245531 | 0.625%, 02/15/2043 | 182948 | 0.1 |
| 298696 | 0.750%, 02/15/2042 | 232806 | 0.1 |
| 364273 | 0.750%, 02/15/2045 | 265912 | 0.1 |
| 226856 | 0.875%, 02/15/2047 | 163762 | 0.1 |
| 186153 | 1.000%, 02/15/2046 | 140513 | 0.1 |
| 164905 | 1.000%, 02/15/2048 | 120597 | 0.1 |
| 135788 | 1.000%, 02/15/2049 | 97794 | 0 |
| 333637 | 1.375%, 02/15/2044 | 279656 | 0.1 |
| 247490 | 1.500%, 02/15/2053 | 193186 | 0.1 |
| 240309 | 1.750%, 01/15/2028 | 242145 | 0.1 |
| 125628 | 2.125%, 02/15/2040 | 124484 | 0.1 |
| 187918 | 2.125%, 02/15/2041 | 184154 | 0.1 |
| 258122 | 2.125%, 02/15/2054 | 232175 | 0.1 |
| 254958 | 2.375%, 01/15/2027 | 257014 | 0.1 |
| 651946 | 2.375%, 10/15/2028 | 671497 | 0.3 |
| 258359 | 2.375%, 02/15/2055 | 245351 | 0.1 |
| 215727 | 2.500%, 01/15/2029 | 222729 | 0.1 |
| 100642 | 3.375%, 04/15/2032 | 111144 | 0 |
| 241381 | 3.625%, 04/15/2028 | 253351 | 0.1 |
| 275222 | 3.875%, 04/15/2029 | 296558 | 0.1 |
|  |  | **4930351** | **2.3** |
|  | **United States Treasury Inflation Indexed Notes: 7.2%** | **United States Treasury Inflation Indexed Notes: 7.2%** | **United States Treasury Inflation Indexed Notes: 7.2%** |
| 637299 | 0.125%, 04/15/2027 | 625882 | 0.3 |
| 574906 | 0.125%, 01/15/2030 | 545439 | 0.2 |
| 632392 | 0.125%, 07/15/2030 | 596986 | 0.3 |
| 651679 | 0.125%, 01/15/2031 | 607652 | 0.3 |
| 660579 | 0.125%, 07/15/2031 | 612256 | 0.3 |
| 718844 | 0.125%, 01/15/2032 | 657090 | 0.3 |
| 511082 | 0.250%, 07/15/2029 | 492550 | 0.2 |
| 502343 | 0.375%, 01/15/2027 | 496182 | 0.2 |
| 566431 | 0.375%, 07/15/2027 | 559949 | 0.3 |
| 578189 | 0.500%, 01/15/2028 | 568133 | 0.3 |
| 743509 | 0.625%, 07/15/2032 | 697772 | 0.3 |
| 502437 | 0.750%, 07/15/2028 | 496524 | 0.2 |
| 433361 | 0.875%, 01/15/2029 | 426771 | 0.2 |
| 381967 | 1.125%, 10/15/2030 | 376237 | 0.2 |
| 727508 | 1.125%, 01/15/2033 | 698299 | 0.3 |
| 631302 | 1.250%, 04/15/2028 | 628869 | 0.3 |
| 717815 | 1.375%, 07/15/2033 | 699935 | 0.3 |
| 640765 | 1.625%, 10/15/2027 | 645722 | 0.3 |
| 685511 | 1.625%, 10/15/2029 | 692424 | 0.3 |
| 717088 | 1.625%, 04/15/2030 | 720884 | 0.3 |
| 754328 | 1.750%, 01/15/2034 | 750339 | 0.3 |
| 791342 | 1.875%, 07/15/2034 | 794798 | 0.4 |
| 879424 | 1.875%, 07/15/2035 | 877344 | 0.4 |
| 660297 | 2.125%, 04/15/2029 | 674379 | 0.3 |
| 848670 | 2.125%, 01/15/2035 | 863950 | 0.4 |
|  |  | **15806366** | **7.2** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $21,015,200) | **20736717** | **9.5** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $193,042,654) | **194050819** | **88.9** |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 9.7%** | **SHORT-TERM INVESTMENTS: 9.7%** | **SHORT-TERM INVESTMENTS: 9.7%** | **SHORT-TERM INVESTMENTS: 9.7%** |
|  | **Commercial Paper: 8.7%** | **Commercial Paper: 8.7%** | **Commercial Paper: 8.7%** |
| 2100000 | American Electic, 3.890%, 01/13/2026 | $2097091 | 1 |
| 1520000 | American Honda, 3.870%, 01/09/2026 | 1518550 | 0.7 |
| 2100000 | Barton Capital, 3.830%, 02/17/2026 | 2089478 | 1 |
| 1000000 | Broadcom, Inc., 3.930%, 01/20/2026 | 997853 | 0.4 |
| 1700000 | Concord Minutemen, 3.800%, 01/09/2026 | 1698410 | 0.8 |
| 2000000 | Dominion Energy, 3.900%, 01/20/2026 | 1995740 | 0.9 |
| 2100000 | Duke Energy, 3.860%, 02/09/2026 | 2091164 | 1 |
| 1000000 | Enbridge, Inc., 3.920%, 01/21/2026 | 997750 | 0.4 |
| 2000000 | Equifax, Inc., 3.900%, 01/16/2026 | 1996584 | 0.9 |
| 1000000 | Oracle Corp. NE, 3.900%, 01/16/2026 | 998294 | 0.5 |
| 2000000 | Parker Hannifin, 3.900%, 01/27/2026 | 1994245 | 0.9 |
| 500000 | Virginia Electric, 3.880%, 01/05/2026 | 499734 | 0.2 |
|  | Total Commercial Paper |  |  |
|  | (Cost $18,975,823) | **18974893** | **8.7** |
|  | **Repurchase Agreements: 0.2%** | **Repurchase Agreements: 0.2%** | **Repurchase Agreements: 0.2%** |
| 394000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $394,085, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $401,991, due 01/31/26-11/15/55) | 394000 | 0.2 |
| 25741 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $25,746, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $26,256, due 04/30/26-11/15/34) | 25741 | 0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $419,741) | **419741** | **0.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.8%** | **Mutual Funds: 0.8%** | **Mutual Funds: 0.8%** |
| 1788000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $1,788,000) | $**1788000** | **0.8** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $21,183,564) | $**21182634** | **9.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $214,226,218)** | $**215233453** | **98.6** |
|  | **Assets in Excess of Other Liabilities** | **3030690** | **1.4** |
|  | **Net Assets** | $**218264143** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of December 31, 2025. |
| <sup>(4)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFR30A | 30-day Secured Overnight Financing Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $54338200 | $— | $54338200 |
| Asset-Backed Securities |  | 50036205 | 997600 | 51033805 |
| Commercial Mortgage-Backed Securities |  | 39793142 |  | 39793142 |
| Collateralized Mortgage Obligations |  | 28148955 |  | 28148955 |
| U.S. Treasury Obligations |  | 20736717 |  | 20736717 |
| Short-Term Investments | 1788000 | 19394634 |  | 21182634 |
| Total Investments, at fair value | $1788000 | $212447853 | $997600 | $215233453 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Inflation-Linked Swaps |  | 122019 |  | 122019 |
| Futures | 9385 |  |  | 9385 |
| OTC total return swaps |  | 3744 |  | 3744 |
| Total Assets | $1797385 | $212573616 | $997600 | $215368601 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Inflation-Linked Swaps | $— | $(76421) | $— | $(76421) |
| Futures | (38377) |  |  | (38377) |
| OTC total return swaps |  | (864370) |  | (864370) |
| Total Liabilities | $(38377) | $(940791) | $— | $(979168) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | 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. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya VACS Series HYB Fund | $4107946 | $24203 | $(4160203) | $28054 | $— | $48241 | $75 | $— |
| Voya VACS Series SC Fund | 4716000 | 23903 | (4757903) | 18000 |  | 53107 | 4599 |  |
|  | $8823946 | $48106 | $(8918106) | $46054 | $— | $101348 | $4674 | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Inflation Protected Bond Plus Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 1 | 03/20/26 | $115015 | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 18 | 03/20/26 | 2124000 | (27411) |
|  |  |  | $2239015 | $(27350) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | (157) | 03/31/26 | (32779883) | (10966) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (248) | 03/31/26 | (27107562) | 2274 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (19) | 03/20/26 | $(2136312) | $6492 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (2) | 03/20/26 | (231188) | 558 |
|  |  |  | $(62254945) | $(1642) |

---

At December 31, 2025, the following centrally cleared inflation-linked swaps were outstanding for Voya Inflation Protected Bond Plus Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br>**Floating**<br>**Rate** | <br>**Floating Rate**<br>**Index** | **Floating Rate**<br>**Index Payment**<br>**Frequency** |<br>**Fixed**<br>**Rate** | **Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Notional Amount** | **Notional Amount** |<br>**Fair**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.583% | At Termination Date | 12/18/26 | USD | 22000000 | $36618 | $36618 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.555 | At Termination Date | 12/21/26 | USD | 11000000 | 22385 | 22385 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.767 | At Termination Date | 02/19/27 | USD | 16000000 | (76421) | (76421) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.490 | At Termination Date | 12/20/27 | USD | 16000000 | 27258 | 27258 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.508 | At Termination Date | 12/20/27 | USD | 33000000 | 35758 | 35758 |
|  |  |  |  |  |  |  |  | $45598 | $45598 |

---

At December 31, 2025, the following OTC total return swaps were outstanding for Voya Inflation Protected Bond Plus Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** | <br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 21.4 basis points) | At Termination Date | BNP Paribas | 01/29/26 | USD | 8600000 | $(141307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(141307) |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 20 basis points) | At Termination Date | BNP Paribas | 03/19/26 | USD | 49500000 | (71969) |  | (71969) |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 20.5 basis points) | At Termination Date | Goldman Sachs International | 02/05/26 | USD | 16500000 | (160734) |  | (160734) |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 21 basis points) | At Termination Date | Goldman Sachs International | 02/12/26 | USD | 16500000 | (163140) |  | (163140) |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 23 basis points) | At Termination Date | Goldman Sachs International | 03/05/26 | USD | 8500000 | 3744 |  | 3744 |
| Receive | Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 20 basis points) | At Termination Date | Goldman Sachs International | 03/05/26 | USD | 45600000 | (284330) |  | (284330) |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** | <br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | Bloomberg U.S. Treasury Inflation- Linked Bond Index (Series L) | At Termination Date | (1-day Secured Overnight Financing Rate+ 20 basis points) | At Termination Date | Goldman Sachs International | 03/19/26 | USD | 29500000 | $(42890) | $&nbsp;&nbsp;&nbsp;&nbsp; — | $(42890) |
|  |  |  |  |  |  |  |  |  | $(860626) | $— | $(860626) |

---

<sup>(1)</sup> The Portfolio will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Portfolio has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Portfolio has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** |  |  |
| Interest rate contracts | &nbsp;&nbsp;Variation margin receivable on futures contracts<sup>\*</sup> | $9385 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*</sup> | 122019 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 3744 |
| **Total Asset Derivatives** |  | $135148 |
| **Liability Derivatives** |  |  |
| Interest rate contracts | &nbsp;&nbsp;Variation margin payable on futures contracts<sup>\*</sup> | $38377 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*</sup> | 76421 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 864370 |
| **Total Liability Derivatives** |  | $979168 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $56274 | $— | $56274 |
| Foreign exchange contracts | 18407 |  |  |  | 18407 |
| Interest rate contracts |  | 764962 | 1509795 | 11876 | 2286633 |
| **Total** | $18407 | $764962 | $1566069 | $11876 | $2361314 |

---

See Accompanying Notes to Financial Statements

<u>Voya Inflation Protected Bond Plus Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br><br>**Total** |
| Foreign exchange contracts | $(18407) | $— | $— | $(18407) |
| Interest rate contracts |  | (913422) | (243327) | (1156749) |
| **Total** | $(18407) | $(913422) | $(243327) | $(1175156) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**BNP Paribas** | **Goldman**<br>**Sachs**<br>**International** |<br>**Total** |
| **Assets:** |  |  |  |
| OTC total return swaps | $— | $3744 | $3744 |
| **Total Assets** | $— | $3744 | $3744 |
| **Liabilities:** |  |  |  |
| OTC total return swaps | $213276 | $651094 | $864370 |
| **Total Liabilities** | $213276 | $651094 | $864370 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(213276) | $(647350) | $(860626) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $200000 | $580000 | $780000 |
| **Net Exposure<sup>(1)(2)</sup>** | $(13276) | $(67350) | $(80626) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

<sup>(2)</sup> At December 31, 2025, the Portfolio had pledged $200,000 and $580,000 in cash collateral to BNP Paribas and Goldman Sachs International. Excess cash collateral, if any, is not shown for financial reporting purposes.

At December 31, 2025, 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 U.S. federal income tax purposes was $214,944,580. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1880919 |
| Gross Unrealized Depreciation | (2436066) |
| Net Unrealized Depreciation | $(555147) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: 54.1%** | **U.S. TREASURY OBLIGATIONS: 54.1%** | **U.S. TREASURY OBLIGATIONS: 54.1%** | **U.S. TREASURY OBLIGATIONS: 54.1%** |
|  | **United States Treasury Bonds: 10.7%** | **United States Treasury Bonds: 10.7%** | **United States Treasury Bonds: 10.7%** |
| 25170000 | 4.750%, 05/15/2055 | $24739357 | 10.7 |
|  | **United States Treasury Floating Rate Notes: 10.5%** | **United States Treasury Floating Rate Notes: 10.5%** | **United States Treasury Floating Rate Notes: 10.5%** |
| 6910000 <sup>(1)</sup> | 3.761%, 07/31/2027 | 6914512 | 3 |
| 17470000 <sup>(1)</sup> | 3.792%, 10/31/2027 | 17483759 | 7.5 |
|  |  | **24398271** | **10.5** |
|  | **United States Treasury Notes: 32.9%** | **United States Treasury Notes: 32.9%** | **United States Treasury Notes: 32.9%** |
| 51670000 | 3.625%, 10/31/2030 | 51460090 | 22.2 |
| 15140000 | 3.875%, 08/15/2034 | 14910239 | 6.5 |
| 9690000 | 4.250%, 08/15/2035 | 9761161 | 4.2 |
|  |  | **76131490** | **32.9** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $125,106,529) | **125269118** | **54.1** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.4%** |
|  | **Federal Home Loan Banks: 8.0%** | **Federal Home Loan Banks: 8.0%** | **Federal Home Loan Banks: 8.0%** |
| 10590000 | 3.625%, 09/04/2026 | 10591977 | 4.6 |
| 8000000 | 4.250%, 09/11/2026 | 8034087 | 3.4 |
|  |  | **18626064** | **8.0** |
|  | **Federal National Mortgage Association: 4.1%<sup>(2)</sup>** | **Federal National Mortgage Association: 4.1%<sup>(2)</sup>** | **Federal National Mortgage Association: 4.1%<sup>(2)</sup>** |
| 9934000 | 0.750%, 10/08/2027 | 9472104 | 4.1 |
|  | **Government National Mortgage Association: 14.0%** | **Government National Mortgage Association: 14.0%** | **Government National Mortgage Association: 14.0%** |
| 3963311 | 6.000%, 10/20/2053 | 4047488 | 1.7 |
| 5830505 | 6.000%, 11/20/2053 | 5954341 | 2.6 |
| 3728824 | 6.000%, 12/20/2053 | 3815343 | 1.6 |
| 1482437 | 6.000%, 04/20/2054 | 1512543 | 0.7 |
| 4788548 | 6.000%, 05/20/2054 | 4890208 | 2.1 |
| 2218627 | 6.000%, 06/20/2054 | 2265730 | 1 |
| 3970007 | 6.000%, 07/20/2054 | 4050635 | 1.7 |
| 4432014 | 6.000%, 09/20/2054 | 4522027 | 2 |
| 1310245 | 6.000%, 12/20/2054 | 1336857 | 0.6 |
|  |  | **32395172** | **14.0** |
|  | **Uniform Mortgage-Backed Securities: 3.3%** | **Uniform Mortgage-Backed Securities: 3.3%** | **Uniform Mortgage-Backed Securities: 3.3%** |
| 2587091 | 6.000%, 08/01/2054 | 2658002 | 1.1 |
| 3723086 | 6.000%, 09/01/2054 | 3824885 | 1.7 |
| 1184571 | 6.000%, 10/01/2054 | 1217046 | 0.5 |
|  |  | **7699933** | **3.3** |
|  | Total U.S. Government Agency Obligations |  |  |
|  | (Cost $67,631,380) | **68193273** | **29.4** |
| **CORPORATE BONDS/NOTES: 8.7%** | **CORPORATE BONDS/NOTES: 8.7%** | **CORPORATE BONDS/NOTES: 8.7%** | **CORPORATE BONDS/NOTES: 8.7%** |
|  | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** |
| 200000 <sup>(3)</sup> | Anglo American Capital PLC, 2.625%, 09/10/2030 | 185001 | 0.1 |
|  | **Communications: 0.5%** | **Communications: 0.5%** | **Communications: 0.5%** |
| 310000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.200%, 03/15/2028 | 308540 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 780000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | $| 814426 | 0.4 |
|  |  |  | **1122966** | **0.5** |
|  | **Consumer, Cyclical: 1.8%** | **Consumer, Cyclical: 1.8%** | **Consumer, Cyclical: 1.8%** | **Consumer, Cyclical: 1.8%** |
| 540000 | Ford Motor Credit Co. LLC, 5.303%, 09/06/2029 |  | 544492 | 0.2 |
| 3740000 | Toyota Motor Credit Corp., 4.450%, 05/18/2026 |  | 3748307 | 1.6 |
|  |  |  | **4292799** | **1.8** |
|  | **Energy: 0.4%** | **Energy: 0.4%** | **Energy: 0.4%** | **Energy: 0.4%** |
| 1642200 <sup>(3)</sup> | NFE Financing LLC, 12.000%, 11/15/2029 |  | 476238 | 0.2 |
| 430000 | Occidental Petroleum Corp., 5.200%, 08/01/2029 |  | 440972 | 0.2 |
|  |  |  | **917210** | **0.4** |
|  | **Financial: 5.6%** | **Financial: 5.6%** | **Financial: 5.6%** | **Financial: 5.6%** |
| 310000 <sup>(1)</sup> | American Express Co., 3.550%, 12/31/2199 |  | 306705 | 0.1 |
| 630000 | Ares Capital Corp., 2.875%, 06/15/2028 |  | 602251 | 0.3 |
| 230000 | Ares Capital Corp., 7.000%, 01/15/2027 |  | 235768 | 0.1 |
| 620000 <sup>(1)</sup> | Barclays PLC, 5.674%, 03/12/2028 |  | 631236 | 0.3 |
| 580000 <sup>(1)</sup> | Barclays PLC, 5.690%, 03/12/2030 |  | 603673 | 0.3 |
| 700000 | Blue Owl Capital Corp., 2.875%, 06/11/2028 |  | 661463 | 0.3 |
| 2460000 <sup>(1)</sup> | Charles Schwab Corp. I, 4.000%, 12/31/2199 |  | 2446480 | 1 |
| 520000 <sup>(1)</sup> | Citizens Bank NA/ Providence RI, 4.575%, 08/09/2028 |  | 524039 | 0.2 |
| 1765000 | Golub Capital BDC, Inc., 2.500%, 08/24/2026 |  | 1738655 | 0.7 |
| 1360000 <sup>(1)(3)</sup> | UBS Group AG, 3.875%, 12/31/2199 |  | 1355213 | 0.6 |
| 2030000 <sup>(1)</sup> | UBS Group AG, 5.125%, 12/31/2199 |  | 2028938 | 0.9 |
| 900000 <sup>(1)</sup> | US Bancorp J, 5.300%, 12/31/2199 |  | 902718 | 0.4 |
| 980000 <sup>(1)</sup> | Wells Fargo & Co. BB, 3.900%, 12/31/2199 |  | 977549 | 0.4 |
|  |  |  | **13014688** | **5.6** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: 0.3%** | **Industrial: 0.3%** | **Industrial: 0.3%** |
| 685000 | Boeing Co., 3.200%, 03/01/2029 | $664350 | 0.3 |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $21,176,035) | **20197014** | **8.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $213,913,944) | **213659405** | **92.2** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** |
|  | **Mutual Funds: 6.8%** | **Mutual Funds: 6.8%** | **Mutual Funds: 6.8%** |
| 15842467 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $15,842,467) | $**15842467** | **6.8** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $15,842,467) | **15842467** | **6.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $229,756,411)** | $**229501872** | **99.0** |
|  | **Assets in Excess of Other Liabilities** | **2402862** | **1.0** |
|  | **Net Assets** | $**231904734** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Variable rate security. Rate shown is the rate in effect as of December 31, 2025. |
| <sup>(2)</sup> | The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

Reference Rate Abbreviations:

USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

------

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| U.S. Treasury Obligations | $— | $125269118 | $— | $125269118 |
| U.S. Government Agency Obligations |  | 68193273 |  | 68193273 |
| Corporate Bonds/Notes |  | 20197014 |  | 20197014 |
| Short-Term Investments | 15842467 |  |  | 15842467 |
| Total Investments, at fair value | $15842467 | $213659405 | $— | $229501872 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(46765) | $— | $— | $(46765) |
| Total Liabilities | $(46765) | $— | $— | $(46765) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | 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 December 31, 2025, the following futures contracts were outstanding for VY<sup>®</sup> BrandywineGLOBAL- Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 282 | 03/31/26 | $30823922 | $(46765) |
|  |  |  | $30823922 | $(46765) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $46765 |
| **Total Liability Derivatives** |  | $46765 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $1465858 |
| **Total** | $1465858 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

------

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $653504 |
| **Total** | $653504 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $230,002,407. | Cost for U.S. federal income tax purposes was $230,002,407. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $887923 |
| Gross Unrealized Depreciation | (1435223) |
| Net Unrealized Depreciation | $(547300) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

------

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Portfolio Name** | **Per Share<br> Amount** |
| Voya Inflation Protected Bond Plus Portfolio |  |
| &nbsp;&nbsp;&nbsp;Class ADV NII | $0.3584 |
| &nbsp;&nbsp;&nbsp;Class I NII | $0.4117 |
| &nbsp;&nbsp;&nbsp;Class S NII | $0.3867 |
| VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio NII | $0.3704 |

---

NII - Net investment income

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Investors Trust and Voya Variable Insurance Trust (collectively, the "Trusts"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Inflation Protected Bond Plus Portfolio, a series of Voya Investors Trust, and VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio, a series of Voya Variable Insurance Trust (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trusts, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to Voya Inflation Protected Bond Plus Portfolio, and Brandywine Global Investment Management, LLC, the sub-adviser to VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio (the "Sub-Advisers"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process

for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trusts' Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's

performance and risk, including risk-adjusted investment return information, from the Trusts' Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Portfolios may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Adviser with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Adviser.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Adviser that is not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray

all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Advisers' potential fall-out benefits were not unreasonable.

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Inflation Protected Bond Plus Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Inflation Protected Bond Plus Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the three-year and five-year periods, the third quintile for the year-to-date and one-year periods, and the fourth quintile for the ten-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

In analyzing this performance data, the Board took into account management's representations regarding changes to the Portfolio's Sub-Adviser in December 2024.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

In analyzing this fee and expense data, the Board took into account that, in connection with a change in investment strategy, the Portfolio's expense limits were reduced, effective December 6, 2024.

**VY**<sup>®</sup> **BrandywineGLOBAL — Bond Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Brandywine GLOBAL - Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year and ten-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date and three-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive

**Board Conclusions**

After its deliberation, the Board concluded that, in its

business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VIT3AIS (1225)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](tm263417d1_vitfoffinsimg01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I and S

**Voya Investors Trust**

■ Voya Global Perspectives <sup>®</sup> Portfolio

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d1_vitfoffinsimg02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d1_vitfoffinsimg03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ss01) | [1](#ss01) |
| [Statement of Assets and Liabilities](#ss02) | [2](#ss02) |
| [Statement of Operations](#ss03) | [3](#ss03) |
| [Statements of Changes in Net Assets](#ss04) | [4](#ss04) |
| [Financial Highlights](#ss05) | [5](#ss05) |
| [Notes to Financial Statements](#ss06) | [6](#ss06) |
| [Portfolios of Investments](#ss07) | [13](#ss07) |
| [Tax Information](#ss08) | [15](#ss08) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#ss09) | [16](#ss09) |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolio voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolio's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolio's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Portfolio's complete schedule of portfolio holdings as filed on Form NPORT-P is available at: https://individuals.voya.com/product/ variable-portfolio/prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Global Perspectives<sup>®</sup> Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Global Perspectives<sup>®</sup> Portfolio (the "Portfolio") (one of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolio of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Voya Investors Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d1_vitfoffinsimg04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENT OF ASSETS AND LIABILITIES as of December 31, 2025

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| | |
|:---|:---|
| **ASSETS:** | |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $9361251 |
| Cash | 1068 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 5220 |
| Prepaid expenses | 200 |
| Reimbursement due from Investment Adviser | 8586 |
| Other assets | 10202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 9386527 |
| **LIABILITIES:** |  |
| Payable for investments in affiliated underlying funds purchased | 4341 |
| Payable for fund shares redeemed | 879 |
| Payable for investment management fees | 1583 |
| Payable for distribution and shareholder service fees | 232 |
| Payable to trustees under the deferred compensation plan (Note 6) | 10202 |
| Payable for trustee fees | 107 |
| Other accrued expenses and liabilities | 22681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 40025 |
| **NET ASSETS** | $9346502 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $13827639 |
| Total distributable loss | (4481137) |
| **NET ASSETS** | $9346502 |
| \* Cost of investments in affiliated underlying funds | $8632039 |
| **Class ADV** |  |
| Net assets | $862950 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 91295 |
| Net asset value and redemption price per share | $9.45 |
| **Class I** |  |
| Net assets | $8424816 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 885082 |
| Net asset value and redemption price per share | $9.52 |
| **Class S** |  |
| Net assets | $58736 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 6231 |
| Net asset value and redemption price per share | $9.43 |

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See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended December 31, 2025

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| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends from affiliated underlying funds | $1446318 |
| Interest | 284 |
| Other | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1446932 |
| **EXPENSES:** |  |
| Investment management fees | 85726 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 210856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 138 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 40 |
| Shareholder reporting expense | 4852 |
| Professional fees | 27696 |
| Custody and accounting expense | 7066 |
| Trustee fees | 1073 |
| Miscellaneous expense | 6152 |
| Interest expense | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 361847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (164138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 197709 |
| Net investment income | 1249223 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 6431489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 1582035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 8013524 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (3093777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3093777) |
| Net realized and unrealized gain | 4919747 |
| **Increase in net assets resulting from operations** | $6168970 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1249223 | $1776739 |
| Net realized gain | 8013524 | 1327255 |
| Net change in unrealized appreciation (depreciation) | (3093777) | 1167383 |
| Increase in net assets resulting from operations | 6168970 | 4271377 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (2655613) | (1640185) |
| &nbsp;&nbsp;&nbsp;Class I | (455620) | (228800) |
| &nbsp;&nbsp;&nbsp;Class S | (2979) | (1994) |
| Total distributions | (3114212) | (1870979) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 1220719 | 1266939 |
| Reinvestment of distributions | 3114212 | 1870979 |
|  | 4334931 | 3137918 |
| Cost of shares redeemed | (57651146) | (11911630) |
| Net decrease in net assets resulting from capital share transactions | (53316215) | (8773712) |
| Net decrease in net assets | (50261457) | (6373314) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 59607959 | 65981273 |
| End of year or period | $9346502 | $59607959 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.75 | 0.25 | <sup>•</sup> | 0.94 | 1.19 | 0.49 |  |  | 0.49 |  | 9.45 | **13.89** | 0.92 | 0.52 | 0.52 | 2.83 | 863 | 37 |
| 12-31-24 | 8.43 | 0.24 | <sup>•</sup> | 0.34 | 0.58 | 0.26 |  |  | 0.26 |  | 8.75 | **6.90** | 0.91 | 0.50 | 0.50 | 2.79 | 52475 | 40 |
| 12-31-23 | 8.78 | 0.24 | <sup>•</sup> | 0.62 | 0.86 | 0.58 | 0.63 |  | 1.21 |  | 8.43 | **10.19** | 0.89 | 0.52 | 0.52 | 2.77 | 58570 | 96 |
| 12-31-22 | 12.08 | 0.15 | <sup>•</sup> | (2.29) | (2.14) | 0.31 | 0.85 |  | 1.16 |  | 8.78 | **(17.69)** | 0.88 | 0.50 | 0.50 | 1.55 | 62243 | 22 |
| 12-31-21 | 12.13 | 0.15 | <sup>•</sup> | 0.54 | 0.69 | 0.41 | 0.33 |  | 0.74 |  | 12.08 | **5.74** | 0.87 | 0.52 | 0.52 | 1.27 | 88974 | 40 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.83 | 0.30 | <sup>•</sup> | 0.93 | 1.23 | 0.54 |  |  | 0.54 |  | 9.52 | **14.23** | 0.49 | 0.21 | 0.21 | 3.28 | 8425 | 37 |
| 12-31-24 | 8.50 | 0.27 | <sup>•</sup> | 0.35 | 0.62 | 0.29 |  |  | 0.29 |  | 8.83 | **7.31** | 0.31 | 0.20 | 0.20 | 3.09 | 7082 | 40 |
| 12-31-23 | 8.85 | 0.26 | <sup>•</sup> | 0.63 | 0.89 | 0.61 | 0.63 |  | 1.24 |  | 8.50 | **10.50** | 0.29 | 0.22 | 0.22 | 3.06 | 7348 | 96 |
| 12-31-22 | 12.19 | 0.18 | <sup>•</sup> | (2.32) | (2.14) | 0.35 | 0.85 |  | 1.20 |  | 8.85 | **(17.51)** | 0.28 | 0.20 | 0.20 | 1.85 | 7219 | 22 |
| 12-31-21 | 12.23 | 0.19 | <sup>•</sup> | 0.55 | 0.74 | 0.45 | 0.33 |  | 0.78 |  | 12.19 | **6.09** | 0.27 | 0.22 | 0.22 | 1.54 | 8866 | 40 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.73 | 0.28 | <sup>•</sup> | 0.92 | 1.20 | 0.50 |  |  | 0.50 |  | 9.43 | **14.02** | 0.74 | 0.46 | 0.46 | 3.04 | 59 | 37 |
| 12-31-24 | 8.42 | 0.25 | <sup>•</sup> | 0.33 | 0.58 | 0.27 |  |  | 0.27 |  | 8.73 | **6.88** | 0.56 | 0.45 | 0.45 | 2.84 | 52 | 40 |
| 12-31-23 | 8.77 | 0.23 | <sup>•</sup> | 0.63 | 0.86 | 0.58 | 0.63 |  | 1.21 |  | 8.42 | **10.28** | 0.54 | 0.47 | 0.47 | 2.73 | 62 | 96 |
| 12-31-22 | 12.08 | 0.16 | <sup>•</sup> | (2.30) | (2.14) | 0.32 | 0.85 |  | 1.17 |  | 8.77 | **(17.66)** | 0.53 | 0.45 | 0.45 | 1.59 | 68 | 22 |
| 12-31-21 | 12.13 | 0.16 | <sup>•</sup> | 0.54 | 0.70 | 0.42 | 0.33 |  | 0.75 |  | 12.08 | **5.84** | 0.52 | 0.47 | 0.47 | 1.29 | 85 | 40 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The series included in this report is Voya Global Perspectives<sup>®</sup> Portfolio ("Global Perspectives" or the "Portfolio"), a diversified series of the Trust. The investment objective of the Portfolio is described in the Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Institutional ("Class I") and Service ("Class S"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolio. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolio. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolio.

The Portfolio seeks to achieve its investment objective by investing in affiliated investment companies that, in turn, invest directly in a wide range of portfolio securities (i.e., stocks and bonds). The investment companies in which

the Portfolio invests are collectively referred to as the "Underlying Funds."

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolio in the preparation of its financial statements. The Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Portfolio is closed for business, Portfolio shares will not be priced and the Portfolio does not transact purchase and redemption orders. To the extent the Portfolio's assets are traded in other markets on days when the Portfolio does not price its shares, the value of the Portfolio's assets will likely change and you will not be able to purchase or redeem shares of the Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Portfolio.

The Portfolio's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information

available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Portfolio is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolio classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.***

Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

C. ***Foreign Currency Translation***. The books and records of the Portfolio are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities,
other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment
securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolio does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders***. The Portfolio records distributions to its shareholders on the ex-dividend date. The Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolio may make distributions on a more frequent basis to comply with the

distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of the Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax provision is required. Management has considered the sustainability of the Portfolio's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.

The Portfolio may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $16069547 | $69675180 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolio has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolio. The Investment Adviser oversees all investment management and portfolio management services for the Portfolio and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolio, including custodial, transfer agency, dividend disbursing,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on 0.20% of average daily net assets invested in affiliated Underlying Funds and 0.40% of the average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Portfolio and is paid by the Investment Adviser based on the average daily net assets of the Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Agreement") for the Class S shares of the Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S. Under the Agreement, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares have a shareholder service and distribution plan. Class ADV shares pay a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.30% of the distribution fee for Class ADV shares of the Portfolio, so the actual fee paid by Class ADV shares is an annual rate of 0.05%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Portfolio:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 13.98% |
| Voya Retirement Insurance and Annuity Company | 68.31 |

---

The Portfolio has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees,

as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolio. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolio purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolio's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolio may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by the Portfolio were $13,567.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, to the levels listed below:

---

| | | |
|:---|:---|:---|
| **Class**<br>**ADV** |<br>**Class I** |<br>**Class S** |
| 1.55% | 0.95% | 1.20% |

---

These operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Portfolio will vary based on the Portfolio's allocation of assets to and the net expenses of a particular Underlying Fund.

Pursuant to a side letter through May 1, 2026, the total expense limits including the operating expenses incurred at the Underlying Fund level are 1.09%, 0.83% and 1.08% for Class ADV, Class I and Class S, respectively. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser may at a later date recoup from the Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

but only if, after such recoupment, the Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31,** | **December 31,** | **December 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $34082 | $50622 | $46693 | $131397 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser until May 1, 2026, and the related expiration dates, as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class ADV | $10505 | $12164 | $6236 | $28905 |
| Class I | 1260 | 1543 | 5741 | 8544 |
| Class S | 11 | 14 | 40 | 65 |

---

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolio, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Portfolio utilized the line of credit during the year ended December 31, 2025 as follows:

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| | | |
|:---|:---|:---|
|<br><br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| 5 | $6164400 | 5.33% |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br>**Net increase**<br>**(decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3496 |  | 292202 | (6201412) |  | (5905714) | 31979 |  | 2655613 | (56777968) |  | (54090376) |
| 12/31/2024 | 60456 |  | 189836 | (1199872) |  | (949580) | 521817 |  | 1640185 | (10392662) |  | (8230660) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128306 |  | 49765 | (95098) |  | 82973 | 1188740 |  | 455620 | (873109) |  | 771251 |
| 12/31/2024 | 85697 |  | 26299 | (174004) |  | (62008) | 744133 |  | 228800 | (1502524) |  | (529591) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  | 328 | (7) |  | 321 |  |  | 2979 | (69) |  | 2910 |
| 12/31/2024 | 115 |  | 231 | (1844) |  | (1498) | 989 |  | 1994 | (16444) |  | (13461) |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains and wash sale deferrals.

Dividends paid by the Portfolio from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | |
|:---|:---|
| **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **Ordinary** | **Ordinary** |
| **Income** | **Income** |
| $3114212 | $1870979 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | |
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $1804412 | $562631 | $246082 | $(7094262) | Long-term | $(4481137) |

---

\* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Portfolio's major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

As of December 31, 2025, no provision for income tax is required in the Portfolio's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolio's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines

in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio's investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio's service providers.

**NOTE 12 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Portfolio's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance

and make resource allocation decisions. The Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding the Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolio has adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 14 — SUBSEQUENT EVENTS**

Fund Closure and liquidation: On November 13, 2025, the Board approved a proposal to liquidate the Portfolio on or about May 15, 2026. The Portfolio is closed to new investment as of February 23, 2026.

The Portfolio has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Global Perspectives<sup>®</sup> Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: 100.2%** | **MUTUAL FUNDS: 100.2%** | **MUTUAL FUNDS: 100.2%** | **MUTUAL FUNDS: 100.2%** |
|  | **Affiliated Investment Companies: 100.2%** | **Affiliated Investment Companies: 100.2%** | **Affiliated Investment Companies: 100.2%** |
| 126493 | Voya Global Bond Fund - Class R6 | $925926 | 9.9 |
| 123033 | Voya GNMA Income Fund - Class R6 | 931363 | 10.0 |
| 105245 | Voya High Yield Portfolio - Class I | 935625 | 10.0 |
| 30554 | Voya Index Plus LargeCap Portfolio - Class I | 941381 | 10.1 |
| 67690 | Voya International Index Portfolio - Class I | 960520 | 10.3 |
| 158527 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 | 881411 | 9.4 |
| 77520 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 995355 | 10.7 |
| 64098 | Voya Small Company Portfolio - Class R6 | 942888 | 10.1 |
| 101116 | Voya U.S. Bond Index Portfolio - Class I | 927236 | 9.9 |
| 88759 | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 919546 | 9.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $8,632,039) | **9361251** | **100.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $8,632,039)** | $**9361251** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(14749)** | **(0.2)** |
|  | **Net Assets** | $**9346502** | **100.0** |

---

(1) Non-income
producing security.

See Accompanying Notes to Financial Statements

<u>Voya Global Perspectives<sup>®</sup> Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Mutual Funds | $9361251 | $— | $— | $9361251 |
| Total Investments, at fair value | $9361251 | $— | $— | $9361251 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Emerging Markets Index Portfolio - Class I | $5438034 | $666673 | $(5933581) | $(171126) | $— | $144598 | $728265 | $— |
| Voya Global Bond Fund - Class R6 | 5836459 | 946404 | (5805288) | (51649) | 925926 | 196250 | 334986 |  |
| Voya GNMA Income Fund - Class R6 | 5959178 | 991254 | (5867944) | (151125) | 931363 | 161059 | 360723 |  |
| Voya High Yield Portfolio - Class I | 6095035 | 741557 | (5632371) | (268596) | 935625 | 274258 | 367929 |  |
| Voya Index Plus LargeCap Portfolio - Class I | 6331198 | 1406411 | (5860433) | (935795) | 941381 | 47171 | 947991 | 644185 |
| Voya International Index Portfolio - Class I | 5630620 | 521613 | (5189626) | (2087) | 960520 | 152690 | 1142916 |  |
| Voya MidCap Opportunities Portfolio - Class R6 | 6562350 | 1087278 | (5799778) | (968439) | 881411 |  | 1565922 | 83441 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 6283020 | (5428600) | 140935 | 995355 | 56354 | 336520 |  |
| Voya Small Company Portfolio - Class R6 | 6237885 | 1618255 | (6309758) | (603494) | 942888 | 72080 | 166963 | 854409 |
| Voya U.S. Bond Index Portfolio - Class I | 5932568 | 1027701 | (5952907) | (80126) | 927236 | 166991 | 248589 |  |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class I | 5604864 | 779333 | (5462376) | (2275) | 919546 | 174867 | 230685 |  |
|  | $59628191 | $16069499 | $(63242662) | $(3093777) | $9361251 | $1446318 | $6431489 | $1582035 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, 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 U.S. federal income tax purposes was $9,115,169. | Cost for U.S. federal income tax purposes was $9,115,169. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $246082 |
| Gross Unrealized Depreciation |  |
| Net Unrealized Appreciation | $246082 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the tax year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Portfolio Name** | **Per Share Amount** |
| Voya Global Perspectives<sup>®</sup> Portfolio |  |
| Class ADV NII | $0.4895 |
| Class I NII | $0.5374 |
| Class S NII | $0.4978 |

---

NII — Net investment income

Of the ordinary distributions made during the year ended December 31, 2025, 6.06% qualifies for the dividends received deduction (DRD) available to corporate shareholders.

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Fund designated the following amounts as foreign taxes paid for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Creditable**<br>**Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary Income**<br>**Derived from Foreign**<br>**Sourced Income\*** |
| $75461 | $0.0768 | 6.36% |

---

\* The Portfolio listed above did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolio. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Perspectives<sup>®</sup> Portfolio, a series of the Trust (the "Portfolio"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolio, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Portfolio ("Selected Peer Group") based on the Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolio, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolio as set forth in the Management Contract, including oversight of the Portfolio's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolio under

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolio and the level of resources committed to the Portfolio (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolio.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Portfolio's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when the Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolio does not have management fee breakpoints, it has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the Portfolio through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolio, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

affiliated Sub-Adviser attributable to servicing the Portfolio both with and without taking into account the profitability of the distributor of the Portfolio and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolio's operations may not be fully reflected in the expenses allocated to the Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolio. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolio. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolio and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving the Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding the Portfolio's more recent performance, asset levels and asset flows. The Portfolio's

management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the ten-year period, the fourth quintile for the year-to-date, one-year and three-year periods, and the fifth quintile for the five-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Portfolio and that approval of the continuation of the Contracts is in the best interests of the Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

satisfied with management's responses relating to the Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Portfolio for the year ending November 30, 2026.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VITFOFAIS (1225)**

![](tm263417d1_retrmimg01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV and I

**Voya Investors Trust**

■ Voya Retirement Aggressive Portfolio
 (formerly, Voya Retirement Growth Portfolio) ■ Voya Retirement Moderate Portfolio

■ Voya Retirement Conservative Portfolio ■ Voya Retirement Moderately Aggressive Portfolio
 (formerly, Voya Retirement Moderate Growth Portfolio)

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d1_retrmimg02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d1_retrmimg03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#rtrfn1_001) | [1](#rtrfn1_001) |
| [Statements of Assets and Liabilities](#rtrfn1_002) | [2](#rtrfn1_002) |
| [Statements of Operations](#rtrfn1_003) | [4](#rtrfn1_003) |
| [Statements of Changes in Net Assets](#rtrfn1_004) | [5](#rtrfn1_004) |
| [Financial Highlights](#rtrfn1_005) | [7](#rtrfn1_005) |
| [Notes to Financial Statements](#rtrfn1_006) | [9](#rtrfn1_006) |
| [Portfolios of Investments](#retrimnt_001) | [17](#retrimnt_001) |
| [Tax Information](#retrimnt_002) | [30](#retrimnt_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#retrimnt_003) | [31](#retrimnt_003) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Retirement Aggressive Portfolio (formerly, Voya Retirement Growth Portfolio), Voya Retirement Conservative Portfolio, Voya Retirement Moderate Portfolio and Voya Retirement Moderately Aggressive Portfolio (formerly, Voya Retirement Moderate Growth Portfolio) and the Board of Trustees of Voya Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Retirement Aggressive Portfolio (formerly, Voya Retirement Growth Portfolio), Voya Retirement Conservative Portfolio, Voya Retirement Moderate Portfolio and Voya Retirement Moderately Aggressive Portfolio (formerly, Voya Retirement Moderate Growth Portfolio) (collectively referred to as the "Portfolios") (four of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (four of the portfolios constituting Voya Investors Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d1_retrmimg04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $159509385 | $76038581 | $129285692 | $151393333 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> |  | 8139933 | 2472524 |  |
| Cash | 8483 | 166433 | 115549 | 90179 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  | 3921 | 1351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 59130 | 21185 | 6531 | 12137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 443 | 339 | 297 |
| Prepaid expenses | 5871 | 866 | 2173 | 4003 |
| Other assets | 114209 | 14757 | 47978 | 80131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 159697078 | 84386119 | 131932137 | 151580080 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 58112 | 18940 | 4977 | 11979 |
| Payable for fund shares redeemed | 1041 | 157 | 1471 | 168 |
| Payable for investment management fees | 32645 | 17955 | 26973 | 30930 |
| Payable for distribution and shareholder service fees | 37463 | 18023 | 31700 | 42404 |
| Payable to trustees under the deferred compensation plan (Note 6) | 114209 | 14757 | 47978 | 80131 |
| Payable for trustee fees | 122 | 495 | 1182 | 2115 |
| Other accrued expenses and liabilities | 51374 | 23794 | 33927 | 45491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 294966 | 94121 | 148208 | 213218 |
| **NET ASSETS** | $159402112 | $84291998 | $131783929 | $151366862 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $153190607 | $79228550 | $139819752 | $152176944 |
| Total distributable earnings (loss) | 6211505 | 5063448 | (8035823) | (810082) |
| **NET ASSETS** | $159402112 | $84291998 | $131783929 | $151366862 |
| \* Cost of investments in affiliated underlying funds | $149067263 | $63884393 | $124692353 | $142901668 |
| \*\* Cost of investments in unaffiliated underlying funds | $— | $8079803 | $2523022 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** | <br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** | <br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $103211903 | $83904428 | $110075992 | $127859818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9721278 | 11470068 | 11078047 | 12689227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.62 | $7.32 | $9.94 | $10.08 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $56190209 | $387570 | $21707937 | $23507044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 5271841 | 51842 | 2152420 | 2389496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.66 | $7.48 | $10.09 | $9.84 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Retirement**<br>**Aggressive**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Conservative**<br>**Portfolio** |<br>**Voya**<br>**Retirement**<br>**Moderate**<br>**Portfolio** | **Voya**<br>**Retirement**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $21660921 | $6248858 | $13989362 | $18255931 |
| Dividends from unaffiliated underlying funds | 162722 | 681732 | 387926 | 81894 |
| Interest | 57601 | 8119 | 19921 | 27028 |
| Other | 9567 | 1481 | 3611 | 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 21890811 | 6940190 | 14400820 | 18371405 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 2956416 | 494714 | 1147419 | 2038604 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 5871528 | 988908 | 2262020 | 4121081 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 31983 | 44253 | 40769 | 45390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6228 | 126 | 4061 | 2892 |
| Shareholder reporting expense | 10156 | 4919 | 7220 | 10950 |
| Professional fees | 121518 | 24481 | 55901 | 86051 |
| Custody and accounting expense | 91250 | 14599 | 36500 | 62415 |
| Trustee fees | 30652 | 4953 | 11811 | 21149 |
| Miscellaneous expense | 108028 | 16383 | 39036 | 75233 |
| Interest expense |  |  | 9169 | 17239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 9227759 | 1593336 | 3613906 | 6481004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (881891) | (490498) | (717959) | (911574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 8345868 | 1102838 | 2895947 | 5569430 |
| Net investment income | 13544943 | 5837352 | 11504873 | 12801975 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 129999839 | 12169866 | (7991085) | 55310401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 2309622 | 475192 | 408296 | 1558959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 130808613 | 5346282 | 24050260 | 73311719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1525673 | 55452 | 337207 | 638444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 264643747 | 18046792 | 16804678 | 130819523 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (94335985) | (5893813) | 25452189 | (30870946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds |  | 485068 | 980175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (94335985) | (5408745) | 26432364 | (30870946) |
| Net realized and unrealized gain | 170307762 | 12638047 | 43237042 | 99948577 |
| **Increase in net assets resulting from operations** | $183852705 | $18475399 | $54741915 | $112750552 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement** | **Voya Retirement** | **Voya Retirement** | **Voya Retirement** |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Conservative Portfolio** | **Conservative Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $13544943 | $28515845 | $5837352 | $8415159 |
| Net realized gain | 264643747 | 135848876 | 18046792 | 1844937 |
| Net change in unrealized appreciation (depreciation) | (94335985) | 85195728 | (5408745) | 5250537 |
| Increase in net assets resulting from operations | 183852705 | 249560449 | 18475399 | 15510633 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (405296327) | (139753115) | (32618279) | (12975461) |
| &nbsp;&nbsp;&nbsp;Class I | (13295070) | (4208165) | (65831) | (38805) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | (14932370) |  | (6055753) |  |
| &nbsp;&nbsp;&nbsp;Class I | (478953) |  | (11631) |  |
| Total distributions | (434002720) | (143961280) | (38751494) | (13014266) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 9421783 | 7444851 | 5857227 | 12620834 |
| Reinvestment of distributions | 434002720 | 143961280 | 38751365 | 13014225 |
|  | 443424503 | 151406131 | 44608592 | 25635059 |
| Cost of shares redeemed | (1801654188) | (345372835) | (197122956) | (69527091) |
| Net decrease in net assets resulting from capital share transactions | (1358229685) | (193966704) | (152514364) | (43892032) |
| Net decrease in net assets | (1608379700) | (88367535) | (172790459) | (41395665) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1767781812 | 1856149347 | 257082457 | 298478122 |
| End of year or period | $159402112 | $1767781812 | $84291998 | $257082457 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Voya** | **Voya** |
|  | **Voya Retirement** | **Voya Retirement** | **Retirement Moderately** | **Retirement Moderately** |
|  | **Moderate Portfolio** | **Moderate Portfolio** | **Aggressive Portfolio** | **Aggressive Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $11504873 | $18363561 | $12801975 | $24029057 |
| Net realized gain | 16804678 | 14215905 | 130819523 | 60065661 |
| Net change in unrealized appreciation (depreciation) | 26432364 | 19208191 | (30870946) | 62037940 |
| Increase in net assets resulting from operations | 54741915 | 51787657 | 112750552 | 146132658 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (55532845) | (36148559) | (211829491) | (86262217) |
| &nbsp;&nbsp;Class I | (1884658) | (1205019) | (4356545) | (1818964) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (7651413) |  | (13324892) |  |
| &nbsp;&nbsp;Class I | (249945) |  | (262808) |  |
| Total distributions | (65318861) | (37353578) | (229773736) | (88081181) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 11352218 | 11589764 | 10638507 | 11340143 |
| Reinvestment of distributions | 65318861 | 37353578 | 229773736 | 88081181 |
|  | 76671079 | 48943342 | 240412243 | 99421324 |
| Cost of shares redeemed | (584365987) | (121505701) | (1176478913) | (225985327) |
| Net decrease in net assets resulting from capital share transactions | (507694908) | (72562359) | (936066670) | (126564003) |
| Net decrease in net assets | (518271854) | (58128280) | (1053089854) | (68512526) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 650055783 | 708184063 | 1204456716 | 1272969242 |
| End of year or period | $131783929 | $650055783 | $151366862 | $1204456716 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** | **Voya Retirement Aggressive Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 11.99 | 0.13 | <sup>•</sup> | 1.55 | 1.68 | 0.33 | 2.62 | 0.10 | 3.05 |  | 10.62 | **15.56** | 0.77 | 0.70 | 0.70 | 1.06 | 103212 | 35 |
| 12-31-24 | 11.34 | 0.18 | <sup>•</sup> | 1.45 | 1.63 | 0.25 | 0.73 |  | 0.98 |  | 11.99 | **14.55** | 0.76 | 0.69 | 0.69 | 1.54 | 1715676 | 18 |
| 12-31-23 | 10.61 | 0.22 | <sup>•</sup> | 1.63 | 1.85 | 0.17 | 0.95 |  | 1.12 |  | 11.34 | **17.82** | 0.76 | 0.69 | 0.69 | 1.97 | 1807320 | 21 |
| 12-31-22 | 15.03 | 0.13 | <sup>•</sup> | (2.68) | (2.55) | 0.14 | 1.73 |  | 1.87 |  | 10.61 | **(16.71)** | 0.76 | 0.68 | 0.68 | 1.08 | 1791695 | 19 |
| 12-31-21 | 13.80 | 0.10 | <sup>•</sup> | 2.00 | 2.10 | 0.25 | 0.62 |  | 0.87 |  | 15.03 | **15.52** | 0.77 | 0.69 | 0.69 | 0.66 | 2483104 | 21 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.06 | 0.24 | <sup>•</sup> | 1.50 | 1.74 | 0.42 | 2.62 | 0.10 | 3.14 |  | 10.66 | **16.08** | 0.34 | 0.34 | 0.34 | 2.06 | 56190 | 35 |
| 12-31-24 | 11.41 | 0.24 | <sup>•</sup> | 1.44 | 1.68 | 0.30 | 0.73 |  | 1.03 |  | 12.06 | **14.96** | 0.26 | 0.26 | 0.26 | 1.97 | 52106 | 18 |
| 12-31-23 | 10.67 | 0.27 | <sup>•</sup> | 1.64 | 1.91 | 0.22 | 0.95 |  | 1.17 |  | 11.41 | **18.38** | 0.26 | 0.26 | 0.26 | 2.41 | 48830 | 21 |
| 12-31-22 | 15.12 | 0.19 | <sup>•</sup> | (2.70) | (2.51) | 0.21 | 1.73 |  | 1.94 |  | 10.67 | **(16.32)** | 0.26 | 0.26 | 0.26 | 1.55 | 44053 | 19 |
| 12-31-21 | 13.88 | 0.16 | <sup>•</sup> | 2.01 | 2.17 | 0.31 | 0.62 |  | 0.93 |  | 15.12 | **15.96** | 0.27 | 0.27 | 0.27 | 1.12 | 53917 | 21 |
| **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** | **Voya Retirement Conservative Portfolio <br> Class ADV** |
| 12-31-25 | 7.88 | 0.23 | <sup>•</sup> | 0.45 | 0.68 | 0.47 | 0.58 | 0.19 | 1.24 |  | 7.32 | **9.23** | 0.81 | 0.56 | 0.56 | 2.95 | 83904 | 19 |
| 12-31-24 | 7.82 | 0.24 | <sup>•</sup> | 0.20 | 0.44 | 0.25 | 0.13 |  | 0.38 |  | 7.88 | **5.67** | 0.79 | 0.54 | 0.54 | 3.03 | 256412 | 21 |
| 12-31-23 | 7.47 | 0.22 | <sup>•</sup> | 0.43 | 0.65 | 0.15 | 0.15 |  | 0.30 |  | 7.82 | **8.79** | 0.79 | 0.54 | 0.54 | 2.83 | 297835 | 22 |
| 12-31-22 | 9.87 | 0.13 | <sup>•</sup> | (1.49) | (1.36) | 0.19 | 0.85 |  | 1.04 |  | 7.47 | **(13.99)** | 0.78 | 0.53 | 0.53 | 1.61 | 316601 | 22 |
| 12-31-21 | 9.84 | 0.12 | <sup>•</sup> | 0.33 | 0.45 | 0.21 | 0.21 |  | 0.42 |  | 9.87 | **4.69** | 0.79 | 0.54 | 0.54 | 1.22 | 420230 | 26 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 8.04 | 0.26 | <sup>•</sup> | 0.46 | 0.72 | 0.51 | 0.58 | 0.19 | 1.28 |  | 7.48 | **9.53** | 0.32 | 0.32 | 0.32 | 3.28 | 388 | 19 |
| 12-31-24 | 7.98 | 0.26 | <sup>•</sup> | 0.20 | 0.46 | 0.27 | 0.13 |  | 0.40 |  | 8.04 | **5.85** | 0.29 | 0.29 | 0.29 | 3.28 | 671 | 21 |
| 12-31-23 | 7.62 | 0.23 | <sup>•</sup> | 0.45 | 0.68 | 0.17 | 0.15 |  | 0.32 |  | 7.98 | **9.06** | 0.29 | 0.29 | 0.29 | 3.02 | 643 | 22 |
| 12-31-22 | 10.04 | 0.16 | <sup>•</sup> | (1.51) | (1.35) | 0.22 | 0.85 |  | 1.07 |  | 7.62 | **(13.68)** | 0.28 | 0.28 | 0.28 | 1.84 | 844 | 22 |
| 12-31-21 | 10.01 | 0.15 | <sup>•</sup> | 0.33 | 0.48 | 0.24 | 0.21 |  | 0.45 |  | 10.04 | **4.87** | 0.29 | 0.29 | 0.29 | 1.46 | 1390 | 26 |
| **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** | **Voya Retirement Moderate Portfolio <br> Class ADV** |
| 12-31-25 | 9.90 | 0.24 | <sup>•</sup> | 0.87 | 1.11 | 0.50 | 0.44 | 0.13 | 1.07 |  | 9.94 | **11.72** | 0.78 | 0.63 | 0.63 | 2.42 | 110076 | 24 |
| 12-31-24 | 9.71 | 0.27 | <sup>•</sup> | 0.49 | 0.76 | 0.29 | 0.28 |  | 0.57 |  | 9.90 | **7.81** | 0.77 | 0.62 | 0.62 | 2.68 | 629375 | 16 |
| 12-31-23 | 9.29 | 0.25 | <sup>•</sup> | 0.77 | 1.02 | 0.16 | 0.44 |  | 0.60 |  | 9.71 | **11.24** | 0.77 | 0.61 | 0.61 | 2.65 | 686476 | 19 |
| 12-31-22 | 12.63 | 0.14 | <sup>•</sup> | (2.04) | (1.90) | 0.19 | 1.25 |  | 1.44 |  | 9.29 | **(15.17)** | 0.77 | 0.61 | 0.61 | 1.33 | 710975 | 19 |
| 12-31-21 | 12.24 | 0.12 | <sup>•</sup> | 1.03 | 1.15 | 0.24 | 0.52 |  | 0.76 |  | 12.63 | **9.64** | 0.78 | 0.62 | 0.62 | 0.94 | 962098 | 26 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.06 | 0.28 | <sup>•</sup> | 0.88 | 1.16 | 0.56 | 0.44 | 0.13 | 1.13 |  | 10.09 | **12.09** | 0.32 | 0.32 | 0.32 | 2.73 | 21708 | 24 |
| 12-31-24 | 9.86 | 0.30 | <sup>•</sup> | 0.50 | 0.80 | 0.32 | 0.28 |  | 0.60 |  | 10.06 | **8.19** | 0.27 | 0.27 | 0.27 | 3.02 | 20681 | 16 |
| 12-31-23 | 9.43 | 0.29 | <sup>•</sup> | 0.78 | 1.07 | 0.20 | 0.44 |  | 0.64 |  | 9.86 | **11.61** | 0.27 | 0.27 | 0.27 | 3.00 | 21708 | 19 |
| 12-31-22 | 12.81 | 0.18 | <sup>•</sup> | (2.07) | (1.89) | 0.24 | 1.25 |  | 1.49 |  | 9.43 | **(14.87)** | 0.27 | 0.27 | 0.27 | 1.70 | 21276 | 19 |
| 12-31-21 | 12.40 | 0.17 | <sup>•</sup> | 1.05 | 1.22 | 0.29 | 0.52 |  | 0.81 |  | 12.81 | **10.05** | 0.28 | 0.28 | 0.28 | 1.31 | 26121 | 26 |
| **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** | **Voya Retirement Moderately Aggressive Portfolio<br> Class ADV** |
| 12-31-25 | 10.87 | 0.16 | <sup>•</sup> | 1.23 | 1.39 | 0.37 | 1.69 | 0.12 | 2.18 |  | 10.08 | **13.94** | 0.78 | 0.67 | 0.67 | 1.50 | 127860 | 29 |
| 12-31-24 | 10.40 | 0.21 | <sup>•</sup> | 1.06 | 1.27 | 0.25 | 0.55 |  | 0.80 |  | 10.87 | **12.32** | 0.76 | 0.65 | 0.65 | 1.92 | 1181894 | 16 |
| 12-31-23 | 9.87 | 0.22 | <sup>•</sup> | 1.26 | 1.48 | 0.15 | 0.80 |  | 0.95 |  | 10.40 | **15.37** | 0.77 | 0.66 | 0.66 | 2.15 | 1247175 | 17 |
| 12-31-22 | 13.71 | 0.13 | <sup>•</sup> | (2.37) | (2.24) | 0.16 | 1.44 |  | 1.60 |  | 9.87 | **(16.30)** | 0.76 | 0.65 | 0.65 | 1.13 | 1243439 | 18 |
| 12-31-21 | 12.79 | 0.10 | <sup>•</sup> | 1.64 | 1.74 | 0.24 | 0.58 |  | 0.82 |  | 13.71 | **13.92** | 0.77 | 0.66 | 0.66 | 0.77 | 1720105 | 20 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.70 | 0.19 | <sup>•</sup> | 1.21 | 1.40 | 0.45 | 1.69 | 0.12 | 2.26 |  | 9.84 | **14.29** | 0.33 | 0.33 | 0.33 | 1.86 | 23507 | 29 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** | **Voya Retirement Moderately Aggressive Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |
| 12-31-24 | 10.24 | 0.25 | <sup>•</sup> | 1.05 | 1.30 | 0.29 | 0.55 |  | 0.84 |  | 10.70 | **12.88** | 0.26 | 0.26 | 0.26 | 2.31 | 22563 | 16 |
| 12-31-23 | 9.74 | 0.26 | <sup>•</sup> | 1.24 | 1.50 | 0.20 | 0.80 |  | 1.00 |  | 10.24 | **15.79** | 0.27 | 0.27 | 0.27 | 2.58 | 25794 | 17 |
| 12-31-22 | 13.58 | 0.18 | <sup>•</sup> | (2.36) | (2.18) | 0.22 | 1.44 |  | 1.66 |  | 9.74 | **(16.01)** | 0.26 | 0.26 | 0.26 | 1.59 | 23397 | 18 |
| 12-31-21 | 12.67 | 0.16 | <sup>•</sup> | 1.62 | 1.78 | 0.29 | 0.58 |  | 0.87 |  | 13.58 | **14.41** | 0.27 | 0.27 | 0.27 | 1.20 | 28228 | 20 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>(5)</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income (loss) of any underlying mutual funds or ETFs is not included in a Portfolio net investment income (loss) ratio to average net assets.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**NOTE 1** — **ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust currently consists of twenty-two active separate investment series. The four series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Retirement Aggressive Portfolio ("Aggressive"), Voya Retirement Conservative Portfolio ("Conservative"), Voya Retirement Moderate Portfolio ("Moderate") and Voya Retirement Moderately Aggressive Portfolio ("Moderately Aggressive"), each a diversified series of the Trust. Prior to May 1, 2025, Aggressive was known as Voya Retirement Growth Portfolio and Moderately Aggressive was known as Voya Retirement Moderate Growth Portfolio.

The classes of shares included in this report are: Adviser ("Class ADV") and Institutional ("Class I"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware

limited liability company, serves as the principal underwriter to the Portfolios.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio's prospectus.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

D. ***Federal Income Taxes***. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

E. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT IN UNDERLYING FUNDS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Aggressive | $438975642 | $2086301843 |
| Conservative | 38304505 | 218381110 |
| Moderate | 116575113 | 653699101 |
| Moderately Aggressive | 250370135 | 1330143038 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on: 0.24% of each Portfolio's average daily net assets invested in affiliated Underlying Funds and 0.34% of each Portfolio's average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service and distribution plan (the "Agreement") for the Class ADV shares of each Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services and the distribution of shares to direct or indirect beneficial owners of Class ADV shares. Under the Agreement, each Portfolio makes payments to the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.25% of each Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.0751%, 0.2480%, 0.1587% and 0.1106% of the distribution fee for the Class ADV shares of Aggressive, Conservative, Moderate and Moderately Aggressive, respectively. The actual distribution

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)**

fee to be paid by Aggressive, Conservative, Moderate and Moderately Aggressive is at an annual rate of 0.1749%, 0.002%, 0.0913% and 0.1394%, respectively. Any fees waived are not subject to recoupment. Termination or modification of this obligation requires approval by the Board.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Retirement Aggressive | 35.65% |
|  | Retirement Moderate | 15.85 |
|  | Retirement Moderately Aggressive | 20.52 |
| Voya Institutional Trust Company | Retirement Aggressive | 38.58% |
|  | Retirement Conservative | 90.13 |
|  | Retirement Moderate | 70.71 |
|  | Retirement Moderately Aggressive | 65.77 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended December 31, 2025, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Aggressive | $38121 |
| Conservative | 44343 |
| Moderate | 44744 |
| Moderately Aggressive | 48189 |

---

**NOTE 7 —EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, to the levels listed below:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Class** <br>**ADV** | **Class** <br>**I** |
| Aggressive | 1.07% | 0.82% |
| Conservative | 0.92% | 0.67% |
| Moderate | 1.00% | 0.75% |
| Moderately Aggressive | 1.04% | 0.79% |

---

These operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio's allocation of assets to, and the net expenses of, a particular Underlying Fund.

The Investment Adviser may, until May 1, 2026, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment.

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — LINE OF CREDIT (continued)**

credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Days<br> Utilized** | **Approximate<br> Average<br> Daily Balance<br> For Days<br> Utilized** | **Approximate<br> Weighted<br> Average<br> Interest Rate<br> For Days<br> Utilized** |
| Moderate | 5 | $12386400 | 5.33% |
| Moderately Aggressive | 7 | 16633857 | 5.33 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** |<br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Aggressive** | **Aggressive** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 711451 |  | 39330442 | (173460597) |  | (133418704) | 8192568 |  | 420228697 | (1796562142) |  | (1368140877) |
| 12/31/2024 | 546010 |  | 11954929 | (28681681) |  | (16180742) | 6512133 |  | 139753115 | (340619561) |  | (194354313) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 104107 |  | 1284786 | (437894) |  | 950999 | 1229215 |  | 13774023 | (5092046) |  | 9911192 |
| 12/31/2024 | 78197 |  | 358447 | (395940) |  | 40704 | 932718 |  | 4208165 | (4753274) |  | 387609 |
| **Conservative** | **Conservative** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 727713 |  | 5256586 | (27050077) |  | (21065778) | 5726338 |  | 38674032 | (196664221) |  | (152263851) |
| 12/31/2024 | 1577954 |  | 1669944 | (8793631) |  | (5545733) | 12406540 |  | 12975461 | (69294799) |  | (43912798) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16013 |  | 10282 | (57853) |  | (31558) | 130889 |  | 77333 | (458735) |  | (250513) |
| 12/31/2024 | 26681 |  | 4894 | (28765) |  | 2810 | 214294 |  | 38764 | (232292) |  | 20766 |
| **Moderate** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 910987 |  | 6509749 | (59892192) |  | (52471456) | 9063001 |  | 63184258 | (580805657) |  | (508558398) |
| 12/31/2024 | 1086517 |  | 3703746 | (11913555) |  | (7123292) | 10752092 |  | 36148559 | (117989299) |  | (71088648) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 230650 |  | 216732 | (350306) |  | 97076 | 2289217 |  | 2134603 | (3560330) |  | 863490 |
| 12/31/2024 | 83437 |  | 121719 | (350952) |  | (145796) | 837672 |  | 1205019 | (3516402) |  | (1473711) |
| **Moderately Aggressive** | **Moderately Aggressive** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 867215 |  | 22399466 | (119272985) |  | (96006304) | 9227066 |  | 225154383 | (1172985604) |  | (938604155) |
| 12/31/2024 | 979460 |  | 8122619 | (20315795) |  | (11213716) | 10602320 |  | 86262217 | (219022596) |  | (122158059) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 142179 |  | 469905 | (331919) |  | 280165 | 1411441 |  | 4619353 | (3493309) |  | 2537485 |
| 12/31/2024 | 69400 |  | 174397 | (652294) |  | (408497) | 737823 |  | 1818964 | (6962731) |  | (4405944) |

---

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Aggressive | $54055144 | $&nbsp;&nbsp;&nbsp;&nbsp;364536253 | $15411323 | $39914748 | $104046532 |
| Conservative | 15474815 | 17209295 | 6067384 | 9558362 | 3455904 |
| Moderate | 32206769 | 25210734 | 7901358 | 19980478 | 17373100 |
| Moderately Aggressive | 39899712 | 176286324 | 13587700 | 28906972 | 59174209 |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings as of December 31, 2025 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Aggressive | $— | $— | $6211505 | $6211505 |
| Conservative |  |  | 5063448 | 5063448 |
| Moderate |  |  | (8035823) | (8035823) |
| Moderately Aggressive |  |  | (810082) | (810082) |

---

At December 31, 2025, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange traded suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers

or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 12 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – *Improvements to Reportable Segment*

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 12 — SEGMENT REPORTING (continued)**

*Disclosures*, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolios' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolio's

**NOTE 14 — SUBSEQUENT EVENTS**

Fee Change: Effective January 1, 2026, the expense limits for Class I shares of Aggressive, Moderate, and Moderately Aggressive were lowered to 0.68%, 0.66% and 0.65%, respectively.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

Voya Retirement Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: 100.1%** | **MUTUAL FUNDS: 100.1%** | | |
|  | **Affiliated Investment Companies: 100.1%** | **Affiliated Investment Companies: 100.1%** | **Affiliated Investment Companies: 100.1%** |
| 444519 | Voya High Yield Bond Fund - Class R6 | $3133862 | 2.0 |
| 955446 | Voya International Index Portfolio - Class I | 13557773 | 8.5 |
| 267712 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3437423 | 2.2 |
| 1681184 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 18526649 | 11.6 |
| 236905 | Voya Russell <sup>TM</sup> Small Cap Index Portfolio - Class I | 3276391 | 2.1 |
| 818167 | Voya Short Duration Bond Fund - Class R6 | 7707134 | 4.8 |
| 2083482 | Voya U.S. Bond Index Portfolio - Class I | 19105528 | 12.0 |
| 4309811 | Voya U.S. Stock Index Portfolio - Class I | 90764625 | 56.9 |
|  | Total Mutual Funds |  |  |
|  | (Cost $149,067,263) | **159509385** | **100.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $149,067,263)** | $**159509385** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(107273)** | **(0.1)** |
|  | **Net Assets** | $**159402112** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Mutual Funds | $159509385 | $— | $— | $159509385 |
| Total Investments, at fair value | $159509385 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $159509385 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Emerging Markets Index Portfolio - Class I | $53242462 | $1298845 | $(56239692) | $1698385 | $— | $1243648 | $3297551 | $— |
| Voya High Yield Bond Fund - Class R6 | 36165426 | 4421019 | (36451314) | (1001269) | 3133862 | 1647578 | 1537786 |  |
| Voya International Index Portfolio - Class I | 194843788 | 11019016 | (174508551) | (17796480) | 13557773 | 4561649 | 50515882 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 3395482 | (100837) | 142778 | 3437423 | 195450 | 3956 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 52205900 | 9902635 | (57774687) | (4333848) |  | 94887 | 324163 | 5306199 |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 175212748 | 62680706 | (219931495) | 564690 | 18526649 | 2072591 | (4696021) | 19682885 |
| Voya Russell <sup>TM</sup> Small Cap Index Portfolio - Class I | 34589281 | 8696570 | (37459742) | (2549718) | 3276391 | 556358 | 1147324 | 3882506 |
| Voya Short Duration Bond Fund - Class R6 | 90902834 | 11449927 | (93860180) | (785447) | 7707134 | 2960352 | 1791603 |  |
| Voya U.S. Bond Index Portfolio - Class I | 251835028 | 27324714 | (295845716) | 35791502 | 19105528 | 6576517 | (29217315) |  |
| Voya U.S. Stock Index Portfolio - Class I | 879872753 | 247089694 | (930131244) | (106066578) | 90764625 | 1751891 | 105294910 | 101937023 |
|  | $1768870220 | $387278608 | $(1902303458) | $(94335985) | $159509385 | $21660921 | $129999839 | $130808613 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1525673 |
| **Total** | $1525673 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, 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 U.S. federal income tax purposes was $153,297,875. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $6211510 |
| Gross Unrealized Depreciation |  |
| Net Unrealized Appreciation | $6211510 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Conservative Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 9.7%** | **EXCHANGE-TRADED FUNDS: 9.7%** | | |
| 90724 | Schwab U.S. TIPS ETF | $2403279 | 2.9 |
| 29226 | Vanguard Long-Term Treasury ETF | 1630811 | 1.9 |
| 52098 | Vanguard Short-Term Bond ETF | 4105843 | 4.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $8,079,803) | **8139933** | **9.7** |
| **MUTUAL FUNDS: 90.2%** | **MUTUAL FUNDS: 90.2%** |  |  |
|  | **Affiliated Investment Companies: 90.2%** | **Affiliated Investment Companies: 90.2%** | **Affiliated Investment Companies: 90.2%** |
| 475018 | Voya High Yield Bond Fund - Class R6 | 3348880 | 4.0 |
| 183984 | Voya International Index Portfolio - Class I | 2610731 | 3.1 |
| 142964 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1835653 | 2.2 |
| 149600 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 1648589 | 1.9 |
| 1242849 | Voya Short Duration Bond Fund - Class R6 | 11707641 | 13.9 |
| 4277693 | Voya U.S. Bond Index Portfolio - Class I | 39226441 | 46.5 |
| 743620 | Voya U.S. Stock Index Portfolio - Class I | 15660646 | 18.6 |
|  | Total Mutual Funds |  |  |
|  | (Cost $63,884,393) | **76038581** | **90.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $71,964,196) | **84178514** | **99.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $71,964,196)** | $**84178514** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **113484** | **0.1** |
|  | **Net Assets** | $**84291998** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Conservative Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $8139933 | $— | $— | $8139933 |
| Mutual Funds | 76038581 |  |  | 76038581 |
| Total Investments, at fair value | $84178514 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $84178514 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya High Yield Bond Fund - Class R6 | $10373172 | $776082 | $(7627546) | $(172828) | $3348880 | $522129 | $337912 | $— |
| Voya International Index Portfolio - Class I | 7618091 | 571151 | (5195246) | (383265) | 2610731 | 187422 | 1876675 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 1817187 | (58267) | 76733 | 1835653 | 104479 | 1749 |  |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 5022604 | 1146242 | (4185139) | (335118) | 1648589 | 62452 | 159362 | 593089 |
| Voya Short Duration Bond Fund - Class R6 | 36418699 | 3475289 | (28626477) | 440130 | 11707641 | 1322364 | (59490) |  |
| Voya U.S. Bond Index Portfolio - Class I | 126348884 | 9420691 | (109937002) | 13393868 | 39226441 | 3810091 | (10065591) |  |
| Voya U.S. Stock Index Portfolio - Class I | 50448688 | 10061996 | (25936705) | (18913333) | 15660646 | 239921 | 19919249 | 4753193 |
|  | $236230138 | $27268638 | $(181566382) | $(5893813) | $76038581 | $6248858 | $12169866 | $5346282 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $55452 |
| **Total** | $55452 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Conservative Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, 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 U.S. federal income tax purposes was $79,115,064. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $5165161 |
| Gross Unrealized Depreciation | (101711) |
| Net Unrealized Appreciation | $5063450 |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** |  |  |
| 93338 | Schwab U.S. TIPS ETF | $**2472524** | **1.9** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $2,523,022) | **2472524** | **1.9** |
| **MUTUAL FUNDS: 98.1%** | **MUTUAL FUNDS: 98.1%** |  |  |
|  | **Affiliated Investment Companies: 98.1%** | **Affiliated Investment Companies: 98.1%** | **Affiliated Investment Companies: 98.1%** |
| 736282 | Voya High Yield Bond Fund - Class R6 | 5190791 | 4.0 |
| 567360 | Voya International Index Portfolio - Class I | 8050841 | 6.1 |
| 221992 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2850374 | 2.2 |
| 348200 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 3837163 | 2.9 |
| 1639797 | Voya Short Duration Bond Fund - Class R6 | 15446892 | 11.7 |
| 5379238 | Voya U.S. Bond Index Portfolio - Class I | 49327609 | 37.4 |
| 2116905 | Voya U.S. Stock Index Portfolio - Class I | 44582022 | 33.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $124,692,353) | **129285692** | **98.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $127,215,375) | **131758216** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $127,215,375)** | $**131758216** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **25713** | **0.0** |
|  | **Net Assets** | $**131783929** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $2472524 | $— | $— | $2472524 |
| Mutual Funds | 129285692 |  |  | 129285692 |
| Total Investments, at fair value | $131758216 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $131758216 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Emerging Markets Index Portfolio - Class I | $12915411 | $486872 | $(14740809) | $1338526 | $— | $311699 | $(113914) | $— |
| Voya High Yield Bond Fund - Class R6 | 26323117 | 2243421 | (22670467) | (705280) | 5190791 | 1254976 | 1111549 |  |
| Voya International Index Portfolio - Class I | 38666722 | 2815744 | (29627529) | (3804096) | 8050841 | 935328 | 10945824 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 2838632 | (104341) | 116083 | 2850374 | 161014 | 3285 |  |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 19120807 | 4057762 | (18549065) | (792341) | 3837163 | 233746 | 123402 | 2219832 |
| Voya Short Duration Bond Fund - Class R6 | 79396515 | 7134328 | (72868271) | 1784320 | 15446892 | 2718125 | (930736) |  |
| Voya U.S. Bond Index Portfolio - Class I | 274869400 | 22454557 | (292013671) | 44017323 | 49327609 | 7655178 | (36869356) |  |
| Voya U.S. Stock Index Portfolio - Class I | 185649932 | 60833264 | (185398828) | (16502346) | 44582022 | 719296 | 17738861 | 21830428 |
|  | $636941904 | $102864580 | $(635972981) | $25452189 | $129285692 | $13989362 | $(7991085) | $24050260 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $337207 |
| **Total** | $337207 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $139,794,038. | Cost for U.S. federal income tax purposes was $139,794,038. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $— |
| Gross Unrealized Depreciation | (8035822) |
| Net Unrealized Depreciation | $(8035822) |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** |  |  |
|  | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** |
| 422715 | Voya High Yield Bond Fund - Class R6 | $2980142 | 2.0 |
| 591905 | Voya International Index Portfolio - Class I | 8399126 | 5.5 |
| 254226 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3264263 | 2.2 |
| 666054 | Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 7339911 | 4.8 |
| 1254218 | Voya Short Duration Bond Fund - Class R6 | 11814732 | 7.8 |
| 4095334 | Voya U.S. Bond Index Portfolio - Class I | 37554209 | 24.8 |
| 3800615 | Voya U.S. Stock Index Portfolio - Class I | 80040950 | 52.9 |
|  | Total Mutual Funds |  |  |
|  | (Cost $142,901,668) | **151393333** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $142,901,668)** | $**151393333** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(26471)** | **0.0** |
|  | **Net Assets** | $**151366862** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Retirement Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Mutual Funds | $151393333 | $— | $— | $151393333 |
| Total Investments, at fair value | $151393333 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $151393333 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Emerging Markets Index Portfolio - Class I | $24083241 | $688867 | $(26662813) | $1890705 | $— | $569373 | $379214 | $— |
| Voya High Yield Bond Fund - Class R6 | 24538547 | 2646101 | (23525924) | (678582) | 2980142 | 1132529 | 1046927 |  |
| Voya International Index Portfolio - Class I | 84126456 | 4509463 | (72070024) | (8166769) | 8399126 | 1993482 | 22545920 |  |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 3203879 | (75395) | 135779 | 3264263 | 184985 | 3511 |  |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 23613357 | 4814601 | (26459673) | (1968285) |  | 43444 | 157862 | 2429425 |
| Voya Russell <sup>TM</sup> Mid Cap Index Portfolio - Class I | 59438154 | 10845715 | (65521668) | 2577710 | 7339911 | 711667 | (4650568) | 6758535 |
| Voya Short Duration Bond Fund - Class R6 | 98684931 | 11074949 | (99225413) | 1280265 | 11814732 | 3262285 | (198557) |  |
| Voya U.S. Bond Index Portfolio - Class I | 329537015 | 33075608 | (367602964) | 42544550 | 37554209 | 8939346 | (33718804) |  |
| Voya U.S. Stock Index Portfolio - Class I | 561150921 | 155869359 | (568493011) | (68486319) | 80040950 | 1418820 | 69744896 | 64123759 |
|  | $1205172622 | $226728542 | $(1249636885) | $(30870946) | $151393333 | $18255931 | $55310401 | $73311719 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Retirement Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $638444 |
| **Total** | $638444 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $152,203,412. | Cost for U.S. federal income tax purposes was $152,203,412. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $— |
| Gross Unrealized Depreciation | (810079) |
| Net Unrealized Depreciation | $(810079) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** | <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Retirement Aggressive Portfolio |  |  | Voya Retirement Moderate Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.4226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $2.5676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1261 |
| Voya Retirement Conservative Portfolio |  |  | Voya Retirement Moderately Aggressive Portfolio | Voya Retirement Moderately Aggressive Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.5058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.4463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.6769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1258 |

---

NII - Net investment income

STCG- Short-term capital gain

LTCG - Long-term capital gain

ROC - Return of capital

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Retirement Aggressive Portfolio | 38.1% |
| Voya Retirement Conservative Portfolio | 7.43% |
| Voya Retirement Moderate Portfolio | 12.69% |
| Voya Retirement Moderately Aggressive Portfolio | 27.5% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya Retirement Aggressive Portfolio | $364536253 |
| Voya Retirement Conservative Portfolio | $17209295 |
| Voya Retirement Moderate Portfolio | $25210734 |
| Voya Retirement Moderately Aggressive Portfolio | $176286324 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Creditable Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary Income**<br>**Derived from**<br>**Foreign Sourced Income\*** |
| Voya Retirement Aggressive Portfolio | $2193500 | $0.1463 | 17.24% |
| Voya Retirement Conservative Portfolio | $94452 | $0.0082 | 3.40% |
| Voya Retirement Moderate Portfolio | $456656 | $0.0345 | 7.45% |
| Voya Retirement Moderately Aggressive Portfolio | $965699 | $0.0640 | 11.78% |

---

\* None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

TAX INFORMATION (Unaudited) (continued)

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Retirement Aggressive Portfolio, Voya Retirement Conservative Portfolio, Voya Retirement Moderate Portfolio, and Voya Retirement Moderately Aggressive Portfolio, each a series of the Trust (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight

regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November

11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows*.* Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Retirement Aggressive Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Aggressive Portfolio (formerly, Voya Retirement Growth Portfolio), the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, and ten-year periods, the third quintile for the five-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Retirement Conservative Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the one-year, three-year, and five-year periods, and the fourth quintile for the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive.

**Voya Retirement Moderate Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Moderate Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the one-year and five-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account:

(1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding its belief that the Portfolio's pricing is competitive.

**Voya Retirement Moderately Aggressive Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Moderately Aggressive Portfolio (formerly, Voya Retirement Moderate Growth Portfolio), the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, and ten-year periods, the third quintile for the five-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-RETADVI (1225)**

![](tm263417d8_vacsinse-img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 VACS Index Series EM Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 VACS Index Series I Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 VACS Index Series MC Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 VACS Index Series S Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 VACS Index Series SC Portfolio

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d8_vacsinse-img02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d8_vacsinse-img03.jpg) |

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**TABLE OF CONTENTS**

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|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#vacs_001) | [1](#vacs_001) |
| [Statements of Assets and Liabilities](#vacs_002) | [3](#vacs_002) |
| [Statements of Operations](#vacs_003) | [5](#vacs_003) |
| [Statements of Changes in Net Assets](#vacs_005) | [7](#vacs_005) |
| [Financial Highlights](#vacs_006) | [10](#vacs_006) |
| [Notes to Financial Statements](#z_001) | [11](#z_001) |
| [Portfolios of Investments](#z_002) | [23](#z_002) |
| [Tax Information](#z_003) | [101](#z_003) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#z_004) | [103](#z_004) |

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| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge and upon request, by calling 1-800-992-0180, or by accessing on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Shareholders of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio, Voya VACS Index Series SC Portfolio, Voya VACS Index Series S Portfolio and the Boards of Directors/ Trustees of Voya Variable Portfolios, Inc. and Voya Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio, Voya VACS Index Series SC Portfolio and Voya VACS Index Series S Portfolio (collectively referred to as the "Portfolios") (four portfolios constituting Voya Variable Portfolios, Inc. and one portfolio constituting Voya Investors Trust, respectively (collectively referred to as the "Registrants")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual portfolio constituting <br> the Registrants | &nbsp;&nbsp;Statement of <br> Operations | &nbsp;&nbsp;Statements of changes in <br> net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;Voya VACS Index Series EM Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 and the period from March 15, 2023 (commencement of operations) through December 31, 2023 |
| &nbsp;&nbsp;Voya VACS Index Series I Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 and the period from February 3, 2023 (commencement of operations) through December 31, 2023 |
| &nbsp;&nbsp;Voya VACS Index Series MC Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 and the period from January 27, 2023 (commencement of operations) through December 31, 2023 |
| &nbsp;&nbsp;Voya VACS Index Series S Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2025 and the period from January 27, 2023 (commencement of operations) through December 31, 2023 |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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<u>Voya VACS Index Series SC Portfolio</u> <u>For the year ended December 31, 2025</u> <u>For each of the two years in the period ended December 31, 2025</u> <u>For each of the two years in the period ended December 31, 2025 and the period from January 20, 2023 (commencement of operations) through December 31, 2023</u>

**Basis for Opinion**

These financial statements are the responsibility of the Registrant's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and in accordance with the relevant ethical requirements relating to our audits.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants' internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Registrants' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm263417d8_vacsinse-img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $521464173 | $2123526003 | $318522423 |
| Investments in affiliates at fair value<sup>\*\*</sup> |  |  | 179521 |
| Short-term investments at fair value† | 20567064 | 92015207 | 3018325 |
| Cash |  | 23 | 105552 |
| Cash collateral for futures contracts | 561239 | 889013 | 75988 |
| Foreign currencies at value‡ | 654239 | 772776 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 149343 |  | 12234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 229269 | 973053 | 174056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1085685 | 2215384 | 293499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 67818 | 3780575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 387 |  |  |
| Other assets | 2496 | 10111 | 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 544781713 | 2224182822 | 322384276 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | 137910 |  | 206886 |
| Payable for fund shares redeemed | 82438 | 366897 | 29726 |
| Payable upon receipt of securities loaned | 5099064 | 73510207 | 2261325 |
| Variation margin payable on futures contracts |  | 149456 | 11280 |
| Payable for unified fees | 71201 | 264539 | 41075 |
| Payable to custodian due to bank overdraft | 46430 |  |  |
| Payable to directors under the deferred compensation plan (Note 5) | 2496 | 10111 | 2678 |
| Payable for foreign capital gains tax | 2817960 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8257499 | 74301210 | 2552970 |
| **NET ASSETS** | $536524214 | $2149881612 | $319831306 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $378832719 | $1575426324 | $220662028 |
| Total distributable earnings | 157691495 | 574455288 | 99169278 |
| **NET ASSETS** | $536524214 | $2149881612 | $319831306 |
| +&nbsp;&nbsp;&nbsp;&nbsp; Including securities loaned at value | $4057793 | $63386173 | $2202198 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in securities | $378318714 | $1583731301 | $236221294 |
| \*\*&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in affiliates | $— | $— | $167086 |
| †&nbsp;&nbsp;&nbsp;&nbsp; Cost of short-term investments | $20567064 | $92015207 | $3018325 |
| ‡&nbsp;&nbsp;&nbsp;&nbsp; Cost of foreign currencies | $661058 | $877441 | $— |
| Net assets | $536524214 | $2149881612 | $319831306 |
| Shares authorized | 200000000 | 200000000 | 100000000 |
| Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 36066784 | 153684750 | 24437070 |
| Net asset value and redemption price per share | $14.88 | $13.99 | $13.09 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya <br> VACS Index <br> Series S <br> Portfolio** | **Voya <br> VACS Index <br> Series SC <br> Portfolio** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $4153047129 | $196248771 |
| Short-term investments at fair value† | 39483830 | 10603450 |
| Cash | 439809 | 44793 |
| Cash collateral for futures contracts | 3030957 | 440424 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 156034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1970671 | 102268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2247455 | 199809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 4215 |
| Other assets | 23443 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4200243781 | 207801192 |
| **LIABILITIES:** |  |  |
| Payable for fund shares redeemed | 710808 | 19817 |
| Payable upon receipt of securities loaned | 810830 | 6099450 |
| Variation margin payable on futures contracts | 326522 | 41852 |
| Payable for unified fees | 544221 | 26136 |
| Payable to directors/ trustees under the deferred compensation plan (Note 5) | 23443 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2415824 | 6188683 |
| **NET ASSETS** | $4197827957 | $201612509 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $2373958034 | $141935649 |
| Total distributable earnings | 1823869923 | 59676860 |
| **NET ASSETS** | $4197827957 | $201612509 |
| +&nbsp;&nbsp;&nbsp;&nbsp;Including securities loaned at value | $789722 | $5908902 |
| \* Cost of investments in securities | $2468364672 | $147281553 |
| †&nbsp;&nbsp;&nbsp;&nbsp;Cost of short-term investments | $39483830 | $10603450 |
| Net assets | $4197827957 | $201612509 |
| Shares authorized | unlimited | 100000000 |
| Par value | $0.001 | $0.001 |
| Shares outstanding | 257623881 | 17460442 |
| Net asset value and redemption price per share | $16.29 | $11.55 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya <br> VACS Index <br> Series EM <br> Portfolio** | **Voya <br> VACS Index <br> Series I <br> Portfolio** | **Voya <br> VACS Index <br> Series MC <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $12282171 | $46456578 | $6316068 |
| Dividends from affiliates |  |  | 5958 |
| Interest | 14021 | 52085 | 5876 |
| Securities lending income, net | 32316 | 239847 | 19852 |
| Other | 3107 | 11759 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 12331615 | 46760269 | 6350688 |
| **EXPENSES:** |  |  |  |
| Unified fees | 717851 | 2671989 | 613724 |
| Directors fees | 11965 | 44533 | 10229 |
| Miscellaneous expense | 19234 | 75223 | 21836 |
| Interest expense |  | 23620 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 749050 | 2815365 | 646968 |
| Net investment income | 11582565 | 43944904 | 5703720 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld<sup>∧</sup>) | 7543113 | 2337771 | 14040670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates |  |  | (12707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1035 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (21189) | 37919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 986531 | 8507762 | (67299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 8509490 | 10883452 | 13960664 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 119746064 | 424954923 | 9736110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates |  |  | 16797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 22746 | 342488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 711352 | 1344926 | 68906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 120480162 | 426642337 | 9821813 |
| Net realized and unrealized gain | 128989652 | 437525789 | 23782477 |
| **Increase in net assets resulting from operations** | $140572217 | $481470693 | $29486197 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $1528660 | $7478832 | $7272 |
| ^&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes withheld | $216651 | $— | $— |
| #&nbsp;&nbsp;&nbsp;&nbsp;Change in foreign capital gains taxes accrued | $519801 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya <br> VACS Index <br> Series S <br> Portfolio** | **Voya <br> VACS Index <br> Series SC <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $53247755 | $2496869 |
| Interest | 244705 | 22263 |
| Securities lending income, net | 3857 | 102684 |
| Other | 27002 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 53523319 | 2623230 |
| **EXPENSES:** |  |  |
| Unified fees | 6043055 | 290384 |
| Director/ Trustee fees and expenses | 293074 | 14866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 6336129 | 305250 |
| Net investment income | 47187190 | 2317980 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 81426659 | 10809878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 11659435 | 72443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 93086094 | 10882321 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 541109012 | 9330866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1337495 | 180679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 542446507 | 9511545 |
| Net realized and unrealized gain | 635532601 | 20393866 |
| **Increase in net assets resulting from operations** | $682719791 | $22711846 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $11625 | $5209 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index <br> Series EM Portfolio** | **Voya VACS Index <br> Series EM Portfolio** | **Voya VACS Index <br> Series I Portfolio** | **Voya VACS Index <br> Series I Portfolio** |
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $11582565 | $8256188 | $43944904 | $45633003 |
| Net realized gain (loss) | 8509490 | (309060) | 10883452 | (8880323) |
| Net change in unrealized appreciation (depreciation) | 120480162 | 4583858 | 426642337 | 17467268 |
| Increase in net assets resulting from operations | 140572217 | 12530986 | 481470693 | 54219948 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (8196622) | (11592380) | (48716331) | (40327673) |
| Total distributions | (8196622) | (11592380) | (48716331) | (40327673) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 38452289 | 184214420 | 462430457 | 280501176 |
| Reinvestment of distributions | 8196622 | 11592380 | 48716331 | 40327673 |
|  | 46648911 | 195806800 | 511146788 | 320828849 |
| Cost of shares redeemed | (87671058) | (154379659) | (468215275) | (225711965) |
| Net increase (decrease) in net assets resulting from capital share transactions | (41022147) | 41427141 | 42931513 | 95116884 |
| Net increase in net assets | 91353448 | 42365747 | 475685875 | 109009159 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 445170766 | 402805019 | 1674195737 | 1565186578 |
| End of year or period | $536524214 | $445170766 | $2149881612 | $1674195737 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Index <br> Series MC Portfolio** | **Voya VACS Index <br> Series MC Portfolio** | **Voya VACS Index <br> Series S Portfolio** | **Voya VACS Index <br> Series S Portfolio** |
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5703720 | $6828761 | $47187190 | $48672279 |
| Net realized gain | 13960664 | 9515556 | 93086094 | 163616602 |
| Net change in unrealized appreciation (depreciation) | 9821813 | 46632191 | 542446507 | 630877613 |
| Increase in net assets resulting from operations | 29486197 | 62976508 | 682719791 | 843166494 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (18518071) | (6315232) | (211841732) | (66236266) |
| Total distributions | (18518071) | (6315232) | (211841732) | (66236266) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 203872648 | 221351678 | 543297193 | 577006751 |
| Reinvestment of distributions | 18518071 | 6315232 | 211841732 | 66236266 |
|  | 222390719 | 227666910 | 755138925 | 643243017 |
| Cost of shares redeemed | (377765895) | (197023868) | (762478745) | (1174487050) |
| Net increase (decrease) in net assets resulting from capital share transactions | (155375176) | 30643042 | (7339820) | (531244033) |
| Net increase (decrease) in net assets | (144407050) | 87304318 | 463538239 | 245686195 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464238356 | 376934038 | 3734289718 | 3488603523 |
| End of year or period | $319831306 | $464238356 | $4197827957 | $3734289718 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Voya VACS Index <br> Series SC Portfolio** | **Voya VACS Index <br> Series SC Portfolio** |
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2317980 | $3311504 |
| Net realized gain | 10882321 | 19239001 |
| Net change in unrealized appreciation (depreciation) | 9511545 | 5144073 |
| Increase in net assets resulting from operations | 22711846 | 27694578 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (23581657) | (8073821) |
| Total distributions | (23581657) | (8073821) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 25419554 | 43077563 |
| Reinvestment of distributions | 23581657 | 8073821 |
|  | 49001211 | 51151384 |
| Cost of shares redeemed | (82946139) | (250972455) |
| Net decrease in net assets resulting from capital share transactions | (33944928) | (199821071) |
| Net decrease in net assets | (34814739) | (180200314) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 236427248 | 416627562 |
| End of year or period | $201612509 | $236427248 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)**<br>**from investment<br> operations** | **Income (loss)**<br>**from investment<br> operations** | **Income (loss)**<br>**from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br> **Data** | **Supplemental** <br> **Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<br><sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net investment income (loss)<br><sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** | **Voya VACS Index Series EM Portfolio** |
| 12-31-25 | 11.30 | 0.31 | • | 3.49 | 3.80 | 0.22 | 0.00 <sup>\*</sup> |  | 0.22 |  | 14.88 | **34.13** | 0.16 | 0.16 | 0.16 | 2.42 | 536524 | 5 |
| 12-31-24 | 11.00 | 0.27 | • | 0.45 | 0.72 | 0.42 |  |  | 0.42 |  | 11.30 | **6.54** | 0.17 | 0.17 | 0.17 | 2.37 | 445171 | 37 |
| 03-15-23<sup>(5)</sup>-<br> 12-31-23 | 10.00 | 0.27 | • | 0.73 | 1.00 |  |  |  |  |  | 11.00 | **10.00** | 0.16 | 0.16 | 0.16 | 3.15 | 402805 | 56 |
| **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** | **Voya VACS Index Series I Portfolio** |
| 12-31-25 | 10.99 | 0.31 | • | 3.07 | 3.38 | 0.38 |  |  | 0.38 |  | 13.99 | **31.31** | 0.16 | 0.16 | 0.16 | 2.47 | 2149882 | 19 |
| 12-31-24 | 10.90 | 0.31 | • | 0.06 | 0.37 | 0.28 |  |  | 0.28 |  | 10.99 | **3.34** | 0.16 | 0.16 | 0.16 | 2.77 | 1674196 | 6 |
| 02-03-23<sup>(5)</sup>-<br> 12-31-23 | 10.00 | 0.28 | • | 0.62 | 0.90 |  |  |  |  |  | 10.90 | **9.00** | 0.15 | 0.15 | 0.15 | 3.09 | 1565187 | 3 |
| **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** | **Voya VACS Index Series MC Portfolio** |
| 12-31-25 | 12.38 | 0.17 | • | 1.05 | 1.22 | 0.19 | 0.32 |  | 0.51 |  | 13.09 | **10.38** | 0.16 | 0.16 | 0.16 | 1.39 | 319831 | 60 |
| 12-31-24 | 10.88 | 0.17 | • | 1.46 | 1.63 | 0.10 | 0.03 |  | 0.13 |  | 12.38 | **15.09** | 0.16 | 0.16 | 0.16 | 1.42 | 464238 | 53 |
| 01-27-23<sup>(5)</sup>-<br> 12-31-23 | 10.00 | 0.15 | • | 0.73 | 0.88 |  |  |  |  |  | 10.88 | **8.80** | 0.16 | 0.16 | 0.16 | 1.63 | 376934 | 22 |
| **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** | **Voya VACS Index Series S Portfolio** |
| 12-31-25 | 14.58 | 0.18 | • | 2.32 | 2.50 | 0.18 | 0.61 |  | 0.79 |  | 16.29 | **17.67** | 0.16 | 0.16 | 0.16 | 1.17 | 4197828 | 7 |
| 12-31-24 | 11.88 | 0.17 | • | 2.76 | 2.93 | 0.17 | 0.06 |  | 0.23 |  | 14.58 | **24.78** | 0.16 | 0.16 | 0.16 | 1.28 | 3734290 | 6 |
| 01-27-23<sup>(5)</sup>-<br> 12-31-23 | 10.00 | 0.16 | • | 1.72 | 1.88 |  |  |  |  |  | 11.88 | **18.80** | 0.15 | 0.15 | 0.15 | 1.62 | 3488604 | 9 |
| **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** | **Voya VACS Index Series SC Portfolio** |
| 12-31-25 | 11.87 | 0.13 | • | 1.04 | 1.17 | 0.28 | 1.21 |  | 1.49 |  | 11.55 | **12.80** | 0.16 | 0.16 | 0.16 | 1.20 | 201613 | 18 |
| 12-31-24 | 11.01 | 0.13 | • | 1.07 | 1.20 | 0.22 | 0.12 |  | 0.34 |  | 11.87 | **11.18** | 0.16 | 0.16 | 0.16 | 1.18 | 236427 | 17 |
| 01-20-23<sup>(5)</sup>-<br> 12-31-23 | 10.00 | 0.14 | • | 0.87 | 1.01 |  |  |  |  |  | 11.01 | **10.10** | 0.16 | 0.16 | 0.16 | 1.54 | 416628 | 20 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>(5)</sup> Commencement of operations.

\* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Variable Portfolios, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("1940 Act" or "Act"), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are seventeen active separate investment series that comprise the Company. The four series (each a "Portfolio" and collectively the "Portfolios") included in this report are: Voya VACS Index Series EM Portfolio ("Series EM"), Voya VACS Index Series I Portfolio ("Series I"), Voya VACS Index Series MC Portfolio ("Series MC"), and Voya VACS Index Series SC Portfolio ("Series SC"), each a diversified series of the Company.

Voya Investors Trust (the "Trust") is registered under the 1940 Act, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. This report is for Voya VACS Index Series S Portfolio ("Series S"), a diversified series of the Trust.

Each of the series is referred to as a "Portfolio" and collectively, the "Portfolios." The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The Portfolios' shares are not registered under the Securities Act of 1933 (the "1933 Act") because the shares are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act.

The Portfolios do not have a share class designation. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio. Expenses that are specific to a portfolio are charged directly to that portfolio. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Portfolios. Voya Investments Distributor, LLC ("VID"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each Portfolio is calculated by taking the value of each Portfolio's assets, subtracting each Portfolio's liabilities, and dividing by the number of shares that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input

levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities, other assets and liabilities —
at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases
and sales of investment securities, income

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all

of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax or excise tax provision is required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments***. The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk***. The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest

rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** Each Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio's International Swaps and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are

established within each Portfolio's Master Agreements.

There was no open OTC derivatives at December 31, 2025 for any Portfolio.

H. ***Forward Foreign Currency Transactions and Futures Contracts.*** Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

During the year ended December 31, 2025, the following Portfolio had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

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| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Series EM | $13115 | $4337 |

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The above Portfolio entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. For the year ended December 31, 2025, no other Portfolio entered into forward foreign currency contracts.

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2025, the Portfolios had average notional values on futures contracts purchased as disclosed below.

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| | |
|:---|:---|
|  | **Purchased** |
| Series EM | $9444068 |
| Series I | 36813411 |
| Series MC | 1317240 |
| Series S | 74554765 |
| Series SC | 5787737 |

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Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of December 31, 2025.

I. ***Securities Lending***. Each Portfolio may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S.

government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

J. ***Restricted Securities.*** The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

K. ***Indemnifications.*** In the normal course of business, the Trust and the Company may enter into contracts that provide certain indemnifications. The Trust's and the Company's, as applicable, maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities were, as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Series EM | $25374044 | $68335175 |
| Series I | 396178945 | 333305953 |
| Series MC | 246553221 | 414323872 |
| Series S | 283265938 | 443504479 |
| Series SC | 33169749 | 85362797 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the "Unified Agreement"). Under the Unified Agreements, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Company/Trust pays the Investment Adviser a monthly fee (a "Unified Fee") of 0.15% based on the annual rates of the average daily net assets of the Portfolios.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following affiliated investment companies owned more than 5% of the following Portfolios:

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| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Portfolio** | **Percentage** |
| Voya Index Solution 2030 Portfolio | Series EM | 7.06% |
|  | Series I | 8.28 |
|  | Series MC | 9.18 |
|  | Series S | 8.29 |
|  | Series SC | 10.51 |

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| | | |
|:---|:---|:---|
| Voya Index Solution 2035 Portfolio | Series EM | 15.44 |
|  | Series I | 16.58 |
|  | Series MC | 15.41 |
|  | Series S | 16.99 |
|  | Series SC | 17.9 |
| Voya Index Solution 2040 Portfolio | Series EM | 12.53 |
|  | Series I | 13.21 |
|  | Series MC | 13.92 |
|  | Series S | 12.66 |
|  | Series SC | 11.88 |
| Voya Index Solution 2045 Portfolio | Series EM | 18.91 |
|  | Series I | 17.62 |
|  | Series MC | 20.14 |
|  | Series S | 18.05 |
|  | Series SC | 15.17 |
| Voya Index Solution 2050 Portfolio | Series EM | 12.74 |
|  | Series I | 12.31 |
|  | Series MC | 13.26 |
|  | Series S | 12.76 |
|  | Series SC | 15.34 |
| Voya Index Solution 2055 Portfolio | Series EM | 13.82 |
|  | Series I | 12.68 |
|  | Series MC | 14.9 |
|  | Series S | 12.89 |
|  | Series SC | 15.49 |
| Voya Index Solution 2060 Portfolio | Series EM | 9.16 |
|  | Series I | 8.41 |
|  | Series MC | 9.89 |
|  | Series S | 8.55 |
|  | Series SC | 10.27 |
| Voya Index Solution Income Portfolio | Series EM | 7.28 |
|  | Series I | 8.05 |
|  | Series S | 6.95 |

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The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors'/ trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/ trustee (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors'/ trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors'/ trustees' fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), a common sub- adviser and/ or common officers or trustees. For the year

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

ended December 31, 2025, the Portfolios did not have any 17a-7 transactions and in-kind transactions.

**NOTE 6 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10,

**NOTE 7 — CAPITAL SHARES**

Transactions in capital shares and dollars are as follows:

2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Series I | 3 | $53178667 | 5.33% |
| Series MC | 9 | 912444 | 5.17 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Series EM** | **Series EM** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2933472 |  | 691698 | (6964708) |  | (3339538) | 38452289 |  | 8196622 | (87671058) |  | (41022147) |
| 12/31/2024 | 15740229 |  | 1025874 | (13974422) |  | 2791681 | 184214420 |  | 11592380 | (154379659) |  | 41427141 |
| **Series I** | **Series I** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 35472410 |  | 4049570 | (38115986) |  | 1405994 | 462430457 |  | 48716331 | (468215275) |  | 42931513 |
| 12/31/2024 | 24902054 |  | 3559371 | (19797973) |  | 8663452 | 280501176 |  | 40327673 | (225711965) |  | 95116884 |
| **Series MC** | **Series MC** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16229188 |  | 1586810 | (30866601) |  | (13050603) | 203872648 |  | 18518071 | (377765895) |  | (155375176) |
| 12/31/2024 | 19026580 |  | 553482 | (16732588) |  | 2847474 | 221351678 |  | 6315232 | (197023868) |  | 30643042 |
| **Series S** | **Series S** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 37056341 |  | 14323308 | (49827183) |  | 1552466 | 543297193 |  | 211841732 | (762478745) |  | (7339820) |
| 12/31/2024 | 44097221 |  | 4768630 | (86381455) |  | (37515604) | 577006751 |  | 66236266 | (1174487050) |  | (531244033) |
| **Series SC** | **Series SC** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2334992 |  | 2524803 | (7311064) |  | (2451269) | 25419554 |  | 23581657 | (82946139) |  | (33944928) |
| 12/31/2024 | 3782499 |  | 741398 | (22467427) |  | (17943530) | 43077563 |  | 8073821 | (250972455) |  | (199821071) |

---

**NOTE 8 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments

as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — SECURITIES LENDING (continued)**

Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

The following tables represent a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

**Series EM**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Citigroup Global Markets Limited | $1481289 | $(1481289) | $— |
| J.P. Morgan Securities LLC | 272807 | (272807) |  |
| Jefferies International Ltd | 52709 | (52709) |  |
| JP Morgan Securities Plc. | 430456 | (430456) |  |
| Merrill Lynch International | 903013 | (903013) |  |
| Mizuho Securities USA LLC. | 20038 | (20038) |  |
| State Street Bank and Trust Company | 897481 | (897481) |  |
| Total | $4057793 | $(4057793) | $— |

---

(1) Cash collateral with a fair value
of $5,099,064 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Series I**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $1508217 | $(1508217) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Citadel Securities LLC | $717272 | $(717272) | $— |
| Citigroup Global Markets Limited | 16784638 | (16784638) |  |
| Goldman, Sachs & Co. LLC | 2053124 | (2053124) |  |
| HSBC Bank PLC | 10666782 | (10666782) |  |
| Jefferies International Ltd | 855892 | (855892) |  |
| Jefferies LLC | 29282 | (29282) |  |
| JP Morgan Securities Plc. | 4893999 | (4893999) |  |
| Macquarie Bank Limited | 1543554 | (1543554) |  |
| Merrill Lynch International | 2625340 | (2625340) |  |
| State Street Bank and Trust Company | 18590157 | (18590157) |  |
| TD Securities (USA) Inc. | 963920 | (963920) |  |
| Wells Fargo Bank NA | 728629 | (728629) |  |
| Wells Fargo Securities LLC | 1425367 | (1425367) |  |
| Total | $63386173 | $(63386173) | $— |

---

(1) Cash collateral with a fair value
of $73,510,207 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Series MC** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| BofA Securities Inc | $419225 | $(419225) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cantor Fitzgerald & Co | 182670 | (182670) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citadel Clearing LLC | 56547 | (56547) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citadel Securities LLC | 165042 | (165042) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman, Sachs & Co. LLC | 276535 | (276535) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | 528715 | (528715) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Janney Montgomery Scott LLC | 156604 | (156604) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Jefferies LLC | 7200 | (7200) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street Bank and Trust Company | 104312 | (104312) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| TD Securities (USA) Inc. | 100806 | (100806) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo Bank NA | 94245 | (94245) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo Securities LLC | 110297 | (110297) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $2202198 | $(2202198) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) Cash collateral with a fair value
of $2,261,325 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 8 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Series S**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $295342 | $(295342) | $— |
| Citadel Clearing LLC | 106479 | (106479) |  |
| Goldman, Sachs & Co. LLC | 387901 | (387901) |  |
| Total | $789722 | $(789722) | $— |

---

(1) Cash
 collateral with a fair value of $810,830 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Series SC**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $1997845 | $(1997845) | $— |
| Cantor Fitzgerald & Co | 10769 | (10769) |  |
| Citadel Clearing LLC | 150317 | (150317) |  |
| Citadel Securities LLC | 273103 | (273103) |  |
| J.P. Morgan Securities LLC | 1683257 | (1683257) |  |
| Janney Montgomery Scott LLC | 138536 | (138536) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Jefferies LLC | $409821 | $(409821) | $— |
| Mizuho Securities USA LLC. | 29570 | (29570) |  |
| State Street Bank and Trust Company | 63183 | (63183) |  |
| TD Prime Services LLC | 5335 | (5335) |  |
| TD Securities (USA) Inc. | 592020 | (592020) |  |
| Wells Fargo Bank NA | 155881 | (155881) |  |
| Wells Fargo Securities LLC | 399265 | (399265) |  |
| Total | $5908902 | $(5908902) | $— |

---

(1) Cash collateral with a fair value
of $6,099,450 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 9 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), spin-offs, and wash sale deferrals.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| Series MC | $3101 | $(3101) |
| Series S | 6066 | (6066) |

---

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Series EM | $8129528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67094 | $11592380 | $— |
| Series I | 48716331 |  | 40327673 |  |
| Series MC | 11381575 | 7136496 | 5971381 | 343851 |
| Series S | 68451639 | 143390093 | 60331482 | 5904784 |
| Series SC | 9274807 | 14306850 | 7731770 | 342051 |

---

The tax-basis components of distributable earnings as of December 31, 2025, were:

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 9 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Carryforward** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Series EM | $16052503 | $8949805 | $135507147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(2817960) | $157691495 |
| Series I | 62890049 |  | 511565239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 574455288 |
| Series MC | 5909164 | 18668509 | 74591605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 99169278 |
| Series S | 75680830 | 68106058 | 1680083035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 1823869923 |
| Series SC | 3310057 | 9964136 | 46402667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 59676860 |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (Series S).

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 10 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential

expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 11 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07,

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

**NOTE 11 — SEGMENT REPORTING (continued)**

impacts financial statement disclosure only and did not affect a Portfolio's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each

Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 13 — SUBSEQUENT EVENTS**

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 91.1%** | **COMMON STOCK: 91.1%** |  |  |
|  | **Australia: 0.4%** |  |  |
| 25712 | Anglogold Ashanti PLC | $**2214312** | **0.4** |
|  | **Brazil: 3.1%** |  |  |
| 239608 | Ambev SA | 606043 | 0.1 |
| 94987 | Axia Energia | 876349 | 0.2 |
| 275074 | B3 SA - Brasil Bolsa Balcao | 697254 | 0.1 |
| 62936 | Banco Bradesco SA | 179169 | 0.0 |
| 60771 | Banco BTG Pactual SA | 583118 | 0.1 |
| 86304 | Banco do Brasil SA | 345232 | 0.1 |
| 33128 | BB Seguridade Participacoes SA | 218546 | 0.0 |
| 25600 | Caixa Seguridade Participacoes S/A | 77644 | 0.0 |
| 25789 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 627754 | 0.1 |
| 58300 | Cia Paranaense de Energia - Copel | 139160 | 0.0 |
| 11702 | CPFL Energia SA | 113801 | 0.0 |
| 36700 | Embraer SA | 593388 | 0.1 |
| 16564 | Energisa S/A | 142552 | 0.0 |
| 36900 <sup>(1)</sup> | Eneva SA | 135890 | 0.0 |
| 63970 | Equatorial Energia SA | 449445 | 0.1 |
| 42407 | Klabin SA | 145180 | 0.0 |
| 31477 | MBRF Global Foods Co. SA | 114770 | 0.0 |
| 53777 | Motiva Infraestrutura de Mobilidade SA | 147795 | 0.0 |
| 173449 <sup>(1)</sup> | NU Holdings Ltd./Cayman Islands - Class A | 2903536 | 0.6 |
| 189885 | Petroleo Brasileiro SA | 1128620 | 0.2 |
| 43934 <sup>(1)</sup> | PRIO SA/Brazil | 332086 | 0.1 |
| 68810 | Raia Drogasil SA | 294466 | 0.1 |
| 40460 <sup>(2)</sup> | Rede D'Or Sao Luiz SA | 299846 | 0.1 |
| 65794 | Rumo SA | 177220 | 0.0 |
| 10663 <sup>(1)</sup> | StoneCo Ltd. - Class A | 157706 | 0.0 |
| 35764 | Suzano SA | 335792 | 0.1 |
| 42740 | Telefonica Brasil SA | 258168 | 0.1 |
| 44900 | TIM SA/Brazil | 174856 | 0.0 |
| 28648 | Totvs SA | 219993 | 0.0 |
| 39320 | Ultrapar Participacoes SA | 149968 | 0.0 |
| 186233 | Vale SA - Foreign | 2445609 | 0.5 |
| 56824 | Vibra Energia SA | 262668 | 0.1 |
| 87803 | WEG SA | 777284 | 0.2 |
| 19427 | XP, Inc. - Class A | 318020 | 0.1 |
|  |  | **16428928** | **3.1** |
|  | **Chile: 0.4%** |  |  |
| 2389717 | Banco de Chile | 461581 | 0.1 |
| 4545 | Banco de Credito e Inversiones SA | 294645 | 0.1 |
| 3406318 | Banco Santander Chile | 268848 | 0.1 |
| 65038 | Cencosud SA | 209011 | 0.0 |
| 56659 | Empresas CMPC SA | 88935 | 0.0 |
| 20002 | Empresas Copec SA | 156758 | 0.0 |
| 1007358 | Enel Americas SA | 95789 | 0.0 |
| 1467827 | Enel Chile SA | 120559 | 0.0 |
| 26447 | Falabella SA | 184487 | 0.0 |
| 16187251 | Latam Airlines Group SA | 438265 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Chile (continued)** |  |  |
| 25140 | Plaza SA | $88915 | 0.0 |
|  |  | **2407793** | **0.4** |
|  | **China: 26.6%** |  |  |
| 95500 <sup>(2)</sup> | 3SBio, Inc. | 296531 | 0.1 |
| 42500 | AAC Technologies Holdings, Inc. | 213061 | 0.1 |
| 2718 <sup>(3)</sup> | Advanced Micro- Fabrication Equipment, Inc. China - Class A | 106073 | 0.0 |
| 14000 | AECC Aviation Power Co. Ltd. - Class A | 80247 | 0.0 |
| 326600 | Agricultural Bank of China Ltd. - Class A | 358934 | 0.1 |
| 1329000 | Agricultural Bank of China Ltd. - Class H | 988675 | 0.2 |
| 40191 | Aier Eye Hospital Group Co. Ltd. - Class A | 63134 | 0.0 |
| 8000 | Airtac International Group | 235777 | 0.1 |
| 33000 <sup>(1)(2)</sup> | Akeso, Inc. | 480280 | 0.1 |
| 876300 | Alibaba Group Holding Ltd. | 16089711 | 3.0 |
| 306000 <sup>(1)</sup> | Alibaba Health Information Technology Ltd. | 199831 | 0.1 |
| 85600 | Aluminum Corp. of China Ltd. - Class A | 149370 | 0.0 |
| 174000 | Aluminum Corp. of China Ltd. - Class H | 272389 | 0.1 |
| 25100 | Anhui Conch Cement Co. Ltd. - Class A | 78491 | 0.0 |
| 60000 <sup>(4)</sup> | Anhui Conch Cement Co. Ltd. - Class H | 170361 | 0.0 |
| 3100 | Anhui Gujing Distillery Co. Ltd. - Class A | 58854 | 0.0 |
| 9600 <sup>(1)</sup> | Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | 68065 | 0.0 |
| 66600 | ANTA Sports Products Ltd. | 691612 | 0.1 |
| 3784 | Autohome, Inc., ADR | 84232 | 0.0 |
| 10100 | Avary Holding Shenzhen Co. Ltd. - Class A | 72859 | 0.0 |
| 156000 <sup>(4)</sup> | AviChina Industry & Technology Co. Ltd. - Class H | 79585 | 0.0 |
| 115050 <sup>(1)</sup> | Baidu, Inc. - Class A | 1892023 | 0.4 |
| 94700 | Bank of Beijing Co. Ltd. - Class A | 74262 | 0.0 |
| 157700 | Bank of China Ltd. - Class A | 129375 | 0.0 |
| 3593000 | Bank of China Ltd. - Class H | 2059966 | 0.4 |
| 171800 | Bank of Communications Co. Ltd. - Class A | 178335 | 0.0 |
| 437000 | Bank of Communications Co. Ltd. - Class H | 362729 | 0.1 |
| 29600 | Bank of Hangzhou Co. Ltd. - Class A | 64722 | 0.0 |
| 76300 | Bank of Jiangsu Co. Ltd. - Class A | 113552 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 49600 | Bank of Nanjing Co. Ltd. - Class A | $81127 | 0.0 |
| 27900 | Bank of Ningbo Co. Ltd. - Class A | 112149 | 0.0 |
| 67700 | Bank of Shanghai Co. Ltd. - Class A | 97847 | 0.0 |
| 96000 | Baoshan Iron & Steel Co. Ltd. - Class A | 102379 | 0.0 |
| 27000 | Beijing Enterprises Holdings Ltd. | 110459 | 0.0 |
| 1811 | Beijing Kingsoft Office Software, Inc. - Class A | 79594 | 0.0 |
| 178800 | Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | 131807 | 0.0 |
| 12660 <sup>(1)</sup> | Bilibili, Inc. - Class Z | 312463 | 0.1 |
| 9500 <sup>(2)</sup> | BOC Aviation Ltd. | 88955 | 0.0 |
| 201600 | BOE Technology Group Co. Ltd. - Class A | 121485 | 0.0 |
| 222000 | Bosideng International Holdings Ltd. | 127379 | 0.0 |
| 21900 | BYD Co. Ltd. - Class A | 306229 | 0.1 |
| 184500 <sup>(4)</sup> | BYD Co. Ltd. - Class H | 2254730 | 0.4 |
| 42500 | BYD Electronic International Co. Ltd. | 184050 | 0.0 |
| 39000 | C&D International Investment Group Ltd. | 78601 | 0.0 |
| 1354 <sup>(1)</sup> | Cambricon Technologies Corp. Ltd. - Class A | 262516 | 0.1 |
| 634000 <sup>(2)</sup> | CGN Power Co. Ltd. - Class H | 238552 | 0.1 |
| 12900 | Chaozhou Three-Circle Group Co. Ltd. - Class A | 84324 | 0.0 |
| 443000 | China CITIC Bank Corp. Ltd. - Class H | 395315 | 0.1 |
| 741000 <sup>(1)(2)</sup> | China CITIC Financial Asset Management Co. Ltd. - Class H | 79077 | 0.0 |
| 105000 | China Coal Energy Co. Ltd. - Class H | 134551 | 0.0 |
| 140000 | China Communications Services Corp. Ltd. - Class H | 80698 | 0.0 |
| 62200 | China Construction Bank Corp. - Class A | 82646 | 0.0 |
| 4920000 | China Construction Bank Corp. - Class H | 4869870 | 0.9 |
| 31800 | China CSSC Holdings Ltd. - Class A | 151358 | 0.0 |
| 107400 <sup>(1)</sup> | China Eastern Airlines Corp. Ltd. - Class A | 92248 | 0.0 |
| 200900 | China Energy Engineering Corp. Ltd. - Class A | 67596 | 0.0 |
| 267600 | China Everbright Bank Co. Ltd. - Class A | 133674 | 0.0 |
| 201000 <sup>(2)</sup> | China Feihe Ltd. | 105000 | 0.0 |
| 191000 | China Galaxy Securities Co. Ltd. - Class H | 247001 | 0.1 |
| 152400 <sup>(4)</sup> | China Gas Holdings Ltd. | 150389 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 12000 | China Gold International Resources Corp. Ltd. | $242062 | 0.1 |
| 148000 | China Hongqiao Group Ltd. | 621559 | 0.1 |
| 93600 <sup>(2)</sup> | China International Capital Corp. Ltd. - Class H | 236421 | 0.1 |
| 382000 | China Life Insurance Co. Ltd. - Class H | 1350344 | 0.3 |
| 22000 <sup>(1)(2)</sup> | China Literature Ltd. | 93472 | 0.0 |
| 150000 | China Longyuan Power Group Corp. Ltd. - Class H | 128093 | 0.0 |
| 166000 | China Mengniu Dairy Co. Ltd. | 318645 | 0.1 |
| 75400 | China Merchants Bank Co. Ltd. - Class A | 454456 | 0.1 |
| 193000 | China Merchants Bank Co. Ltd. - Class H | 1312959 | 0.3 |
| 68810 | China Merchants Port Holdings Co. Ltd. | 134002 | 0.0 |
| 36500 | China Merchants Securities Co. Ltd. - Class A | 86937 | 0.0 |
| 373500 | China Minsheng Banking Corp. Ltd. - Class H | 188831 | 0.0 |
| 194000 | China National Building Material Co. Ltd. - Class H | 127739 | 0.0 |
| 104900 | China National Nuclear Power Co. Ltd. - Class A | 129812 | 0.0 |
| 69000 | China Nonferrous Mining Corp. Ltd. | 130908 | 0.0 |
| 15400 | China Northern Rare Earth Group High-Tech Co. Ltd. - Class A | 101590 | 0.0 |
| 108000 | China Oilfield Services Ltd. - Class H | 97048 | 0.0 |
| 197500 | China Overseas Land & Investment Ltd. | 311903 | 0.1 |
| 31600 | China Pacific Insurance Group Co. Ltd. - Class A | 189651 | 0.0 |
| 129600 | China Pacific Insurance Group Co. Ltd. - Class H | 587734 | 0.1 |
| 1222000 | China Petroleum & Chemical Corp. - Class H | 734003 | 0.2 |
| 191000 | China Railway Group Ltd. - Class H | 94005 | 0.0 |
| 85500 | China Resources Beer Holdings Co. Ltd. | 288759 | 0.1 |
| 50500 | China Resources Gas Group Ltd. | 146994 | 0.0 |
| 168000 | China Resources Land Ltd. | 587715 | 0.1 |
| 8800 | China Resources Microelectronics Ltd. - Class A | 66560 | 0.0 |
| 36800 <sup>(2)</sup> | China Resources Mixc Lifestyle Services Ltd. | 203661 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 108000 <sup>(4)</sup> | China Resources Power Holdings Co. Ltd. | $240412 | 0.1 |
| 568000 <sup>(1)</sup> | China Ruyi Holdings Ltd. | 159979 | 0.0 |
| 28300 | China Shenhua Energy Co. Ltd. - Class A | 164013 | 0.0 |
| 170000 | China Shenhua Energy Co. Ltd. - Class H | 848825 | 0.2 |
| 68700 <sup>(1)</sup> | China Southern Airlines Co. Ltd. - Class A | 78733 | 0.0 |
| 157700 | China State Construction Engineering Corp. Ltd. - Class A | 115763 | 0.0 |
| 72000 <sup>(4)</sup> | China State Construction International Holdings Ltd. | 84210 | 0.0 |
| 75200 | China Taiping Insurance Holdings Co. Ltd. | 181086 | 0.0 |
| 141300 | China Three Gorges Renewables Group Co. Ltd. - Class A | 82683 | 0.0 |
| 8800 | China Tourism Group Duty Free Corp. Ltd. - Class A | 119165 | 0.0 |
| 234300 <sup>(2)</sup> | China Tower Corp. Ltd. - Class H | 348322 | 0.1 |
| 135100 | China United Network Communications Ltd. - Class A | 98864 | 0.0 |
| 83800 | China Yangtze Power Co. Ltd. - Class A | 326055 | 0.1 |
| 39500 | Chongqing Changan Automobile Co. Ltd. - Class A | 67057 | 0.0 |
| 115000 | Chongqing Rural Commercial Bank Co. Ltd. - Class H | 90875 | 0.0 |
| 107600 <sup>(4)</sup> | Chow Tai Fook Jewellery Group Ltd. | 171907 | 0.0 |
| 165000 | CITIC Ltd. | 256430 | 0.1 |
| 52000 | CITIC Securities Co. Ltd. - Class A | 213699 | 0.1 |
| 77000 | CITIC Securities Co. Ltd. - Class H | 271739 | 0.1 |
| 94600 | CMOC Group Ltd. - Class A | 270802 | 0.1 |
| 162000 | CMOC Group Ltd. - Class H | 402493 | 0.1 |
| 15080 | Contemporary Amperex Technology Co. Ltd. - Class A | 792945 | 0.2 |
| 3000 | Contemporary Amperex Technology Co. Ltd. - Class H | 195118 | 0.1 |
| 66000 | COSCO Shipping Holdings Co. Ltd. - Class A | 143337 | 0.0 |
| 113000 <sup>(4)</sup> | COSCO Shipping Holdings Co. Ltd. - Class H | 199505 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 117800 | CRRC Corp. Ltd. - Class A | $114983 | 0.0 |
| 194000 | CRRC Corp. Ltd. - Class H | 148881 | 0.0 |
| 19900 | CSC Financial Co. Ltd. - Class A | 76261 | 0.0 |
| 430000 | CSPC Pharmaceutical Group Ltd. | 466568 | 0.1 |
| 80400 | Daqin Railway Co. Ltd. - Class A | 59367 | 0.0 |
| 110000 <sup>(1)</sup> | Dongfeng Motor Group Co. Ltd. - Class H | 124898 | 0.0 |
| 57040 | East Money Information Co. Ltd. - Class A | 189111 | 0.0 |
| 2450 | Eastroc Beverage Group Co. Ltd. - Class A | 93780 | 0.0 |
| 41900 | ENN Energy Holdings Ltd. | 372696 | 0.1 |
| 3360 | Eoptolink Technology, Inc. Ltd. - Class A | 205872 | 0.1 |
| 9000 | Eve Energy Co. Ltd. - Class A | 84654 | 0.0 |
| 24100 | Everbright Securities Co. Ltd. - Class A | 60519 | 0.0 |
| 114000 | Far East Horizon Ltd. | 117786 | 0.0 |
| 71400 | Focus Media Information Technology Co. Ltd. - Class A | 75305 | 0.0 |
| 18420 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 97661 | 0.0 |
| 143000 | Fosun International Ltd. | 80587 | 0.0 |
| 49700 | Founder Securities Co. Ltd. - Class A | 55459 | 0.0 |
| 43200 | Foxconn Industrial Internet Co. Ltd. - Class A | 382770 | 0.1 |
| 12000 | Fuyao Glass Industry Group Co. Ltd. - Class A | 111250 | 0.0 |
| 28400 <sup>(2)</sup> | Fuyao Glass Industry Group Co. Ltd. - Class H | 245481 | 0.1 |
| 26600 <sup>(2)</sup> | Ganfeng Lithium Group Co. Ltd. - Class H | 177992 | 0.0 |
| 1248000 <sup>(1)</sup> | GCL Technology Holdings Ltd. | 170112 | 0.0 |
| 85500 | GD Power Development Co. Ltd. - Class A | 61664 | 0.0 |
| 57400 <sup>(1)</sup> | GDS Holdings Ltd. - Class A | 250689 | 0.1 |
| 321000 | Geely Automobile Holdings Ltd. | 742433 | 0.2 |
| 66000 <sup>(1)</sup> | Genscript Biotech Corp. | 105421 | 0.0 |
| 51000 <sup>(4)</sup> | GF Securities Co. Ltd. - Class H | 115728 | 0.0 |
| 17400 <sup>(2)(4)</sup> | Giant Biogene Holding Co. Ltd. | 74486 | 0.0 |
| 3200 | GigaDevice Semiconductor, Inc. - Class A | 98014 | 0.0 |
| 18600 | GoerTek, Inc. - Class A | 76428 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 129000 | Great Wall Motor Co. Ltd. - Class H | $253601 | 0.1 |
| 12600 | Gree Electric Appliances, Inc. of Zhuhai - Class A | 72516 | 0.0 |
| 8400 | Guangdong Haid Group Co. Ltd. - Class A | 66569 | 0.0 |
| 156000 | Guangdong Investment Ltd. | 136094 | 0.0 |
| 9300 | Guangzhou Tinci Materials Technology Co. Ltd. - Class A | 61687 | 0.0 |
| 38200 | Guosen Securities Co. Ltd. - Class A | 71715 | 0.0 |
| 72578 | Guotai Junan Securities Co. Ltd. - Class A | 213405 | 0.1 |
| 81592 <sup>(2)</sup> | Guotai Junan Securities Co. Ltd. - Class H | 174717 | 0.0 |
| 10540 | H World Group Ltd., ADR | 495907 | 0.1 |
| 88000 <sup>(2)</sup> | Haidilao International Holding Ltd. | 161735 | 0.0 |
| 132400 | Haier Smart Home Co. Ltd. - Class H | 413452 | 0.1 |
| 36000 | Haitian International Holdings Ltd. | 102578 | 0.0 |
| 76000 <sup>(2)</sup> | Hansoh Pharmaceutical Group Co. Ltd. | 352133 | 0.1 |
| 18000 | Henan Shuanghui Investment & Development Co. Ltd. - Class A | 68188 | 0.0 |
| 36500 | Hengan International Group Co. Ltd. | 131151 | 0.0 |
| 37200 | Hengli Petrochemical Co. Ltd. - Class A | 119972 | 0.0 |
| 2100 | Hithink RoyalFlush Information Network Co. Ltd. - Class A | 96794 | 0.0 |
| 263400 <sup>(1)</sup> | Horizon Robotics | 293987 | 0.1 |
| 38000 <sup>(1)(2)</sup> | Hua Hong Semiconductor Ltd. - Class H | 363694 | 0.1 |
| 10400 | Huadong Medicine Co. Ltd. - Class A | 58729 | 0.0 |
| 278000 | Huaneng Power International, Inc. - Class H | 204874 | 0.1 |
| 44700 | Huatai Securities Co. Ltd. - Class A | 150958 | 0.0 |
| 58800 <sup>(2)</sup> | Huatai Securities Co. Ltd. - Class H | 142705 | 0.0 |
| 63400 | Huaxia Bank Co. Ltd. - Class A | 62330 | 0.0 |
| 7763 | Hygon Information Technology Co. Ltd. - Class A | 249437 | 0.1 |
| 7800 | IEIT Systems Co. Ltd. - Class A | 74425 | 0.0 |
| 11300 | Iflytek Co. Ltd. - Class A | 81404 | 0.0 |
| 245300 | Industrial & Commercial Bank of China Ltd. - Class A | 278468 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 3255000 | Industrial & Commercial Bank of China Ltd. - Class H | $2633965 | 0.5 |
| 76300 | Industrial Bank Co. Ltd. - Class A | 229986 | 0.1 |
| 249200 | Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A | 84834 | 0.0 |
| 26800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 109759 | 0.0 |
| 67100 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 128127 | 0.0 |
| 75500 <sup>(1)(2)</sup> | Innovent Biologics, Inc. | 738896 | 0.2 |
| 11900 | JCET Group Co. Ltd. - Class A | 62696 | 0.0 |
| 59850 <sup>(1)(2)</sup> | JD Health International, Inc. | 428632 | 0.1 |
| 107500 <sup>(1)(2)</sup> | JD Logistics, Inc. | 158165 | 0.0 |
| 123400 | JD.com, Inc. - Class A | 1774398 | 0.3 |
| 72000 | Jiangsu Expressway Co. Ltd. - Class H | 92420 | 0.0 |
| 6800 | Jiangsu Hengli Hydraulic Co. Ltd. - Class A | 106866 | 0.0 |
| 24500 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 209000 | 0.1 |
| 7000 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | 60834 | 0.0 |
| 64000 | Jiangxi Copper Co. Ltd. - Class H | 353747 | 0.1 |
| 19202 | Kanzhun Ltd., ADR | 391337 | 0.1 |
| 107600 | KE Holdings, Inc. - Class A | 569090 | 0.1 |
| 159000 <sup>(1)</sup> | Kingdee International Software Group Co. Ltd. | 272586 | 0.1 |
| 51800 | Kingsoft Corp. Ltd. | 190033 | 0.0 |
| 130400 <sup>(2)</sup> | Kuaishou Technology | 1077940 | 0.2 |
| 11600 <sup>(1)</sup> | Kuang-Chi Technologies Co. Ltd. - Class A | 80964 | 0.0 |
| 202000 | Kunlun Energy Co. Ltd. | 193100 | 0.1 |
| 4100 | Kweichow Moutai Co. Ltd. - Class A | 808454 | 0.2 |
| 1500 | Laopu Gold Co. Ltd. - Class H | 119881 | 0.0 |
| 402000 | Lenovo Group Ltd. | 478057 | 0.1 |
| 26000 | Lens Technology Co. Ltd. - Class A | 112586 | 0.0 |
| 65400 <sup>(1)(4)</sup> | Li Auto, Inc. - Class A | 551987 | 0.1 |
| 124500 | Li Ning Co. Ltd. | 299151 | 0.1 |
| 111500 <sup>(2)(4)</sup> | Longfor Group Holdings Ltd. | 122914 | 0.0 |
| 41000 <sup>(1)</sup> | LONGi Green Energy Technology Co. Ltd. - Class A | 106749 | 0.0 |
| 26500 | Luxshare Precision Industry Co. Ltd. - Class A | 215536 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 5943 | Luzhou Laojiao Co. Ltd. - Class A | $98935 | 0.0 |
| 180500 <sup>(2)</sup> | Meitu, Inc. | 162530 | 0.0 |
| 254700 <sup>(1)(2)</sup> | Meituan - Class B | 3375335 | 0.6 |
| 18200 | Midea Group Co. Ltd. - Class A | 203497 | 0.1 |
| 16000 | Midea Group Co. Ltd. - Class H | 174867 | 0.0 |
| 25800 | MINISO Group Holding Ltd. | 121106 | 0.0 |
| 221600 <sup>(1)</sup> | MMG Ltd. | 250379 | 0.1 |
| 5304 | Montage Technology Co. Ltd. - Class A | 89418 | 0.0 |
| 21100 | Muyuan Foods Co. Ltd. - Class A | 152764 | 0.0 |
| 33500 | NARI Technology Co. Ltd. - Class A | 107792 | 0.0 |
| 2970 | NAURA Technology Group Co. Ltd. - Class A | 195087 | 0.1 |
| 4500 <sup>(1)(2)</sup> | NetEase Cloud Music, Inc. | 107788 | 0.0 |
| 89300 | NetEase, Inc. | 2458000 | 0.5 |
| 13000 | New China Life Insurance Co. Ltd. - Class A | 129707 | 0.0 |
| 43200 | New China Life Insurance Co. Ltd. - Class H | 302693 | 0.1 |
| 67700 | New Oriental Education & Technology Group, Inc. | 371890 | 0.1 |
| 7845 | Ningbo Tuopu Group Co. Ltd. - Class A | 86790 | 0.0 |
| 34900 | Ningxia Baofeng Energy Group Co. Ltd. - Class A | 98039 | 0.0 |
| 95780 <sup>(1)(4)</sup> | NIO, Inc. - Class A | 492308 | 0.1 |
| 104000 <sup>(2)</sup> | Nongfu Spring Co. Ltd. - Class H | 627840 | 0.1 |
| 52400 | Orient Securities Co. Ltd./ China - Class A | 81731 | 0.0 |
| 36257 <sup>(1)</sup> | PDD Holdings, Inc., ADR | 4111181 | 0.8 |
| 488000 | People's Insurance Co. Group of China Ltd. - Class H | 423924 | 0.1 |
| 104500 | PetroChina Co. Ltd. - Class A | 155601 | 0.0 |
| 1066000 | PetroChina Co. Ltd. - Class H | 1149041 | 0.2 |
| 360000 | PICC Property & Casualty Co. Ltd. - Class H | 756867 | 0.2 |
| 80300 | Ping An Bank Co. Ltd. - Class A | 131122 | 0.0 |
| 44300 | Ping An Insurance Group Co. of China Ltd. - Class A | 433967 | 0.1 |
| 334500 | Ping An Insurance Group Co. of China Ltd. - Class H | 2809701 | 0.5 |
| 27600 <sup>(2)</sup> | Pop Mart International Group Ltd. | 665898 | 0.1 |
| 480000 <sup>(2)</sup> | Postal Savings Bank of China Co. Ltd. - Class H | 328403 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 86900 | Power Construction Corp. of China Ltd. - Class A | $64667 | 0.0 |
| 5274 | Qifu Technology, Inc., ADR | 101630 | 0.0 |
| 35000 <sup>(1)</sup> | Qinghai Salt Lake Industry Co. Ltd. - Class A | 141049 | 0.0 |
| 9500 <sup>(1)(2)(4)</sup> | Remegen Co. Ltd. - Class H | 88132 | 0.0 |
| 56300 | Rongsheng Petrochemical Co. Ltd. - Class A | 94372 | 0.0 |
| 34700 | SAIC Motor Corp. Ltd. - Class A | 75639 | 0.0 |
| 37700 | Sanan Optoelectronics Co. Ltd. - Class A | 76332 | 0.0 |
| 37700 | Sany Heavy Industry Co. Ltd. - Class A | 114016 | 0.0 |
| 33400 | SDIC Power Holdings Co. Ltd. - Class A | 62730 | 0.0 |
| 5600 | Seres Group Co. Ltd. - Class A | 96821 | 0.0 |
| 19700 | SF Holding Co. Ltd. - Class A | 108022 | 0.0 |
| 37700 | Shaanxi Coal Industry Co. Ltd. - Class A | 115054 | 0.0 |
| 23200 | Shandong Gold Mining Co. Ltd. - Class A | 128016 | 0.0 |
| 42750 <sup>(2)</sup> | Shandong Gold Mining Co. Ltd. - Class H | 190331 | 0.0 |
| 141200 | Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 91041 | 0.0 |
| 54500 <sup>(1)</sup> | Shanghai Electric Group Co. Ltd. - Class A | 67265 | 0.0 |
| 15600 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class A | 59170 | 0.0 |
| 109600 | Shanghai Pudong Development Bank Co. Ltd. - Class A | 195167 | 0.1 |
| 3624 | Shanghai United Imaging Healthcare Co. Ltd. - Class A | 65117 | 0.0 |
| 4600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | 113160 | 0.0 |
| 10200 | Shengyi Technology Co. Ltd. - Class A | 103854 | 0.0 |
| 2700 | Shennan Circuits Co. Ltd. - Class A | 89581 | 0.0 |
| 131900 | Shenwan Hongyuan Group Co. Ltd. - Class A | 99484 | 0.0 |
| 6800 | Shenzhen Inovance Technology Co. Ltd. - Class A | 73286 | 0.0 |
| 4500 | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | 122712 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 44100 | Shenzhou International Group Holdings Ltd. | $347502 | 0.1 |
| 2700 <sup>(1)</sup> | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. - Class H | 135534 | 0.0 |
| 553000 | Sino Biopharmaceutical Ltd. | 439988 | 0.1 |
| 68000 | Sinopharm Group Co. Ltd. - Class H | 170037 | 0.0 |
| 38000 | Sinotruk Hong Kong Ltd. | 134860 | 0.0 |
| 101000 <sup>(2)(4)</sup> | Smoore International Holdings Ltd. | 154562 | 0.0 |
| 7500 | Sungrow Power Supply Co. Ltd. - Class A | 183570 | 0.0 |
| 38300 <sup>(4)</sup> | Sunny Optical Technology Group Co. Ltd. | 323430 | 0.1 |
| 7200 | Suzhou Dongshan Precision Manufacturing Co. Ltd. - Class A | 87292 | 0.0 |
| 2800 | Suzhou TFC Optical Communication Co. Ltd. - Class A | 80850 | 0.0 |
| 21687 <sup>(1)</sup> | TAL Education Group, ADR | 236605 | 0.1 |
| 33730 | TBEA Co. Ltd. - Class A | 107139 | 0.0 |
| 112840 | TCL Technology Group Corp. - Class A | 73379 | 0.0 |
| 326700 | Tencent Holdings Ltd. | 25072114 | 4.7 |
| 29880 | Tencent Music Entertainment Group, ADR | 523796 | 0.1 |
| 7700 <sup>(1)</sup> | Tianqi Lithium Corp. - Class A | 60972 | 0.0 |
| 102000 | Tingyi Cayman Islands Holding Corp. | 154647 | 0.0 |
| 68400 | Tongcheng Travel Holdings Ltd. | 197443 | 0.1 |
| 23700 <sup>(1)</sup> | Tongwei Co. Ltd. - Class A | 69595 | 0.0 |
| 31850 | Trip.com Group Ltd. | 2283691 | 0.4 |
| 34000 | Tsingtao Brewery Co. Ltd. - Class H | 213136 | 0.1 |
| 11050 <sup>(1)</sup> | UBTech Robotics Corp. Ltd. - Class H | 180060 | 0.0 |
| 17400 | Unisplendour Corp. Ltd. - Class A | 61289 | 0.0 |
| 3000 | Victory Giant Technology Huizhou Co. Ltd. - Class A | 122583 | 0.0 |
| 16989 | Vipshop Holdings Ltd., ADR | 300535 | 0.1 |
| 13400 | Wanhua Chemical Group Co. Ltd. - Class A | 147012 | 0.0 |
| 258000 | Want Want China Holdings Ltd. | 153818 | 0.0 |
| 48000 | Weichai Power Co. Ltd. - Class A | 118128 | 0.0 |
| 86000 | Weichai Power Co. Ltd. - Class H | 208706 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 32800 | Wens Foodstuffs Group Co. Ltd. - Class A | $79229 | 0.0 |
| 5900 | Will Semiconductor Co. Ltd. Shanghai - Class A | 106297 | 0.0 |
| 13500 | Wuliangye Yibin Co. Ltd. - Class A | 204725 | 0.1 |
| 8000 | WUS Printed Circuit Kunshan Co. Ltd. - Class A | 83221 | 0.0 |
| 12100 | WuXi AppTec Co. Ltd. - Class A | 156781 | 0.0 |
| 16400 <sup>(2)</sup> | WuXi AppTec Co. Ltd. - Class H | 207961 | 0.1 |
| 180000 <sup>(1)(2)</sup> | Wuxi Biologics Cayman, Inc. | 727887 | 0.1 |
| 18500 <sup>(1)</sup> | WuXi XDC Cayman, Inc. | 144652 | 0.0 |
| 55800 | XCMG Construction Machinery Co. Ltd. - Class A | 92496 | 0.0 |
| 880200 <sup>(1)(2)</sup> | Xiaomi Corp. - Class B | 4442222 | 0.8 |
| 272000 <sup>(4)</sup> | Xinyi Solar Holdings Ltd. | 104040 | 0.0 |
| 64700 <sup>(1)</sup> | XPeng, Inc. - Class A | 657861 | 0.1 |
| 87000 <sup>(1)</sup> | XtalPi Holdings Ltd. | 105989 | 0.0 |
| 70000 <sup>(2)</sup> | Yadea Group Holdings Ltd. | 102532 | 0.0 |
| 195200 <sup>(4)</sup> | Yankuang Energy Group Co. Ltd. - Class H | 241244 | 0.1 |
| 19293 | Yum China Holdings, Inc. | 921048 | 0.2 |
| 10200 | Yunnan Baiyao Group Co. Ltd. - Class A | 82846 | 0.0 |
| 2900 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A | 70042 | 0.0 |
| 92000 | Zhaojin Mining Industry Co. Ltd. - Class H | 363265 | 0.1 |
| 88600 | Zhejiang Expressway Co. Ltd. - Class H | 81625 | 0.0 |
| 14200 | Zhejiang Juhua Co. Ltd. - Class A | 78084 | 0.0 |
| 26700 <sup>(1)(2)</sup> | Zhejiang Leapmotor Technology Co. Ltd. - Class H | 167253 | 0.0 |
| 19200 | Zhejiang NHU Co. Ltd. - Class A | 69195 | 0.0 |
| 3720 | Zhongji Innolight Co. Ltd. - Class A | 323219 | 0.1 |
| 27800 | Zhongjin Gold Corp. Ltd. - Class A | 92586 | 0.0 |
| 27500 | Zhuzhou CRRC Times Electric Co. Ltd. - Class H | 133074 | 0.0 |
| 85200 | Zijin Mining Group Co. Ltd. - Class A | 419382 | 0.1 |
| 280000 | Zijin Mining Group Co. Ltd. - Class H | 1281962 | 0.3 |
| 22700 | ZTE Corp. - Class A | 122922 | 0.0 |
| 32200 <sup>(4)</sup> | ZTE Corp. - Class H | 112499 | 0.0 |
| 22100 | ZTO Express Cayman, Inc. | 460964 | 0.1 |
|  |  | **142489981** | **26.6** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Colombia: 0.0%** |  |  |
| 21814 | Interconexion Electrica SA ESP | $**142400** | **0.0** |
|  | **Czechia: 0.1%** |  |  |
| 7075 | CEZ AS | 445280 | 0.1 |
| 4004 | Komercni Banka AS | 225744 | 0.0 |
| 16126 <sup>(2)</sup> | Moneta Money Bank AS | 151549 | 0.0 |
|  |  | **822573** | **0.1** |
|  | **Egypt: 0.1%** |  |  |
| 132992 | Commercial International Bank Egypt SAE | **287173** | **0.1** |
|  | **Greece: 0.5%** |  |  |
| 114474 | Alpha Bank SA | 481142 | 0.1 |
| 133709 | Eurobank SA | 537599 | 0.1 |
| 8341 | Hellenic Telecommunications Organization SA | 165267 | 0.0 |
| 6003 | Jumbo SA | 196827 | 0.0 |
| 45270 | National Bank of Greece SA | 690478 | 0.1 |
| 8649 | OPAP SA | 194138 | 0.0 |
| 57334 | Piraeus Bank SA | 457772 | 0.1 |
| 9296 | Public Power Corp. SA | 198640 | 0.1 |
|  |  | **2921863** | **0.5** |
|  | **Hong Kong: 0.1%** |  |  |
| 109800 <sup>(1)</sup> | J&T Global Express Ltd. | 147792 | 0.0 |
| 6000 <sup>(4)</sup> | Orient Overseas International Ltd. | 96745 | 0.0 |
| 10400 <sup>(1)</sup> | Zijin Gold International Co. Ltd. | 195099 | 0.1 |
|  |  | **439636** | **0.1** |
|  | **Hungary: 0.3%** |  |  |
| 18647 | MOL Hungarian Oil & Gas PLC | 167108 | 0.0 |
| 11240 | OTP Bank Nyrt | 1205200 | 0.2 |
| 6993 | Richter Gedeon Nyrt | 211398 | 0.1 |
|  |  | **1583706** | **0.3** |
|  | **India: 14.8%** |  |  |
| 2774 | ABB India Ltd. | 159693 | 0.0 |
| 8972 | Adani Enterprises Ltd. | 213989 | 0.0 |
| 27809 | Adani Ports & Special Economic Zone Ltd. | 455235 | 0.1 |
| 149964 <sup>(1)</sup> | Adani Power Ltd. | 238407 | 0.0 |
| 2017 | Alkem Laboratories Ltd. | 123542 | 0.0 |
| 32513 | Ambuja Cements Ltd. | 201501 | 0.0 |
| 9509 | APL Apollo Tubes Ltd. | 202666 | 0.0 |
| 5118 | Apollo Hospitals Enterprise Ltd. | 401347 | 0.1 |
| 149691 | Ashok Leyland Ltd. | 298717 | 0.1 |
| 17299 | Asian Paints Ltd. | 533697 | 0.1 |
| 6463 | Astral Ltd. | 99971 | 0.0 |
| 19256 <sup>(2)</sup> | AU Small Finance Bank Ltd. | 213146 | 0.0 |
| 13652 | Aurobindo Pharma Ltd. | 179696 | 0.0 |
| 8474 <sup>(1)(2)</sup> | Avenue Supermarts Ltd. | 356807 | 0.1 |
| 117980 | Axis Bank Ltd. | 1668295 | 0.3 |
| 3379 | Bajaj Auto Ltd. | 351472 | 0.1 |
| 19676 | Bajaj Finserv Ltd. | 447079 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 1370 | Bajaj Holdings & Investment Ltd. | $172705 | 0.0 |
| 3952 | Balkrishna Industries Ltd. | 102140 | 0.0 |
| 50837 | Bank of Baroda | 167537 | 0.0 |
| 190680 | Bharat Electronics Ltd. | 848755 | 0.2 |
| 13475 | Bharat Forge Ltd. | 220699 | 0.0 |
| 55732 | Bharat Heavy Electricals Ltd. | 178416 | 0.0 |
| 78837 | Bharat Petroleum Corp. Ltd. | 337243 | 0.1 |
| 130842 | Bharti Airtel Ltd. | 3071056 | 0.6 |
| 365 | Bosch Ltd. | 146413 | 0.0 |
| 5482 | Britannia Industries Ltd. | 367848 | 0.1 |
| 10377 | BSE Ltd. | 304330 | 0.1 |
| 89214 | Canara Bank | 153862 | 0.0 |
| 33944 | CG Power & Industrial Solutions Ltd. | 244725 | 0.1 |
| 21660 | Cholamandalam Investment and Finance Co. Ltd. | 410840 | 0.1 |
| 28556 | Cipla Ltd./India | 479964 | 0.1 |
| 92226 | Coal India Ltd. | 409679 | 0.1 |
| 143304 | Coforge Ltd. | 1575912 | 0.3 |
| 6711 | Colgate-Palmolive India Ltd. | 155096 | 0.0 |
| 5152 | Coromandel International Ltd. | 130007 | 0.0 |
| 7203 | Cummins India Ltd. | 355475 | 0.1 |
| 25940 | Dabur India Ltd. | 145452 | 0.0 |
| 6182 | Divi's Laboratories Ltd. | 439396 | 0.1 |
| 1855 | Dixon Technologies India Ltd. | 250272 | 0.1 |
| 38213 | DLF Ltd. | 292370 | 0.1 |
| 29057 | Dr Reddy's Laboratories Ltd. | 410909 | 0.1 |
| 7058 | Eicher Motors Ltd. | 574540 | 0.1 |
| 21604 | Fortis Healthcare Ltd. | 212480 | 0.0 |
| 47971 <sup>(1)</sup> | FSN E-Commerce Ventures Ltd. | 141576 | 0.0 |
| 116483 | GAIL India Ltd. | 223408 | 0.0 |
| 6241 | GE Vernova T&D India Ltd. | 217513 | 0.0 |
| 132088 <sup>(1)</sup> | GMR Airports Infrastructure Ltd. | 153602 | 0.0 |
| 20822 | Godrej Consumer Products Ltd. | 283413 | 0.1 |
| 7825 <sup>(1)</sup> | Godrej Properties Ltd. | 174573 | 0.0 |
| 14069 | Grasim Industries Ltd. | 443053 | 0.1 |
| 11665 | Havells India Ltd. | 184931 | 0.0 |
| 48922 | HCL Technologies Ltd. | 884187 | 0.2 |
| 10072 <sup>(2)</sup> | HDFC Asset Management Co. Ltd. | 299592 | 0.1 |
| 578873 | HDFC Bank Ltd. | 6394749 | 1.2 |
| 49818 <sup>(2)</sup> | HDFC Life Insurance Co. Ltd. | 416200 | 0.1 |
| 6265 | Hero MotoCorp Ltd. | 402571 | 0.1 |
| 68725 | Hindalco Industries Ltd. | 678266 | 0.1 |
| 10495 | Hindustan Aeronautics Ltd. | 512982 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
| | **India (continued)** |  |  |
| 49974 | Hindustan Petroleum Corp. Ltd. | $277786 | 0.1 |
| 41709 | Hindustan Unilever Ltd. | 1074851 | 0.2 |
| 673 | Hitachi Energy India Ltd. | 137181 | 0 |
| 7933 | Hyundai Motor India Ltd. | 202828 | 0 |
| 269500 | ICICI Bank Ltd. | 4033494 | 0.8 |
| 12505 <sup>(2)</sup> | ICICI Lombard General Insurance Co. Ltd. | 273418 | 0.1 |
| 17764 <sup>(2)</sup> | ICICI Prudential Life Insurance Co. Ltd. | 132212 | 0 |
| 196845 | IDFC First Bank Ltd. | 187604 | 0 |
| 44321 | Indian Hotels Co. Ltd. | 364800 | 0.1 |
| 144016 | Indian Oil Corp. Ltd. | 266987 | 0.1 |
| 12296 | Indian Railway Catering & Tourism Corp. Ltd. | 93761 | 0 |
| 65930 <sup>(1)</sup> | Indus Towers Ltd. | 307480 | 0.1 |
| 29591 <sup>(1)</sup> | IndusInd Bank Ltd. | 284681 | 0.1 |
| 18760 | Info Edge India Ltd. | 278487 | 0.1 |
| 169919 | Infosys Ltd. | 3060051 | 0.6 |
| 9743 <sup>(2)</sup> | InterGlobe Aviation Ltd. | 549558 | 0.1 |
| 157739 | ITC Ltd. | 707949 | 0.1 |
| 17142 | Jindal Stainless Ltd. | 160197 | 0 |
| 18093 | Jindal Steel & Power Ltd. | 212117 | 0 |
| 23101 | JSW Energy Ltd. | 124118 | 0 |
| 31299 | JSW Steel Ltd. | 405969 | 0.1 |
| 18303 | Jubilant Foodworks Ltd. | 113856 | 0 |
| 20645 | Kalyan Jewellers India Ltd. | 111665 | 0 |
| 56263 | Kotak Mahindra Bank Ltd. | 1380157 | 0.3 |
| 41709 <sup>(3)</sup> | Kwality Wall's India Ltd. | 17727 | 0 |
| 34653 | Larsen & Toubro Ltd. | 1574914 | 0.3 |
| 3809 <sup>(2)</sup> | LTIMindtree Ltd. | 257261 | 0.1 |
| 12123 | Lupin Ltd. | 284760 | 0.1 |
| 15399 <sup>(2)</sup> | Macrotech Developers Ltd. | 182066 | 0 |
| 47699 | Mahindra & Mahindra Ltd. | 1969924 | 0.4 |
| 6386 | Mankind Pharma Ltd. | 156295 | 0 |
| 26075 | Marico Ltd. | 217654 | 0 |
| 6401 | Maruti Suzuki India Ltd. | 1190459 | 0.2 |
| 40417 | Max Healthcare Institute Ltd. | 470108 | 0.1 |
| 5480 | Mphasis Ltd. | 170088 | 0 |
| 121 | MRF Ltd. | 205904 | 0 |
| 6099 | Muthoot Finance Ltd. | 258695 | 0.1 |
| 34066 | Nestle India Ltd. | 488132 | 0.1 |
| 164771 | NHPC Ltd. | 145321 | 0 |
| 147121 | NMDC Ltd. | 136191 | 0 |
| 226228 | NTPC Ltd. | 830424 | 0.2 |
| 6034 | Oberoi Realty Ltd. | 112239 | 0 |
| 158532 | Oil & Natural Gas Corp. Ltd. | 424227 | 0.1 |
| 24306 | Oil India Ltd. | 114827 | 0 |
| 18827 <sup>(1)</sup> | One 97 Communications Ltd. | 272304 | 0.1 |
| 1149 | Oracle Financial Services Software Ltd. - Class 1 | 98444 | 0 |
| 313 | Page Industries Ltd. | 125696 | 0 |
| 17730 <sup>(1)</sup> | PB Fintech Ltd. | 360601 | 0.1 |
| 5753 | Persistent Systems Ltd. | 401641 | 0.1 |
| 39530 | Petronet LNG Ltd. | 124945 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 10122 | Phoenix Mills Ltd. | $209003 | 0 |
| 3955 | PI Industries Ltd. | 142657 | 0 |
| 15657 | Pidilite Industries Ltd. | 258302 | 0.1 |
| 2825 | Polycab India Ltd. | 239768 | 0 |
| 74217 | Power Finance Corp. Ltd. | 293861 | 0.1 |
| 240040 | Power Grid Corp. of India Ltd. | 707820 | 0.1 |
| 8974 | Prestige Estates Projects Ltd. | 159303 | 0 |
| 114810 | Punjab National Bank | 157932 | 0 |
| 26473 | Rail Vikas Nigam Ltd. | 105293 | 0 |
| 63187 | REC Ltd. | 251258 | 0.1 |
| 311293 | Reliance Industries Ltd. | 5447197 | 1 |
| 149765 | Reliance Strategic Investments Ltd. | 491879 | 0.1 |
| 230986 | Samvardhana Motherson International Ltd. | 308572 | 0.1 |
| 14389 | SBI Cards & Payment Services Ltd. | 137952 | 0 |
| 23132 <sup>(2)</sup> | SBI Life Insurance Co. Ltd. | 524334 | 0.1 |
| 479 | Shree Cement Ltd. | 141703 | 0 |
| 73222 | Shriram Finance Ltd. | 812591 | 0.2 |
| 4114 <sup>(1)</sup> | Siemens Energy India Ltd. | 116931 | 0 |
| 4506 | Siemens Ltd. | 153833 | 0 |
| 1408 | Solar Industries India Ltd. | 191989 | 0 |
| 7134 | SRF Ltd. | 244437 | 0 |
| 91075 | State Bank of India | 996278 | 0.2 |
| 49271 | Sun Pharmaceutical Industries Ltd. | 943431 | 0.2 |
| 3516 | Sundaram Finance Ltd. | 206810 | 0 |
| 3334 | Supreme Industries Ltd. | 124497 | 0 |
| 503500 <sup>(1)</sup> | Suzlon Energy Ltd. | 295511 | 0.1 |
| 70376 <sup>(1)</sup> | Swiggy Ltd. | 302949 | 0.1 |
| 5842 | Tata Communications Ltd. | 118649 | 0 |
| 45979 | Tata Consultancy Services Ltd. | 1642792 | 0.3 |
| 30553 | Tata Consumer Products Ltd. | 405194 | 0.1 |
| 103565 | Tata Motors Ltd. | 423836 | 0.1 |
| 105600 <sup>(1)</sup> | Tata Motors Ltd. /new | 488174 | 0.1 |
| 83431 | Tata Power Co. Ltd. | 352702 | 0.1 |
| 384219 | Tata Steel Ltd. | 769689 | 0.1 |
| 28087 | Tech Mahindra Ltd. | 497495 | 0.1 |
| 17919 | Titan Co. Ltd. | 808925 | 0.2 |
| 5737 | Torrent Pharmaceuticals Ltd. | 245559 | 0.1 |
| 9189 | Torrent Power Ltd. | 133708 | 0 |
| 9507 | Trent Ltd. | 453397 | 0.1 |
| 5505 | Tube Investments of India Ltd. | 160105 | 0 |
| 6196 | UltraTech Cement Ltd. | 813014 | 0.2 |
| 78542 | Union Bank of India Ltd. | 134518 | 0 |
| 14549 | United Spirits Ltd. | 233695 | 0 |
| 23733 | UPL Ltd. | 210164 | 0 |
| 68655 | Varun Beverages Ltd. | 374808 | 0.1 |
| 68014 | Vedanta Ltd. | 457622 | 0.1 |
| 97518 <sup>(1)</sup> | Vishal Mega Mart Ltd. | 148092 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 1380913 <sup>(1)</sup> | Vodafone Idea Ltd. | $165550 | 0.0 |
| 11749 | Voltas Ltd. | 177958 | 0.0 |
| 4437 | WAAREE Energies Ltd. | 146739 | 0.0 |
| 134410 | Wipro Ltd. | 394061 | 0.1 |
| 747665 <sup>(1)</sup> | Yes Bank Ltd. | 179851 | 0.0 |
| 124684 <sup>(1)</sup> | Zomato Ltd. | 386394 | 0.1 |
| 12699 | Zydus Lifesciences Ltd. | 129370 | 0.0 |
|  |  | **79464203** | **14.8** |
|  | **Indonesia: 1.1%** |  |  |
| 738600 <sup>(1)</sup> | Amman Mineral Internasional PT | 284360 | 0.1 |
| 1039100 | Astra International Tbk PT | 417050 | 0.1 |
| 2832700 | Bank Central Asia Tbk PT | 1367902 | 0.3 |
| 1919900 | Bank Mandiri Persero Tbk PT | 585441 | 0.1 |
| 758700 | Bank Negara Indonesia Persero Tbk PT | 198219 | 0.0 |
| 3498000 | Bank Rakyat Indonesia Persero Tbk PT | 766086 | 0.1 |
| 1214049 <sup>(1)</sup> | Barito Pacific Tbk PT | 237377 | 0.1 |
| 397400 | Barito Renewables Energy Tbk PT | 231037 | 0.1 |
| 2842300 <sup>(1)</sup> | Bumi Resources Minerals Tbk PT | 187336 | 0.0 |
| 426700 | Chandra Asri Pacific Tbk PT | 178715 | 0.0 |
| 353800 | Charoen Pokphand Indonesia Tbk PT | 95560 | 0.0 |
| 51400 <sup>(1)</sup> | Dian Swastatika Sentosa Tbk PT | 311328 | 0.1 |
| 46938800 <sup>(1)</sup> | GoTo Gojek Tokopedia Tbk PT | 179484 | 0.0 |
| 204400 | Indofood Sukses Makmur Tbk PT | 82890 | 0.0 |
| 1161600 | Petrindo Jaya Kreasi Tbk PT | 162519 | 0.0 |
| 951900 | Sumber Alfaria Trijaya Tbk PT | 112529 | 0.0 |
| 2583600 | Telkom Indonesia Persero Tbk PT | 540581 | 0.1 |
| 74200 | United Tractors Tbk PT | 131187 | 0.0 |
|  |  | **6069601** | **1.1** |
|  | **Kuwait: 0.7%** |  |  |
| 88514 | Boubyan Bank KSCP | 205612 | 0.1 |
| 117669 | Gulf Bank KSCP | 136370 | 0.0 |
| 558510 | Kuwait Finance House KSCP | 1471578 | 0.3 |
| 35401 | Mabanee Co. KPSC | 125364 | 0.0 |
| 102668 | Mobile Telecommunications Co. KSCP | 173115 | 0.0 |
| 422739 | National Bank of Kuwait SAKP | 1393733 | 0.3 |
| 97195 <sup>(1)</sup> | Warba Bank KSCP | 92584 | 0.0 |
|  |  | **3598356** | **0.7** |
|  | **Luxembourg: 0.0%** |  |  |
| 7164 | Reinet Investments SCA | **250913** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Malaysia: 1.2%** |  |  |
| 131700 | AMMB Holdings Bhd | $210869 | 0.1 |
| 145200 | Axiata Group Bhd | 90149 | 0.0 |
| 182500 | CelcomDIGI Bhd | 143464 | 0.0 |
| 414700 | CIMB Group Holdings Bhd | 842138 | 0.2 |
| 226300 | Gamuda Bhd | 277142 | 0.1 |
| 32300 | Hong Leong Bank Bhd | 176166 | 0.1 |
| 104700 | IHH Healthcare Bhd | 225808 | 0.1 |
| 122000 | IOI Corp. Bhd | 120285 | 0.0 |
| 24500 | Kuala Lumpur Kepong Bhd | 120749 | 0.0 |
| 286500 | Malayan Banking Bhd | 739710 | 0.2 |
| 121300 | Maxis Bhd | 113211 | 0.0 |
| 61700 | MISC Bhd | 118565 | 0.0 |
| 171300 <sup>(2)</sup> | MR DIY Group M Bhd | 64493 | 0.0 |
| 3600 | Nestle Malaysia Bhd | 101134 | 0.0 |
| 133500 | Petronas Chemicals Group Bhd | 119203 | 0.0 |
| 16900 | Petronas Dagangan Bhd | 83079 | 0.0 |
| 37500 | Petronas Gas Bhd | 167632 | 0.0 |
| 203000 | Press Metal Aluminium Holdings Bhd | 356028 | 0.1 |
| 766300 | Public Bank Bhd | 856793 | 0.2 |
| 88200 | QL Resources Bhd | 82375 | 0.0 |
| 85500 | RHB Bank Bhd | 162398 | 0.0 |
| 103100 | Sime Darby Plantation Bhd | 145580 | 0.0 |
| 124000 | Sunway Bhd | 171750 | 0.0 |
| 61900 | Telekom Malaysia Bhd | 122720 | 0.0 |
| 136900 | Tenaga Nasional Bhd | 462459 | 0.1 |
| 171140 | YTL Corp. Bhd | 85876 | 0.0 |
| 137620 | YTL Power International Bhd | 112083 | 0.0 |
|  |  | **6271859** | **1.2** |
|  | **Mexico: 2.0%** |  |  |
| 188178 <sup>(4)</sup> | Alfa SAB de CV - Class A | 164587 | 0.0 |
| 924907 | America Movil SAB de CV | 954825 | 0.2 |
| 25441 <sup>(4)</sup> | Arca Continental SAB de CV | 274790 | 0.1 |
| 785994 | Cemex SAB de CV | 902644 | 0.2 |
| 25308 | Coca-Cola Femsa SAB de CV | 240354 | 0.1 |
| 147840 | Fibra Uno Administracion SA de CV | 222160 | 0.0 |
| 86740 | Fomento Economico Mexicano SAB de CV | 876817 | 0.2 |
| 7933 | Gruma SAB de CV - Class B | 136364 | 0.0 |
| 14695 <sup>(4)</sup> | Grupo Aeroportuario del Centro Norte SAB de CV | 199459 | 0.0 |
| 20104 <sup>(4)</sup> | Grupo Aeroportuario del Pacifico SAB de CV - Class B | 525858 | 0.1 |
| 9319 | Grupo Aeroportuario del Sureste SAB de CV - Class B | 300630 | 0.1 |
| 65171 | Grupo Bimbo SAB de CV | 213527 | 0.0 |
| 29341 <sup>(4)</sup> | Grupo Carso SAB de CV | 192788 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Mexico (continued)** |  |  |
| 15000 | Grupo Comercial Chedraui SA de CV | $102690 | 0.0 |
| 130069 | Grupo Financiero Banorte SAB de CV - Class O | 1205093 | 0.2 |
| 85412 | Grupo Financiero Inbursa SAB de CV - Class O | 205947 | 0.0 |
| 159898 | Grupo Mexico SAB de CV | 1511295 | 0.3 |
| 10327 <sup>(1)</sup> | Industrias Penoles SAB de CV | 542504 | 0.1 |
| 70449 | Kimberly-Clark de Mexico SAB de CV - Class A | 150268 | 0.0 |
| 54170 | Prologis Property Mexico SA de CV | 226276 | 0.1 |
| 9920 <sup>(4)</sup> | Promotora y Operadora de Infraestructura SAB de CV | 147212 | 0.0 |
| 4609 | Southern Copper Corp. | 661253 | 0.1 |
| 260679 | Wal-Mart de Mexico SAB de CV | 810808 | 0.2 |
|  |  | **10768149** | **2.0** |
|  | **Peru: 0.2%** |  |  |
| 9048 | Cia de Minas Buenaventura SAA, ADR | 251806 | 0.0 |
| 3549 | Credicorp Ltd. | 1018563 | 0.2 |
|  |  | **1270369** | **0.2** |
|  | **Philippines: 0.4%** |  |  |
| 12140 | Ayala Corp. | 96571 | 0.0 |
| 351500 | Ayala Land, Inc. | 134013 | 0.0 |
| 104535 | Bank of the Philippine Islands | 206289 | 0.1 |
| 125296 | BDO Unibank, Inc. | 286162 | 0.1 |
| 52030 | International Container Terminal Services, Inc. | 499294 | 0.1 |
| 23750 | Jollibee Foods Corp. | 72546 | 0.0 |
| 14330 | Manila Electric Co. | 139811 | 0.0 |
| 92710 | Metropolitan Bank & Trust Co. | 107944 | 0.0 |
| 3495 | PLDT, Inc. | 74874 | 0.0 |
| 10860 | SM Investments Corp. | 129122 | 0.0 |
| 522600 | SM Prime Holdings, Inc. | 202085 | 0.1 |
|  |  | **1948711** | **0.4** |
|  | **Poland: 1.1%** |  |  |
| 40433 <sup>(1)(2)</sup> | Allegro.eu SA | 346954 | 0.1 |
| 21884 <sup>(1)</sup> | Bank Millennium SA | 101057 | 0.0 |
| 9463 | Bank Polska Kasa Opieki SA | 536757 | 0.1 |
| 478 <sup>(4)</sup> | Budimex SA | 84561 | 0.0 |
| 2634 <sup>(1)(4)</sup> | CCC SA | 87373 | 0.0 |
| 3287 | CD Projekt SA | 219591 | 0.0 |
| 25048 <sup>(1)(2)</sup> | Dino Polska SA | 287582 | 0.1 |
| 7026 <sup>(1)</sup> | KGHM Polska Miedz SA | 545907 | 0.1 |
| 54 | L.P. SA | 312025 | 0.1 |
| 780 <sup>(1)</sup> | mBank SA | 230674 | 0.0 |
| 47030 <sup>(1)</sup> | PGE Polska Grupa Energetyczna SA | 114940 | 0.0 |
| 29846 | Polski Koncern Naftowy ORLEN SA | 796791 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Poland (continued)** |  |  |
| 44719 | Powszechna Kasa Oszczednosci Bank Polski SA | $1055458 | 0.2 |
| 30822 | Powszechny Zaklad Ubezpieczen SA | 570498 | 0.1 |
| 2102 | Santander Bank Polska SA | 317754 | 0.1 |
| 16242 <sup>(1)</sup> | Zabka Group SA | 103330 | 0.0 |
|  |  | **5711252** | **1.1** |
|  | **Qatar: 0.6%** |  |  |
| 87356 | Barwa Real Estate Co. | 62703 | 0.0 |
| 161869 | Commercial Bank PSQC | 186721 | 0.1 |
| 100537 | Dukhan Bank | 96533 | 0.0 |
| 76558 | Industries Qatar QSC | 250848 | 0.1 |
| 312238 | Masraf Al Rayan QSC | 188116 | 0.1 |
| 290448 | Mesaieed Petrochemical Holding Co. | 87160 | 0.0 |
| 42384 | Ooredoo QPSC | 151547 | 0.0 |
| 23088 | Qatar Electricity & Water Co. QSC | 95434 | 0.0 |
| 31641 | Qatar Fuel QSC | 131830 | 0.0 |
| 145652 | Qatar Gas Transport Co. Ltd. | 179575 | 0.0 |
| 52619 | Qatar International Islamic Bank QSC | 165184 | 0.0 |
| 94209 | Qatar Islamic Bank SAQ | 619987 | 0.1 |
| 239746 | Qatar National Bank QPSC | 1228690 | 0.2 |
|  |  | **3444328** | **0.6** |
|  | **Romania: 0.0%** |  |  |
| 28958 | NEPI Rockcastle NV | **255044** | **0.0** |
|  | **Saudi Arabia: 2.8%** |  |  |
| 8085 <sup>(1)</sup> | ACWA Power Co. | 391648 | 0.1 |
| 18321 | Ades Holding Co. | 85119 | 0.0 |
| 100343 | Al Rajhi Bank | 2606422 | 0.5 |
| 66106 | Alinma Bank | 429573 | 0.1 |
| 23217 | Almarai Co. JSC | 267886 | 0.1 |
| 47650 | Arab National Bank | 274700 | 0.1 |
| 38849 | Bank AlBilad | 256590 | 0.1 |
| 35662 <sup>(1)</sup> | Bank Al-Jazira | 105897 | 0.0 |
| 64191 | Banque Saudi Fransi | 287900 | 0.1 |
| 4334 | Bupa Arabia for Cooperative Insurance Co. | 160570 | 0.0 |
| 3824 | Co. for Cooperative Insurance | 119283 | 0.0 |
| 1680 | Dallah Healthcare Co. | 56144 | 0.0 |
| 27715 <sup>(1)</sup> | Dar Al Arkan Real Estate Development Co. | 117839 | 0.0 |
| 4481 | Dr Sulaiman Al Habib Medical Services Group Co. | 307032 | 0.1 |
| 1273 | Elm Co. | 253861 | 0.0 |
| 20287 | Etihad Etisalat Co. | 356449 | 0.1 |
| 29091 <sup>(1)</sup> | Jabal Omar Development Co. | 114401 | 0.0 |
| 29735 | Jarir Marketing Co. | 101313 | 0.0 |
| 4877 | Makkah Construction & Development Co. | 103435 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Saudi Arabia (continued)** |  |  |
| 4841 | Mouwasat Medical Services Co. | $86034 | 0.0 |
| 77817 | Riyad Bank | 563216 | 0.1 |
| 12569 | SABIC Agri-Nutrients Co. | 370599 | 0.1 |
| 19381 | Sahara International Petrochemical Co. | 77484 | 0.0 |
| 70937 <sup>(1)</sup> | Saudi Arabian Mining Co. | 1152263 | 0.2 |
| 306040 <sup>(2)</sup> | Saudi Arabian Oil Co. | 1943401 | 0.4 |
| 52909 | Saudi Awwal Bank | 456373 | 0.1 |
| 46653 | Saudi Basic Industries Corp. | 638077 | 0.1 |
| 38608 | Saudi Electricity Co. | 144605 | 0.0 |
| 31586 | Saudi Investment Bank | 110524 | 0.0 |
| 151361 | Saudi National Bank | 1528622 | 0.3 |
| 1885 <sup>(1)</sup> | Saudi Research & Media Group | 62556 | 0.0 |
| 2641 | Saudi Tadawul Group Holding Co. | 98788 | 0.0 |
| 104151 | Saudi Telecom Co. | 1192720 | 0.2 |
| 15032 | Yanbu National Petrochemical Co. | 110106 | 0.0 |
|  |  | **14931430** | **2.8** |
|  | **South Africa: 3.2%** |  |  |
| 43403 | Absa Group Ltd. | 627298 | 0.1 |
| 13653 | Anglo American Platinum Ltd. | 1156252 | 0.2 |
| 17548 | Bid Corp. Ltd. | 447040 | 0.1 |
| 17056 | Bidvest Group Ltd. | 244603 | 0.0 |
| 4441 | Capitec Bank Holdings Ltd. | 1114784 | 0.2 |
| 12193 | Clicks Group Ltd. | 248450 | 0.0 |
| 27833 | Discovery Ltd. | 382502 | 0.1 |
| 257372 | FirstRand Ltd. | 1410397 | 0.3 |
| 45720 | Gold Fields Ltd. | 1993502 | 0.4 |
| 29569 | Harmony Gold Mining Co. Ltd. | 593216 | 0.1 |
| 46874 | Impala Platinum Holdings Ltd. | 736632 | 0.1 |
| 89163 | MTN Group Ltd. | 912824 | 0.2 |
| 39902 | Naspers Ltd. - Class N | 2661125 | 0.5 |
| 23734 | Nedbank Group Ltd. | 381607 | 0.1 |
| 17669 | Northam Platinum Holdings Ltd. | 358556 | 0.1 |
| 41845 | OUTsurance Group Ltd. | 181076 | 0.0 |
| 182442 <sup>(2)</sup> | Pepkor Holdings Ltd. | 291477 | 0.1 |
| 26172 | Remgro Ltd. | 287192 | 0.1 |
| 89776 | Sanlam Ltd. | 533940 | 0.1 |
| 29517 <sup>(1)</sup> | Sasol Ltd. | 188332 | 0.0 |
| 24379 | Shoprite Holdings Ltd. | 397759 | 0.1 |
| 144947 <sup>(1)</sup> | Sibanye Stillwater Ltd. | 528448 | 0.1 |
| 67353 | Standard Bank Group Ltd. | 1181404 | 0.2 |
| 31246 | Vodacom Group Ltd. | 266629 | 0.0 |
|  |  | **17125045** | **3.2** |
|  | **South Korea: 8.4%** |  |  |
| 2061 <sup>(1)</sup> | Alteogen, Inc. | 643097 | 0.1 |
| 1461 | Amorepacific Corp. | 120999 | 0.0 |
| 1193 | APR Corp./Korea | 191288 | 0.0 |
| 7729 | Celltrion, Inc. | 969861 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 2796 | Coway Co. Ltd. | $168313 | 0.0 |
| 2314 | DB Insurance Co. Ltd. | 210121 | 0.0 |
| 2634 | Doosan Bobcat, Inc. | 105360 | 0.0 |
| 382 | Doosan Co. Ltd. | 207640 | 0.0 |
| 22983 <sup>(1)</sup> | Doosan Enerbility Co. Ltd. | 1202105 | 0.2 |
| 2531 <sup>(1)</sup> | Ecopro BM Co. Ltd. | 257464 | 0.1 |
| 5343 | Ecopro Co. Ltd. | 336581 | 0.1 |
| 14292 | Hana Financial Group, Inc. | 932504 | 0.2 |
| 1225 | Hanjin Kal Corp. | 104926 | 0.0 |
| 3512 | Hankook Tire & Technology Co. Ltd. | 142332 | 0.0 |
| 2273 | Hanmi Semiconductor Co. Ltd. | 201509 | 0.0 |
| 1703 | Hanwha Aerospace Co. Ltd. | 1112144 | 0.2 |
| 6944 <sup>(1)</sup> | Hanwha Ocean Co. Ltd. | 548301 | 0.1 |
| 3855 | Hanwha Systems Co. Ltd. | 145601 | 0.0 |
| 2263 | HD Hyundai Co. Ltd. | 296206 | 0.1 |
| 1208 | HD Hyundai Electric Co. Ltd. | 648754 | 0.1 |
| 1873 | HD Hyundai Heavy Industries Co. Ltd. | 660137 | 0.1 |
| 707 | HD Hyundai Marine Solution Co. Ltd. | 94736 | 0.0 |
| 2208 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 623035 | 0.1 |
| 6011 <sup>(1)</sup> | HLB, Inc. | 211835 | 0.0 |
| 11700 | HMM Co. Ltd. | 166402 | 0.0 |
| 1198 | HYBE Co. Ltd. | 274092 | 0.1 |
| 290 | Hyosung Heavy Industries Corp. | 358249 | 0.1 |
| 1872 | Hyundai Glovis Co. Ltd. | 234975 | 0.1 |
| 3049 | Hyundai Mobis Co. Ltd. | 791159 | 0.2 |
| 3909 | Hyundai Rotem Co. Ltd. | 509814 | 0.1 |
| 12663 | Industrial Bank of Korea | 184063 | 0.0 |
| 15937 | Kakao Corp. | 664593 | 0.1 |
| 8425 | KakaoBank Corp. | 126302 | 0.0 |
| 18532 | KB Financial Group, Inc. | 1595321 | 0.3 |
| 11963 | Kia Corp. | 1014146 | 0.2 |
| 3861 | Korea Aerospace Industries Ltd. | 305918 | 0.1 |
| 13251 | Korea Electric Power Corp. | 434894 | 0.1 |
| 2125 | Korea Investment Holdings Co. Ltd. | 239265 | 0.1 |
| 202 | Korea Zinc Co. Ltd. | 183834 | 0.0 |
| 8966 | Korean Air Lines Co. Ltd. | 140156 | 0.0 |
| 1473 <sup>(1)</sup> | Krafton, Inc. | 250981 | 0.1 |
| 4868 | KT&G Corp. | 480194 | 0.1 |
| 2549 | LG Chem Ltd. | 589617 | 0.1 |
| 4324 | LG Corp. | 242263 | 0.1 |
| 16568 <sup>(1)</sup> | LG Display Co. Ltd. | 136123 | 0.0 |
| 5386 | LG Electronics, Inc. | 343671 | 0.1 |
| 2410 <sup>(1)</sup> | LG Energy Solution Ltd. | 616322 | 0.1 |
| 442 | LG H&H Co. Ltd. | 79252 | 0.0 |
| 10357 | LG Uplus Corp. | 105831 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 689 | LIG Nex1 Co. Ltd. | $200748 | 0.0 |
| 784 | LS Electric Co. Ltd. | 251163 | 0.1 |
| 4100 | Meritz Financial Group, Inc. | 321898 | 0.1 |
| 10667 | Mirae Asset Securities Co. Ltd. | 173036 | 0.0 |
| 7226 | NAVER Corp. | 1214702 | 0.2 |
| 6615 | NH Investment & Securities Co. Ltd. | 96881 | 0.0 |
| 1791 <sup>(1)</sup> | POSCO Future M Co. Ltd. | 232539 | 0.1 |
| 3752 | POSCO Holdings, Inc. | 795416 | 0.2 |
| 2576 | Posco International Corp. | 88808 | 0.0 |
| 592 <sup>(1)(2)</sup> | Samsung Biologics Co. Ltd. | 695117 | 0.1 |
| 4381 | Samsung C&T Corp. | 727654 | 0.1 |
| 3006 | Samsung Electro- Mechanics Co. Ltd. | 531996 | 0.1 |
| 1538 | Samsung Fire & Marine Insurance Co. Ltd. | 530621 | 0.1 |
| 36127 <sup>(1)</sup> | Samsung Heavy Industries Co. Ltd. | 604126 | 0.1 |
| 4123 <sup>(1)</sup> | Samsung Life Insurance Co. Ltd. | 450706 | 0.1 |
| 3129 | Samsung SDI Co. Ltd. | 585094 | 0.1 |
| 2219 | Samsung SDS Co. Ltd. | 264071 | 0.1 |
| 207 | Samyang Foods Co. Ltd. | 176747 | 0.0 |
| 22337 | Shinhan Financial Group Co. Ltd. | 1189440 | 0.2 |
| 1591 <sup>(1)</sup> | SK Biopharmaceuticals Co. Ltd. | 137523 | 0.0 |
| 27845 | SK Hynix, Inc. | 12610393 | 2.4 |
| 3509 | SK Innovation Co. Ltd. | 246285 | 0.1 |
| 4754 <sup>(1)</sup> | SK Square Co. Ltd. | 1210646 | 0.2 |
| 2986 | SK Telecom Co. Ltd. | 110866 | 0.0 |
| 1873 | SK, Inc. | 334246 | 0.1 |
| 2281 <sup>(1)</sup> | S-Oil Corp. | 131244 | 0.0 |
| 33485 | Woori Financial Group, Inc. | 649924 | 0.1 |
| 2934 | Yuhan Corp. | 228391 | 0.1 |
|  |  | **44992567** | **8.4** |
|  | **Taiwan: 19.9%** |  |  |
| 26000 | Accton Technology Corp. | 981162 | 0.2 |
| 24595 | Advantech Co. Ltd. | 224877 | 0.0 |
| 4000 | Alchip Technologies Ltd. | 446502 | 0.1 |
| 171000 | ASE Technology Holding Co. Ltd. | 1348322 | 0.3 |
| 117000 | Asia Cement Corp. | 138369 | 0.0 |
| 17000 | Asia Vital Components Co. Ltd. | 815909 | 0.2 |
| 2000 | ASPEED Technology, Inc. | 460141 | 0.1 |
| 37000 | Asustek Computer, Inc. | 643161 | 0.1 |
| 9000 | Bizlink Holding, Inc. | 434802 | 0.1 |
| 53000 <sup>(1)</sup> | Caliway Biopharmaceuticals Co. Ltd. | 261578 | 0.1 |
| 28000 | Catcher Technology Co. Ltd. | 185019 | 0.0 |
| 493000 | Cathay Financial Holding Co. Ltd. | 1189208 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Taiwan (continued)** | | |
| 76742 | Chailease Holding Co. Ltd. | $257240 | 0.1 |
| 313187 | Chang Hwa Commercial Bank Ltd. | 203658 | 0.0 |
| 87000 | Cheng Shin Rubber Industry Co. Ltd. | 81636 | 0.0 |
| 149000 | China Airlines Ltd. | 95656 | 0.0 |
| 814280 | China Development Financial Holding Corp. | 446420 | 0.1 |
| 596000 | China Steel Corp. | 360091 | 0.1 |
| 19000 | Chroma ATE, Inc. | 469936 | 0.1 |
| 195000 | Chunghwa Telecom Co. Ltd. | 810519 | 0.2 |
| 223000 | Compal Electronics, Inc. | 215409 | 0.0 |
| 867000 | CTBC Financial Holding Co. Ltd. | 1385284 | 0.3 |
| 100000 | Delta Electronics, Inc. | 3050396 | 0.6 |
| 45000 | E Ink Holdings, Inc. | 282732 | 0.1 |
| 750182 | E.Sun Financial Holding Co. Ltd. | 805800 | 0.2 |
| 10000 | Eclat Textile Co. Ltd. | 122346 | 0.0 |
| 15000 | Elite Material Co. Ltd. | 785879 | 0.1 |
| 3000 | eMemory Technology, Inc. | 164764 | 0.0 |
| 139000 | Eva Airways Corp. | 161633 | 0.0 |
| 51000 | Evergreen Marine Corp. Taiwan Ltd. | 307655 | 0.1 |
| 142000 | Far Eastern New Century Corp. | 125569 | 0.0 |
| 90000 | Far EasTone Telecommunications Co. Ltd. | 252727 | 0.1 |
| 24720 | Feng TAY Enterprise Co. Ltd. | 91548 | 0.0 |
| 587988 | First Financial Holding Co. Ltd. | 549812 | 0.1 |
| 179000 | Formosa Chemicals & Fibre Corp. | 182570 | 0.0 |
| 196000 | Formosa Plastics Corp. | 243054 | 0.0 |
| 8350 | Fortune Electric Co. Ltd. | 202562 | 0.0 |
| 431285 | Fubon Financial Holding Co. Ltd. | 1320012 | 0.2 |
| 28000 | Gigabyte Technology Co. Ltd. | 221509 | 0.0 |
| 5000 | Global Unichip Corp. | 336186 | 0.1 |
| 13000 | Globalwafers Co. Ltd. | 167777 | 0.0 |
| 16000 | Gold Circuit Electronics Ltd. | 349506 | 0.1 |
| 642000 | Hon Hai Precision Industry Co. Ltd. | 4706069 | 0.9 |
| 14420 | Hotai Motor Co. Ltd. | 251958 | 0.1 |
| 458367 | Hua Nan Financial Holdings Co. Ltd. | 452233 | 0.1 |
| 405544 | Innolux Corp. | 220084 | 0.0 |
| 12000 | International Games System Co. Ltd. | 275324 | 0.1 |
| 143000 | Inventec Corp. | 195009 | 0.0 |
| 4000 | Jentech Precision Industrial Co. Ltd. | 348778 | 0.1 |
| 3000 | King Slide Works Co. Ltd. | 358229 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Taiwan (continued)** |  |  |
| 55000 | King Yuan Electronics Co. Ltd. | $432953 | 0.1 |
| 5000 | Largan Precision Co. Ltd. | 395672 | 0.1 |
| 103000 | Lite-On Technology Corp. | 535839 | 0.1 |
| 4000 | Lotes Co. Ltd. | 164927 | 0 |
| 78000 | MediaTek, Inc. | 3541605 | 0.7 |
| 610756 | Mega Financial Holding Co. Ltd. | 777753 | 0.1 |
| 266000 | Nan Ya Plastics Corp. | 508652 | 0.1 |
| 9000 | Nien Made Enterprise Co. Ltd. | 103371 | 0 |
| 30000 | Novatek Microelectronics Corp. | 356687 | 0.1 |
| 104000 | Pegatron Corp. | 226869 | 0 |
| 14426 | PharmaEssentia Corp. | 215493 | 0 |
| 28000 | President Chain Store Corp. | 197142 | 0 |
| 139000 | Quanta Computer, Inc. | 1200527 | 0.2 |
| 26000 | Realtek Semiconductor Corp. | 403693 | 0.1 |
| 197000 | Shanghai Commercial & Savings Bank Ltd. | 254389 | 0.1 |
| 634016 | SinoPac Financial Holdings Co. Ltd. | 576820 | 0.1 |
| 1099245 | Taishin Financial Holding Co. Ltd. | 713629 | 0.1 |
| 365968 | Taiwan Business Bank | 186407 | 0 |
| 349000 | Taiwan Cement Corp. | 257389 | 0.1 |
| 551942 | Taiwan Cooperative Financial Holding Co. Ltd. | 426794 | 0.1 |
| 78000 | Taiwan High Speed Rail Corp. | 69495 | 0 |
| 89000 | Taiwan Mobile Co. Ltd. | 307069 | 0.1 |
| 1256000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 61741550 | 11.5 |
| 59000 | Teco Electric and Machinery Co. Ltd. | 158103 | 0 |
| 247000 | Uni-President Enterprises Corp. | 605630 | 0.1 |
| 586000 | United Microelectronics Corp. | 915089 | 0.2 |
| 54477 | Vanguard International Semiconductor Corp. | 159091 | 0 |
| 33000 | Wan Hai Lines Ltd. | 82483 | 0 |
| 151000 | Wistron Corp. | 721633 | 0.1 |
| 6000 | Wiwynn Corp. | 854800 | 0.2 |
| 86908 | Yageo Corp. | 637042 | 0.1 |
| 80000 | Yang Ming Marine Transport Corp. | 141456 | 0 |
| 544838 | Yuanta Financial Holding Co. Ltd. | 680808 | 0.1 |
| 35000 | Zhen Ding Technology Holding Ltd. | 157727 | 0 |
|  |  | **106695207** | **19.9** |
|  | **Thailand: 1.0%** |  |  |
| 52500 | Advanced Info Service PCL | 521331 | 0.1 |
| 225400 | Airports of Thailand PCL | 378145 | 0.1 |
| 572900 | Bangkok Dusit Medical Services PCL - Class F | 350875 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Thailand (continued)** |  |  |
| 30300 | Bumrungrad Hospital PCL | $151415 | 0.0 |
| 108500 | Central Pattana PCL | 189982 | 0.0 |
| 195800 | Charoen Pokphand Foods PCL | 135533 | 0.0 |
| 283000 | CP ALL PCL - Foreign | 390811 | 0.1 |
| 115702 | CP AXTRA PCL | 57589 | 0.0 |
| 159356 | Delta Electronics Thailand PCL | 869685 | 0.2 |
| 243711 <sup>(1)</sup> | Gulf Development PCL | 321654 | 0.1 |
| 30900 | Kasikornbank PCL | 190583 | 0.0 |
| 183600 | Krung Thai Bank PCL | 164510 | 0.0 |
| 164800 | Minor International PCL | 126715 | 0.0 |
| 74500 | PTT Exploration & Production PCL | 266395 | 0.1 |
| 516800 | PTT PCL - Foreign | 524781 | 0.1 |
| 43900 | SCB X PCL - Foreign | 193479 | 0.0 |
| 34400 | Siam Cement PCL - Foreign | 200249 | 0.1 |
| 545400 | True Corp. PCL | 188476 | 0.0 |
|  |  | **5222208** | **1.0** |
|  | **Turkey: 0.4%** |  |  |
| 160849 | Akbank TAS | 260973 | 0.1 |
| 71737 | Aselsan Elektronik Sanayi Ve Ticaret AS | 386521 | 0.1 |
| 23622 | BIM Birlesik Magazalar AS | 294888 | 0.1 |
| 164474 | Eregli Demir ve Celik Fabrikalari TAS | 91144 | 0.0 |
| 35599 | Ford Otomotiv Sanayi AS | 76752 | 0.0 |
| 56313 | Haci Omer Sabanci Holding AS | 110285 | 0.0 |
| 38341 | KOC Holding AS | 150426 | 0.0 |
| 28849 | Turk Hava Yollari AO | 180234 | 0.0 |
| 62025 | Turkcell Iletisim Hizmetleri AS | 134299 | 0.0 |
| 441725 | Turkiye Is Bankasi AS - Class C | 144624 | 0.0 |
| 49864 | Turkiye Petrol Rafinerileri AS | 213911 | 0.1 |
| 172446 <sup>(1)</sup> | Yapi ve Kredi Bankasi AS | 145206 | 0.0 |
|  |  | **2189263** | **0.4** |
|  | **United Arab Emirates: 1.4%** |  |  |
| 168134 | Abu Dhabi Commercial Bank PJSC | 654637 | 0.1 |
| 77535 | Abu Dhabi Islamic Bank PJSC | 437892 | 0.1 |
| 157307 | Abu Dhabi National Oil Co. for Distribution PJSC | 167040 | 0.0 |
| 169553 | ADNOC Drilling Co. PJSC | 246522 | 0.1 |
| 298471 | Adnoc Gas PLC | 288474 | 0.1 |
| 73865 | ADNOC Logistics & Services | 119049 | 0.0 |
| 203734 | Aldar Properties PJSC | 482186 | 0.1 |
| 144541 | Americana Restaurants International PLC | 63755 | 0.0 |
| 262490 | Dubai Electricity & Water Authority PJSC | 197790 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |  |
| 153846 | Dubai Islamic Bank PJSC | $388209 | 0.1 |
| 46162 | Emaar Development PJSC | 190349 | 0.0 |
| 341595 | Emaar Properties PJSC | 1303712 | 0.3 |
| 98412 | Emirates NBD Bank PJSC | 746246 | 0.1 |
| 183689 | Emirates Telecommunications Group Co. PJSC | 917257 | 0.2 |
| 229427 | First Abu Dhabi Bank PJSC | 1089431 | 0.2 |
| 180978 <sup>(1)</sup> | Multiply Group PJSC | 128568 | 0.0 |
| 91167 | Salik Co. PJSC | 157623 | 0.0 |
|  |  | **7578740** | **1.4** |
|  | **United States: 0.3%** |  |  |
| 44300 <sup>(1)</sup> | BeOne Medicines Ltd. - Class H | 1019621 | 0.2 |
| 18885 <sup>(1)</sup> | JBS NV - Class A | 272322 | 0.1 |
| 3708 <sup>(1)</sup> | Legend Biotech Corp., ADR | 80612 | 0.0 |
|  |  | **1372555** | **0.3** |
|  | Total Common Stock<br> (Cost $357,575,774) | **488898165** | **91.1** |
| **PREFERRED STOCK: 6.0%** | **PREFERRED STOCK: 6.0%** |  |  |
|  | **Brazil: 1.1%** |  |  |
| 283821 | Banco Bradesco SA - Preference Shares | 942142 | 0.2 |
| 89923 | Cia Energetica de Minas Gerais | 183793 | 0.0 |
| 70604 | Gerdau SA | 262716 | 0.0 |
| 281418 | Itau Unibanco Holding SA | 2014693 | 0.4 |
| 305198 | Itausa SA | 650525 | 0.1 |
| 50345 <sup>(1)</sup> | Localiza Rent a Car SA | 399590 | 0.1 |
| 239099 | Petroleo Brasileiro SA | 1344775 | 0.3 |
|  |  | **5798234** | **1.1** |
|  | **Chile: 0.1%** |  |  |
| 7474 <sup>(1)</sup> | Sociedad Quimica y Minera de Chile SA | **529329** | **0.1** |
|  | **Colombia: 0.1%** |  |  |
| 36618 | Grupo Cibest SA | **612569** | **0.1** |
|  | **India: 0.1%** |  |  |
| 62430 <sup>(3)</sup> | TVS Motor Co. Ltd. | **514855** | **0.1** |
|  | **South Korea: 4.6%** |  |  |
| 7799 | Hyundai Motor Co. | 1553616 | 0.3 |
| 1780 | Hyundai Motor Co. - Second Preference Shares | 262968 | 0.0 |
| 282871 | Samsung Electronics Co. Ltd. | 22807468 | 4.3 |
|  |  | **24624052** | **4.6** |
|  | Total Preferred Stock<br> (Cost $20,382,863) | **32079039** | **6.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **RIGHT: 0.1%** |  |  |  |
|  | **Taiwan: 0.1%** |  |  |
| 70556 | Unimicron Technology Corp. | $**486969** | **0.1** |
|  | Total Right<br> (Cost $360,077) | **486969** | **0.1** |
|  | Total Long-Term Investments<br> (Cost $378,318,714) | **521464173** | **97.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br> **of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** |  |  |
|  | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** |
| 1145555 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,145,797, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $1,168,466, due 12/01/30-11/20/75) | 1145555 | 0.2 |
| 1218676 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,218,939, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,243,394, due 01/31/26-11/15/55) | 1218676 | 0.2 |
| 1145555 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,145,795, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $1,168,466, due 10/15/26-12/20/55) | 1145555 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | | |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 307064 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $307,129, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $313,205, due 04/30/26-11/15/34) | $307064 | 0.1 |
| 1145555 <sup>(5)</sup> | Nomura Securities International, Inc., Repurchase Agreement dated 12/31/2025, 3.830%, due 01/02/2026 (Repurchase Amount $1,145,795, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,168,466, due 01/15/26-03/15/67) | 1145555 | 0.2 |
| 26659 <sup>(5)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 12/31/2025, 3.810%, due 01/02/2026 (Repurchase Amount $26,665, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.000%, Market Value plus accrued interest $27,192, due 02/28/29-10/20/55) | 26659 | 0.0 |
|  | Total Repurchase Agreements<br> (Cost $4,989,064) | **4989064** | **0.9** |
|  | **Time Deposits: 0.0%** |  |  |
| 110000 <sup>(5)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 110000 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 2.9%** |  |  |
| 15468000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $15,468,000) | $**15468000** | **2.9** |
|  | Total Short-Term <br>Investments (Cost $20,567,064) | $**20567064** | **3.8** |
|  | **Total Investments in Securities**<br> **(Cost $398,885,778)** | $**542031237** | **101.0** |
|  | **Liabilities in Excess of Other Assets** | **(5507023)** | **(1.0)** |
|  | **Net Assets** | $**536524214** | **100.0** |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Receipt |
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Information Technology | 27.5% |
| Financials | 21.8 |
| Consumer Discretionary | 11.4 |
| Communication Services | 9.1 |
| Industrials | 6.8 |
| Materials | 6.8 |
| Energy | 3.8 |
| Consumer Staples | 3.6 |
| Health Care | 3.0 |
| Utilities | 2.2 |
| Real Estate | 1.2 |
| Short-Term Investments | 3.8 |
| Liabilities in Excess of Other Assets | (1.0) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $2214312 | $— | $2214312 |
| &nbsp;&nbsp;&nbsp;Brazil | 16428928 |  |  | 16428928 |
| &nbsp;&nbsp;&nbsp;Chile | 2407793 |  |  | 2407793 |
| &nbsp;&nbsp;&nbsp;China | 9873093 | 132510815 | 106073 | 142489981 |
| &nbsp;&nbsp;&nbsp;Colombia | 142400 |  |  | 142400 |
| &nbsp;&nbsp;&nbsp;Czechia |  | 822573 |  | 822573 |
| &nbsp;&nbsp;&nbsp;Egypt | 287173 |  |  | 287173 |
| &nbsp;&nbsp;&nbsp;Greece | 1014004 | 1907859 |  | 2921863 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 195099 | 244537 |  | 439636 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1583706 |  | 1583706 |
| &nbsp;&nbsp;&nbsp;India | 1832941 | 77613535 | 17727 | 79464203 |
| &nbsp;&nbsp;&nbsp;Indonesia | 311328 | 5758273 |  | 6069601 |
| &nbsp;&nbsp;&nbsp;Kuwait | 1975669 | 1622687 |  | 3598356 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 250913 |  |  | 250913 |
| &nbsp;&nbsp;&nbsp;Malaysia | 760934 | 5510925 |  | 6271859 |
| &nbsp;&nbsp;&nbsp;Mexico | 10768149 |  |  | 10768149 |
| &nbsp;&nbsp;&nbsp;Peru | 1270369 |  |  | 1270369 |
| &nbsp;&nbsp;&nbsp;Philippines | 881822 | 1066889 |  | 1948711 |
| &nbsp;&nbsp;&nbsp;Poland |  | 5711252 |  | 5711252 |
| &nbsp;&nbsp;&nbsp;Qatar | 2334815 | 1109513 |  | 3444328 |
| &nbsp;&nbsp;&nbsp;Romania | 255044 |  |  | 255044 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 2795237 | 12136193 |  | 14931430 |
| &nbsp;&nbsp;&nbsp;South Africa | 2437397 | 14687648 |  | 17125045 |
| &nbsp;&nbsp;&nbsp;South Korea | 1438544 | 43554023 |  | 44992567 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1258033 | 105437174 |  | 106695207 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 5222208 |  | 5222208 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 2189263 |  | 2189263 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 4042511 | 3536229 |  | 7578740 |
| &nbsp;&nbsp;&nbsp;United States | 352934 | 1019621 |  | 1372555 |
| Total Common Stock | 63315130 | 425459235 | 123800 | 488898165 |
| Preferred Stock | 6940132 | 24624052 | 514855 | 32079039 |
| Right |  | 486969 |  | 486969 |
| Short-Term Investments | 15468000 | 5099064 |  | 20567064 |
| Total Investments, at fair value | $85723262 | $455669320 | $638655 | $542031237 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 348777 |  |  | 348777 |
| Total Assets | $86072039 | $455669320 | $638655 | $542380014 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |
| <sup>+</sup> | 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. |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series EM Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya VACS Index Series EM Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 253 | 03/20/26 | $17854210 | $348777 |
|  |  |  | $17854210 | $348777 |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $348777 |
| **Total Asset Derivatives** |  | $348777 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $986531 | $986531 |
| Foreign exchange contracts | 1035 |  | 1035 |
| **Total** | $1035 | $986531 | $987566 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $711352 |
| **Total** | $711352 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $407,540,827.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $156712838 |
| Gross Unrealized Depreciation | (21205691) |
| Net Unrealized Appreciation | $135507147 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |  |  |
|  | **Australia: 6.9%** |  |  |
| 310496 | ANZ Group Holdings Ltd. | $7507072 | 0.4 |
| 136871 | APA Group | 817835 | 0.0 |
| 57778 | Aristocrat Leisure Ltd. | 2236847 | 0.1 |
| 20221 | ASX Ltd. | 692414 | 0.0 |
| 528564 | BHP Group Ltd. - Class DI | 15951646 | 0.7 |
| 141789 | Brambles Ltd. | 2165169 | 0.1 |
| 39384 | CAR Group Ltd. | 806637 | 0.0 |
| 6806 <sup>(1)</sup> | Cochlear Ltd. | 1181656 | 0.1 |
| 139677 | Coles Group Ltd. | 1996446 | 0.1 |
| 174158 | Commonwealth Bank of Australia | 18589511 | 0.9 |
| 54174 | Computershare Ltd. | 1227780 | 0.1 |
| 50490 | CSL Ltd. | 5810480 | 0.3 |
| 211317 | Evolution Mining Ltd. | 1768462 | 0.1 |
| 176236 | Fortescue Metals Group Ltd. | 2577017 | 0.1 |
| 1046127 | Glencore PLC | 5718801 | 0.3 |
| 212802 | Goodman Group | 4379087 | 0.2 |
| 246156 | Insurance Australia Group Ltd. | 1306406 | 0.1 |
| 231637 | Lottery Corp. Ltd. | 795899 | 0.0 |
| 94272 <sup>(2)</sup> | Lynas Rare Earths Ltd. | 773168 | 0.0 |
| 37682 | Macquarie Group Ltd. | 5091989 | 0.2 |
| 286610 | Medibank Pvt Ltd. | 914679 | 0.0 |
| 318771 | National Australia Bank Ltd. | 8962830 | 0.4 |
| 141452 | Northern Star Resources Ltd. | 2489230 | 0.1 |
| 179287 | Origin Energy Ltd. | 1369130 | 0.1 |
| 5982 | Pro Medicus Ltd. | 878538 | 0.0 |
| 77165 | Qantas Airways Ltd. | 533110 | 0.0 |
| 157167 | QBE Insurance Group Ltd. | 2080810 | 0.1 |
| 5500 | REA Group Ltd. | 670479 | 0.0 |
| 38633 | Rio Tinto Ltd. | 3768878 | 0.2 |
| 117468 | Rio Tinto PLC | 9462135 | 0.4 |
| 337997 | Santos Ltd. | 1388221 | 0.1 |
| 542874 | Scentre Group | 1517548 | 0.1 |
| 21178 | SGH Ltd. | 653641 | 0.0 |
| 540611 | Sigma Healthcare Ltd. | 1058313 | 0.1 |
| 48864 | Sonic Healthcare Ltd. | 735746 | 0.0 |
| 468269 | South32 Ltd. - Class DI | 1108446 | 0.1 |
| 252097 | Stockland | 961176 | 0.1 |
| 112694 | Suncorp Group Ltd. | 1322929 | 0.1 |
| 413437 | Telstra Group Ltd. | 1341426 | 0.1 |
| 324094 | Transurban Group | 3067104 | 0.1 |
| 406889 | Vicinity Ltd. | 692732 | 0.0 |
| 35585 <sup>(1)</sup> | Washington H Soul Pattinson & Co. Ltd. | 880494 | 0.0 |
| 118097 | Wesfarmers Ltd. | 6362266 | 0.3 |
| 355957 | Westpac Banking Corp. | 9134425 | 0.4 |
| 20983 | WiseTech Global Ltd. | 953985 | 0.1 |
| 197848 <sup>(1)</sup> | Woodside Energy Group Ltd. (WDS) | 3084976 | 0.1 |
| 127132 | Woolworths Group Ltd. | 2487345 | 0.1 |
|  |  | **149274914** | **6.9** |
|  | **Austria: 0.3%** |  |  |
| 32042 | Erste Group Bank AG | 3842135 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Austria (continued)** |  |  |
| 15327 | OMV AG | $852907 | 0.1 |
| 13693 | Raiffeisen Bank International AG | 610113 | 0.0 |
| 7087 <sup>(1)</sup> | Verbund AG | 514596 | 0.0 |
|  |  | **5819751** | **0.3** |
|  | **Belgium: 0.8%** |  |  |
| 15528 | Ageas SA | 1087904 | 0.1 |
| 102869 | Anheuser-Busch InBev SA | 6602232 | 0.3 |
| 2235 <sup>(1)</sup> | D'ieteren Group | 402571 | 0.0 |
| 4540 | Elia Group SA | 584219 | 0.0 |
| 2085 | Financiere de Tubize SA | 508832 | 0.0 |
| 8317 | Groupe Bruxelles Lambert NV | 739584 | 0.0 |
| 23900 | KBC Group NV | 3112637 | 0.2 |
| 42 <sup>(1)</sup> | Lotus Bakeries NV | 386594 | 0.0 |
| 1719 <sup>(1)</sup> | Sofina SA | 497097 | 0.0 |
| 7571 <sup>(1)</sup> | Syensqo SA | 606423 | 0.0 |
| 13157 | UCB SA | 3665886 | 0.2 |
|  |  | **18193979** | **0.8** |
|  | **Brazil: 0.0%** |  |  |
| 17231 | Yara International ASA | **705127** | **0.0** |
|  | **Chile: 0.1%** |  |  |
| 41039 | Antofagasta PLC | **1802653** | **0.1** |
|  | **China: 0.6%** |  |  |
| 385000 | BOC Hong Kong Holdings Ltd. | 1953872 | 0.1 |
| 136168 | Prosus NV | 8431374 | 0.4 |
| 140000 | SITC International Holdings Co. Ltd. | 500975 | 0.0 |
| 111000 <sup>(1)</sup> | Wharf Holdings Ltd. | 310055 | 0.0 |
| 199900 | Wilmar International Ltd. | 478092 | 0.0 |
| 268800 | Yangzijiang Shipbuilding Holdings Ltd. | 726161 | 0.1 |
|  |  | **12400529** | **0.6** |
|  | **Denmark: 1.8%** |  |  |
| 9784 | Carlsberg AS - Class B | 1280564 | 0.1 |
| 13125 | Coloplast A/S - Class B | 1125275 | 0.1 |
| 69519 | Danske Bank A/S | 3471521 | 0.2 |
| 10012 <sup>(2)</sup> | Demant A/S | 337349 | 0.0 |
| 21270 | DSV A/S | 5356988 | 0.3 |
| 6348 <sup>(2)</sup> | Genmab A/S | 1967779 | 0.1 |
| 335171 | Novo Nordisk A/S - Class B | 16999363 | 0.8 |
| 36671 | Novozymes A/S - Class B | 2346230 | 0.1 |
| 54999 <sup>(2)(3)</sup> | Orsted AS | 1049897 | 0.0 |
| 8222 | Pandora A/S | 909239 | 0.0 |
| 10063 | ROCKWOOL A/S - Class B | 353552 | 0.0 |
| 34994 | Tryg A/S | 915142 | 0.0 |
| 105097 | Vestas Wind Systems A/S | 2842582 | 0.1 |
|  |  | **38955481** | **1.8** |
|  | **Finland: 1.2%** |  |  |
| 14802 | Elisa Oyj | 655962 | 0.0 |
| 46689 <sup>(1)</sup> | Fortum Oyj | 991483 | 0.1 |
| 28425 | Kesko Oyj - Class B | 641390 | 0.0 |
| 35373 | Kone Oyj - Class B | 2505925 | 0.1 |
| 69017 <sup>(1)</sup> | Metso Oyj | 1200837 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Finland (continued)** |  |  |
| 44029 | Neste Oyj | $996072 | 0.1 |
| 551267 | Nokia Oyj | 3554054 | 0.2 |
| 51867 | Nordea Bank Abp - EUR | 975838 | 0.1 |
| 271326 | Nordea Bank Abp - SEK | 5104310 | 0.2 |
| 11369 | Orion Oyj - Class B | 848213 | 0.0 |
| 251977 | Sampo Oyj - Class A | 3048619 | 0.1 |
| 60613 <sup>(1)</sup> | Stora Enso Oyj - Class R | 756791 | 0.0 |
| 54922 <sup>(1)</sup> | UPM-Kymmene Oyj | 1587762 | 0.1 |
| 52344 | Wartsila Oyj Abp | 1853217 | 0.1 |
|  |  | **24720473** | **1.2** |
|  | **France: 9.0%** |  |  |
| 20395 | Accor SA | 1149796 | 0.1 |
| 3605 <sup>(1)</sup> | Aeroports de Paris | 470437 | 0.0 |
| 60208 | Air Liquide SA | 11316319 | 0.5 |
| 61840 | Airbus SE | 14360714 | 0.7 |
| 36063 <sup>(2)</sup> | Alstom SA | 1063926 | 0.1 |
| 6413 <sup>(3)</sup> | Amundi SA | 530032 | 0.0 |
| 180520 | AXA SA | 8661528 | 0.4 |
| 4311 | BioMerieux | 557820 | 0.0 |
| 104602 | BNP Paribas SA | 9896074 | 0.5 |
| 73085 | Bollore SE | 410740 | 0.0 |
| 19958 | Bouygues SA | 1037523 | 0.1 |
| 35426 | Bureau Veritas SA | 1127000 | 0.1 |
| 16049 | Capgemini SE | 2664905 | 0.1 |
| 61303 | Carrefour SA | 1022875 | 0.1 |
| 46744 | Cie de Saint-Gobain | 4753481 | 0.2 |
| 69775 | Cie Generale des Etablissements Michelin SCA | 2312773 | 0.1 |
| 5808 | Covivio SA/France | 385538 | 0.0 |
| 111051 | Credit Agricole SA | 2286302 | 0.1 |
| 67367 | Danone SA | 6076435 | 0.3 |
| 2040 | Dassault Aviation SA | 654035 | 0.0 |
| 69803 | Dassault Systemes SE | 1950172 | 0.1 |
| 24966 <sup>(1)</sup> | Edenred | 551897 | 0.0 |
| 7139 | Eiffage SA | 1022871 | 0.1 |
| 190081 | Engie SA | 4993299 | 0.2 |
| 31330 | EssilorLuxottica SA | 9906470 | 0.5 |
| 4795 | Gecina SA - Class C | 455393 | 0.0 |
| 31481 | Getlink SE | 581108 | 0.0 |
| 3296 | Hermes International | 8183466 | 0.4 |
| 3925 | Ipsen SA | 547653 | 0.0 |
| 7747 | Kering SA | 2707091 | 0.1 |
| 22390 | Klepierre SA | 885866 | 0.0 |
| 11569 | La Francaise des Jeux SAEM | 320238 | 0.0 |
| 27292 | Legrand SA | 4057300 | 0.2 |
| 24997 | L'Oreal SA | 10731599 | 0.5 |
| 26025 | LVMH Moet Hennessy Louis Vuitton SE | 19615950 | 0.9 |
| 193783 <sup>(1)</sup> | Orange SA | 3233569 | 0.2 |
| 21003 | Pernod Ricard SA | 1798408 | 0.1 |
| 23820 | Publicis Groupe SA | 2473650 | 0.1 |
| 20004 | Renault SA | 828010 | 0.0 |
| 23341 | Rexel SA | 915483 | 0.1 |
| 37474 | Safran SA | 13052819 | 0.6 |
| 3039 | Sartorius Stedim Biotech | 746443 | 0.0 |
| 73543 | Societe Generale SA | 5920500 | 0.3 |
| 9207 <sup>(1)</sup> | Sodexo SA | 471729 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **France (continued)** |  |  |
| 9645 | Thales SA | $2601888 | 0.1 |
| 206676 | TotalEnergies SE | 13474848 | 0.6 |
| 12671 | Unibail-Rodamco-Westfield | 1377930 | 0.1 |
| 65613 | Veolia Environnement SA | 2283166 | 0.1 |
| 51920 | Vinci SA | 7304258 | 0.3 |
|  |  | **193731327** | **9.0** |
|  | **Germany: 9.2%** |  |  |
| 17796 | Adidas AG | 3521575 | 0.2 |
| 40188 | Allianz SE | 18581997 | 0.9 |
| 92885 | BASF SE | 4887473 | 0.2 |
| 102241 | Bayer AG | 4434776 | 0.2 |
| 34889 | Bayerische Motoren Werke AG | 3772529 | 0.2 |
| 10099 | Beiersdorf AG | 1109043 | 0.1 |
| 12772 | Brenntag SE | 741338 | 0 |
| 76270 | Commerzbank AG | 3218943 | 0.2 |
| 11448 | Continental AG | 908546 | 0 |
| 6494 | CTS Eventim AG & Co. KGaA | 594475 | 0 |
| 49446 | Daimler Truck Holding AG | 2141630 | 0.1 |
| 192618 | Deutsche Bank AG | 7423323 | 0.4 |
| 19596 | Deutsche Boerse AG | 5150242 | 0.2 |
| 62455 | Deutsche Lufthansa AG | 613553 | 0 |
| 99908 | Deutsche Post AG, Reg | 5447548 | 0.3 |
| 382864 | Deutsche Telekom AG, Reg | 12462613 | 0.6 |
| 233650 | E.ON SE | 4424139 | 0.2 |
| 26673 | Evonik Industries AG | 416261 | 0 |
| 22902 | Fresenius Medical Care AG & Co. KGaA | 1093926 | 0.1 |
| 43962 | Fresenius SE & Co. KGaA | 2518659 | 0.1 |
| 15249 | GEA Group AG | 1030561 | 0.1 |
| 6275 | Hannover Rueck SE | 1952660 | 0.1 |
| 13927 | Heidelberg Materials AG | 3610669 | 0.2 |
| 6611 | Hensoldt AG | 566824 | 0 |
| 1617 | Hochtief AG | 633025 | 0 |
| 135908 | Infineon Technologies AG | 5929790 | 0.3 |
| 7549 | Knorr-Bremse AG | 837502 | 0 |
| 7865 | LEG Immobilien SE | 573640 | 0 |
| 75157 | Mercedes-Benz Group AG | 5210034 | 0.3 |
| 13450 | Merck KGaA | 1919626 | 0.1 |
| 5602 | MTU Aero Engines AG | 2322184 | 0.1 |
| 13596 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 8947332 | 0.4 |
| 6010 | Nemetschek SE | 650223 | 0 |
| 532 | Rational AG | 410752 | 0 |
| 4787 | Rheinmetall AG | 8733367 | 0.4 |
| 65800 | RWE AG | 3486530 | 0.2 |
| 108673 | SAP SE | 26404088 | 1.2 |
| 7805 <sup>(3)</sup> | Scout24 SE | 783933 | 0 |
| 79093 | Siemens AG, Reg | 22152072 | 1 |
| 80654 <sup>(2)</sup> | Siemens Energy AG | 11314822 | 0.5 |
| 35217 <sup>(3)</sup> | Siemens Healthineers AG | 1845990 | 0.1 |
| 13819 | Symrise AG | 1119635 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Germany (continued)** |  |  |
| 6718 | Talanx AG | $892411 | 0.0 |
| 78747 | Vonovia SE | 2266286 | 0.1 |
| 23368 <sup>(2)(3)</sup> | Zalando SE | 689520 | 0.0 |
|  |  | **197746065** | **9.2** |
|  | **Hong Kong: 1.8%** |  |  |
| 1093200 | AIA Group Ltd. | 11252410 | 0.5 |
| 200500 | CK Asset Holdings Ltd. | 1013906 | 0.1 |
| 65500 | CK Infrastructure Holdings Ltd. | 485370 | 0.0 |
| 171000 | CLP Holdings Ltd. | 1529578 | 0.1 |
| 5918 <sup>(1)(2)</sup> | Futu Holdings Ltd., ADR | 971795 | 0.0 |
| 78100 | Hang Seng Bank Ltd. | 1540724 | 0.1 |
| 151000 | Henderson Land Development Co. Ltd. | 546814 | 0.0 |
| 394000 | HKT Trust & HKT Ltd. - Stapled Security | 583419 | 0.0 |
| 1165000 | Hong Kong & China Gas Co. Ltd. | 1050220 | 0.1 |
| 125300 | Hong Kong Exchanges & Clearing Ltd. | 6555866 | 0.3 |
| 113000 | Hongkong Land Holdings Ltd. | 802300 | 0.0 |
| 271100 | Link REIT | 1210467 | 0.1 |
| 162000 | MTR Corp. Ltd. | 620448 | 0.0 |
| 144000 <sup>(1)</sup> | Power Assets Holdings Ltd. | 1020417 | 0.1 |
| 266677 | Prudential PLC | 4102298 | 0.2 |
| 380000 | Sino Land Co. Ltd. | 500023 | 0.0 |
| 151000 | Sun Hung Kai Properties Ltd. | 1838619 | 0.1 |
| 36500 <sup>(1)</sup> | Swire Pacific Ltd. - Class A | 294239 | 0.0 |
| 152500 | Techtronic Industries Co. Ltd. | 1754228 | 0.1 |
| 868000 <sup>(3)</sup> | WH Group Ltd. | 966964 | 0.0 |
| 174000 | Wharf Real Estate Investment Co. Ltd. | 549942 | 0.0 |
|  |  | **39190047** | **1.8** |
|  | **Indonesia: 0.1%** |  |  |
| 16900 | Jardine Matheson Holdings Ltd. | **1153021** | **0.1** |
|  | **Ireland: 0.5%** |  |  |
| 18362 | AerCap Holdings NV | 2639721 | 0.1 |
| 222374 | AIB Group PLC | 2377253 | 0.1 |
| 99298 | Bank of Ireland Group PLC | 1899102 | 0.1 |
| 16878 | Kerry Group PLC - Class A | 1542356 | 0.1 |
| 15989 | Kingspan Group PLC | 1377754 | 0.1 |
|  |  | **9836186** | **0.5** |
|  | **Israel: 0.9%** |  |  |
| 4417 | Azrieli Group Ltd. | 500783 | 0.0 |
| 130148 | Bank Hapoalim BM | 2943566 | 0.1 |
| 154971 | Bank Leumi Le-Israel BM | 3415205 | 0.2 |
| 8938 <sup>(2)</sup> | Check Point Software Technologies Ltd. | 1658535 | 0.1 |
| 2895 | Elbit Systems Ltd. | 1662095 | 0.1 |
| 80592 | ICL Group Ltd. | 463430 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Israel (continued)** |  |  |
| 127302 | Israel Discount Bank Ltd. - Class A | $1351889 | 0.1 |
| 16232 | Mizrahi Tefahot Bank Ltd. | 1134085 | 0.1 |
| 6426 <sup>(2)</sup> | Nice Ltd. | 726376 | 0.0 |
| 3065 <sup>(2)</sup> | Nova Ltd. | 1024608 | 0.0 |
| 23807 | Phoenix Financial Ltd. | 984635 | 0.0 |
| 119352 <sup>(2)</sup> | Teva Pharmaceutical Industries Ltd., ADR | 3724976 | 0.2 |
| 5793 <sup>(2)</sup> | Wix.com Ltd. | 601835 | 0.0 |
|  |  | **20192018** | **0.9** |
|  | **Italy: 3.3%** |  |  |
| 88708 | Assicurazioni Generali SpA | 3706963 | 0.2 |
| 23271 | Banca Mediolanum SpA | 528403 | 0.0 |
| 205536 | Banca Monte dei Paschi di Siena SpA | 2188380 | 0.1 |
| 118264 | Banco BPM SpA | 1795829 | 0.1 |
| 153321 | BPER Banca | 2071744 | 0.1 |
| 22698 | Coca-Cola HBC AG - Class DI | 1174244 | 0.1 |
| 64069 <sup>(1)</sup> | Davide Campari-Milano NV | 413904 | 0.0 |
| 846440 | Enel SpA | 8800710 | 0.4 |
| 212865 <sup>(1)</sup> | Eni SpA | 4035090 | 0.2 |
| 13118 | Ferrari NV | 4874831 | 0.2 |
| 63647 | FinecoBank Banca Fineco SpA | 1649063 | 0.1 |
| 27559 <sup>(1)(3)</sup> | Infrastrutture Wireless Italiane SpA | 255036 | 0.0 |
| 1482267 | Intesa Sanpaolo SpA | 10242609 | 0.5 |
| 42118 | Leonardo SpA | 2409170 | 0.1 |
| 24309 | Moncler SpA | 1553835 | 0.1 |
| 54572 <sup>(1)(3)</sup> | Nexi SpA | 268980 | 0.0 |
| 47575 <sup>(1)(3)</sup> | Poste Italiane SpA | 1194316 | 0.1 |
| 29300 | Prysmian SpA | 2922887 | 0.1 |
| 11970 | Recordati Industria Chimica e Farmaceutica SpA | 679522 | 0.0 |
| 87807 | Ryanair Holdings PLC | 3027371 | 0.1 |
| 209859 | Snam SpA | 1394485 | 0.1 |
| 1196507 <sup>(2)</sup> | Telecom Italia SpA/Milano | 718805 | 0.0 |
| 146426 | Terna - Rete Elettrica Nazionale | 1557781 | 0.1 |
| 145897 | UniCredit SpA | 12084153 | 0.6 |
| 37334 | Unipol Gruppo SpA | 895703 | 0.0 |
|  |  | **70443814** | **3.3** |
|  | **Ivory Coast: 0.1%** |  |  |
| 20101 | Endeavour Mining PLC | **1050223** | **0.1** |
|  | **Japan: 21.9%** |  |  |
| 79700 | Advantest Corp. | 10077899 | 0.5 |
| 231700 | Aeon Co. Ltd. | 3660193 | 0.2 |
| 20400 <sup>(1)</sup> | AGC, Inc. | 676540 | 0.0 |
| 51300 | Aisin Corp. | 961170 | 0.0 |
| 94200 | Ajinomoto Co., Inc. | 1991388 | 0.1 |
| 15800 | ANA Holdings, Inc. | 300069 | 0.0 |
| 158300 | Asahi Group Holdings Ltd. | 1659270 | 0.1 |
| 135000 | Asahi Kasei Corp. | 1199981 | 0.1 |
| 72600 | Asics Corp. | 1742870 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 188300 | Astellas Pharma, Inc. | $2506182 | 0.1 |
| 60900 | Bandai Namco Holdings, Inc. | 1620920 | 0.1 |
| 118800 <sup>(1)</sup> | Bridgestone Corp. | 2672915 | 0.1 |
| 90200 <sup>(1)</sup> | Canon, Inc. | 2668892 | 0.1 |
| 36100 | Capcom Co. Ltd. | 838568 | 0.0 |
| 80400 | Central Japan Railway Co. | 2227080 | 0.1 |
| 58700 <sup>(1)</sup> | Chiba Bank Ltd. | 655111 | 0.0 |
| 71000 | Chubu Electric Power Co., Inc. | 1093863 | 0.1 |
| 69900 | Chugai Pharmaceutical Co. Ltd. | 3667064 | 0.2 |
| 107200 | Concordia Financial Group Ltd. | 886224 | 0.0 |
| 40900 | Dai Nippon Printing Co. Ltd. | 704052 | 0.0 |
| 33600 | Daifuku Co. Ltd. | 1057583 | 0.1 |
| 365900 | Dai-ichi Life Holdings, Inc. | 3040837 | 0.1 |
| 187300 | Daiichi Sankyo Co. Ltd. | 3977232 | 0.2 |
| 27500 | Daikin Industries Ltd. | 3517025 | 0.2 |
| 30500 | Daito Trust Construction Co. Ltd. | 580780 | 0.0 |
| 58400 | Daiwa House Industry Co. Ltd. | 1939979 | 0.1 |
| 138800 | Daiwa Securities Group, Inc. | 1216415 | 0.1 |
| 181800 | Denso Corp. | 2511043 | 0.1 |
| 9600 | Disco Corp. | 2924758 | 0.1 |
| 100300 | East Japan Railway Co. | 2643595 | 0.1 |
| 48100 | Ebara Corp. | 1133706 | 0.1 |
| 27300 | Eisai Co. Ltd. | 810560 | 0.0 |
| 281700 | ENEOS Holdings, Inc. | 1993057 | 0.1 |
| 97100 | FANUC Corp. | 3778720 | 0.2 |
| 19900 | Fast Retailing Co. Ltd. | 7215507 | 0.3 |
| 14800 | Fuji Electric Co. Ltd. | 1122359 | 0.1 |
| 116500 | FUJIFILM Holdings Corp. | 2471945 | 0.1 |
| 26200 | Fujikura Ltd. | 2905460 | 0.1 |
| 183200 | Fujitsu Ltd. | 5034870 | 0.2 |
| 25000 | Hankyu Hanshin Holdings, Inc. | 628768 | 0.0 |
| 1800 | Hikari Tsushin, Inc. | 504358 | 0.0 |
| 476800 | Hitachi Ltd. | 14953197 | 0.7 |
| 384600 | Honda Motor Co. Ltd. | 3774723 | 0.2 |
| 35700 | Hoya Corp. | 5414605 | 0.3 |
| 47900 <sup>(1)</sup> | Hulic Co. Ltd. | 524082 | 0.0 |
| 80500 | Idemitsu Kosan Co. Ltd. | 609488 | 0.0 |
| 107000 | IHI Corp. | 1881124 | 0.1 |
| 91700 | Inpex Corp. | 1834049 | 0.1 |
| 55700 | Isuzu Motors Ltd. | 869317 | 0.0 |
| 618500 | ITOCHU Corp. | 7815869 | 0.4 |
| 14200 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 263349 | 0.0 |
| 103300 | Japan Exchange Group, Inc. | 1102579 | 0.1 |
| 186100 | Japan Post Bank Co. Ltd. | 2619744 | 0.1 |
| 185600 | Japan Post Holdings Co. Ltd. | 1958342 | 0.1 |
| 19300 | Japan Post Insurance Co. Ltd. | 580420 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 124900 <sup>(1)</sup> | Japan Tobacco, Inc. | $4489194 | 0.2 |
| 59900 <sup>(1)</sup> | JFE Holdings, Inc. | 763659 | 0.0 |
| 58000 | JX Advanced Metals Corp. | 725062 | 0.0 |
| 44000 | Kajima Corp. | 1640651 | 0.1 |
| 98600 | Kansai Electric Power Co., Inc. | 1548482 | 0.1 |
| 48500 | Kao Corp. | 1935710 | 0.1 |
| 15700 | Kawasaki Heavy Industries Ltd. | 1041169 | 0.1 |
| 36600 <sup>(1)</sup> | Kawasaki Kisen Kaisha Ltd. | 509480 | 0.0 |
| 305100 | KDDI Corp. | 5280580 | 0.3 |
| 20200 | Keyence Corp. | 7306845 | 0.3 |
| 70600 | Kikkoman Corp. | 641091 | 0.0 |
| 19700 <sup>(2)</sup> | Kioxia Holdings Corp. | 1311134 | 0.1 |
| 80900 <sup>(1)</sup> | Kirin Holdings Co. Ltd. | 1210993 | 0.1 |
| 15700 | Kobe Bussan Co. Ltd. | 377910 | 0.0 |
| 99000 | Komatsu Ltd. | 3141513 | 0.2 |
| 10500 | Konami Group Corp. | 1425976 | 0.1 |
| 101800 <sup>(1)</sup> | Kubota Corp. | 1442575 | 0.1 |
| 133600 | Kyocera Corp. | 1872900 | 0.1 |
| 24600 <sup>(1)</sup> | Kyowa Kirin Co. Ltd. | 395930 | 0.0 |
| 8300 <sup>(1)</sup> | Lasertec Corp. | 1581504 | 0.1 |
| 45900 | M3, Inc. | 617485 | 0.0 |
| 23300 | Makita Corp. | 706199 | 0.0 |
| 146900 | Marubeni Corp. | 4091165 | 0.2 |
| 34200 | MatsukiyoCocokara & Co. | 592125 | 0.0 |
| 37800 | MINEBEA MITSUMI, Inc. | 760596 | 0.0 |
| 133200 | Mitsubishi Chemical Group Corp. | 779704 | 0.0 |
| 335400 | Mitsubishi Corp. | 7671499 | 0.4 |
| 197900 | Mitsubishi Electric Corp. | 5770142 | 0.3 |
| 110600 | Mitsubishi Estate Co. Ltd. | 2687041 | 0.1 |
| 91600 | Mitsubishi HC Capital, Inc. | 766257 | 0.0 |
| 333500 | Mitsubishi Heavy Industries Ltd. | 8141549 | 0.4 |
| 1193100 | Mitsubishi UFJ Financial Group, Inc. | 18935778 | 0.9 |
| 257000 | Mitsui & Co. Ltd. | 7632216 | 0.4 |
| 275100 | Mitsui Fudosan Co. Ltd. | 3126312 | 0.1 |
| 35900 <sup>(1)</sup> | Mitsui OSK Lines Ltd. | 1079312 | 0.1 |
| 259100 | Mizuho Financial Group, Inc. | 9455741 | 0.4 |
| 26100 | MonotaRO Co. Ltd. | 415596 | 0.0 |
| 133900 | MS&AD Insurance Group Holdings, Inc. | 3143574 | 0.2 |
| 173600 | Murata Manufacturing Co. Ltd. | 3587957 | 0.2 |
| 134900 | NEC Corp. | 4564410 | 0.2 |
| 38600 | Nexon Co. Ltd. | 942863 | 0.0 |
| 86900 | NIDEC Corp. | 1179930 | 0.1 |
| 114900 | Nintendo Co. Ltd. | 7757424 | 0.4 |
| 810 <sup>(1)</sup> | Nippon Building Fund, Inc. | 738261 | 0.0 |
| 98700 | Nippon Paint Holdings Co. Ltd. | 660869 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 18000 | Nippon Sanso Holdings Corp. | $537733 | 0.0 |
| 503300 <sup>(1)</sup> | Nippon Steel Corp. | 2059531 | 0.1 |
| 3109800 | Nippon Telegraph & Telephone Corp. | 3139315 | 0.2 |
| 42900 <sup>(1)</sup> | Nippon Yusen KK | 1389599 | 0.1 |
| 231900 <sup>(1)(2)</sup> | Nissan Motor Co. Ltd. | 576255 | 0.0 |
| 41700 | Nitori Holdings Co. Ltd. | 727838 | 0.0 |
| 70600 | Nitto Denko Corp. | 1680966 | 0.1 |
| 312800 | Nomura Holdings, Inc. | 2605771 | 0.1 |
| 39300 | Nomura Research Institute Ltd. | 1495547 | 0.1 |
| 66200 | Obayashi Corp. | 1385428 | 0.1 |
| 33700 | Obic Co. Ltd. | 1057798 | 0.1 |
| 118500 | Olympus Corp. | 1502492 | 0.1 |
| 4000 | Oracle Corp. Japan | 336196 | 0.0 |
| 112400 <sup>(1)</sup> | Oriental Land Co. Ltd./ Japan | 2079398 | 0.1 |
| 121000 | ORIX Corp. | 3538921 | 0.2 |
| 37300 | Osaka Gas Co. Ltd. | 1296058 | 0.1 |
| 23700 | Otsuka Corp. | 488353 | 0.0 |
| 45200 | Otsuka Holdings Co. Ltd. | 2556477 | 0.1 |
| 198400 | Pan Pacific International Holdings Corp. | 1181850 | 0.1 |
| 242700 | Panasonic Holdings Corp. | 3146373 | 0.2 |
| 157800 <sup>(2)</sup> | Rakuten Group, Inc. | 1011178 | 0.1 |
| 146500 | Recruit Holdings Co. Ltd. | 8232067 | 0.4 |
| 184900 | Renesas Electronics Corp. | 2532548 | 0.1 |
| 216100 | Resona Holdings, Inc. | 2056779 | 0.1 |
| 52600 | Ryohin Keikaku Co. Ltd. | 928782 | 0.0 |
| 18600 | Sanrio Co. Ltd. | 581998 | 0.0 |
| 58400 | SBI Holdings, Inc. | 1258521 | 0.1 |
| 8400 | SCREEN Holdings Co. Ltd. | 818197 | 0.0 |
| 41300 | Secom Co. Ltd. | 1467562 | 0.1 |
| 21900 | Seibu Holdings, Inc. | 601737 | 0.0 |
| 39000 | Sekisui Chemical Co. Ltd. | 655873 | 0.0 |
| 62100 <sup>(1)</sup> | Sekisui House Ltd. | 1385653 | 0.1 |
| 216800 | Seven & i Holdings Co. Ltd. | 3114769 | 0.1 |
| 28400 <sup>(1)</sup> | SG Holdings Co. Ltd. | 259904 | 0.0 |
| 24600 | Shimadzu Corp. | 654891 | 0.0 |
| 7800 | Shimano, Inc. | 815654 | 0.0 |
| 175600 | Shin-Etsu Chemical Co. Ltd. | 5454339 | 0.3 |
| 78700 | Shionogi & Co. Ltd. | 1424456 | 0.1 |
| 41600 <sup>(1)</sup> | Shiseido Co. Ltd. | 605401 | 0.0 |
| 6000 | SMC Corp. | 2076005 | 0.1 |
| 2989100 | SoftBank Corp. | 4103909 | 0.2 |
| 397600 | SoftBank Group Corp. | 11154007 | 0.5 |
| 92400 | Sompo Holdings, Inc. | 3136261 | 0.2 |
| 632400 <sup>(2)</sup> | Sony Financial Group, Inc. | 670189 | 0.0 |
| 640000 | Sony Group Corp. | 16416633 | 0.8 |
| 61000 | Subaru Corp. | 1313405 | 0.1 |
| 113500 | Sumitomo Corp. | 3928519 | 0.2 |
| 74400 | Sumitomo Electric Industries Ltd. | 2996630 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 25700 <sup>(1)</sup> | Sumitomo Metal Mining Co. Ltd. | $1029120 | 0.1 |
| 381400 | Sumitomo Mitsui Financial Group, Inc. | 12266364 | 0.6 |
| 66100 | Sumitomo Mitsui Trust Holdings, Inc. | 2014389 | 0.1 |
| 63400 | Sumitomo Realty & Development Co. Ltd. | 1591717 | 0.1 |
| 14500 <sup>(1)</sup> | Suntory Beverage & Food Ltd. | 436067 | 0 |
| 163600 | Suzuki Motor Corp. | 2446715 | 0.1 |
| 52400 | Sysmex Corp. | 514578 | 0 |
| 48100 | T&D Holdings, Inc. | 1110300 | 0.1 |
| 15200 | Taisei Corp. | 1440518 | 0.1 |
| 165600 | Takeda Pharmaceutical Co. Ltd. | 5144408 | 0.2 |
| 202300 | TDK Corp. | 2862090 | 0.1 |
| 138700 | Terumo Corp. | 2016029 | 0.1 |
| 22100 | TIS, Inc. | 742463 | 0 |
| 11000 | Toho Co. Ltd./Tokyo | 560393 | 0 |
| 191200 | Tokio Marine Holdings, Inc. | 7067920 | 0.3 |
| 46600 | Tokyo Electron Ltd. | 10379096 | 0.5 |
| 32800 | Tokyo Gas Co. Ltd. | 1300338 | 0.1 |
| 30200 <sup>(1)</sup> | Tokyo Metro Co. Ltd. | 307418 | 0 |
| 52000 | Tokyu Corp. | 607699 | 0 |
| 24500 | TOPPAN Holdings, Inc. | 728304 | 0 |
| 144300 | Toray Industries, Inc. | 940805 | 0 |
| 17000 <sup>(1)</sup> | Toyota Industries Corp. | 1927231 | 0.1 |
| 986300 | Toyota Motor Corp. | 21182861 | 1 |
| 71900 | Toyota Tsusho Corp. | 2424411 | 0.1 |
| 13200 <sup>(1)(2)</sup> | Trend Micro, Inc./Japan | 548226 | 0 |
| 27400 | Tsuruha Holdings, Inc. | 503429 | 0 |
| 116300 | Unicharm Corp. | 664508 | 0 |
| 42700 | West Japan Railway Co. | 850804 | 0 |
| 95400 <sup>(1)</sup> | Yamaha Motor Co. Ltd. | 707514 | 0 |
| 23800 | Yokogawa Electric Corp. | 763279 | 0 |
| 286500 | Z Holdings Corp. | 762362 | 0 |
| 10000 | Zensho Holdings Co. Ltd. | 573035 | 0 |
| 46400 | ZOZO, Inc. | 382653 | 0 |
|  |  | **470700869** | **21.9** |
|  | **Luxembourg: 0.2%** |  |  |
| 48814 | ArcelorMittal SA | 2241513 | 0.1 |
| 22125 <sup>(3)</sup> | CVC Capital Partners PLC | 370538 | 0 |
| 12323 | Eurofins Scientific SE | 901161 | 0.1 |
|  |  | **3513212** | **0.2** |
|  | **Macao: 0.1%** |  |  |
| 205000 | Galaxy Entertainment Group Ltd. | 1010818 | 0.1 |
| 252800 | Sands China Ltd. | 637668 | 0 |
|  |  | **1648486** | **0.1** |
|  | **Mexico: 0.0%** |  |  |
| 23007 | Fresnillo PLC | **1025889** | **0.0** |
|  | **Netherlands: 4.5%** |  |  |
| 60687 <sup>(3)</sup> | ABN AMRO Bank NV | 2120334 | 0.1 |
| 2625 <sup>(2)(3)</sup> | Adyen NV | 4233004 | 0.2 |
| 17800 | Akzo Nobel NV | 1238532 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Netherlands (continued)** |  |  |
| 6407 <sup>(2)</sup> | Argenx SE | $5404579 | 0.3 |
| 4877 | ASM International, N.V. | 2952509 | 0.1 |
| 40395 | ASML Holding NV | 43526376 | 2.0 |
| 16322 | ASR Nederland NV | 1161322 | 0.1 |
| 7600 | BE Semiconductor Industries NV | 1188153 | 0.1 |
| 7926 <sup>(3)</sup> | Euronext NV | 1190626 | 0.1 |
| 9731 | EXOR NV | 826591 | 0.0 |
| 13489 | Heineken Holding NV | 987756 | 0.1 |
| 29972 | Heineken NV | 2472894 | 0.1 |
| 6151 <sup>(1)</sup> | IMCD NV | 558279 | 0.0 |
| 314453 | ING Groep NV | 8838708 | 0.4 |
| 17782 | JDE Peet's NV | 665009 | 0.0 |
| 93345 | Koninklijke Ahold Delhaize NV | 3827784 | 0.2 |
| 404722 | Koninklijke KPN NV | 1891149 | 0.1 |
| 80169 | Koninklijke Philips, N.V. | 2182935 | 0.1 |
| 51101 <sup>(2)</sup> | Magnum Ice Cream Co. NV | 811435 | 0.0 |
| 27995 | NN Group NV | 2159661 | 0.1 |
| 11294 <sup>(1)</sup> | Randstad NV | 428777 | 0.0 |
| 114530 <sup>(1)</sup> | Universal Music Group NV | 2985775 | 0.1 |
| 24198 | Wolters Kluwer NV | 2506341 | 0.1 |
| 22076 <sup>(1)(2)</sup> | Yandex NV - Class A | 1847872 | 0.1 |
|  |  | **96006401** | **4.5** |
|  | **New Zealand: 0.2%** |  |  |
| 176396 | Auckland International Airport Ltd. | 845997 | 0.0 |
| 87897 | Contact Energy Ltd. | 467599 | 0.0 |
| 61117 | Fisher & Paykel Healthcare Corp. Ltd. | 1327889 | 0.1 |
| 96849 | Infratil Ltd. | 618011 | 0.0 |
| 137279 | Meridian Energy Ltd. | 443384 | 0.0 |
| 17219 <sup>(2)</sup> | Xero Ltd. | 1304410 | 0.1 |
|  |  | **5007290** | **0.2** |
|  | **Norway: 0.5%** |  |  |
| 32887 | Aker BP ASA | 836848 | 0.0 |
| 92265 | DNB Bank ASA | 2570575 | 0.1 |
| 79826 | Equinor ASA | 1882443 | 0.1 |
| 20814 | Gjensidige Forsikring ASA | 622096 | 0.0 |
| 45771 | Kongsberg Gruppen ASA | 1172895 | 0.1 |
| 48434 | Mowi ASA | 1165076 | 0.1 |
| 144131 | Norsk Hydro ASA | 1112572 | 0.1 |
| 72953 | Orkla ASA | 812386 | 0.0 |
| 7045 | Salmar ASA | 430577 | 0.0 |
| 64082 | Telenor ASA | 932037 | 0.0 |
|  |  | **11537505** | **0.5** |
|  | **Poland: 0.0%** |  |  |
| 26018 <sup>(1)(2)</sup> | InPost SA | **319728** | **0.0** |
|  | **Portugal: 0.2%** |  |  |
| 786459 | Banco Comercial Portugues SA - Class R | 827872 | 0.1 |
| 326574 | EDP - Energias de Portugal SA | 1504129 | 0.1 |
| 43423 | Galp Energia SGPS SA | 747758 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Portugal (continued)** |  |  |  |
| 29471 | Jeronimo Martins SGPS SA | $| 701301 | 0.0 |
|  |  |  | **3781060** | **0.2** |
|  | **Singapore: 1.7%** | **Singapore: 1.7%** | **Singapore: 1.7%** | **Singapore: 1.7%** |
| 407700 | CapitaLand Ascendas REIT |  | 896358 | 0.0 |
| 633435 | CapitaLand Integrated Commercial Trust |  | 1175684 | 0.1 |
| 243700 <sup>(1)</sup> | CapitaLand Investment Ltd./Singapore |  | 512874 | 0.0 |
| 221460 | DBS Group Holdings Ltd. |  | 9700979 | 0.4 |
| 246834 <sup>(2)</sup> | Grab Holdings Ltd. - Class A |  | 1231702 | 0.1 |
| 151600 | Keppel Corp. Ltd. |  | 1218813 | 0.1 |
| 352400 | Oversea-Chinese Banking Corp. Ltd. |  | 5414000 | 0.3 |
| 39812 <sup>(2)</sup> | Sea Ltd., ADR |  | 5078817 | 0.2 |
| 93000 | Sembcorp Industries Ltd. |  | 434739 | 0.0 |
| 162900 | Singapore Airlines Ltd. |  | 808793 | 0.0 |
| 89200 | Singapore Exchange Ltd. |  | 1174223 | 0.1 |
| 162500 <sup>(1)</sup> | Singapore Technologies Engineering Ltd. |  | 1061791 | 0.0 |
| 773400 | Singapore Telecommunications Ltd. |  | 2736288 | 0.1 |
| 70464 | STMicroelectronics NV |  | 1841583 | 0.1 |
| 130400 | United Overseas Bank Ltd. |  | 3551513 | 0.2 |
|  |  |  | **36838157** | **1.7** |
|  | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** |
| 116470 | Anglo American PLC |  | **4817475** | **0.2** |
|  | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| 20174 <sup>(2)(3)</sup> | Delivery Hero SE |  | **531786** | **0.0** |
|  | **Spain: 3.7%** | **Spain: 3.7%** | **Spain: 3.7%** | **Spain: 3.7%** |
| 2569 <sup>(1)</sup> | Acciona SA |  | 559115 | 0.0 |
| 18377 | ACS Actividades de Construccion y Servicios SA |  | 1824197 | 0.1 |
| 78053 <sup>(3)</sup> | Aena SME SA |  | 2180866 | 0.1 |
| 46884 | Amadeus IT Group SA |  | 3469929 | 0.2 |
| 599787 | Banco Bilbao Vizcaya Argentaria SA |  | 14069319 | 0.7 |
| 522816 <sup>(1)</sup> | Banco de Sabadell SA |  | 2060337 | 0.1 |
| 1549121 | Banco Santander SA |  | 18233892 | 0.8 |
| 70159 | Bankinter SA |  | 1162898 | 0.1 |
| 405568 | CaixaBank SA |  | 4958519 | 0.2 |
| 51466 <sup>(3)</sup> | Cellnex Telecom SA |  | 1657289 | 0.1 |
| 32814 | EDP Renovaveis SA |  | 463408 | 0.0 |
| 33055 | Endesa SA |  | 1189859 | 0.1 |
| 31043 <sup>(1)</sup> | Grifols SA |  | 388027 | 0.0 |
| 660552 | Iberdrola SA |  | 14303176 | 0.7 |
| 113523 | Industria de Diseno Textil SA |  | 7488500 | 0.3 |
| 96147 | Mapfre SA |  | 482484 | 0.0 |
| 25227 | Naturgy Energy Group SA |  | 768120 | 0.0 |
| 42233 | Red Electrica Corp. SA |  | 752877 | 0.0 |
| 117430 <sup>(1)</sup> | Repsol SA |  | 2191056 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Spain (continued)** |  |  |
| 383562 <sup>(1)</sup> | Telefonica SA | $1574501 | 0.1 |
|  |  | **79778369** | **3.7** |
|  | **Sweden: 3.2%** |  |  |
| 27051 | AddTech AB - Class B | 952699 | 0.1 |
| 30111 | Alfa Laval AB | 1509807 | 0.1 |
| 104309 | Assa Abloy AB - Class B | 4029546 | 0.2 |
| 279539 | Atlas Copco AB - Class A | 4976515 | 0.2 |
| 162441 | Atlas Copco AB - Class B | 2596898 | 0.1 |
| 42561 <sup>(1)</sup> | Beijer Ref AB | 683012 | 0.0 |
| 29579 <sup>(2)</sup> | Boliden AB | 1638567 | 0.1 |
| 68584 <sup>(1)</sup> | Epiroc AB - Class A | 1546012 | 0.1 |
| 40585 | Epiroc AB - Class B | 816513 | 0.0 |
| 51395 <sup>(1)</sup> | EQT AB | 2007799 | 0.1 |
| 62739 | Essity AB - Class B | 1803832 | 0.1 |
| 13831 <sup>(1)(3)</sup> | Evolution AB | 939146 | 0.1 |
| 74723 <sup>(1)(2)</sup> | Fastighets AB Balder | 551554 | 0.0 |
| 51362 <sup>(1)</sup> | H & M Hennes & Mauritz AB - Class B | 1029494 | 0.1 |
| 216069 | Hexagon AB - Class B | 2545013 | 0.1 |
| 6936 <sup>(1)</sup> | Holmen AB - Class B | 266055 | 0.0 |
| 12321 | Industrivarden AB - Class A | 551960 | 0.0 |
| 16245 <sup>(1)</sup> | Industrivarden AB - Class C | 727179 | 0.0 |
| 28436 | Indutrade AB | 737084 | 0.0 |
| 15409 | Investment AB Latour - Class B | 374358 | 0.0 |
| 189609 | Investor AB - Class B | 6756830 | 0.3 |
| 7909 | L E Lundbergforetagen AB - Class B | 436667 | 0.0 |
| 24260 | Lifco AB - Class B | 919424 | 0.0 |
| 157718 <sup>(1)</sup> | Nibe Industrier AB - Class B | 602859 | 0.0 |
| 33335 <sup>(1)</sup> | Saab AB - Class B | 1934104 | 0.1 |
| 22874 | Sagax AB - Class B | 489228 | 0.0 |
| 110963 | Sandvik AB | 3584226 | 0.2 |
| 51183 <sup>(1)</sup> | Securitas AB - Class B | 813969 | 0.0 |
| 157553 | Skandinaviska Enskilda Banken AB - Class A | 3321799 | 0.2 |
| 35417 | Skanska AB - Class B | 965054 | 0.1 |
| 35502 <sup>(1)</sup> | SKF AB - Class B | 939697 | 0.1 |
| 63223 <sup>(1)</sup> | Svenska Cellulosa AB SCA - Class B | 838453 | 0.0 |
| 151795 | Svenska Handelsbanken AB - Class A | 2199137 | 0.1 |
| 88356 | Swedbank AB - Class A | 3065516 | 0.1 |
| 20458 <sup>(2)</sup> | Swedish Orphan Biovitrum AB | 734178 | 0.0 |
| 56975 | Tele2 AB - Class B | 954707 | 0.1 |
| 291255 | Telefonaktiebolaget LM Ericsson - Class B | 2834505 | 0.1 |
| 245530 <sup>(1)</sup> | Telia Co. AB | 1049387 | 0.1 |
| 21108 | Trelleborg AB - Class B | 892268 | 0.0 |
| 165363 <sup>(1)</sup> | Volvo AB - Class B | 5262618 | 0.3 |
|  |  | **68877669** | **3.2** |
|  | **Switzerland: 4.9%** |  |  |
| 163111 | ABB Ltd., Reg | 12024143 | 0.6 |
| 3135 <sup>(1)</sup> | Banque Cantonale Vaudoise | 396326 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Switzerland (continued)** |  |  |
| 371 <sup>(1)</sup> | Barry Callebaut AG | $606552 | 0.0 |
| 1024 | Belimo Holding AG | 1000513 | 0.0 |
| 2198 | BKW AG | 466219 | 0.0 |
| 11 | Chocoladefabriken Lindt & Spruengli AG | 1613217 | 0.1 |
| 98 | Chocoladefabriken Lindt & Spruengli AG - Class PC | 1431964 | 0.1 |
| 55946 | Cie Financiere Richemont SA | 12064813 | 0.6 |
| 17972 | DSM-Firmenich AG | 1449797 | 0.1 |
| 9148 | Dufry AG, Reg | 539548 | 0.0 |
| 730 | EMS-Chemie Holding AG | 503577 | 0.0 |
| 16093 | Galderma Group AG | 3277064 | 0.2 |
| 3530 | Geberit AG, Reg | 2741479 | 0.1 |
| 961 | Givaudan SA, Reg | 3801956 | 0.2 |
| 8273 <sup>(1)</sup> | Helvetia Holding AG | 2175907 | 0.1 |
| 21439 | Julius Baer Group Ltd. | 1675047 | 0.1 |
| 5027 | Kuehne + Nagel International AG | 1078067 | 0.0 |
| 15896 | Logitech International SA | 1613731 | 0.1 |
| 7309 | Lonza Group AG | 4927873 | 0.2 |
| 2362 | Partners Group Holding AG | 2898131 | 0.1 |
| 43501 | Sandoz Group AG | 3158441 | 0.1 |
| 4237 | Schindler Holding AG | 1593388 | 0.1 |
| 2443 | Schindler Holding AG (SCHN) | 864436 | 0.0 |
| 17230 | SGS SA | 1976414 | 0.1 |
| 15866 | Sika AG, Reg | 3221203 | 0.1 |
| 5275 | Sonova Holding AG, Reg | 1364467 | 0.1 |
| 11616 | Straumann Holding AG | 1356794 | 0.1 |
| 3011 <sup>(1)</sup> | Swatch Group AG - Class BR | 633081 | 0.0 |
| 2969 | Swiss Life Holding AG | 3419827 | 0.2 |
| 8350 | Swiss Prime Site AG | 1296486 | 0.1 |
| 2696 | Swisscom AG, Reg | 1958259 | 0.1 |
| 330372 | UBS Group AG | 15254796 | 0.7 |
| 2810 <sup>(3)</sup> | VAT Group AG | 1349081 | 0.1 |
| 15231 | Zurich Insurance Group AG | 11525339 | 0.5 |
|  |  | **105257936** | **4.9** |
|  | **United Kingdom: 11.2%** |  |  |
| 103376 | 3i Group PLC | 4532901 | 0.2 |
| 27096 | Admiral Group PLC | 1159105 | 0.1 |
| 43873 | Ashtead Group PLC | 2991215 | 0.1 |
| 33525 | Associated British Foods PLC | 957582 | 0.1 |
| 161382 | AstraZeneca PLC | 29865138 | 1.4 |
| 90040 <sup>(3)</sup> | Auto Trader Group PLC | 710355 | 0.0 |
| 318149 | Aviva PLC | 2925345 | 0.1 |
| 312726 | BAE Systems PLC | 7197380 | 0.3 |
| 1453119 | Barclays PLC | 9301568 | 0.4 |
| 141503 | Barratt Developments PLC | 726925 | 0.0 |
| 227507 | British American Tobacco PLC | 12897474 | 0.6 |
| 622395 | BT Group PLC | 1541942 | 0.1 |
| 33804 | Bunzl PLC | 943939 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** | | |
| 491233 | Centrica PLC | $1120037 | 0.1 |
| 279000 | CK Hutchison Holdings Ltd. | 1896771 | 0.1 |
| 21627 | Coca-Cola European Partners PLC - USD | 1961569 | 0.1 |
| 176652 | Compass Group PLC | 5597207 | 0.3 |
| 8876 | DCC PLC | 552961 | 0.0 |
| 231701 | Diageo PLC | 4992655 | 0.2 |
| 63235 | Entain PLC | 650006 | 0.0 |
| 39510 | Halma PLC | 1875330 | 0.1 |
| 17319 | Hikma Pharmaceuticals PLC | 361047 | 0.0 |
| 1791534 | HSBC Holdings PLC | 28191371 | 1.3 |
| 79648 | Imperial Brands PLC | 3344422 | 0.2 |
| 134698 | Informa PLC | 1598216 | 0.1 |
| 15067 | InterContinental Hotels Group PLC | 2117340 | 0.1 |
| 122990 | International Consolidated Airlines Group SA - Class DI | 682890 | 0.0 |
| 16069 | Intertek Group PLC | 996541 | 0.1 |
| 178887 <sup>(1)</sup> | J Sainsbury PLC | 783672 | 0.0 |
| 250067 | JD Sports Fashion PLC | 283447 | 0.0 |
| 180973 | Kingfisher PLC | 761813 | 0.0 |
| 73654 | Land Securities Group PLC | 615861 | 0.0 |
| 592936 | Legal & General Group PLC | 2086887 | 0.1 |
| 6161247 | Lloyds Banking Group PLC | 8149536 | 0.4 |
| 48623 | London Stock Exchange Group PLC | 5848767 | 0.3 |
| 237773 | M&G PLC | 915378 | 0.0 |
| 214079 | Marks & Spencer Group PLC | 952656 | 0.0 |
| 131323 | Melrose Industries PLC | 1035733 | 0.1 |
| 516340 | National Grid PLC | 7919843 | 0.4 |
| 836220 | NatWest Group PLC | 7335531 | 0.3 |
| 12105 | Next PLC | 2228524 | 0.1 |
| 59994 | Pearson PLC | 848254 | 0.0 |
| 73126 | Phoenix Group Holdings PLC | 723933 | 0.0 |
| 70260 | Reckitt Benckiser Group PLC | 5685372 | 0.3 |
| 189943 | RELX PLC | 7652171 | 0.4 |
| 262886 | Rentokil Initial PLC | 1568501 | 0.1 |
| 875895 | Rolls-Royce Holdings PLC | 13546291 | 0.6 |
| 100263 | Sage Group PLC | 1458269 | 0.1 |
| 75432 | Schroders PLC | 412345 | 0.0 |
| 133816 | Segro PLC | 1296422 | 0.1 |
| 28197 | Severn Trent PLC | 1058823 | 0.1 |
| 83896 | Smith & Nephew PLC | 1395265 | 0.1 |
| 33967 | Smiths Group PLC | 1074381 | 0.1 |
| 7661 | Spirax-Sarco Engineering PLC | 700190 | 0.0 |
| 125495 | SSE PLC | 3679238 | 0.2 |
| 202530 | Standard Chartered PLC | 4941803 | 0.2 |
| 676477 | Tesco PLC | 4022878 | 0.2 |
| 226425 | Unilever PLC | 14793918 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Kingdom (continued)** |  |  |
| 70964 | United Utilities Group PLC | $1140134 | 0.1 |
| 1993084 | Vodafone Group PLC | 2656790 | 0.1 |
| 18003 | Whitbread PLC | 617054 | 0 |
| 69337 <sup>(2)</sup> | Wise PLC - Class A | 830656 | 0 |
|  |  | **240709568** | **11.2** |
|  | **United States: 9.4%** |  |  |
| 137606 | Aegon Ltd. | 1070065 | 0.1 |
| 52004 | Alcon, Inc. | 4114978 | 0.2 |
| 305 | AP Moller - Maersk A/S - Class A | 699595 | 0 |
| 411 <sup>(1)</sup> | AP Moller - Maersk A/S - Class B | 943061 | 0.1 |
| 1637364 | BP PLC | 9549012 | 0.5 |
| 8019 | Buzzi Unicem SpA | 484757 | 0 |
| 5253 <sup>(2)</sup> | CyberArk Software Ltd. | 2343153 | 0.1 |
| 95491 | Experian PLC | 4305347 | 0.2 |
| 53454 | Ferrovial SE | 3463318 | 0.2 |
| 423015 | GSK PLC | 10371112 | 0.5 |
| 926891 | Haleon PLC | 4683916 | 0.2 |
| 53095 | Holcim AG | 5168815 | 0.2 |
| 4491 <sup>(2)</sup> | Monday.com Ltd. | 662692 | 0 |
| 268139 | Nestle SA | 26615242 | 1.2 |
| 197856 | Novartis AG, Reg | 27263764 | 1.3 |
| 22563 | QIAGEN NV | 1026095 | 0.1 |
| 73116 | Roche Holding AG | 30194735 | 1.4 |
| 3331 | Roche Holding AG - Class BR | 1406635 | 0.1 |
| 114969 | Sanofi | 11123839 | 0.5 |
| 57058 | Schneider Electric SE | 15609639 | 0.7 |
| 602813 | Shell PLC | 22214934 | 1 |
| 16273 <sup>(2)</sup> | Spotify Technology SA | 9449894 | 0.4 |
| 209842 | Stellantis NV (STLAM) | 2297915 | 0.1 |
| 31092 | Swiss Re AG | 5179606 | 0.3 |
| 39047 | Tenaris SA | 753445 | 0 |
|  |  | **200995564** | **9.4** |
|  | Total Common Stock |  |  |
|  | (Cost $1,575,914,639) | **2116562572** | **98.5** |
| **PREFERRED STOCK: 0.3%** | **PREFERRED STOCK: 0.3%** |  |  |
|  | **Germany: 0.3%** |  |  |
| 11851 <sup>(1)(3)</sup> | Dr Ing hc F Porsche AG | 631211 | 0 |
| 27502 | Henkel AG & Co. KGaA | 2184493 | 0.1 |
| 15936 | Porsche Automobil Holding SE | 743500 | 0 |
| 2727 | Sartorius AG | 785278 | 0.1 |
| 21460 | Volkswagen AG | 2618949 | 0.1 |
|  |  | **6963431** | **0.3** |
|  | Total Preferred Stock |  |  |
|  | (Cost $7,816,662) | **6963431** | **0.3** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,583,731,301) | **2123526003** | **98.8** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 4.3%** | **SHORT-TERM INVESTMENTS: 4.3%** | **SHORT-TERM INVESTMENTS: 4.3%** | **SHORT-TERM INVESTMENTS: 4.3%** |
|  | **Certificates of Deposits: 0.7%** |  |  |
| 900000 <sup>(4)</sup> | Bank of America N.A., 4.540%, 02/09/2026 | $900318 | 0.0 |
| 900000 <sup>(4)</sup> | BNP Paribas S.A., 4.234%, 02/26/2026 | 900403 | 0.0 |
| 1000000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.275%, 02/04/2026 | 1000220 | 0.1 |
| 900000 <sup>(4)</sup> | Credit Agricole Corporate and Investment Bank, 4.276%, 04/14/2026 | 900743 | 0.1 |
| 900000 <sup>(4)</sup> | Credit Industriel et Commercial S.A., 3.980%, 06/09/2026 | 900172 | 0.0 |
| 900000 <sup>(4)</sup> | DZ Bank AG, 4.161%, 02/13/2026 | 900112 | 0.0 |
| 950000 <sup>(4)</sup> | Landesbank Baden-Wurttemberg, 4.199%, 05/18/2026 | 951022 | 0.1 |
| 900000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.390%, 01/21/2026 | 900327 | 0.0 |
| 900000 <sup>(4)</sup> | Mitsubishi UFJ Trust & Banking Corp., 4.463%, 03/11/2026 | 900375 | 0.0 |
| 900000 <sup>(4)(5)</sup> | Mizuho Bank Ltd., 3.990%, (SOFRRATE + 0.250%), 01/27/2026 | 900110 | 0.0 |
| 550000 <sup>(4)</sup> | Natixis S.A., 4.188%, 05/04/2026 | 550071 | 0.0 |
| 900000 <sup>(4)</sup> | Oversea Chinese Banking Corp. Ltd., 4.202%, 05/22/2026 | 901006 | 0.1 |
| 950000 <sup>(4)</sup> | Societe Generale S.A., 4.030%, 02/17/2026 | 950520 | 0.1 |
| 950000 <sup>(4)(5)</sup> | Standard Chartered Bank, 4.070%, (SOFRRATE + 0.380%), 01/22/2026 | 950173 | 0.1 |
| 500000 <sup>(4)(5)</sup> | Sumitomo Mitsui Banking Corp., 3.924%, (SOFRRATE + 0.230%), 04/13/2026 | 500117 | 0.0 |
| 550000 <sup>(4)</sup> | Svenska Handelsbanken AB, 4.226%, 05/26/2026 | 550635 | 0.0 |
| 950000 <sup>(4)</sup> | Swedbank AB, 3.910%, 02/20/2026 | 950136 | 0.1 |
| 900000 <sup>(4)</sup> | Toronto-Dominion Bank, 4.157%, 02/19/2026 | 900174 | 0.0 |
|  | Total Certificates of Deposits |  |  |
|  | (Cost $15,406,634) | **15406634** | **0.7** |
|  | **Commercial Paper: 0.5%** |  |  |
| 900000 <sup>(4)</sup> | ANZ Banking Group Ltd., 4.460%, 04/20/2026 | 900101 | 0.0 |
| 900000 <sup>(4)</sup> | Bank of Nova Scotia, 4.330%, 03/03/2026 | 900154 | 0.0 |
| 900000 <sup>(4)</sup> | Commonwealth Bank of Australia, 4.530%, 02/25/2026 | 900124 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** |  |  |
| 950000 <sup>(4)</sup> | HSBC Bank PLC, 4.000%, 06/17/2026 | $951192 | 0.1 |
| 500000 <sup>(4)</sup> | LLoyds Bank PLC, 4.540%, 02/06/2026 | 500057 | 0.0 |
| 950000 <sup>(4)</sup> | Macquarie Bank Ltd., 3.920%, 04/07/2026 | 950192 | 0.1 |
| 900000 <sup>(4)</sup> | National Australia Bank Ltd., 4.480%, 01/20/2026 | 900064 | 0.0 |
| 900000 <sup>(4)</sup> | National Bank of Canada, 4.650%, 02/04/2026 | 900186 | 0.1 |
| 900000 <sup>(4)</sup> | Royal Bank of Canada, 4.320%, 03/10/2026 | 900003 | 0.0 |
| 950000 <sup>(4)</sup> | Sumitomo Mitsui Trust Bank Ltd., 3.850%, 03/30/2026 | 941052 | 0.1 |
| 900000 <sup>(4)</sup> | TotalEnergies Capital S.A., 4.380%, 01/20/2026 | 898134 | 0.0 |
| 550000 <sup>(4)</sup> | United Overseas Bank Ltd., 4.010%, 01/14/2026 | 550009 | 0.0 |
| 950000 <sup>(4)</sup> | Westpac Banking Corp., 3.820%, 01/02/2026 | 950011 | 0.1 |
|  | Total Commercial Paper |  |  |
|  | (Cost $11,141,279) | **11141279** | **0.5** |
|  | **Repurchase Agreements: 2.2%** |  |  |
| 17389000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $17,392,754, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $17,741,696, due 01/31/26-11/15/55) | 17389000 | 0.8 |
| 2101312 <sup>(4)</sup> | Jefferies LLC, Repurchase Agreement dated 12/31/2025, 3.880%, due 01/02/2026 (Repurchase Amount $2,101,759, collateralized by various U.S. Government Agency Obligations, 0.000%-4.180%, Market Value plus accrued interest $2,143,358, due 03/06/26-12/24/30) | 2101312 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 2422540 <sup>(4)</sup> | Jefferies LLC, Repurchase Agreement dated 12/31/2025, 3.860%, due 01/02/2026 (Repurchase Amount $2,423,052, collateralized by various U.S. Government Securities, 1.625%-4.000%, Market Value plus accrued interest $2,470,991, due 01/15/27-04/15/30) | $2422540 | 0.1 |
| 9515504 <sup>(4)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 12/31/2025, 3.920%, due 01/02/2026 (Repurchase Amount $9,517,548, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $9,705,815, due 04/09/26-01/01/56) | 9515504 | 0.5 |
| 11117706 <sup>(4)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.910%, due 01/02/2026 (Repurchase Amount $11,120,088, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $11,342,523, due 01/29/26-12/01/55) | 11117706 | 0.5 |
| 4416232 <sup>(4)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $4,417,161, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $4,504,557, due 04/30/26-11/15/34) | 4416232 | 0.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $46,962,294) | **46962294** | **2.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** |
| 18505000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $18,505,000) | $**18505000** | **0.9** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $92,015,207) | $**92015207** | **4.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,675,746,508)** | $**2215541210** | **103.1** |
|  | **Liabilities in Excess of Other Assets** | **(65659598)** | **(3.1)** |
|  | **Net Assets** | $**2149881612** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Security, or a portion of the security, is on loan.

<sup>(2)</sup> Non-income producing security.

<sup>(3)</sup> 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.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>(6)</sup> Rate shown is the 7-day yield as of December 31, 2025.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Financials | 25.0% |
| Industrials | 19.0 |
| Health Care | 11.2 |
| Consumer Discretionary | 9.7 |
| Information Technology | 8.3 |
| Consumer Staples | 7.3 |
| Materials | 5.5 |
| Communication Services | 4.3 |
| Utilities | 3.6 |
| Energy | 3.1 |
| Real Estate | 1.8 |
| Short-Term Investments | 4.3 |
| Liabilities in Excess of Other Assets | (3.1) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** | <br> **Significant**<br>**Unobservable**<br> **Inputs**<br> **(Level 3)** | <br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $149274914 | $— | $149274914 |
| &nbsp;&nbsp;&nbsp;Austria |  | 5819751 |  | 5819751 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 18193979 |  | 18193979 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 705127 |  | 705127 |
| &nbsp;&nbsp;&nbsp;Chile |  | 1802653 |  | 1802653 |
| &nbsp;&nbsp;&nbsp;China |  | 12400529 |  | 12400529 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 38955481 |  | 38955481 |
| &nbsp;&nbsp;&nbsp;Finland |  | 24720473 |  | 24720473 |
| &nbsp;&nbsp;&nbsp;France |  | 193731327 |  | 193731327 |
| &nbsp;&nbsp;&nbsp;Germany |  | 197746065 |  | 197746065 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 2794512 | 36395535 |  | 39190047 |
| &nbsp;&nbsp;&nbsp;Indonesia | 1153021 |  |  | 1153021 |
| &nbsp;&nbsp;&nbsp;Ireland | 2639721 | 7196465 |  | 9836186 |
| &nbsp;&nbsp;&nbsp;Israel | 5985346 | 14206672 |  | 20192018 |
| &nbsp;&nbsp;&nbsp;Italy |  | 70443814 |  | 70443814 |
| &nbsp;&nbsp;&nbsp;Ivory Coast |  | 1050223 |  | 1050223 |
| &nbsp;&nbsp;&nbsp;Japan | 3557966 | 467142903 |  | 470700869 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 3513212 |  | 3513212 |
| &nbsp;&nbsp;&nbsp;Macao |  | 1648486 |  | 1648486 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 1025889 |  | 1025889 |
| &nbsp;&nbsp;&nbsp;Netherlands | 2659307 | 93347094 |  | 96006401 |
| &nbsp;&nbsp;&nbsp;New Zealand | 845997 | 4161293 |  | 5007290 |
| &nbsp;&nbsp;&nbsp;Norway |  | 11537505 |  | 11537505 |
| &nbsp;&nbsp;&nbsp;Poland |  | 319728 |  | 319728 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 3781060 |  | 3781060 |
| &nbsp;&nbsp;&nbsp;Singapore | 6310519 | 30527638 |  | 36838157 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 4817475 |  | 4817475 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 531786 |  | 531786 |
| &nbsp;&nbsp;&nbsp;Spain | 1189859 | 78588510 |  | 79778369 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 68877669 |  | 68877669 |
| &nbsp;&nbsp;&nbsp;Switzerland | 1976414 | 103281522 |  | 105257936 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2745241 | 237964327 |  | 240709568 |
| &nbsp;&nbsp;&nbsp;United States | 12455739 | 188539825 |  | 200995564 |
| Total Common Stock | 44313642 | 2072248930 |  | 2116562572 |
| Preferred Stock |  | 6963431 |  | 6963431 |
| Short-Term Investments | 18505000 | 73510207 |  | 92015207 |
| Total Investments, at fair value | $62818642 | $2152722568 | $— | $2215541210 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 164142 |  |  | 164142 |
| Total Assets | $62982784 | $2152722568 | $— | $2215705352 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>#</sup> | 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. |

---

---

| | |
|:---|:---|
| <sup>+</sup> | 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. |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series I Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya VACS Index Series I Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | 190 | 03/20/26 | $27569950 | $164142 |
|  |  |  | $27569950 | $164142 |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br> **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $164142 |
| **Total Asset Derivatives** |  | $164142 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $8507762 |
| **Total** | $8507762 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1344926 |
| **Total** | $1344926 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $1,705,177,027.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $580516929 |
| Gross Unrealized Depreciation | (68951690) |
| Net Unrealized Appreciation | $511565239 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** |
|  | **Communication Services: 4.1%** | **Communication Services: 4.1%** | **Communication Services: 4.1%** |
| 5526 <sup>(1)</sup> | AST SpaceMobile, Inc. | $401353 | 0.1 |
| 2099 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 438166 | 0.2 |
| 6314 | Electronic Arts, Inc. | 1290140 | 0.4 |
| 5182 | Fox Corp. - Class A | 378649 | 0.1 |
| 3738 | Fox Corp. - Class B | 242708 | 0.1 |
| 6115 <sup>(1)</sup> | Frontier Communications Parent, Inc. | 232798 | 0.1 |
| 83 <sup>(1)</sup> | GCI Liberty, Inc. - Class A | 3060 | 0.0 |
| 1070 <sup>(1)</sup> | GCI Liberty, Inc. - Class C | 39815 | 0.0 |
| 1684 <sup>(1)</sup> | IAC, Inc. | 65844 | 0.0 |
| 2333 | Iridium Communications, Inc. | 40548 | 0.0 |
| 415 <sup>(1)</sup> | Liberty Broadband Corp. - Class A | 20036 | 0.0 |
| 2852 <sup>(1)</sup> | Liberty Broadband Corp. - Class C | 138607 | 0.1 |
| 4194 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 46721 | 0.0 |
| 3364 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 37139 | 0.0 |
| 494 <sup>(1)</sup> | Liberty Live Holdings, Inc. - Class A | 40261 | 0.0 |
| 1147 <sup>(1)</sup> | Liberty Live Holdings, Inc. - Class C | 95384 | 0.0 |
| 569 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class A, Tracking Stock | 50857 | 0.0 |
| 5266 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 518754 | 0.2 |
| 3973 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 566152 | 0.2 |
| 404 <sup>(1)</sup> | Madison Square Garden Sports Corp. | 104495 | 0.0 |
| 6022 | Match Group, Inc. | 194450 | 0.1 |
| 2504 | Millicom International Cellular SA | 138822 | 0.1 |
| 4022 | New York Times Co. - Class A | 279207 | 0.1 |
| 9489 | News Corp. - Class A | 247853 | 0.1 |
| 3158 | News Corp. - Class B | 93572 | 0.0 |
| 707 | Nexstar Media Group, Inc. | 143556 | 0.1 |
| 1193 <sup>(1)</sup> | NIQ Global Intelligence PLC | 19673 | 0.0 |
| 8039 | Omnicom Group, Inc. | 649149 | 0.2 |
| 14831 <sup>(1)</sup> | Pinterest, Inc. - Class A | 383975 | 0.1 |
| 3118 <sup>(1)</sup> | Reddit, Inc. - Class A | 716735 | 0.2 |
| 15573 <sup>(1)</sup> | ROBLOX Corp. - Class A | 1261880 | 0.4 |
| 3236 <sup>(1)</sup> | Roku, Inc. | 351074 | 0.1 |
| 4757 | Sirius XM Holdings, Inc. | 95116 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |
| 4574 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | $| 1171081 | 0.4 |
| 1726 | TKO Group Holdings, Inc. |  | 360734 | 0.1 |
| 11204 <sup>(1)</sup> | Trade Desk, Inc. - Class A |  | 425304 | 0.1 |
| 4020 <sup>(1)</sup> | Trump Media & Technology Group Corp. |  | 53225 | 0.0 |
| 58479 <sup>(1)</sup> | Warner Bros Discovery, Inc. |  | 1685365 | 0.5 |
| 6660 <sup>(1)</sup> | ZoomInfo Technologies, Inc. |  | 67732 | 0.0 |
|  |  |  | **13089990** | **4.1** |
|  | **Consumer Discretionary: 11.3%** | **Consumer Discretionary: 11.3%** | **Consumer Discretionary: 11.3%** | **Consumer Discretionary: 11.3%** |
| 12794 | ADT, Inc. |  | 103248 | 0.0 |
| 3739 <sup>(1)</sup> | Amer Sports, Inc. |  | 139652 | 0.0 |
| 5454 <sup>(1)</sup> | Aptiv PLC |  | 414995 | 0.1 |
| 6539 | Aramark |  | 241028 | 0.1 |
| 667 <sup>(1)</sup> | AutoNation, Inc. |  | 137722 | 0.0 |
| 5174 | Bath & Body Works, Inc. |  | 103894 | 0.0 |
| 4853 | Best Buy Co., Inc. |  | 324811 | 0.1 |
| 1337 <sup>(1)</sup> | Birkenstock Holding PLC |  | 54683 | 0.0 |
| 5328 | BorgWarner, Inc. |  | 240080 | 0.1 |
| 1381 | Boyd Gaming Corp. |  | 117716 | 0.0 |
| 1425 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. |  | 144495 | 0.0 |
| 1642 | Brunswick Corp. |  | 121902 | 0.0 |
| 1578 <sup>(1)</sup> | Burlington Stores, Inc. |  | 455805 | 0.1 |
| 5086 <sup>(1)</sup> | Caesars Entertainment, Inc. |  | 118962 | 0.0 |
| 3681 <sup>(1)</sup> | CarMax, Inc. |  | 142234 | 0.0 |
| 27138 <sup>(1)</sup> | Carnival Corp. |  | 828794 | 0.3 |
| 3394 <sup>(1)</sup> | Carvana Co. |  | 1432336 | 0.5 |
| 2501 <sup>(1)(2)</sup> | Cava Group, Inc. |  | 146784 | 0.0 |
| 5484 <sup>(1)</sup> | Chewy, Inc. - Class A |  | 181246 | 0.1 |
| 678 <sup>(2)</sup> | Choice Hotels International, Inc. |  | 64586 | 0.0 |
| 1659 | Churchill Downs, Inc. |  | 188761 | 0.1 |
| 652 | Columbia Sportswear Co. |  | 35919 | 0.0 |
| 32849 <sup>(1)</sup> | Coupang, Inc. |  | 774908 | 0.2 |
| 1264 <sup>(1)</sup> | Crocs, Inc. |  | 108097 | 0.0 |
| 6604 | D.R. Horton, Inc. |  | 951174 | 0.3 |
| 2933 | Darden Restaurants, Inc. |  | 539731 | 0.2 |
| 3643 <sup>(1)</sup> | Deckers Outdoor Corp. |  | 377670 | 0.1 |
| 1589 | Dick's Sporting Goods, Inc. |  | 314574 | 0.1 |
| 74 <sup>(2)</sup> | Dillard's, Inc. - Class A |  | 44869 | 0.0 |
| 787 | Domino's Pizza, Inc. |  | 328037 | 0.1 |
| 12067 <sup>(1)</sup> | DraftKings, Inc. - Class A |  | 415829 | 0.1 |
| 954 <sup>(1)</sup> | Duolingo, Inc. |  | 167427 | 0.1 |
| 2939 <sup>(1)</sup> | Dutch Bros, Inc. - Class A |  | 179926 | 0.1 |
| 11342 | eBay, Inc. |  | 987888 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2459 <sup>(1)</sup> | Etsy, Inc. | $136327 | 0.0 |
| 2942 | Expedia Group, Inc. | 833498 | 0.3 |
| 1352 <sup>(1)</sup> | Five Below, Inc. | 254663 | 0.1 |
| 2668 <sup>(1)</sup> | Floor & Decor Holdings, Inc. - Class A | 162454 | 0.1 |
| 3965 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 852634 | 0.3 |
| 98018 | Ford Motor Co. | 1285996 | 0.4 |
| 10270 <sup>(1)</sup> | GameStop Corp. - Class A | 206222 | 0.1 |
| 5691 | Gap, Inc. | 145690 | 0.0 |
| 4092 | Garmin Ltd. | 830062 | 0.3 |
| 5509 | Gentex Corp. | 128194 | 0.0 |
| 3482 | Genuine Parts Co. | 428147 | 0.1 |
| 690 <sup>(1)</sup> | Grand Canyon Education, Inc. | 114754 | 0.0 |
| 3180 | H&R Block, Inc. | 138584 | 0.0 |
| 2744 <sup>(2)</sup> | Harley-Davidson, Inc. | 56225 | 0.0 |
| 3313 | Hasbro, Inc. | 271666 | 0.1 |
| 5727 | Hilton Worldwide Holdings, Inc. | 1645081 | 0.5 |
| 1020 <sup>(2)</sup> | Hyatt Hotels Corp. - Class A | 163526 | 0.1 |
| 7695 | Las Vegas Sands Corp. | 500868 | 0.2 |
| 1298 | Lear Corp. | 148751 | 0.1 |
| 5151 | Lennar Corp. - Class A | 529523 | 0.2 |
| 239 | Lennar Corp. - Class B | 22734 | 0.0 |
| 598 | Lithia Motors, Inc. | 198733 | 0.1 |
| 6437 | LKQ Corp. | 194397 | 0.1 |
| 3114 <sup>(1)(2)</sup> | Lucid Group, Inc. | 32915 | 0.0 |
| 2607 <sup>(1)</sup> | Lululemon Athletica, Inc. | 541761 | 0.2 |
| 6705 | Macy's, Inc. | 147845 | 0.0 |
| 7760 <sup>(1)</sup> | Mattel, Inc. | 153958 | 0.1 |
| 5135 <sup>(1)</sup> | MGM Resorts International | 187376 | 0.1 |
| 1273 <sup>(1)</sup> | Mohawk Industries, Inc. | 139139 | 0.0 |
| 427 | Murphy USA, Inc. | 172303 | 0.1 |
| 10448 | Newell Brands, Inc. | 38867 | 0.0 |
| 11272 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. | 251591 | 0.1 |
| 69 <sup>(1)</sup> | NVR, Inc. | 503201 | 0.2 |
| 1534 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 168142 | 0.1 |
| 5602 <sup>(1)</sup> | On Holding AG - Class A | 260381 | 0.1 |
| 3625 <sup>(1)</sup> | Penn Entertainment, Inc. | 53469 | 0.0 |
| 459 | Penske Automotive Group, Inc. | 72655 | 0.0 |
| 2103 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 228112 | 0.1 |
| 828 | Pool Corp. | 189405 | 0.1 |
| 4877 | PulteGroup, Inc. | 571877 | 0.2 |
| 1195 | PVH Corp. | 80089 | 0.0 |
| 11286 <sup>(1)</sup> | QuantumScape Corp. | 117600 | 0.0 |
| 953 | Ralph Lauren Corp. | 336990 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 8124 | Restaurant Brands International, Inc. | $| 554301 | 0.2 |
| 383 <sup>(1)</sup> | RH |  | 68614 | 0.0 |
| 19743 <sup>(1)</sup> | Rivian Automotive, Inc. - Class A |  | 389135 | 0.1 |
| 8000 | Ross Stores, Inc. |  | 1441120 | 0.5 |
| 6361 | Royal Caribbean Cruises Ltd. |  | 1774210 | 0.6 |
| 3424 | Service Corp. International |  | 266969 | 0.1 |
| 2091 <sup>(1)</sup> | SharkNinja, Inc. |  | 233983 | 0.1 |
| 5192 | Tapestry, Inc. |  | 663382 | 0.2 |
| 5076 | Tempur Sealy International, Inc. |  | 453185 | 0.1 |
| 1662 | Texas Roadhouse, Inc. |  | 275892 | 0.1 |
| 1264 | Thor Industries, Inc. |  | 129775 | 0.0 |
| 2407 | Toll Brothers, Inc. |  | 325475 | 0.1 |
| 704 <sup>(1)</sup> | TopBuild Corp. |  | 293702 | 0.1 |
| 13348 | Tractor Supply Co. |  | 667533 | 0.2 |
| 1539 | Travel + Leisure Co. |  | 108546 | 0.0 |
| 1134 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 686081 | 0.2 |
| 4733 <sup>(1)(2)</sup> | Under Armour, Inc. - Class A |  | 23523 | 0.0 |
| 4620 <sup>(1)</sup> | Under Armour, Inc. - Class C |  | 22176 | 0.0 |
| 865 | Vail Resorts, Inc. |  | 114872 | 0.0 |
| 3185 <sup>(1)</sup> | Valvoline, Inc. |  | 92556 | 0.0 |
| 8801 | VF Corp. |  | 159122 | 0.1 |
| 4376 <sup>(1)</sup> | Viking Holdings Ltd. |  | 312490 | 0.1 |
| 2459 <sup>(1)</sup> | Wayfair, Inc. - Class A |  | 246908 | 0.1 |
| 4012 | Wendy's Co. |  | 33420 | 0.0 |
| 1345 <sup>(2)</sup> | Whirlpool Corp. |  | 97028 | 0.0 |
| 2973 | Williams-Sonoma, Inc. |  | 530948 | 0.2 |
| 696 | Wingstop, Inc. |  | 165989 | 0.1 |
| 1858 | Wyndham Hotels & Resorts, Inc. |  | 140390 | 0.0 |
| 1915 | Wynn Resorts Ltd. |  | 230432 | 0.1 |
| 2032 <sup>(1)</sup> | YETI Holdings, Inc. |  | 89753 | 0.0 |
| 6999 | Yum! Brands, Inc. |  | 1058809 | 0.3 |
|  |  |  | **36076507** | **11.3** |
|  | **Consumer Staples: 4.5%** | **Consumer Staples: 4.5%** | **Consumer Staples: 4.5%** | **Consumer Staples: 4.5%** |
| 9921 | Albertsons Cos., Inc. - Class A |  | 170344 | 0.0 |
| 12001 | Archer-Daniels-Midland Co. |  | 689937 | 0.2 |
| 3149 <sup>(1)</sup> | BellRing Brands, Inc. |  | 84173 | 0.0 |
| 3282 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 295478 | 0.1 |
| 194 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A |  | 37855 | 0.0 |
| 1093 | Brown-Forman Corp. - Class A |  | 28757 | 0.0 |
| 3702 | Brown-Forman Corp. - Class B |  | 96474 | 0.0 |
| 3382 | Bunge Global SA |  | 301269 | 0.1 |
| 4859 <sup>(2)</sup> | Campbell Soup Co. |  | 135420 | 0.0 |
| 929 | Casey's General Stores, Inc. |  | 513468 | 0.2 |
| 4120 <sup>(1)</sup> | Celsius Holdings, Inc. |  | 188449 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 6034 | Church & Dwight Co., Inc. | $| 505951 | 0.2 |
| 3059 | Clorox Co. |  | 308439 | 0.1 |
| 1422 | Coca-Cola Consolidated, Inc. |  | 217993 | 0.1 |
| 11928 | Conagra Brands, Inc. |  | 206474 | 0.1 |
| 3567 | Constellation Brands, Inc. - Class A |  | 492103 | 0.2 |
| 8653 <sup>(1)</sup> | Coty, Inc. - Class A |  | 26651 | 0.0 |
| 3920 <sup>(1)</sup> | Darling Ingredients, Inc. |  | 141120 | 0.0 |
| 5515 | Dollar General Corp. |  | 732227 | 0.2 |
| 4837 <sup>(1)</sup> | Dollar Tree, Inc. |  | 594999 | 0.2 |
| 1372 <sup>(1)</sup> | e.l.f. Beauty, Inc. |  | 104327 | 0.0 |
| 6153 | Estee Lauder Cos., Inc. - Class A |  | 644342 | 0.2 |
| 4679 | Flowers Foods, Inc. |  | 50908 | 0.0 |
| 1193 <sup>(1)</sup> | Freshpet, Inc. |  | 72689 | 0.0 |
| 13393 | General Mills, Inc. |  | 622774 | 0.2 |
| 3658 | Hershey Co. |  | 665683 | 0.2 |
| 7250 | Hormel Foods Corp. |  | 171825 | 0.1 |
| 1601 | Ingredion, Inc. |  | 176526 | 0.1 |
| 2602 | JM Smucker Co. |  | 254502 | 0.1 |
| 47712 | Kenvue, Inc. |  | 823032 | 0.3 |
| 21437 | Kraft Heinz Co. |  | 519847 | 0.2 |
| 15226 | Kroger Co. |  | 951320 | 0.3 |
| 3371 | Lamb Weston Holdings, Inc. |  | 141211 | 0.0 |
| 4319 <sup>(1)</sup> | Maplebear, Inc. |  | 194269 | 0.1 |
| 6357 | McCormick & Co., Inc. |  | 432975 | 0.1 |
| 4103 | Molson Coors Beverage Co. - Class B |  | 191528 | 0.1 |
| 3831 <sup>(1)</sup> | Performance Food Group Co. |  | 344484 | 0.1 |
| 1037 | Pilgrim's Pride Corp. |  | 40433 | 0.0 |
| 1218 <sup>(1)</sup> | Post Holdings, Inc. |  | 120643 | 0.0 |
| 6435 | Primo Brands Corp. - Class A |  | 105212 | 0.0 |
| 1366 | Reynolds Consumer Products, Inc. |  | 31309 | 0.0 |
| 6 | Seaboard Corp. |  | 26669 | 0.0 |
| 1132 | Smithfield Foods, Inc. |  | 25278 | 0.0 |
| 2453 <sup>(1)</sup> | Sprouts Farmers Market, Inc. |  | 195431 | 0.1 |
| 12034 | Sysco Corp. |  | 886785 | 0.3 |
| 7025 | Tyson Foods, Inc. - Class A |  | 411805 | 0.1 |
| 5632 <sup>(1)</sup> | US Foods Holding Corp. |  | 424202 | 0.1 |
|  |  |  | **14397590** | **4.5** |
|  | **Energy: 5.4%** | **Energy: 5.4%** | **Energy: 5.4%** | **Energy: 5.4%** |
| 8382 | Antero Midstream Corp. |  | 149116 | 0.0 |
| 7261 <sup>(1)</sup> | Antero Resources Corp. |  | 250214 | 0.1 |
| 8808 | APA Corp. |  | 215444 | 0.1 |
| 24900 | Baker Hughes Co. |  | 1133946 | 0.4 |
| 5350 | Cheniere Energy, Inc. |  | 1039986 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 5709 | Chesapeake Energy Corp. | $| 630045 | 0.2 |
| 1437 | Chord Energy Corp. |  | 133210 | 0.0 |
| 2313 | Civitas Resources, Inc. |  | 62659 | 0.0 |
| 18941 | Coterra Energy, Inc. |  | 498527 | 0.2 |
| 15406 | Devon Energy Corp. |  | 564322 | 0.2 |
| 4713 | Diamondback Energy, Inc. |  | 708505 | 0.2 |
| 2543 | DT Midstream, Inc. |  | 304346 | 0.1 |
| 15604 | EQT Corp. |  | 836374 | 0.3 |
| 21072 | Halliburton Co. |  | 595495 | 0.2 |
| 3916 | HF Sinclair Corp. |  | 180449 | 0.1 |
| 48826 | Kinder Morgan, Inc. |  | 1342227 | 0.4 |
| 7636 | Marathon Petroleum Corp. |  | 1241843 | 0.4 |
| 2927 | Matador Resources Co. |  | 124222 | 0.0 |
| 9106 | NOV, Inc. |  | 142327 | 0.0 |
| 17708 | Occidental Petroleum Corp. |  | 728153 | 0.2 |
| 15690 | ONEOK, Inc. |  | 1153215 | 0.4 |
| 6425 | Ovintiv, Inc. |  | 251796 | 0.1 |
| 17855 | Permian Resources Corp. |  | 250506 | 0.1 |
| 10118 | Phillips 66 |  | 1305627 | 0.4 |
| 5917 | Range Resources Corp. |  | 208633 | 0.1 |
| 5333 | Targa Resources Corp. |  | 983939 | 0.3 |
| 10063 | TechnipFMC PLC |  | 448407 | 0.1 |
| 1449 | Texas Pacific Land Corp. |  | 416182 | 0.1 |
| 7632 | Valero Energy Corp. |  | 1242413 | 0.4 |
| 4229 | Viper Energy, Inc. - Class A |  | 163366 | 0.0 |
| 1767 | Weatherford International PLC |  | 138285 | 0.0 |
|  |  |  | **17443779** | **5.4** |
|  | **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** |
| 692 | Affiliated Managers Group, Inc. |  | 199490 | 0.1 |
| 6901 <sup>(1)</sup> | Affirm Holdings, Inc. |  | 513641 | 0.2 |
| 26890 <sup>(2)</sup> | AGNC Investment Corp. |  | 288261 | 0.1 |
| 6626 | Allstate Corp. |  | 1379202 | 0.4 |
| 6928 | Ally Financial, Inc. |  | 313769 | 0.1 |
| 1657 | American Financial Group, Inc. |  | 226479 | 0.1 |
| 2334 | Ameriprise Financial, Inc. |  | 1144454 | 0.4 |
| 17160 | Annaly Capital Management, Inc. |  | 383698 | 0.1 |
| 8956 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 859059 | 0.3 |
| 4724 | Ares Management Corp. - Class A |  | 763540 | 0.2 |
| 1270 | Assurant, Inc. |  | 305879 | 0.1 |
| 1115 | Assured Guaranty Ltd. |  | 100205 | 0.0 |
| 1865 | Axis Capital Holdings Ltd. |  | 199723 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 17519 | Bank of New York Mellon Corp. | $2033781 | 0.6 |
| 2675 | Bank OZK | 123103 | 0.0 |
| 13429 <sup>(1)</sup> | Block, Inc. | 874094 | 0.3 |
| 15939 | Blue Owl Capital, Inc. | 238129 | 0.1 |
| 554 | BOK Financial Corp. | 65627 | 0.0 |
| 1432 <sup>(1)</sup> | Brighthouse Financial, Inc. | 92779 | 0.0 |
| 7251 | Brown & Brown, Inc. | 577905 | 0.2 |
| 830 <sup>(1)</sup> | Bullish | 31432 | 0.0 |
| 6566 | Carlyle Group, Inc. | 388116 | 0.1 |
| 2630 | Cboe Global Markets, Inc. | 660130 | 0.2 |
| 3868 | Cincinnati Financial Corp. | 631722 | 0.2 |
| 10777 | Citizens Financial Group, Inc. | 629485 | 0.2 |
| 531 | CNA Financial Corp. | 25350 | 0.0 |
| 5595 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 1265253 | 0.4 |
| 7417 | Columbia Banking System, Inc. | 207305 | 0.1 |
| 3200 | Comerica, Inc. | 278176 | 0.1 |
| 3243 | Commerce Bancshares, Inc. | 169739 | 0.1 |
| 6614 | Corebridge Financial, Inc. | 199544 | 0.1 |
| 1706 <sup>(1)</sup> | Corpay, Inc. | 513387 | 0.2 |
| 110 <sup>(1)(2)</sup> | Credit Acceptance Corp. | 48781 | 0.0 |
| 1490 | Cullen/Frost Bankers, Inc. | 188679 | 0.1 |
| 3432 | East West Bancorp, Inc. | 385722 | 0.1 |
| 7549 | Equitable Holdings, Inc. | 359710 | 0.1 |
| 979 <sup>(1)</sup> | Euronet Worldwide, Inc. | 74512 | 0.0 |
| 924 | Evercore, Inc. - Class A | 314391 | 0.1 |
| 1041 | Everest Re Group Ltd. | 353263 | 0.1 |
| 8897 | F.N.B. Corp. | 152139 | 0.0 |
| 940 | FactSet Research Systems, Inc. | 272779 | 0.1 |
| 6458 | Fidelity National Financial, Inc. | 352542 | 0.1 |
| 13221 | Fidelity National Information Services, Inc. | 878668 | 0.3 |
| 16719 | Fifth Third Bancorp | 782616 | 0.2 |
| 872 <sup>(1)(2)</sup> | Figure Technology Solutions, Inc. - Class A | 35612 | 0.0 |
| 2438 | First American Financial Corp. | 149791 | 0.0 |
| 227 | First Citizens BancShares, Inc. - Class A | 487183 | 0.2 |
| 3094 | First Hawaiian, Inc. | 78278 | 0.0 |
| 12622 | First Horizon Corp. | 301666 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 7626 | Franklin Resources, Inc. | $182185 | 0.1 |
| 442 <sup>(1)(2)</sup> | Freedom Holding Corp. | 53783 | 0.0 |
| 6049 | Global Payments, Inc. | 468193 | 0.1 |
| 1998 | Globe Life, Inc. | 279440 | 0.1 |
| 1016 | Hamilton Lane, Inc. - Class A | 136459 | 0.0 |
| 888 | Hanover Insurance Group, Inc. | 162300 | 0.1 |
| 7053 | Hartford Financial Services Group, Inc. | 971903 | 0.3 |
| 1356 | Houlihan Lokey, Inc. | 236202 | 0.1 |
| 38879 | Huntington Bancshares, Inc. | 674551 | 0.2 |
| 9121 | Invesco Ltd. | 239609 | 0.1 |
| 1823 | Jack Henry & Associates, Inc. | 332661 | 0.1 |
| 3114 | Janus Henderson Group PLC | 148133 | 0.0 |
| 3838 | Jefferies Financial Group, Inc. | 237841 | 0.1 |
| 1564 | Kemper Corp. | 63405 | 0.0 |
| 23742 | KeyCorp | 490035 | 0.2 |
| 554 | Kinsale Capital Group, Inc. | 216680 | 0.1 |
| 2306 | Lazard, Inc. | 111979 | 0.0 |
| 4268 | Lincoln National Corp. | 190054 | 0.1 |
| 4230 | Loews Corp. | 445461 | 0.1 |
| 2001 | LPL Financial Holdings, Inc. | 714697 | 0.2 |
| 3859 | M&T Bank Corp. | 777511 | 0.2 |
| 313 <sup>(1)</sup> | Markel Corp. | 672840 | 0.2 |
| 914 | MarketAxess Holdings, Inc. | 165662 | 0.1 |
| 5519 | MGIC Investment Corp. | 161265 | 0.1 |
| 568 | Morningstar, Inc. | 123432 | 0.0 |
| 1828 | MSCI, Inc. | 1048778 | 0.3 |
| 11369 | Nasdaq, Inc. | 1104271 | 0.3 |
| 4720 | Northern Trust Corp. | 644705 | 0.2 |
| 5728 | Old Republic International Corp. | 261426 | 0.1 |
| 2985 | OneMain Holdings, Inc. | 201637 | 0.1 |
| 1913 | Pinnacle Financial Partners, Inc. | 182519 | 0.1 |
| 1648 | Popular, Inc. | 205209 | 0.1 |
| 810 | Primerica, Inc. | 209272 | 0.1 |
| 5464 | Principal Financial Group, Inc. | 481979 | 0.2 |
| 2292 | Prosperity Bancshares, Inc. | 158400 | 0.0 |
| 8793 | Prudential Financial, Inc. | 992554 | 0.3 |
| 4477 | Raymond James Financial, Inc. | 718961 | 0.2 |
| 22205 | Regions Financial Corp. | 601755 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1656 | Reinsurance Group of America, Inc. | $| 336930 | 0.1 |
| 1137 | RenaissanceRe Holdings Ltd. |  | 319679 | 0.1 |
| 13881 | Rithm Capital Corp. |  | 151303 | 0.0 |
| 2050 | RLI Corp. |  | 131159 | 0.0 |
| 18582 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A |  | 2101624 | 0.7 |
| 23638 | Rocket Cos., Inc. - Class A |  | 457632 | 0.1 |
| 2670 | Ryan Specialty Holdings, Inc. |  | 137852 | 0.0 |
| 2569 | SEI Investments Co. |  | 210709 | 0.1 |
| 1662 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A |  | 104656 | 0.0 |
| 5081 | SLM Corp. |  | 137492 | 0.0 |
| 30445 <sup>(1)</sup> | SoFi Technologies, Inc. |  | 797050 | 0.2 |
| 2514 | Southstate Bank Corp. |  | 236593 | 0.1 |
| 8665 | Starwood Property Trust, Inc. |  | 156057 | 0.0 |
| 6997 | State Street Corp. |  | 902683 | 0.3 |
| 2482 | Stifel Financial Corp. |  | 310796 | 0.1 |
| 9038 | Synchrony Financial |  | 754040 | 0.2 |
| 3475 | Synovus Financial Corp. |  | 173924 | 0.1 |
| 5430 | T. Rowe Price Group, Inc. |  | 555923 | 0.2 |
| 1313 | TFS Financial Corp. |  | 17568 | 0.0 |
| 11629 <sup>(1)</sup> | Toast, Inc. - Class A |  | 412946 | 0.1 |
| 3315 | TPG, Inc. |  | 211630 | 0.1 |
| 2927 | Tradeweb Markets, Inc. - Class A |  | 314770 | 0.1 |
| 4244 | Unum Group |  | 328910 | 0.1 |
| 4290 | UWM Holdings Corp. |  | 18790 | 0.0 |
| 1990 | Virtu Financial, Inc. - Class A |  | 66307 | 0.0 |
| 2410 <sup>(3)</sup> | Voya Financial, Inc. |  | 179521 | 0.1 |
| 7286 | W.R. Berkley Corp. |  | 510894 | 0.2 |
| 4114 | Webster Financial Corp. |  | 258935 | 0.1 |
| 2704 | Western Alliance Bancorp |  | 227325 | 0.1 |
| 7971 | Western Union Co. |  | 74210 | 0.0 |
| 851 <sup>(1)</sup> | WEX, Inc. |  | 126782 | 0.0 |
| 62 | White Mountains Insurance Group Ltd. |  | 128838 | 0.0 |
| 2403 | Willis Towers Watson PLC |  | 789626 | 0.2 |
| 1654 | Wintrust Financial Corp. |  | 231262 | 0.1 |
| 9931 | XP, Inc. - Class A |  | 162570 | 0.1 |
| 3635 | Zions Bancorp NA |  | 212793 | 0.1 |
|  |  |  | **48216315** | **15.1** |
|  | **Health Care: 9.8%** | **Health Care: 9.8%** | **Health Care: 9.8%** | **Health Care: 9.8%** |
| 2281 <sup>(1)</sup> | Acadia Healthcare Co., Inc. |  | 32367 | 0.0 |
| 7154 | Agilent Technologies, Inc. |  | 973445 | 0.3 |
| 1718 <sup>(1)</sup> | Align Technology, Inc. |  | 268266 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 3183 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | $1265720 | 0.4 |
| 4597 | AmerisourceBergen Corp. | 1552637 | 0.5 |
| 2702 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 67874 | 0.0 |
| 16558 <sup>(1)</sup> | Avantor, Inc. | 189755 | 0.1 |
| 12839 | Baxter International, Inc. | 245353 | 0.1 |
| 3668 <sup>(1)</sup> | Biogen, Inc. | 645531 | 0.2 |
| 4765 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 283184 | 0.1 |
| 465 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. - Class A | 140890 | 0.0 |
| 3878 | Bio-Techne Corp. | 228065 | 0.1 |
| 2589 | Bruker Corp. | 121968 | 0.0 |
| 5991 | Cardinal Health, Inc. | 1231150 | 0.4 |
| 561 <sup>(1)</sup> | Caris Life Sciences, Inc. | 15136 | 0.0 |
| 12305 <sup>(1)</sup> | Centene Corp. | 506351 | 0.2 |
| 3038 <sup>(1)</sup> | Certara, Inc. | 26765 | 0.0 |
| 1223 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 243964 | 0.1 |
| 349 | Chemed Corp. | 149323 | 0.0 |
| 5001 <sup>(1)</sup> | Cooper Cos., Inc. | 409882 | 0.1 |
| 2356 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 81989 | 0.0 |
| 882 <sup>(1)</sup> | DaVita, Inc. | 100204 | 0.0 |
| 4991 | Dentsply Sirona, Inc. | 57047 | 0.0 |
| 9817 <sup>(1)</sup> | Dexcom, Inc. | 651554 | 0.2 |
| 3346 <sup>(1)</sup> | Doximity, Inc. - Class A | 148161 | 0.0 |
| 12334 <sup>(1)</sup> | Elanco Animal Health, Inc. | 279118 | 0.1 |
| 2497 | Encompass Health Corp. | 265032 | 0.1 |
| 4090 <sup>(1)</sup> | Envista Holdings Corp. | 88794 | 0.0 |
| 4677 <sup>(1)</sup> | Exact Sciences Corp. | 474996 | 0.2 |
| 6605 <sup>(1)</sup> | Exelixis, Inc. | 289497 | 0.1 |
| 11492 | GE HealthCare Technologies, Inc. | 942574 | 0.3 |
| 2810 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 245341 | 0.1 |
| 2913 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 196045 | 0.1 |
| 2628 <sup>(1)</sup> | Henry Schein, Inc. | 198624 | 0.1 |
| 5601 <sup>(1)</sup> | Hologic, Inc. | 417218 | 0.1 |
| 3031 | Humana, Inc. | 776330 | 0.2 |
| 2000 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 1353060 | 0.4 |
| 3857 <sup>(1)</sup> | Illumina, Inc. | 505884 | 0.2 |
| 4029 <sup>(1)</sup> | Incyte Corp. | 397944 | 0.1 |
| 5258 <sup>(1)</sup> | Insmed, Inc. | 915102 | 0.3 |
| 679 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 62624 | 0.0 |
| 1761 <sup>(1)</sup> | Insulet Corp. | 500547 | 0.2 |
| 3970 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. | 314067 | 0.1 |
| 4241 <sup>(1)</sup> | IQVIA Holdings, Inc. | 955964 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 1460 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | $| 248200 | 0.1 |
| 2098 | Labcorp Holdings, Inc. |  | 526346 | 0.2 |
| 1130 <sup>(1)</sup> | Masimo Corp. |  | 146968 | 0.0 |
| 560 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 314524 | 0.1 |
| 516 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 719402 | 0.2 |
| 8997 <sup>(1)</sup> | Moderna, Inc. |  | 265322 | 0.1 |
| 1277 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 221611 | 0.1 |
| 3260 <sup>(1)</sup> | Natera, Inc. |  | 746833 | 0.2 |
| 2431 <sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 344789 | 0.1 |
| 6509 | Organon & Co. |  | 46670 | 0.0 |
| 939 <sup>(1)</sup> | Penumbra, Inc. |  | 291944 | 0.1 |
| 3414 | Perrigo Co. PLC |  | 47523 | 0.0 |
| 5342 | QIAGEN N.V. |  | 240230 | 0.1 |
| 2799 | Quest Diagnostics, Inc. |  | 485710 | 0.2 |
| 1320 <sup>(1)</sup> | Repligen Corp. |  | 216295 | 0.1 |
| 3666 | ResMed, Inc. |  | 883029 | 0.3 |
| 4351 <sup>(1)</sup> | Revolution Medicines, Inc. |  | 346557 | 0.1 |
| 2914 | Revvity, Inc. |  | 281930 | 0.1 |
| 9771 <sup>(1)</sup> | Roivant Sciences Ltd. |  | 212031 | 0.1 |
| 9766 | Royalty Pharma PLC - Class A |  | 377358 | 0.1 |
| 2324 <sup>(1)</sup> | Sarepta Therapeutics, Inc. |  | 50012 | 0.0 |
| 3707 <sup>(1)</sup> | Solventum Corp. |  | 293743 | 0.1 |
| 5122 <sup>(1)</sup> | Sotera Health Co. |  | 90352 | 0.0 |
| 2465 | STERIS PLC |  | 624927 | 0.2 |
| 2928 <sup>(1)(2)</sup> | Summit Therapeutics, Inc. |  | 51211 | 0.0 |
| 1107 | Teleflex, Inc. |  | 135098 | 0.0 |
| 2412 <sup>(1)</sup> | Tempus AI, Inc. |  | 142429 | 0.0 |
| 2187 <sup>(1)</sup> | Tenet Healthcare Corp. |  | 434601 | 0.1 |
| 2315 <sup>(1)</sup> | Ultragenyx Pharmaceutical, Inc. |  | 53245 | 0.0 |
| 1065 <sup>(1)</sup> | United Therapeutics Corp. |  | 518921 | 0.2 |
| 1345 | Universal Health Services, Inc. - Class B |  | 293237 | 0.1 |
| 3706 <sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 827290 | 0.3 |
| 28989 | Viatris, Inc. |  | 360913 | 0.1 |
| 2731 <sup>(1)</sup> | Viking Therapeutics, Inc. |  | 96077 | 0.0 |
| 1495 <sup>(1)</sup> | Waters Corp. |  | 567846 | 0.2 |
| 1797 | West Pharmaceutical Services, Inc. |  | 494427 | 0.2 |
| 4972 | Zimmer Biomet Holdings, Inc. |  | 447082 | 0.1 |
|  |  |  | **31260025** | **9.8** |
|  | **Industrials: 18.1%** | **Industrials: 18.1%** | **Industrials: 18.1%** | **Industrials: 18.1%** |
| 2848 | A.O. Smith Corp. |  | 190474 | 0.1 |
| 1684 | AAON, Inc. |  | 128405 | 0.0 |
| 774 | Acuity Brands, Inc. |  | 278671 | 0.1 |
| 1771 | Advanced Drainage Systems, Inc. |  | 256494 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 3317 | AECOM | $316210 | 0.1 |
| 1555 | AGCO Corp. | 162218 | 0.1 |
| 2610 | Air Lease Corp. | 167640 | 0.1 |
| 2879 <sup>(1)</sup> | Alaska Air Group, Inc. | 144814 | 0.0 |
| 2161 | Allegion PLC | 344074 | 0.1 |
| 2082 | Allison Transmission Holdings, Inc. | 203828 | 0.1 |
| 3990 <sup>(1)</sup> | Amentum Holdings, Inc. | 115710 | 0.0 |
| 2535 | AMERCO | 118486 | 0.0 |
| 16345 <sup>(1)</sup> | American Airlines Group, Inc. | 250569 | 0.1 |
| 5784 | AMETEK, Inc. | 1187513 | 0.4 |
| 9250 <sup>(1)</sup> | API Group Corp. | 353905 | 0.1 |
| 940 | Applied Industrial Technologies, Inc. | 241364 | 0.1 |
| 1078 | Armstrong World Industries, Inc. | 206006 | 0.1 |
| 3382 <sup>(1)</sup> | ATI, Inc. | 388118 | 0.1 |
| 423 <sup>(1)(2)</sup> | Avis Budget Group, Inc. | 54279 | 0.0 |
| 1873 <sup>(1)</sup> | Axon Enterprise, Inc. | 1063733 | 0.3 |
| 3004 | Booz Allen Hamilton Holding Corp. | 253417 | 0.1 |
| 2926 | Broadridge Financial Solutions, Inc. | 652995 | 0.2 |
| 2724 <sup>(1)</sup> | Builders FirstSource, Inc. | 280272 | 0.1 |
| 2291 | BWX Technologies, Inc. | 395976 | 0.1 |
| 545 <sup>(1)</sup> | CACI International, Inc. - Class A | 290381 | 0.1 |
| 1040 | Carlisle Cos., Inc. | 332654 | 0.1 |
| 1208 | Carpenter Technology Corp. | 380327 | 0.1 |
| 3865 <sup>(1)</sup> | Ceridian HCM Holding, Inc. | 267303 | 0.1 |
| 2949 | CH Robinson Worldwide, Inc. | 474081 | 0.2 |
| 9218 <sup>(1)</sup> | Clarivate PLC | 30788 | 0.0 |
| 1270 <sup>(1)</sup> | Clean Harbors, Inc. | 297790 | 0.1 |
| 21999 | CNH Industrial NV | 202831 | 0.1 |
| 873 | Comfort Systems USA, Inc. | 814762 | 0.3 |
| 1121 | Concentrix Corp. | 46611 | 0.0 |
| 4758 <sup>(1)</sup> | Core & Main, Inc. - Class A | 247273 | 0.1 |
| 1233 | Crane Co. | 227402 | 0.1 |
| 3455 | Cummins, Inc. | 1763605 | 0.6 |
| 944 | Curtiss-Wright Corp. | 520399 | 0.2 |
| 16375 | Delta Air Lines, Inc. | 1136425 | 0.4 |
| 2910 | Donaldson Co., Inc. | 258001 | 0.1 |
| 3404 | Dover Corp. | 664597 | 0.2 |
| 1111 | EMCOR Group, Inc. | 679699 | 0.2 |
| 3063 | Equifax, Inc. | 664610 | 0.2 |
| 1427 | Esab Corp. | 159424 | 0.1 |
| 1275 <sup>(1)</sup> | Everus Construction Group, Inc. | 109089 | 0.0 |
| 3875 <sup>(1)</sup> | ExlService Holdings, Inc. | 164455 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 3391 | Expeditors International of Washington, Inc. | $505293 | 0.2 |
| 28822 | Fastenal Co. | 1156627 | 0.4 |
| 4796 | Ferguson Enterprises, Inc. | 1067734 | 0.3 |
| 3180 | Flowserve Corp. | 220628 | 0.1 |
| 7965 | Fortive Corp. | 439748 | 0.1 |
| 3032 | Fortune Brands Innovations, Inc. | 151661 | 0.0 |
| 2557 | FTAI Aviation Ltd. | 503345 | 0.2 |
| 756 <sup>(1)</sup> | FTI Consulting, Inc. | 129147 | 0.0 |
| 6355 <sup>(1)</sup> | Gates Industrial Corp. PLC | 136442 | 0.0 |
| 1451 <sup>(1)</sup> | Generac Holdings, Inc. | 197873 | 0.1 |
| 4034 | Genpact Ltd. | 188711 | 0.1 |
| 4168 | Graco, Inc. | 341651 | 0.1 |
| 2813 <sup>(1)</sup> | GXO Logistics, Inc. | 148076 | 0.0 |
| 4974 <sup>(1)</sup> | Hayward Holdings, Inc. | 76848 | 0.0 |
| 1066 | HEICO Corp. | 344947 | 0.1 |
| 1883 | HEICO Corp. - Class A | 475326 | 0.2 |
| 1983 | Hexcel Corp. | 146544 | 0.0 |
| 10068 | Howmet Aerospace, Inc. | 2064141 | 0.6 |
| 1343 | Hubbell, Inc. | 596440 | 0.2 |
| 979 | Huntington Ingalls Industries, Inc. | 332929 | 0.1 |
| 1898 | IDEX Corp. | 337730 | 0.1 |
| 9983 | Ingersoll Rand, Inc. | 790853 | 0.2 |
| 2124 | ITT, Inc. | 368535 | 0.1 |
| 2988 | Jacobs Solutions, Inc. | 395790 | 0.1 |
| 1923 | JB Hunt Transport Services, Inc. | 373716 | 0.1 |
| 1276 <sup>(1)(2)</sup> | Karman Holdings, Inc. | 93365 | 0.0 |
| 3157 | KBR, Inc. | 126911 | 0.0 |
| 1399 <sup>(1)</sup> | Kirby Corp. | 154142 | 0.1 |
| 3946 | Knight-Swift Transportation Holdings, Inc. | 206297 | 0.1 |
| 4689 | L3Harris Technologies, Inc. | 1376550 | 0.4 |
| 855 | Landstar System, Inc. | 122864 | 0.0 |
| 3202 | Leidos Holdings, Inc. | 577641 | 0.2 |
| 796 | Lennox International, Inc. | 386522 | 0.1 |
| 1895 | Leonardo DRS, Inc. | 64601 | 0.0 |
| 1346 | Lincoln Electric Holdings, Inc. | 322555 | 0.1 |
| 1069 <sup>(1)</sup> | Loar Holdings, Inc. | 72692 | 0.0 |
| 9649 <sup>(1)</sup> | Lyft, Inc. - Class A | 186901 | 0.1 |
| 1154 | ManpowerGroup, Inc. | 34308 | 0.0 |
| 5216 | Masco Corp. | 331007 | 0.1 |
| 1562 <sup>(1)</sup> | MasTec, Inc. | 339532 | 0.1 |
| 1196 <sup>(1)</sup> | Middleby Corp. | 177809 | 0.1 |
| 927 | MSA Safety, Inc. | 148450 | 0.0 |
| 1102 | MSC Industrial Direct Co., Inc. - Class A | 92678 | 0.0 |
| 2723 | Mueller Industries, Inc. | 312600 | 0.1 |
| 1336 | Nordson Corp. | 321214 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 3998 | nVent Electric PLC | $407676 | 0.1 |
| 4679 | Old Dominion Freight Line, Inc. | 733667 | 0.2 |
| 1578 | Oshkosh Corp. | 198244 | 0.1 |
| 9797 | Otis Worldwide Corp. | 855768 | 0.3 |
| 2084 | Owens Corning | 233220 | 0.1 |
| 1322 <sup>(1)</sup> | Parsons Corp. | 81700 | 0.0 |
| 8102 | Paychex, Inc. | 908882 | 0.3 |
| 1286 | Paycom Software, Inc. | 204937 | 0.1 |
| 1101 <sup>(1)</sup> | Paylocity Holding Corp. | 167903 | 0.1 |
| 4107 | Pentair PLC | 427703 | 0.1 |
| 3698 | Quanta Services, Inc. | 1560778 | 0.5 |
| 15338 <sup>(1)</sup> | QXO, Inc. | 295870 | 0.1 |
| 4654 | RB Global, Inc. | 478757 | 0.2 |
| 777 <sup>(1)</sup> | RBC Bearings, Inc. | 348430 | 0.1 |
| 1655 | Regal Rexnord Corp. | 232230 | 0.1 |
| 2478 | Robert Half International, Inc. | 67302 | 0.0 |
| 10388 <sup>(1)</sup> | Rocket Lab Corp. | 724667 | 0.2 |
| 2841 | Rockwell Automation, Inc. | 1105348 | 0.3 |
| 7047 | Rollins, Inc. | 422961 | 0.1 |
| 986 | Ryder System, Inc. | 188711 | 0.1 |
| 668 <sup>(1)</sup> | Saia, Inc. | 218115 | 0.1 |
| 1154 | Schneider National, Inc. - Class B | 30616 | 0.0 |
| 1151 | Science Applications International Corp. | 115860 | 0.0 |
| 3635 | Sensata Technologies Holding PLC | 121009 | 0.0 |
| 1050 | Simpson Manufacturing Co., Inc. | 169544 | 0.1 |
| 1108 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 138012 | 0.0 |
| 1287 | Snap-on, Inc. | 443500 | 0.1 |
| 11568 | Southwest Airlines Co. | 478105 | 0.2 |
| 5253 | SS&C Technologies Holdings, Inc. | 459217 | 0.1 |
| 3551 <sup>(1)</sup> | Standardaero, Inc. | 101843 | 0.0 |
| 3881 | Stanley Black & Decker, Inc. | 288281 | 0.1 |
| 6580 | Tetra Tech, Inc. | 220693 | 0.1 |
| 4410 | Textron, Inc. | 384420 | 0.1 |
| 1568 | Timken Co. | 131916 | 0.0 |
| 2471 | Toro Co. | 194517 | 0.1 |
| 4894 | TransUnion | 419661 | 0.1 |
| 2674 <sup>(1)</sup> | Trex Co., Inc. | 93804 | 0.0 |
| 193 <sup>(1)(2)</sup> | U-Haul Holding Co. | 9729 | 0.0 |
| 8172 <sup>(1)</sup> | United Airlines Holdings, Inc. | 913793 | 0.3 |
| 1594 | United Rentals, Inc. | 1290056 | 0.4 |
| 489 | Valmont Industries, Inc. | 196734 | 0.1 |
| 5986 | Veralto Corp. | 597283 | 0.2 |
| 3514 | Verisk Analytics, Inc. | 786047 | 0.2 |
| 9552 | Vertiv Holdings Co. - Class A | 1547520 | 0.5 |
| 874 | Watsco, Inc. | 294494 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1201 | WESCO International, Inc. | $| 293813 | 0.1 |
| 4257 | Westinghouse Air Brake Technologies Corp. |  | 908657 | 0.3 |
| 4459 | WillScot Mobile Mini Holdings Corp. |  | 83963 | 0.0 |
| 1504 | Woodward, Inc. |  | 454689 | 0.1 |
| 1098 | WW Grainger, Inc. |  | 1107937 | 0.3 |
| 2878 <sup>(1)</sup> | XPO, Inc. |  | 391149 | 0.1 |
| 6110 | Xylem, Inc. |  | 832060 | 0.3 |
|  |  |  | **57788843** | **18.1** |
|  | **Information Technology: 12.0%** | **Information Technology: 12.0%** | **Information Technology: 12.0%** | **Information Technology: 12.0%** |
| 3535 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 308429 | 0.1 |
| 3085 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 81382 | 0.0 |
| 2718 | Amdocs Ltd. |  | 218826 | 0.1 |
| 2862 | Amkor Technology, Inc. |  | 112992 | 0.0 |
| 551 <sup>(1)</sup> | Appfolio, Inc. - Class A |  | 128190 | 0.0 |
| 1294 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 142573 | 0.0 |
| 3163 <sup>(1)</sup> | Astera Labs, Inc. |  | 526197 | 0.2 |
| 29276 <sup>(1)(2)</sup> | Aurora Innovation, Inc. |  | 112420 | 0.0 |
| 2028 | Avnet, Inc. |  | 97506 | 0.0 |
| 3945 | Bentley Systems, Inc. - Class B |  | 150561 | 0.0 |
| 2021 <sup>(1)</sup> | BILL Holdings, Inc. |  | 110225 | 0.0 |
| 14341 <sup>(1)</sup> | CCC Intelligent Solutions Holdings, Inc. |  | 114011 | 0.0 |
| 3303 | CDW Corp. |  | 449869 | 0.1 |
| 3542 <sup>(1)</sup> | Ciena Corp. |  | 828367 | 0.3 |
| 1183 <sup>(1)</sup> | Circle Internet Group, Inc. |  | 93812 | 0.0 |
| 1281 <sup>(1)</sup> | Cirrus Logic, Inc. |  | 151798 | 0.1 |
| 7871 <sup>(1)</sup> | Cloudflare, Inc. - Class A |  | 1551768 | 0.5 |
| 4205 | Cognex Corp. |  | 151296 | 0.1 |
| 12137 | Cognizant Technology Solutions Corp. - Class A |  | 1007371 | 0.3 |
| 3901 <sup>(1)</sup> | Coherent Corp. |  | 720008 | 0.2 |
| 7251 <sup>(1)</sup> | Confluent, Inc. - Class A |  | 219270 | 0.1 |
| 19603 | Corning, Inc. |  | 1716439 | 0.5 |
| 1227 <sup>(2)</sup> | Crane Holdings Co. |  | 57755 | 0.0 |
| 7838 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 1065890 | 0.3 |
| 5043 <sup>(1)</sup> | DocuSign, Inc. |  | 344941 | 0.1 |
| 1515 | Dolby Laboratories, Inc. - Class A |  | 97293 | 0.0 |
| 3594 <sup>(1)</sup> | DoubleVerify Holdings, Inc. |  | 41115 | 0.0 |
| 4591 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 127630 | 0.0 |
| 4333 <sup>(1)</sup> | DXC Technology Co. |  | 63478 | 0.0 |
| 7372 <sup>(1)</sup> | Dynatrace, Inc. |  | 319502 | 0.1 |
| 2317 <sup>(1)</sup> | Elastic NV |  | 174794 | 0.1 |
| 3190 <sup>(1)</sup> | Enphase Energy, Inc. |  | 102239 | 0.0 |
| 3763 | Entegris, Inc. |  | 317033 | 0.1 |
| 1352 <sup>(1)</sup> | EPAM Systems, Inc. |  | 276998 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 1446 <sup>(1)</sup> | F5, Inc. | $369106 | 0.1 |
| 588 <sup>(1)</sup> | Fair Isaac Corp. | 994085 | 0.3 |
| 2549 <sup>(1)</sup> | First Solar, Inc. | 665875 | 0.2 |
| 9238 <sup>(1)</sup> | Flex Ltd. | 558160 | 0.2 |
| 1849 <sup>(1)</sup> | Gartner, Inc. | 466466 | 0.1 |
| 13794 | Gen Digital, Inc. | 375059 | 0.1 |
| 3506 <sup>(1)</sup> | Gitlab, Inc. - Class A | 131580 | 0.0 |
| 2575 <sup>(1)</sup> | GLOBALFOUNDRIES, Inc. | 89919 | 0.0 |
| 1082 <sup>(1)</sup> | Globant SA | 70730 | 0.0 |
| 3377 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 419018 | 0.1 |
| 2131 <sup>(1)</sup> | Guidewire Software, Inc. | 428352 | 0.1 |
| 32923 | Hewlett Packard Enterprise Co. | 790810 | 0.3 |
| 23681 | HP, Inc. | 527613 | 0.2 |
| 1277 <sup>(1)</sup> | HubSpot, Inc. | 512460 | 0.2 |
| 514 <sup>(2)</sup> | Ingram Micro Holding Corp. | 10969 | 0.0 |
| 626 <sup>(1)</sup> | IPG Photonics Corp. | 44822 | 0.0 |
| 2648 | Jabil, Inc. | 603797 | 0.2 |
| 4320 <sup>(1)</sup> | Keysight Technologies, Inc. | 877781 | 0.3 |
| 5797 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 153968 | 0.1 |
| 3408 <sup>(1)</sup> | Lattice Semiconductor Corp. | 250761 | 0.1 |
| 617 | Littelfuse, Inc. | 156052 | 0.1 |
| 1768 <sup>(1)</sup> | Lumentum Holdings, Inc. | 651667 | 0.2 |
| 1589 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 272164 | 0.1 |
| 1505 <sup>(1)</sup> | Manhattan Associates, Inc. | 260831 | 0.1 |
| 13251 | Microchip Technology, Inc. | 844354 | 0.3 |
| 1684 | MKS Instruments, Inc. | 269103 | 0.1 |
| 1980 <sup>(1)</sup> | MongoDB, Inc. | 830986 | 0.3 |
| 1162 | Monolithic Power Systems, Inc. | 1053190 | 0.3 |
| 2672 <sup>(1)</sup> | nCino, Inc. | 68510 | 0.0 |
| 5016 | NetApp, Inc. | 537163 | 0.2 |
| 6504 <sup>(1)</sup> | Nutanix, Inc. - Class A | 336192 | 0.1 |
| 4202 <sup>(1)</sup> | Okta, Inc. | 363347 | 0.1 |
| 10257 <sup>(1)</sup> | ON Semiconductor Corp. | 555417 | 0.2 |
| 1219 <sup>(1)</sup> | Onto Innovation, Inc. | 192431 | 0.1 |
| 2179 | Pegasystems, Inc. | 130130 | 0.0 |
| 2872 <sup>(1)</sup> | Procore Technologies, Inc. | 208909 | 0.1 |
| 2994 <sup>(1)</sup> | PTC, Inc. | 521585 | 0.2 |
| 7798 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 522544 | 0.2 |
| 5255 | Qnity Electronics, Inc. | 429071 | 0.1 |
| 2107 <sup>(1)</sup> | Qorvo, Inc. | 178063 | 0.1 |
| 2836 | Ralliant Corp. | 144381 | 0.0 |
| 2007 <sup>(1)</sup> | RingCentral, Inc. - Class A | 57962 | 0.0 |
| 3357 <sup>(1)</sup> | Rubrik, Inc. - Class A | 256743 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 1507 <sup>(1)(2)</sup> | SailPoint, Inc. | $| 30487 | 0.0 |
| 7837 <sup>(1)</sup> | Samsara, Inc. - Class A |  | 277822 | 0.1 |
| 3386 <sup>(1)</sup> | Sandisk Corp. |  | 803769 | 0.3 |
| 7409 <sup>(1)</sup> | SentinelOne, Inc. - Class A |  | 111135 | 0.0 |
| 3719 | Skyworks Solutions, Inc. |  | 235822 | 0.1 |
| 12892 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 377349 | 0.1 |
| 1917 | TD SYNNEX Corp. |  | 287991 | 0.1 |
| 1167 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 596022 | 0.2 |
| 2352 <sup>(1)</sup> | Teradata Corp. |  | 71595 | 0.0 |
| 3932 | Teradyne, Inc. |  | 761078 | 0.2 |
| 5982 <sup>(1)</sup> | Trimble, Inc. |  | 468690 | 0.1 |
| 3550 <sup>(1)</sup> | Twilio, Inc. - Class A |  | 504952 | 0.2 |
| 1081 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 490720 | 0.2 |
| 106 | Ubiquiti, Inc. |  | 58655 | 0.0 |
| 10082 <sup>(1)</sup> | UiPath, Inc. - Class A |  | 165244 | 0.1 |
| 8086 <sup>(1)</sup> | Unity Software, Inc. |  | 357159 | 0.1 |
| 1101 | Universal Display Corp. |  | 128575 | 0.0 |
| 2090 | VeriSign, Inc. |  | 507765 | 0.2 |
| 3632 | Vontier Corp. |  | 135038 | 0.0 |
| 8542 | Western Digital Corp. |  | 1471530 | 0.5 |
| 1276 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 309838 | 0.1 |
| 6690 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A |  | 577280 | 0.2 |
| 2508 <sup>(1)</sup> | Zscaler, Inc. |  | 564099 | 0.2 |
|  |  |  | **38456719** | **12.0** |
|  | **Materials: 4.9%** | **Materials: 4.9%** | **Materials: 4.9%** | **Materials: 4.9%** |
| 2950 | Albemarle Corp. |  | 417248 | 0.1 |
| 6488 | Alcoa Corp. |  | 344772 | 0.1 |
| 57868 | Amcor PLC |  | 482619 | 0.2 |
| 12646 | Anglogold Ashanti PLC |  | 1078451 | 0.3 |
| 1639 | AptarGroup, Inc. |  | 199892 | 0.1 |
| 1136 | Ashland, Inc. |  | 66649 | 0.0 |
| 1931 | Avery Dennison Corp. |  | 351210 | 0.1 |
| 5348 <sup>(1)</sup> | Axalta Coating Systems Ltd. |  | 172794 | 0.1 |
| 6834 | Ball Corp. |  | 361997 | 0.1 |
| 2745 | Celanese Corp. |  | 116059 | 0.0 |
| 4047 | CF Industries Holdings, Inc. |  | 312995 | 0.1 |
| 14044 <sup>(1)</sup> | Cleveland-Cliffs, Inc. |  | 186504 | 0.1 |
| 17177 | Corteva, Inc. |  | 1151374 | 0.4 |
| 2906 | Crown Holdings, Inc. |  | 299231 | 0.1 |
| 17766 | Dow, Inc. |  | 415369 | 0.1 |
| 10510 | DuPont de Nemours, Inc. |  | 422502 | 0.1 |
| 797 | Eagle Materials, Inc. |  | 164724 | 0.1 |
| 2876 | Eastman Chemical Co. |  | 183575 | 0.1 |
| 5644 | Element Solutions, Inc. |  | 141044 | 0.1 |
| 3110 <sup>(2)</sup> | FMC Corp. |  | 43136 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 7328 | Graphic Packaging Holding Co. | $| 110360 | 0.0 |
| 4119 | Huntsman Corp. |  | 41190 | 0.0 |
| 6432 | International Flavors & Fragrances, Inc. |  | 433452 | 0.1 |
| 13159 | International Paper Co. |  | 518333 | 0.2 |
| 3749 <sup>(1)</sup> | James Hardie Industries PLC |  | 77792 | 0.0 |
| 1579 | Louisiana-Pacific Corp. |  | 127520 | 0.0 |
| 6432 | LyondellBasell Industries NV - Class A |  | 278506 | 0.1 |
| 1506 | Martin Marietta Materials, Inc. |  | 937726 | 0.3 |
| 7908 | Mosaic Co. |  | 190504 | 0.1 |
| 3274 <sup>(1)(2)</sup> | MP Materials Corp. |  | 165402 | 0.1 |
| 141 | NewMarket Corp. |  | 96904 | 0.0 |
| 5767 | Nucor Corp. |  | 940655 | 0.3 |
| 2878 | Olin Corp. |  | 59949 | 0.0 |
| 2217 | Packaging Corp. of America |  | 457212 | 0.1 |
| 5641 | PPG Industries, Inc. |  | 577977 | 0.2 |
| 1310 | Reliance Steel & Aluminum Co. |  | 378420 | 0.1 |
| 2058 | Royal Gold, Inc. |  | 457473 | 0.1 |
| 3192 | RPM International, Inc. |  | 331968 | 0.1 |
| 1094 | Scotts Miracle-Gro Co. |  | 63835 | 0.0 |
| 3655 | Sealed Air Corp. |  | 151427 | 0.1 |
| 2214 | Silgan Holdings, Inc. |  | 89379 | 0.0 |
| 13081 | Smurfit WestRock PLC |  | 505842 | 0.2 |
| 2468 | Sonoco Products Co. |  | 107703 | 0.0 |
| 3436 | Steel Dynamics, Inc. |  | 582230 | 0.2 |
| 3319 | Vulcan Materials Co. |  | 946645 | 0.3 |
| 837 | Westlake Corp. |  | 61888 | 0.0 |
|  |  |  | **15602437** | **4.9** |
|  | **Real Estate: 6.8%** | **Real Estate: 6.8%** | **Real Estate: 6.8%** | **Real Estate: 6.8%** |
| 2839 | Agree Realty Corp. |  | 204493 | 0.1 |
| 4299 | Alexandria Real Estate Equities, Inc. |  | 210393 | 0.1 |
| 8563 | American Homes 4 Rent - Class A |  | 274872 | 0.1 |
| 7145 | Americold Realty Trust, Inc. |  | 91885 | 0.0 |
| 3571 | AvalonBay Communities, Inc. |  | 647458 | 0.2 |
| 3970 | Boston Properties, Inc. |  | 267896 | 0.1 |
| 7630 | Brixmor Property Group, Inc. |  | 200059 | 0.1 |
| 2650 | Camden Property Trust |  | 291712 | 0.1 |
| 7466 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 1200458 | 0.4 |
| 10485 <sup>(1)</sup> | CoStar Group, Inc. |  | 705011 | 0.2 |
| 4182 | Cousins Properties, Inc. |  | 107812 | 0.0 |
| 10894 | Crown Castle, Inc. |  | 968150 | 0.3 |
| 5673 | CubeSmart |  | 204512 | 0.1 |
| 8639 | Digital Realty Trust, Inc. |  | 1336540 | 0.4 |
| 1327 | EastGroup Properties, Inc. |  | 236392 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 1870 | EPR Properties | $93313 | 0.0 |
| 4824 | Equity LifeStyle Properties, Inc. | 292383 | 0.1 |
| 9509 | Equity Residential | 599447 | 0.2 |
| 1600 | Essex Property Trust, Inc. | 418688 | 0.1 |
| 5289 | Extra Space Storage, Inc. | 688733 | 0.2 |
| 2132 | Federal Realty Investment Trust | 214906 | 0.1 |
| 899 <sup>(1)(2)</sup> | Fermi, Inc. | 7192 | 0.0 |
| 3208 | First Industrial Realty Trust, Inc. | 183722 | 0.1 |
| 6817 | Gaming and Leisure Properties, Inc. | 304652 | 0.1 |
| 8224 | Healthcare Realty Trust, Inc. | 139397 | 0.0 |
| 17404 | Healthpeak Properties, Inc. | 279856 | 0.1 |
| 2713 | Highwoods Properties, Inc. | 70050 | 0.0 |
| 17217 | Host Hotels & Resorts, Inc. | 305257 | 0.1 |
| 775 <sup>(1)</sup> | Howard Hughes Holdings, Inc. | 61822 | 0.0 |
| 15362 | Invitation Homes, Inc. | 426910 | 0.1 |
| 7366 | Iron Mountain, Inc. | 611010 | 0.2 |
| 1184 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 398380 | 0.1 |
| 2940 <sup>(2)</sup> | Kilroy Realty Corp. | 109868 | 0.0 |
| 16777 | Kimco Realty Corp. | 340070 | 0.1 |
| 2163 | Lamar Advertising Co. - Class A | 273792 | 0.1 |
| 1770 <sup>(2)</sup> | Lineage, Inc. | 61950 | 0.0 |
| 12503 <sup>(2)</sup> | Medical Properties Trust, Inc. | 62515 | 0.0 |
| 2921 | Mid-America Apartment Communities, Inc. | 405756 | 0.1 |
| 3836 | Millrose Properties, Inc. | 114581 | 0.0 |
| 4686 | National Retail Properties, Inc. | 185706 | 0.1 |
| 1765 | National Storage Affiliates Trust | 49791 | 0.0 |
| 7407 | Omega Healthcare Investors, Inc. | 328426 | 0.1 |
| 4922 <sup>(2)</sup> | Park Hotels & Resorts, Inc. | 51484 | 0.0 |
| 3998 | Rayonier, Inc. | 86557 | 0.0 |
| 22991 | Realty Income Corp. | 1296003 | 0.4 |
| 4535 | Regency Centers Corp. | 313051 | 0.1 |
| 5853 | Rexford Industrial Realty, Inc. | 226628 | 0.1 |
| 2696 | SBA Communications Corp. | 521487 | 0.2 |
| 8135 | Simon Property Group, Inc. | 1505870 | 0.5 |
| 4678 | STAG Industrial, Inc. | 171963 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 3075 | Sun Communities, Inc. | $| 381023 | 0.1 |
| 8294 | UDR, Inc. |  | 304224 | 0.1 |
| 11756 | Ventas, Inc. |  | 909679 | 0.3 |
| 26820 | VICI Properties, Inc. |  | 754178 | 0.2 |
| 4420 | Vornado Realty Trust |  | 147098 | 0.1 |
| 18197 | Weyerhaeuser Co. |  | 431087 | 0.1 |
| 5442 | WP Carey, Inc. |  | 350247 | 0.1 |
| 1209 <sup>(1)</sup> | Zillow Group, Inc. - Class A |  | 82490 | 0.0 |
| 4144 <sup>(1)</sup> | Zillow Group, Inc. - Class C |  | 282704 | 0.1 |
|  |  |  | **21791589** | **6.8** |
|  | **Utilities: 5.9%** | **Utilities: 5.9%** | **Utilities: 5.9%** | **Utilities: 5.9%** |
| 17794 | AES Corp. |  | 255166 | 0.1 |
| 6449 | Alliant Energy Corp. |  | 419249 | 0.1 |
| 6776 | Ameren Corp. |  | 676651 | 0.2 |
| 4890 | American Water Works Co., Inc. |  | 638145 | 0.2 |
| 4018 | Atmos Energy Corp. |  | 673537 | 0.2 |
| 3385 | Brookfield Renewable Corp. |  | 129781 | 0.0 |
| 16360 | CenterPoint Energy, Inc. |  | 627242 | 0.2 |
| 868 | Clearway Energy, Inc. - Class A |  | 27273 | 0.0 |
| 2042 | Clearway Energy, Inc. - Class C |  | 67917 | 0.0 |
| 7599 | CMS Energy Corp. |  | 531398 | 0.2 |
| 9050 | Consolidated Edison, Inc. |  | 898846 | 0.3 |
| 5202 | DTE Energy Co. |  | 670954 | 0.2 |
| 9570 | Edison International |  | 574391 | 0.2 |
| 11211 | Entergy Corp. |  | 1036233 | 0.3 |
| 7029 | Essential Utilities, Inc. |  | 269632 | 0.1 |
| 5779 | Evergy, Inc. |  | 418920 | 0.1 |
| 9326 | Eversource Energy |  | 627920 | 0.2 |
| 25379 | Exelon Corp. |  | 1106271 | 0.3 |
| 13777 | FirstEnergy Corp. |  | 616796 | 0.2 |
| 1351 | IDACORP, Inc. |  | 170983 | 0.1 |
| 5082 | MDU Resources Group, Inc. |  | 99201 | 0.0 |
| 2248 | National Fuel Gas Co. |  | 179975 | 0.1 |
| 11979 | NiSource, Inc. |  | 500243 | 0.2 |
| 4726 | NRG Energy, Inc. |  | 752568 | 0.2 |
| 5035 | OGE Energy Corp. |  | 214995 | 0.1 |
| 55047 | PG&E Corp. |  | 884605 | 0.3 |
| 2986 | Pinnacle West Capital Corp. |  | 264858 | 0.1 |
| 18583 | PPL Corp. |  | 650777 | 0.2 |
| 12538 | Public Service Enterprise Group, Inc. |  | 1006801 | 0.3 |
| 1139 <sup>(1)</sup> | Talen Energy Corp. |  | 426943 | 0.1 |
| 5389 | UGI Corp. |  | 201710 | 0.1 |
| 8494 | Vistra Corp. |  | 1370337 | 0.4 |
| 8175 | WEC Energy Group, Inc. |  | 862135 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 14860 | Xcel Energy, Inc. | $1097560 | 0.3 |
|  |  | **18950013** | **5.9** |
|  | Total Common Stock |  |  |
|  | (Cost $230,945,394) | **313073807** | **97.9** |
| **EXCHANGE-TRADED FUNDS: 1.8%** | **EXCHANGE-TRADED FUNDS: 1.8%** |  |  |
| 58462 | iShares Russell Mid-Cap ETF | **5628137** | **1.8** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $5,442,986) | **5628137** | **1.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $236,388,380) | **318701944** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |
|  | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** |
| 125000 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $125,026, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $127,500, due 12/01/30-11/20/75) | 125000 | 0 |
| 1000000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,000,216, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,020,283, due 01/31/26-11/15/55) | 1000000 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,000,209, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $1,020,000, due 10/15/26-12/20/55) | $1000000 | 0.3 |
| 136325 <sup>(4)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $136,354, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $139,051, due 04/30/26-11/15/34) | 136325 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $2,261,325) | **2261325** | **0.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 757000 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $757,000) | $**757000** | **0.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $3,018,325) | **3018325** | **0.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $239,406,705)** | $**321720269** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(1888963)** | **(0.6)** |
|  | **Net Assets** | $**319831306** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> Investment in affiliate.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $313073807 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $313073807 |
| Exchange-Traded Funds | 5628137 |  |  | 5628137 |
| Short-Term Investments | 757000 | 2261325 |  | 3018325 |
| Total Investments, at fair value | $319458944 | $2261325 | $— | $321720269 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(21448) | $— | $— | $(21448) |
| Total Liabilities | $(21448) | $— | $— | $(21448) |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

---

| | |
|:---|:---|
| <sup>+</sup> | 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. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Financial, Inc. | $262311 | $102412 | $(201999) | $16797 | $179521 | $5958 | $(12707) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | $262311 | $102412 | $(201999) | $16797 | $179521 | $5958 | $(12707) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya VACS Index Series MC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P Mid 400 E-Mini Index | 3 | 03/20/26 | $997560 | $(21448) |
|  |  |  | $997560 | $(21448) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $21448 |
| **Total Liability Derivatives** |  | $21448 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

Voya VACS Index Series MC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(67299) |
| **Total** | $(67299) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $68906 |
| **Total** | $68906 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $247,107,216. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $92759849 |
| Gross Unrealized Depreciation | (18168244) |
| Net Unrealized Appreciation | $74591605 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Communication Services: 10.5%** | **Communication Services: 10.5%** | **Communication Services: 10.5%** |
| 413471 | Alphabet, Inc. - Class A | $129416423 | 3.1 |
| 330466 | Alphabet, Inc. - Class C | 103700231 | 2.5 |
| 503830 | AT&T, Inc. | 12515137 | 0.3 |
| 6254 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 1305522 | 0.0 |
| 258291 | Comcast Corp. - Class A | 7720318 | 0.2 |
| 15952 | Electronic Arts, Inc. | 3259472 | 0.1 |
| 14808 | Fox Corp. - Class A | 1082021 | 0.0 |
| 10548 | Fox Corp. - Class B | 684882 | 0.0 |
| 11222 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 1599135 | 0.0 |
| 16777 | Match Group, Inc. | 541729 | 0.0 |
| 154777 | Meta Platforms, Inc. - Class A | 102166750 | 2.4 |
| 301136 <sup>(1)</sup> | Netflix, Inc. | 28234511 | 0.7 |
| 26613 | News Corp. - Class A | 695132 | 0.0 |
| 8773 | News Corp. - Class B | 259944 | 0.0 |
| 22669 | Omnicom Group, Inc. | 1830522 | 0.1 |
| 22087 <sup>(2)</sup> | Paramount Skydance Corp. - Class B | 295966 | 0.0 |
| 12344 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3160434 | 0.1 |
| 4711 | TKO Group Holdings, Inc. | 984599 | 0.0 |
| 34181 | T-Mobile US, Inc. | 6940110 | 0.2 |
| 31292 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 1187844 | 0.0 |
| 299651 | Verizon Communications, Inc. | 12204785 | 0.3 |
| 126876 | Walt Disney Co. | 14434683 | 0.4 |
| 176104 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 5075317 | 0.1 |
|  |  | **439295467** | **10.5** |
|  | **Consumer Discretionary: 10.3%** | **Consumer Discretionary: 10.3%** | **Consumer Discretionary: 10.3%** |
| 30225 <sup>(1)</sup> | Airbnb, Inc. - Class A | 4102137 | 0.1 |
| 691352 <sup>(1)</sup> | Amazon.com, Inc. | 159577869 | 3.8 |
| 15356 <sup>(1)</sup> | Aptiv PLC | 1168438 | 0.0 |
| 1182 <sup>(1)</sup> | AutoZone, Inc. | 4008753 | 0.1 |
| 13886 | Best Buy Co., Inc. | 929390 | 0.0 |
| 2291 | Booking Holdings, Inc. | 12269061 | 0.3 |
| 77166 <sup>(1)</sup> | Carnival Corp. | 2356650 | 0.1 |
| 10051 <sup>(1)</sup> | Carvana Co. | 4241723 | 0.1 |
| 93971 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 3476927 | 0.1 |
| 19463 | D.R. Horton, Inc. | 2803256 | 0.1 |
| 8266 | Darden Restaurants, Inc. | 1521109 | 0.0 |
| 10358 <sup>(1)</sup> | Deckers Outdoor Corp. | 1073814 | 0.0 |
| 2209 | Domino's Pizza, Inc. | 920755 | 0.0 |
| 26567 <sup>(1)</sup> | DoorDash, Inc. - Class A | 6016894 | 0.2 |
| 32123 | eBay, Inc. | 2797913 | 0.1 |
| 8316 | Expedia Group, Inc. | 2356006 | 0.1 |
| 278133 | Ford Motor Co. | 3649105 | 0.1 |
| 11618 | Garmin Ltd. | 2356711 | 0.1 |
| 66296 | General Motors Co. | 5391191 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 9886 | Genuine Parts Co. | $| 1215583 | 0.0 |
| 9475 | Hasbro, Inc. |  | 776950 | 0.0 |
| 16519 | Hilton Worldwide Holdings, Inc. |  | 4745083 | 0.1 |
| 70740 | Home Depot, Inc. |  | 24341634 | 0.6 |
| 21622 | Las Vegas Sands Corp. |  | 1407376 | 0.0 |
| 15333 | Lennar Corp. - Class A |  | 1576232 | 0.0 |
| 39856 | Lowe's Cos., Inc. |  | 9611673 | 0.2 |
| 7669 <sup>(1)</sup> | Lululemon Athletica, Inc. |  | 1593695 | 0.0 |
| 15829 | Marriott International, Inc. - Class A |  | 4910789 | 0.1 |
| 50611 | McDonald's Corp. |  | 15468240 | 0.4 |
| 14578 <sup>(1)</sup> | MGM Resorts International |  | 531951 | 0.0 |
| 84522 | NIKE, Inc. - Class B |  | 5384897 | 0.1 |
| 32354 <sup>(1)</sup> | Norwegian Cruise Line Holdings Ltd. |  | 722141 | 0.0 |
| 202 <sup>(1)</sup> | NVR, Inc. |  | 1473140 | 0.0 |
| 59988 <sup>(1)</sup> | O'Reilly Automotive, Inc. |  | 5471505 | 0.1 |
| 2330 | Pool Corp. |  | 532987 | 0.0 |
| 13852 | PulteGroup, Inc. |  | 1624286 | 0.0 |
| 2755 | Ralph Lauren Corp. |  | 974196 | 0.0 |
| 23113 | Ross Stores, Inc. |  | 4163576 | 0.1 |
| 18024 | Royal Caribbean Cruises Ltd. |  | 5027254 | 0.1 |
| 80797 | Starbucks Corp. |  | 6803915 | 0.2 |
| 14544 | Tapestry, Inc. |  | 1858287 | 0.1 |
| 199696 <sup>(1)</sup> | Tesla, Inc. |  | 89807285 | 2.2 |
| 79094 | TJX Cos., Inc. |  | 12149629 | 0.3 |
| 37552 | Tractor Supply Co. |  | 1877976 | 0.1 |
| 3187 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 1928167 | 0.1 |
| 8655 | Williams-Sonoma, Inc. |  | 1545696 | 0.0 |
| 6000 | Wynn Resorts Ltd. |  | 721980 | 0.0 |
| 19732 | Yum! Brands, Inc. |  | 2985057 | 0.1 |
|  |  |  | **432248882** | **10.3** |
|  | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** | **Consumer Staples: 4.7%** |
| 119299 | Altria Group, Inc. |  | 6878780 | 0.2 |
| 34153 | Archer-Daniels-Midland Co. |  | 1963456 | 0.1 |
| 12515 <sup>(2)</sup> | Brown-Forman Corp. - Class B |  | 326141 | 0.0 |
| 9619 | Bunge Global SA |  | 856861 | 0.0 |
| 13964 <sup>(2)</sup> | Campbell Soup Co. |  | 389177 | 0.0 |
| 17065 | Church & Dwight Co., Inc. |  | 1430900 | 0.0 |
| 8669 | Clorox Co. |  | 874095 | 0.0 |
| 275134 | Coca-Cola Co. |  | 19234618 | 0.5 |
| 57285 | Colgate-Palmolive Co. |  | 4526661 | 0.1 |
| 33995 | Conagra Brands, Inc. |  | 588453 | 0.0 |
| 10019 | Constellation Brands, Inc. - Class A |  | 1382221 | 0.0 |
| 31496 | Costco Wholesale Corp. |  | 27160261 | 0.7 |
| 15642 | Dollar General Corp. |  | 2076788 | 0.1 |
| 13481 <sup>(1)</sup> | Dollar Tree, Inc. |  | 1658298 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 17472 | Estee Lauder Cos., Inc. - Class A | $| 1829668 | 0.0 |
| 37909 | General Mills, Inc. |  | 1762769 | 0.0 |
| 10530 | Hershey Co. |  | 1916249 | 0.1 |
| 20716 | Hormel Foods Corp. |  | 490969 | 0.0 |
| 7582 | JM Smucker Co. |  | 741595 | 0.0 |
| 136151 | Kenvue, Inc. |  | 2348605 | 0.1 |
| 96551 | Keurig Dr Pepper, Inc. |  | 2704394 | 0.1 |
| 23584 | Kimberly-Clark Corp. |  | 2379390 | 0.1 |
| 60566 | Kraft Heinz Co. |  | 1468726 | 0.0 |
| 43327 | Kroger Co. |  | 2707071 | 0.1 |
| 9903 | Lamb Weston Holdings, Inc. |  | 414837 | 0.0 |
| 17997 | McCormick & Co., Inc. |  | 1225776 | 0.0 |
| 12032 | Molson Coors Beverage Co. - Class B |  | 561654 | 0.0 |
| 91703 | Mondelez International, Inc. - Class A |  | 4936372 | 0.1 |
| 50687 <sup>(1)</sup> | Monster Beverage Corp. |  | 3886172 | 0.1 |
| 97174 | PepsiCo, Inc. |  | 13946412 | 0.3 |
| 110627 | Philip Morris International, Inc. |  | 17744571 | 0.4 |
| 166066 | Procter & Gamble Co. |  | 23798918 | 0.6 |
| 34031 | Sysco Corp. |  | 2507744 | 0.1 |
| 32293 | Target Corp. |  | 3156641 | 0.1 |
| 20115 | Tyson Foods, Inc. - Class A |  | 1179141 | 0.0 |
| 311636 | Walmart, Inc. |  | 34719367 | 0.8 |
|  |  |  | **195773751** | **4.7** |
|  | **Energy: 2.8%** | **Energy: 2.8%** | **Energy: 2.8%** | **Energy: 2.8%** |
| 25205 | APA Corp. |  | 616514 | 0.0 |
| 70128 | Baker Hughes Co. |  | 3193629 | 0.1 |
| 16926 | Chesapeake Energy Corp. |  | 1867953 | 0.0 |
| 134510 | Chevron Corp. |  | 20500669 | 0.5 |
| 87819 | ConocoPhillips |  | 8220737 | 0.2 |
| 54109 | Coterra Energy, Inc. |  | 1424149 | 0.0 |
| 44581 | Devon Energy Corp. |  | 1633002 | 0.0 |
| 13236 | Diamondback Energy, Inc. |  | 1989768 | 0.0 |
| 38561 | EOG Resources, Inc. |  | 4049291 | 0.1 |
| 44351 | EQT Corp. |  | 2377214 | 0.1 |
| 299704 | Exxon Mobil Corp. |  | 36066379 | 0.9 |
| 59812 | Halliburton Co. |  | 1690287 | 0.0 |
| 139135 | Kinder Morgan, Inc. |  | 3824821 | 0.1 |
| 21363 | Marathon Petroleum Corp. |  | 3474265 | 0.1 |
| 51112 | Occidental Petroleum Corp. |  | 2101725 | 0.1 |
| 44718 | ONEOK, Inc. |  | 3286773 | 0.1 |
| 28635 | Phillips 66 |  | 3695060 | 0.1 |
| 106170 | Schlumberger NV |  | 4074805 | 0.1 |
| 15255 | Targa Resources Corp. |  | 2814547 | 0.1 |
| 4116 | Texas Pacific Land Corp. |  | 1182198 | 0.0 |
| 21676 | Valero Energy Corp. |  | 3528636 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 86789 | Williams Cos., Inc. | $| 5216887 | 0.1 |
|  |  |  | **116829309** | **2.8** |
|  | **Financials: 13.2%** | **Financials: 13.2%** | **Financials: 13.2%** | **Financials: 13.2%** |
| 33523 | Aflac, Inc. |  | 3696581 | 0.1 |
| 18597 | Allstate Corp. |  | 3870966 | 0.1 |
| 38185 | American Express Co. |  | 14126541 | 0.3 |
| 38346 | American International Group, Inc. |  | 3280500 | 0.1 |
| 6603 | Ameriprise Financial, Inc. |  | 3237715 | 0.1 |
| 15275 | Aon PLC - Class A |  | 5390242 | 0.1 |
| 32999 | Apollo Global Management, Inc. |  | 4776935 | 0.1 |
| 25662 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 2461499 | 0.1 |
| 14641 | Ares Management Corp. - Class A |  | 2366425 | 0.1 |
| 18251 | Arthur J Gallagher & Co. |  | 4723176 | 0.1 |
| 3559 | Assurant, Inc. |  | 857185 | 0.0 |
| 477453 | Bank of America Corp. |  | 26259915 | 0.6 |
| 49559 | Bank of New York Mellon Corp. |  | 5753304 | 0.1 |
| 130319 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B |  | 65504845 | 1.6 |
| 10254 | Blackrock, Inc. |  | 10975266 | 0.3 |
| 52480 | Blackstone, Inc. |  | 8089267 | 0.2 |
| 38921 <sup>(1)</sup> | Block, Inc. |  | 2533368 | 0.1 |
| 20867 | Brown & Brown, Inc. |  | 1663100 | 0.0 |
| 45180 | Capital One Financial Corp. |  | 10949825 | 0.3 |
| 7437 | Cboe Global Markets, Inc. |  | 1866687 | 0.0 |
| 118706 | Charles Schwab Corp. |  | 11859917 | 0.3 |
| 26011 | Chubb Ltd. |  | 8118553 | 0.2 |
| 11088 | Cincinnati Financial Corp. |  | 1810892 | 0.0 |
| 127161 | Citigroup, Inc. |  | 14838417 | 0.4 |
| 30523 | Citizens Financial Group, Inc. |  | 1782849 | 0.0 |
| 25627 | CME Group, Inc. |  | 6998221 | 0.2 |
| 16215 <sup>(1)</sup> | Coinbase Global, Inc. - Class A |  | 3666860 | 0.1 |
| 4972 <sup>(1)</sup> | Corpay, Inc. |  | 1496224 | 0.0 |
| 1805 | Erie Indemnity Co. - Class A |  | 517403 | 0.0 |
| 2983 | Everest Re Group Ltd. |  | 1012281 | 0.0 |
| 2662 | FactSet Research Systems, Inc. |  | 772486 | 0.0 |
| 36802 | Fidelity National Information Services, Inc. |  | 2445861 | 0.1 |
| 46977 | Fifth Third Bancorp |  | 2198993 | 0.1 |
| 38224 <sup>(1)</sup> | Fiserv, Inc. |  | 2567506 | 0.1 |
| 21844 | Franklin Resources, Inc. |  | 521853 | 0.0 |
| 16825 | Global Payments, Inc. |  | 1302255 | 0.0 |
| 5657 | Globe Life, Inc. |  | 791188 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 21315 | Goldman Sachs Group, Inc. | $| 18735885 | 0.4 |
| 19803 | Hartford Financial Services Group, Inc. |  | 2728853 | 0.1 |
| 111731 | Huntington Bancshares, Inc. |  | 1938533 | 0 |
| 31651 | Interactive Brokers Group, Inc. - Class A |  | 2035476 | 0 |
| 40521 | Intercontinental Exchange, Inc. |  | 6562781 | 0.2 |
| 31632 | Invesco Ltd. |  | 830973 | 0 |
| 5144 | Jack Henry & Associates, Inc. |  | 938677 | 0 |
| 193465 | JPMorgan Chase & Co. |  | 62338292 | 1.5 |
| 66020 | KeyCorp |  | 1362653 | 0 |
| 48777 | KKR & Co., Inc. |  | 6218092 | 0.1 |
| 12043 | Loews Corp. |  | 1268248 | 0 |
| 10922 | M&T Bank Corp. |  | 2200565 | 0.1 |
| 34817 | Marsh & McLennan Cos., Inc. |  | 6459250 | 0.2 |
| 58272 | Mastercard, Inc. - Class A |  | 33266319 | 0.8 |
| 39334 | MetLife, Inc. |  | 3105026 | 0.1 |
| 10903 | Moody's Corp. |  | 5569798 | 0.1 |
| 85841 | Morgan Stanley |  | 15239353 | 0.4 |
| 5340 | MSCI, Inc. |  | 3063718 | 0.1 |
| 32058 | Nasdaq, Inc. |  | 3113794 | 0.1 |
| 13440 | Northern Trust Corp. |  | 1835770 | 0 |
| 66495 | PayPal Holdings, Inc. |  | 3881978 | 0.1 |
| 27870 | PNC Financial Services Group, Inc. |  | 5817305 | 0.1 |
| 14208 | Principal Financial Group, Inc. |  | 1253288 | 0 |
| 41674 | Progressive Corp. |  | 9490003 | 0.2 |
| 24874 | Prudential Financial, Inc. |  | 2807777 | 0.1 |
| 12530 | Raymond James Financial, Inc. |  | 2012193 | 0 |
| 62317 | Regions Financial Corp. |  | 1688791 | 0 |
| 55884 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A |  | 6320481 | 0.2 |
| 22031 | S&P Global, Inc. |  | 11513180 | 0.3 |
| 19850 | State Street Corp. |  | 2560849 | 0.1 |
| 25596 | Synchrony Financial |  | 2135474 | 0.1 |
| 15510 | T. Rowe Price Group, Inc. |  | 1587914 | 0 |
| 15853 | Travelers Cos., Inc. |  | 4598321 | 0.1 |
| 90913 | Truist Financial Corp. |  | 4473829 | 0.1 |
| 110470 | US Bancorp |  | 5894679 | 0.1 |
| 119936 | Visa, Inc. - Class A |  | 42062755 | 1 |
| 21336 | W.R. Berkley Corp. |  | 1496080 | 0 |
| 223087 | Wells Fargo & Co. |  | 20791708 | 0.5 |
| 6805 | Willis Towers Watson PLC |  | 2236123 | 0.1 |
|  |  |  | **556519885** | **13.2** |
|  | **Health Care: 9.5%** | **Health Care: 9.5%** | **Health Care: 9.5%** | **Health Care: 9.5%** |
| 123577 | Abbott Laboratories |  | 15482962 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 125604 | AbbVie, Inc. | $28699258 | 0.7 |
| 20148 | Agilent Technologies, Inc. | 2741538 | 0.1 |
| 4742 <sup>(1)</sup> | Align Technology, Inc. | 740463 | 0.0 |
| 13778 | AmerisourceBergen Corp. | 4653520 | 0.1 |
| 38269 | Amgen, Inc. | 12525826 | 0.3 |
| 36533 | Baxter International, Inc. | 698146 | 0.0 |
| 20370 | Becton Dickinson and Co. | 3953206 | 0.1 |
| 10426 <sup>(1)</sup> | Biogen, Inc. | 1834872 | 0.1 |
| 11073 | Bio-Techne Corp. | 651203 | 0.0 |
| 105354 <sup>(1)</sup> | Boston Scientific Corp. | 10045504 | 0.2 |
| 144676 | Bristol-Myers Squibb Co. | 7803823 | 0.2 |
| 16885 | Cardinal Health, Inc. | 3469868 | 0.1 |
| 33184 <sup>(1)</sup> | Centene Corp. | 1365522 | 0.0 |
| 3498 <sup>(1)</sup> | Charles River Laboratories International, Inc. | 697781 | 0.0 |
| 18984 | Cigna Group | 5224966 | 0.1 |
| 14129 <sup>(1)</sup> | Cooper Cos., Inc. | 1158013 | 0.0 |
| 90215 | CVS Health Corp. | 7159462 | 0.2 |
| 44677 | Danaher Corp. | 10227459 | 0.3 |
| 2509 <sup>(1)</sup> | DaVita, Inc. | 285048 | 0.0 |
| 27717 <sup>(1)</sup> | Dexcom, Inc. | 1839577 | 0.1 |
| 41241 <sup>(1)</sup> | Edwards Lifesciences Corp. | 3515795 | 0.1 |
| 15794 | Elevance Health, Inc. | 5536587 | 0.1 |
| 56436 | Eli Lilly & Co. | 60650641 | 1.5 |
| 32373 | GE HealthCare Technologies, Inc. | 2655233 | 0.1 |
| 88172 | Gilead Sciences, Inc. | 10822231 | 0.3 |
| 11352 | HCA Healthcare, Inc. | 5299795 | 0.1 |
| 7111 <sup>(1)</sup> | Henry Schein, Inc. | 537449 | 0.0 |
| 15817 <sup>(1)</sup> | Hologic, Inc. | 1178208 | 0.0 |
| 8548 | Humana, Inc. | 2189399 | 0.1 |
| 5675 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 3839308 | 0.1 |
| 11720 <sup>(1)</sup> | Incyte Corp. | 1157584 | 0.0 |
| 4999 <sup>(1)</sup> | Insulet Corp. | 1420916 | 0.0 |
| 25193 <sup>(1)</sup> | Intuitive Surgical, Inc. | 14268307 | 0.3 |
| 12103 <sup>(1)</sup> | IQVIA Holdings, Inc. | 2728137 | 0.1 |
| 171223 | Johnson & Johnson | 35434600 | 0.9 |
| 5892 | Labcorp Holdings, Inc. | 1478185 | 0.0 |
| 8772 | McKesson Corp. | 7195584 | 0.2 |
| 91152 | Medtronic PLC | 8756061 | 0.2 |
| 176391 | Merck & Co., Inc. | 18566917 | 0.5 |
| 1452 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 2024364 | 0.1 |
| 24711 <sup>(1)</sup> | Moderna, Inc. | 728727 | 0.0 |
| 3653 <sup>(1)</sup> | Molina Healthcare, Inc. | 633942 | 0.0 |
| 404069 | Pfizer, Inc. | 10061318 | 0.2 |
| 7906 | Quest Diagnostics, Inc. | 1371928 | 0.0 |
| 7162 | Regeneron Pharmaceuticals, Inc. | 5528133 | 0.1 |
| 10373 | ResMed, Inc. | 2498545 | 0.1 |
| 8057 | Revvity, Inc. | 779515 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 10478 <sup>(1)</sup> | Solventum Corp. | $| 830277 | 0.0 |
| 6975 | STERIS PLC |  | 1768302 | 0.0 |
| 24460 | Stryker Corp. |  | 8596956 | 0.2 |
| 26701 | Thermo Fisher Scientific, Inc. |  | 15471894 | 0.4 |
| 64376 | UnitedHealth Group, Inc. |  | 21251161 | 0.5 |
| 3925 | Universal Health Services, Inc. - Class B |  | 855729 | 0.0 |
| 18031 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 8174534 | 0.2 |
| 81853 | Viatris, Inc. |  | 1019070 | 0.0 |
| 4231 <sup>(1)</sup> | Waters Corp. |  | 1607061 | 0.0 |
| 5113 | West Pharmaceutical Services, Inc. |  | 1406791 | 0.0 |
| 14084 | Zimmer Biomet Holdings, Inc. |  | 1266433 | 0.0 |
| 31319 | Zoetis, Inc. |  | 3940557 | 0.1 |
|  |  |  | **398304191** | **9.5** |
|  | **Industrials: 8.1%** | **Industrials: 8.1%** | **Industrials: 8.1%** | **Industrials: 8.1%** |
| 37753 | 3M Co. |  | 6044255 | 0.1 |
| 8057 | A.O. Smith Corp. |  | 538852 | 0.0 |
| 6114 | Allegion PLC |  | 973471 | 0.0 |
| 16360 | AMETEK, Inc. |  | 3358872 | 0.1 |
| 28743 | Automatic Data Processing, Inc. |  | 7393562 | 0.2 |
| 5608 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 3184951 | 0.1 |
| 55649 <sup>(1)</sup> | Boeing Co. |  | 12082511 | 0.3 |
| 8296 | Broadridge Financial Solutions, Inc. |  | 1851418 | 0.0 |
| 7859 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 808613 | 0.0 |
| 56263 | Carrier Global Corp. |  | 2972937 | 0.1 |
| 33258 | Caterpillar, Inc. |  | 19052510 | 0.5 |
| 11373 <sup>(1)</sup> | Ceridian HCM Holding, Inc. |  | 786557 | 0.0 |
| 8396 | CH Robinson Worldwide, Inc. |  | 1349741 | 0.0 |
| 24276 | Cintas Corp. |  | 4565587 | 0.1 |
| 2501 | Comfort Systems USA, Inc. |  | 2334158 | 0.1 |
| 63279 <sup>(1)</sup> | Copart, Inc. |  | 2477373 | 0.1 |
| 132338 | CSX Corp. |  | 4797253 | 0.1 |
| 9810 | Cummins, Inc. |  | 5007515 | 0.1 |
| 17867 | Deere & Co. |  | 8318339 | 0.2 |
| 46097 | Delta Air Lines, Inc. |  | 3199132 | 0.1 |
| 9747 | Dover Corp. |  | 1903004 | 0.1 |
| 27603 | Eaton Corp. PLC |  | 8791832 | 0.2 |
| 3181 | EMCOR Group, Inc. |  | 1946104 | 0.1 |
| 39926 | Emerson Electric Co. |  | 5298979 | 0.1 |
| 8698 | Equifax, Inc. |  | 1887292 | 0.1 |
| 9525 | Expeditors International of Washington, Inc. |  | 1419320 | 0.0 |
| 81588 | Fastenal Co. |  | 3274126 | 0.1 |
| 15427 | FedEx Corp. |  | 4456243 | 0.1 |
| 22572 | Fortive Corp. |  | 1246200 | 0.0 |
| 74963 | GE Aerospace |  | 23090853 | 0.6 |
| 19282 | GE Vernova, Inc. |  | 12602137 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4171 <sup>(1)</sup> | Generac Holdings, Inc. | $568799 | 0.0 |
| 18018 | General Dynamics Corp. | 6065940 | 0.2 |
| 45120 | Honeywell International, Inc. | 8802461 | 0.2 |
| 28574 | Howmet Aerospace, Inc. | 5858241 | 0.1 |
| 3777 | Hubbell, Inc. | 1677403 | 0.0 |
| 2789 | Huntington Ingalls Industries, Inc. | 948455 | 0.0 |
| 5319 | IDEX Corp. | 946463 | 0.0 |
| 18761 | Illinois Tool Works, Inc. | 4620834 | 0.1 |
| 25552 | Ingersoll Rand, Inc. | 2024229 | 0.1 |
| 8495 | Jacobs Solutions, Inc. | 1125248 | 0.0 |
| 5346 | JB Hunt Transport Services, Inc. | 1038942 | 0.0 |
| 43432 | Johnson Controls International PLC | 5200982 | 0.1 |
| 13293 | L3Harris Technologies, Inc. | 3902426 | 0.1 |
| 9086 | Leidos Holdings, Inc. | 1639114 | 0.0 |
| 2268 | Lennox International, Inc. | 1101295 | 0.0 |
| 14472 | Lockheed Martin Corp. | 6999672 | 0.2 |
| 14760 | Masco Corp. | 936670 | 0.0 |
| 3793 | Nordson Corp. | 911951 | 0.0 |
| 15947 | Norfolk Southern Corp. | 4604218 | 0.1 |
| 9534 | Northrop Grumman Corp. | 5436382 | 0.1 |
| 13077 | Old Dominion Freight Line, Inc. | 2050474 | 0.1 |
| 27696 | Otis Worldwide Corp. | 2419246 | 0.1 |
| 37325 | PACCAR, Inc. | 4087461 | 0.1 |
| 8968 | Parker-Hannifin Corp. | 7882513 | 0.2 |
| 23019 | Paychex, Inc. | 2582271 | 0.1 |
| 3473 | Paycom Software, Inc. | 553457 | 0.0 |
| 11630 | Pentair PLC | 1211148 | 0.0 |
| 10597 | Quanta Services, Inc. | 4472570 | 0.1 |
| 95285 | Raytheon Technologies Corp. | 17475269 | 0.4 |
| 14300 | Republic Services, Inc. | 3030599 | 0.1 |
| 7979 | Rockwell Automation, Inc. | 3104390 | 0.1 |
| 20858 | Rollins, Inc. | 1251897 | 0.0 |
| 3696 | Snap-on, Inc. | 1273642 | 0.0 |
| 36753 | Southwest Airlines Co. | 1519002 | 0.0 |
| 11007 | Stanley Black & Decker, Inc. | 817600 | 0.0 |
| 12524 | Textron, Inc. | 1091717 | 0.0 |
| 15758 | Trane Technologies PLC | 6133014 | 0.2 |
| 4002 | TransDigm Group, Inc. | 5322060 | 0.1 |
| 147666 <sup>(1)</sup> | Uber Technologies, Inc. | 12065789 | 0.3 |
| 42155 | Union Pacific Corp. | 9751295 | 0.2 |
| 23007 <sup>(1)</sup> | United Airlines Holdings, Inc. | 2572643 | 0.1 |
| 52518 | United Parcel Service, Inc. - Class B | 5209260 | 0.1 |
| 4522 | United Rentals, Inc. | 3659745 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 17646 | Veralto Corp. | $| 1760718 | 0.0 |
| 9905 | Verisk Analytics, Inc. |  | 2215649 | 0.1 |
| 26340 | Waste Management, Inc. |  | 5787161 | 0.1 |
| 12149 | Westinghouse Air Brake Technologies Corp. |  | 2593204 | 0.1 |
| 3109 | WW Grainger, Inc. |  | 3137136 | 0.1 |
| 17303 | Xylem, Inc. |  | 2356323 | 0.1 |
|  |  |  | **338810675** | **8.1** |
|  | **Information Technology: 34.1%** | **Information Technology: 34.1%** | **Information Technology: 34.1%** | **Information Technology: 34.1%** |
| 44072 | Accenture PLC - Class A |  | 11824518 | 0.3 |
| 29749 <sup>(1)</sup> | Adobe, Inc. |  | 10411852 | 0.3 |
| 115701 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 24778526 | 0.6 |
| 10224 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 892044 | 0.0 |
| 86991 | Amphenol Corp. - Class A |  | 11755964 | 0.3 |
| 34962 | Analog Devices, Inc. |  | 9481694 | 0.2 |
| 1050119 | Apple, Inc. |  | 285485351 | 6.8 |
| 56615 | Applied Materials, Inc. |  | 14549489 | 0.3 |
| 19237 <sup>(1)</sup> | AppLovin Corp. - Class A |  | 12962275 | 0.3 |
| 73385 <sup>(1)</sup> | Arista Networks, Inc. |  | 9615636 | 0.2 |
| 15137 <sup>(1)</sup> | Autodesk, Inc. |  | 4480703 | 0.1 |
| 335607 | Broadcom, Inc. |  | 116153583 | 2.8 |
| 19345 <sup>(1)</sup> | Cadence Design Systems, Inc. |  | 6046860 | 0.1 |
| 9253 | CDW Corp. |  | 1260259 | 0.0 |
| 280058 | Cisco Systems, Inc. |  | 21572868 | 0.5 |
| 34300 | Cognizant Technology Solutions Corp. - Class A |  | 2846900 | 0.1 |
| 55447 | Corning, Inc. |  | 4854939 | 0.1 |
| 17835 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 8360335 | 0.2 |
| 23128 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 3145177 | 0.1 |
| 21419 | Dell Technologies, Inc. - Class C |  | 2696224 | 0.1 |
| 3926 <sup>(1)</sup> | EPAM Systems, Inc. |  | 804359 | 0.0 |
| 4099 <sup>(1)</sup> | F5, Inc. |  | 1046311 | 0.0 |
| 1685 <sup>(1)</sup> | Fair Isaac Corp. |  | 2848695 | 0.1 |
| 7626 <sup>(1)</sup> | First Solar, Inc. |  | 1992140 | 0.1 |
| 44922 <sup>(1)</sup> | Fortinet, Inc. |  | 3567256 | 0.1 |
| 5122 <sup>(1)</sup> | Gartner, Inc. |  | 1292178 | 0.0 |
| 39884 | Gen Digital, Inc. |  | 1084446 | 0.0 |
| 9604 <sup>(1)</sup> | GoDaddy, Inc. - Class A |  | 1191664 | 0.0 |
| 93770 | Hewlett Packard Enterprise Co. |  | 2252355 | 0.1 |
| 66427 | HP, Inc. |  | 1479993 | 0.0 |
| 318653 <sup>(1)</sup> | Intel Corp. |  | 11758296 | 0.3 |
| 66429 | International Business Machines Corp. |  | 19676934 | 0.5 |
| 19814 | Intuit, Inc. |  | 13125190 | 0.3 |
| 7593 | Jabil, Inc. |  | 1731356 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 12213 <sup>(1)</sup> | Keysight Technologies, Inc. | $| 2481559 | 0.1 |
| 9338 | KLA Corp. |  | 11346417 | 0.3 |
| 89263 | Lam Research Corp. |  | 15280040 | 0.4 |
| 38408 | Microchip Technology, Inc. |  | 2447358 | 0.1 |
| 79771 | Micron Technology, Inc. |  | 22767441 | 0.5 |
| 528201 | Microsoft Corp. |  | 255448568 | 6.1 |
| 3405 | Monolithic Power Systems, Inc. |  | 3086156 | 0.1 |
| 11837 | Motorola Solutions, Inc. |  | 4537359 | 0.1 |
| 14186 | NetApp, Inc. |  | 1519179 | 0.0 |
| 1726942 | NVIDIA Corp. |  | 322074683 | 7.7 |
| 17886 | NXP Semiconductors NV |  | 3882335 | 0.1 |
| 28596 <sup>(1)</sup> | ON Semiconductor Corp. |  | 1548473 | 0.0 |
| 119533 | Oracle Corp. |  | 23298177 | 0.6 |
| 162342 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 28856290 | 0.7 |
| 48609 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 8953778 | 0.2 |
| 8513 <sup>(1)</sup> | PTC, Inc. |  | 1483050 | 0.0 |
| 14884 | Qnity Electronics, Inc. |  | 1215279 | 0.0 |
| 76113 | Qualcomm, Inc. |  | 13019129 | 0.3 |
| 7649 | Roper Technologies, Inc. |  | 3404799 | 0.1 |
| 67656 | Salesforce, Inc. |  | 17922751 | 0.4 |
| 9894 <sup>(1)</sup> | Sandisk Corp. |  | 2348638 | 0.1 |
| 15484 | Seagate Technology Holdings PLC |  | 4264139 | 0.1 |
| 73726 <sup>(1)</sup> | ServiceNow, Inc. |  | 11294086 | 0.3 |
| 10566 | Skyworks Solutions, Inc. |  | 669990 | 0.0 |
| 35637 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 1043095 | 0.0 |
| 13201 <sup>(1)</sup> | Synopsys, Inc. |  | 6200774 | 0.2 |
| 20907 | TE Connectivity PLC |  | 4756552 | 0.1 |
| 3337 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 1704306 | 0.0 |
| 11130 | Teradyne, Inc. |  | 2154323 | 0.1 |
| 64574 | Texas Instruments, Inc. |  | 11202943 | 0.3 |
| 16908 <sup>(1)</sup> | Trimble, Inc. |  | 1324742 | 0.0 |
| 3058 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 1388179 | 0.0 |
| 5929 | VeriSign, Inc. |  | 1440450 | 0.0 |
| 24298 | Western Digital Corp. |  | 4185816 | 0.1 |
| 15422 <sup>(1)</sup> | Workday, Inc. - Class A |  | 3312337 | 0.1 |
| 3600 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 874152 | 0.0 |
|  |  |  | **1429763713** | **34.1** |
|  | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** |
| 15816 | Air Products and Chemicals, Inc. |  | 3906868 | 0.1 |
| 8365 | Albemarle Corp. |  | 1183146 | 0.0 |
| 164050 | Amcor PLC |  | 1368177 | 0.0 |
| 5493 | Avery Dennison Corp. |  | 999067 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 19045 | Ball Corp. | $| 1008814 | 0.0 |
| 11085 | CF Industries Holdings, Inc. |  | 857314 | 0.0 |
| 48023 | Corteva, Inc. |  | 3218982 | 0.1 |
| 47635 | CRH PLC US |  | 5944848 | 0.2 |
| 50512 | Dow, Inc. |  | 1180970 | 0.0 |
| 29776 | DuPont de Nemours, Inc. |  | 1196995 | 0.0 |
| 18116 | Ecolab, Inc. |  | 4755812 | 0.1 |
| 102048 | Freeport-McMoRan, Inc. |  | 5183018 | 0.1 |
| 18200 | International Flavors & Fragrances, Inc. |  | 1226498 | 0.0 |
| 37526 | International Paper Co. |  | 1478149 | 0.0 |
| 33185 | Linde PLC US |  | 14149752 | 0.4 |
| 18300 | LyondellBasell Industries NV - Class A |  | 792390 | 0.0 |
| 4286 | Martin Marietta Materials, Inc. |  | 2668721 | 0.1 |
| 22557 | Mosaic Co. |  | 543398 | 0.0 |
| 77553 | Newmont Corp. |  | 7743667 | 0.2 |
| 16264 | Nucor Corp. |  | 2652821 | 0.1 |
| 6351 | Packaging Corp. of America |  | 1309767 | 0.0 |
| 15948 | PPG Industries, Inc. |  | 1634032 | 0.1 |
| 16384 | Sherwin-Williams Co. |  | 5308907 | 0.1 |
| 37110 | Smurfit WestRock PLC |  | 1435044 | 0.0 |
| 9756 | Steel Dynamics, Inc. |  | 1653154 | 0.1 |
| 9390 | Vulcan Materials Co. |  | 2678216 | 0.1 |
|  |  |  | **76078527** | **1.8** |
|  | **Real Estate: 1.8%** | **Real Estate: 1.8%** | **Real Estate: 1.8%** | **Real Estate: 1.8%** |
| 11054 | Alexandria Real Estate Equities, Inc. |  | 540983 | 0.0 |
| 33270 | American Tower Corp. |  | 5841214 | 0.1 |
| 10051 | AvalonBay Communities, Inc. |  | 1822347 | 0.1 |
| 10474 | Boston Properties, Inc. |  | 706786 | 0.0 |
| 7561 | Camden Property Trust |  | 832315 | 0.0 |
| 20832 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 3349577 | 0.1 |
| 30120 <sup>(1)</sup> | CoStar Group, Inc. |  | 2025269 | 0.1 |
| 30948 | Crown Castle, Inc. |  | 2750349 | 0.1 |
| 22947 | Digital Realty Trust, Inc. |  | 3550130 | 0.1 |
| 6978 | Equinix, Inc. |  | 5346264 | 0.1 |
| 24606 | Equity Residential |  | 1551162 | 0.0 |
| 4577 | Essex Property Trust, Inc. |  | 1197709 | 0.0 |
| 15084 | Extra Space Storage, Inc. |  | 1964238 | 0.1 |
| 5579 | Federal Realty Investment Trust |  | 562363 | 0.0 |
| 49388 | Healthpeak Properties, Inc. |  | 794159 | 0.0 |
| 45451 | Host Hotels & Resorts, Inc. |  | 805846 | 0.0 |
| 40081 | Invitation Homes, Inc. |  | 1113851 | 0.0 |
| 21007 | Iron Mountain, Inc. |  | 1742531 | 0.1 |
| 48127 | Kimco Realty Corp. |  | 975534 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 8321 | Mid-America Apartment Communities, Inc. | $| 1155870 | 0.0 |
| 66012 | Prologis, Inc. |  | 8427092 | 0.2 |
| 11223 | Public Storage |  | 2912368 | 0.1 |
| 65375 | Realty Income Corp. |  | 3685189 | 0.1 |
| 11698 | Regency Centers Corp. |  | 807513 | 0.0 |
| 7572 | SBA Communications Corp. |  | 1464652 | 0.0 |
| 23201 | Simon Property Group, Inc. |  | 4294737 | 0.1 |
| 21373 | UDR, Inc. |  | 783962 | 0.0 |
| 33383 | Ventas, Inc. |  | 2583177 | 0.1 |
| 75958 | VICI Properties, Inc. |  | 2135939 | 0.1 |
| 48776 | Welltower, Inc. |  | 9053313 | 0.2 |
| 51230 | Weyerhaeuser Co. |  | 1213639 | 0.0 |
|  |  |  | **75990078** | **1.8** |
|  | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** |
| 50609 | AES Corp. |  | 725733 | 0.0 |
| 18268 | Alliant Energy Corp. |  | 1187603 | 0.0 |
| 19223 | Ameren Corp. |  | 1919609 | 0.1 |
| 38040 | American Electric Power Co., Inc. |  | 4386392 | 0.1 |
| 13867 | American Water Works Co., Inc. |  | 1809643 | 0.0 |
| 11408 | Atmos Energy Corp. |  | 1912323 | 0.0 |
| 46398 | CenterPoint Energy, Inc. |  | 1778899 | 0.0 |
| 21627 | CMS Energy Corp. |  | 1512376 | 0.0 |
| 25651 | Consolidated Edison, Inc. |  | 2547657 | 0.1 |
| 22194 | Constellation Energy Corp. |  | 7840474 | 0.2 |
| 60686 | Dominion Energy, Inc. |  | 3555593 | 0.1 |
| 14760 | DTE Energy Co. |  | 1903745 | 0.0 |
| 55266 | Duke Energy Corp. |  | 6477728 | 0.2 |
| 27346 | Edison International |  | 1641307 | 0.0 |
| 31739 | Entergy Corp. |  | 2933636 | 0.1 |
| 16361 | Evergy, Inc. |  | 1186009 | 0.0 |
| 26664 | Eversource Energy |  | 1795287 | 0.0 |
| 71799 | Exelon Corp. |  | 3129718 | 0.1 |
| 36948 | FirstEnergy Corp. |  | 1654162 | 0.0 |
| 148006 | NextEra Energy, Inc. |  | 11881922 | 0.3 |
| 33913 | NiSource, Inc. |  | 1416207 | 0.0 |
| 13619 | NRG Energy, Inc. |  | 2168690 | 0.1 |
| 156200 | PG&E Corp. |  | 2510134 | 0.1 |
| 8506 | Pinnacle West Capital Corp. |  | 754482 | 0.0 |
| 52571 | PPL Corp. |  | 1841036 | 0.0 |
| 35474 | Public Service Enterprise Group, Inc. |  | 2848562 | 0.1 |
| 46385 | Sempra Energy |  | 4095332 | 0.1 |
| 78253 | Southern Co. |  | 6823662 | 0.2 |
| 22635 | Vistra Corp. |  | 3651705 | 0.1 |
| 23118 | WEC Energy Group, Inc. |  | 2438024 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 42039 | Xcel Energy, Inc. | $3105001 | 0.1 |
|  |  | **93432651** | **2.2** |
|  | Total Common Stock |  |  |
|  | (Cost $2,468,364,672) | **4153047129** | **99.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |
|  | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** |
| 761000 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $761,164, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $776,435, due 01/31/26-11/15/55) | 761000 | 0.0 |
| 49830 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $49,840, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $50,827, due 04/30/26-11/15/34) | 49830 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $810,830) | **810830** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** |
| 38673000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $38,673,000) | $**38673000** | **0.9** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $39,483,830) | $**39483830** | **0.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $2,507,848,502)** | $**4192530959** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **5296998** | **0.1** |
|  | **Net Assets** | $**4197827957** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $4153047129 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $4153047129 |
| Short-Term Investments | 38673000 | 810830 |  | 39483830 |
| Total Investments, at fair value | $4191720129 | $810830 | $— | $4192530959 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(69410) | $— | $— | $(69410) |
| Total Liabilities | $(69410) | $— | $— | $(69410) |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

---

| | |
|:---|:---|
| <sup>+</sup> | 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 December 31, 2025, the following futures contracts were outstanding for Voya VACS Index Series S Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 128 | 03/20/26 | $44112000 | $(69410) |
|  |  |  | $44112000 | $(69410) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $69410 |
| **Total Liability Derivatives** |  | $69410 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

Voya VACS Index Series S Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $11659435 |
| **Total** | $11659435 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $1337495 |
| **Total** | $1337495 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $2,512,378,514.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $1811883671 |
| Gross Unrealized Depreciation | (131800636) |
| Net Unrealized Appreciation | $1680083035 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Shares** | |<br>**Value** | **Assets** | **Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | | | |
|  | **Communication Services: 2.7%** | **Communication Services: 2.7%** | **Communication Services: 2.7%** |  |
| 7747 <sup>(1)</sup> | Advantage Solutions, Inc. | $6817 |  | 0.0 |
| 18540 <sup>(1)</sup> | Altice USA, Inc. - Class A | 30591 |  | 0.0 |
| 31368 <sup>(1)</sup> | AMC Entertainment Holdings, Inc. - Class A | 48934 |  | 0.0 |
| 2561 <sup>(1)</sup> | AMC Networks, Inc. - Class A | 24381 |  | 0.0 |
| 2558 <sup>(1)</sup> | Angi, Inc. | 33075 |  | 0.0 |
| 934 <sup>(1)</sup> | Anterix, Inc. | 20389 |  | 0.0 |
| 995 <sup>(1)</sup> | Arena Group Holdings, Inc. | 3980 |  | 0.0 |
| 3640 <sup>(1)</sup> | Atlanta Braves Holdings, Inc. - Class C | 143598 |  | 0.1 |
| 858 | ATN International, Inc. | 19562 |  | 0.0 |
| 1931 <sup>(1)</sup> | Bandwidth, Inc. - Class A | 29834 |  | 0.0 |
| 1833 <sup>(1)</sup> | Boston Omaha Corp. - Class A | 22674 |  | 0.0 |
| 5205 <sup>(1)</sup> | Bumble, Inc. - Class A | 18582 |  | 0.0 |
| 357 | Cable One, Inc. | 40287 |  | 0.0 |
| 5564 <sup>(1)</sup> | CarGurus, Inc. | 213379 |  | 0.1 |
| 3968 <sup>(1)</sup> | Cars.com, Inc. | 48410 |  | 0.0 |
| 7072 | Cinemark Holdings, Inc. | 164353 |  | 0.1 |
| 3111 | Cogent Communications Holdings, Inc. | 67073 |  | 0.1 |
| 2384 | CuriosityStream, Inc. | 9059 |  | 0.0 |
| 9173 <sup>(1)</sup> | EchoStar Corp. - Class A | 997105 |  | 0.5 |
| 3137 | Entravision Communications Corp. - Class A | 9191 |  | 0.0 |
| 5640 <sup>(1)</sup> | Eventbrite, Inc. - Class A | 25098 |  | 0.0 |
| 1918 <sup>(1)</sup> | EverQuote, Inc. - Class A | 51786 |  | 0.0 |
| 4388 <sup>(1)</sup> | EW Scripps Co. - Class A | 17508 |  | 0.0 |
| 22686 <sup>(1)</sup> | fuboTV, Inc. - Class A | 57169 |  | 0.0 |
| 9978 <sup>(1)</sup> | Gannett Co., Inc. | 51387 |  | 0.0 |
| 8374 <sup>(1)(2)</sup> | Getty Images Holdings, Inc. | 11221 |  | 0.0 |
| 3422 <sup>(1)</sup> | Globalstar, Inc. | 208879 |  | 0.1 |
| 4802 <sup>(1)</sup> | Gogo, Inc. | 22377 |  | 0.0 |
| 6109 | Gray Television, Inc. | 29568 |  | 0.0 |
| 2168 <sup>(1)</sup> | Grindr, Inc. | 29355 |  | 0.0 |
| 922 <sup>(1)</sup> | Ibotta, Inc. - Class A | 20957 |  | 0.0 |
| 1107 | IDT Corp. - Class B | 56690 |  | 0.0 |
| 8722 <sup>(1)</sup> | iHeartMedia, Inc. - Class A | 36284 |  | 0.0 |
| 3035 <sup>(1)</sup> | IMAX Corp. | 112174 |  | 0.1 |
| 2769 | John Wiley & Sons, Inc. - Class A | 84815 |  | 0.1 |
| 11363 <sup>(1)</sup> | Liberty Latin America Ltd. - Class C | 84768 |  | 0.1 |
| 13500 <sup>(1)</sup> | Lionsgate Studios Corp. | 123255 |  | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Shares** | | **Value** | **Value** | **Assets** | **Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** | **Communication Services: (continued)** |  |
| 64666 <sup>(1)</sup> | Lumen Technologies, Inc. | $| 502455 |  | 0.3 |
| 2715 <sup>(1)</sup> | Madison Square Garden Entertainment Corp. |  | 146311 |  | 0.1 |
| 9535 <sup>(1)</sup> | Magnite, Inc. |  | 154753 |  | 0.1 |
| 1862 | Marcus Corp. |  | 28880 |  | 0.0 |
| 2393 <sup>(1)</sup> | MediaAlpha, Inc. - Class A |  | 30989 |  | 0.0 |
| 4860 | National CineMedia, Inc. |  | 18905 |  | 0.0 |
| 3017 <sup>(1)</sup> | Newsmax, Inc. |  | 23321 |  | 0.0 |
| 15224 <sup>(1)</sup> | Nextdoor Holdings, Inc. |  | 31970 |  | 0.0 |
| 2443 <sup>(1)</sup> | Nexxen International Ltd. |  | 15977 |  | 0.0 |
| 7854 <sup>(1)</sup> | Playstudios, Inc. |  | 5117 |  | 0.0 |
| 4050 | Playtika Holding Corp. |  | 15998 |  | 0.0 |
| 2937 <sup>(1)</sup> | PubMatic, Inc. - Class A |  | 26051 |  | 0.0 |
| 3812 <sup>(1)</sup> | QuinStreet, Inc. |  | 54778 |  | 0.0 |
| 6634 <sup>(1)(2)</sup> | Rumble, Inc. |  | 41927 |  | 0.0 |
| 1420 | Scholastic Corp. |  | 42075 |  | 0.0 |
| 3680 | Shenandoah Telecommunications Co. |  | 42541 |  | 0.0 |
| 1763 | Shutterstock, Inc. |  | 33673 |  | 0.0 |
| 2734 | Sinclair, Inc. |  | 41830 |  | 0.0 |
| 1909 <sup>(1)</sup> | Sphere Entertainment Co. |  | 181508 |  | 0.1 |
| 1545 | Spok Holdings, Inc. |  | 20379 |  | 0.0 |
| 8118 <sup>(1)</sup> | Stagwell, Inc. |  | 39697 |  | 0.0 |
| 962 <sup>(1)</sup> | Starz Entertainment Corp. |  | 11255 |  | 0.0 |
| 1938 <sup>(1)</sup> | TechTarget, Inc. |  | 10465 |  | 0.0 |
| 10487 | TEGNA, Inc. |  | 203553 |  | 0.1 |
| 6709 | Telephone and Data Systems, Inc. |  | 275069 |  | 0.2 |
| 2565 <sup>(1)</sup> | Thryv Holdings, Inc. |  | 15518 |  | 0.0 |
| 7879 <sup>(1)</sup> | TripAdvisor, Inc. |  | 114718 |  | 0.1 |
| 6675 <sup>(1)</sup> | TrueCar, Inc. |  | 15086 |  | 0.0 |
| 10302 <sup>(1)</sup> | Uniti Group, Inc. |  | 72217 |  | 0.1 |
| 1365 <sup>(1)(2)</sup> | Webtoon Entertainment, Inc. |  | 17786 |  | 0.0 |
| 4136 <sup>(1)</sup> | Yelp, Inc. |  | 125693 |  | 0.1 |
| 2818 <sup>(1)</sup> | Ziff Davis, Inc. |  | 99053 |  | 0.1 |
| 4458 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A |  | 17386 |  | 0.0 |
|  |  |  | **5451499** |  | **2.7** |
|  | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** | **Consumer Discretionary: 8.9%** |
| 3144 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A |  | 395735 |  | 0.2 |
| 4468 | Academy Sports & Outdoors, Inc. |  | 223221 |  | 0.1 |
| 3856 <sup>(1)</sup> | Accel Entertainment, Inc. |  | 43997 |  | 0.0 |
| 1912 | Acushnet Holdings Corp. |  | 152616 |  | 0.1 |
| 5597 <sup>(1)</sup> | Adient PLC |  | 107294 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2432 <sup>(1)</sup> | Adtalem Global Education, Inc. | $251639 | 0.1 |
| 4080 | Advance Auto Parts, Inc. | 160344 | 0.1 |
| 1304 | A-Mark Precious Metals, Inc. | 44401 | 0.0 |
| 7890 <sup>(1)</sup> | American Axle & Manufacturing Holdings, Inc. | 50575 | 0.0 |
| 10795 | American Eagle Outfitters, Inc. | 284664 | 0.2 |
| 1247 <sup>(1)</sup> | American Public Education, Inc. | 47137 | 0.0 |
| 537 <sup>(1)</sup> | America's Car-Mart, Inc. | 13565 | 0.0 |
| 7792 <sup>(1)</sup> | AMMO, Inc. | 13324 | 0.0 |
| 3766 <sup>(1)</sup> | Arhaus, Inc. | 42217 | 0.0 |
| 5593 | Arko Corp. | 25392 | 0.0 |
| 1309 <sup>(1)</sup> | Asbury Automotive Group, Inc. | 304382 | 0.2 |
| 586 <sup>(1)</sup> | Bally's Corp. | 9681 | 0.0 |
| 1079 <sup>(1)</sup> | Barnes & Noble Education, Inc. | 9916 | 0.0 |
| 2073 <sup>(1)</sup> | Beazer Homes USA, Inc. | 42020 | 0.0 |
| 1467 <sup>(1)</sup> | BJ's Restaurants, Inc. | 57800 | 0.0 |
| 884 <sup>(1)</sup> | Black Rock Coffee Bar, Inc. - Class A | 19669 | 0.0 |
| 5826 | Bloomin' Brands, Inc. | 35946 | 0.0 |
| 2085 <sup>(1)</sup> | Boot Barn Holdings, Inc. | 367940 | 0.2 |
| 2993 <sup>(1)</sup> | Brinker International, Inc. | 429555 | 0.2 |
| 2113 | Buckle, Inc. | 112876 | 0.1 |
| 876 | Build-A-Bear Workshop, Inc. | 53672 | 0.0 |
| 2422 | Caleres, Inc. | 29476 | 0.0 |
| 4120 | Camping World Holdings, Inc. - Class A | 40088 | 0.0 |
| 7971 <sup>(1)</sup> | Capri Holdings Ltd. | 194492 | 0.1 |
| 1049 | Carriage Services, Inc. | 44373 | 0.0 |
| 2390 | Carter's, Inc. | 77508 | 0.0 |
| 526 <sup>(1)</sup> | Cavco Industries, Inc. | 310729 | 0.2 |
| 1823 | Century Communities, Inc. | 108195 | 0.1 |
| 3149 <sup>(2)</sup> | Cheesecake Factory, Inc. | 158962 | 0.1 |
| 364 <sup>(1)</sup> | Citi Trends, Inc. | 15128 | 0.0 |
| 1206 <sup>(1)</sup> | Cooper-Standard Holdings, Inc. | 39593 | 0.0 |
| 9622 <sup>(1)</sup> | Coursera, Inc. | 70818 | 0.0 |
| 1552 <sup>(2)</sup> | Cracker Barrel Old Country Store, Inc. | 39421 | 0.0 |
| 3288 | Cricut, Inc. - Class A | 16276 | 0.0 |
| 8003 | Dana, Inc. | 190151 | 0.1 |
| 1906 <sup>(1)</sup> | Dave & Buster's Entertainment, Inc. | 30896 | 0.0 |
| 3670 <sup>(1)</sup> | Denny's Corp. | 22827 | 0.0 |
| 1929 | Designer Brands, Inc. - Class A | 14332 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Shares** | |<br>**Value** | **Assets** | **Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1029 | Dine Brands Global, Inc. | $33072 |  | 0.0 |
| 1887 <sup>(1)</sup> | Dorman Products, Inc. | 232460 |  | 0.1 |
| 2142 <sup>(1)</sup> | Dream Finders Homes, Inc. - Class A | 36628 |  | 0.0 |
| 4106 <sup>(1)</sup> | Driven Brands Holdings, Inc. | 60851 |  | 0.0 |
| 1927 <sup>(1)</sup> | El Pollo Loco Holdings, Inc. | 20156 |  | 0.0 |
| 4524 | Ermenegildo Zegna NV | 46371 |  | 0.0 |
| 1544 | Ethan Allen Interiors, Inc. | 35265 |  | 0.0 |
| 2316 <sup>(1)</sup> | European Wax Center, Inc. - Class A | 8338 |  | 0.0 |
| 9075 <sup>(1)</sup> | EVgo, Inc. | 26408 |  | 0.0 |
| 9669 <sup>(1)(2)</sup> | Faraday Future Intelligent Electric, Inc. | 9862 |  | 0.0 |
| 6041 <sup>(1)</sup> | Figs, Inc. - Class A | 68626 |  | 0.0 |
| 3184 <sup>(1)</sup> | First Watch Restaurant Group, Inc. | 48015 |  | 0.0 |
| 351 | Flexsteel Industries, Inc. | 13861 |  | 0.0 |
| 2886 <sup>(1)</sup> | Fox Factory Holding Corp. | 49379 |  | 0.0 |
| 4975 <sup>(1)</sup> | Frontdoor, Inc. | 287008 |  | 0.2 |
| 2531 <sup>(1)</sup> | Funko, Inc. - Class A | 8605 |  | 0.0 |
| 9841 | Garrett Motion, Inc. | 171529 |  | 0.1 |
| 756 <sup>(1)</sup> | Genesco, Inc. | 18726 |  | 0.0 |
| 15132 <sup>(1)</sup> | Genius Sports Ltd. | 166755 |  | 0.1 |
| 2229 <sup>(1)</sup> | Gentherm, Inc. | 81069 |  | 0.1 |
| 1712 <sup>(1)</sup> | GigaCloud Technology, Inc. - Class A | 67247 |  | 0.0 |
| 2418 | G-III Apparel Group Ltd. | 70025 |  | 0.0 |
| 7018 <sup>(1)</sup> | Global Business Travel Group I | 53688 |  | 0.0 |
| 1378 | Golden Entertainment, Inc. | 37468 |  | 0.0 |
| 18055 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 158162 |  | 0.1 |
| 218 | Graham Holdings Co. - Class B | 239495 |  | 0.1 |
| 2160 <sup>(1)</sup> | Green Brick Partners, Inc. | 135346 |  | 0.1 |
| 826 | Group 1 Automotive, Inc. | 324866 |  | 0.2 |
| 1757 <sup>(1)(2)</sup> | Groupon, Inc. | 30941 |  | 0.0 |
| 673 | Hamilton Beach Brands Holding Co. - Class A | 11071 |  | 0.0 |
| 1130 | Haverty Furniture Cos., Inc. | 26397 |  | 0.0 |
| 1615 <sup>(1)</sup> | Helen of Troy Ltd. | 34319 |  | 0.0 |
| 3991 <sup>(1)</sup> | Hilton Grand Vacations, Inc. | 178597 |  | 0.1 |
| 4271 <sup>(1)</sup> | Holley, Inc. | 17639 |  | 0.0 |
| 342 <sup>(1)</sup> | Hovnanian Enterprises, Inc. - Class A | 33359 |  | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 1571 | Installed Building Products, Inc. | $407502 | 0.2 |
| 7284 | International Game Technology PLC | 112756 | 0.1 |
| 1366 <sup>(2)</sup> | Jack in the Box, Inc. | 25886 | 0.0 |
| 726 | JAKKS Pacific, Inc. | 12255 | 0.0 |
| 4181 | KB Home | 235850 | 0.1 |
| 2210 <sup>(1)</sup> | KinderCare Learning Cos., Inc. | 9547 | 0.0 |
| 7400 | Kohl's Corp. | 151034 | 0.1 |
| 3715 | Kontoor Brands, Inc. | 226949 | 0.1 |
| 5259 | Krispy Kreme, Inc. | 21141 | 0.0 |
| 432 <sup>(1)</sup> | Kura Sushi USA, Inc. - Class A | 22607 | 0.0 |
| 851 <sup>(1)</sup> | Lands' End, Inc. | 12357 | 0.0 |
| 3322 <sup>(1)</sup> | Latham Group, Inc. | 21095 | 0.0 |
| 8713 <sup>(1)</sup> | Laureate Education, Inc. | 293367 | 0.2 |
| 2853 | La-Z-Boy, Inc. | 106331 | 0.1 |
| 1588 | LCI Industries | 192688 | 0.1 |
| 789 <sup>(1)</sup> | Legacy Housing Corp. | 15401 | 0.0 |
| 9084 | Leggett & Platt, Inc. | 99924 | 0.1 |
| 1476 <sup>(1)</sup> | LGI Homes, Inc. | 63409 | 0.0 |
| 9357 <sup>(1)</sup> | Life Time Group Holdings, Inc. | 248709 | 0.1 |
| 2176 <sup>(1)</sup> | Lincoln Educational Services Corp. | 52550 | 0.0 |
| 2666 <sup>(1)</sup> | Lindblad Expeditions Holdings, Inc. | 38444 | 0.0 |
| 2625 <sup>(1)(2)</sup> | Livewire Group, Inc. | 11602 | 0.0 |
| 913 <sup>(1)</sup> | Lovesac Co. | 13467 | 0.0 |
| 1783 <sup>(1)</sup> | M/I Homes, Inc. | 228135 | 0.1 |
| 1468 <sup>(1)</sup> | Malibu Boats, Inc. - Class A | 41412 | 0.0 |
| 1363 <sup>(1)</sup> | MarineMax, Inc. | 33025 | 0.0 |
| 1920 | Marriott Vacations Worldwide Corp. | 110765 | 0.1 |
| 1369 <sup>(1)</sup> | MasterCraft Boat Holdings, Inc. | 25888 | 0.0 |
| 1713 <sup>(1)</sup> | McGraw Hill, Inc. | 28264 | 0.0 |
| 4702 | Meritage Homes Corp. | 309392 | 0.2 |
| 6826 <sup>(1)</sup> | Mister Car Wash, Inc. | 37953 | 0.0 |
| 3546 <sup>(1)</sup> | Modine Manufacturing Co. | 473426 | 0.2 |
| 892 | Monarch Casino & Resort, Inc. | 85364 | 0.1 |
| 2074 | Monro, Inc. | 41563 | 0.0 |
| 1081 <sup>(1)</sup> | Motorcar Parts of America, Inc. | 13340 | 0.0 |
| 1160 | Movado Group, Inc. | 23919 | 0.0 |
| 197 | Nathan's Famous, Inc. | 18433 | 0.0 |
| 5318 <sup>(1)</sup> | National Vision Holdings, Inc. | 137311 | 0.1 |
| 2180 <sup>(1)</sup> | Navan, Inc. - Class A | 37234 | 0.0 |
| 6801 | OneSpaWorld Holdings Ltd. | 141053 | 0.1 |
| 872 <sup>(1)(2)</sup> | OneWater Marine, Inc. - Class A | 9435 | 0.0 |
| 4316 <sup>(1)</sup> | Overstock.com, Inc. | 23565 | 0.0 |
| 968 | Oxford Industries, Inc. | 33106 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2222 | Papa John's International, Inc. | $85525 | 0.1 |
| 2198 | Patrick Industries, Inc. | 238329 | 0.1 |
| 25796 <sup>(1)</sup> | Peloton Interactive, Inc. - Class A | 158903 | 0.1 |
| 4375 | Perdoceo Education Corp. | 128319 | 0.1 |
| 5389 <sup>(1)</sup> | Petco Health & Wellness Co., Inc. | 15143 | 0.0 |
| 2543 | Phinia, Inc. | 159421 | 0.1 |
| 3647 | Polaris, Inc. | 230673 | 0.1 |
| 3882 <sup>(1)</sup> | Portillo's, Inc. - Class A | 17624 | 0.0 |
| 614 | RCI Hospitality Holdings, Inc. | 14638 | 0.0 |
| 6671 <sup>(1)</sup> | RealReal, Inc. | 105268 | 0.1 |
| 3332 | Red Rock Resorts, Inc. - Class A | 206417 | 0.1 |
| 3571 | Rent-A-Center, Inc. | 62707 | 0.0 |
| 2794 <sup>(1)</sup> | Revolve Group, Inc. | 84351 | 0.1 |
| 576 | Rocky Brands, Inc. | 16894 | 0.0 |
| 6027 <sup>(1)</sup> | Rush Street Interactive, Inc. | 117105 | 0.1 |
| 25386 <sup>(1)</sup> | Sabre Corp. | 34525 | 0.0 |
| 6844 <sup>(1)</sup> | Sally Beauty Holdings, Inc. | 97595 | 0.1 |
| 2140 <sup>(1)(2)</sup> | Savers Value Village, Inc. | 19988 | 0.0 |
| 1884 <sup>(1)</sup> | SeaWorld Entertainment, Inc. | 68389 | 0.0 |
| 4099 <sup>(1)(2)</sup> | Serve Robotics, Inc. | 42548 | 0.0 |
| 2635 <sup>(1)</sup> | Shake Shack, Inc. - Class A | 213883 | 0.1 |
| 1294 | Shoe Carnival, Inc. | 21843 | 0.0 |
| 2712 | Signet Jewelers Ltd. | 224771 | 0.1 |
| 6530 <sup>(1)</sup> | Six Flags Entertainment Corp. | 100170 | 0.1 |
| 3723 <sup>(1)</sup> | Skyline Champion Corp. | 314593 | 0.2 |
| 1408 <sup>(1)</sup> | Sleep Number Corp. | 11912 | 0.0 |
| 3154 | Smith & Wesson Brands, Inc. | 31130 | 0.0 |
| 10705 <sup>(1)(2)</sup> | Solid Power, Inc. | 45496 | 0.0 |
| 1028 | Sonic Automotive, Inc. - Class A | 63592 | 0.0 |
| 8181 <sup>(1)</sup> | Sonos, Inc. | 143658 | 0.1 |
| 1584 | Standard Motor Products, Inc. | 58370 | 0.0 |
| 4827 | Steven Madden Ltd. | 200996 | 0.1 |
| 7466 <sup>(1)</sup> | Stitch Fix, Inc. - Class A | 39196 | 0.0 |
| 1626 | Strategic Education, Inc. | 130405 | 0.1 |
| 296 <sup>(1)</sup> | Strattec Security Corp. | 22537 | 0.0 |
| 2874 <sup>(1)</sup> | Stride, Inc. | 186609 | 0.1 |
| 1032 | Sturm Ruger & Co., Inc. | 33695 | 0.0 |
| 11023 | Super Group SGHC Ltd. | 131725 | 0.1 |
| 7183 <sup>(1)</sup> | Sweetgreen, Inc. - Class A | 48557 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 2463 <sup>(1)</sup> | Target Hospitality Corp. | $| 19729 | 0.0 |
| 6429 <sup>(1)</sup> | Taylor Morrison Home Corp. |  | 378475 | 0.2 |
| 6420 <sup>(1)</sup> | ThredUp, Inc. - Class A |  | 41024 | 0.0 |
| 9224 <sup>(1)</sup> | Topgolf Callaway Brands Corp. |  | 107644 | 0.1 |
| 5719 <sup>(1)</sup> | Tri Pointe Homes, Inc. |  | 179977 | 0.1 |
| 6583 <sup>(1)</sup> | Udemy, Inc. |  | 38511 | 0.0 |
| 3151 <sup>(1)</sup> | Universal Technical Institute, Inc. |  | 82336 | 0.1 |
| 4140 <sup>(1)</sup> | Urban Outfitters, Inc. |  | 311576 | 0.2 |
| 1473 <sup>(1)</sup> | Viad Corp. |  | 49611 | 0.0 |
| 4694 <sup>(1)</sup> | Victoria's Secret & Co. |  | 254274 | 0.1 |
| 1870 | Visteon Corp. |  | 177837 | 0.1 |
| 6660 <sup>(1)</sup> | Warby Parker, Inc. - Class A |  | 145121 | 0.1 |
| 197 | Winmark Corp. |  | 79773 | 0.1 |
| 1871 | Winnebago Industries, Inc. |  | 75813 | 0.0 |
| 5378 | Wolverine World Wide, Inc. |  | 97611 | 0.1 |
| 1740 <sup>(1)</sup> | XPEL, Inc. |  | 86843 | 0.1 |
| 1955 <sup>(1)</sup> | Xponential Fitness, Inc. - Class A |  | 16090 | 0.0 |
| 1018 <sup>(1)</sup> | Zumiez, Inc. |  | 26519 | 0.0 |
|  |  |  | **17888165** | **8.9** |
|  | **Consumer Staples: 1.8%** | **Consumer Staples: 1.8%** | **Consumer Staples: 1.8%** |  |
| 2228 | Andersons, Inc. |  | 118463 | 0.1 |
| 5587 | B&G Foods, Inc. |  | 24024 | 0.0 |
| 8229 <sup>(1)(2)</sup> | Beauty Health Co. |  | 11438 | 0.0 |
| 25381 <sup>(1)(2)</sup> | Beyond Meat, Inc. |  | 20813 | 0.0 |
| 5767 <sup>(1)(2)</sup> | BRC, Inc. - Class A |  | 6401 | 0.0 |
| 1197 | Calavo Growers, Inc. |  | 26035 | 0.0 |
| 2942 | Cal-Maine Foods, Inc. |  | 234095 | 0.1 |
| 4151 <sup>(1)</sup> | Central Garden & Pet Co. - Class A |  | 121168 | 0.1 |
| 2492 <sup>(1)</sup> | Chefs' Warehouse, Inc. |  | 155326 | 0.1 |
| 5195 | Dole PLC |  | 77873 | 0.0 |
| 2937 | Edgewell Personal Care Co. |  | 50076 | 0.0 |
| 4297 | Energizer Holdings, Inc. |  | 85467 | 0.1 |
| 2345 | Fresh Del Monte Produce, Inc. |  | 83552 | 0.1 |
| 6439 <sup>(1)(2)</sup> | Grocery Outlet Holding Corp. |  | 65034 | 0.0 |
| 6421 <sup>(1)</sup> | Hain Celestial Group, Inc. |  | 6871 | 0.0 |
| 7038 <sup>(1)</sup> | Herbalife Ltd. |  | 90720 | 0.1 |
| 3623 <sup>(1)</sup> | HF Foods Group, Inc. |  | 7790 | 0.0 |
| 6464 <sup>(1)</sup> | Honest Co., Inc. |  | 16677 | 0.0 |
| 1034 | Ingles Markets, Inc. - Class A |  | 70881 | 0.0 |
| 1196 | Inter Parfums, Inc. |  | 101457 | 0.1 |
| 1058 | J & J Snack Foods Corp. |  | 95612 | 0.1 |
| 596 | John B Sanfilippo & Son, Inc. |  | 42078 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |  |
| 1362 | Lancaster Colony Corp. | $| 223940 | 0.1 |
| 1362 | Limoneira Co. |  | 17195 | 0.0 |
| 2666 <sup>(1)</sup> | Mama's Creations, Inc. |  | 35964 | 0.0 |
| 972 | MGP Ingredients, Inc. |  | 23620 | 0.0 |
| 3217 <sup>(1)</sup> | Mission Produce, Inc. |  | 37317 | 0.0 |
| 1724 <sup>(1)</sup> | National Beverage Corp. |  | 54978 | 0.0 |
| 925 | Natural Grocers by Vitamin Cottage, Inc. |  | 23171 | 0.0 |
| 1024 <sup>(1)</sup> | Nature's Sunshine Products, Inc. |  | 22098 | 0.0 |
| 3333 | Nu Skin Enterprises, Inc. - Class A |  | 32064 | 0.0 |
| 734 | Oil-Dri Corp. of America |  | 35922 | 0.0 |
| 10607 <sup>(1)(2)</sup> | Olaplex Holdings, Inc. |  | 14213 | 0.0 |
| 1751 | PriceSmart, Inc. |  | 214795 | 0.1 |
| 337 <sup>(1)</sup> | Seneca Foods Corp. - Class A |  | 37282 | 0.0 |
| 6377 <sup>(1)</sup> | Simply Good Foods Co. |  | 128050 | 0.1 |
| 1651 | Spectrum Brands Holdings, Inc. |  | 97541 | 0.1 |
| 6640 <sup>(1)</sup> | SunOpta, Inc. |  | 25232 | 0.0 |
| 1271 | Tootsie Roll Industries, Inc. |  | 46557 | 0.0 |
| 3495 <sup>(1)</sup> | TreeHouse Foods, Inc. |  | 82447 | 0.0 |
| 1190 | Turning Point Brands, Inc. |  | 128996 | 0.1 |
| 4079 <sup>(1)</sup> | United Natural Foods, Inc. |  | 137340 | 0.1 |
| 1719 | Universal Corp. |  | 90677 | 0.1 |
| 764 <sup>(1)</sup> | USANA Health Sciences, Inc. |  | 14997 | 0.0 |
| 5077 | Utz Brands, Inc. |  | 52699 | 0.0 |
| 782 | Village Super Market, Inc. - Class A |  | 27679 | 0.0 |
| 3025 <sup>(1)</sup> | Vita Coco Co., Inc. |  | 160355 | 0.1 |
| 2361 <sup>(1)</sup> | Vital Farms, Inc. |  | 75410 | 0.0 |
| 3455 <sup>(1)</sup> | Waldencast PLC - Class A |  | 6495 | 0.0 |
| 927 | WD-40 Co. |  | 182526 | 0.1 |
| 975 | Weis Markets, Inc. |  | 62488 | 0.0 |
| 2758 <sup>(1)(2)</sup> | Westrock Coffee Co. |  | 11225 | 0.0 |
| 2359 <sup>(1)</sup> | Zevia PBC - Class A |  | 5473 | 0.0 |
|  |  |  | **3620597** | **1.8** |
|  | **Energy: 4.7%** | **Energy: 4.7%** | **Energy: 4.7%** |  |
| 11439 | Archrock, Inc. |  | 297643 | 0.2 |
| 2640 | Ardmore Shipping Corp. |  | 27958 | 0.0 |
| 5290 | Atlas Energy Solutions, Inc. |  | 49832 | 0.0 |
| 1183 <sup>(1)</sup> | BKV Corp. |  | 32118 | 0.0 |
| 16363 | Borr Drilling Ltd. |  | 65943 | 0.0 |
| 2024 <sup>(1)</sup> | Bristow Group, Inc. |  | 74119 | 0.1 |
| 4659 | Cactus, Inc. - Class A |  | 212823 | 0.1 |
| 5099 | California Resources Corp. |  | 227976 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** |  |
| 4842 <sup>(1)</sup> | Calumet, Inc. | $96211 | 0.1 |
| 1128 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A | 273833 | 0.1 |
| 12142 <sup>(1)</sup> | Clean Energy Fuels Corp. | 25498 | 0.0 |
| 8875 <sup>(1)</sup> | CNX Resources Corp. | 326334 | 0.2 |
| 5182 <sup>(1)</sup> | Comstock Resources, Inc. | 120119 | 0.1 |
| 3355 | Core Laboratories, Inc. | 53781 | 0.0 |
| 3465 | Core Natural Resources, Inc. | 306687 | 0.2 |
| 16094 | Crescent Energy Co. - Class A | 135029 | 0.1 |
| 2211 <sup>(1)</sup> | CVR Energy, Inc. | 56248 | 0.0 |
| 4143 | Delek US Holdings, Inc. | 122881 | 0.1 |
| 9019 | DHT Holdings, Inc. | 110122 | 0.1 |
| 3911 | Diversified Energy Co. | 56631 | 0.0 |
| 1640 <sup>(1)</sup> | DMC Global, Inc. | 10972 | 0.0 |
| 2595 | Dorian LPG Ltd. | 63162 | 0.0 |
| 13176 <sup>(1)</sup> | Encore Energy Corp. | 32676 | 0.0 |
| 15312 <sup>(1)</sup> | Energy Fuels, Inc./ Canada | 222636 | 0.1 |
| 1499 | Excelerate Energy, Inc. - Class A | 42047 | 0.0 |
| 6487 <sup>(1)</sup> | Expro Group Holdings NV | 86601 | 0.1 |
| 2143 | FLEX LNG Ltd. | 53468 | 0.0 |
| 1297 | Flowco Holdings, Inc. - Class A | 24306 | 0.0 |
| 857 <sup>(1)</sup> | Forum Energy Technologies, Inc. | 31666 | 0.0 |
| 16488 <sup>(1)(2)</sup> | Gevo, Inc. | 32976 | 0.0 |
| 6564 | Golar LNG Ltd. | 244246 | 0.1 |
| 3978 | Granite Ridge Resources, Inc. | 18697 | 0.0 |
| 4558 <sup>(1)</sup> | Green Plains, Inc. | 44668 | 0.0 |
| 1029 <sup>(1)</sup> | Gulfport Energy Corp. | 214022 | 0.1 |
| 9947 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 62368 | 0.0 |
| 6654 | Helmerich & Payne, Inc. | 190837 | 0.1 |
| 1387 <sup>(2)</sup> | HighPeak Energy, Inc. | 6574 | 0.0 |
| 1079 <sup>(1)</sup> | Infinity Natural Resources, Inc. - Class A | 15894 | 0.0 |
| 2819 <sup>(1)</sup> | Innovex International, Inc. | 61652 | 0.0 |
| 2773 | International Seaways, Inc. | 134629 | 0.1 |
| 2940 | Kinetik Holdings, Inc. | 105987 | 0.1 |
| 5677 | Kodiak Gas Services, Inc. | 212320 | 0.1 |
| 2746 <sup>(1)</sup> | Kolibri Global Energy, Inc. | 10792 | 0.0 |
| 33126 <sup>(1)</sup> | Kosmos Energy Ltd. | 30059 | 0.0 |
| 10744 | Liberty Energy, Inc. | 198334 | 0.1 |
| 1759 <sup>(1)</sup> | Lightbridge Corp. | 22234 | 0.0 |
| 12270 | Magnolia Oil & Gas Corp. - Class A | 268590 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |
|  | **Energy: (continued)** | **Energy: (continued)** |  |
| 9254 | Murphy Oil Corp. | $289187 | 0.2 |
| 979 <sup>(1)</sup> | Nabors Industries Ltd. | 53160 | 0.0 |
| 4359 <sup>(1)</sup> | National Energy Services Reunited Corp. | 68262 | 0.0 |
| 854 | Natural Gas Services Group, Inc. | 28737 | 0.0 |
| 2343 | Navigator Holdings Ltd. | 40581 | 0.0 |
| 11658 <sup>(1)(2)</sup> | New Fortress Energy, Inc. | 13290 | 0.0 |
| 9134 <sup>(1)</sup> | NextDecade Corp. | 48136 | 0.0 |
| 8628 | Noble Corp. PLC | 243655 | 0.1 |
| 15034 | Nordic American Tankers Ltd. | 51717 | 0.0 |
| 6577 | Northern Oil and Gas, Inc. | 141208 | 0.1 |
| 6805 <sup>(1)</sup> | Oceaneering International, Inc. | 163524 | 0.1 |
| 4223 <sup>(1)</sup> | Oil States International, Inc. | 28590 | 0.0 |
| 3466 <sup>(1)</sup> | Par Pacific Holdings, Inc. | 121795 | 0.1 |
| 23837 | Patterson-UTI Energy, Inc. | 145644 | 0.1 |
| 5733 | PBF Energy, Inc. - Class A | 155479 | 0.1 |
| 8326 | Peabody Energy Corp. | 247282 | 0.1 |
| 5830 <sup>(1)</sup> | ProPetro Holding Corp. | 55443 | 0.0 |
| 2102 <sup>(1)</sup> | REX American Resources Corp. | 67937 | 0.0 |
| 983 | Riley Exploration Permian, Inc. | 25951 | 0.0 |
| 6270 | RPC, Inc. | 34109 | 0.0 |
| 5112 <sup>(1)(2)</sup> | Sable Offshore Corp. | 46110 | 0.0 |
| 2765 | SandRidge Energy, Inc. | 39899 | 0.0 |
| 3037 | Scorpio Tankers, Inc. | 154371 | 0.1 |
| 1996 <sup>(1)</sup> | SEACOR Marine Holdings, Inc. | 12016 | 0.0 |
| 4356 <sup>(1)</sup> | Seadrill Ltd. | 150718 | 0.1 |
| 6590 | Select Water Solutions, Inc. | 69327 | 0.0 |
| 8408 | SFL Corp. Ltd. | 65666 | 0.0 |
| 7671 | SM Energy Co. | 143448 | 0.1 |
| 2769 | Solaris Oilfield Infrastructure, Inc. - Class A | 127291 | 0.1 |
| 730 <sup>(1)</sup> | Summit Midstream Corp. | 19476 | 0.0 |
| 8713 <sup>(1)</sup> | Talos Energy, Inc. | 96017 | 0.1 |
| 3841 | Teekay Corp. Ltd. | 34684 | 0.0 |
| 1660 | Teekay Tankers Ltd. - Class A | 88677 | 0.1 |
| 8894 <sup>(1)</sup> | TETRA Technologies, Inc. | 83337 | 0.1 |
| 3406 <sup>(1)</sup> | Tidewater, Inc. | 172037 | 0.1 |
| 59623 <sup>(1)</sup> | Transocean Ltd. | 246243 | 0.1 |
| 31969 <sup>(1)</sup> | Uranium Energy Corp. | 373398 | 0.2 |
| 8415 | VAALCO Energy, Inc. | 30631 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |  |
| 4281 <sup>(1)</sup> | Valaris Ltd. | $| 215762 | 0.1 |
| 2025 <sup>(2)</sup> | Vitesse Energy, Inc. |  | 39001 | 0.0 |
| 7795 | W&T Offshore, Inc. |  | 12706 | 0.0 |
| 3641 | World Fuel Services Corp. |  | 85309 | 0.1 |
|  |  |  | **9444010** | **4.7** |
|  | **Financials: 17.1%** | **Financials: 17.1%** | **Financials: 17.1%** |  |
| 1400 | 1st Source Corp. |  | 87486 | 0.1 |
| 2340 | Abacus Global Management, Inc. |  | 20007 | 0.0 |
| 860 | ACNB Corp. |  | 41581 | 0.0 |
| 1805 | Alerus Financial Corp. |  | 40649 | 0.0 |
| 3577 <sup>(1)</sup> | AlTi Global, Inc. |  | 16597 | 0.0 |
| 1720 | Amalgamated Financial Corp. |  | 55092 | 0.0 |
| 3075 <sup>(1)</sup> | Ambac Financial Group, Inc. |  | 23923 | 0.0 |
| 2687 | Amerant Bancorp, Inc. |  | 52423 | 0.0 |
| 1919 | American Coastal Insurance Corp. |  | 24237 | 0.0 |
| 4400 | Ameris Bancorp |  | 326788 | 0.2 |
| 1360 | AMERISAFE, Inc. |  | 52238 | 0.0 |
| 9892 | Apollo Commercial Real Estate Finance, Inc. |  | 95755 | 0.1 |
| 13150 <sup>(2)</sup> | Arbor Realty Trust, Inc. |  | 102044 | 0.1 |
| 4520 <sup>(2)</sup> | Ares Commercial Real Estate Corp. |  | 21606 | 0.0 |
| 7005 | ARMOUR Residential REIT, Inc. |  | 123918 | 0.1 |
| 1485 | Arrow Financial Corp. |  | 46629 | 0.0 |
| 4197 | Artisan Partners Asset Management, Inc. - Class A |  | 170986 | 0.1 |
| 762 <sup>(1)</sup> | Aspen Insurance Holdings Ltd. - Class A |  | 28270 | 0.0 |
| 10772 | Associated Banc-Corp. |  | 277487 | 0.1 |
| 9584 | Atlantic Union Bankshares Corp. |  | 338315 | 0.2 |
| 424 <sup>(1)</sup> | Atlanticus Holdings Corp. |  | 28387 | 0.0 |
| 3720 <sup>(1)</sup> | Axos Financial, Inc. |  | 320515 | 0.2 |
| 975 <sup>(1)</sup> | Bakkt Holdings, Inc. |  | 9789 | 0.0 |
| 8605 | Banc of California, Inc. |  | 165990 | 0.1 |
| 1461 | BancFirst Corp. |  | 154895 | 0.1 |
| 2000 | Banco Latinoamericano de Comercio Exterior SA - Class E |  | 89200 | 0.1 |
| 2886 <sup>(1)</sup> | Bancorp, Inc. |  | 194863 | 0.1 |
| 678 | Bank First Corp. |  | 82594 | 0.1 |
| 2589 | Bank of Hawaii Corp. |  | 177010 | 0.1 |
| 1301 | Bank of Marin Bancorp |  | 33839 | 0.0 |
| 2863 | Bank of NT Butterfield & Son Ltd. |  | 142635 | 0.1 |
| 4988 | BankUnited, Inc. |  | 222315 | 0.1 |
| 698 | Bankwell Financial Group, Inc. |  | 31982 | 0.0 |
| 2302 | Banner Corp. |  | 144243 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1408 | Bar Harbor Bankshares | $43718 | 0.0 |
| 1161 | BayCom Corp. | 34133 | 0.0 |
| 5647 | Berkshire Hills Bancorp, Inc. | 148911 | 0.1 |
| 375 <sup>(1)</sup> | Better Home & Finance Holding Co. | 12217 | 0.0 |
| 24679 | BGC Group, Inc. - Class A | 220383 | 0.1 |
| 10946 | Blackstone Mortgage Trust, Inc. - Class A | 209397 | 0.1 |
| 2162 <sup>(1)</sup> | Blue Foundry Bancorp | 26874 | 0.0 |
| 1157 <sup>(1)</sup> | Bowhead Specialty Holdings, Inc. | 33021 | 0.0 |
| 3104 | Bread Financial Holdings, Inc. | 229789 | 0.1 |
| 1897 <sup>(1)</sup> | Bridgewater Bancshares, Inc. | 33254 | 0.0 |
| 1926 | Brightsphere Investment Group, Inc. | 90522 | 0.1 |
| 10026 | BrightSpire Capital, Inc. | 56146 | 0.0 |
| 4835 <sup>(1)</sup> | BRP Group, Inc. - Class A | 116185 | 0.1 |
| 13754 | Burford Capital Ltd. | 122686 | 0.1 |
| 1048 | Burke & Herbert Financial Services Corp. | 65301 | 0.0 |
| 2303 | Business First Bancshares, Inc. | 60200 | 0.0 |
| 2432 | Byline Bancorp, Inc. | 70893 | 0.0 |
| 12354 | Cadence Bank | 529245 | 0.3 |
| 1900 | California BanCorp | 35473 | 0.0 |
| 1373 | Camden National Corp. | 59561 | 0.0 |
| 3577 | Cannae Holdings, Inc. | 56266 | 0.0 |
| 3593 <sup>(1)</sup> | Cantaloupe, Inc. | 38158 | 0.0 |
| 1037 | Capital Bancorp, Inc. | 29212 | 0.0 |
| 1319 | Capital City Bank Group, Inc. | 56150 | 0.0 |
| 9055 | Capitol Federal Financial, Inc. | 61665 | 0.0 |
| 2023 <sup>(1)</sup> | Carter Bankshares, Inc. | 39772 | 0.0 |
| 1023 | Cass Information Systems, Inc. | 42475 | 0.0 |
| 4499 | Cathay General Bancorp | 217707 | 0.1 |
| 2046 | Central Pacific Financial Corp. | 63753 | 0.0 |
| 5796 | Chimera Investment Corp. | 72044 | 0.0 |
| 1099 | ChoiceOne Financial Services, Inc. | 32442 | 0.0 |
| 1563 | Citizens & Northern Corp. | 31526 | 0.0 |
| 413 | Citizens Financial Services, Inc. | 23549 | 0.0 |
| 3729 <sup>(1)(2)</sup> | Citizens, Inc. | 18011 | 0.0 |
| 981 | City Holding Co. | 116935 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 1474 | Civista Bancshares, Inc. | $32752 | 0.0 |
| 6933 <sup>(1)</sup> | Claros Mortgage Trust, Inc. | 21215 | 0.0 |
| 1849 | CNB Financial Corp. | 48388 | 0.0 |
| 6562 | CNO Financial Group, Inc. | 278688 | 0.1 |
| 900 <sup>(1)</sup> | Coastal Financial Corp. | 103131 | 0.1 |
| 1894 | Cohen & Steers, Inc. | 118905 | 0.1 |
| 2483 <sup>(1)(2)</sup> | Columbia Financial, Inc. | 38586 | 0.0 |
| 3657 | Community Bank System, Inc. | 210058 | 0.1 |
| 1291 | Community Trust Bancorp, Inc. | 72941 | 0.0 |
| 1519 | Community West Bancshares | 34177 | 0.0 |
| 4865 | Compass Diversified Holdings | 23352 | 0.0 |
| 3496 | ConnectOne Bancorp, Inc. | 91665 | 0.1 |
| 2023 <sup>(1)</sup> | Customers Bancorp, Inc. | 147922 | 0.1 |
| 8816 | CVB Financial Corp. | 163978 | 0.1 |
| 677 <sup>(1)</sup> | Dave, Inc. | 149895 | 0.1 |
| 188 | Diamond Hill Investment Group, Inc. | 31866 | 0.0 |
| 11691 | DigitalBridge Group, Inc. | 179340 | 0.1 |
| 2879 | Dime Community Bancshares, Inc. | 86629 | 0.1 |
| 1809 <sup>(1)</sup> | Donnelley Financial Solutions, Inc. | 84462 | 0.1 |
| 7473 | Dynex Capital, Inc. | 104697 | 0.1 |
| 1991 | Eagle Bancorp, Inc. | 42647 | 0.0 |
| 14757 | Eastern Bankshares, Inc. | 271972 | 0.1 |
| 1951 <sup>(1)</sup> | eHealth, Inc. | 8975 | 0.0 |
| 6646 | Ellington Financial, Inc. | 90253 | 0.1 |
| 1673 | Employers Holdings, Inc. | 72223 | 0.0 |
| 2135 | Enact Holdings, Inc. | 84631 | 0.1 |
| 1587 <sup>(1)</sup> | Encore Capital Group, Inc. | 86253 | 0.1 |
| 1653 <sup>(1)</sup> | Enova International, Inc. | 259852 | 0.1 |
| 2565 | Enterprise Financial Services Corp. | 138510 | 0.1 |
| 1292 | Equity Bancshares, Inc. - Class A | 57688 | 0.0 |
| 519 | Esquire Financial Holdings, Inc. | 52974 | 0.0 |
| 6379 | Essent Group Ltd. | 414699 | 0.2 |
| 4415 | EVERTEC, Inc. | 128432 | 0.1 |
| 2502 | F&G Annuities & Life, Inc. | 77187 | 0.0 |
| 1257 | Farmers & Merchants Bancorp, Inc./Archbold OH | 31073 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 3176 | Farmers National Banc Corp. | $42304 | 0.0 |
| 2840 | FB Financial Corp. | 158472 | 0.1 |
| 631 | Federal Agricultural Mortgage Corp. - Class C | 110785 | 0.1 |
| 4139 | Fidelis Insurance Holdings Ltd. | 81000 | 0.1 |
| 521 | Fidelity D&D Bancorp, Inc. | 22679 | 0.0 |
| 1456 | Financial Institutions, Inc. | 45384 | 0.0 |
| 1270 | First Bancorp, Inc. | 33579 | 0.0 |
| 10546 | First BanCorp/Puerto Rico | 218619 | 0.1 |
| 2842 | First Bancorp/Southern Pines NC | 144345 | 0.1 |
| 2293 | First Bank/Hamilton NJ | 37743 | 0.0 |
| 5818 | First Busey Corp. | 138410 | 0.1 |
| 713 | First Business Financial Services, Inc. | 38716 | 0.0 |
| 143 | First Capital, Inc. | 8466 | 0.0 |
| 6963 | First Commonwealth Financial Corp. | 117396 | 0.1 |
| 1374 | First Community Bankshares, Inc. | 46345 | 0.0 |
| 6431 | First Financial Bancorp | 160904 | 0.1 |
| 9178 | First Financial Bankshares, Inc. | 274147 | 0.1 |
| 963 | First Financial Corp. | 58184 | 0.0 |
| 4869 <sup>(1)</sup> | First Foundation, Inc. | 29993 | 0.0 |
| 5844 | First Interstate BancSystem, Inc. - Class A | 202202 | 0.1 |
| 3944 | First Merchants Corp. | 147821 | 0.1 |
| 1873 | First Mid Bancshares, Inc. | 73047 | 0.0 |
| 2699 | FirstCash Holdings, Inc. | 430167 | 0.2 |
| 963 <sup>(1)</sup> | Firstsun Capital Bancorp | 36243 | 0.0 |
| 1471 | Five Star Bancorp | 52632 | 0.0 |
| 2442 | Flushing Financial Corp. | 37045 | 0.0 |
| 8199 <sup>(1)</sup> | Flywire Corp. | 116098 | 0.1 |
| 744 <sup>(1)</sup> | Forge Global Holdings, Inc. | 33153 | 0.0 |
| 6275 | Franklin BSP Realty Trust, Inc. | 62938 | 0.0 |
| 11898 | Fulton Financial Corp. | 229988 | 0.1 |
| 652 <sup>(1)</sup> | GBank Financial Holdings, Inc. | 22096 | 0.0 |
| 3263 <sup>(2)</sup> | GCM Grosvenor, Inc. - Class A | 36937 | 0.0 |
| 27106 <sup>(1)</sup> | Genworth Financial, Inc. - Class A | 244767 | 0.1 |
| 2648 | German American Bancorp, Inc. | 103749 | 0.1 |
| 8577 | Glacier Bancorp, Inc. | 377817 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 1639 | Goosehead Insurance, Inc. - Class A | $120712 | 0.1 |
| 733 | Great Southern Bancorp, Inc. | 45123 | 0.0 |
| 3802 <sup>(1)</sup> | Green Dot Corp. - Class A | 48704 | 0.0 |
| 675 | Greene County Bancorp, Inc. | 15005 | 0.0 |
| 2337 <sup>(1)</sup> | Greenlight Capital Re Ltd. - Class A | 34073 | 0.0 |
| 3150 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | 87885 | 0.1 |
| 5539 | Hancock Whitney Corp. | 352724 | 0.2 |
| 2311 | Hanmi Financial Corp. | 62466 | 0.0 |
| 8358 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 262692 | 0.1 |
| 562 | Hawthorn Bancshares, Inc. | 19603 | 0.0 |
| 1428 | HBT Financial, Inc. | 36914 | 0.0 |
| 629 | HCI Group, Inc. | 120573 | 0.1 |
| 4543 | Heritage Commerce Corp. | 54561 | 0.0 |
| 2587 | Heritage Financial Corp. | 61183 | 0.0 |
| 1524 <sup>(1)</sup> | Heritage Insurance Holdings, Inc. | 44592 | 0.0 |
| 2942 | Hilltop Holdings, Inc. | 99851 | 0.1 |
| 107 <sup>(2)</sup> | Hingham Institution For Savings The | 30384 | 0.0 |
| 1295 <sup>(1)</sup> | Hippo Holdings, Inc. | 38954 | 0.0 |
| 606 | Home Bancorp, Inc. | 35027 | 0.0 |
| 12555 | Home BancShares, Inc. | 348778 | 0.2 |
| 2370 | HomeStreet, Inc. - Class A | 34673 | 0.0 |
| 1337 | HomeTrust Bancshares, Inc. | 57411 | 0.0 |
| 8427 | Hope Bancorp, Inc. | 92360 | 0.1 |
| 2830 | Horace Mann Educators Corp. | 130689 | 0.1 |
| 3553 | Horizon Bancorp, Inc. | 60259 | 0.0 |
| 3422 | Independent Bank Corp. | 250080 | 0.1 |
| 1605 | Independent Bank Corp. Michigan | 52211 | 0.0 |
| 2279 <sup>(1)</sup> | Innventure, Inc. | 9526 | 0.0 |
| 3729 | International Bancshares Corp. | 247755 | 0.1 |
| 2026 <sup>(1)</sup> | International Money Express, Inc. | 31119 | 0.0 |
| 4706 <sup>(2)</sup> | Invesco Mortgage Capital, Inc. | 39577 | 0.0 |
| 95 | Investors Title Co. | 23716 | 0.0 |
| 4660 | Jackson Financial, Inc. - Class A | 496989 | 0.3 |
| 2658 | James River Group Holdings, Inc. | 16905 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 1289 | John Marshall Bancorp, Inc. | $25767 | 0.0 |
| 4563 | Kearny Financial Corp. | 33812 | 0.0 |
| 824 | Kingstone Cos., Inc. | 13868 | 0.0 |
| 1397 <sup>(1)</sup> | Kingsway Financial Services, Inc. | 18790 | 0.0 |
| 4169 | KKR Real Estate Finance Trust, Inc. | 34269 | 0.0 |
| 8468 | Ladder Capital Corp. | 93063 | 0.1 |
| 1792 | Lakeland Financial Corp. | 102252 | 0.1 |
| 4051 <sup>(1)</sup> | Lemonade, Inc. | 288350 | 0.2 |
| 7563 <sup>(1)</sup> | LendingClub Corp. | 143243 | 0.1 |
| 762 <sup>(1)</sup> | LendingTree, Inc. | 40455 | 0.0 |
| 2487 | Live Oak Bancshares, Inc. | 85428 | 0.1 |
| 5379 <sup>(1)</sup> | loanDepot, Inc. - Class A | 11135 | 0.0 |
| 3360 | Marex Group PLC | 128890 | 0.1 |
| 25749 <sup>(1)</sup> | Marqeta, Inc. - Class A | 122308 | 0.1 |
| 3622 <sup>(1)</sup> | MBIA, Inc. | 25934 | 0.0 |
| 1252 | Mercantile Bank Corp. | 60221 | 0.0 |
| 1856 | Merchants Bancorp | 63215 | 0.0 |
| 1835 | Mercury General Corp. | 172600 | 0.1 |
| 1829 | Metrocity Bankshares, Inc. | 48542 | 0.0 |
| 692 | Metropolitan Bank Holding Corp. | 52841 | 0.0 |
| 7433 | MFA Financial, Inc. | 69201 | 0.0 |
| 1372 <sup>(1)</sup> | Miami International Holdings, Inc. | 60889 | 0.0 |
| 1580 | Mid Penn Bancorp, Inc. | 49012 | 0.0 |
| 735 | Middlefield Banc Corp. | 25387 | 0.0 |
| 1603 | Midland States Bancorp, Inc. | 33936 | 0.0 |
| 1263 | MidWestOne Financial Group, Inc. | 48625 | 0.0 |
| 5031 | Moelis & Co. - Class A | 345831 | 0.2 |
| 1029 | MVB Financial Corp. | 26579 | 0.0 |
| 2663 | National Bank Holdings Corp. - Class A | 101221 | 0.1 |
| 4634 | Navient Corp. | 60242 | 0.0 |
| 2917 | NB Bancorp, Inc. | 57815 | 0.0 |
| 3494 | NBT Bancorp, Inc. | 145071 | 0.1 |
| 778 | Nelnet, Inc. - Class A | 103443 | 0.1 |
| 2879 <sup>(1)</sup> | NerdWallet, Inc. - Class A | 39010 | 0.0 |
| 20574 | New York Community Bancorp, Inc. | 259027 | 0.1 |
| 6878 | New York Mortgage Trust, Inc. | 50209 | 0.0 |
| 1793 | NewtekOne, Inc. | 20351 | 0.0 |
| 944 | Nicolet Bankshares, Inc. | 114507 | 0.1 |
| 5350 <sup>(1)</sup> | NMI Holdings, Inc. - Class A | 218226 | 0.1 |
| 555 | Northeast Bank | 57681 | 0.0 |
| 1164 | Northeast Community Bancorp, Inc. | 26318 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 3089 | Northfield Bancorp, Inc. | $35307 | 0.0 |
| 1580 | Northrim BanCorp, Inc. | 42044 | 0.0 |
| 8983 | Northwest Bancshares, Inc. | 107796 | 0.1 |
| 843 | Norwood Financial Corp. | 23646 | 0.0 |
| 4029 | OceanFirst Financial Corp. | 72321 | 0.0 |
| 509 <sup>(1)</sup> | Ocwen Financial Corp. | 23307 | 0.0 |
| 3007 | OFG Bancorp | 123227 | 0.1 |
| 22576 | Old National Bancorp | 503671 | 0.3 |
| 3363 | Old Second Bancorp, Inc. | 65578 | 0.0 |
| 7387 <sup>(1)</sup> | Open Lending Corp. | 11450 | 0.0 |
| 2513 <sup>(1)</sup> | Oportun Financial Corp. | 13294 | 0.0 |
| 1720 | OppFi, Inc. | 17991 | 0.0 |
| 849 | Orange County Bancorp, Inc. | 24239 | 0.0 |
| 7125 | Orchid Island Capital, Inc. | 51300 | 0.0 |
| 2114 | Origin Bancorp, Inc. | 79508 | 0.1 |
| 1362 | Orrstown Financial Services, Inc. | 48242 | 0.0 |
| 13222 <sup>(1)</sup> | Oscar Health, Inc. - Class A | 190000 | 0.1 |
| 3586 | P10, Inc. - Class A | 35179 | 0.0 |
| 12456 | Pagseguro Digital Ltd. - Class A | 120076 | 0.1 |
| 1816 <sup>(1)</sup> | Palomar Holdings, Inc. | 244724 | 0.1 |
| 1032 | Park National Corp. | 157050 | 0.1 |
| 1520 | Pathward Financial, Inc. | 107920 | 0.1 |
| 4188 | Patria Investments Ltd. - Class A | 66547 | 0.0 |
| 4465 <sup>(1)</sup> | Patriot National Bancorp, Inc. | 8126 | 0.0 |
| 19306 <sup>(1)</sup> | Payoneer Global, Inc. | 108500 | 0.1 |
| 2352 <sup>(1)</sup> | Paysafe Ltd. | 19028 | 0.0 |
| 2538 <sup>(1)</sup> | Paysign, Inc. | 13071 | 0.0 |
| 1292 | Peapack-Gladstone Financial Corp. | 35982 | 0.0 |
| 2016 | PennyMac Financial Services, Inc. | 265789 | 0.1 |
| 6400 | PennyMac Mortgage Investment Trust | 80320 | 0.1 |
| 2575 | Peoples Bancorp, Inc. | 77327 | 0.0 |
| 890 | Peoples Financial Services Corp. | 43352 | 0.0 |
| 4045 | Perella Weinberg Partners | 69979 | 0.0 |
| 1189 | Piper Sandler Cos. | 403915 | 0.2 |
| 1572 | PJT Partners, Inc. - Class A | 262838 | 0.1 |
| 584 | Plumas Bancorp | 26099 | 0.0 |
| 1975 <sup>(1)</sup> | Ponce Financial Group, Inc. | 32291 | 0.0 |
| 2838 <sup>(1)</sup> | PRA Group, Inc. | 50204 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** |  |
| 840 | Preferred Bank/Los Angeles CA | $79321 | 0.0 |
| 1806 <sup>(1)</sup> | Priority Technology Holdings, Inc. | 9843 | 0.0 |
| 3324 <sup>(1)</sup> | ProAssurance Corp. | 80308 | 0.1 |
| 2716 | PROG Holdings, Inc. | 80095 | 0.1 |
| 8687 | Provident Financial Services, Inc. | 171568 | 0.1 |
| 1189 | QCR Holdings, Inc. | 99044 | 0.1 |
| 9151 | Radian Group, Inc. | 329344 | 0.2 |
| 12182 | Ready Capital Corp. | 26557 | 0.0 |
| 501 | Red River Bancshares, Inc. | 35786 | 0.0 |
| 9811 | Redwood Trust, Inc. | 54255 | 0.0 |
| 712 | Regional Management Corp. | 27590 | 0.0 |
| 10755 <sup>(1)</sup> | Remitly Global, Inc. | 148419 | 0.1 |
| 6402 | Renasant Corp. | 225478 | 0.1 |
| 5780 <sup>(1)</sup> | Repay Holdings Corp. | 21097 | 0.0 |
| 699 | Republic Bancorp, Inc. - Class A | 48224 | 0.0 |
| 796 <sup>(1)</sup> | Root, Inc. - Class A | 57495 | 0.0 |
| 2749 | S&T Bancorp, Inc. | 108173 | 0.1 |
| 1041 | Safety Insurance Group, Inc. | 81104 | 0.1 |
| 5804 | Seacoast Banking Corp. of Florida | 182362 | 0.1 |
| 4147 | Selective Insurance Group, Inc. | 346979 | 0.2 |
| 9782 <sup>(1)</sup> | Selectquote, Inc. | 13793 | 0.0 |
| 3537 | ServisFirst Bancshares, Inc. | 253921 | 0.1 |
| 1069 <sup>(1)</sup> | Sezzle, Inc. | 67855 | 0.0 |
| 2624 | Shore Bancshares, Inc. | 46392 | 0.0 |
| 1254 | Sierra Bancorp | 40981 | 0.0 |
| 9517 | Simmons First National Corp. - Class A | 179395 | 0.1 |
| 7085 <sup>(1)</sup> | SiriusPoint Ltd. | 155091 | 0.1 |
| 2525 <sup>(1)</sup> | Skyward Specialty Insurance Group, Inc. | 129053 | 0.1 |
| 1378 <sup>(1)</sup> | Slide Insurance Holdings, Inc. | 26843 | 0.0 |
| 1339 | SmartFinancial, Inc. | 49530 | 0.0 |
| 1155 | South Plains Financial, Inc. | 44814 | 0.0 |
| 738 <sup>(1)</sup> | Southern First Bancshares, Inc. | 38022 | 0.0 |
| 801 | Southern Missouri Bancorp, Inc. | 47355 | 0.0 |
| 2233 | Southside Bancshares, Inc. | 67861 | 0.0 |
| 3524 | Stellar Bancorp, Inc. | 109033 | 0.1 |
| 4523 | StepStone Group, Inc. - Class A | 290241 | 0.2 |
| 1928 | Stewart Information Services Corp. | 135461 | 0.1 |
| 1842 | Stock Yards Bancorp, Inc. | 119638 | 0.1 |
| 17077 <sup>(1)</sup> | StoneCo Ltd. - Class A | 252569 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 3121 <sup>(1)</sup> | StoneX Group, Inc. | $296901 | 0.2 |
| 3053 <sup>(1)</sup> | Texas Capital Bancshares, Inc. | 276419 | 0.1 |
| 1047 <sup>(1)</sup> | Third Coast Bancshares, Inc. | 39796 | 0.0 |
| 913 | Timberland Bancorp, Inc. | 32685 | 0.0 |
| 1823 | Tiptree, Inc. | 33306 | 0.0 |
| 1005 | Tompkins Financial Corp. | 72883 | 0.0 |
| 5036 | Towne Bank/ Portsmouth VA | 168051 | 0.1 |
| 5708 | TPG RE Finance Trust, Inc. | 49146 | 0.0 |
| 2274 | TriCo Bancshares | 107719 | 0.1 |
| 7878 <sup>(1)</sup> | Triller Group, Inc. | 252 | 0.0 |
| 1554 <sup>(1)</sup> | Triumph Financial, Inc. | 97327 | 0.1 |
| 2538 <sup>(1)</sup> | Trupanion, Inc. | 94845 | 0.1 |
| 1511 | TrustCo Bank Corp. NY | 62450 | 0.0 |
| 3837 | Trustmark Corp. | 149451 | 0.1 |
| 7379 | Two Harbors Investment Corp. | 77480 | 0.0 |
| 4868 | UMB Financial Corp. | 560015 | 0.3 |
| 9286 | United Bankshares, Inc. | 356582 | 0.2 |
| 8202 | United Community Banks, Inc. | 256066 | 0.1 |
| 1489 | United Fire Group, Inc. | 54125 | 0.0 |
| 610 | Unity Bancorp, Inc. | 31549 | 0.0 |
| 1826 | Universal Insurance Holdings, Inc. | 61719 | 0.0 |
| 2251 | Univest Financial Corp. | 73698 | 0.0 |
| 5794 <sup>(1)</sup> | Upstart Holdings, Inc. | 253372 | 0.1 |
| 31655 | Valley National Bancorp | 369730 | 0.2 |
| 3028 | Victory Capital Holdings, Inc. - Class A | 191037 | 0.1 |
| 461 | Virtus Investment Partners, Inc. | 75212 | 0.0 |
| 2281 | Walker & Dunlop, Inc. | 137202 | 0.1 |
| 5160 | Washington Federal, Inc. | 165275 | 0.1 |
| 1385 | Washington Trust Bancorp, Inc. | 40927 | 0.0 |
| 1489 | Waterstone Financial, Inc. | 24643 | 0.0 |
| 18118 <sup>(1)</sup> | Webull Corp. | 140777 | 0.1 |
| 6393 | WesBanco, Inc. | 212503 | 0.1 |
| 1642 | West BanCorp, Inc. | 36436 | 0.0 |
| 1690 | Westamerica BanCorp | 80833 | 0.1 |
| 8661 | WisdomTree, Inc. | 105578 | 0.1 |
| 227 <sup>(1)</sup> | World Acceptance Corp. | 31869 | 0.0 |
| 3769 | WSFS Financial Corp. | 208200 | 0.1 |
|  |  | **34564874** | **17.1** |
|  | **Health Care: 18.3%** |  |  |
| 7272 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | 118606 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 3093 <sup>(1)</sup> | 4D Molecular Therapeutics, Inc. | $23197 | 0.0 |
| 816 <sup>(1)</sup> | Aardvark Therapeutics, Inc. | 10710 | 0.0 |
| 3029 <sup>(1)(2)</sup> | Abeona Therapeutics, Inc. | 15963 | 0.0 |
| 8878 <sup>(1)(2)</sup> | Absci Corp. | 30984 | 0.0 |
| 8465 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 226100 | 0.1 |
| 7814 <sup>(1)</sup> | Accuray, Inc. | 6443 | 0.0 |
| 6775 <sup>(1)</sup> | Aclaris Therapeutics, Inc. | 20393 | 0.0 |
| 6733 <sup>(1)</sup> | AdaptHealth Corp. | 67061 | 0.0 |
| 10207 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 165762 | 0.1 |
| 5626 <sup>(1)</sup> | ADC Therapeutics SA | 19860 | 0.0 |
| 1263 <sup>(1)</sup> | Addus HomeCare Corp. | 135634 | 0.1 |
| 15763 <sup>(1)</sup> | ADMA Biologics, Inc. | 287517 | 0.2 |
| 21480 <sup>(1)</sup> | agilon health, Inc. | 14793 | 0.0 |
| 3848 <sup>(1)</sup> | Agios Pharmaceuticals, Inc. | 104743 | 0.1 |
| 16852 <sup>(1)</sup> | Akebia Therapeutics, Inc. | 27132 | 0.0 |
| 4841 <sup>(1)(3)(4)</sup> | Akero Therapeutics, Inc. | 3147 | 0.0 |
| 3844 <sup>(1)</sup> | Aldeyra Therapeutics, Inc. | 19912 | 0.0 |
| 5442 <sup>(1)</sup> | Alector, Inc. | 8490 | 0.0 |
| 10887 <sup>(1)</sup> | Alignment Healthcare, Inc. | 215018 | 0.1 |
| 11005 <sup>(1)</sup> | Alkermes PLC | 307920 | 0.2 |
| 10696 <sup>(1)</sup> | Allogene Therapeutics, Inc. | 14654 | 0.0 |
| 7931 <sup>(1)</sup> | Alphatec Holdings, Inc. | 166868 | 0.1 |
| 5318 <sup>(1)</sup> | Altimmune, Inc. | 19198 | 0.0 |
| 3818 <sup>(1)</sup> | Alumis, Inc. | 37264 | 0.0 |
| 19468 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 277224 | 0.1 |
| 2676 <sup>(1)</sup> | AMN Healthcare Services, Inc. | 42174 | 0.0 |
| 10440 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. | 131544 | 0.1 |
| 2539 <sup>(1)</sup> | Amphastar Pharmaceuticals, Inc. | 67994 | 0.0 |
| 5789 <sup>(1)</sup> | Amylyx Pharmaceuticals, Inc. | 69931 | 0.0 |
| 1300 <sup>(1)</sup> | AnaptysBio, Inc. | 63024 | 0.0 |
| 5886 <sup>(1)</sup> | Anavex Life Sciences Corp. | 20954 | 0.0 |
| 2838 <sup>(1)</sup> | AngioDynamics, Inc. | 36440 | 0.0 |
| 1222 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. | 96465 | 0.1 |
| 1009 <sup>(1)</sup> | Anika Therapeutics, Inc. | 9696 | 0.0 |
| 7165 <sup>(1)</sup> | Annexon, Inc. | 35968 | 0.0 |
| 2235 <sup>(1)</sup> | Anteris Technologies Global Corp. | 11153 | 0.0 |
| 2524 <sup>(1)</sup> | Apogee Therapeutics, Inc. | 190512 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 2892 <sup>(1)</sup> | Apollo Medical Holdings, Inc. | $71751 | 0.0 |
| 6589 <sup>(1)(2)</sup> | Aquestive Therapeutics, Inc. | 42565 | 0.0 |
| 11093 <sup>(1)</sup> | Arbutus Biopharma Corp. | 53357 | 0.0 |
| 2380 <sup>(1)</sup> | Arcellx, Inc. | 155176 | 0.1 |
| 1749 <sup>(1)</sup> | Arcturus Therapeutics Holdings, Inc. | 10721 | 0.0 |
| 5085 <sup>(1)</sup> | Arcus Biosciences, Inc. | 121176 | 0.1 |
| 7282 <sup>(1)</sup> | Arcutis Biotherapeutics, Inc. | 211469 | 0.1 |
| 16335 <sup>(1)</sup> | Ardelyx, Inc. | 95233 | 0.1 |
| 1844 <sup>(1)</sup> | Ardent Health Partners, Inc. | 16283 | 0.0 |
| 1747 <sup>(1)(2)</sup> | ArriVent Biopharma, Inc. | 35150 | 0.0 |
| 8897 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 590672 | 0.3 |
| 3817 <sup>(1)(2)</sup> | ARS Pharmaceuticals, Inc. | 44468 | 0.0 |
| 2727 <sup>(1)</sup> | Artivion, Inc. | 124378 | 0.1 |
| 4444 <sup>(1)</sup> | Arvinas, Inc. | 52706 | 0.0 |
| 3175 <sup>(1)</sup> | Astria Therapeutics, Inc. | 41561 | 0.0 |
| 6044 <sup>(1)</sup> | Atea Pharmaceuticals, Inc. | 21577 | 0.0 |
| 3328 <sup>(1)</sup> | AtriCure, Inc. | 131656 | 0.1 |
| 6256 <sup>(1)(2)</sup> | aTyr Pharma, Inc. | 4899 | 0.0 |
| 3162 <sup>(1)</sup> | Aura Biosciences, Inc. | 17233 | 0.0 |
| 8159 <sup>(1)</sup> | Aurinia Pharmaceuticals, Inc. | 130136 | 0.1 |
| 6104 <sup>(1)</sup> | Avadel Pharmaceuticals PLC | 131541 | 0.1 |
| 3364 <sup>(1)</sup> | Avanos Medical, Inc. | 37778 | 0.0 |
| 4010 <sup>(1)</sup> | Aveanna Healthcare Holdings, Inc. | 32762 | 0.0 |
| 7724 <sup>(1)</sup> | Avidity Biosciences, Inc. | 557132 | 0.3 |
| 1144 <sup>(1)(2)</sup> | Avita Medical, Inc. | 3947 | 0.0 |
| 3066 <sup>(1)</sup> | Axogen, Inc. | 100350 | 0.1 |
| 2797 <sup>(1)</sup> | Axsome Therapeutics, Inc. | 510844 | 0.3 |
| 2769 <sup>(1)</sup> | Azenta, Inc. | 92097 | 0.1 |
| 6473 <sup>(1)</sup> | Beam Therapeutics, Inc. | 179432 | 0.1 |
| 1121 <sup>(1)</sup> | Benitec Biopharma, Inc. | 15100 | 0.0 |
| 2554 <sup>(1)</sup> | Beta Bionics, Inc. | 77820 | 0.1 |
| 2257 <sup>(1)</sup> | Bicara Therapeutics, Inc. | 37985 | 0.0 |
| 1480 <sup>(1)</sup> | BioAge Labs, Inc. | 19580 | 0.0 |
| 14228 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 110978 | 0.1 |
| 6246 <sup>(1)</sup> | Biohaven Ltd. | 70517 | 0.0 |
| 2638 <sup>(1)</sup> | BioLife Solutions, Inc. | 63787 | 0.0 |
| 2230 <sup>(1)</sup> | Biote Corp. - Class A | 5798 | 0.0 |
| 3490 <sup>(1)</sup> | Bioventus, Inc. - Class A | 25966 | 0.0 |
| 4715 <sup>(1)</sup> | Blade Air Mobility, Inc. | 22679 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 10775 <sup>(1)</sup> | Bridgebio Pharma, Inc. | $824180 | 0.4 |
| 354 <sup>(1)</sup> | Bright Minds Biosciences, Inc. | 27626 | 0.0 |
| 7356 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 275482 | 0.1 |
| 15994 <sup>(1)</sup> | Brookdale Senior Living, Inc. | 172575 | 0.1 |
| 13762 <sup>(1)</sup> | Butterfly Network, Inc. | 52296 | 0.0 |
| 2786 <sup>(1)(2)</sup> | Candel Therapeutics, Inc. | 15741 | 0.0 |
| 2639 <sup>(1)</sup> | Capricor Therapeutics, Inc. | 76162 | 0.0 |
| 4612 <sup>(1)</sup> | Cardiff Oncology, Inc. | 12960 | 0.0 |
| 3644 <sup>(1)</sup> | CareDx, Inc. | 68653 | 0.0 |
| 710 <sup>(1)(2)</sup> | Cartesian Therapeutics, Inc. | 5119 | 0.0 |
| 1995 <sup>(1)</sup> | Castle Biosciences, Inc. | 77605 | 0.0 |
| 7894 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 184246 | 0.1 |
| 2147 <sup>(1)</sup> | Celcuity, Inc. | 214142 | 0.1 |
| 4548 <sup>(1)</sup> | Celldex Therapeutics, Inc. | 123524 | 0.1 |
| 1826 <sup>(1)</sup> | Ceribell, Inc. | 40044 | 0.0 |
| 14298 <sup>(1)</sup> | Cerus Corp. | 29454 | 0.0 |
| 3771 <sup>(1)</sup> | CG oncology, Inc. | 156572 | 0.1 |
| 3390 <sup>(1)</sup> | ChromaDex Corp. | 21560 | 0.0 |
| 1311 <sup>(1)</sup> | Cidara Therapeutics, Inc. | 289587 | 0.2 |
| 553 <sup>(1)(2)</sup> | Claritev Corp. | 23641 | 0.0 |
| 1904 <sup>(1)</sup> | ClearPoint Neuro, Inc. | 26047 | 0.0 |
| 28322 <sup>(1)</sup> | Clover Health Investments Corp. | 66557 | 0.0 |
| 5839 <sup>(1)</sup> | Codexis, Inc. | 9518 | 0.0 |
| 9460 <sup>(1)</sup> | Cogent Biosciences, Inc. | 336019 | 0.2 |
| 6445 <sup>(1)</sup> | Coherus Biosciences, Inc. | 9152 | 0.0 |
| 2165 <sup>(1)</sup> | Collegium Pharmaceutical, Inc. | 100240 | 0.1 |
| 9059 <sup>(1)</sup> | Community Health Systems, Inc. | 28264 | 0.0 |
| 8594 <sup>(1)</sup> | Compass Therapeutics, Inc. | 46150 | 0.0 |
| 772 <sup>(1)</sup> | Computer Programs and Systems, Inc. | 17038 | 0.0 |
| 8005 | Concentra Group Holdings Parent, Inc. | 157538 | 0.1 |
| 2124 | CONMED Corp. | 86234 | 0.1 |
| 4692 <sup>(1)(2)</sup> | CorMedix, Inc. | 54568 | 0.0 |
| 2008 <sup>(1)</sup> | CorVel Corp. | 135881 | 0.1 |
| 3748 <sup>(1)</sup> | Corvus Pharmaceuticals, Inc. | 28860 | 0.0 |
| 6245 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 290705 | 0.2 |
| 5756 <sup>(1)(2)</sup> | CRISPR Therapeutics AG | 301845 | 0.2 |
| 2204 <sup>(1)</sup> | Cross Country Healthcare, Inc. | 17852 | 0.0 |
| 3486 <sup>(1)</sup> | CryoPort, Inc. | 33466 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 3898 <sup>(1)</sup> | Cullinan Oncology, Inc. | $40344 | 0.0 |
| 1260 <sup>(1)</sup> | CVRx, Inc. | 8946 | 0.0 |
| 8115 <sup>(1)</sup> | Cytek Biosciences, Inc. | 40981 | 0.0 |
| 8062 <sup>(1)</sup> | Cytokinetics, Inc. | 512259 | 0.3 |
| 4958 <sup>(1)</sup> | Day One Biopharmaceuticals, Inc. | 46209 | 0.0 |
| 3046 <sup>(1)</sup> | Definitive Healthcare Corp. | 8742 | 0.0 |
| 2173 <sup>(1)</sup> | Delcath Systems, Inc. | 21947 | 0.0 |
| 8975 <sup>(1)</sup> | Denali Therapeutics, Inc. | 148177 | 0.1 |
| 2143 <sup>(1)</sup> | Design Therapeutics, Inc. | 20101 | 0.0 |
| 2173 <sup>(1)</sup> | DiaMedica Therapeutics, Inc. | 17297 | 0.0 |
| 1597 <sup>(1)</sup> | Dianthus Therapeutics, Inc. | 65812 | 0.0 |
| 1633 <sup>(1)</sup> | Disc Medicine, Inc. | 129677 | 0.1 |
| 7393 <sup>(1)</sup> | DocGo, Inc. | 6490 | 0.0 |
| 6954 <sup>(1)</sup> | Dynavax Technologies Corp. | 106953 | 0.1 |
| 8500 <sup>(1)</sup> | Dyne Therapeutics, Inc. | 166260 | 0.1 |
| 4658 <sup>(1)</sup> | Edgewise Therapeutics, Inc. | 115588 | 0.1 |
| 6098 <sup>(1)</sup> | Editas Medicine, Inc. | 12501 | 0.0 |
| 4566 <sup>(1)</sup> | Eledon Pharmaceuticals, Inc. | 6895 | 0.0 |
| 4054 | Embecta Corp. | 48162 | 0.0 |
| 3594 <sup>(1)</sup> | Emergent BioSolutions, Inc. | 44422 | 0.0 |
| 1733 <sup>(1)</sup> | Enanta Pharmaceuticals, Inc. | 27329 | 0.0 |
| 3542 <sup>(1)</sup> | Enhabit, Inc. | 32657 | 0.0 |
| 2642 <sup>(1)</sup> | Enliven Therapeutics, Inc. | 40687 | 0.0 |
| 3834 <sup>(1)</sup> | Enovis Corp. | 102138 | 0.1 |
| 3793 | Ensign Group, Inc. | 660741 | 0.3 |
| 2116 <sup>(1)</sup> | Entrada Therapeutics, Inc. | 21752 | 0.0 |
| 12378 <sup>(1)</sup> | Erasca, Inc. | 46046 | 0.0 |
| 15383 <sup>(1)</sup> | Esperion Therapeutics, Inc. | 56917 | 0.0 |
| 1881 <sup>(1)</sup> | Eton Pharmaceuticals, Inc. | 31808 | 0.0 |
| 8218 <sup>(1)</sup> | Evolent Health, Inc. - Class A | 32872 | 0.0 |
| 3691 <sup>(1)</sup> | Evolus, Inc. | 24545 | 0.0 |
| 4979 <sup>(1)</sup> | EyePoint Pharmaceuticals, Inc. | 90966 | 0.1 |
| 8110 <sup>(1)</sup> | Fate Therapeutics, Inc. | 7969 | 0.0 |
| 1830 <sup>(1)</sup> | Fennec Pharmaceuticals, Inc. | 14091 | 0.0 |
| 2510 <sup>(1)</sup> | Foghorn Therapeutics, Inc. | 13554 | 0.0 |
| 6261 <sup>(1)</sup> | Fortrea Holdings, Inc. | 108002 | 0.1 |
| 3054 <sup>(1)</sup> | Fulcrum Therapeutics, Inc. | 34541 | 0.0 |
| 1478 <sup>(1)</sup> | Fulgent Genetics, Inc. | 38827 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 1284 <sup>(1)</sup> | GeneDx Holdings Corp. | $166997 | 0.1 |
| 40693 <sup>(1)</sup> | Geron Corp. | 53715 | 0.0 |
| 2735 <sup>(1)(2)</sup> | Ginkgo Bioworks Holdings, Inc. | 22728 | 0.0 |
| 3785 <sup>(1)</sup> | Glaukos Corp. | 427364 | 0.2 |
| 13728 <sup>(1)</sup> | Gossamer Bio, Inc. | 42557 | 0.0 |
| 2359 <sup>(1)</sup> | GRAIL, Inc. | 201907 | 0.1 |
| 8224 <sup>(1)</sup> | Guardant Health, Inc. | 839999 | 0.4 |
| 1219 <sup>(1)</sup> | Guardian Pharmacy Services, Inc. - Class A | 36680 | 0.0 |
| 3257 <sup>(1)</sup> | Haemonetics Corp. | 261049 | 0.1 |
| 2952 <sup>(1)</sup> | Harmony Biosciences Holdings, Inc. | 110464 | 0.1 |
| 2208 <sup>(1)</sup> | Harrow, Inc. | 108192 | 0.1 |
| 4967 <sup>(1)</sup> | Health Catalyst, Inc. | 11871 | 0.0 |
| 5786 <sup>(1)</sup> | HealthEquity, Inc. | 530055 | 0.3 |
| 1696 | HealthStream, Inc. | 39127 | 0.0 |
| 1242 <sup>(1)</sup> | HeartFlow, Inc. | 36204 | 0.0 |
| 10907 <sup>(1)(2)</sup> | Heron Therapeutics, Inc. | 14179 | 0.0 |
| 13755 <sup>(1)</sup> | Hims & Hers Health, Inc. | 446625 | 0.2 |
| 10487 <sup>(1)</sup> | Humacyte, Inc. | 10073 | 0.0 |
| 1648 <sup>(1)</sup> | ICU Medical, Inc. | 235120 | 0.1 |
| 5609 <sup>(1)</sup> | Ideaya Biosciences, Inc. | 193903 | 0.1 |
| 18787 <sup>(1)(2)</sup> | ImmunityBio, Inc. | 37198 | 0.0 |
| 6238 <sup>(1)</sup> | Immunome, Inc. | 133992 | 0.1 |
| 4716 <sup>(1)</sup> | Immunovant, Inc. | 119881 | 0.1 |
| 8238 <sup>(1)</sup> | Indivior PLC | 295579 | 0.2 |
| 4769 <sup>(1)</sup> | Inhibikase Therapeutics, Inc. | 9776 | 0.0 |
| 646 <sup>(1)</sup> | Inhibrx Biosciences, Inc. | 51034 | 0.0 |
| 1655 <sup>(1)</sup> | Innovage Holding Corp. | 8589 | 0.0 |
| 4286 <sup>(1)</sup> | Innoviva, Inc. | 85677 | 0.1 |
| 1916 <sup>(1)</sup> | Inogen, Inc. | 12876 | 0.0 |
| 2293 <sup>(1)</sup> | Integer Holdings Corp. | 179840 | 0.1 |
| 4750 <sup>(1)</sup> | Integra LifeSciences Holdings Corp. | 58995 | 0.0 |
| 6911 <sup>(1)</sup> | Intellia Therapeutics, Inc. | 62130 | 0.0 |
| 20341 <sup>(1)</sup> | Iovance Biotherapeutics, Inc. | 55531 | 0.0 |
| 578 | iRadimed Corp. | 56228 | 0.0 |
| 2168 <sup>(1)</sup> | iRhythm Technologies, Inc. | 384690 | 0.2 |
| 11095 <sup>(1)</sup> | Ironwood Pharmaceuticals, Inc. | 37390 | 0.0 |
| 3101 | Jade Biosciences, Inc. | 47848 | 0.0 |
| 2712 <sup>(1)</sup> | Janux Therapeutics, Inc. | 37426 | 0.0 |
| 1241 <sup>(1)(2)</sup> | Joint Corp. | 10822 | 0.0 |
| 2652 <sup>(1)</sup> | KalVista Pharmaceuticals, Inc. | 42830 | 0.0 |
| 2117 <sup>(1)</sup> | Keros Therapeutics, Inc. | 43102 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Index Series SC Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 1241 <sup>(1)</sup> | Kestra Medical Technologies Ltd. | $32911 | 0.0 |
| 2270 <sup>(1)</sup> | Kodiak Sciences, Inc. | 63469 | 0.0 |
| 3543 <sup>(1)</sup> | KORU Medical Systems, Inc. | 20585 | 0.0 |
| 1690 <sup>(1)</sup> | Krystal Biotech, Inc. | 416653 | 0.2 |
| 5436 <sup>(1)</sup> | Kura Oncology, Inc. | 56480 | 0.0 |
| 3809 <sup>(1)</sup> | Kymera Therapeutics, Inc. | 296378 | 0.2 |
| 4540 <sup>(1)</sup> | Lantheus Holdings, Inc. | 302137 | 0.2 |
| 3082 <sup>(1)</sup> | Larimar Therapeutics, Inc. | 11742 | 0.0 |
| 1135 <sup>(1)</sup> | LB Pharmaceuticals, Inc. | 25265 | 0.0 |
| 1433 | LeMaitre Vascular, Inc. | 116216 | 0.1 |
| 788 <sup>(1)</sup> | LENSAR, Inc. | 9164 | 0.0 |
| 1197 <sup>(1)(2)</sup> | LENZ Therapeutics, Inc. | 19152 | 0.0 |
| 4170 <sup>(1)</sup> | Lexeo Therapeutics, Inc. | 41408 | 0.0 |
| 1981 <sup>(1)</sup> | Lifecore Biomedical, Inc. | 16205 | 0.0 |
| 2414 <sup>(1)</sup> | LifeMD, Inc. | 8232 | 0.0 |
| 9737 <sup>(1)</sup> | LifeStance Health Group, Inc. | 68548 | 0.0 |
| 1309 <sup>(1)</sup> | Ligand Pharmaceuticals, Inc. | 247493 | 0.1 |
| 4441 <sup>(1)</sup> | Liquidia Corp. | 153170 | 0.1 |
| 3738 <sup>(1)</sup> | LivaNova PLC | 229999 | 0.1 |
| 8772 <sup>(1)</sup> | Lucid Diagnostics, Inc. | 9561 | 0.0 |
| 1257 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 732001 | 0.4 |
| 20983 <sup>(1)</sup> | MannKind Corp. | 118974 | 0.1 |
| 1021 <sup>(1)(2)</sup> | MapLight Therapeutics, Inc. | 17934 | 0.0 |
| 8117 <sup>(1)</sup> | Maravai LifeSciences Holdings, Inc. - Class A | 26380 | 0.0 |
| 8378 <sup>(1)</sup> | MaxCyte, Inc. | 12986 | 0.0 |
| 1414 <sup>(1)</sup> | Maze Therapeutics, Inc. | 58582 | 0.0 |
| 1892 <sup>(1)</sup> | MBX Biosciences, Inc. | 59674 | 0.0 |
| 577 <sup>(1)</sup> | MediWound Ltd. | 10651 | 0.0 |
| 3080 <sup>(1)</sup> | MeiraGTx Holdings PLC | 24486 | 0.0 |
| 3933 <sup>(1)</sup> | Merit Medical Systems, Inc. | 346655 | 0.2 |
| 371 | Mesa Laboratories, Inc. | 29124 | 0.0 |
| 8507 <sup>(1)</sup> | MiMedx Group, Inc. | 57592 | 0.0 |
| 6077 <sup>(1)</sup> | Mind Medicine MindMed, Inc. | 81371 | 0.1 |
| 3093 <sup>(1)</sup> | Mineralys Therapeutics, Inc. | 112245 | 0.1 |
| 2806 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 221646 | 0.1 |
| 299 <sup>(1)</sup> | Monopar Therapeutics, Inc. | 19525 | 0.0 |
| 3283 <sup>(1)</sup> | Monte Rosa Therapeutics, Inc. | 51477 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 6340 <sup>(1)</sup> | Myriad Genetics, Inc. | $38991 | 0.0 |
| 4489 <sup>(1)</sup> | Nano-X Imaging Ltd. | 12569 | 0.0 |
| 895 | National HealthCare Corp. | 122696 | 0.1 |
| 1025 | National Research Corp. | 19239 | 0.0 |
| 15032 <sup>(1)</sup> | Neogen Corp. | 105074 | 0.1 |
| 8831 <sup>(1)</sup> | NeoGenomics, Inc. | 103853 | 0.1 |
| 747 <sup>(1)(2)</sup> | Neurogene, Inc. | 15388 | 0.0 |
| 2687 <sup>(1)(2)</sup> | Neuronetics, Inc. | 3708 | 0.0 |
| 1772 <sup>(1)</sup> | NeuroPace, Inc. | 27360 | 0.0 |
| 10345 <sup>(1)(2)</sup> | Novavax, Inc. | 69518 | 0.0 |
| 7099 <sup>(1)</sup> | Novocure Ltd. | 91790 | 0.1 |
| 6623 <sup>(1)</sup> | Nurix Therapeutics, Inc. | 125638 | 0.1 |
| 241 <sup>(1)</sup> | Nutex Health, Inc. | 39673 | 0.0 |
| 3236 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 325509 | 0.2 |
| 16570 <sup>(1)</sup> | Nuvation Bio, Inc. | 148467 | 0.1 |
| 970 <sup>(1)</sup> | Nuvectis Pharma, Inc. | 7324 | 0.0 |
| 12173 <sup>(1)</sup> | Ocular Therapeutix, Inc. | 147780 | 0.1 |
| 4074 <sup>(1)</sup> | Olema Pharmaceuticals, Inc. | 101850 | 0.1 |
| 476 <sup>(1)</sup> | Omada Health, Inc. | 7511 | 0.0 |
| 4345 <sup>(1)(2)</sup> | Omeros Corp. | 74625 | 0.0 |
| 7791 <sup>(1)</sup> | OmniAb, Inc. | 14413 | 0.0 |
| 3124 <sup>(1)</sup> | Omnicell, Inc. | 141517 | 0.1 |
| 4298 <sup>(1)</sup> | Oncology Institute, Inc. | 15301 | 0.0 |
| 26496 <sup>(1)</sup> | OPKO Health, Inc. | 33385 | 0.0 |
| 1197 <sup>(1)</sup> | OptimizeRx Corp. | 14675 | 0.0 |
| 10812 <sup>(1)</sup> | Option Care Health, Inc. | 344470 | 0.2 |
| 5815 <sup>(1)</sup> | OraSure Technologies, Inc. | 14072 | 0.0 |
| 4974 <sup>(1)</sup> | Organogenesis Holdings, Inc. | 25765 | 0.0 |
| 4156 <sup>(1)</sup> | ORIC Pharmaceuticals, Inc. | 33996 | 0.0 |
| 2788 <sup>(1)</sup> | Orthofix Medical, Inc. | 42266 | 0.0 |
| 1267 <sup>(1)</sup> | OrthoPediatrics Corp. | 22502 | 0.0 |
| 2515 <sup>(1)(2)</sup> | Oruka Therapeutics, Inc. | 76230 | 0.0 |
| 1257 <sup>(1)(2)</sup> | Outset Medical, Inc. | 4663 | 0.0 |
| 5373 <sup>(1)</sup> | Owens & Minor, Inc. | 15044 | 0.0 |
| 19615 <sup>(1)</sup> | Pacific Biosciences of California, Inc. | 36680 | 0.0 |
| 3070 <sup>(1)</sup> | Pacira BioSciences, Inc. | 79452 | 0.1 |
| 3031 <sup>(1)</sup> | PACS Group, Inc. | 116360 | 0.1 |
| 471 <sup>(1)</sup> | Palvella Therapeutics, Inc. | 49300 | 0.0 |
| 5878 <sup>(1)</sup> | Pediatrix Medical Group, Inc. | 125730 | 0.1 |
| 2412 <sup>(1)</sup> | Pennant Group, Inc. | 67898 | 0.0 |
| 3589 <sup>(1)(2)</sup> | Personalis, Inc. | 28568 | 0.0 |
| 4181 <sup>(1)</sup> | Perspective Therapeutics, Inc. | 11498 | 0.0 |
| 2836 <sup>(1)</sup> | Phathom Pharmaceuticals, Inc. | 47049 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 1433 | Phibro Animal Health Corp. - Class A | $53537 | 0.0 |
| 3833 <sup>(1)</sup> | Phreesia, Inc. | 64854 | 0.0 |
| 1515 <sup>(1)</sup> | Praxis Precision Medicines, Inc. | 446531 | 0.2 |
| 12055 <sup>(1)</sup> | Precigen, Inc. | 50390 | 0.0 |
| 3304 <sup>(1)</sup> | Prestige Consumer Healthcare, Inc. | 203824 | 0.1 |
| 6664 <sup>(1)(2)</sup> | Prime Medicine, Inc. | 23124 | 0.0 |
| 7832 <sup>(1)</sup> | Privia Health Group, Inc. | 185697 | 0.1 |
| 3626 <sup>(1)</sup> | PROCEPT BioRobotics Corp. | 114074 | 0.1 |
| 4978 <sup>(1)</sup> | Progyny, Inc. | 127835 | 0.1 |
| 3972 <sup>(1)</sup> | Protagonist Therapeutics, Inc. | 346914 | 0.2 |
| 2136 <sup>(1)</sup> | Protara Therapeutics, Inc. | 11385 | 0.0 |
| 2727 <sup>(1)</sup> | Prothena Corp. PLC | 26043 | 0.0 |
| 5264 <sup>(1)</sup> | PTC Therapeutics, Inc. | 399853 | 0.2 |
| 3172 <sup>(1)</sup> | Pulmonx Corp. | 7010 | 0.0 |
| 1322 <sup>(1)</sup> | Pulse Biosciences, Inc. | 18151 | 0.0 |
| 3355 <sup>(1)</sup> | Puma Biotechnology, Inc. | 19962 | 0.0 |
| 2562 <sup>(1)</sup> | Quanterix Corp. | 16294 | 0.0 |
| 9895 <sup>(1)</sup> | Quantum-Si, Inc. | 10884 | 0.0 |
| 4635 <sup>(1)</sup> | QuidelOrtho Corp. | 132376 | 0.1 |
| 4626 <sup>(1)</sup> | RadNet, Inc. | 330065 | 0.2 |
| 1877 <sup>(1)</sup> | Rapport Therapeutics, Inc. | 56948 | 0.0 |
| 24815 <sup>(1)(2)</sup> | Recursion Pharmaceuticals, Inc. - Class A | 101493 | 0.1 |
| 3253 <sup>(1)</sup> | REGENXBIO, Inc. | 46843 | 0.0 |
| 9131 <sup>(1)</sup> | Relay Therapeutics, Inc. | 77248 | 0.0 |
| 4875 <sup>(1)</sup> | Replimune Group, Inc. | 47385 | 0.0 |
| 4777 <sup>(1)</sup> | Rezolute, Inc. | 11274 | 0.0 |
| 3622 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 387699 | 0.2 |
| 1217 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. | 52124 | 0.0 |
| 5423 <sup>(1)</sup> | Rocket Pharmaceuticals, Inc. | 19035 | 0.0 |
| 2616 <sup>(1)</sup> | RxSight, Inc. | 27259 | 0.0 |
| 11040 <sup>(1)(2)</sup> | Sana Biotechnology, Inc. | 44933 | 0.0 |
| 520 <sup>(1)</sup> | SANUWAVE Health, Inc. | 15517 | 0.0 |
| 9141 <sup>(1)</sup> | Savara, Inc. | 55120 | 0.0 |
| 5604 <sup>(1)</sup> | Scholar Rock Holding Corp. | 246856 | 0.1 |
| 3913 <sup>(1)</sup> | Schrodinger, Inc./ United States | 69964 | 0.0 |
| 7343 | Select Medical Holdings Corp. | 109044 | 0.1 |
| 8004 <sup>(1)(2)</sup> | SELLAS Life Sciences Group, Inc. | 30175 | 0.0 |
| 740 <sup>(1)(2)</sup> | Semler Scientific, Inc. | 11315 | 0.0 |
| 1531 <sup>(1)</sup> | Septerna, Inc. | 42684 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 2780 <sup>(1)</sup> | SI-BONE, Inc. | $54822 | 0.0 |
| 3066 | SIGA Technologies, Inc. | 18733 | 0.0 |
| 3297 <sup>(1)</sup> | Sight Sciences, Inc. | 26145 | 0.0 |
| 1168 <sup>(1)</sup> | Simulations Plus, Inc. | 21293 | 0.0 |
| 1049 <sup>(1)</sup> | Sionna Therapeutics, Inc. | 43156 | 0.0 |
| 3077 <sup>(1)</sup> | Soleno Therapeutics, Inc. | 142465 | 0.1 |
| 4275 <sup>(1)</sup> | Solid Biosciences, Inc. | 24111 | 0.0 |
| 4499 <sup>(1)</sup> | Spyre Therapeutics, Inc. | 147387 | 0.1 |
| 3369 <sup>(1)</sup> | STAAR Surgical Co. | 77790 | 0.1 |
| 21870 <sup>(1)</sup> | Standard BioTools, Inc. | 27994 | 0.0 |
| 2944 <sup>(1)</sup> | Stoke Therapeutics, Inc. | 93443 | 0.1 |
| 3636 <sup>(1)</sup> | Supernus Pharmaceuticals, Inc. | 180709 | 0.1 |
| 5240 <sup>(1)</sup> | Surgery Partners, Inc. | 80958 | 0.1 |
| 5871 <sup>(1)</sup> | Syndax Pharmaceuticals, Inc. | 123350 | 0.1 |
| 1618 <sup>(1)</sup> | Tactile Systems Technology, Inc. | 46922 | 0.0 |
| 8786 <sup>(1)</sup> | Talkspace, Inc. | 31893 | 0.0 |
| 4684 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 102954 | 0.1 |
| 7049 <sup>(1)(2)</sup> | Tango Therapeutics, Inc. | 62454 | 0.0 |
| 2694 <sup>(1)</sup> | Tarsus Pharmaceuticals, Inc. | 220585 | 0.1 |
| 14704 <sup>(1)</sup> | Taysha Gene Therapies, Inc. | 80872 | 0.1 |
| 781 <sup>(1)(2)</sup> | Tectonic Therapeutic, Inc. | 16292 | 0.0 |
| 12153 <sup>(1)</sup> | Teladoc Health, Inc. | 85071 | 0.1 |
| 5819 <sup>(1)</sup> | Terns Pharmaceuticals, Inc. | 235088 | 0.1 |
| 9867 <sup>(1)</sup> | TG Therapeutics, Inc. | 294135 | 0.2 |
| 2820 <sup>(1)</sup> | Theravance Biopharma, Inc. | 52762 | 0.0 |
| 1782 <sup>(3)</sup> | Third Harmonic Bio, Inc. |  |  |
| 766 <sup>(1)</sup> | Tonix Pharmaceuticals Holding Corp. | 11965 | 0.0 |
| 2284 <sup>(1)</sup> | TransMedics Group, Inc. | 277849 | 0.1 |
| 5661 <sup>(1)</sup> | Travere Therapeutics, Inc. | 216307 | 0.1 |
| 3192 <sup>(1)</sup> | Treace Medical Concepts, Inc. | 7820 | 0.0 |
| 5905 <sup>(1)</sup> | Trevi Therapeutics, Inc. | 73931 | 0.0 |
| 1994 <sup>(1)</sup> | TriSalus Life Sciences, Inc. | 13918 | 0.0 |
| 4006 <sup>(1)</sup> | Twist Bioscience Corp. | 127070 | 0.1 |
| 1704 <sup>(1)</sup> | Tyra Biosciences, Inc. | 44798 | 0.0 |
| 513 <sup>(1)</sup> | UFP Technologies, Inc. | 113901 | 0.1 |
| 2351 <sup>(1)</sup> | Upstream Bio, Inc. | 63830 | 0.0 |
| 2562 <sup>(1)</sup> | UroGen Pharma Ltd. | 60002 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 1018 | US Physical Therapy, Inc. | $| 79496 | 0.1 |
| 4172 <sup>(1)</sup> | Vanda Pharmaceuticals, Inc. |  | 36797 | 0.0 |
| 2861 <sup>(1)</sup> | Varex Imaging Corp. |  | 33331 | 0.0 |
| 7795 <sup>(1)</sup> | Vaxcyte, Inc. |  | 359661 | 0.2 |
| 3676 <sup>(1)</sup> | Vera Therapeutics, Inc. |  | 186153 | 0.1 |
| 5307 <sup>(1)</sup> | Veracyte, Inc. |  | 223425 | 0.1 |
| 3535 <sup>(1)</sup> | Verastem, Inc. |  | 27290 | 0.0 |
| 3431 <sup>(1)</sup> | Vericel Corp. |  | 123550 | 0.1 |
| 2719 <sup>(1)</sup> | Viemed Healthcare, Inc. |  | 20202 | 0.0 |
| 6487 <sup>(1)</sup> | Vir Biotechnology, Inc. |  | 39117 | 0.0 |
| 5224 <sup>(1)</sup> | Viridian Therapeutics, Inc. |  | 162571 | 0.1 |
| 3320 <sup>(1)</sup> | Voyager Therapeutics, Inc. |  | 13048 | 0.0 |
| 7872 <sup>(1)</sup> | WaVe Life Sciences Ltd. |  | 133824 | 0.1 |
| 6936 <sup>(1)</sup> | Waystar Holding Corp. |  | 227154 | 0.1 |
| 4892 <sup>(1)</sup> | Xencor, Inc. |  | 74897 | 0.0 |
| 5174 <sup>(1)</sup> | Xenon Pharmaceuticals, Inc. |  | 231899 | 0.1 |
| 10558 <sup>(1)</sup> | Xeris Biopharma Holdings, Inc. |  | 82880 | 0.1 |
| 703 <sup>(1)</sup> | XOMA Corp. |  | 18693 | 0.0 |
| 1270 <sup>(1)(2)</sup> | Zenas Biopharma, Inc. |  | 46114 | 0.0 |
| 3822 <sup>(1)</sup> | Zevra Therapeutics, Inc. |  | 34245 | 0.0 |
| 3556 <sup>(1)</sup> | Zymeworks, Inc. |  | 93629 | 0.1 |
|  |  |  | **36807197** | **18.3** |
|  | **Industrials: 16.7%** | **Industrials: 16.7%** | **Industrials: 16.7%** | **Industrials: 16.7%** |
| 8997 <sup>(1)</sup> | 3D Systems Corp. |  | 15925 | 0.0 |
| 2425 <sup>(1)</sup> | AAR Corp. |  | 200766 | 0.1 |
| 4039 | ABM Industries, Inc. |  | 170850 | 0.1 |
| 6481 | ACCO Brands Corp. |  | 24174 | 0.0 |
| 12712 <sup>(1)</sup> | Acuren Corp. |  | 128518 | 0.1 |
| 11477 <sup>(1)</sup> | ACV Auctions, Inc. - Class A |  | 92046 | 0.1 |
| 2340 | Aebi Schmidt Holding AG |  | 29601 | 0.0 |
| 2521 <sup>(1)</sup> | AeroVironment, Inc. |  | 609805 | 0.3 |
| 2675 <sup>(1)</sup> | AerSale Corp. |  | 19019 | 0.0 |
| 1800 <sup>(1)(2)</sup> | AirJoule Technologies Corp. |  | 7092 | 0.0 |
| 496 <sup>(1)</sup> | AIRO Group Holdings, Inc. |  | 4057 | 0.0 |
| 703 | Alamo Group, Inc. |  | 118013 | 0.1 |
| 2022 | Albany International Corp. - Class A |  | 102515 | 0.1 |
| 29059 | Alight, Inc. - Class A |  | 56665 | 0.0 |
| 1037 <sup>(1)</sup> | Allegiant Travel Co. |  | 88425 | 0.1 |
| 2185 <sup>(1)</sup> | Alliance Laundry Holdings, Inc. |  | 44465 | 0.0 |
| 1077 | Allient, Inc. |  | 57889 | 0.0 |
| 1835 | Alta Equipment Group, Inc. |  | 8441 | 0.0 |
| 2255 <sup>(1)</sup> | Ameresco, Inc. - Class A |  | 66049 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 2908 <sup>(1)</sup> | American Superconductor Corp. | $83692 | 0.0 |
| 1013 <sup>(1)</sup> | American Woodmark Corp. | 54601 | 0.0 |
| 7354 <sup>(1)</sup> | Amprius Technologies, Inc. | 58023 | 0.0 |
| 1479 | Apogee Enterprises, Inc. | 53850 | 0.0 |
| 1539 | ArcBest Corp. | 114178 | 0.1 |
| 42668 <sup>(1)</sup> | Archer Aviation, Inc. - Class A | 320863 | 0.2 |
| 3287 | Arcosa, Inc. | 349474 | 0.2 |
| 915 | Argan, Inc. | 286688 | 0.1 |
| 10424 <sup>(1)</sup> | Array Technologies, Inc. | 96109 | 0.1 |
| 1608 | Astec Industries, Inc. | 69659 | 0.0 |
| 2008 <sup>(1)</sup> | Astronics Corp. | 108914 | 0.1 |
| 2031 <sup>(1)</sup> | Asure Software, Inc. | 19132 | 0.0 |
| 2273 | Atkore, Inc. | 143767 | 0.1 |
| 5613 | Atmus Filtration Technologies, Inc. | 291371 | 0.2 |
| 1995 | AZZ, Inc. | 213824 | 0.1 |
| 1814 | Barrett Business Services, Inc. | 65685 | 0.0 |
| 2075 <sup>(1)(2)</sup> | BlackSky Technology, Inc. | 38906 | 0.0 |
| 14737 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 1280498 | 0.6 |
| 2163 <sup>(1)</sup> | Blue Bird Corp. | 101661 | 0.1 |
| 584 <sup>(1)</sup> | BlueLinx Holdings, Inc. | 35875 | 0.0 |
| 2553 | Boise Cascade Co. | 187901 | 0.1 |
| 1001 <sup>(1)</sup> | Bowman Consulting Group Ltd. | 33053 | 0.0 |
| 4072 <sup>(1)</sup> | BrightView Holdings, Inc. | 51592 | 0.0 |
| 2845 | Brink's Co. | 332097 | 0.2 |
| 1909 | Brookfield Business Corp. - Class A | 68495 | 0.0 |
| 1285 <sup>(1)</sup> | Byrna Technologies, Inc. | 21575 | 0.0 |
| 1989 | Cadre Holdings, Inc. | 81231 | 0.0 |
| 4224 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | 413699 | 0.2 |
| 3422 <sup>(1)</sup> | CBIZ, Inc. | 172640 | 0.1 |
| 2039 <sup>(1)</sup> | CECO Environmental Corp. | 122034 | 0.1 |
| 4784 <sup>(1)</sup> | Centuri Holdings, Inc. | 120796 | 0.1 |
| 3021 <sup>(1)</sup> | Chart Industries, Inc. | 623021 | 0.3 |
| 1082 <sup>(1)</sup> | Cimpress PLC | 72050 | 0.0 |
| 2117 | Columbus McKinnon Corp. | 36518 | 0.0 |
| 4503 <sup>(1)(2)</sup> | Complete Solaria, Inc. | 7070 | 0.0 |
| 1915 | Concrete Pumping Holdings, Inc. | 12850 | 0.0 |
| 11187 <sup>(1)</sup> | Conduent, Inc. | 21479 | 0.0 |
| 3186 <sup>(1)</sup> | Construction Partners, Inc. - Class A | 345840 | 0.2 |
| 7293 <sup>(1)</sup> | CoreCivic, Inc. | 139369 | 0.1 |
| 3438 | Costamare, Inc. | 54286 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1153 | Covenant Logistics Group, Inc. | $25412 | 0.0 |
| 447 | CRA International, Inc. | 89711 | 0.1 |
| 1884 | CSG Systems International, Inc. | 144484 | 0.1 |
| 1101 | CSW Industrials, Inc. | 323177 | 0.2 |
| 4509 <sup>(1)</sup> | Custom Truck One Source, Inc. | 25972 | 0.0 |
| 3152 | Deluxe Corp. | 70384 | 0.0 |
| 892 <sup>(1)</sup> | Distribution Solutions Group, Inc. | 24432 | 0.0 |
| 1664 | Douglas Dynamics, Inc. | 54330 | 0.0 |
| 960 <sup>(1)</sup> | Ducommun, Inc. | 91325 | 0.1 |
| 903 <sup>(1)</sup> | DXP Enterprises, Inc. | 99140 | 0.1 |
| 1894 <sup>(1)</sup> | Dycom Industries, Inc. | 639983 | 0.3 |
| 3730 <sup>(1)</sup> | Energy Recovery, Inc. | 50318 | 0.0 |
| 3633 | Enerpac Tool Group Corp. | 138926 | 0.1 |
| 2518 | EnerSys | 369516 | 0.2 |
| 1823 | Ennis, Inc. | 32832 | 0.0 |
| 11314 <sup>(1)</sup> | Enovix Corp. | 82705 | 0.0 |
| 1437 | EnPro Industries, Inc. | 307705 | 0.2 |
| 5260 <sup>(1)</sup> | Enviri Corp. | 94259 | 0.1 |
| 20779 <sup>(1)</sup> | Eos Energy Enterprises, Inc. | 238127 | 0.1 |
| 1770 | ESCO Technologies, Inc. | 345840 | 0.2 |
| 6225 <sup>(1)</sup> | Eve Holding, Inc. | 24838 | 0.0 |
| 3495 | Exponent, Inc. | 242763 | 0.1 |
| 1001 <sup>(1)</sup> | Falcon's Beyond Global, Inc. - Class A | 15025 | 0.0 |
| 4053 | Federal Signal Corp. | 440115 | 0.2 |
| 1358 <sup>(1)(2)</sup> | Firefly Aerospace, Inc. | 30378 | 0.0 |
| 5423 <sup>(1)(2)</sup> | First Advantage Corp. | 78796 | 0.0 |
| 4391 <sup>(1)</sup> | Fluence Energy, Inc. | 86854 | 0.1 |
| 10798 <sup>(1)</sup> | Fluor Corp. | 427925 | 0.2 |
| 1500 <sup>(1)</sup> | Forward Air Corp. | 37500 | 0.0 |
| 876 <sup>(1)</sup> | Franklin Covey Co. | 14699 | 0.0 |
| 2597 | Franklin Electric Co., Inc. | 248091 | 0.1 |
| 8885 <sup>(1)</sup> | Freyr Battery, Inc. | 59352 | 0.0 |
| 6078 <sup>(1)</sup> | Frontier Group Holdings, Inc. | 28627 | 0.0 |
| 7048 | FTAI Infrastructure, Inc. | 32491 | 0.0 |
| 2420 | GATX Corp. | 410432 | 0.2 |
| 2541 | Genco Shipping & Trading Ltd. | 46831 | 0.0 |
| 9225 <sup>(1)</sup> | GEO Group, Inc. | 148707 | 0.1 |
| 2038 <sup>(1)</sup> | Gibraltar Industries, Inc. | 100759 | 0.1 |
| 1170 | Global Industrial Co. | 34187 | 0.0 |
| 1599 | Gorman-Rupp Co. | 76352 | 0.0 |
| 713 <sup>(1)</sup> | Graham Corp. | 45796 | 0.0 |
| 2879 <sup>(2)</sup> | Granite Construction, Inc. | 332093 | 0.2 |
| 4648 <sup>(1)</sup> | Great Lakes Dredge & Dock Corp. | 60982 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 2055 | Greenbrier Cos., Inc. | $96051 | 0.1 |
| 2586 | Griffon Corp. | 190459 | 0.1 |
| 4943 <sup>(1)</sup> | Healthcare Services Group, Inc. | 94510 | 0.1 |
| 3360 | Heartland Express, Inc. | 30341 | 0.0 |
| 2288 | Helios Technologies, Inc. | 122385 | 0.1 |
| 2221 | Herc Holdings, Inc. | 329552 | 0.2 |
| 8028 <sup>(1)</sup> | Hertz Global Holdings, Inc. | 41264 | 0.0 |
| 4770 | Hillenbrand, Inc. | 151304 | 0.1 |
| 13833 <sup>(1)</sup> | Hillman Solutions Corp. | 119794 | 0.1 |
| 2354 | Himalaya Shipping Ltd. | 21421 | 0.0 |
| 4230 | HNI Corp. | 177829 | 0.1 |
| 3999 | Hub Group, Inc. - Class A | 170397 | 0.1 |
| 3020 <sup>(1)</sup> | Hudson Technologies, Inc. | 20687 | 0.0 |
| 1174 <sup>(1)</sup> | Huron Consulting Group, Inc. | 202996 | 0.1 |
| 8993 <sup>(1)</sup> | Hyliion Holdings Corp. | 16547 | 0.0 |
| 883 | Hyster-Yale Materials Handling, Inc. | 26234 | 0.0 |
| 784 <sup>(1)</sup> | IBEX Holdings Ltd. | 29933 | 0.0 |
| 1275 | ICF International, Inc. | 108757 | 0.1 |
| 617 <sup>(1)</sup> | IES Holdings, Inc. | 240025 | 0.1 |
| 2064 <sup>(1)</sup> | Innodata, Inc. | 105161 | 0.1 |
| 2468 | Insperity, Inc. | 95561 | 0.1 |
| 1326 | Insteel Industries, Inc. | 41994 | 0.0 |
| 3966 | Interface, Inc. | 110731 | 0.1 |
| 7429 <sup>(1)(2)</sup> | Intuitive Machines, Inc. | 120573 | 0.1 |
| 9443 <sup>(1)</sup> | Janus International Group, Inc. | 61757 | 0.0 |
| 6234 <sup>(1)</sup> | JELD-WEN Holding, Inc. | 15336 | 0.0 |
| 20447 <sup>(1)</sup> | JetBlue Airways Corp. | 93034 | 0.1 |
| 32629 <sup>(1)</sup> | Joby Aviation, Inc. | 430703 | 0.2 |
| 3534 | John Bean Technologies Corp. | 532468 | 0.3 |
| 799 | Kadant, Inc. | 227731 | 0.1 |
| 2514 | Kelly Services, Inc. - Class A | 22123 | 0.0 |
| 5175 | Kennametal, Inc. | 147022 | 0.1 |
| 1332 | Kforce, Inc. | 41185 | 0.0 |
| 3520 | Korn Ferry | 232390 | 0.1 |
| 11291 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 857100 | 0.4 |
| 2356 <sup>(1)(2)</sup> | KULR Technology Group, Inc. | 6974 | 0.0 |
| 856 <sup>(1)</sup> | L B Foster Co. - Class A | 23069 | 0.0 |
| 8320 <sup>(1)</sup> | Legalzoom.com, Inc. | 82618 | 0.0 |
| 2369 <sup>(1)</sup> | Legence Corp. - Class A | 101962 | 0.1 |
| 725 <sup>(1)</sup> | Limbach Holdings, Inc. | 56441 | 0.0 |
| 729 | Lindsay Corp. | 85927 | 0.0 |
| 1650 <sup>(1)</sup> | Liquidity Services, Inc. | 50012 | 0.0 |
| 2093 | LSI Industries, Inc. | 38344 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 2206 | Luxfer Holdings PLC | $29847 | 0.0 |
| 2639 <sup>(1)</sup> | Manitowoc Co., Inc. | 31642 | 0.0 |
| 3828 | Marten Transport Ltd. | 43563 | 0.0 |
| 8676 <sup>(1)(2)</sup> | Masterbrand, Inc. | 95783 | 0.1 |
| 1975 <sup>(1)</sup> | Matrix Service Co. | 23108 | 0.0 |
| 2146 | Matson, Inc. | 265138 | 0.1 |
| 2157 | Matthews International Corp. - Class A | 56341 | 0.0 |
| 3816 | Maximus, Inc. | 329397 | 0.2 |
| 1086 <sup>(1)</sup> | Mayville Engineering Co., Inc. | 20330 | 0.0 |
| 1708 | McGrath RentCorp | 179220 | 0.1 |
| 3576 <sup>(1)</sup> | Mercury Systems, Inc. | 261084 | 0.1 |
| 14053 <sup>(1)</sup> | Microvast Holdings, Inc. | 39348 | 0.0 |
| 848 | Miller Industries, Inc. | 31690 | 0.0 |
| 4637 | MillerKnoll, Inc. | 84764 | 0.0 |
| 2298 <sup>(1)</sup> | Montrose Environmental Group, Inc. | 57059 | 0.0 |
| 1914 | Moog, Inc. - Class A | 466155 | 0.2 |
| 10513 | Mueller Water Products, Inc. - Class A | 250420 | 0.1 |
| 1047 <sup>(1)</sup> | MYR Group, Inc. | 228769 | 0.1 |
| 2644 <sup>(1)(2)</sup> | NANO Nuclear Energy, Inc. | 63482 | 0.0 |
| 379 | National Presto Industries, Inc. | 40462 | 0.0 |
| 5868 <sup>(1)</sup> | Newpark Resources, Inc. | 69947 | 0.0 |
| 9884 <sup>(1)</sup> | Nextracker, Inc. - Class A | 860995 | 0.4 |
| 707 <sup>(1)</sup> | Northwest Pipe Co. | 44180 | 0.0 |
| 12709 <sup>(1)</sup> | NOW, Inc. | 168394 | 0.1 |
| 8606 <sup>(1)(2)</sup> | NuScale Power Corp. | 121947 | 0.1 |
| 7175 <sup>(1)</sup> | OPENLANE, Inc. | 213671 | 0.1 |
| 2781 <sup>(1)</sup> | Orion Group Holdings, Inc. | 27643 | 0.0 |
| 1811 <sup>(1)(2)</sup> | Palladyne AI Corp. | 7715 | 0.0 |
| 1553 | Park Aerospace Corp. | 33141 | 0.0 |
| 1413 <sup>(1)</sup> | Perma-Fix Environmental Services, Inc. | 17790 | 0.0 |
| 11070 | Pitney Bowes, Inc. | 117010 | 0.1 |
| 15891 <sup>(1)</sup> | Planet Labs PBC | 313371 | 0.2 |
| 75501 <sup>(1)</sup> | Plug Power, Inc. | 148737 | 0.1 |
| 653 | Powell Industries, Inc. | 208163 | 0.1 |
| 542 <sup>(1)</sup> | Power Solutions International, Inc. | 30970 | 0.0 |
| 166 | Preformed Line Products Co. | 34314 | 0.0 |
| 3656 | Primoris Services Corp. | 453856 | 0.2 |
| 1731 <sup>(1)</sup> | Proficient Auto Logistics, Inc. | 16687 | 0.0 |
| 1714 <sup>(1)</sup> | Proto Labs, Inc. | 86711 | 0.1 |
| 2225 | Quad/Graphics, Inc. | 13951 | 0.0 |
| 3236 | Quanex Building Products Corp. | 49770 | 0.0 |
| 3039 <sup>(1)</sup> | Radiant Logistics, Inc. | 19237 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4670 <sup>(1)</sup> | Redwire Corp. | $35492 | 0.0 |
| 8769 <sup>(1)</sup> | Resideo Technologies, Inc. | 307967 | 0.2 |
| 296 <sup>(1)(2)</sup> | Resolute Holdings Management, Inc. | 61103 | 0.0 |
| 3283 | REV Group, Inc. | 199639 | 0.1 |
| 10093 <sup>(1)</sup> | Richtech Robotics, Inc. - Class B | 32600 | 0.0 |
| 4279 | Rush Enterprises, Inc. - Class A | 230809 | 0.1 |
| 424 | Rush Enterprises, Inc. - Class B | 23854 | 0.0 |
| 11108 <sup>(1)</sup> | RXO, Inc. | 140405 | 0.1 |
| 4956 <sup>(1)</sup> | Satellogic, Inc. - Class A | 9268 | 0.0 |
| 11560 <sup>(1)</sup> | Shoals Technologies Group, Inc. - Class A | 98260 | 0.1 |
| 2749 <sup>(1)</sup> | SkyWest, Inc. | 276027 | 0.1 |
| 4788 <sup>(1)</sup> | SKYX Platforms Corp. | 10390 | 0.0 |
| 1957 <sup>(1)</sup> | Spire Global, Inc. | 14678 | 0.0 |
| 3266 <sup>(1)</sup> | SPX Technologies, Inc. | 653396 | 0.3 |
| 811 | Standex International Corp. | 176214 | 0.1 |
| 2020 <sup>(1)</sup> | Sterling Infrastructure, Inc. | 618585 | 0.3 |
| 3462 <sup>(1)</sup> | Sun Country Airlines Holdings, Inc. | 49818 | 0.0 |
| 15030 <sup>(1)</sup> | Sunrun, Inc. | 276552 | 0.1 |
| 1653 <sup>(2)</sup> | Tecnoglass, Inc. | 83179 | 0.0 |
| 1318 | Tennant Co. | 97137 | 0.1 |
| 4370 | Terex Corp. | 233271 | 0.1 |
| 2363 <sup>(1)</sup> | Thermon Group Holdings, Inc. | 87809 | 0.1 |
| 3334 <sup>(1)</sup> | Titan International, Inc. | 26105 | 0.0 |
| 1557 <sup>(1)</sup> | Titan Machinery, Inc. | 23417 | 0.0 |
| 660 <sup>(1)</sup> | Transcat, Inc. | 37442 | 0.0 |
| 2056 | TriNet Group, Inc. | 121571 | 0.1 |
| 5475 | Trinity Industries, Inc. | 144759 | 0.1 |
| 2499 <sup>(1)</sup> | TrueBlue, Inc. | 11370 | 0.0 |
| 3051 | Tutor Perini Corp. | 204478 | 0.1 |
| 3850 | UFP Industries, Inc. | 350543 | 0.2 |
| 994 | UniFirst Corp. | 191743 | 0.1 |
| 559 | Universal Logistics Holdings, Inc. | 8491 | 0.0 |
| 8409 <sup>(1)</sup> | Upwork, Inc. | 166666 | 0.1 |
| 1201 <sup>(1)</sup> | V2X, Inc. | 65515 | 0.0 |
| 10874 <sup>(1)</sup> | Verra Mobility Corp. | 243686 | 0.1 |
| 7902 | Vestis Corp. | 52706 | 0.0 |
| 1587 <sup>(1)</sup> | Vicor Corp. | 173935 | 0.1 |
| 783 <sup>(1)(2)</sup> | Voyager Technologies, Inc. - Class A | 20468 | 0.0 |
| 1554 | VSE Corp. | 268485 | 0.1 |
| 2794 | Wabash National Corp. | 24168 | 0.0 |
| 1842 | Watts Water Technologies, Inc. - Class A | 508429 | 0.3 |
| 3952 | Werner Enterprises, Inc. | 118600 | 0.1 |
| 973 <sup>(1)</sup> | Willdan Group, Inc. | 100861 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 215 | Willis Lease Finance Corp. | 29163 | 0.0 |
| 2132 | Worthington Industries, Inc. | 109947 | 0.1 |
| 2965 <sup>(1)</sup> | Xometry, Inc. - Class A | 176329 | 0.1 |
| 10126 | Zurn Elkay Water Solutions Corp. | 470758 | 0.2 |
|  |  | **33613444** | **16.7** |
|  | **Information Technology: 14.4%** | **Information Technology: 14.4%** | **Information Technology: 14.4%** |
| 9407 <sup>(1)</sup> | 8x8, Inc. | 18532 | 0.0 |
| 2047 <sup>(1)</sup> | 908 Devices, Inc. | 10747 | 0.0 |
| 4996 | A10 Networks, Inc. | 88379 | 0.1 |
| 7081 <sup>(1)</sup> | ACI Worldwide, Inc. | 338543 | 0.2 |
| 3481 <sup>(1)</sup> | ACM Research, Inc. - Class A | 137325 | 0.1 |
| 7452 | Adeia, Inc. | 128547 | 0.1 |
| 5271 <sup>(1)</sup> | ADTRAN Holdings, Inc. | 45805 | 0.0 |
| 2553 | Advanced Energy Industries, Inc. | 534522 | 0.3 |
| 2013 <sup>(1)(2)</sup> | Aehr Test Systems | 40642 | 0.0 |
| 844 <sup>(1)</sup> | Aeluma, Inc. | 14491 | 0.0 |
| 2508 <sup>(1)(2)</sup> | Aeva Technologies, Inc. | 33306 | 0.0 |
| 1792 <sup>(1)</sup> | Agilysys, Inc. | 212961 | 0.1 |
| 1466 <sup>(1)</sup> | Airship AI Holdings, Inc. | 4237 | 0.0 |
| 3245 <sup>(1)</sup> | Alarm.com Holdings, Inc. | 165560 | 0.1 |
| 4624 <sup>(1)</sup> | Alkami Technology, Inc. | 106676 | 0.1 |
| 1713 <sup>(1)</sup> | Alpha & Omega Semiconductor Ltd. | 33935 | 0.0 |
| 2769 <sup>(1)</sup> | Ambarella, Inc. | 196156 | 0.1 |
| 5927 <sup>(1)</sup> | Amplitude, Inc. - Class A | 68635 | 0.0 |
| 2714 <sup>(1)</sup> | Appian Corp. - Class A | 96130 | 0.1 |
| 16005 <sup>(1)(2)</sup> | Applied Digital Corp. | 392443 | 0.2 |
| 3999 <sup>(1)</sup> | Applied Optoelectronics, Inc. | 139405 | 0.1 |
| 6820 <sup>(1)</sup> | Arlo Technologies, Inc. | 95412 | 0.1 |
| 1866 <sup>(1)</sup> | Arteris, Inc. | 28923 | 0.0 |
| 6258 <sup>(1)</sup> | Asana, Inc. - Class A | 85797 | 0.0 |
| 2920 <sup>(1)</sup> | ASGN, Inc. | 140656 | 0.1 |
| 2194 <sup>(1)(2)</sup> | Atomera, Inc. | 4849 | 0.0 |
| 9154 <sup>(1)</sup> | AvePoint, Inc. | 127149 | 0.1 |
| 907 <sup>(1)</sup> | Aviat Networks, Inc. | 19392 | 0.0 |
| 2100 <sup>(1)</sup> | Axcelis Technologies, Inc. | 168714 | 0.1 |
| 3985 <sup>(1)</sup> | Backblaze, Inc. - Class A | 18570 | 0.0 |
| 2003 | Badger Meter, Inc. | 349343 | 0.2 |
| 831 | Bel Fuse, Inc. - Class B | 140963 | 0.1 |
| 2648 | Belden, Inc. | 308624 | 0.2 |
| 2411 | Benchmark Electronics, Inc. | 103094 | 0.1 |
| 29094 <sup>(1)(2)</sup> | BigBear.ai Holdings, Inc. | 157108 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 5348 <sup>(1)</sup> | BigCommerce Holdings, Inc. | $22034 | 0.0 |
| 21256 <sup>(1)</sup> | Bit Digital, Inc. | 40174 | 0.0 |
| 6555 <sup>(1)(2)</sup> | Bitdeer Technologies Group - Class A | 73482 | 0.0 |
| 211 <sup>(1)</sup> | BK Technologies Corp. | 15738 | 0.0 |
| 2690 <sup>(1)</sup> | Blackbaud, Inc. | 170331 | 0.1 |
| 3622 <sup>(1)</sup> | Blackline, Inc. | 200260 | 0.1 |
| 4816 <sup>(1)(2)</sup> | Blaize Holdings, Inc. | 9391 | 0.0 |
| 14525 <sup>(1)</sup> | Blend Labs, Inc. - Class A | 44156 | 0.0 |
| 9554 <sup>(1)</sup> | Box, Inc. - Class A | 285760 | 0.1 |
| 5521 <sup>(1)</sup> | Braze, Inc. - Class A | 189315 | 0.1 |
| 8268 <sup>(1)</sup> | C3.ai, Inc. - Class A | 111453 | 0.1 |
| 4064 <sup>(1)</sup> | Calix, Inc. | 215108 | 0.1 |
| 2948 <sup>(1)</sup> | Cerence, Inc. | 31514 | 0.0 |
| 1556 <sup>(1)</sup> | CEVA, Inc. | 33485 | 0.0 |
| 21850 <sup>(1)</sup> | Cipher Mining, Inc. | 322506 | 0.2 |
| 18897 <sup>(1)(2)</sup> | Cleanspark, Inc. | 191238 | 0.1 |
| 5869 | Clear Secure, Inc. - Class A | 205885 | 0.1 |
| 867 <sup>(1)</sup> | Clearfield, Inc. | 25273 | 0.0 |
| 18241 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 439973 | 0.2 |
| 285 | Climb Global Solutions, Inc. | 29295 | 0.0 |
| 3176 <sup>(1)</sup> | Cohu, Inc. | 73906 | 0.0 |
| 14617 <sup>(1)</sup> | CommScope Holding Co., Inc. | 265006 | 0.1 |
| 3048 <sup>(1)</sup> | CommVault Systems, Inc. | 382097 | 0.2 |
| 3170 <sup>(1)</sup> | CompoSecure, Inc. - Class A | 61118 | 0.0 |
| 1459 <sup>(1)</sup> | Consensus Cloud Solutions, Inc. | 31835 | 0.0 |
| 19300 <sup>(1)</sup> | Core Scientific, Inc. | 281008 | 0.1 |
| 3274 <sup>(1)</sup> | Corsair Gaming, Inc. | 19448 | 0.0 |
| 10317 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 1484513 | 0.7 |
| 1260 <sup>(1)</sup> | CS Disco, Inc. | 9778 | 0.0 |
| 2041 | CTS Corp. | 87498 | 0.0 |
| 88 <sup>(1)(2)</sup> | Daily Journal Corp. | 42884 | 0.0 |
| 2685 <sup>(1)</sup> | Daktronics, Inc. | 53082 | 0.0 |
| 1699 <sup>(1)</sup> | Diebold Nixdorf, Inc. | 115345 | 0.1 |
| 2503 <sup>(1)</sup> | Digi International, Inc. | 108355 | 0.1 |
| 1133 <sup>(1)</sup> | Digimarc Corp. | 7432 | 0.0 |
| 7147 <sup>(1)</sup> | Digital Turbine, Inc. | 35735 | 0.0 |
| 4469 <sup>(1)</sup> | DigitalOcean Holdings, Inc. | 215048 | 0.1 |
| 3115 <sup>(1)</sup> | Diodes, Inc. | 153694 | 0.1 |
| 2430 <sup>(1)</sup> | Domo, Inc. - Class B | 20485 | 0.0 |
| 22583 <sup>(1)</sup> | D-Wave Quantum, Inc. | 590545 | 0.3 |
| 3492 <sup>(1)</sup> | Eastman Kodak Co. | 29542 | 0.0 |
| 969 <sup>(1)</sup> | eGain Corp. | 9971 | 0.0 |
| 1814 | ePlus, Inc. | 159088 | 0.1 |
| 1463 <sup>(1)(2)</sup> | EverCommerce, Inc. | 17717 | 0.0 |
| 9679 <sup>(1)</sup> | Evolv Technologies Holdings, Inc. | 69302 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 4588 <sup>(1)</sup> | Expensify, Inc. - Class A | $6928 | 0.0 |
| 8979 <sup>(1)</sup> | Extreme Networks, Inc. | 149500 | 0.1 |
| 2443 <sup>(1)</sup> | Fabrinet | 1112249 | 0.6 |
| 9578 <sup>(1)</sup> | Fastly, Inc. - Class A | 97504 | 0.1 |
| 5165 <sup>(1)</sup> | Five9, Inc. | 103558 | 0.1 |
| 5290 <sup>(1)</sup> | FormFactor, Inc. | 295076 | 0.2 |
| 456 <sup>(1)</sup> | Frequency Electronics, Inc. | 24551 | 0.0 |
| 14021 <sup>(1)</sup> | Freshworks, Inc. - Class A | 171757 | 0.1 |
| 4747 <sup>(1)</sup> | Grid Dynamics Holdings, Inc. | 42865 | 0.0 |
| 1932 | Hackett Group, Inc. | 37925 | 0.0 |
| 7806 <sup>(1)</sup> | Harmonic, Inc. | 77201 | 0.0 |
| 6418 <sup>(1)</sup> | Hut 8 Corp. | 294843 | 0.2 |
| 1702 <sup>(1)</sup> | I3 Verticals, Inc. - Class A | 42873 | 0.0 |
| 2364 <sup>(1)</sup> | Ichor Holdings Ltd. | 43569 | 0.0 |
| 2320 | Immersion Corp. | 15776 | 0.0 |
| 1793 <sup>(1)</sup> | Impinj, Inc. | 312000 | 0.2 |
| 13678 <sup>(1)(2)</sup> | indie Semiconductor, Inc. - Class A | 48283 | 0.0 |
| 756 <sup>(1)</sup> | Inseego Corp. | 7764 | 0.0 |
| 1911 <sup>(1)</sup> | Insight Enterprises, Inc. | 155689 | 0.1 |
| 3800 <sup>(1)</sup> | Intapp, Inc. | 174116 | 0.1 |
| 1762 | InterDigital, Inc. | 560986 | 0.3 |
| 22790 <sup>(1)(2)</sup> | IonQ, Inc. | 1022587 | 0.5 |
| 3044 <sup>(1)</sup> | Itron, Inc. | 282666 | 0.1 |
| 5411 <sup>(1)</sup> | Jamf Holding Corp. | 70397 | 0.0 |
| 6236 <sup>(1)</sup> | Kaltura, Inc. | 10227 | 0.0 |
| 1786 <sup>(1)</sup> | Kimball Electronics, Inc. | 49687 | 0.0 |
| 5907 <sup>(1)</sup> | Knowles Corp. | 126587 | 0.1 |
| 11757 <sup>(1)</sup> | Kopin Corp. | 27511 | 0.0 |
| 3444 | Kulicke & Soffa Industries, Inc. | 156909 | 0.1 |
| 1288 <sup>(1)(2)</sup> | Life360, Inc. | 82612 | 0.0 |
| 4412 <sup>(1)</sup> | LiveRamp Holdings, Inc. | 129580 | 0.1 |
| 25239 <sup>(1)</sup> | Marathon Digital Holdings, Inc. | 226646 | 0.1 |
| 5565 <sup>(1)</sup> | MaxLinear, Inc. | 96998 | 0.1 |
| 2790 <sup>(1)(2)</sup> | Mercurity Fintech Holding, Inc. | 13866 | 0.0 |
| 2386 | Methode Electronics, Inc. | 15843 | 0.0 |
| 17741 <sup>(1)</sup> | MicroVision, Inc. | 14691 | 0.0 |
| 16139 <sup>(1)</sup> | Mirion Technologies, Inc. | 377975 | 0.2 |
| 3410 <sup>(1)</sup> | Mitek Systems, Inc. | 35976 | 0.0 |
| 5109 <sup>(1)</sup> | N-able, Inc. | 38215 | 0.0 |
| 2374 | Napco Security Technologies, Inc. | 98996 | 0.1 |
| 10596 <sup>(1)</sup> | Navitas Semiconductor Corp. | 75655 | 0.0 |
| 5075 <sup>(1)</sup> | NCR Atleos Corp. | 193408 | 0.1 |
| 9871 <sup>(1)</sup> | NCR Corp. | 100684 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 1878 <sup>(1)</sup> | NETGEAR, Inc. | $46067 | 0 |
| 4756 <sup>(1)</sup> | NetScout Systems, Inc. | 128697 | 0.1 |
| 6233 <sup>(1)</sup> | NextNav, Inc. | 103717 | 0.1 |
| 3229 <sup>(1)</sup> | nLight, Inc. | 121120 | 0.1 |
| 2451 <sup>(1)</sup> | Novanta, Inc. | 291644 | 0.2 |
| 335 | NVE Corp. | 19876 | 0 |
| 2570 | OneSpan, Inc. | 32999 | 0 |
| 2101 <sup>(1)</sup> | Ooma, Inc. | 24645 | 0 |
| 1099 <sup>(1)</sup> | OSI Systems, Inc. | 280311 | 0.1 |
| 3615 <sup>(1)</sup> | Ouster, Inc. | 78229 | 0 |
| 3329 <sup>(1)</sup> | Pagaya Technologies Ltd. - Class A | 69576 | 0 |
| 5881 <sup>(1)</sup> | PagerDuty, Inc. | 77100 | 0 |
| 2769 <sup>(1)</sup> | PAR Technology Corp. | 100459 | 0.1 |
| 779 | PC Connection, Inc. | 44995 | 0 |
| 2244 <sup>(1)</sup> | PDF Solutions, Inc. | 64021 | 0 |
| 3612 <sup>(1)</sup> | Penguin Solutions, Inc. | 70651 | 0 |
| 3894 <sup>(1)</sup> | Photronics, Inc. | 124608 | 0.1 |
| 1835 <sup>(1)</sup> | Plexus Corp. | 269745 | 0.1 |
| 5498 <sup>(1)</sup> | Porch Group, Inc. | 50197 | 0 |
| 3767 | Power Integrations, Inc. | 133879 | 0.1 |
| 8789 <sup>(1)</sup> | Powerfleet, Inc. NJ | 46757 | 0 |
| 2922 <sup>(1)</sup> | Progress Software Corp. | 125529 | 0.1 |
| 4270 <sup>(1)</sup> | Q2 Holdings, Inc. | 308123 | 0.2 |
| 2501 <sup>(1)</sup> | Qualys, Inc. | 332383 | 0.2 |
| 13492 <sup>(1)(2)</sup> | Quantum Computing, Inc. | 138428 | 0.1 |
| 7320 <sup>(1)</sup> | Rambus, Inc. | 672635 | 0.3 |
| 4415 <sup>(1)</sup> | Rapid7, Inc. | 67108 | 0 |
| 6749 <sup>(1)</sup> | Red Cat Holdings, Inc. | 53520 | 0 |
| 793 | Red Violet, Inc. | 45161 | 0 |
| 11968 <sup>(1)</sup> | Rezolve AI PLC | 30758 | 0 |
| 6954 <sup>(1)</sup> | Ribbon Communications, Inc. | 20028 | 0 |
| 21606 <sup>(1)</sup> | Rigetti Computing, Inc. | 478573 | 0.2 |
| 3438 <sup>(1)</sup> | Rimini Street, Inc. | 13339 | 0 |
| 23725 <sup>(1)</sup> | Riot Platforms, Inc. | 300596 | 0.2 |
| 1254 <sup>(1)</sup> | Rogers Corp. | 114829 | 0.1 |
| 3551 <sup>(1)</sup> | Sanmina Corp. | 532899 | 0.3 |
| 1497 <sup>(1)</sup> | ScanSource, Inc. | 58473 | 0 |
| 3248 <sup>(1)</sup> | SEMrush Holdings, Inc. - Class A | 38619 | 0 |
| 5897 <sup>(1)</sup> | Semtech Corp. | 434550 | 0.2 |
| 2217 <sup>(1)</sup> | Silicon Laboratories, Inc. | 289762 | 0.1 |
| 1461 <sup>(1)</sup> | SiTime Corp. | 516011 | 0.3 |
| 1894 <sup>(1)</sup> | SkyWater Technology, Inc. | 34395 | 0 |
| 25210 <sup>(1)(2)</sup> | SoundHound AI, Inc. - Class A | 251344 | 0.1 |
| 824 <sup>(1)</sup> | SoundThinking, Inc. | 6617 | 0 |
| 7920 <sup>(1)</sup> | Sprinklr, Inc. - Class A | 61618 | 0 |
| 3550 <sup>(1)</sup> | Sprout Social, Inc. - Class A | 40008 | 0 |
| 2627 <sup>(1)</sup> | SPS Commerce, Inc. | 234145 | 0.1 |
| 2631 <sup>(1)</sup> | Synaptics, Inc. | 194747 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 4015 <sup>(1)</sup> | Telos Corp. | 20476 | 0.0 |
| 8170 <sup>(1)</sup> | Tenable Holdings, Inc. | 192240 | 0.1 |
| 20361 <sup>(1)</sup> | Terawulf, Inc. | 233948 | 0.1 |
| 1283 <sup>(1)</sup> | TSS, Inc. | 9071 | 0.0 |
| 6945 <sup>(1)</sup> | TTM Technologies, Inc. | 479205 | 0.2 |
| <sub>625</sub> (1) | Tucows, Inc. - Class A | 14013 | 0.0 |
| 1093 <sup>(1)</sup> | Turtle Beach Corp. | 15335 | 0.0 |
| 3009 <sup>(1)</sup> | Ultra Clean Holdings, Inc. | 76218 | 0.0 |
| 4802 <sup>(1)</sup> | Unisys Corp. | 13254 | 0.0 |
| 7617 <sup>(1)</sup> | Varonis Systems, Inc. | 249838 | 0.1 |
| 3900 <sup>(1)</sup> | Veeco Instruments, Inc. | 111462 | 0.1 |
| 4468 <sup>(1)</sup> | Vertex, Inc. - Class A | 89226 | 0.1 |
| 544 <sup>(1)</sup> | Via Transportation, Inc. - Class A | 15781 | 0.0 |
| 1165 <sup>(1)</sup> | Viant Technology, Inc. - Class A | 14027 | 0.0 |
| 8251 <sup>(1)</sup> | Viasat, Inc. | 284329 | 0.1 |
| 14770 <sup>(1)</sup> | Viavi Solutions, Inc. | 263201 | 0.1 |
| 8211 | Vishay Intertechnology, Inc. | 118977 | 0.1 |
| 916 <sup>(1)</sup> | Vishay Precision Group, Inc. | 35266 | 0.0 |
| 4129 <sup>(1)</sup> | VTEX - Class A | 15525 | 0.0 |
| 4694 <sup>(1)(2)</sup> | Vuzix Corp. | 17743 | 0.0 |
| 4068 <sup>(1)</sup> | Weave Communications, Inc. | 30876 | 0.0 |
| 696 <sup>(1)</sup> | Whitefiber, Inc. | 10997 | 0.0 |
| 3455 <sup>(1)</sup> | Workiva, Inc. | 297994 | 0.2 |
| 8136 <sup>(2)</sup> | Xerox Holdings Corp. | 19282 | 0.0 |
| 3296 <sup>(1)</sup> | Xperi, Inc. | 19315 | 0.0 |
| 7402 <sup>(1)</sup> | Yext, Inc. | 59660 | 0.0 |
| 12864 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A | 261782 | 0.1 |
|  |  | **29101635** | **14.4** |
|  | **Materials: 4.3%** | **Materials: 4.3%** | **Materials: 4.3%** |
| 1835 | AdvanSix, Inc. | 31746 | 0.0 |
| 801 <sup>(1)</sup> | Alpha Metallurgical Resources, Inc. | 160104 | 0.1 |
| 7640 <sup>(1)</sup> | American Battery Technology Co. | 25518 | 0.0 |
| 2504 <sup>(1)</sup> | American Vanguard Corp. | 9565 | 0.0 |
| 10250 | Ardagh Metal Packaging SA | 42025 | 0.0 |
| 2607 <sup>(1)</sup> | Arq, Inc. | 8525 | 0.0 |
| 6126 <sup>(1)</sup> | ASP Isotopes, Inc. | 32774 | 0.0 |
| 4659 <sup>(1)</sup> | Aspen Aerogels, Inc. | 13185 | 0.0 |
| 6231 | Avient Corp. | 194656 | 0.1 |
| 2214 | Balchem Corp. | 339539 | 0.2 |
| 3569 | Cabot Corp. | 236553 | 0.1 |
| 1280 | Caledonia Mining Corp. PLC | 33498 | 0.0 |
| 3550 <sup>(1)</sup> | Century Aluminum Co. | 139089 | 0.1 |
| 10259 | Chemours Co. | 120954 | 0.1 |
| 1138 <sup>(1)</sup> | Clearwater Paper Corp. | 19801 | 0.0 |
| 43387 <sup>(1)</sup> | Coeur Mining, Inc. | 773590 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 7531 | Commercial Metals Co. | $521296 | 0.3 |
| 2345 <sup>(1)</sup> | Compass Minerals International, Inc. | 46056 | 0.0 |
| 9402 <sup>(1)</sup> | Constellium SE | 177228 | 0.1 |
| 617 <sup>(1)</sup> | Contango ORE, Inc. | 16295 | 0.0 |
| 3014 <sup>(1)</sup> | Critical Metals Corp. | 20917 | 0.0 |
| 6600 <sup>(1)</sup> | Dakota Gold Corp. | 37488 | 0.0 |
| 8061 <sup>(1)</sup> | Ecovyst, Inc. | 78434 | 0.1 |
| 8727 | Ferroglobe PLC | 40493 | 0.0 |
| 1054 <sup>(1)</sup> | Flotek Industries, Inc. | 18160 | 0.0 |
| 1964 | Greif, Inc. - Class A | 132963 | 0.1 |
| 1339 | Hawkins, Inc. | 190218 | 0.1 |
| 3718 | HB Fuller Co. | 221072 | 0.1 |
| 42670 | Hecla Mining Co. | 818837 | 0.4 |
| 971 <sup>(1)</sup> | Idaho Strategic Resources, Inc. | 39131 | 0.0 |
| 2489 <sup>(1)</sup> | Ingevity Corp. | 147299 | 0.1 |
| 1656 | Innospec, Inc. | 126750 | 0.1 |
| 773 <sup>(1)</sup> | Intrepid Potash, Inc. | 21435 | 0.0 |
| 7007 <sup>(1)</sup> | Ivanhoe Electric, Inc. / US | 111972 | 0.1 |
| 1089 | Kaiser Aluminum Corp. | 125083 | 0.1 |
| 3879 <sup>(1)</sup> | Knife River Corp. | 272888 | 0.1 |
| 1432 | Koppers Holdings, Inc. | 38779 | 0.0 |
| 2205 <sup>(1)</sup> | Lifezone Metals Ltd. | 9415 | 0.0 |
| 4022 <sup>(1)</sup> | LSB Industries, Inc. | 34187 | 0.0 |
| 2341 <sup>(1)(2)</sup> | Magnera Corp. | 35443 | 0.0 |
| 1421 | Materion Corp. | 176659 | 0.1 |
| 3784 | Mativ Holdings, Inc. | 45976 | 0.0 |
| 2194 | Minerals Technologies, Inc. | 133724 | 0.1 |
| 2635 | Myers Industries, Inc. | 49327 | 0.0 |
| 7171 <sup>(1)</sup> | NioCorp Developments Ltd. | 38006 | 0.0 |
| 20171 <sup>(1)</sup> | Novagold Resources, Inc. | 187994 | 0.1 |
| 10525 <sup>(1)</sup> | O-I Glass, Inc. | 155349 | 0.1 |
| 773 | Olympic Steel, Inc. | 33073 | 0.0 |
| 3912 | Orion SA | 20655 | 0.0 |
| 9552 <sup>(1)</sup> | Perimeter Solutions, Inc. | 262967 | 0.1 |
| 5611 <sup>(1)</sup> | Perpetua Resources Corp. | 135842 | 0.1 |
| 8943 <sup>(1)(2)</sup> | PureCycle Technologies, Inc. | 76820 | 0.0 |
| 945 | Quaker Chemical Corp. | 129758 | 0.1 |
| 2677 <sup>(1)</sup> | Ramaco Resources, Inc. - Class A | 48186 | 0.0 |
| 3577 <sup>(1)</sup> | Ranpak Holdings Corp. | 19352 | 0.0 |
| 4848 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. | 28555 | 0.0 |
| 1943 | Ryerson Holding Corp. | 48886 | 0.0 |
| 2866 | Sensient Technologies Corp. | 269261 | 0.1 |
| 13901 <sup>(1)</sup> | SSR Mining, Inc. | 304710 | 0.2 |
| 1486 | Stepan Co. | 70377 | 0.0 |
| 5941 | SunCoke Energy, Inc. | 42775 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 2338 | Sylvamo Corp. | 112575 | 0.1 |
| 2701 <sup>(1)</sup> | TimkenSteel Corp. | 46349 | 0.0 |
| 1713 | Titan America SA | 28230 | 0.0 |
| 2117 <sup>(1)</sup> | Tredegar Corp. | 15200 | 0.0 |
| 2147 | TriMas Corp. | 76111 | 0.0 |
| 8385 | Tronox Holdings PLC | 34965 | 0.0 |
| 7914 <sup>(1)</sup> | United States Antimony Corp. | 39728 | 0.0 |
| 745 | United States Lime & Minerals, Inc. | 89206 | 0.1 |
| 854 <sup>(1)</sup> | US Gold Corp. | 16576 | 0.0 |
| 5909 <sup>(1)</sup> | USA Rare Earth, Inc. | 70317 | 0.0 |
| 3023 | Vox Royalty Corp. | 14329 | 0.0 |
| 3553 | Warrior Met Coal, Inc. | 313268 | 0.2 |
| 2279 | Worthington Steel, Inc. | 78899 | 0.1 |
|  |  | **8676966** | **4.3** |
|  | **Real Estate: 5.5%** | **Real Estate: 5.5%** | **Real Estate: 5.5%** |
| 9006 | Acadia Realty Trust | 184983 | 0.1 |
| 5103 | Alexander & Baldwin, Inc. | 105326 | 0.1 |
| 170 | Alexander's, Inc. | 37050 | 0.0 |
| 3627 | American Assets Trust, Inc. | 68659 | 0.0 |
| 11084 | American Healthcare REIT, Inc. | 521613 | 0.3 |
| 7477 <sup>(1)</sup> | Anywhere Real Estate, Inc. | 105874 | 0.1 |
| 9675 | Apartment Investment and Management Co. - Class A | 57469 | 0.0 |
| 15028 | Apple Hospitality REIT, Inc. | 178082 | 0.1 |
| 5768 <sup>(2)</sup> | Armada Hoffler Properties, Inc. | 38184 | 0.0 |
| 5153 | Braemar Hotels & Resorts, Inc. | 14789 | 0.0 |
| 12329 | Brandywine Realty Trust | 36001 | 0.0 |
| 12805 | Broadstone Net Lease, Inc. | 222423 | 0.1 |
| 14479 | CareTrust REIT, Inc. | 523561 | 0.3 |
| 1508 | CBL & Associates Properties, Inc. | 55796 | 0.0 |
| 1178 | Centerspace | 78596 | 0.0 |
| 3429 | Chatham Lodging Trust | 23351 | 0.0 |
| 3132 | City Office REIT, Inc. | 21893 | 0.0 |
| 2078 | Community Healthcare Trust, Inc. | 34121 | 0.0 |
| 32277 <sup>(1)</sup> | Compass, Inc. - Class A | 341168 | 0.2 |
| 7624 | COPT Defense Properties | 211947 | 0.1 |
| 2169 | CTO Realty Growth, Inc. | 39931 | 0.0 |
| 6713 | Curbline Properties Corp. | 155809 | 0.1 |
| 15886 <sup>(1)</sup> | Cushman & Wakefield Ltd. | 257194 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 13952 | DiamondRock Hospitality Co. | $125010 | 0.1 |
| 15664 | Diversified Healthcare Trust | 75970 | 0.0 |
| 5544 <sup>(1)</sup> | Douglas Elliman, Inc. | 13139 | 0.0 |
| 11082 | Douglas Emmett, Inc. | 121791 | 0.1 |
| 2808 | Easterly Government Properties, Inc. | 59501 | 0.0 |
| 6085 | Elme Communities | 105879 | 0.1 |
| 9435 | Empire State Realty Trust, Inc. - Class A | 61516 | 0.0 |
| 13477 | Essential Properties Realty Trust, Inc. | 399728 | 0.2 |
| 5587 | eXp World Holdings, Inc. | 50562 | 0.0 |
| 3273 | Farmland Partners, Inc. | 31715 | 0.0 |
| 1503 <sup>(1)</sup> | Forestar Group, Inc. | 37019 | 0.0 |
| 6903 | Four Corners Property Trust, Inc. | 159183 | 0.1 |
| 1097 <sup>(1)</sup> | FRP Holdings, Inc. | 25001 | 0.0 |
| 3691 | Getty Realty Corp. | 101023 | 0.1 |
| 3213 | Gladstone Commercial Corp. | 34283 | 0.0 |
| 2650 | Gladstone Land Corp. | 24247 | 0.0 |
| 959 | Global Medical REIT, Inc. | 32357 | 0.0 |
| 13531 | Global Net Lease, Inc. | 116367 | 0.1 |
| 3310 <sup>(1)</sup> | Hudson Pacific Properties, Inc. | 35847 | 0.0 |
| 15896 | Independence Realty Trust, Inc. | 277862 | 0.1 |
| 4574 | Industrial Logistics Properties Trust | 25340 | 0.0 |
| 1906 | Innovative Industrial Properties, Inc. | 90268 | 0.1 |
| 5216 | InvenTrust Properties Corp. | 147143 | 0.1 |
| 4366 <sup>(2)</sup> | JBG SMITH Properties | 74266 | 0.0 |
| 8722 | Kennedy-Wilson Holdings, Inc. | 84342 | 0.0 |
| 14580 | Kite Realty Group Trust | 349483 | 0.2 |
| 3911 | L.P. Industrial Trust | 193907 | 0.1 |
| 3182 | LTC Properties, Inc. | 109397 | 0.1 |
| 17547 | Macerich Co. | 323918 | 0.2 |
| 1767 | Marcus & Millichap, Inc. | 48221 | 0.0 |
| 3212 | National Health Investors, Inc. | 245300 | 0.1 |
| 1103 | NET Lease Office Properties | 28446 | 0.0 |
| 5626 <sup>(2)</sup> | NetSTREIT Corp. | 99243 | 0.1 |
| 9342 | Newmark Group, Inc. - Class A | 161990 | 0.1 |
| 1678 | NexPoint Residential Trust, Inc. | 50508 | 0.0 |
| 1646 | One Liberty Properties, Inc. | 33397 | 0.0 |
| 9667 | Outfront Media, Inc. | 232975 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: (continued)** | **Real Estate: (continued)** | **Real Estate: (continued)** |
| 2853 | Peakstone Realty Trust | 40941 | 0.0 |
| 7971 | Pebblebrook Hotel Trust | 90232 | 0.1 |
| 8533 | Phillips Edison & Co., Inc. | 303519 | 0.2 |
| 8956 | Piedmont Office Realty Trust, Inc. - Class A | 74693 | 0.0 |
| 2895 | Plymouth Industrial REIT, Inc. | 63343 | 0.0 |
| 5321 | PotlatchDeltic Corp. | 211669 | 0.1 |
| 7777 <sup>(1)</sup> | Real Brokerage, Inc. | 28386 | 0.0 |
| 9854 | RLJ Lodging Trust | 73412 | 0.0 |
| 1410 | RMR Group, Inc. - Class A | 21009 | 0.0 |
| 4030 | Ryman Hospitality Properties, Inc. | 381319 | 0.2 |
| 16128 | Sabra Health Care REIT, Inc. | 305464 | 0.2 |
| 4181 | Safehold, Inc. | 57238 | 0.0 |
| 1153 | Saul Centers, Inc. | 36354 | 0.0 |
| 11517 | Service Properties Trust | 21191 | 0.0 |
| 3922 | Sila Realty Trust, Inc. | 91422 | 0.1 |
| 3366 | SITE Centers Corp. | 21610 | 0.0 |
| 4891 | SL Green Realty Corp. | 224350 | 0.1 |
| 1869 | Smartstop Self Storage REIT, Inc. | 57827 | 0.0 |
| 2646 | St Joe Co. | 157093 | 0.1 |
| 639 <sup>(1)</sup> | Stratus Properties, Inc. | 15451 | 0.0 |
| 7579 | Summit Hotel Properties, Inc. | 36910 | 0.0 |
| 13054 | Sunstone Hotel Investors, Inc. | 116703 | 0.1 |
| 7686 | Tanger Factory Outlet Centers, Inc. | 256482 | 0.1 |
| 1675 <sup>(1)</sup> | Tejon Ranch Co. | 26415 | 0.0 |
| 7011 | Terreno Realty Corp. | 411616 | 0.2 |
| 5594 | UMH Properties, Inc. | 89001 | 0.1 |
| 1077 | Universal Health Realty Income Trust | 42229 | 0.0 |
| 8700 | Urban Edge Properties | 166953 | 0.1 |
| 5576 | Veris Residential, Inc. | 82971 | 0.0 |
| 3727 | Whitestone REIT | 51768 | 0.0 |
| 6794 | Xenia Hotels & Resorts, Inc. | 96067 | 0.1 |
|  |  | **11153602** | **5.5** |
|  | **Utilities: 2.9%** | **Utilities: 2.9%** | **Utilities: 2.9%** |
| 2612 | American States Water Co. | 189318 | 0.1 |
| 5464 | Avista Corp. | 210583 | 0.1 |
| 4905 | Black Hills Corp. | 340505 | 0.2 |
| 8280 | Brookfield Infrastructure Corp. - Class A | 375912 | 0.2 |
| 4244 <sup>(1)</sup> | Cadiz, Inc. | 23809 | 0.0 |
| 4091 | California Water Service Group | 177263 | 0.1 |
| 1613 | Chesapeake Utilities Corp. | 201238 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 1108 | Consolidated Water Co. Ltd. | 39101 | 0.0 |
| 1586 | Genie Energy Ltd. - Class B | 21855 | 0.0 |
| 2175 <sup>(1)</sup> | Hallador Energy Co. | 41412 | 0.0 |
| 12002 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. | 147625 | 0.1 |
| 2568 | MGE Energy, Inc. | 201383 | 0.1 |
| 1236 | Middlesex Water Co. | 62319 | 0.0 |
| 5592 <sup>(1)</sup> | Montauk Renewables, Inc. | 9339 | 0.0 |
| 6798 | New Jersey Resources Corp. | 313524 | 0.2 |
| 2829 | Northwest Natural Holding Co. | 132227 | 0.1 |
| 4226 | NorthWestern Corp. | 272746 | 0.1 |
| 7357 <sup>(1)</sup> | Oklo, Inc. | 527938 | 0.3 |
| 4007 | ONE Gas, Inc. | 309541 | 0.1 |
| 4157 | Ormat Technologies, Inc. | 459224 | 0.2 |
| 2632 | Otter Tail Corp. | 212692 | 0.1 |
| 6351 | PNM Resources, Inc. | 373947 | 0.2 |
| 7459 | Portland General Electric Co. | 357957 | 0.2 |
| 1843 <sup>(1)</sup> | Pure Cycle Corp. | 20255 | 0.0 |
| 2282 | SJW Group | 111795 | 0.0 |
| 4371 | Southwest Gas Holdings, Inc. | 349767 | 0.2 |
| 3932 | Spire, Inc. | 325176 | 0.2 |
| 1197 | Unitil Corp. | 57983 | 0.0 |
| 1197 <sup>(2)</sup> | York Water Co. | 38112 | 0.0 |
|  |  | **5904546** | **2.9** |
|  | Total Common Stock |  |  |
|  | (Cost $147,281,553) | **196226535** | **97.3** |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 18730 <sup>(3)(4)</sup> | Cartesian Therapeutics, Inc. CVR | 3371 | 0.0 |
| 8741 <sup>(3)(4)</sup> | Chinook Therapeutics, Inc. CVR | 3409 | 0.0 |
| 3559 <sup>(3)(4)</sup> | Inhibrx, Inc. CVR | 14628 | 0.0 |
|  |  | **21408** | **0.0** |
|  | Total Rights |  |  |
|  | (Cost $—) | **21408** | **0.0** |
| **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** | **WARRANTS: 0.0%** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 165 | Pulse Biosciences, Inc. | 828 | 0.0 |
|  | Total Warrants |  |  |
|  | (Cost $—) | **828** | **0.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $147,281,553) | **196248771** | **97.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 5.3%** | **SHORT-TERM INVESTMENTS: 5.3%** | **SHORT-TERM INVESTMENTS: 5.3%** | **SHORT-TERM INVESTMENTS: 5.3%** |
|  | **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** |
| 1370302 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,370,591, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $1,397,708, due 12/01/30-11/20/75) | $1370302 | 0.7 |
| 1457768 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,458,083, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,487,335, due 01/31/26-11/15/55) | 1457768 | 0.7 |
| 1370302 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,370,589, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $1,397,708, due 10/15/26-12/20/55) | 1370302 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 367450 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $367,527, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $374,799, due 04/30/26-11/15/34) | $| 367450 | 0.2 |
| 1073628 <sup>(5)</sup> | Nomura Securities International, Inc., Repurchase Agreement dated 12/31/2025, 3.830%, due 01/02/2026 (Repurchase Amount $1,073,853, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,095,101, due 01/15/26-03/15/67) |  | 1073628 | 0.5 |
|  | Total Repurchase Agreements |  |  |  |
|  | (Cost $5,639,450) |  | **5639450** | **2.8** |
|  | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** |
| 100000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 |  | 100000 | 0.0 |
| 100000 <sup>(5)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 |  | 100000 | 0.0 |
| 120000 <sup>(5)</sup> | National Bank of Canada, 3.630%, 01/02/2026 |  | 120000 | 0.1 |
| 140000 <sup>(5)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 |  | 140000 | 0.1 |
|  | Total Time Deposits |  |  |  |
|  | (Cost $460,000) |  | **460000** | **0.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 2.3%** | **Mutual Funds: 2.3%** | **Mutual Funds: 2.3%** |
| 4504000 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $4,504,000) | $**4504000** | **2.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $10,603,450) | $**10603450** | **5.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $157,885,003)** | $**206852221** | **102.6** |
|  | **Liabilities in Excess of Other Assets** | **(5239712)** | **(2.6)** |
|  | **Net Assets** | $**201612509** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |

---

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $24,555 or —% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(6)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $5451499 | $— | $— | $5451499 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17888165 |  |  | 17888165 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3620597 |  |  | 3620597 |
| &nbsp;&nbsp;&nbsp;Energy | 9444010 |  |  | 9444010 |
| &nbsp;&nbsp;&nbsp;Financials | 34564874 |  |  | 34564874 |
| &nbsp;&nbsp;&nbsp;Health Care | 36804050 |  | 3147 | 36807197 |
| &nbsp;&nbsp;&nbsp;Industrials | 33613444 |  |  | 33613444 |
| &nbsp;&nbsp;&nbsp;Information Technology | 29101635 |  |  | 29101635 |
| &nbsp;&nbsp;&nbsp;Materials | 8676966 |  |  | 8676966 |
| &nbsp;&nbsp;&nbsp;Real Estate | 11153602 |  |  | 11153602 |
| &nbsp;&nbsp;&nbsp;Utilities | 5904546 |  |  | 5904546 |
| Total Common Stock | 196223388 |  | 3147 | 196226535 |
| Rights |  |  | 21408 | 21408 |
| Warrants |  | 828 |  | 828 |
| Short-Term Investments | 4504000 | 6099450 |  | 10603450 |
| Total Investments, at fair value | $200727388 | $6100278 | $24555 | $206852221 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(160351) | $— | $— | $(160351) |
| Total Liabilities | $(160351) | $— | $— | $(160351) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | 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 December 31, 2025, Voya VACS Index Series SC Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Akero Therapeutics, Inc. | 12/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $3147 |
| Cartesian Therapeutics, Inc. CVR | 12/12/2023 |  | 3371 |
| Chinook Therapeutics, Inc. CVR | 8/14/2023 |  | 3409 |
| Inhibrx, Inc. CVR | 5/31/2024 |  | 14628 |
|  |  | $— | $24555 |

---

At December 31, 2025, the following futures contracts were outstanding for Voya VACS Index Series SC Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-mini Russell 2000 Index | 43 | 03/20/26 | $5370700 | $(160351) |
|  |  |  | $5370700 | $(160351) |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Index Series SC Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $160351 |
| **Total Liability Derivatives** |  | $160351 |

---

<sup>\*</sup> The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $72443 |
| **Total** | $72443 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $180679 |
| **Total** | $180679 |

---

At December 31, 2025, 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 U.S. federal income tax purposes was $160,289,203. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $65766729 |
| Gross Unrealized Depreciation | (19364062) |
| Net Unrealized Appreciation | $46402667 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Type** | **Per Share Amount** |
| Voya VACS Index Series EM Portfolio | NII | $0.2181 |
|  | LTCG | $0.0018 |
| Voya VACS Index Series I Portfolio | NII | $0.3791 |
| Voya VACS Index Series MC Portfolio | NII | $0.1932 |
|  | STCG | $0.1221 |
|  | LTCG | $0.1977 |
| Voya VACS Index Series S Portfolio | NII | $0.1784 |
|  | STCG | $0.0759 |
|  | LTCG | $0.5327 |
| Voya VACS Index Series SC Portfolio | NII | $0.2797 |
|  | STCG | $0.3055 |
|  | LTCG | $0.9027 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya VACS Index Series MC Portfolio | 48.7% |
| Voya VACS Index Series S Portfolio | 68.26% |
| Voya VACS Index Series SC Portfolio | 25.35% |

---

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya VACS Index Series EM Portfolio | $67094 |
| Voya VACS Index Series MC Portfolio | $7136496 |
| Voya VACS Index Series S Portfolio | $143390093 |
| Voya VACS Index Series SC Portfolio | $14306850 |

---

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Creditable Foreign Taxes**<br>**Paid** |<br>**Per Share Amount** | **Portion of Ordinary Income**<br>**Derived from Foreign**<br>**Sourced Income\*** |
| Voya VACS Index Series EM Portfolio | $1715360 | $0.0476 | 77.08% |
| Voya VACS Index Series I Portfolio | $5825894 | $0.0379 | 72.43% |

---

\* None of the Portfolios' income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

TAX INFORMATION (Unaudited) (continued)

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Directors/Trustees ("Board") of Voya Investors Trust (the "Trust") and Voya Variable Portfolios, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya VACS Index Series EM Portfolio, Voya VACS Index Series I Portfolio, Voya VACS Index Series MC Portfolio and Voya VACS Index Series SC Portfolio, each a series of the Company, and Voya VACS Index Series S Portfolio, a series of the Trust (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors/Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company or Trust, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Directors/Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors/Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and

renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors/Trustees request, and management provides, certain information that the Independent Directors/ Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors/Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's and the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, with respect to each Portfolio that seeks investment results corresponding to the performance of an index (commonly referred to an as an "index fund"), the Board focused on the reasonableness of the differences between the Portfolio's net performance and the total return of such index over certain time periods.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group and which additional services the Manager pays for on behalf of the Portfolios under the "bundled fee" arrangement in return for a single management fee ("Unified Fee Structure"). The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable**.**

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and

the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya VACS Index Series EM Portfolio**

In considering whether to approve the renewal of the Contracts for Voya VACS Index Series EM Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations.

In analyzing this performance data, the Board took into account that the Portfolio commenced operations in March 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya VACS Index Series I Portfolio**

In considering whether to approve the renewal of the Contracts for Voya VACS Index Series I Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations. In analyzing this performance data, the Board took into account that the Portfolio commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

(c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya VACS Index Series MC Portfolio**

In considering whether to approve the renewal of the Contracts for Voya VACS Index Series MC Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations.

In analyzing this performance data, the Board took into account that the Portfolio commenced operations in January 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya VACS Index Series SC Portfolio**

In considering whether to approve the renewal of the Contracts for Voya VACS Index Series SC Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations.

In analyzing this performance data, the Board took into account that the Portfolio commenced operations in January 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Voya VACS Index Series S Portfolio**

In considering whether to approve the renewal of the Contracts for Voya VACS Index Series S Portfolio, the Board considered the difference between the Portfolio's performance and the performance of its index, and management's representations that such difference was reasonable and within expectations.

In analyzing this performance data, the Board took into account that the Portfolio commenced operations in January 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services by certain third parties to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material,

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Placement Agent** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**221493 (1225)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included in the financial statements filed under Item 7. In addition, a special meeting of shareholders of the Registrant was held September 11, 2025, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

Proposal: To elect Directors/Trustees to their respective Board of Directors/Trustees.\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND/REGISTRANT** |  | **Shares Voted<br> FOR** | **Shares Voted<br> AGAINST** | **Shares Voted <br> Abstain / Withhold** | **Total Shares<br> Voted** |
| **VOYA INVESTORS TRUST** | **Colleen D. Baldwin** | 1522938963.475 | 22721963.629 | 87374626.791 | 1633035553.895 |
| **Election of Directors/Trustees** | **John V. Boyer** | 1512993980.889 | 27333302.539 | 92708270.467 | 1633035553.895 |
|  | **Jody T. Foster** | 1520766977.697 | 26465010.626 | 85803565.572 | 1633035553.895 |
|  | **Martin J. Gavin** | 1510554834.223 | 29329389.563 | 93151330.109 | 1633035553.895 |
|  | **Dennis Johnson, CFA** | 1510238384.751 | 27236604.251 | 95560564.893 | 1633035553.895 |
|  | **Joseph E. Obermeyer** | 1516767741.415 | 25656561.500 | 90611250.980 | 1633035553.895 |
|  | **Sheryl K. Pressler** | 1515038240.179 | 28754262.236 | 89243051.480 | 1633035553.895 |
|  | **Christopher P. Sullivan** | 1513275894.864 | 26581015.757 | 93178643.274 | 1633035553.895 |
|  | **Mark R. Wetzel** | 1514106857.035 | 26247285.477 | 92681411.383 | 1633035553.895 |
|  | **Christian G. Wilson** | 1514439196.143 | 25186119.809 | 93410237.943 | 1633035553.895 |

---

\*Proposal passed

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $782,771 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.** 

[(a)(1)](tm263417d1_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm263417d1_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm263417d1_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm263417d1_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm263417d1_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm263417d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Investors Trust

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: March 9, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: March 9, 2026

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: March 9, 2026

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I. Adoption</u>**

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II. Policy</u>**

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files
with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations of this Code to an appropriate person or persons identified in
this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that would compromise their professional ethics or otherwise prejudice
their ability faithfully to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use material non-public information acquired through their work for
the Funds for unethical or illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their shareholders before their personal interests and manage actual
or apparent conflicts of interest between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements generally applicable to the Funds and take all reasonable
actions, consistent with their position(s) with a Fund and/or a Fund's service providers(s) to ensure full, fair, accurate, timely,
and understandable disclosure in reports and documents that a Fund files with, or submits to, the SEC or other governmental authorities,
and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws, rules, and regulations in their dealings with or on behalf of
a Fund, and take all reasonable actions, consistent with their positions(s) with a Fund and/or Fund's service provider(s), to ensure
compliance by the Fund with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent with their position(s) with a Fund and/or a Fund's service
provider(s), to ensure prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly cause or permit others to misrepresent, facts about a Fund to
a Fund's shareholders, directors, counsel, or auditors, to governmental regulators or self-regulatory organizations, or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund, and its adviser(s), administrator, and principal underwriter, with
the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents the Fund files with, or
submits to, the SEC, and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the standards and restrictions imposed by applicable governmental
laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or financial or other reporting by the Fund whereby the Covered Officer
would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or fail to take an action, whereby the Covered Officer would benefit
personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action against, or cause or permit any retaliation or adverse action
to be taken against, any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations
of this Code or of applicable governmental laws, rules, and regulations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation in which a Covered Officer, a member of a Covered Officer's
immediate family, or an entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered Officer may receive
compensation or other personal benefit, has an interest in a transaction or the results of a transaction in which a Fund is involved that
is different from the interests of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
is a situation in which a Covered Officer, a member of a Covered Officer's immediate family, or an entity other than a Fund on
whose behalf a Covered Officers is acting or from which a Covered Officer may receive compensation or other personal benefit, appears
to have an actual conflict of interest, without regard to whether an actual conflict of interest in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer, manager, or managing member on the board of any public or private
company<sup>4</sup> other than a Fund's investment adviser, administrator, principal underwriter, or an affiliate or any of the
foregoing, if such company has current or prospective business dealings with a Fund or if a Fund may invest in securities issued by such
company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5</sup> or meals from any company with which a Fund has current or
prospective business dealings unless such entertainment or meals are business-related, reasonable in cost, appropriate as to time and
place, and not so frequent as to raise any question of impropriety. For the purposes of this Code, entertainment and meals that are incidental
to a business conference, seminar or meeting shall be deemed business-related, reasonable in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any consulting, employment, or compensation relationship with, any
of a Fund's service providers, other than its investment adviser(s), administrator, principal underwriter, or any affiliated person
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any opportunity which a Fund may exploit. This prohibition shall not
apply to securities trading undertaken in conformance with the Funds' and an investment adviser's code of ethics adopted pursuant
to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest, such as compensation or equity ownership, in commissions,
transaction charges or spreads paid by the Fund for effecting portfolio transaction or for selling or redeeming shares other than an interest
arising from the Covered Officer's employment with a Fund's investment adviser, administrator, principal underwriters, or
any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year from any entity or person that directly or indirectly
currently or prospectively does or will do business with or receives compensation or other benefits from a Fund. For the purposes of this
restriction, gifts from different persons employed by the same entity shall be aggregated, along with any gifts from the entity itself,
in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's investment adviser(s), administrator, or
principal underwriter (or any affiliate thereof), with which the Fund has current or prospective business dealings within one year after
the latest to occur of such Covered Officer's termination of employment at the Fund or at the Fund's investment adviser(s)
administrator or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have any other financial transactions with any company,
other than a Fund's investment adviser(s), administrator or principal underwriter (or any affiliate thereof), with which the Fund
has current or prospective business dealings, other than routine retail transactions that are effected on the same terms and conditions
as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund, except that this prohibition shall not apply
to the purchase or redemption of the shares of any Fund on the same terms and conditions as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally
at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in
writing to the CLO and the Board that they have received, read, and understand this Code. Such affirmation shall be substantially in the
form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board that they have complied with the requirements of this Code. Such
affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment, ownership, affiliations, or other relationships related to conflicts
of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know of any violation of this Code or of any applicable governmental laws,
rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action to investigate any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO believes that no violation has occurred, the CLO shall not be required
to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO believes that a violation has occurred, the CLO shall report such
violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that a violation has occurred, it shall inform and make a recommendation
to the Board, which shall consider appropriate action that may include review of, and appropriate modifications to, applicable policies
and procedures, notification to appropriate personnel of the investment adviser or its board, and a recommendation to discipline or dismiss
the Covered Officer or to require reimbursement or disgorgement by the Covered Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

 ****

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> (please print)

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> (please print)

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Voya Investors Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2026 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Voya Investors Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2026 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Investors Trust <br>Date of Form N-CSR: December 31, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Investors Trust and will be retained by Voya Investors Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Investors Trust <br>Date of Form N-CSR: December 31, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Investors Trust and will be retained by Voya Investors Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---