# EDGAR Filing Document

**Accession Number:** 0000916403
**File Stem:** 0001104659-26-025190
**Filing Date:** 2026-3
**Character Count:** 257348
**Document Hash:** f351f1641bc561ca189b32b3e9e0d9ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025190.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025190

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**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 VARIABLE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000916403

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08220
- **FILM NUMBER:** 26734785

**BUSINESS ADDRESS:**
- **STREET 1:** ING FUNDS
- **STREET 2:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** ING FUNDS
- **STREET 2:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020320

## Series and Classes Contracts Data

### Voya MidCap Opportunities Portfolio (Series ID: S000008638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023590 | Class ADV    | IAMOX           |
| C000023591 | Class I      | IIMOX           |
| C000023592 | Class S      | ISMOX           |
| C000074884 | Class S2     | IMOPX           |
| C000163133 | Class R6     | VMCRX           |

### Voya SmallCap Opportunities Portfolio (Series ID: S000008640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023597 | Class I      | IVSOX           |
| C000023598 | Class S      | IVPOX           |
| C000073995 | Class ADV    | ISOPX           |
| C000074885 | Class S2     | ISCTX           |
| C000163134 | Class R6     | VRSCX           |

?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: **811-08220**

**V**oya Variable Products 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: **1-800-992-0180**

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 MidCap Opportunities Portfolio](#classname2a3a076e-0a61-4011-8d71-e84bda179139)<br> **[Class ADV - IAMOX](#classname2a3a076e-0a61-4011-8d71-e84bda179139)**  |
|  [Voya MidCap Opportunities Portfolio](#classnamee22dce72-fab0-4090-8b5c-1181432c3a08)<br> **[Class I - IIMOX](#classnamee22dce72-fab0-4090-8b5c-1181432c3a08)**  |
|  [Voya MidCap Opportunities Portfolio](#classnamee2f21d7c-3e4c-4cd7-92eb-624b9d1cc4c7)<br> **[Class R6 - VMCRX](#classnamee2f21d7c-3e4c-4cd7-92eb-624b9d1cc4c7)**  |
|  [Voya MidCap Opportunities Portfolio](#classnamed658a7f3-e323-458f-ae00-f730d8b904f3)<br> **[Class S - ISMOX](#classnamed658a7f3-e323-458f-ae00-f730d8b904f3)**  |
|  [Voya MidCap Opportunities Portfolio](#classnameebfcb5a4-3f78-48c9-a516-de2b58b03f12)<br> **[Class S2 - IMOPX](#classnameebfcb5a4-3f78-48c9-a516-de2b58b03f12)**  |
|  [Voya SmallCap Opportunities Portfolio](#classname65eacd56-fd76-4319-8790-9858d106e5ff)<br> **[Class ADV - ISOPX](#classname65eacd56-fd76-4319-8790-9858d106e5ff)**  |
|  [Voya SmallCap Opportunities Portfolio](#classnamea0c9d658-39f5-41d0-8fe6-344562e7bbd7)<br> **[Class I - IVSOX](#classnamea0c9d658-39f5-41d0-8fe6-344562e7bbd7)**  |
|  [Voya SmallCap Opportunities Portfolio](#classnamed1104093-5888-4760-a027-91cb9f65c622)<br> **[Class R6 - VRSCX](#classnamed1104093-5888-4760-a027-91cb9f65c622)**  |
|  [Voya SmallCap Opportunities Portfolio](#classnamee5a51b1d-21c2-4196-be5a-8d6d1c88e466)<br> **[Class S - IVPOX](#classnamee5a51b1d-21c2-4196-be5a-8d6d1c88e466)**  |
|  [Voya SmallCap Opportunities Portfolio](#classname6d600008-ee30-4398-8aa2-108e0935f69d)<br> **[Class S2 - ISCTX](#classname6d600008-ee30-4398-8aa2-108e0935f69d)**  |

---

# Class ADV: IAMOX
![Image](tm263417d4_tsrimg012.jpg)

# Voya MidCap Opportunities 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 MidCap Opportunities 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 | $128 | 1.26% |

---

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

↑ Top contributors to performance: Stock selection effects within the energy, information technology, & real estate sectors contributed. Individual contributors included an overweight in Comfort Systems USA, Inc., and positioning in Kratos Defense & Security Solutions, Inc., and Inari Medical, Inc.

↓ Top detractors from performance: Stock selection effects in health care, financials, & consumer discretionary sectors detracted the most. Individual detractors included an overweight in Blue Owl Capital, Inc. & positioning in MoonLake Immunotherapeutics and Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10678 | $11274 | $10733 | $11380 |
| **2017** | $13293 | $13656 | $13445 | $13488 |
| **2018** | $12232 | $12941 | $12807 | $12266 |
| **2019** | $15740 | $16955 | $17349 | $16012 |
| **2020** | $22115 | $20497 | $23524 | $18749 |
| **2021** | $24674 | $25756 | $26518 | $22983 |
| **2022** | $18384 | $20808 | $19433 | $19002 |
| **2023** | $22633 | $26210 | $24459 | $22276 |
| **2024** | $26064 | $32449 | $29865 | $25694 |
| **2025** | $26950 | $38013 | $32451 | $28417 |

---

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 | 3.40% | 4.03% | 10.42% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap<sup>®</sup> Index | 10.60% | 8.67% | 11.01% |

---

## Fund Statistics
* Total Net Assets$964,098,492

* # of Portfolio Holdings97

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid$5,991,691

## 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

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 3.9% |
| Royal Caribbean Cruises Ltd. | 3.6% |
| Howmet Aerospace, Inc. | 3.5% |
| Comfort Systems USA, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.8% |
| IDEXX Laboratories, Inc. | 2.6% |
| Monolithic Power Systems, Inc. | 2.4% |
| Alnylam Pharmaceuticals, Inc. | 2.3% |
| Vistra Corp. | 2.3% |
| ROBLOX Corp. - Class A | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 2.3% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.1% |
| Industrials | 20.4% |
| Information Technology | 16.8% |
| Health Care | 16.6% |
| Financials | 8.7% |
| Communication Services | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Consumer Staples | 1.9% |
| Real Estate | 1.9% |
| Materials | 1.1% |
| Short-Term Investments | 2.3% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## 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: IAMOX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya MidCap Opportunities Portfolio
92913P503-AR

# Class I: IIMOX
![Image](tm263417d4_tsrimg012.jpg)

# Voya MidCap Opportunities 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 MidCap Opportunities 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 | $77 | 0.76% |

---

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

↑ Top contributors to performance: Stock selection effects within the energy, information technology, & real estate sectors contributed. Individual contributors included an overweight in Comfort Systems USA, Inc., and positioning in Kratos Defense & Security Solutions, Inc., and Inari Medical, Inc.

↓ Top detractors from performance: Stock selection effects in health care, financials, & consumer discretionary sectors detracted the most. Individual detractors included an overweight in Blue Owl Capital, Inc. & positioning in MoonLake Immunotherapeutics and Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10727 | $11274 | $10733 | $11380 |
| **2017** | $13418 | $13656 | $13445 | $13488 |
| **2018** | $12414 | $12941 | $12807 | $12266 |
| **2019** | $16057 | $16955 | $17349 | $16012 |
| **2020** | $22662 | $20497 | $23524 | $18749 |
| **2021** | $25397 | $25756 | $26518 | $22983 |
| **2022** | $19030 | $20808 | $19433 | $19002 |
| **2023** | $23510 | $26210 | $24459 | $22276 |
| **2024** | $27252 | $32449 | $29865 | $25694 |
| **2025** | $28313 | $38013 | $32451 | $28417 |

---

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 | 3.90% | 4.55% | 10.97% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap<sup>®</sup> Index | 10.60% | 8.67% | 11.01% |

---

## Fund Statistics
* Total Net Assets$964,098,492

* # of Portfolio Holdings97

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid$5,991,691

## 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

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 3.9% |
| Royal Caribbean Cruises Ltd. | 3.6% |
| Howmet Aerospace, Inc. | 3.5% |
| Comfort Systems USA, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.8% |
| IDEXX Laboratories, Inc. | 2.6% |
| Monolithic Power Systems, Inc. | 2.4% |
| Alnylam Pharmaceuticals, Inc. | 2.3% |
| Vistra Corp. | 2.3% |
| ROBLOX Corp. - Class A | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 2.3% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.1% |
| Industrials | 20.4% |
| Information Technology | 16.8% |
| Health Care | 16.6% |
| Financials | 8.7% |
| Communication Services | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Consumer Staples | 1.9% |
| Real Estate | 1.9% |
| Materials | 1.1% |
| Short-Term Investments | 2.3% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## 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: IIMOX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya MidCap Opportunities Portfolio
92913P883-AR

# Class R6: VMCRX
![Image](tm263417d4_tsrimg012.jpg)

# Voya MidCap Opportunities 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 MidCap Opportunities 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 | 0.76% |

---

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

↑ Top contributors to performance: Stock selection effects within the energy, information technology, & real estate sectors contributed. Individual contributors included an overweight in Comfort Systems USA, Inc., and positioning in Kratos Defense & Security Solutions, Inc., and Inari Medical, Inc.

↓ Top detractors from performance: Stock selection effects in health care, financials, & consumer discretionary sectors detracted the most. Individual detractors included an overweight in Blue Owl Capital, Inc. & positioning in MoonLake Immunotherapeutics and Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg006.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11380 | $11274 | $10733 | $11078 |
| **2017** | $13488 | $13656 | $13445 | $13130 |
| **2018** | $12266 | $12941 | $12807 | $11941 |
| **2019** | $16955 | $16955 | $17349 | $16012 |
| **2020** | $20497 | $20497 | $23524 | $18749 |
| **2021** | $25756 | $25756 | $26518 | $22983 |
| **2022** | $20808 | $20808 | $19433 | $19002 |
| **2023** | $26210 | $26210 | $24459 | $22276 |
| **2024** | $25694 | $32449 | $29865 | $25694 |
| **2025** | $27664 | $38013 | $32451 | $28417 |

---

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 | 4.08% | 4.57% | 10.97% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap<sup>®</sup> Index | 10.60% | 8.67% | 11.01% |

---

## Fund Statistics
* Total Net Assets$964,098,492

* # of Portfolio Holdings97

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid$5,991,691

## 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

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 3.9% |
| Royal Caribbean Cruises Ltd. | 3.6% |
| Howmet Aerospace, Inc. | 3.5% |
| Comfort Systems USA, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.8% |
| IDEXX Laboratories, Inc. | 2.6% |
| Monolithic Power Systems, Inc. | 2.4% |
| Alnylam Pharmaceuticals, Inc. | 2.3% |
| Vistra Corp. | 2.3% |
| ROBLOX Corp. - Class A | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 2.3% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.1% |
| Industrials | 20.4% |
| Information Technology | 16.8% |
| Health Care | 16.6% |
| Financials | 8.7% |
| Communication Services | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Consumer Staples | 1.9% |
| Real Estate | 1.9% |
| Materials | 1.1% |
| Short-Term Investments | 2.3% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## 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: VMCRX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya MidCap Opportunities Portfolio
92913P859-AR

# Class S: ISMOX
![Image](tm263417d4_tsrimg012.jpg)

# Voya MidCap Opportunities 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 MidCap Opportunities 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 | $103 | 1.01% |

---

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

↑ Top contributors to performance: Stock selection effects within the energy, information technology, & real estate sectors contributed. Individual contributors included an overweight in Comfort Systems USA, Inc., and positioning in Kratos Defense & Security Solutions, Inc., and Inari Medical, Inc.

↓ Top detractors from performance: Stock selection effects in health care, financials, & consumer discretionary sectors detracted the most. Individual detractors included an overweight in Blue Owl Capital, Inc. & positioning in MoonLake Immunotherapeutics and Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10701 | $11274 | $10733 | $11380 |
| **2017** | $13351 | $13656 | $13445 | $13488 |
| **2018** | $12323 | $12941 | $12807 | $12266 |
| **2019** | $15904 | $16955 | $17349 | $16012 |
| **2020** | $22387 | $20497 | $23524 | $18749 |
| **2021** | $25035 | $25756 | $26518 | $22983 |
| **2022** | $18726 | $20808 | $19433 | $19002 |
| **2023** | $23097 | $26210 | $24459 | $22276 |
| **2024** | $26686 | $32449 | $29865 | $25694 |
| **2025** | $27668 | $38013 | $32451 | $28417 |

---

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 | 3.68% | 4.33% | 10.71% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap<sup>®</sup> Index | 10.60% | 8.67% | 11.01% |

---

## Fund Statistics
* Total Net Assets$964,098,492

* # of Portfolio Holdings97

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid$5,991,691

## 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

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 3.9% |
| Royal Caribbean Cruises Ltd. | 3.6% |
| Howmet Aerospace, Inc. | 3.5% |
| Comfort Systems USA, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.8% |
| IDEXX Laboratories, Inc. | 2.6% |
| Monolithic Power Systems, Inc. | 2.4% |
| Alnylam Pharmaceuticals, Inc. | 2.3% |
| Vistra Corp. | 2.3% |
| ROBLOX Corp. - Class A | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 2.3% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.1% |
| Industrials | 20.4% |
| Information Technology | 16.8% |
| Health Care | 16.6% |
| Financials | 8.7% |
| Communication Services | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Consumer Staples | 1.9% |
| Real Estate | 1.9% |
| Materials | 1.1% |
| Short-Term Investments | 2.3% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## 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: ISMOX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya MidCap Opportunities Portfolio
92913P800-AR

# Class S2: IMOPX
![Image](tm263417d4_tsrimg012.jpg)

# Voya MidCap Opportunities 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 MidCap Opportunities 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 | $118 | 1.16% |

---

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

↑ Top contributors to performance: Stock selection effects within the energy, information technology, & real estate sectors contributed. Individual contributors included an overweight in Comfort Systems USA, Inc., and positioning in Kratos Defense & Security Solutions, Inc., and Inari Medical, Inc.

↓ Top detractors from performance: Stock selection effects in health care, financials, & consumer discretionary sectors detracted the most. Individual detractors included an overweight in Blue Owl Capital, Inc. & positioning in MoonLake Immunotherapeutics and Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg016.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10687 | $11274 | $10733 | $11380 |
| **2017** | $13313 | $13656 | $13445 | $13488 |
| **2018** | $12258 | $12941 | $12807 | $12266 |
| **2019** | $15800 | $16955 | $17349 | $16012 |
| **2020** | $22208 | $20497 | $23524 | $18749 |
| **2021** | $24795 | $25756 | $26518 | $22983 |
| **2022** | $18494 | $20808 | $19433 | $19002 |
| **2023** | $22816 | $26210 | $24459 | $22276 |
| **2024** | $26288 | $32449 | $29865 | $25694 |
| **2025** | $27205 | $38013 | $32451 | $28417 |

---

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% | 4.14% | 10.53% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap<sup>®</sup> Index | 10.60% | 8.67% | 11.01% |

---

## Fund Statistics
* Total Net Assets$964,098,492

* # of Portfolio Holdings97

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid$5,991,691

## 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

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 3.9% |
| Royal Caribbean Cruises Ltd. | 3.6% |
| Howmet Aerospace, Inc. | 3.5% |
| Comfort Systems USA, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.8% |
| IDEXX Laboratories, Inc. | 2.6% |
| Monolithic Power Systems, Inc. | 2.4% |
| Alnylam Pharmaceuticals, Inc. | 2.3% |
| Vistra Corp. | 2.3% |
| ROBLOX Corp. - Class A | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 2.3% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.1% |
| Industrials | 20.4% |
| Information Technology | 16.8% |
| Health Care | 16.6% |
| Financials | 8.7% |
| Communication Services | 5.3% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Consumer Staples | 1.9% |
| Real Estate | 1.9% |
| Materials | 1.1% |
| Short-Term Investments | 2.3% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## 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: IMOPX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya MidCap Opportunities Portfolio
92913P206-AR

# Class ADV: ISOPX
![Image](tm263417d4_tsrimg012.jpg)

# Voya SmallCap Opportunities 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 SmallCap Opportunities 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 | $150 | 1.40% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed Russell 2000<sup><sup>®</sup></sup> Growth Index driven by stock selection.

↑ Top contributors to performance: Stock selection in the technology, financials, & consumer staples sectors were the largest contributors to performance. Top individual contributors included Lumentum Holdings, Inc. Tower Semiconductor, Ltd. and Kratos Defense & Security Solutions, Inc.

↓ Top detractors from performance: The top detractors from performance for the period were an overall negative allocation effect combined with stock selection in the health care, materials, and energy sectors. Top individual detractors were Bloom Energy Corp., SAIA, Inc. & Globant, SA.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg011.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11281 | $11274 | $11132 | $12131 |
| **2017** | $13324 | $13656 | $13600 | $13908 |
| **2018** | $11154 | $12941 | $12334 | $12377 |
| **2019** | $13952 | $16955 | $15846 | $15535 |
| **2020** | $17543 | $20497 | $21334 | $18636 |
| **2021** | $18269 | $25756 | $21938 | $21398 |
| **2022** | $13980 | $20808 | $16155 | $17024 |
| **2023** | $16830 | $26210 | $19169 | $19907 |
| **2024** | $19907 | $32449 | $22074 | $22203 |
| **2025** | $22729 | $38013 | $24947 | $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 | 14.18% | 5.32% | 8.56% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$173,283,852

* # of Portfolio Holdings112

* Portfolio Turnover Rate129%

* Investment Advisory Fees Paid$1,143,702

## 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

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.4% |
| Alignment Healthcare, Inc. | 2.2% |
| Onto Innovation, Inc. | 2.1% |
| Granite Construction, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 1.9% |
| Herc Holdings, Inc. | 1.6% |
| Five Below, Inc. | 1.6% |
| Standex International Corp. | 1.6% |
| BrightSpring Health Services, Inc. | 1.6% |
| Celsius Holdings, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (6.3)% |
| Short-Term Investments | 7.9% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 27.8% |
| Industrials | 25.8% |
| Information Technology | 20.5% |
| Financials | 9.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.5% |
| Energy | 2.2% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 7.9% |
| Liabilities in Excess of Other Assets | (6.3)% |

---

## 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 side letter expense limits expired and reverted back to the standard expense limits of 1.42%, 0.92%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class R6, Class S and Class S2 shares, respectively.

## 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: ISOPX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya SmallCap Opportunities Portfolio
92913P305-AR

# Class I: IVSOX
![Image](tm263417d4_tsrimg012.jpg)

# Voya SmallCap Opportunities 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 SmallCap Opportunities 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 | $97 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed Russell 2000<sup><sup>®</sup></sup> Growth Index driven by stock selection.

↑ Top contributors to performance: Stock selection in the technology, financials, & consumer staples sectors were the largest contributors to performance. Top individual contributors included Lumentum Holdings, Inc. Tower Semiconductor, Ltd. and Kratos Defense & Security Solutions, Inc.

↓ Top detractors from performance: The top detractors from performance for the period were an overall negative allocation effect combined with stock selection in the health care, materials, and energy sectors. Top individual detractors were Bloom Energy Corp., SAIA, Inc. & Globant, SA.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11340 | $11274 | $11132 | $12131 |
| **2017** | $13464 | $13656 | $13600 | $13908 |
| **2018** | $11327 | $12941 | $12334 | $12377 |
| **2019** | $14238 | $16955 | $15846 | $15535 |
| **2020** | $17990 | $20497 | $21334 | $18636 |
| **2021** | $18830 | $25756 | $21938 | $21398 |
| **2022** | $14482 | $20808 | $16155 | $17024 |
| **2023** | $17513 | $26210 | $19169 | $19907 |
| **2024** | $20823 | $32449 | $22074 | $22203 |
| **2025** | $23905 | $38013 | $24947 | $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 | 14.80% | 5.85% | 9.11% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$173,283,852

* # of Portfolio Holdings112

* Portfolio Turnover Rate129%

* Investment Advisory Fees Paid$1,143,702

## 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

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.4% |
| Alignment Healthcare, Inc. | 2.2% |
| Onto Innovation, Inc. | 2.1% |
| Granite Construction, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 1.9% |
| Herc Holdings, Inc. | 1.6% |
| Five Below, Inc. | 1.6% |
| Standex International Corp. | 1.6% |
| BrightSpring Health Services, Inc. | 1.6% |
| Celsius Holdings, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (6.3)% |
| Short-Term Investments | 7.9% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 27.8% |
| Industrials | 25.8% |
| Information Technology | 20.5% |
| Financials | 9.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.5% |
| Energy | 2.2% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 7.9% |
| Liabilities in Excess of Other Assets | (6.3)% |

---

## 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 side letter expense limits expired and reverted back to the standard expense limits of 1.42%, 0.92%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class R6, Class S and Class S2 shares, respectively.

## 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: IVSOX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya SmallCap Opportunities Portfolio
92913P701-AR

# Class R6: VRSCX
![Image](tm263417d4_tsrimg012.jpg)

# Voya SmallCap Opportunities 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 SmallCap Opportunities 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 R6 | $96 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed Russell 2000<sup><sup>®</sup></sup> Growth Index driven by stock selection.

↑ Top contributors to performance: Stock selection in the technology, financials, & consumer staples sectors were the largest contributors to performance. Top individual contributors included Lumentum Holdings, Inc. Tower Semiconductor, Ltd. and Kratos Defense & Security Solutions, Inc.

↓ Top detractors from performance: The top detractors from performance for the period were an overall negative allocation effect combined with stock selection in the health care, materials, and energy sectors. Top individual detractors were Bloom Energy Corp., SAIA, Inc. & Globant, SA.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11336 | $11274 | $11132 | $12131 |
| **2017** | $13459 | $13656 | $13600 | $13908 |
| **2018** | $11324 | $12941 | $12334 | $12377 |
| **2019** | $14235 | $16955 | $15846 | $15535 |
| **2020** | $17986 | $20497 | $21334 | $18636 |
| **2021** | $18820 | $25756 | $21938 | $21398 |
| **2022** | $14472 | $20808 | $16155 | $17024 |
| **2023** | $17503 | $26210 | $19169 | $19907 |
| **2024** | $20808 | $32449 | $22074 | $22203 |
| **2025** | $23894 | $38013 | $24947 | $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 R6 | 14.83% | 5.85% | 9.10% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$173,283,852

* # of Portfolio Holdings112

* Portfolio Turnover Rate129%

* Investment Advisory Fees Paid$1,143,702

## 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

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.4% |
| Alignment Healthcare, Inc. | 2.2% |
| Onto Innovation, Inc. | 2.1% |
| Granite Construction, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 1.9% |
| Herc Holdings, Inc. | 1.6% |
| Five Below, Inc. | 1.6% |
| Standex International Corp. | 1.6% |
| BrightSpring Health Services, Inc. | 1.6% |
| Celsius Holdings, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (6.3)% |
| Short-Term Investments | 7.9% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 27.8% |
| Industrials | 25.8% |
| Information Technology | 20.5% |
| Financials | 9.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.5% |
| Energy | 2.2% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 7.9% |
| Liabilities in Excess of Other Assets | (6.3)% |

---

## 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 side letter expense limits expired and reverted back to the standard expense limits of 1.42%, 0.92%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class R6, Class S and Class S2 shares, respectively.

## 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: VRSCX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya SmallCap Opportunities Portfolio
92913P842-AR

# Class S: IVPOX
![Image](tm263417d4_tsrimg012.jpg)

# Voya SmallCap Opportunities 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 SmallCap Opportunities 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 | $122 | 1.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed Russell 2000<sup><sup>®</sup></sup> Growth Index driven by stock selection.

↑ Top contributors to performance: Stock selection in the technology, financials, & consumer staples sectors were the largest contributors to performance. Top individual contributors included Lumentum Holdings, Inc. Tower Semiconductor, Ltd. and Kratos Defense & Security Solutions, Inc.

↓ Top detractors from performance: The top detractors from performance for the period were an overall negative allocation effect combined with stock selection in the health care, materials, and energy sectors. Top individual detractors were Bloom Energy Corp., SAIA, Inc. & Globant, SA.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg008.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11309 | $11274 | $11132 | $12131 |
| **2017** | $13396 | $13656 | $13600 | $13908 |
| **2018** | $11241 | $12941 | $12334 | $12377 |
| **2019** | $14094 | $16955 | $15846 | $15535 |
| **2020** | $17767 | $20497 | $21334 | $18636 |
| **2021** | $18546 | $25756 | $21938 | $21398 |
| **2022** | $14226 | $20808 | $16155 | $17024 |
| **2023** | $17163 | $26210 | $19169 | $19907 |
| **2024** | $20354 | $32449 | $22074 | $22203 |
| **2025** | $23286 | $38013 | $24947 | $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 | 14.40% | 5.56% | 8.82% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$173,283,852

* # of Portfolio Holdings112

* Portfolio Turnover Rate129%

* Investment Advisory Fees Paid$1,143,702

## 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

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.4% |
| Alignment Healthcare, Inc. | 2.2% |
| Onto Innovation, Inc. | 2.1% |
| Granite Construction, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 1.9% |
| Herc Holdings, Inc. | 1.6% |
| Five Below, Inc. | 1.6% |
| Standex International Corp. | 1.6% |
| BrightSpring Health Services, Inc. | 1.6% |
| Celsius Holdings, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (6.3)% |
| Short-Term Investments | 7.9% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 27.8% |
| Industrials | 25.8% |
| Information Technology | 20.5% |
| Financials | 9.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.5% |
| Energy | 2.2% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 7.9% |
| Liabilities in Excess of Other Assets | (6.3)% |

---

## 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 side letter expense limits expired and reverted back to the standard expense limits of 1.42%, 0.92%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class R6, Class S and Class S2 shares, respectively.

## 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: IVPOX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya SmallCap Opportunities Portfolio
92913P602-AR

# Class S2: ISCTX
![Image](tm263417d4_tsrimg012.jpg)

# Voya SmallCap Opportunities 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 SmallCap Opportunities 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 | $139 | 1.30% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed Russell 2000<sup><sup>®</sup></sup> Growth Index driven by stock selection.

↑ Top contributors to performance: Stock selection in the technology, financials, & consumer staples sectors were the largest contributors to performance. Top individual contributors included Lumentum Holdings, Inc. Tower Semiconductor, Ltd. and Kratos Defense & Security Solutions, Inc.

↓ Top detractors from performance: The top detractors from performance for the period were an overall negative allocation effect combined with stock selection in the health care, materials, and energy sectors. Top individual detractors were Bloom Energy Corp., SAIA, Inc. & Globant, SA.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d4_tsrimg004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11295 | $11274 | $11132 | $12131 |
| **2017** | $13357 | $13656 | $13600 | $13908 |
| **2018** | $11195 | $12941 | $12334 | $12377 |
| **2019** | $14011 | $16955 | $15846 | $15535 |
| **2020** | $17634 | $20497 | $21334 | $18636 |
| **2021** | $18384 | $25756 | $21938 | $21398 |
| **2022** | $14076 | $20808 | $16155 | $17024 |
| **2023** | $16963 | $26210 | $19169 | $19907 |
| **2024** | $20077 | $32449 | $22074 | $22203 |
| **2025** | $22966 | $38013 | $24947 | $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 | 14.39% | 5.43% | 8.67% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Fund Statistics
* Total Net Assets$173,283,852

* # of Portfolio Holdings112

* Portfolio Turnover Rate129%

* Investment Advisory Fees Paid$1,143,702

## 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

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.4% |
| Alignment Healthcare, Inc. | 2.2% |
| Onto Innovation, Inc. | 2.1% |
| Granite Construction, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 1.9% |
| Herc Holdings, Inc. | 1.6% |
| Five Below, Inc. | 1.6% |
| Standex International Corp. | 1.6% |
| BrightSpring Health Services, Inc. | 1.6% |
| Celsius Holdings, Inc. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d4_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (6.3)% |
| Short-Term Investments | 7.9% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d4_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 27.8% |
| Industrials | 25.8% |
| Information Technology | 20.5% |
| Financials | 9.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.5% |
| Energy | 2.2% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 7.9% |
| Liabilities in Excess of Other Assets | (6.3)% |

---

## 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 side letter expense limits expired and reverted back to the standard expense limits of 1.42%, 0.92%, 0.92%, 1.17% and 1.32% for Class ADV, Class I, Class R6, Class S and Class S2 shares, respectively.

## 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: ISCTX
![QR Code](tm263417d4_tsrimg014.jpg)

# Voya SmallCap Opportunities Portfolio
92913P107-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 $44,470 for the year
ended December 31, 2025 and $44,470 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 $17,160 for the year ended December 31, 2025 and $17,160 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 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 Variable Products Trust**  | $17160 | $17160 |
| 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.

![](tm263417d4_voyatff-img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S and S2

**Voya Variable Products Trust**

◼ Voya MidCap Opportunities Portfolio

◼ Voya SmallCap Opportunities 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.

---

| | |
|:---|:---|
| ![](tm263417d4_voyatff-img02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d4_voyatff-img03.jpg) |

---

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#vvprf_001) | [1](#vvprf_001) |
| [Statements of Assets and Liabilities](#vvprf_002) | [2](#vvprf_002) |
| [Statements of Operations](#vvprf_003) | [4](#vvprf_003) |
| [Statements of Changes in Net Assets](#vvprf_004) | [5](#vvprf_004) |
| [Financial Highlights](#vvprf_005) | [6](#vvprf_005) |
| [Notes to Financial Statements](#vvprf_006) | [8](#vvprf_006) |
| [Portfolios of Investments](#vptrs_001) | [18](#vptrs_001) |
| [Tax Information](#vptrs_002) | [26](#vptrs_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#vptrs_003) | [27](#vptrs_003) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!** |
| &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. |

---

**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 MidCap Opportunities Portfolio and Voya SmallCap Opportunities Portfolio and the Board of Trustees of Voya Variable Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya MidCap Opportunities Portfolio and Voya SmallCap Opportunities Portfolio (collectively referred to as the "Portfolios") (two of the portfolios constituting Voya Variable Products 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 (two of the portfolios constituting Voya Variable Products 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.

![](tm263417d4_voyatff-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

------

---

| | | |
|:---|:---|:---|
|  | **Voya MidCap<br> Opportunities<br> Portfolio** | **Voya SmallCap<br> Opportunities<br> Portfolio** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $952985113 | $170459877 |
| Short-term investments at fair value† | 22622468 | 13705394 |
| Cash | 53678 | 415 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 8438758 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 278949 | 43621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 44275 | 569 |
| Prepaid expenses | 3273 | 566 |
| Reimbursement due from Investment Adviser | 177221 | 11181 |
| Other assets | 66681 | 10445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 984670416 | 184235710 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased |  | 402350 |
| Payable for fund shares redeemed | 1562037 | 215104 |
| Payable upon receipt of securities loaned | 17868468 | 10089394 |
| Payable for investment management fees | 660124 | 127447 |
| Payable for distribution and shareholder service fees | 73566 | 25066 |
| Payable to trustees under the deferred compensation plan (Note 6) | 66681 | 10445 |
| Payable for trustee fees | 2537 | 431 |
| Other accrued expenses and liabilities | 338511 | 81621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20571924 | 10951858 |
| **NET ASSETS** | $964098492 | $173283852 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $739561419 | $123832042 |
| Total distributable earnings | 224537073 | 49451810 |
| **NET ASSETS** | $964098492 | $173283852 |
| +&nbsp;&nbsp;&nbsp;&nbsp; Including securities loaned at value | $17301792 | $9844682 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in securities | $863999753 | $145124953 |
| †&nbsp;&nbsp;&nbsp;&nbsp; Cost of short-term investments | $22622468 | $13705394 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
|  | **Voya MidCap<br> Opportunities<br> Portfolio** | **Voya SmallCap<br> Opportunities<br> Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $115783678 | $56390401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 42218377 | 2770350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $2.74 | $20.35 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $654958324 | $112878016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 117607567 | 4333041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $5.57 | $26.05 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $106935124 | $1373943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 19242822 | 52588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $5.56 | $26.13 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $49887424 | $2287851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 13572137 | 101913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $3.68 | $22.45 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $36533942 | $353641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 11129792 | 16786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $3.28 | $21.07 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya MidCap<br> Opportunities<br> Portfolio** | **Voya SmallCap<br> Opportunities<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $6511258 | $844560 |
| Interest | 1784 | 477 |
| Securities lending income, net | 40928 | 25324 |
| Other | 7046 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6561016 | 871607 |
| **EXPENSES:** |  |  |
| Investment management fees | 8059390 | 1465857 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 610258 | 258525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 142150 | 33055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 156395 | 1426 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 178943 | 93466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 999133 | 191182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 80 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 83052 | 24109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 57331 | 644 |
| Shareholder reporting expense | 27926 | 17310 |
| Professional fees | 144008 | 36256 |
| Custody and accounting expense | 71938 | 23835 |
| Trustee fees | 25366 | 4311 |
| Miscellaneous expense | 84886 | 18140 |
| Interest expense | 1475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10642331 | 2168120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (2067699) | (322155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 8574632 | 1845965 |
| Net investment loss | (2013616) | (974358) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 146236398 | 29275932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 146236398 | 29275932 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (99454723) | (3855575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (99454723) | (3855575) |
| Net realized and unrealized gain | 46781675 | 25420357 |
| **Increase in net assets resulting from operations** | $44768059 | $24445999 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $25782 | $1217 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya MidCap<br> Opportunities Portfolio** | **Voya MidCap<br> Opportunities Portfolio** | **Voya SmallCap<br> Opportunities Portfolio** | **Voya SmallCap<br> Opportunities 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 loss | $(2013616) | $(2226985) | $(974358) | $(961895) |
| Net realized gain | 146236398 | 158904700 | 29275932 | 39123080 |
| Net change in unrealized appreciation (depreciation) | (99454723) | 2959752 | (3855575) | (1980627) |
| Increase in net assets resulting from operations | 44768059 | 159637467 | 24445999 | 36180558 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (21128787) |  | (1448563) | (227093) |
| &nbsp;&nbsp;Class I | (63322634) |  | (2699485) | (945256) |
| &nbsp;&nbsp;Class R6 | (10717324) |  | (29077) | (3484) |
| &nbsp;&nbsp;Class S | (7203638) |  | (476381) | (130381) |
| &nbsp;&nbsp;Class S2 | (5855728) |  | (10113) | (4369) |
| Total distributions | (108228111) |  | (4663619) | (1310583) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 82608061 | 60052813 | 7833729 | 13580711 |
| Reinvestment of distributions | 108228111 |  | 4663619 | 1310583 |
|  | 190836172 | 60052813 | 12497348 | 14891294 |
| Cost of shares redeemed | (270578921) | (195857845) | (79161930) | (32585052) |
| Net decrease in net assets resulting from capital share transactions | (79742749) | (135805032) | (66664582) | (17693758) |
| Net increase (decrease) in net assets | (143202801) | 23832435 | (46882202) | 17176217 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1107301293 | 1083468858 | 220166054 | 202989837 |
| End of year or period | $964098492 | $1107301293 | $173283852 | $220166054 |

---

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** | | **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 of year or<br> period | Net<br> investment<br> income<br> (loss) | Net realized and unrealized gain (loss) | <br>Total<br> from<br> investment operations | From net investment income | From net realized gains | From return of capital | <br>Total<br> distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income (loss)<sup>(2)(3)</sup> | Net <br> assets, end of year or period | Portfolio<br> turnover rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya MidCap Opportunities Portfolio** | **Voya MidCap Opportunities Portfolio** | **Voya MidCap Opportunities Portfolio** | **Voya MidCap Opportunities Portfolio** | **Voya MidCap Opportunities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 3.19 | (0.02)<sup>•</sup> | 0.15 | 0.13 |  | 0.58 |  | 0.58 |  | 2.74 | **3.40** | 1.48 | 1.26 | 1.26 | (0.61) | 115784 | 79 |
| 12-31-24 | 2.77 | (0.02)<sup>•</sup> | 0.44 | 0.42 |  |  |  |  |  | 3.19 | **15.16** | 1.45 | 1.22 | 1.22 | (0.61) | 125183 | 82 |
| 12-31-23 | 2.25 | (0.01)<sup>•</sup> | 0.53 | 0.52 |  |  |  |  |  | 2.77 | **23.11** | 1.48 | 1.16 | 1.16 | (0.44) | 125989 | 74 |
| 12-31-22 | 15.67 | (0.02)<sup>•</sup> | (4.47) | (4.49) |  | 8.85 | 0.07 | 8.92 |  | 2.25 | **(25.49)** | 1.47 | 1.16 | 1.16 | (0.51) | 115012 | 45 |
| 12-31-21 | 16.43 | (0.13)<sup>•</sup> | 1.99 | 1.86 |  | 2.62 |  | 2.62 |  | 15.67 | **11.57** | 1.35 | 1.16 | 1.16 | (0.79) | 180187 | 66 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 5.90 | (0.01)<sup>•</sup> | 0.26 | 0.25 |  | 0.58 |  | 0.58 |  | 5.57 | **3.90** | 0.98 | 0.76 | 0.76 | (0.11) | 654958 | 79 |
| 12-31-24 | 5.09 | (0.01)<sup>•</sup> | 0.82 | 0.81 |  |  |  |  |  | 5.90 | **15.91** | 0.95 | 0.72 | 0.72 | (0.11) | 752092 | 82 |
| 12-31-23 | 4.12 | 0.00<sup>\*•</sup> | 0.97 | 0.97 |  |  |  |  |  | 5.09 | **23.54** | 0.98 | 0.66 | 0.66 | 0.06 | 727111 | 74 |
| 12-31-22 | 18.11 | (0.00)<sup>\*</sup> | (5.06) | (5.06) |  | 8.85 | 0.07 | 8.92 |  | 4.12 | **(25.07)** | 0.97 | 0.66 | 0.66 | (0.01) | 633556 | 45 |
| 12-31-21 | 18.54 | (0.05)<sup>•</sup> | 2.24 | 2.19 |  | 2.62 |  | 2.62 |  | 18.11 | **12.07** | 0.85 | 0.66 | 0.66 | (0.29) | 905105 | 66 |
| **Class R6** | **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 5.88 | (0.01)<sup>•</sup> | 0.27 | 0.26 |  | 0.58 |  | 0.58 |  | 5.56 | **4.08** | 0.83 | 0.76 | 0.76 | (0.10) | 106935 | 79 |
| 12-31-24 | 5.08 | (0.01)<sup>•</sup> | 0.81 | 0.80 |  |  |  |  |  | 5.88 | **15.75** | 0.81 | 0.72 | 0.72 | (0.12) | 114805 | 82 |
| 12-31-23 | 4.11 | 0.00<sup>\*•</sup> | 0.97 | 0.97 |  |  |  |  |  | 5.08 | **23.60** | 0.82 | 0.66 | 0.66 | 0.07 | 112281 | 74 |
| 12-31-22 | 18.11 | (0.00)<sup>\*</sup> | (5.07) | (5.07) |  | 8.85 | 0.07 | 8.92 |  | 4.11 | **(25.12)** | 0.83 | 0.66 | 0.66 | (0.01) | 95236 | 45 |
| 12-31-21 | 18.53 | (0.05)<sup>•</sup> | 2.25 | 2.20 |  | 2.62 |  | 2.62 |  | 18.11 | **12.14** | 0.77 | 0.66 | 0.66 | (0.29) | 135451 | 66 |
| **Class S** | **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 4.09 | (0.01)<sup>•</sup> | 0.18 | 0.17 |  | 0.58 |  | 0.58 |  | 3.68 | **3.68** | 1.23 | 1.01 | 1.01 | (0.37) | 49887 | 79 |
| 12-31-24 | 3.54 | (0.01)<sup>•</sup> | 0.56 | 0.55 |  |  |  |  |  | 4.09 | **15.54** | 1.20 | 0.97 | 0.97 | (0.37) | 74792 | 82 |
| 12-31-23 | 2.87 | (0.01)<sup>•</sup> | 0.68 | 0.67 |  |  |  |  |  | 3.54 | **23.35** | 1.23 | 0.91 | 0.91 | (0.19) | 78884 | 74 |
| 12-31-22 | 16.47 | (0.01)<sup>•</sup> | (4.66) | (4.67) |  | 8.85 | 0.07 | 8.92 |  | 2.87 | **(25.20)** | 1.22 | 0.91 | 0.91 | (0.27) | 81784 | 45 |
| 12-31-21 | 17.11 | (0.09)<sup>•</sup> | 2.07 | 1.98 |  | 2.62 |  | 2.62 |  | 16.47 | **11.83** | 1.10 | 0.91 | 0.91 | (0.53) | 135499 | 66 |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 3.71 | (0.02)<sup>•</sup> | 0.17 | 0.15 |  | 0.58 |  | 0.58 |  | 3.28 | **3.49** | 1.38 | 1.16 | 1.16 | (0.51) | 36534 | 79 |
| 12-31-24 | 3.22 | (0.02)<sup>•</sup> | 0.51 | 0.49 |  |  |  |  |  | 3.71 | **15.22** | 1.35 | 1.12 | 1.12 | (0.51) | 40429 | 82 |
| 12-31-23 | 2.61 | (0.01)<sup>•</sup> | 0.62 | 0.61 |  |  |  |  |  | 3.22 | **23.37** | 1.38 | 1.06 | 1.06 | (0.34) | 39205 | 74 |
| 12-31-22 | 16.14 | (0.02)<sup>•</sup> | (4.58) | (4.60) |  | 8.85 | 0.07 | 8.92 |  | 2.61 | **(25.41)** | 1.37 | 1.06 | 1.06 | (0.41) | 35764 | 45 |
| 12-31-21 | 16.84 | (0.12)<sup>•</sup> | 2.04 | 1.92 |  | 2.62 |  | 2.62 |  | 16.14 | **11.65** | 1.25 | 1.06 | 1.06 | (0.69) | 55765 | 66 |
| **Voya SmallCap Opportunities Portfolio** | **Voya SmallCap Opportunities Portfolio** | **Voya SmallCap Opportunities Portfolio** | **Voya SmallCap Opportunities Portfolio** | **Voya SmallCap Opportunities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 18.36 | (0.16)<sup>•</sup> | 2.66 | 2.50 | 0.39 | 0.12 |  | 0.51 |  | 20.35 | **14.18** | 1.59 | 1.40 | 1.40 | (0.89) | 56390 | 129 |
| 12-31-24 | 15.59 | (0.14)<sup>•</sup> | 2.99 | 2.85 | 0.08 |  |  | 0.08 |  | 18.36 | **18.28** | 1.55 | 1.35 | 1.35 | (0.79) | 53956 | 115 |
| 12-31-23 | 12.95 | (0.11)<sup>•</sup> | 2.75 | 2.64 |  |  |  |  |  | 15.59 | **20.39** | 1.56 | 1.35 | 1.35 | (0.75) | 49222 | 105 |
| 12-31-22 | 22.82 | (0.14)<sup>•</sup> | (5.37) | (5.51) |  | 4.34 | 0.02 | 4.36 |  | 12.95 | **(23.48)** | 1.56 | 1.35 | 1.35 | (0.91) | 44505 | 179 |
| 12-31-21 | 24.47 | (0.23)<sup>•</sup> | 1.33 | 1.10 |  | 2.75 |  | 2.75 |  | 22.82 | **4.14** | 1.52 | 1.35 | 1.35 | (0.96) | 66518 | 128 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 23.33 | (0.09)<sup>•</sup> | 3.42 | 3.33 | 0.49 | 0.12 |  | 0.61 |  | 26.05 | **14.80** | 1.09 | 0.90 | 0.90 | (0.40) | 112878 | 129 |
| 12-31-24 | 19.76 | (0.07)<sup>•</sup> | 3.79 | 3.72 | 0.15 |  |  | 0.15 |  | 23.33 | **18.90** | 1.05 | 0.85 | 0.85 | (0.29) | 141920 | 115 |
| 12-31-23 | 16.34 | (0.05)<sup>•</sup> | 3.47 | 3.42 |  |  |  |  |  | 19.76 | **20.93** | 1.06 | 0.85 | 0.85 | (0.25) | 128606 | 105 |
| 12-31-22 | 27.13 | (0.08)<sup>•</sup> | (6.35) | (6.43) |  | 4.34 | 0.02 | 4.36 |  | 16.34 | **(23.09)** | 1.06 | 0.85 | 0.85 | (0.41) | 117865 | 179 |
| 12-31-21 | 28.47 | (0.13)<sup>•</sup> | 1.54 | 1.41 |  | 2.75 |  | 2.75 |  | 27.13 | **4.67** | 1.02 | 0.85 | 0.85 | (0.46) | 167668 | 128 |
| **Class R6** | **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 23.39 | (0.09)<sup>•</sup> | 3.44 | 3.35 | 0.49 | 0.12 |  | 0.61 |  | 26.13 | **14.83** | 0.91 | 0.89 | 0.89 | (0.38) | 1374 | 129 |
| 12-31-24 | 19.75 | (0.07)<sup>•</sup> | 3.79 | 3.72 | 0.08 |  |  | 0.08 |  | 23.39 | **18.88** | 0.90 | 0.85 | 0.85 | (0.30) | 1269 | 115 |

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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 <br> asset<br> value,<br> beginning of year or<br> period | Net<br> investment<br> income<br> (loss) | Net realized and unrealized gain (loss) | <br>Total<br> from<br> investment operations | From net investment income | From net realized gains | From return of capital | <br>Total<br> distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income (loss)<sup>(2)(3)</sup> | Net <br> assets, end of year or period | Portfolio<br> turnover rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities Portfolio (continued)** | **Voya SmallCap Opportunities 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 | 16.33 | (0.05)<sup>•</sup> | 3.47 | 3.42 |  |  |  |  |  | 19.75 | **20.94** | 0.90 | 0.85 | 0.85 | (0.27) | 1038 | 105 |
| 12-31-22 | 27.12 | (0.09)<sup>•</sup> | (6.34) | (6.43) |  | 4.34 | 0.02 | 4.36 |  | 16.33 | **(23.10)** | 0.90 | 0.85 | 0.85 | (0.43) | 1284 | 179 |
| 12-31-21 | 28.47 | (0.14)<sup>•</sup> | 1.54 | 1.40 |  | 2.75 |  | 2.75 |  | 27.12 | **4.63** | 0.87 | 0.85 | 0.85 | (0.47) | 9278 | 128 |
| **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 | 20.19 | (0.12)<sup>•</sup> | 2.92 | 2.80 | 0.42 | 0.12 |  | 0.54 |  | 22.45 | **14.40** | 1.34 | 1.14 | 1.14 | (0.63) | 2288 | 129 |
| 12-31-24 | 17.12 | (0.10)<sup>•</sup> | 3.28 | 3.18 | 0.11 |  |  | 0.11 |  | 20.19 | **18.59** | 1.30 | 1.10 | 1.10 | (0.55) | 22627 | 115 |
| 12-31-23 | 14.19 | (0.08)<sup>•</sup> | 3.01 | 2.93 |  |  |  |  |  | 17.12 | **20.65** | 1.31 | 1.10 | 1.10 | (0.51) | 23639 | 105 |
| 12-31-22 | 24.39 | (0.11)<sup>•</sup> | (5.73) | (5.84) |  | 4.34 | 0.02 | 4.36 |  | 14.19 | **(23.30)** | 1.31 | 1.10 | 1.10 | (0.66) | 23286 | 179 |
| 12-31-21 | 25.92 | (0.19)<sup>•</sup> | 1.41 | 1.22 |  | 2.75 |  | 2.75 |  | 24.39 | **4.38** | 1.27 | 1.10 | 1.10 | (0.72) | 38269 | 128 |
| **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 | 18.96 | (0.15)<sup>•</sup> | 2.77 | 2.62 | 0.39 | 0.12 |  | 0.51 |  | 21.07 | **14.39** | 1.49 | 1.30 | 1.30 | (0.79) | 354 | 129 |
| 12-31-24 | 16.16 | (0.12)<sup>•</sup> | 3.08 | 2.96 | 0.16 |  |  | 0.16 |  | 18.96 | **18.36** | 1.45 | 1.25 | 1.25 | (0.69) | 394 | 115 |
| 12-31-23 | 13.41 | (0.10)<sup>•</sup> | 2.85 | 2.75 |  |  |  |  |  | 16.16 | **20.51** | 1.46 | 1.25 | 1.25 | (0.66) | 485 | 105 |
| 12-31-22 | 23.41 | (0.14)<sup>•</sup> | (5.50) | (5.64) |  | 4.34 | 0.02 | 4.36 |  | 13.41 | **(23.43)** | 1.46 | 1.25 | 1.25 | (0.81) | 470 | 179 |
| 12-31-21 | 25.01 | (0.22)<sup>•</sup> | 1.37 | 1.15 |  | 2.75 |  | 2.75 |  | 23.41 | **4.25** | 1.42 | 1.25 | 1.25 | (0.89) | 1487 | 128 |

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(1) 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.

(2) Annualized
 for periods less than one year.

(3) 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.

(4) 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)%.

• 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 Products Trust (the "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 December 17, 1993. There are two active separate investment series (each a "Portfolio" and collectively the "Portfolios") that comprise the Trust: Voya MidCap Opportunities Portfolio ("MidCap Opportunities") and Voya SmallCap Opportunities Portfolio ("SmallCap Opportunities"), each a diversified series 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 ("Class ADV"), Class I, Class R6, Class S, and Service 2 Class ("Class S2"). 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.

**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 each Portfolio's assets attributable to that class, subtracting each 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 the 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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. A table summarizing the Portfolios' 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Market Close.

(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 are declared and paid quarterly by each Portfolio. Each Portfolio distributes capital gains, 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.

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. ***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 agreements, 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.

H. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33% 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

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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.

I. ***Restricted Securities.*** Each Portfolio 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.

J. ***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 short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| MidCap Opportunities | $799488637 | $998887704 |
| SmallCap Opportunities | 218360547 | 287823310 |

---

**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 the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| **Portfolio** | **Fee** |
| MidCap Opportunities | 0.85% on the first $250 million; |
|  | 0.80% on the next $400 million; |
|  | 0.75% on the next $450 million; and |
|  | 0.70% in excess of $1.1 billion |
| SmallCap Opportunities | 0.85% on the first $250 million; |
|  | 0.80% on the next $250 million; |
|  | 0.75% on the next $250 million; |
|  | 0.70% on the next $250 million; and |
|  | 0.65% in excess of $1 billion |

---

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**

Class ADV and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan (the "Plan"). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the average daily net assets

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)**

attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2 shares.

Class S shares of the Portfolios are subject to a shareholder services plan (the "Shareholder Services Plan"). Under the Shareholder Services Plan, each Portfolio pays the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to its Class S shares as compensation for services the Distributor provides and expenses it bears in connection with shareholder services rendered to Portfolio shareholders and the maintenance of shareholders' accounts.

**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 | SmallCap Opportunities | 7.55% |
| Voya Institutional Trust Company | MidCap Opportunities | 46.45 |
|  | SmallCap Opportunities | 40.05 |
| Voya Retirement Insurance and Annuity Company | MidCap Opportunities | 50.23 |
|  | SmallCap Opportunities | 51.40 |

---

The Investment Adviser may direct the Portfolios' Sub-Adviser to use its 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.

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** |
| MidCap Opportunities | $1317835 |
| SmallCap Opportunities | 309059 |

---

**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 the 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** | **Class<br> ADV** | **Class<br> I** | **Class <br> R6** | **Class<br> S** | **Class<br> S2** |
| MidCap Opportunities | 1.40% | 0.90% | 0.90% | 1.10% | 1.30% |
| SmallCap Opportunities | 1.42% | 0.92% | 0.92% | 1.17% | 1.32% |

---

Pursuant to a side letter agreement, through May 1, 2026, the Investment Adviser has further lowered the expense limits for MidCap Opportunities. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreement will continue. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class<br> ADV** | **Class<br> I** | **Class <br> R6** | **Class<br> S** | **Class<br> S2** |
| MidCap Opportunities | 1.25% | 0.75% | 0.75% | 1.00% | 1.15% |

---

Effective May 1, 2025, the side letter expense limits for SmallCap Opportunities expired and reverted back to the standard expense limit agreement listed above. Prior to May 1, 2025, the side letter expense Limits for SmallCap Opportunities were 1.35%, 0.85%, 0.85%, 1.10% and 1.25% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

Unless otherwise specified above, the Investment Adviser may until May 1, 2026, recoup from a Portfolio

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)**

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.

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** |
| **SmallCap Opportunities** |  |  |  |  |
| Class ADV | $— | $— | $64337 | $64337 |
| Class I |  |  | 128748 | 128748 |
| Class S |  |  | 14045 | 14045 |
| Class S2 |  |  | 434 | 434 |

---

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 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 Portfolio 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** |
| MidCap Opportunities | 2 | $4980000 | 5.33% |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **MidCap Opportunities** | **MidCap Opportunities** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2151031 |  | 7361946 | (6511307) |  | 3001670 | 6626961 |  | 21128787 | (20331335) |  | 7424413 |
| 12/31/2024 | 1259479 |  |  | (7507626) |  | (6248147) | 3693235 |  |  | (22543593) |  | (18850358) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8207327 |  | 10880178 | (29011099) |  | (9923594) | 47484037 |  | 63322634 | (175880167) |  | (65073496) |
| 12/31/2024 | 5673418 |  |  | (20884511) |  | (15211093) | 31311333 |  |  | (114471356) |  | (83160023) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3919861 |  | 1844634 | (6034672) |  | (270177) | 23274463 |  | 10717324 | (35956032) |  | (1964245) |
| 12/31/2024 | 3505853 |  |  | (6084996) |  | (2579143) | 18771676 |  |  | (33056034) |  | (14284358) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1047349 |  | 1875947 | (7659371) |  | (4736075) | 4245481 |  | 7203638 | (32158073) |  | (20708954) |
| 12/31/2024 | 1491112 |  |  | (5481242) |  | (3990130) | 5666881 |  |  | (20733240) |  | (15066359) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 257576 |  | 1707210 | (1729784) |  | 235002 | 977119 |  | 5855728 | (6253314) |  | 579533 |
| 12/31/2024 | 173597 |  |  | (1460029) |  | (1286432) | 609688 |  |  | (5053622) |  | (4443934) |
| **SmallCap Opportunities** | **SmallCap Opportunities** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 155925 |  | 85260 | (410143) |  | (168958) | 2840698 |  | 1448563 | (7572402) |  | (3283141) |
| 12/31/2024 | 111835 |  | 13118 | (343645) |  | (218692) | 1932937 |  | 227093 | (5970260) |  | (3810230) |

---

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **SmallCap Opportunities (continued)** | **SmallCap Opportunities (continued)** | **SmallCap Opportunities (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 176474 |  | 124458 | (2051447) |  | (1750515) | 4199806 |  | 2699485 | (49232549) |  | (42333258) |
| 12/31/2024 | 439525 |  | 43081 | (906715) |  | (424109) | 10121651 |  | 945256 | (19929266) |  | (8862359) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12152 |  | 1337 | (15173) |  | (1684) | 270958 |  | 29077 | (336754) |  | (36719) |
| 12/31/2024 | 23940 |  | 158 | (22362) |  | 1736 | 553347 |  | 3484 | (491385) |  | 65446 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25860 |  | 25421 | (1070060) |  | (1018779) | 508310 |  | 476381 | (21921288) |  | (20936597) |
| 12/31/2024 | 48420 |  | 6858 | (315213) |  | (259935) | 945844 |  | 130381 | (5994811) |  | (4918586) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 765 |  | 576 | (5349) |  | (4008) | 13957 |  | 10113 | (98937) |  | (74867) |
| 12/31/2024 | 1506 |  | 244 | (10969) |  | (9219) | 26932 |  | 4369 | (199330) |  | (168029) |

---

**NOTE 10 — 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 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 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 their 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 the Portfolios' securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

**MidCap Opportunities**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Bank PLC | $2017125 | $(2017125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas Securities Corp. | 132 | (132) |  |
| BofA Securities Inc | 1137741 | (1137741) |  |
| Natixis Securities America LLC | 10551326 | (10551326) |  |
| Scotia Capital (USA) INC | 2175502 | (2175502) |  |
| State Street Bank and Trust Company | 1419966 | (1419966) |  |
| Total | $17301792 | $(17301792) | $— |

---

(1) Cash
 collateral with a fair value of $17,868,468 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.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 10 — SECURITIES LENDING (continued)**

**SmallCap Opportunities**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BMO Capital Markets Corp. | $107211 | $(107211) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 1452360 | (1452360) |  |
| BNP Paribas Securities Corp. | 99330 | (99330) |  |
| HSBC Bank PLC | 450198 | (450198) |  |
| J.P. Morgan Securities LLC | 3583555 | (3583555) |  |
| National Financial Services LLC | 3853671 | (3853671) |  |
| Scotia Capital (USA) INC | 292161 | (292161) |  |
| TD Securities (USA) Inc. | 241 | (241) |  |
| Wells Fargo Securities LLC | 5955 | (5955) |  |
| Total | $9844682 | $(9844682) | $— |

---

(1) Cash
 collateral with a fair value of $10,089,394 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 income from passive foreign investment companies (PFICs) and wash sale deferrals.

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, 2025** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31,<br> 2024** |
|  | **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** |
| MidCap Opportunities | $— | $108228111 | $— |
| SmallCap Opportunities | 3666425 | 997194 | 1310583 |

---

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)** | **Capital Loss<br> Carryforward** | **Total<br> Distributable<br> Earnings/(Loss)** |
| MidCap Opportunities | $80615891 | $59023781 | $84897401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $224537073 |
| SmallCap Opportunities | 3779130 | 20995198 | 24677482 |  | 49451810 |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

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, 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 trading 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 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.

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025 (continued)

------

**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**

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 Midcap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** |
|  | **Communication Services: 5.3%** | **Communication Services: 5.3%** |  |
| 61878 <sup>(1)</sup> | Reddit, Inc. - Class A | $14223896 | 1.5 |
| 267401 <sup>(1)</sup> | ROBLOX Corp. - Class A | 21667503 | 2.2 |
| 59365 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 15199221 | 1.6 |
|  |  | **51090620** | **5.3** |
|  | **Consumer Discretionary: 21.1%** | **Consumer Discretionary: 21.1%** |  |
| 202539 <sup>(1)(2)</sup> | Birkenstock Holding PLC | 8283845 | 0.9 |
| 47570 <sup>(1)</sup> | Burlington Stores, Inc. | 13740594 | 1.4 |
| 22278 <sup>(1)</sup> | Carvana Co. | 9401762 | 1 |
| 335266 <sup>(1)</sup> | Coupang, Inc. | 7908925 | 0.8 |
| 17278 | Domino's Pizza, Inc. | 7201816 | 0.7 |
| 318041 <sup>(1)</sup> | DraftKings, Inc. - Class A | 10959693 | 1.1 |
| 112492 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | 6886760 | 0.7 |
| 73808 | Hilton Worldwide Holdings, Inc. | 21201348 | 2.2 |
| 233231 <sup>(1)</sup> | On Holding AG - Class A | 10840577 | 1.1 |
| 125639 | Royal Caribbean Cruises Ltd. | 35043230 | 3.6 |
| 101411 <sup>(1)</sup> | SharkNinja, Inc. | 11347891 | 1.2 |
| 131984 | Tapestry, Inc. | 16863596 | 1.8 |
| 61187 | Texas Roadhouse, Inc. | 10157042 | 1.1 |
| 331104 | Tractor Supply Co. | 16558511 | 1.7 |
| 57209 | Williams-Sonoma, Inc. | 10216955 | 1.1 |
| 29859 | Wingstop, Inc. | 7121073 | 0.7 |
|  |  | **203733618** | **21.1** |
|  | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** |  |
| 198248 <sup>(1)</sup> | Celsius Holdings, Inc. | 9067863 | 1 |
| 71773 <sup>(1)</sup> | Dollar Tree, Inc. | 8828797 | 0.9 |
|  |  | **17896660** | **1.9** |
|  | **Energy: 2.8%** | **Energy: 2.8%** |  |
| 92654 | Chesapeake Energy Corp. | 10225295 | 1.1 |
| 49197 | Targa Resources Corp. | 9076847 | 0.9 |
| 180148 | TechnipFMC PLC | 8027395 | 0.8 |
|  |  | **27329537** | **2.8** |
|  | **Financials: 8.7%** | **Financials: 8.7%** |  |
| 82041 <sup>(1)</sup> | Affirm Holdings, Inc. | 6106311 | 0.6 |
| 30360 | Assurant, Inc. | 7312206 | 0.8 |
| 1003571 <sup>(2)</sup> | Blue Owl Capital, Inc. | 14993351 | 1.5 |
| 7783 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 1760047 | 0.2 |
| 263541 | Lazard, Inc. | 12797551 | 1.3 |
| 89957 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 10174137 | 1.1 |
| 339524 | Rocket Cos., Inc. - Class A | 6573185 | 0.7 |
| 68467 | Stifel Financial Corp. | 8573438 | 0.9 |
| 118665 | Synchrony Financial | 9900221 | 1 |
| 169615 <sup>(1)</sup> | Toast, Inc. - Class A | 6023029 | 0.6 |
|  |  | **84213476** | **8.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 16.6%** | **Health Care: 16.6%** |  |
| 89905 <sup>(2)</sup> | Alcon, Inc. | $7085413 | 0.7 |
| 30774 <sup>(1)</sup> | Align Technology, Inc. | 4805360 | 0.5 |
| 56331 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 22400022 | 2.3 |
| 109967 | AmerisourceBergen Corp. | 37141354 | 3.9 |
| 165766 <sup>(1)</sup> | Doximity, Inc. - Class A | 7340118 | 0.8 |
| 28604 <sup>(1)</sup> | ICON PLC | 5212221 | 0.6 |
| 37481 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 25357021 | 2.6 |
| 2844 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 3965076 | 0.4 |
| 35396 | Quest Diagnostics, Inc. | 6142268 | 0.6 |
| 40708 <sup>(1)</sup> | Repligen Corp. | 6670413 | 0.7 |
| 59699 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | 13326608 | 1.4 |
| 175268 <sup>(1)</sup> | Vera Therapeutics, Inc. | 8875572 | 0.9 |
| 29241 <sup>(1)</sup> | Waters Corp. | 11106609 | 1.2 |
|  |  | **159428055** | **16.6** |
|  | **Industrials: 20.4%** | **Industrials: 20.4%** |  |
| 47650 | Applied Industrial Technologies, Inc. | 12235091 | 1.3 |
| 33051 <sup>(1)</sup> | Axon Enterprise, Inc. | 18770654 | 1.9 |
| 30428 | Comfort Systems USA, Inc. | 28398148 | 2.9 |
| 13816 <sup>(1)</sup> | Dycom Industries, Inc. | 4668426 | 0.5 |
| 45681 | HEICO Corp. | 14781915 | 1.5 |
| 162264 | Howmet Aerospace, Inc. | 33267365 | 3.5 |
| 81165 | Johnson Controls International PLC | 9719509 | 1 |
| 200228 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 15199308 | 1.6 |
| 177409 | Leonardo DRS, Inc. | 6047873 | 0.6 |
| 83375 <sup>(1)</sup> | Rocket Lab Corp. | 5816240 | 0.6 |
| 12692 | United Rentals, Inc. | 10271889 | 1.1 |
| 50035 | Verisk Analytics, Inc. | 11192329 | 1.2 |
| 65553 | Vertiv Holdings Co. - Class A | 10620242 | 1.1 |
| 15568 | WW Grainger, Inc. | 15708890 | 1.6 |
|  |  | **196697879** | **20.4** |
|  | **Information Technology: 16.8%** | **Information Technology: 16.8%** |  |
| 57331 <sup>(1)</sup> | Astera Labs, Inc. | 9537585 | 1 |
| 139236 <sup>(1)</sup> | Cloudflare, Inc. - Class A | 27450377 | 2.8 |
| 160274 <sup>(1)(2)</sup> | Core Scientific, Inc. | 2333590 | 0.2 |
| 9492 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 4449470 | 0.5 |
| 142355 <sup>(1)</sup> | Datadog, Inc. - Class A | 19358857 | 2 |
| 3958 <sup>(1)</sup> | Fair Isaac Corp. | 6691474 | 0.7 |
| 30184 <sup>(1)</sup> | HubSpot, Inc. | 12112839 | 1.3 |
| 146769 <sup>(1)</sup> | Klaviyo, Inc. - Class A | 4765589 | 0.5 |
| 11817 <sup>(1)</sup> | MongoDB, Inc. | 4959477 | 0.5 |
| 25840 | Monolithic Power Systems, Inc. | 23420342 | 2.4 |
| 39972 <sup>(1)</sup> | Onto Innovation, Inc. | 6309980 | 0.7 |
| 68645 <sup>(1)</sup> | Rambus, Inc. | 6307789 | 0.7 |
| 53588 <sup>(1)</sup> | Rubrik, Inc. - Class A | 4098410 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Midcap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 111740 <sup>(1)</sup> | Samsara, Inc. - Class A | $| 3961183 | 0.4 |
| 17969 <sup>(1)</sup> | SiTime Corp. |  | 6346471 | 0.7 |
| 55496 <sup>(1)</sup> | Snowflake, Inc. - Class A |  | 12173603 | 1.3 |
| 74310 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 2175054 | 0.2 |
| 23751 <sup>(1)</sup> | Zscaler, Inc. |  | 5342075 | 0.5 |
|  |  |  | **161794165** | **16.8** |
|  | **Materials: 1.1%** | **Materials: 1.1%** | **Materials: 1.1%** |  |
| 36754 | Vulcan Materials Co. |  | **10482976** | **1.1** |
|  | **Real Estate: 1.9%** | **Real Estate: 1.9%** | **Real Estate: 1.9%** |  |
| 79173 | Boston Properties, Inc. |  | 5342594 | 0.6 |
| 69894 | Welltower, Inc. |  | 12973025 | 1.3 |
|  |  |  | **18315619** | **1.9** |
|  | **Utilities: 2.3%** | **Utilities: 2.3%** | **Utilities: 2.3%** |  |
| 136382 | Vistra Corp. |  | **22002508** | **2.3** |
|  | Total Common Stock<br> (Cost $863,999,753) |  | **952985113** | **98.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** |  |  |
|  | **Repurchase Agreements: 1.6%** | **Repurchase Agreements: 1.6%** | **Repurchase Agreements: 1.6%** |
| 1417201 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,417,500, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $1,445,545, due 12/01/30-11/20/75) | 1417201 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 4270515 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $4,271,437, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $4,357,133, due 01/31/26-11/15/55) | $4270515 | 0.4 |
| 4014284 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $4,015,124, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $4,094,570, due 10/15/26-12/20/55) | 4014284 | 0.4 |
| 1188102 <sup>(3)</sup> | Jefferies LLC, Repurchase Agreement dated 12/31/2025, 3.860%, due 01/02/2026 (Repurchase Amount $1,188,353, collateralized by various U.S. Government Securities, 1.625%- 4.000%, Market Value plus accrued interest $1,211,864, due 01/15/27-04/15/30) | 1188102 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Midcap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |  |
| 1073358 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $1,073,584, collateralized by various U.S. Government Securities, 0.625%- 4.875%, Market Value plus accrued interest $1,094,825, due 04/30/26-11/15/34) | $| 1073358 | 0.1 |
| 4175008 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $4,175,916, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $4,245,497, due 04/15/28-02/15/55) |  | 4175008 | 0.4 |
|  | Total Repurchase Agreements <br> (Cost $16,138,468) |  | **16138468** | **1.6** |
|  | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** | **Time Deposits: 0.2%** |  |
| 120000 <sup>(3)</sup> | DZ Bank AG, 3.600%, 01/02/2026 |  | 120000 | 0.0 |
| 320000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 |  | 320000 | 0.1 |
| 320000 <sup>(3)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 |  | 320000 | 0.0 |
| 150000 <sup>(3)</sup> | National Bank of Canada, 3.630%, 01/02/2026 |  | 150000 | 0.0 |
| 430000 <sup>(3)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 |  | 430000 | 0.1 |
| 210000 <sup>(3)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 |  | 210000 | 0.0 |
| 180000 <sup>(3)</sup> | Toronto-Dominion Bank, 3.650%, 01/02/2026 |  | 180000 | 0.0 |
|  | Total Time Deposits<br> (Cost $1,730,000) |  | **1730000** | **0.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
|  | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** |  |
| 4754000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $4,754,000) | $**4754000** | **0.5** |
|  | Total Short-Term Investments <br> (Cost $22,622,468) | $**22622468** | **2.3** |
|  | **Total Investments in Securities<br> (Cost $886,622,221)** | $**975607581** | **101.2** |
|  | **Liabilities in Excess of Other Assets** | **(11509089)** | **(1.2)** |
|  | **Net Assets** | $**964098492** | **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 Midcap Opportunities 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)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $952985113 | $— | $— | $952985113 |
| Short-Term Investments | 4754000 | 17868468 |  | 22622468 |
| Total Investments, at fair value | $957739113 | $17868468 | $— | $975607581 |

---

^ 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.

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 $890,710,180. | Cost for U.S. federal income tax purposes was $890,710,180. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $139112934 |
| Gross Unrealized Depreciation | (54215533) |
| Net Unrealized Appreciation | $84897401 |

---

See Accompanying Notes to Financial Statements

<u>Voya SmallCap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |  |  |
|  | **Consumer Discretionary: 8.3%** |  |  |
| 96505 <sup>(1)</sup> | Arhaus, Inc. | $1081821 | 0.6 |
| 32013 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | 1959836 | 1.1 |
| 14436 <sup>(1)</sup> | Five Below, Inc. | 2719165 | 1.6 |
| 123681 <sup>(1)</sup> | Genius Sports Ltd. | 1362965 | 0.8 |
| 66262 <sup>(1)</sup> | Life Time Group Holdings, Inc. | 1761244 | 1 |
| 11169 <sup>(1)</sup> | Modine Manufacturing Co. | 1491173 | 0.9 |
| 9751 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 1068807 | 0.6 |
| 16962 <sup>(1)</sup> | Skyline Champion Corp. | 1433289 | 0.8 |
| 6172 | Wingstop, Inc. | 1471960 | 0.9 |
|  |  | **14350260** | **8.3** |
|  | **Consumer Staples: 2.5%** |  |  |
| 57714 <sup>(1)</sup> | Celsius Holdings, Inc. | 2639838 | 1.5 |
| 23244 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 1767474 | 1 |
|  |  | **4407312** | **2.5** |
|  | **Energy: 2.2%** |  |  |
| 1553 <sup>(1)(2)</sup> | Centrus Energy Corp. - Class A | 377006 | 0.2 |
| 60494 | Northern Oil and Gas, Inc. | 1298806 | 0.8 |
| 29581 | Solaris Oilfield Infrastructure, Inc. - Class A | 1359839 | 0.8 |
| 62521 <sup>(1)</sup> | Uranium Energy Corp. | 730245 | 0.4 |
|  |  | **3765896** | **2.2** |
|  | **Financials: 9.3%** |  |  |
| 6377 <sup>(1)</sup> | Dave, Inc. | 1411931 | 0.8 |
| 47930 | Glacier Bancorp, Inc. | 2111316 | 1.2 |
| 8460 | HCI Group, Inc. | 1621697 | 0.9 |
| 28450 | Moelis & Co. - Class A | 1955653 | 1.1 |
| 15014 <sup>(1)</sup> | Palomar Holdings, Inc. | 2023287 | 1.2 |
| 7763 | Piper Sandler Cos. | 2637169 | 1.5 |
| 32904 | StepStone Group, Inc. - Class A | 2111450 | 1.2 |
| 27653 | Western Alliance Bancorp | 2324788 | 1.4 |
|  |  | **16197291** | **9.3** |
|  | **Health Care: 27.8%** |  |  |
| 33166 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 885864 | 0.5 |
| 15866 <sup>(1)</sup> | Addus HomeCare Corp. | 1703850 | 1 |
| 91181 <sup>(1)</sup> | ADMA Biologics, Inc. | 1663141 | 1 |
| 195781 <sup>(1)</sup> | Alignment Healthcare, Inc. | 3866675 | 2.2 |
| 27628 <sup>(1)</sup> | Alkermes PLC | 773031 | 0.5 |
| 9063 <sup>(1)</sup> | Arcellx, Inc. | 590908 | 0.3 |
| 18548 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 1231402 | 0.7 |
| 44872 <sup>(1)</sup> | AtriCure, Inc. | 1775136 | 1 |
| 9778 <sup>(1)</sup> | Axsome Therapeutics, Inc. | 1785854 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 31404 <sup>(1)</sup> | BioLife Solutions, Inc. | $759349 | 0.4 |
| 27513 <sup>(1)</sup> | Bridgebio Pharma, Inc. | 2104469 | 1.2 |
| 72319 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 2708346 | 1.6 |
| 32061 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. | 748304 | 0.4 |
| 4222 <sup>(1)</sup> | Celcuity, Inc. | 421102 | 0.2 |
| 16676 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 776268 | 0.5 |
| 4437 <sup>(1)</sup> | GeneDx Holdings Corp. | 577076 | 0.3 |
| 11090 <sup>(1)</sup> | Glaukos Corp. | 1252172 | 0.7 |
| 13013 <sup>(1)</sup> | Guardant Health, Inc. | 1329148 | 0.8 |
| 14283 <sup>(1)</sup> | HeartFlow, Inc. | 416349 | 0.2 |
| 8287 <sup>(1)</sup> | ICON PLC | 1510057 | 0.9 |
| 5672 <sup>(1)</sup> | Krystal Biotech, Inc. | 1398375 | 0.8 |
| 3136 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 1826218 | 1.1 |
| 26558 <sup>(1)</sup> | Merit Medical Systems, Inc. | 2340822 | 1.4 |
| 8364 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 841335 | 0.5 |
| 18753 <sup>(1)</sup> | Omnicell, Inc. | 849511 | 0.5 |
| 6569 <sup>(1)</sup> | Penumbra, Inc. | 2042368 | 1.2 |
| 18687 <sup>(1)</sup> | Protagonist Therapeutics, Inc. | 1632123 | 0.9 |
| 16674 <sup>(1)</sup> | PTC Therapeutics, Inc. | 1266557 | 0.7 |
| 20587 <sup>(1)</sup> | RadNet, Inc. | 1468882 | 0.9 |
| 15879 <sup>(1)</sup> | Repligen Corp. | 2601933 | 1.5 |
| 12892 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 1379960 | 0.8 |
| 29834 <sup>(1)</sup> | Scholar Rock Holding Corp. | 1314188 | 0.8 |
| 22127 <sup>(1)</sup> | TG Therapeutics, Inc. | 659606 | 0.4 |
| 48748 <sup>(1)</sup> | Waystar Holding Corp. | 1596497 | 0.9 |
|  |  | **48096876** | **27.8** |
|  | **Industrials: 25.8%** |  |  |
| 17160 <sup>(2)</sup> | AAON, Inc. | 1308450 | 0.8 |
| 4460 <sup>(1)</sup> | AeroVironment, Inc. | 1078829 | 0.6 |
| 23428 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 2035659 | 1.2 |
| 42661 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | 4178218 | 2.4 |
| 14339 <sup>(1)</sup> | Construction Partners, Inc. - Class A | 1556499 | 0.9 |
| 6378 <sup>(1)</sup> | Dycom Industries, Inc. | 2155126 | 1.2 |
| 30999 <sup>(2)</sup> | Granite Construction, Inc. | 3575735 | 2.1 |
| 30435 | Helios Technologies, Inc. | 1627968 | 0.9 |
| 19064 | Herc Holdings, Inc. | 2828716 | 1.6 |
| 17194 | John Bean Technologies Corp. | 2590620 | 1.5 |
| 18725 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 1421415 | 0.8 |
| 32784 <sup>(1)</sup> | Loar Holdings, Inc. | 2229312 | 1.3 |
| 7080 | Maximus, Inc. | 611146 | 0.3 |
| 30358 <sup>(1)</sup> | Mercury Systems, Inc. | 2216438 | 1.3 |
| 19122 <sup>(1)</sup> | Nextracker, Inc. - Class A | 1665717 | 1 |

---

See Accompanying Notes to Financial Statements

<u>Voya SmallCap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 136181 <sup>(1)(2)</sup> | QXO, Inc. | $2626932 | 1.5 |
| 5265 <sup>(1)</sup> | Saia, Inc. | 1719128 | 1 |
| 16261<sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 2025470 | 1.2 |
| 12554<sup>(1)</sup> | SPX Technologies, Inc. | 2511553 | 1.4 |
| 12503 | Standex International Corp. | 2716652 | 1.6 |
| 11638 | VSE Corp. | 2010697 | 1.2 |
|  |  | **44690280** | **25.8** |
|  | **Information Technology: 20.5%** |  |  |
| 47343<sup>(1)</sup> | ACI Worldwide, Inc. | 2263469 | 1.3 |
| 13208<sup>(1)</sup> | Agilysys, Inc. | 1569639 | 0.9 |
| 59787<sup>(1)</sup> | Allegro MicroSystems, Inc. | 1577181 | 0.9 |
| 52136<sup>(1)(2)</sup> | Applied Digital Corp. | 1278375 | 0.7 |
| 33594 | Cognex Corp. | 1208712 | 0.7 |
| 13416<sup>(1)</sup> | Credo Technology Group Holding Ltd. | 1930428 | 1.1 |
| 4202 <sup>(1)</sup> | Fabrinet | 1913086 | 1.1 |
| 34680<sup>(1)</sup> | FormFactor, Inc. | 1934450 | 1.1 |
| 19931<sup>(1)</sup> | JFrog Ltd. | 1244890 | 0.7 |
| 5363 <sup>(1)</sup> | Lumentum Holdings, Inc. | 1976748 | 1.2 |
| 53273<sup>(1)</sup> | Mirion Technologies, Inc. | 1247654 | 0.7 |
| 23081<sup>(1)</sup> | Onto Innovation, Inc. | 3643567 | 2.1 |
| 23192<sup>(1)</sup> | Procore Technologies, Inc. | 1686986 | 1 |
| 25276<sup>(1)</sup> | Rambus, Inc. | 2322612 | 1.4 |
| 8067 <sup>(1)</sup> | Sanmina Corp. | 1210615 | 0.7 |
| 14038<sup>(1)</sup> | ServiceTitan, Inc. - Class A | 1495047 | 0.9 |
| 6018 <sup>(1)</sup> | SiTime Corp. | 2125497 | 1.2 |
| 27457<sup>(1)</sup> | Tower Semiconductor Ltd. | 3224001 | 1.9 |
| 42123<sup>(1)(2)</sup> | Unusual Machines, Inc. | 536647 | 0.3 |
| 31962<sup>(1)</sup> | Varonis Systems, Inc. | 1048354 | 0.6 |
|  |  | **35437958** | **20.5** |
|  | **Materials: 1.0%** |  |  |
| 69990 | Element Solutions, Inc. | **1749050** | **1.0** |
|  | **Real Estate: 1.0%** |  |  |
| 11348 | FirstService Corp. | **1764954** | **1.0** |
|  | Total Common Stock<br> (Cost $145,124,953) | **170459877** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 7.9%** | **SHORT-TERM INVESTMENTS: 7.9%** | **SHORT-TERM INVESTMENTS: 7.9%** | **SHORT-TERM INVESTMENTS: 7.9%** |
|  | **Repurchase Agreements: 5.3%** |  |  |
| 2266648 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $2,267,126, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $2,311,981, due 12/01/30-11/20/75) | $2266648 | 1.3 |
| 2411328 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $2,411,849, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $2,460,236, due 01/31/26-11/15/55) | 2411328 | 1.4 |
| 2266648 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $2,267,122, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $2,311,981, due 10/15/26-12/20/55) | 2266648 | 1.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya SmallCap Opportunities Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **Repurchase Agreements (continued)** |
| 979376 <sup>(3)</sup> | HSBC Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $979,582, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.225%- 6.500%, Market Value plus accrued interest $998,964, due 06/01/34-09/01/55) | $| 979376 | 0.6 |
| 606466 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $606,594, collateralized by various U.S. Government Securities, 0.625%- 4.875%, Market Value plus accrued interest $618,595, due 04/30/26-11/15/34) |  | 606466 | 0.3 |
| 688928 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $689,078, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $700,560, due 04/15/28-02/15/55) |  | 688928 | 0.4 |
|  | Total Repurchase Agreements<br> (Cost $9,219,394) |  | **9219394** | **5.3** |
|  | **Time Deposits: 0.5%** | **Time Deposits: 0.5%** | **Time Deposits: 0.5%** |  |
| 170000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 |  | 170000 | 0.1 |
| 170000 <sup>(3)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 |  | 170000 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** | **Time Deposits (continued)** |  |
| 190000 <sup>(3)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | $190000 | 0.1 |
| 230000 <sup>(3)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 230000 | 0.1 |
| 110000 <sup>(3)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 | 110000 | 0.1 |
|  | Total Time Deposits <br> (Cost $870,000) | **870000** | **0.5** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 2.1%** | **Mutual Funds: 2.1%** |  |
| 3616000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $3,616,000) | $**3616000** | **2.1** |
|  | Total Short-Term Investments <br> (Cost $13,705,394) | **13705394** | **7.9** |
|  | **Total Investments in Securities<br> (Cost $158,830,347)** | $**184165271** | **106.3** |
|  | **Liabilities in Excess of Other Assets** | **(10881419)** | **(6.3)** |
|  | **Net Assets** | $**173283852** | **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 SmallCap Opportunities 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)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> December 31, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $170459877 | $— | $— | $170459877 |
| Short-Term Investments | 3616000 | 10089394 |  | 13705394 |
| Total Investments, at fair value | $174075877 | $10089394 | $— | $184165271 |

---

^ 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.

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 $159,487,789. | Cost for U.S. federal income tax purposes was $159,487,789. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $30484105 |
| Gross Unrealized Depreciation | (5806623) |
| Net Unrealized Appreciation | $24677482 |

---

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 MidCap Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.5849 |
| Voya SmallCap Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.4186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.3927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1216 |

---

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 SmallCap Opportunities Portfolio | 21.89% |

---

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 MidCap Opportunities Portfolio | $108228111.0 |
| Voya SmallCap Opportunities Portfolio | $997194.0 |

---

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 Variable Products 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 MidCap Opportunities Portfolio and Voya SmallCap Opportunities 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 compliance with applicable regulations and investment

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

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. In this regard, the Board noted the 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 have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser 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-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 the 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,

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

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.

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 MidCap Opportunities Portfolio**

In considering whether to approve the renewal of the Contracts for Voya MidCap Opportunities 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, five-year, and ten-year periods and the third quintile for the year-to-date and one-year periods; 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 first 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.

**Voya SmallCap Opportunities Portfolio**

In considering whether to approve the renewal of the Contracts for Voya SmallCap Opportunities 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 period, the third quintile for the one-year and five-year periods, the fourth quintile for the year-to-date period, and the fifth quintile for the ten-year period; and (2) the Portfolio outperformed its performance benchmark for all periods

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

presented, with the exception of the year-to-date and ten-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 first 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.

**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-VPT (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.**

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 / <br> Withhold** | **Total Shares<br> Voted** |
| **VOYA VARIABLE PRODUCTS TRUST** | **Colleen D. Baldwin** | 67543833.982 | 991685.050 | 25642921.067 | 94178440.099 |
| **Election of Directors/Trustees** | **John V. Boyer** | 67520659.699 | 982473.533 | 25675306.867 | 94178440.099 |
|  | **Jody T. Foster** | 60211705.189 | 8222483.467 | 25744251.443 | 94178440.099 |
|  | **Martin J. Gavin** | 67496281.927 | 983236.448 | 25698921.724 | 94178440.099 |
|  | **Dennis Johnson, CFA** | 67334464.620 | 1141137.869 | 25702837.610 | 94178440.099 |
|  | **Joseph E. Obermeyer** | 67438674.494 | 1027271.638 | 25712493.967 | 94178440.099 |
|  | **Sheryl K. Pressler** | 67372145.532 | 1078401.295 | 25727893.272 | 94178440.099 |
|  | **Christopher P. Sullivan** | 67462412.316 | 994934.125 | 25721093.658 | 94178440.099 |
|  | **Mark R. Wetzel** | 67286409.374 | 1144573.354 | 25747457.371 | 94178440.099 |
|  | **Christian G. Wilson** | 67425935.685 | 1072292.443 | 25680211.971 | 94178440.099 |

---

\*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 $39,562 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)](tm263417d4_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.](tm263417d4_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm263417d4_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.](tm263417d4_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm263417d4_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm263417d4_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 Variable Products 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.Codeeth

**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 Voya Variable Products 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 Variable Products 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 Variable Products 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 Variable Products Trust and will be retained by Voya Variable Products 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 Variable Products 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 Variable Products Trust and will be retained by Voya Variable Products 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 |

---