# EDGAR Filing Document

**Accession Number:** 0001039001
**File Stem:** 0001104659-26-025202
**Filing Date:** 2026-3
**Character Count:** 2319828
**Document Hash:** a669380dcb79faebd953f38a9c9bca3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025202.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025202

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 249

**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 PARTNERS INC
- **CENTRAL INDEX KEY:** 0001039001

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08319
- **FILM NUMBER:** 26734943

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH RD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 4804773000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING PARTNERS INC
- **DATE OF NAME CHANGE:** 20020501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PORTFOLIO PARTNERS INC
- **DATE OF NAME CHANGE:** 19970512

## Series and Classes Contracts Data

### VY(R) JPMorgan Mid Cap Value Portfolio (Series ID: S000007594)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020695 | Class ADV    | IJMAX           |
| C000020696 | Class I      | IJMIX           |
| C000020697 | Class S      | IJMSX           |
| C000074827 | Class S2     | IJPMX           |

### Voya Global Insights Portfolio (Series ID: S000007597)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020704 | Class ADV    | IGMAX           |
| C000020705 | Class I      | IGMIX           |
| C000020706 | Class S      | IGMSX           |
| C000074828 | Class S2     | IOGPX           |

### Voya Global Bond Portfolio (Series ID: S000007598)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020707 | Class ADV    | IOSAX           |
| C000020708 | Class I      | IOSIX           |
| C000020709 | Class S      | IOSSX           |

### Voya Solution 2035 Portfolio (Series ID: S000007605)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020730 | Class ADV    | ISQAX           |
| C000020731 | Class I      | ISQIX           |
| C000020732 | Class S      | ISQSX           |
| C000078369 | Class S2     | ISPCX           |

### Voya Solution 2045 Portfolio (Series ID: S000007606)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020734 | Class ADV    | ISRAX           |
| C000020735 | Class I      | ISRIX           |
| C000020736 | Class S      | ISRSX           |
| C000078370 | Class S2     | ISPDX           |

### Voya Solution Income Portfolio (Series ID: S000007607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020738 | Class ADV    | ISWAX           |
| C000020739 | Class I      | ISWIX           |
| C000020740 | Class S      | ISWSX           |
| C000078371 | Class S2     | IJKBX           |

### VY(R) T. Rowe Price Diversified Mid Cap Growth Portfolio (Series ID: S000007608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020742 | Class ADV    | IAXAX           |
| C000020743 | Class I      | IAXIX           |
| C000020744 | Class S      | IAXSX           |
| C000074830 | Class S2     | IAXTX           |
| C000168850 | Class R6     | VYRIX           |

### VY(R) Invesco Comstock Portfolio (Series ID: S000007611)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020751 | Class ADV    | IVKAX           |
| C000020752 | Class I      | IVKIX           |
| C000020753 | Class S      | IVKSX           |

### VY(R) Baron Growth Portfolio (Series ID: S000007612)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020754 | Class ADV    | IBSAX           |
| C000020755 | Class I      | IBGIX           |
| C000020756 | Class S      | IBSSX           |
| C000074832 | Class S2     | IBCGX           |
| C000168853 | Class R6     | VYRBX           |

### VY(R) Invesco Equity and Income Portfolio (Series ID: S000007613)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020757 | Class ADV    | IUAAX           |
| C000020758 | Class I      | IUAIX           |
| C000020759 | Class S      | IUASX           |
| C000074833 | Class S2     | IVIPX           |

### VY(R) Columbia Contrarian Core Portfolio (Series ID: S000007614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020760 | Class ADV    | ISBAX           |
| C000020761 | Class I      | ISFIX           |
| C000020762 | Class S      | ISCSX           |

### Voya International High Dividend Low Volatility Portfolio (Series ID: S000009828)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027234 | Class ADV    | IFTAX           |
| C000027235 | Class I      | IFTIX           |
| C000027236 | Class S      | IFTSX           |
| C000074834 | Class S2     | ITFEX           |

### VY(R) Columbia Small Cap Value II Portfolio (Series ID: S000010008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027676 | Class ADV    | ICSAX           |
| C000027677 | Class I      | ICISX           |
| C000027678 | Class S      | ICSSX           |
| C000074835 | Class S2     | ICVPX           |
| C000168857 | Class R6     | VYRDX           |

### VY(R) American Century Small-Mid Cap Value Portfolio (Series ID: S000010768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029752 | Class ADV    | IASAX           |
| C000029753 | Class I      | IACIX           |
| C000029754 | Class S      | IASSX           |
| C000074837 | Class S2     | ISMSX           |

### Voya Solution Balanced Portfolio (Series ID: S000018039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049965 | Class ADV    | ISGAX           |
| C000049966 | Class I      | ISGJX           |
| C000049967 | Class S      | ISGKX           |
| C000087528 | Class S2     | ISGTX           |
| C000168859 | Class R6     | VYRLX           |

### Voya Index Solution 2035 Portfolio (Series ID: S000021227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060443 | Class I      | ISEIX           |
| C000060444 | Class S      | ISESX           |
| C000060446 | Class ADV    | ISEAX           |
| C000078382 | Class S2     | IXISX           |
| C000154753 | Class Z      | VSZDX           |

### Voya Index Solution 2045 Portfolio (Series ID: S000021228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060447 | Class ADV    | ISJAX           |
| C000060448 | Class I      | ISJIX           |
| C000060449 | Class S      | ISJSX           |
| C000078383 | Class S2     | ISVLX           |
| C000154754 | Class Z      | VSZFX           |

### Voya Index Solution Income Portfolio (Series ID: S000021229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060451 | Class ADV    | ISKAX           |
| C000060452 | Class I      | ISKIX           |
| C000060453 | Class S      | ISKSX           |
| C000078384 | Class S2     | IIIPX           |
| C000154755 | Class Z      | VSZJX           |

### Voya Index Solution 2055 Portfolio (Series ID: S000026397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079256 | Class ADV    | IISAX           |
| C000079257 | Class I      | IISNX           |
| C000079258 | Class S2     | IISTX           |
| C000081026 | Class S      | IISSX           |
| C000154756 | Class Z      | VSZHX           |

### Voya Solution 2055 Portfolio (Series ID: S000026398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079260 | Class ADV    | IASPX           |
| C000079261 | Class I      | IISPX           |
| C000079262 | Class S2     | ITSPX           |
| C000081027 | Class S      | ISSPX           |

### Voya Solution Moderately Aggressive Portfolio (Series ID: S000028589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087520 | Class ADV    | IAGAX           |
| C000087521 | Class I      | IAGIX           |
| C000087522 | Class S      | IAGSX           |
| C000087523 | Class S2     | IAGTX           |
| C000168861 | Class R6     | VYROX           |

### Voya Solution Conservative Portfolio (Series ID: S000028590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087524 | Class S2     | ICGTX           |
| C000087525 | Class ADV    | ICGAX           |
| C000087526 | Class I      | ICGIX           |
| C000087527 | Class S      | ICGSX           |
| C000168862 | Class R6     | VYRPX           |

### Voya Index Solution 2030 Portfolio (Series ID: S000034117)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105146 | Class S      | IDXHX           |
| C000105147 | Class ADV    | IDXFX           |
| C000105149 | Class I      | IDXGX           |
| C000105150 | Class S2     | IDXIX           |
| C000154758 | Class Z      | VSZCX           |

### Voya Index Solution 2040 Portfolio (Series ID: S000034118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105151 | Class ADV    | IDXKX           |
| C000105153 | Class I      | IDXLX           |
| C000105154 | Class S2     | IDXNX           |
| C000105155 | Class S      | IDXMX           |
| C000154759 | Class Z      | VSZEX           |

### Voya Index Solution 2050 Portfolio (Series ID: S000034119)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105156 | Class ADV    | IDXPX           |
| C000105158 | Class I      | IDXQX           |
| C000105159 | Class S2     | IDXSX           |
| C000105160 | Class S      | IDXRX           |
| C000154760 | Class Z      | VSZGX           |

### Voya Solution 2030 Portfolio (Series ID: S000034121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105166 | Class ADV    | ISNFX           |
| C000105168 | Class I      | ISNGX           |
| C000105169 | Class S2     | ISNIX           |
| C000105170 | Class S      | ISNHX           |

### Voya Solution 2040 Portfolio (Series ID: S000034122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105171 | Class ADV    | ISNKX           |
| C000105173 | Class I      | ISNLX           |
| C000105174 | Class S2     | ISNNX           |
| C000105175 | Class S      | ISNMX           |

### Voya Solution 2050 Portfolio (Series ID: S000034123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105176 | Class ADV    | ISNPX           |
| C000105178 | Class I      | ISNQX           |
| C000105179 | Class S2     | ISNSX           |
| C000105180 | Class S      | ISNRX           |

### Voya Solution Aggressive Portfolio (Series ID: S000040577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125843 | Class ADV    | IAVAX           |
| C000125844 | Class I      | IAVIX           |
| C000125845 | Class S      | IAVSX           |
| C000125846 | Class S2     | IAVTX           |
| C000168863 | Class R6     | VYRMX           |

### Voya Solution 2060 Portfolio (Series ID: S000048104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152042 | Class ADV    | VSPAX           |
| C000152043 | Class S      | VSPSX           |
| C000152044 | Class S2     | VSSPX           |
| C000152046 | Class I      | VSIPX           |

### Voya Index Solution 2060 Portfolio (Series ID: S000048105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152047 | Class I      | VISPX           |
| C000152048 | Class ADV    | VPSAX           |
| C000152049 | Class S      | VPISX           |
| C000152050 | Class S2     | VPSSX           |
| C000154761 | Class Z      | VSZIX           |

### Voya Index Solution 2065 Portfolio (Series ID: S000068486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219027 | Class I      | VIQIX           |
| C000219028 | Class S      | VIQSX           |
| C000219029 | Class S2     | VIQUX           |
| C000219030 | Class Z      | VIQZX           |
| C000219031 | Class ADV    | VIQAX           |

### Voya Solution 2065 Portfolio (Series ID: S000068487)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219032 | Class I      | VSQIX           |
| C000219033 | Class S      | VSSQX           |
| C000219034 | Class S2     | VSQUX           |
| C000219036 | Class ADV    | VSAQX           |

### Voya Index Solution 2070 Portfolio (Series ID: S000091830)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259629 | Class I      | VSICX           |
| C000259630 | Class S      | VSISX           |
| C000259631 | Class S2     | VSITX           |
| C000259632 | Class Z      | VSIZX           |
| C000259633 | Class ADV    | VSIBX           |

### Voya Solution 2070 Portfolio (Series ID: S000091831)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259634 | Class ADV    | VSSAX           |
| C000259635 | Class I      | VSSIX           |
| C000259636 | Class S      | VSSSX           |
| C000259637 | Class S2     | VSSTX           |

?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: **811-08319**

**Voya Partners, Inc.**

(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) |

---

**The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-262-3862**

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 Global Bond Portfolio](#classname6b45b6bc-c90f-4ac6-971b-13dc07e6e49e)<br> **[Class ADV - IOSAX](#classname6b45b6bc-c90f-4ac6-971b-13dc07e6e49e)**  |
|  [Voya Global Bond Portfolio](#classname64bfbf2d-9537-4c9c-b069-0393009b627d)<br> **[Class I - IOSIX](#classname64bfbf2d-9537-4c9c-b069-0393009b627d)**  |
|  [Voya Global Bond Portfolio](#classname210ef944-0343-414d-8d6f-73aeb98ce55e)<br> **[Class S - IOSSX](#classname210ef944-0343-414d-8d6f-73aeb98ce55e)**  |
|  [Voya Global Insights Portfolio](#classname4041453c-2695-46be-8f75-1a981fee9f34)<br> **[Class ADV - IGMAX](#classname4041453c-2695-46be-8f75-1a981fee9f34)**  |
|  [Voya Global Insights Portfolio](#classnamebe7a8019-1acd-4199-9e8c-9373b60db45e)<br> **[Class I - IGMIX](#classnamebe7a8019-1acd-4199-9e8c-9373b60db45e)**  |
|  [Voya Global Insights Portfolio](#classname35f35b98-5781-49b1-b67a-fcb1aee855c0)<br> **[Class S - IGMSX](#classname35f35b98-5781-49b1-b67a-fcb1aee855c0)**  |
|  [Voya Global Insights Portfolio](#classname03889bd0-1037-4a07-bff0-092bd5ff889e)<br> **[Class S2 - IOGPX](#classname03889bd0-1037-4a07-bff0-092bd5ff889e)**  |
|  [Voya Index Solution 2030 Portfolio](#classname1ea31bc7-1469-4ad5-961e-f843f75f777f)<br> **[Class ADV - IDXFX](#classname1ea31bc7-1469-4ad5-961e-f843f75f777f)**  |
|  [Voya Index Solution 2030 Portfolio](#classname62b24123-3cbf-433b-8e66-9e90a438e90a)<br> **[Class I - IDXGX](#classname62b24123-3cbf-433b-8e66-9e90a438e90a)**  |
|  [Voya Index Solution 2030 Portfolio](#classname6ad53273-645b-4544-b8b9-ff98d73fbd50)<br> **[Class S - IDXHX](#classname6ad53273-645b-4544-b8b9-ff98d73fbd50)**  |
|  [Voya Index Solution 2030 Portfolio](#classname9d8f0024-4600-44a1-85ed-0db4142af827)<br> **[Class S2 - IDXIX](#classname9d8f0024-4600-44a1-85ed-0db4142af827)**  |
|  [Voya Index Solution 2030 Portfolio](#classnameae654fa3-a89a-48e4-b218-a7f35fa1a67a)<br> **[Class Z - VSZCX](#classnameae654fa3-a89a-48e4-b218-a7f35fa1a67a)**  |
|  [Voya Index Solution 2035 Portfolio](#classnamec67991b6-060d-4f34-bf2e-339768d15cc0)<br> **[Class ADV - ISEAX](#classnamec67991b6-060d-4f34-bf2e-339768d15cc0)**  |
|  [Voya Index Solution 2035 Portfolio](#classnamea4e7fcfc-f7b9-4c8f-881d-713db5ee5be2)<br> **[Class I - ISEIX](#classnamea4e7fcfc-f7b9-4c8f-881d-713db5ee5be2)**  |
|  [Voya Index Solution 2035 Portfolio](#classnameaec64577-ce84-4462-9edc-1c86429e2c15)<br> **[Class S - ISESX](#classnameaec64577-ce84-4462-9edc-1c86429e2c15)**  |
|  [Voya Index Solution 2035 Portfolio](#classnamea99bd3b0-6f3e-48f5-8bb2-2787b18f36f6)<br> **[Class S2 - IXISX](#classnamea99bd3b0-6f3e-48f5-8bb2-2787b18f36f6)**  |
|  [Voya Index Solution 2035 Portfolio](#classname85ef3b68-3625-4fcc-bcc5-ee536a2fb1cb)<br> **[Class Z - VSZDX](#classname85ef3b68-3625-4fcc-bcc5-ee536a2fb1cb)**  |
|  [Voya Index Solution 2040 Portfolio](#classname088ddf2e-3a06-45a3-8ec6-4cdea1efd1db)<br> **[Class ADV - IDXKX](#classname088ddf2e-3a06-45a3-8ec6-4cdea1efd1db)**  |
|  [Voya Index Solution 2040 Portfolio](#classnamec16f803d-9919-4fbf-9b4d-56eb3032be2a)<br> **[Class I - IDXLX](#classnamec16f803d-9919-4fbf-9b4d-56eb3032be2a)**  |
|  [Voya Index Solution 2040 Portfolio](#classnamed919592d-2097-46bb-863e-fdbef3fd0a45)<br> **[Class S - IDXMX](#classnamed919592d-2097-46bb-863e-fdbef3fd0a45)**  |
|  [Voya Index Solution 2040 Portfolio](#classnamebbcbfbaf-442f-4a08-9cf9-584aa1ee5d27)<br> **[Class S2 - IDXNX](#classnamebbcbfbaf-442f-4a08-9cf9-584aa1ee5d27)**  |
|  [Voya Index Solution 2040 Portfolio](#classname72b7c6e7-8e65-41ca-b343-51403b9af59b)<br> **[Class Z - VSZEX](#classname72b7c6e7-8e65-41ca-b343-51403b9af59b)**  |
|  [Voya Index Solution 2045 Portfolio](#classname4fe564e5-5726-4b0b-89f4-4adc5c1678ba)<br> **[Class ADV - ISJAX](#classname4fe564e5-5726-4b0b-89f4-4adc5c1678ba)**  |
|  [Voya Index Solution 2045 Portfolio](#classname262b2152-a8f1-408b-81d3-12f8993abb90)<br> **[Class I - ISJIX](#classname262b2152-a8f1-408b-81d3-12f8993abb90)**  |
|  [Voya Index Solution 2045 Portfolio](#classname33339d07-3867-407e-b04d-f6def0a5bb7d)<br> **[Class S - ISJSX](#classname33339d07-3867-407e-b04d-f6def0a5bb7d)**  |
|  [Voya Index Solution 2045 Portfolio](#classnamee6c151b5-ed5d-4a10-b649-c13919c43512)<br> **[Class S2 - ISVLX](#classnamee6c151b5-ed5d-4a10-b649-c13919c43512)**  |
|  [Voya Index Solution 2045 Portfolio](#classnamed68035d5-b2ba-4355-a054-92e7fc76d2e7)<br> **[Class Z - VSZFX](#classnamed68035d5-b2ba-4355-a054-92e7fc76d2e7)**  |
|  [Voya Index Solution 2050 Portfolio](#classnamef512d1fa-75ae-4792-84dd-61f149c72c52)<br> **[Class ADV - IDXPX](#classnamef512d1fa-75ae-4792-84dd-61f149c72c52)**  |
|  [Voya Index Solution 2050 Portfolio](#classname560e35d6-749c-45e8-a1e9-11402e22f476)<br> **[Class I - IDXQX](#classname560e35d6-749c-45e8-a1e9-11402e22f476)**  |
|  [Voya Index Solution 2050 Portfolio](#classname517b2f3a-b7c1-4565-a46a-d393dfd9e579)<br> **[Class S - IDXRX](#classname517b2f3a-b7c1-4565-a46a-d393dfd9e579)**  |
|  [Voya Index Solution 2050 Portfolio](#classname5329187c-b981-4dde-9b0d-b6ae53725bba)<br> **[Class S2 - IDXSX](#classname5329187c-b981-4dde-9b0d-b6ae53725bba)**  |
|  [Voya Index Solution 2050 Portfolio](#classname7b71eced-ff67-4090-a398-d5324ef7091a)<br> **[Class Z - VSZGX](#classname7b71eced-ff67-4090-a398-d5324ef7091a)**  |
|  [Voya Index Solution 2055 Portfolio](#classnamee750a935-04c3-4495-a290-0fe350a83042)<br> **[Class ADV - IISAX](#classnamee750a935-04c3-4495-a290-0fe350a83042)**  |
|  [Voya Index Solution 2055 Portfolio](#classnamea12b829d-5e9c-491c-98a2-abe57f82fe93)<br> **[Class I - IISNX](#classnamea12b829d-5e9c-491c-98a2-abe57f82fe93)**  |
|  [Voya Index Solution 2055 Portfolio](#classname183691fb-e1d6-4dc1-b911-2aa01e964276)<br> **[Class S - IISSX](#classname183691fb-e1d6-4dc1-b911-2aa01e964276)**  |
|  [Voya Index Solution 2055 Portfolio](#classname4b5e0257-16c6-4245-b9f2-191a1c1f85b3)<br> **[Class S2 - IISTX](#classname4b5e0257-16c6-4245-b9f2-191a1c1f85b3)**  |
|  [Voya Index Solution 2055 Portfolio](#classname00099557-9d54-4b03-a4e6-981c3fa7c1f8)<br> **[Class Z - VSZHX](#classname00099557-9d54-4b03-a4e6-981c3fa7c1f8)**  |
|  [Voya Index Solution 2060 Portfolio](#classnamed1d727ed-71b1-411a-be7c-c67c561cc7e6)<br> **[Class ADV - VPSAX](#classnamed1d727ed-71b1-411a-be7c-c67c561cc7e6)**  |
|  [Voya Index Solution 2060 Portfolio](#classname9d2bd695-e33d-4ea8-89f7-057ae2519474)<br> **[Class I - VISPX](#classname9d2bd695-e33d-4ea8-89f7-057ae2519474)**  |
|  [Voya Index Solution 2060 Portfolio](#classname1694a9c8-cc71-4a16-84f8-d03517e26e13)<br> **[Class S - VPISX](#classname1694a9c8-cc71-4a16-84f8-d03517e26e13)**  |
|  [Voya Index Solution 2060 Portfolio](#classnameb751aefe-53e5-4af6-99f6-ca961eb95c18)<br> **[Class S2 - VPSSX](#classnameb751aefe-53e5-4af6-99f6-ca961eb95c18)**  |
|  [Voya Index Solution 2060 Portfolio](#classname14a0a407-dcac-4df2-a42b-cdf176bb3f4c)<br> **[Class Z - VSZIX](#classname14a0a407-dcac-4df2-a42b-cdf176bb3f4c)**  |
|  [Voya Index Solution 2065 Portfolio](#classname2f5a1517-1194-4d7e-bec0-bbceff66724e)<br> **[Class ADV - VIQAX](#classname2f5a1517-1194-4d7e-bec0-bbceff66724e)**  |
|  [Voya Index Solution 2065 Portfolio](#classname8df44543-5825-4d29-ac3d-24fb65b4421a)<br> **[Class I - VIQIX](#classname8df44543-5825-4d29-ac3d-24fb65b4421a)**  |
|  [Voya Index Solution 2065 Portfolio](#classname67f862d3-9030-433e-a0f3-1513e6b80181)<br> **[Class S - VIQSX](#classname67f862d3-9030-433e-a0f3-1513e6b80181)**  |
|  [Voya Index Solution 2065 Portfolio](#classname6ead40ab-06ab-443a-9787-59983c6dc0d1)<br> **[Class S2 - VIQUX](#classname6ead40ab-06ab-443a-9787-59983c6dc0d1)**  |
|  [Voya Index Solution 2065 Portfolio](#classname3dea0be6-913f-4e16-9dff-e2945a6ec037)<br> **[Class Z - VIQZX](#classname3dea0be6-913f-4e16-9dff-e2945a6ec037)**  |
|  [Voya Index Solution 2070 Portfolio](#classname5367299a-b982-4ebe-b1a2-a375a2dd1faa)<br> **[Class ADV - VSIBX](#classname5367299a-b982-4ebe-b1a2-a375a2dd1faa)**  |
|  [Voya Index Solution 2070 Portfolio](#classnamec317a952-15dc-40b2-8605-11aa0ded455a)<br> **[Class I - VSICX](#classnamec317a952-15dc-40b2-8605-11aa0ded455a)**  |
|  [Voya Index Solution 2070 Portfolio](#classnameda19c6e4-b1fa-494e-b3f0-768f32fcd758)<br> **[Class S - VSISX](#classnameda19c6e4-b1fa-494e-b3f0-768f32fcd758)**  |
|  [Voya Index Solution 2070 Portfolio](#classnamed2ae6720-ead9-414e-881a-ca5fcba79290)<br> **[Class S2 - VSITX](#classnamed2ae6720-ead9-414e-881a-ca5fcba79290)**  |
|  [Voya Index Solution 2070 Portfolio](#classnamee250d008-2070-4162-8499-915facb4ddf2)<br> **[Class Z - VSIZX](#classnamee250d008-2070-4162-8499-915facb4ddf2)**  |
|  [Voya Index Solution Income Portfolio](#classname73b24c78-5c06-4e59-8d0b-e2c2228e94c5)<br> **[Class ADV - ISKAX](#classname73b24c78-5c06-4e59-8d0b-e2c2228e94c5)**  |
|  [Voya Index Solution Income Portfolio](#classname94c702b5-2c55-4f50-88b4-a2486f050670)<br> **[Class I - ISKIX](#classname94c702b5-2c55-4f50-88b4-a2486f050670)**  |
|  [Voya Index Solution Income Portfolio](#classname934fd14a-753d-4908-8b9b-ce191af91688)<br> **[Class S - ISKSX](#classname934fd14a-753d-4908-8b9b-ce191af91688)**  |
|  [Voya Index Solution Income Portfolio](#classnameddb2cb52-7675-46dc-9829-f72716f9fece)<br> **[Class S2 - IIIPX](#classnameddb2cb52-7675-46dc-9829-f72716f9fece)**  |
|  [Voya Index Solution Income Portfolio](#classnamea99a819c-c1cc-4351-a868-cdf77575205d)<br> **[Class Z - VSZJX](#classnamea99a819c-c1cc-4351-a868-cdf77575205d)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname8a3ac963-5477-477a-86c7-430defe867ac)<br> **[Class ADV - IFTAX](#classname8a3ac963-5477-477a-86c7-430defe867ac)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classname05b57fa3-129c-4116-b2c8-cae6f5743ee3)<br> **[Class I - IFTIX](#classname05b57fa3-129c-4116-b2c8-cae6f5743ee3)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classnamebbb387a3-b549-4c17-9c3d-4dda43ddb8ae)<br> **[Class S - IFTSX](#classnamebbb387a3-b549-4c17-9c3d-4dda43ddb8ae)**  |
|  [Voya International High Dividend Low Volatility Portfolio](#classnamef9ace6da-7059-4ff1-9822-58ca141715c1)<br> **[Class S2 - ITFEX](#classnamef9ace6da-7059-4ff1-9822-58ca141715c1)**  |
|  [Voya Solution 2030 Portfolio](#classnameb676a93a-4ed9-4b1a-bb73-59bc12505aa6)<br> **[Class ADV - ISNFX](#classnameb676a93a-4ed9-4b1a-bb73-59bc12505aa6)**  |
|  [Voya Solution 2030 Portfolio](#classname8df7e9e6-1e53-42c0-9512-a57c4b3aed2d)<br> **[Class I - ISNGX](#classname8df7e9e6-1e53-42c0-9512-a57c4b3aed2d)**  |
|  [Voya Solution 2030 Portfolio](#classname07c7ed11-1046-46b8-86a1-47c1fe958d86)<br> **[Class S - ISNHX](#classname07c7ed11-1046-46b8-86a1-47c1fe958d86)**  |
|  [Voya Solution 2030 Portfolio](#classname6a39b146-1088-4a09-958e-1fd594a9ee58)<br> **[Class S2 - ISNIX](#classname6a39b146-1088-4a09-958e-1fd594a9ee58)**  |
|  [Voya Solution 2035 Portfolio](#classname2b4457f6-477a-4113-8e49-8db0c70253ec)<br> **[Class ADV - ISQAX](#classname2b4457f6-477a-4113-8e49-8db0c70253ec)**  |
|  [Voya Solution 2035 Portfolio](#classname20e714f2-0f00-44af-897a-c5d4dd2be81b)<br> **[Class I - ISQIX](#classname20e714f2-0f00-44af-897a-c5d4dd2be81b)**  |
|  [Voya Solution 2035 Portfolio](#classname89fb0ea8-9b7e-4cbf-b979-a3fbfc821379)<br> **[Class S - ISQSX](#classname89fb0ea8-9b7e-4cbf-b979-a3fbfc821379)**  |
|  [Voya Solution 2035 Portfolio](#classname6e78fca8-bba1-487c-b339-5dad479cd40b)<br> **[Class S2 - ISPCX](#classname6e78fca8-bba1-487c-b339-5dad479cd40b)**  |
|  [Voya Solution 2040 Portfolio](#classname375cc639-05f9-4d5c-9a79-31a1e2891e86)<br> **[Class ADV - ISNKX](#classname375cc639-05f9-4d5c-9a79-31a1e2891e86)**  |
|  [Voya Solution 2040 Portfolio](#classname005442a4-a776-4b9b-9dc7-b7a8ee944d97)<br> **[Class I - ISNLX](#classname005442a4-a776-4b9b-9dc7-b7a8ee944d97)**  |
|  [Voya Solution 2040 Portfolio](#classnameae477bb1-a32d-4c2f-a9d2-5b57864116c9)<br> **[Class S - ISNMX](#classnameae477bb1-a32d-4c2f-a9d2-5b57864116c9)**  |
|  [Voya Solution 2040 Portfolio](#classnamea22d97d7-1a8e-40b0-b143-d44b7ff104c5)<br> **[Class S2 - ISNNX](#classnamea22d97d7-1a8e-40b0-b143-d44b7ff104c5)**  |
|  [Voya Solution 2045 Portfolio](#classname7204f7ad-df4f-477c-aeaa-9f5bd03ac165)<br> **[Class ADV - ISRAX](#classname7204f7ad-df4f-477c-aeaa-9f5bd03ac165)**  |
|  [Voya Solution 2045 Portfolio](#classname14d6ddf7-a0f8-43c7-ad45-7da607bebd5b)<br> **[Class I - ISRIX](#classname14d6ddf7-a0f8-43c7-ad45-7da607bebd5b)**  |
|  [Voya Solution 2045 Portfolio](#classname33a8b11b-819b-42a5-9e18-3142021cfbc1)<br> **[Class S - ISRSX](#classname33a8b11b-819b-42a5-9e18-3142021cfbc1)**  |
|  [Voya Solution 2045 Portfolio](#classname666904cb-62c9-4dd1-a025-65182175b6a7)<br> **[Class S2 - ISPDX](#classname666904cb-62c9-4dd1-a025-65182175b6a7)**  |
|  [Voya Solution 2050 Portfolio](#classnamedb2aa03e-537d-4f7d-83a2-a2386c2189b3)<br> **[Class ADV - ISNPX](#classnamedb2aa03e-537d-4f7d-83a2-a2386c2189b3)**  |
|  [Voya Solution 2050 Portfolio](#classname194af072-bc4e-4b6f-a47b-941fbcb2f95e)<br> **[Class I - ISNQX](#classname194af072-bc4e-4b6f-a47b-941fbcb2f95e)**  |
|  [Voya Solution 2050 Portfolio](#classname039c236b-7829-4c10-9829-7122e5384051)<br> **[Class S - ISNRX](#classname039c236b-7829-4c10-9829-7122e5384051)**  |
|  [Voya Solution 2050 Portfolio](#classname8a74ba98-4328-4d24-b0cf-6172108a2648)<br> **[Class S2 - ISNSX](#classname8a74ba98-4328-4d24-b0cf-6172108a2648)**  |
|  [Voya Solution 2055 Portfolio](#classnamec3effd76-56b4-4e8f-9f75-4ea62e18d513)<br> **[Class ADV - IASPX](#classnamec3effd76-56b4-4e8f-9f75-4ea62e18d513)**  |
|  [Voya Solution 2055 Portfolio](#classnamea1743aa7-3f5a-4296-a741-f24181db0497)<br> **[Class I - IISPX](#classnamea1743aa7-3f5a-4296-a741-f24181db0497)**  |
|  [Voya Solution 2055 Portfolio](#classname1cb84175-30f6-458a-ad60-22e636c3fd16)<br> **[Class S - ISSPX](#classname1cb84175-30f6-458a-ad60-22e636c3fd16)**  |
|  [Voya Solution 2055 Portfolio](#classname40bd8f91-3790-4d21-b049-2205a36913d1)<br> **[Class S2 - ITSPX](#classname40bd8f91-3790-4d21-b049-2205a36913d1)**  |
|  [Voya Solution 2060 Portfolio](#classnamedd45fdea-f9f8-4c07-b517-2c6e143ccdcb)<br> **[Class ADV - VSPAX](#classnamedd45fdea-f9f8-4c07-b517-2c6e143ccdcb)**  |
|  [Voya Solution 2060 Portfolio](#classname2985a6d6-70fb-4376-be0a-f620eeb07f76)<br> **[Class I - VSIPX](#classname2985a6d6-70fb-4376-be0a-f620eeb07f76)**  |
|  [Voya Solution 2060 Portfolio](#classname886f18d8-a19e-4a07-9ed9-ded497a7d474)<br> **[Class S - VSPSX](#classname886f18d8-a19e-4a07-9ed9-ded497a7d474)**  |
|  [Voya Solution 2060 Portfolio](#classname9cdafcc8-ee20-4121-aa01-b6ec0ccfbe51)<br> **[Class S2 - VSSPX](#classname9cdafcc8-ee20-4121-aa01-b6ec0ccfbe51)**  |
|  [Voya Solution 2065 Portfolio](#classname2781fb14-0230-4c9f-ad24-71618d06e267)<br> **[Class ADV - VSAQX](#classname2781fb14-0230-4c9f-ad24-71618d06e267)**  |
|  [Voya Solution 2065 Portfolio](#classnamea22ab965-dede-47cd-b01e-15913a03fa24)<br> **[Class I - VSQIX](#classnamea22ab965-dede-47cd-b01e-15913a03fa24)**  |
|  [Voya Solution 2065 Portfolio](#classname85be7947-6b17-4648-8e5d-ee6c23d96850)<br> **[Class S - VSSQX](#classname85be7947-6b17-4648-8e5d-ee6c23d96850)**  |
|  [Voya Solution 2065 Portfolio](#classname2435e327-8dd9-4e8c-bc29-906ca9080c70)<br> **[Class S2 - VSQUX](#classname2435e327-8dd9-4e8c-bc29-906ca9080c70)**  |
|  [Voya Solution 2070 Portfolio](#classname6f6319c4-a80d-47e0-acaa-e602bbf6fd04)<br> **[Class ADV - VSSAX](#classname6f6319c4-a80d-47e0-acaa-e602bbf6fd04)**  |
|  [Voya Solution 2070 Portfolio](#classname027b5e06-0493-4275-aeaf-55e61a2ef508)<br> **[Class I - VSSIX](#classname027b5e06-0493-4275-aeaf-55e61a2ef508)**  |
|  [Voya Solution 2070 Portfolio](#classname105944ef-66c6-4b26-81eb-f380610c99c1)<br> **[Class S - VSSSX](#classname105944ef-66c6-4b26-81eb-f380610c99c1)**  |
|  [Voya Solution 2070 Portfolio](#classnamef05eedce-f663-483f-af16-859763a905d4)<br> **[Class S2 - VSSTX](#classnamef05eedce-f663-483f-af16-859763a905d4)**  |
|  [Voya Solution Aggressive Portfolio](#classname8961edc5-0488-4d88-b4ed-b80e947190ab)<br> **[Class ADV - IAVAX](#classname8961edc5-0488-4d88-b4ed-b80e947190ab)**  |
|  [Voya Solution Aggressive Portfolio](#classname0b10fd07-3049-4007-8c1a-cc8d38e904e1)<br> **[Class I - IAVIX](#classname0b10fd07-3049-4007-8c1a-cc8d38e904e1)**  |
|  [Voya Solution Aggressive Portfolio](#classname6c550cd6-cdfa-4bcd-bf3d-ec44175274a5)<br> **[Class R6 - VYRMX](#classname6c550cd6-cdfa-4bcd-bf3d-ec44175274a5)**  |
|  [Voya Solution Aggressive Portfolio](#classnamed9c137c0-9efb-48af-89b0-f4be354b0e0f)<br> **[Class S - IAVSX](#classnamed9c137c0-9efb-48af-89b0-f4be354b0e0f)**  |
|  [Voya Solution Aggressive Portfolio](#classname251da9a5-4f7b-4b7c-ae8d-c2350308ab7d)<br> **[Class S2 - IAVTX](#classname251da9a5-4f7b-4b7c-ae8d-c2350308ab7d)**  |
|  [Voya Solution Balanced Portfolio](#classname7656e97e-0486-45ae-9a23-02e321737bf1)<br> **[Class ADV - ISGAX](#classname7656e97e-0486-45ae-9a23-02e321737bf1)**  |
|  [Voya Solution Balanced Portfolio](#classnamef0a3ecae-cac8-4393-8b17-65b02d07a2d7)<br> **[Class I - ISGJX](#classnamef0a3ecae-cac8-4393-8b17-65b02d07a2d7)**  |
|  [Voya Solution Balanced Portfolio](#classname6e2217cd-176b-4787-8b61-4514e05e6c5b)<br> **[Class R6 - VYRLX](#classname6e2217cd-176b-4787-8b61-4514e05e6c5b)**  |
|  [Voya Solution Balanced Portfolio](#classname4d323559-0154-4b5a-a501-8b0d7cf0fbf7)<br> **[Class S - ISGKX](#classname4d323559-0154-4b5a-a501-8b0d7cf0fbf7)**  |
|  [Voya Solution Balanced Portfolio](#classname5bbf20a6-ed4b-45fc-aeda-6803ce60221d)<br> **[Class S2 - ISGTX](#classname5bbf20a6-ed4b-45fc-aeda-6803ce60221d)**  |
|  [Voya Solution Conservative Portfolio](#classname424fffda-5ef0-496e-a5fb-13347ee6d663)<br> **[Class ADV - ICGAX](#classname424fffda-5ef0-496e-a5fb-13347ee6d663)**  |
|  [Voya Solution Conservative Portfolio](#classnamef7181f0b-98ff-41de-b2ca-3222cb222f09)<br> **[Class I - ICGIX](#classnamef7181f0b-98ff-41de-b2ca-3222cb222f09)**  |
|  [Voya Solution Conservative Portfolio](#classnameb5603196-86d1-4996-9681-0cc108e3f2a9)<br> **[Class R6 - VYRPX](#classnameb5603196-86d1-4996-9681-0cc108e3f2a9)**  |
|  [Voya Solution Conservative Portfolio](#classname9bd89219-5b91-495b-865a-38f8d3374d1d)<br> **[Class S - ICGSX](#classname9bd89219-5b91-495b-865a-38f8d3374d1d)**  |
|  [Voya Solution Conservative Portfolio](#classname14ae8e87-abee-45f1-ae67-07cb9242fc7c)<br> **[Class S2 - ICGTX](#classname14ae8e87-abee-45f1-ae67-07cb9242fc7c)**  |
|  [Voya Solution Income Portfolio](#classname7a5b043f-37dc-4206-b683-9857af8ff79f)<br> **[Class ADV - ISWAX](#classname7a5b043f-37dc-4206-b683-9857af8ff79f)**  |
|  [Voya Solution Income Portfolio](#classname4cf8f948-09d7-4149-8292-fdcb4c5e2855)<br> **[Class I - ISWIX](#classname4cf8f948-09d7-4149-8292-fdcb4c5e2855)**  |
|  [Voya Solution Income Portfolio](#classnamed2c785d7-5c38-4dc6-bcbf-31de3b36d1f9)<br> **[Class S - ISWSX](#classnamed2c785d7-5c38-4dc6-bcbf-31de3b36d1f9)**  |
|  [Voya Solution Income Portfolio](#classname23c03ebf-f149-45cf-9b0f-34044888edb4)<br> **[Class S2 - IJKBX](#classname23c03ebf-f149-45cf-9b0f-34044888edb4)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classnamef93bf0af-7655-43b8-a1ec-89729e936598)<br> **[Class ADV - IAGAX](#classnamef93bf0af-7655-43b8-a1ec-89729e936598)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classnamee943b66a-b8dd-4ce0-9d8f-73ca8b01e642)<br> **[Class I - IAGIX](#classnamee943b66a-b8dd-4ce0-9d8f-73ca8b01e642)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classname5f3b0dad-7978-4e59-835c-669615fbbfba)<br> **[Class R6 - VYROX](#classname5f3b0dad-7978-4e59-835c-669615fbbfba)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classnamec0bdc36d-5b0c-4f3f-a206-026ae8048981)<br> **[Class S - IAGSX](#classnamec0bdc36d-5b0c-4f3f-a206-026ae8048981)**  |
|  [Voya Solution Moderately Aggressive Portfolio](#classname1068a247-97d6-405f-bb46-7b546ea5fbe4)<br> **[Class S2 - IAGTX](#classname1068a247-97d6-405f-bb46-7b546ea5fbe4)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classname0c198a14-d05d-49fd-9f75-c3f994cccd8d)<br> **[Class ADV - IASAX](#classname0c198a14-d05d-49fd-9f75-c3f994cccd8d)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classnamec4206123-d925-4283-9d1d-44fe131cf439)<br> **[Class I - IACIX](#classnamec4206123-d925-4283-9d1d-44fe131cf439)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classnamee342e5f3-09f4-46cd-a5ac-54781ac8fa7d)<br> **[Class S - IASSX](#classnamee342e5f3-09f4-46cd-a5ac-54781ac8fa7d)**  |
|  [VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio](#classnamefa042ca4-f9bd-4843-a02c-9dab8f32feb3)<br> **[Class S2 - ISMSX](#classnamefa042ca4-f9bd-4843-a02c-9dab8f32feb3)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname19f4cbcb-a425-4aad-9234-8d0e194ff761)<br> **[Class ADV - IBSAX](#classname19f4cbcb-a425-4aad-9234-8d0e194ff761)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname60c220b4-4533-49dc-90cd-ee438697b834)<br> **[Class I - IBGIX](#classname60c220b4-4533-49dc-90cd-ee438697b834)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname7f47b48d-e3b1-465b-b878-c8d2cac20cb9)<br> **[Class R6 - VYRBX](#classname7f47b48d-e3b1-465b-b878-c8d2cac20cb9)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname47b6cc3a-15c3-4608-9fa5-fe68c0983574)<br> **[Class S - IBSSX](#classname47b6cc3a-15c3-4608-9fa5-fe68c0983574)**  |
|  [VY<sup>®</sup> Baron Growth Portfolio](#classname892770e2-c173-4755-ad2d-165d3f073c8a)<br> **[Class S2 - IBCGX](#classname892770e2-c173-4755-ad2d-165d3f073c8a)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classname7868a055-bc52-4615-be0a-2615a672ec1e)<br> **[Class ADV - ISBAX](#classname7868a055-bc52-4615-be0a-2615a672ec1e)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classnamef57ccf60-867e-4e01-a35c-c6faf62f3e8b)<br> **[Class I - ISFIX](#classnamef57ccf60-867e-4e01-a35c-c6faf62f3e8b)**  |
|  [VY<sup>®</sup> Columbia Contrarian Core Portfolio](#classname66f11288-5ec0-4752-acb5-07367af5e0ec)<br> **[Class S - ISCSX](#classname66f11288-5ec0-4752-acb5-07367af5e0ec)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classname4fca2fa3-d2e7-4eeb-ac7f-9764a7555a8f)<br> **[Class ADV - ICSAX](#classname4fca2fa3-d2e7-4eeb-ac7f-9764a7555a8f)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnameafce5034-3e78-49cc-b4fa-59c7500c0548)<br> **[Class I - ICISX](#classnameafce5034-3e78-49cc-b4fa-59c7500c0548)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnamea75e0534-2c9b-485f-9782-2ec3ed61a55f)<br> **[Class R6 - VYRDX](#classnamea75e0534-2c9b-485f-9782-2ec3ed61a55f)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classname2bc8e1f5-9bce-46e7-87f2-04a8a2a3f7ef)<br> **[Class S - ICSSX](#classname2bc8e1f5-9bce-46e7-87f2-04a8a2a3f7ef)**  |
|  [VY<sup>®</sup> Columbia Small Cap Value II Portfolio](#classnameab7d9553-18d1-4fa2-89a3-6873e114fb19)<br> **[Class S2 - ICVPX](#classnameab7d9553-18d1-4fa2-89a3-6873e114fb19)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classnamec4821ee8-d909-49ab-b803-1fdf5d5cf804)<br> **[Class ADV - IVKAX](#classnamec4821ee8-d909-49ab-b803-1fdf5d5cf804)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classname91f8934b-b5fc-44af-93a3-d59c09dc8d80)<br> **[Class I - IVKIX](#classname91f8934b-b5fc-44af-93a3-d59c09dc8d80)**  |
|  [VY<sup>®</sup> Invesco Comstock Portfolio](#classname632c9647-027e-4e4a-96c5-c70bef9fe550)<br> **[Class S - IVKSX](#classname632c9647-027e-4e4a-96c5-c70bef9fe550)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classname2e0566ac-049e-4d42-a465-da42a47686f7)<br> **[Class ADV - IUAAX](#classname2e0566ac-049e-4d42-a465-da42a47686f7)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classname306d57d8-6531-444a-a81e-8e01fcfbe8e5)<br> **[Class I - IUAIX](#classname306d57d8-6531-444a-a81e-8e01fcfbe8e5)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classnamed6fb4170-0be3-411e-b7a8-b1e6680b360e)<br> **[Class S - IUASX](#classnamed6fb4170-0be3-411e-b7a8-b1e6680b360e)**  |
|  [VY<sup>®</sup> Invesco Equity and Income Portfolio](#classname3bc762a5-add4-4002-97f0-8848d3233ab8)<br> **[Class S2 - IVIPX](#classname3bc762a5-add4-4002-97f0-8848d3233ab8)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classname2f8d511f-aa52-4562-b2de-781823fc7175)<br> **[Class ADV - IJMAX](#classname2f8d511f-aa52-4562-b2de-781823fc7175)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classnamef4eede04-80a9-4edb-a0cc-75a5bb0ae019)<br> **[Class I - IJMIX](#classnamef4eede04-80a9-4edb-a0cc-75a5bb0ae019)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classname67b0390e-44d1-414a-a867-84f2f1135db1)<br> **[Class S - IJMSX](#classname67b0390e-44d1-414a-a867-84f2f1135db1)**  |
|  [VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio](#classname94a76962-a018-4890-ae03-5f5b006555ec)<br> **[Class S2 - IJPMX](#classname94a76962-a018-4890-ae03-5f5b006555ec)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname65b701c9-4cb6-488a-b9e8-ed55f941600e)<br> **[Class ADV - IAXAX](#classname65b701c9-4cb6-488a-b9e8-ed55f941600e)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname281cd3af-6e65-46ca-83d0-ac8035438c75)<br> **[Class I - IAXIX](#classname281cd3af-6e65-46ca-83d0-ac8035438c75)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname52232bf6-3c2e-493a-9c7a-81a524cf05ef)<br> **[Class R6 - VYRIX](#classname52232bf6-3c2e-493a-9c7a-81a524cf05ef)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classname12df5885-e7d4-41be-9efe-2c0e72174f4f)<br> **[Class S - IAXSX](#classname12df5885-e7d4-41be-9efe-2c0e72174f4f)**  |
|  [VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio](#classnameb5851aeb-bffa-4266-a33e-63af01c9863d)<br> **[Class S2 - IAXTX](#classnameb5851aeb-bffa-4266-a33e-63af01c9863d)**  |

---

# Class ADV: IOSAX
![Image](tm263417d2_tsrimg149.jpg)

# Voya Global Bond Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $122 | 1.17% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg Global Aggregate Index primarily due to primarily due to positive sector allocation, along with duration & yield curve positioning. Meanwhile, allocation within currencies had a limited impact.

↑ Top contributors to performance: Allocation to non-agency commercial mortgage-backed securities (CMBS) was the largest contributor to relative performance. The allocation to non-agency residential mortgage-backed securities (RMBS) and credit risk transfers (CRT) contributed. Also, allocation to high yield corporates & relative long duration position contributed, as the yield curve ended the year steeper. The Portfolio used derivatives, such as used futures, swaps, options and forward contracts, for hedging and overall risk management. The use of derivatives positively contributed to performance.

↓ Top detractors from performance: Security selection within agency mortgage-backed securities (MBS) was the most notable detractor and an underweight in investment grade corporates detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Class ADV** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10581 | $10209 |
| **2017** | $11539 | $10963 |
| **2018** | $11249 | $10832 |
| **2019** | $12090 | $11573 |
| **2020** | $13128 | $12637 |
| **2021** | $12443 | $12042 |
| **2022** | $10111 | $10085 |
| **2023** | $10679 | $10662 |
| **2024** | $10525 | $10482 |
| **2025** | $11404 | $11338 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 8.35% | -2.78% | 1.32% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |

---

## Fund Statistics
* Total Net Assets$103,897,131

* # of Portfolio Holdings812

* Portfolio Turnover Rate180%

* Investment Advisory Fees Paid$436,059

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.9% |
| Voya VACS Series EMHCD Fund | 4.1% |
| United States Treasury Notes, 4.000%, 11/15/35 | 2.5% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.8% |
| Uniform Mortgage-Backed Securities, 5.500%, 01/01/56 | 1.7% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.4% |
| United Kingdom Gilt, 4.125%, 07/22/29 | 1.3% |
| United States Treasury Notes, 3.875%, 12/31/32 | 1.2% |
| United States Treasury Bonds, 4.625%, 11/15/45 | 1.2% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg177.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 18.3% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| U.S. Government Agency Obligations | 5.3% |
| Asset-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 8.4% |
| Commercial Mortgage-Backed Securities | 9.0% |
| Mutual Funds | 10.0% |
| Sovereign Bonds | 10.3% |
| Collateralized Mortgage Obligations | 12.9% |
| Corporate Bonds/Notes | 17.6% |

---

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

# Class ADV: IOSAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Bond Portfolio
92914K883-AR

# Class I: IOSIX
![Image](tm263417d2_tsrimg149.jpg)

# Voya Global Bond Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $70 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg Global Aggregate Index primarily due to primarily due to positive sector allocation, along with duration & yield curve positioning. Meanwhile, allocation within currencies had a limited impact.

↑ Top contributors to performance: Allocation to non-agency commercial mortgage-backed securities (CMBS) was the largest contributor to relative performance. The allocation to non-agency residential mortgage-backed securities (RMBS) and credit risk transfers (CRT) contributed. Also, allocation to high yield corporates & relative long duration position contributed, as the yield curve ended the year steeper. The Portfolio used derivatives, such as used futures, swaps, options and forward contracts, for hedging and overall risk management. The use of derivatives positively contributed to performance.

↓ Top detractors from performance: Security selection within agency mortgage-backed securities (MBS) was the most notable detractor and an underweight in investment grade corporates detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg120.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10630 | $10209 |
| **2017** | $11658 | $10963 |
| **2018** | $11411 | $10832 |
| **2019** | $12327 | $11573 |
| **2020** | $13461 | $12637 |
| **2021** | $12819 | $12042 |
| **2022** | $10468 | $10085 |
| **2023** | $11120 | $10662 |
| **2024** | $11013 | $10482 |
| **2025** | $11982 | $11338 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.80% | -2.30% | 1.82% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |

---

## Fund Statistics
* Total Net Assets$103,897,131

* # of Portfolio Holdings812

* Portfolio Turnover Rate180%

* Investment Advisory Fees Paid$436,059

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.9% |
| Voya VACS Series EMHCD Fund | 4.1% |
| United States Treasury Notes, 4.000%, 11/15/35 | 2.5% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.8% |
| Uniform Mortgage-Backed Securities, 5.500%, 01/01/56 | 1.7% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.4% |
| United Kingdom Gilt, 4.125%, 07/22/29 | 1.3% |
| United States Treasury Notes, 3.875%, 12/31/32 | 1.2% |
| United States Treasury Bonds, 4.625%, 11/15/45 | 1.2% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg177.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 18.3% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| U.S. Government Agency Obligations | 5.3% |
| Asset-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 8.4% |
| Commercial Mortgage-Backed Securities | 9.0% |
| Mutual Funds | 10.0% |
| Sovereign Bonds | 10.3% |
| Collateralized Mortgage Obligations | 12.9% |
| Corporate Bonds/Notes | 17.6% |

---

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

# Class I: IOSIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Bond Portfolio
92914K800-AR

# Class S: IOSSX
![Image](tm263417d2_tsrimg149.jpg)

# Voya Global Bond Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $96 | 0.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Bloomberg Global Aggregate Index primarily due to primarily due to positive sector allocation, along with duration & yield curve positioning. Meanwhile, allocation within currencies had a limited impact.

↑ Top contributors to performance: Allocation to non-agency commercial mortgage-backed securities (CMBS) was the largest contributor to relative performance. The allocation to non-agency residential mortgage-backed securities (RMBS) and credit risk transfers (CRT) contributed. Also, allocation to high yield corporates & relative long duration position contributed, as the yield curve ended the year steeper. The Portfolio used derivatives, such as used futures, swaps, options and forward contracts, for hedging and overall risk management. The use of derivatives positively contributed to performance.

↓ Top detractors from performance: Security selection within agency mortgage-backed securities (MBS) was the most notable detractor and an underweight in investment grade corporates detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg050.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10602 | $10209 |
| **2017** | $11589 | $10963 |
| **2018** | $11325 | $10832 |
| **2019** | $12203 | $11573 |
| **2020** | $13283 | $12637 |
| **2021** | $12615 | $12042 |
| **2022** | $10282 | $10085 |
| **2023** | $10896 | $10662 |
| **2024** | $10763 | $10482 |
| **2025** | $11682 | $11338 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.54% | -2.54% | 1.57% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |

---

## Fund Statistics
* Total Net Assets$103,897,131

* # of Portfolio Holdings812

* Portfolio Turnover Rate180%

* Investment Advisory Fees Paid$436,059

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Series HYB Fund | 5.9% |
| Voya VACS Series EMHCD Fund | 4.1% |
| United States Treasury Notes, 4.000%, 11/15/35 | 2.5% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.8% |
| Uniform Mortgage-Backed Securities, 5.500%, 01/01/56 | 1.7% |
| Fannie Mae REMIC Trust - Class IN, 2.500%, 02/25/51 | 1.4% |
| United Kingdom Gilt, 4.125%, 07/22/29 | 1.3% |
| United States Treasury Notes, 3.875%, 12/31/32 | 1.2% |
| United States Treasury Bonds, 4.625%, 11/15/45 | 1.2% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 1.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg177.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 18.3% |
| Common Stock | 0.0% |
| Rights | 0.0% |
| U.S. Government Agency Obligations | 5.3% |
| Asset-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 8.4% |
| Commercial Mortgage-Backed Securities | 9.0% |
| Mutual Funds | 10.0% |
| Sovereign Bonds | 10.3% |
| Collateralized Mortgage Obligations | 12.9% |
| Corporate Bonds/Notes | 17.6% |

---

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

# Class S: IOSSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Bond Portfolio
92914K701-AR

# Class ADV: IGMAX
![Image](tm263417d2_tsrimg191.jpg)

# Voya Global Insights Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $141 | 1.26% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2024, the Fund underperformed the MSCI For the year ended December 31, 2025, the Fund outperformed the MSCI All Countries World Index<sup>SM</sup> due to favorable stock selection & allocation.

↑ Top contributors to performance: Materials led gains, followed by consumer staples. Results were bolstered by favorable selection in metals, mining, & construction materials, alongside gains in staples retailing & household products. The United States led contributions. Top individual contributors were Astera Labs, Inc. & Robinhood Markets, Inc.

↓ Top detractors from performance: Communication services was the biggest drag on negative selection in entertainment and interactive media, followed by information technology on weak software selection. Hong Kong detracted the most on negative selection within consumer discretionary, followed by Korea on negative IT selection. Top individual detractors included Alphabet Inc. & Inspire Medical Systems, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg135.jpg)

---

| | | |
|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** |
| **2015** | $10000 | $10000 |
| **2016** | $9971 | $10786 |
| **2017** | $13543 | $13371 |
| **2018** | $11699 | $12113 |
| **2019** | $15337 | $15335 |
| **2020** | $19507 | $17827 |
| **2021** | $22393 | $21132 |
| **2022** | $15166 | $17252 |
| **2023** | $20025 | $21083 |
| **2024** | $21777 | $24770 |
| **2025** | $26948 | $30303 |

---

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 | 23.74% | 6.68% | 10.42% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |

---

## Fund Statistics
* Total Net Assets$1,105,544,156

* # of Portfolio Holdings74

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$6,739,890

## 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

---

| | |
|:---|:---|
| Natera, Inc. | 3.4% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc. - Class A | 2.9% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.7% |
| Enel SpA | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Barclays PLC | 2.5% |
| Walmart, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |
| First Solar, Inc. | 2.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.4% |
| Singapore | 0.8% |
| Indonesia | 1.0% |
| Switzerland | 1.2% |
| Japan | 2.0% |
| India | 2.6% |
| Germany | 3.8% |
| Italy | 4.2% |
| Brazil | 4.4% |
| United Kingdom | 4.6% |
| China | 5.1% |
| United States | 66.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 15.3% |
| Information Technology | 14.0% |
| Health Care | 12.7% |
| Consumer Discretionary | 11.8% |
| Financials | 11.6% |
| Consumer Staples | 7.7% |
| Materials | 7.3% |
| Communication Services | 6.8% |
| Energy | 4.5% |
| Utilities | 3.4% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.0% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class ADV: IGMAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Insights Portfolio
92914K677-AR

# Class I: IGMIX
![Image](tm263417d2_tsrimg191.jpg)

# Voya Global Insights Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Insights 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 | $85 | 0.76% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2024, the Fund underperformed the MSCI For the year ended December 31, 2025, the Fund outperformed the MSCI All Countries World Index<sup>SM</sup> due to favorable stock selection & allocation.

↑ Top contributors to performance: Materials led gains, followed by consumer staples. Results were bolstered by favorable selection in metals, mining, & construction materials, alongside gains in staples retailing & household products. The United States led contributions. Top individual contributors were Astera Labs, Inc. & Robinhood Markets, Inc.

↓ Top detractors from performance: Communication services was the biggest drag on negative selection in entertainment and interactive media, followed by information technology on weak software selection. Hong Kong detracted the most on negative selection within consumer discretionary, followed by Korea on negative IT selection. Top individual detractors included Alphabet Inc. & Inspire Medical Systems, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** |
| **2015** | $10000 | $10000 |
| **2016** | $10022 | $10786 |
| **2017** | $13679 | $13371 |
| **2018** | $11874 | $12113 |
| **2019** | $15651 | $15335 |
| **2020** | $19999 | $17827 |
| **2021** | $23073 | $21132 |
| **2022** | $15706 | $17252 |
| **2023** | $20840 | $21083 |
| **2024** | $22781 | $24770 |
| **2025** | $28320 | $30303 |

---

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 | 24.31% | 7.21% | 10.97% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |

---

## Fund Statistics
* Total Net Assets$1,105,544,156

* # of Portfolio Holdings74

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$6,739,890

## 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

---

| | |
|:---|:---|
| Natera, Inc. | 3.4% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc. - Class A | 2.9% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.7% |
| Enel SpA | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Barclays PLC | 2.5% |
| Walmart, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |
| First Solar, Inc. | 2.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.4% |
| Singapore | 0.8% |
| Indonesia | 1.0% |
| Switzerland | 1.2% |
| Japan | 2.0% |
| India | 2.6% |
| Germany | 3.8% |
| Italy | 4.2% |
| Brazil | 4.4% |
| United Kingdom | 4.6% |
| China | 5.1% |
| United States | 66.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 15.3% |
| Information Technology | 14.0% |
| Health Care | 12.7% |
| Consumer Discretionary | 11.8% |
| Financials | 11.6% |
| Consumer Staples | 7.7% |
| Materials | 7.3% |
| Communication Services | 6.8% |
| Energy | 4.5% |
| Utilities | 3.4% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.0% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class I: IGMIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Insights Portfolio
92914K651-AR

# Class S: IGMSX
![Image](tm263417d2_tsrimg191.jpg)

# Voya Global Insights Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Insights 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 | $112 | 1.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2024, the Fund underperformed the MSCI For the year ended December 31, 2025, the Fund outperformed the MSCI All Countries World Index<sup>SM</sup> due to favorable stock selection & allocation.

↑ Top contributors to performance: Materials led gains, followed by consumer staples. Results were bolstered by favorable selection in metals, mining, & construction materials, alongside gains in staples retailing & household products. The United States led contributions. Top individual contributors were Astera Labs, Inc. & Robinhood Markets, Inc.

↓ Top detractors from performance: Communication services was the biggest drag on negative selection in entertainment and interactive media, followed by information technology on weak software selection. Hong Kong detracted the most on negative selection within consumer discretionary, followed by Korea on negative IT selection. Top individual detractors included Alphabet Inc. & Inspire Medical Systems, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg047.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** |
| **2015** | $10000 | $10000 |
| **2016** | $9996 | $10786 |
| **2017** | $13608 | $13371 |
| **2018** | $11786 | $12113 |
| **2019** | $15492 | $15335 |
| **2020** | $19742 | $17827 |
| **2021** | $22729 | $21132 |
| **2022** | $15434 | $17252 |
| **2023** | $20434 | $21083 |
| **2024** | $22264 | $24770 |
| **2025** | $27638 | $30303 |

---

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 | 24.14% | 6.96% | 10.70% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |

---

## Fund Statistics
* Total Net Assets$1,105,544,156

* # of Portfolio Holdings74

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$6,739,890

## 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

---

| | |
|:---|:---|
| Natera, Inc. | 3.4% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc. - Class A | 2.9% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.7% |
| Enel SpA | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Barclays PLC | 2.5% |
| Walmart, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |
| First Solar, Inc. | 2.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.4% |
| Singapore | 0.8% |
| Indonesia | 1.0% |
| Switzerland | 1.2% |
| Japan | 2.0% |
| India | 2.6% |
| Germany | 3.8% |
| Italy | 4.2% |
| Brazil | 4.4% |
| United Kingdom | 4.6% |
| China | 5.1% |
| United States | 66.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 15.3% |
| Information Technology | 14.0% |
| Health Care | 12.7% |
| Consumer Discretionary | 11.8% |
| Financials | 11.6% |
| Consumer Staples | 7.7% |
| Materials | 7.3% |
| Communication Services | 6.8% |
| Energy | 4.5% |
| Utilities | 3.4% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.0% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S: IGMSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Insights Portfolio
92914K669-AR

# Class S2: IOGPX
![Image](tm263417d2_tsrimg191.jpg)

# Voya Global Insights Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about Voya Global Insights 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 | $130 | 1.16% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2024, the Fund underperformed the MSCI For the year ended December 31, 2025, the Fund outperformed the MSCI All Countries World Index<sup>SM</sup> due to favorable stock selection & allocation.

↑ Top contributors to performance: Materials led gains, followed by consumer staples. Results were bolstered by favorable selection in metals, mining, & construction materials, alongside gains in staples retailing & household products. The United States led contributions. Top individual contributors were Astera Labs, Inc. & Robinhood Markets, Inc.

↓ Top detractors from performance: Communication services was the biggest drag on negative selection in entertainment and interactive media, followed by information technology on weak software selection. Hong Kong detracted the most on negative selection within consumer discretionary, followed by Korea on negative IT selection. Top individual detractors included Alphabet Inc. & Inspire Medical Systems, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg064.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** |
| **2015** | $10000 | $10000 |
| **2016** | $9980 | $10786 |
| **2017** | $13564 | $13371 |
| **2018** | $11725 | $12113 |
| **2019** | $15390 | $15335 |
| **2020** | $19596 | $17827 |
| **2021** | $22517 | $21132 |
| **2022** | $15264 | $17252 |
| **2023** | $20189 | $21083 |
| **2024** | $21979 | $24770 |
| **2025** | $27201 | $30303 |

---

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 | 23.76% | 6.78% | 10.52% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |

---

## Fund Statistics
* Total Net Assets$1,105,544,156

* # of Portfolio Holdings74

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid$6,739,890

## 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

---

| | |
|:---|:---|
| Natera, Inc. | 3.4% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc. - Class A | 2.9% |
| NU Holdings Ltd./Cayman Islands - Class A | 2.7% |
| Enel SpA | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Barclays PLC | 2.5% |
| Walmart, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |
| First Solar, Inc. | 2.4% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.4% |
| Singapore | 0.8% |
| Indonesia | 1.0% |
| Switzerland | 1.2% |
| Japan | 2.0% |
| India | 2.6% |
| Germany | 3.8% |
| Italy | 4.2% |
| Brazil | 4.4% |
| United Kingdom | 4.6% |
| China | 5.1% |
| United States | 66.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 15.3% |
| Information Technology | 14.0% |
| Health Care | 12.7% |
| Consumer Discretionary | 11.8% |
| Financials | 11.6% |
| Consumer Staples | 7.7% |
| Materials | 7.3% |
| Communication Services | 6.8% |
| Energy | 4.5% |
| Utilities | 3.4% |
| Real Estate | 1.5% |
| Short-Term Investments | 4.0% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S2: IOGPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Global Insights Portfolio
92914L444-AR

# Class ADV: IDXFX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2030 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 Index Solution 2030 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 | $60 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2030 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg152.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10684 | $10786 | $10265 | $10835 |
| **2017** | $12460 | $13371 | $10628 | $12589 |
| **2018** | $11638 | $12113 | $10629 | $11835 |
| **2019** | $14006 | $15335 | $11556 | $14247 |
| **2020** | $15858 | $17827 | $12424 | $15944 |
| **2021** | $17728 | $21132 | $12233 | $17954 |
| **2022** | $14735 | $17252 | $10641 | $15448 |
| **2023** | $16930 | $21083 | $11230 | $17734 |
| **2024** | $18602 | $24770 | $11370 | $19489 |
| **2025** | $21359 | $30303 | $12200 | $22437 |

---

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 | 14.82% | 6.14% | 7.88% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$1,020,231,596

* # of Portfolio Holdings12

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 34.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.5% |
| Voya VACS Index Series I Portfolio | 17.5% |
| Voya VACS Index Series EM Portfolio | 3.7% |
| Voya U.S. Bond Index Portfolio - Class I | 3.5% |
| Voya VACS Index Series MC Portfolio | 2.9% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 38.5% |
| Equity | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 3.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class ADV: IDXFX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2030 Portfolio
92914J753-AR

# Class I: IDXGX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2030 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 Index Solution 2030 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 | $6 | 0.06% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2030 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg079.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10731 | $10786 | $10265 | $10835 |
| **2017** | $12570 | $13371 | $10628 | $12589 |
| **2018** | $11803 | $12113 | $10629 | $11835 |
| **2019** | $14284 | $15335 | $11556 | $14247 |
| **2020** | $16243 | $17827 | $12424 | $15944 |
| **2021** | $18258 | $21132 | $12233 | $17954 |
| **2022** | $15243 | $17252 | $10641 | $15448 |
| **2023** | $17608 | $21083 | $11230 | $17734 |
| **2024** | $19450 | $24770 | $11370 | $19489 |
| **2025** | $22437 | $30303 | $12200 | $22437 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.35% | 6.67% | 8.42% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$1,020,231,596

* # of Portfolio Holdings12

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 34.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.5% |
| Voya VACS Index Series I Portfolio | 17.5% |
| Voya VACS Index Series EM Portfolio | 3.7% |
| Voya U.S. Bond Index Portfolio - Class I | 3.5% |
| Voya VACS Index Series MC Portfolio | 2.9% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 38.5% |
| Equity | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 3.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class I: IDXGX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2030 Portfolio
92914J761-AR

# Class S: IDXHX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2030 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 Index Solution 2030 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 | $33 | 0.31% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2030 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg193.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10708 | $10786 | $10265 | $10835 |
| **2017** | $12519 | $13371 | $10628 | $12589 |
| **2018** | $11717 | $12113 | $10629 | $11835 |
| **2019** | $14140 | $15335 | $11556 | $14247 |
| **2020** | $16042 | $17827 | $12424 | $15944 |
| **2021** | $17995 | $21132 | $12233 | $17954 |
| **2022** | $14989 | $17252 | $10641 | $15448 |
| **2023** | $17263 | $21083 | $11230 | $17734 |
| **2024** | $19018 | $24770 | $11370 | $19489 |
| **2025** | $21888 | $30303 | $12200 | $22437 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 15.09% | 6.41% | 8.15% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$1,020,231,596

* # of Portfolio Holdings12

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 34.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.5% |
| Voya VACS Index Series I Portfolio | 17.5% |
| Voya VACS Index Series EM Portfolio | 3.7% |
| Voya U.S. Bond Index Portfolio - Class I | 3.5% |
| Voya VACS Index Series MC Portfolio | 2.9% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 38.5% |
| Equity | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 3.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S: IDXHX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2030 Portfolio
92914J779-AR

# Class S2: IDXIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2030 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 Index Solution 2030 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 | $49 | 0.46% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2030 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg137.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10692 | $10786 | $10265 | $10835 |
| **2017** | $12476 | $13371 | $10628 | $12589 |
| **2018** | $11669 | $12113 | $10629 | $11835 |
| **2019** | $14061 | $15335 | $11556 | $14247 |
| **2020** | $15925 | $17827 | $12424 | $15944 |
| **2021** | $17838 | $21132 | $12233 | $17954 |
| **2022** | $14829 | $17252 | $10641 | $15448 |
| **2023** | $17058 | $21083 | $11230 | $17734 |
| **2024** | $18763 | $24770 | $11370 | $19489 |
| **2025** | $21562 | $30303 | $12200 | $22437 |

---

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 | 14.92% | 6.25% | 7.99% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$1,020,231,596

* # of Portfolio Holdings12

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 34.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.5% |
| Voya VACS Index Series I Portfolio | 17.5% |
| Voya VACS Index Series EM Portfolio | 3.7% |
| Voya U.S. Bond Index Portfolio - Class I | 3.5% |
| Voya VACS Index Series MC Portfolio | 2.9% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 38.5% |
| Equity | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 3.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S2: IDXIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2030 Portfolio
92914J787-AR

# Class Z: VSZCX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2030 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 Index Solution 2030 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2030 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg189.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10748 | $10786 | $10265 | $10835 |
| **2017** | $12613 | $13371 | $10628 | $12589 |
| **2018** | $11869 | $12113 | $10629 | $11835 |
| **2019** | $14385 | $15335 | $11556 | $14247 |
| **2020** | $16407 | $17827 | $12424 | $15944 |
| **2021** | $18481 | $21132 | $12233 | $17954 |
| **2022** | $15467 | $17252 | $10641 | $15448 |
| **2023** | $17868 | $21083 | $11230 | $17734 |
| **2024** | $19751 | $24770 | $11370 | $19489 |
| **2025** | $22800 | $30303 | $12200 | $22437 |

---

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 Z | 15.44% | 6.80% | 8.59% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$1,020,231,596

* # of Portfolio Holdings12

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 34.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 25.5% |
| Voya VACS Index Series I Portfolio | 17.5% |
| Voya VACS Index Series EM Portfolio | 3.7% |
| Voya U.S. Bond Index Portfolio - Class I | 3.5% |
| Voya VACS Index Series MC Portfolio | 2.9% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 38.5% |
| Equity | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 3.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class Z: VSZCX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2030 Portfolio
92914J498-AR

# Class ADV: ISEAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2035 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 Index Solution 2035 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 | $60 | 0.55% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2035 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector and U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg061.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2035 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10763 | $10786 | $10265 | $10885 |
| **2017** | $12695 | $13371 | $10628 | $12820 |
| **2018** | $11774 | $12113 | $10629 | $11938 |
| **2019** | $14354 | $15335 | $11556 | $14586 |
| **2020** | $16342 | $17827 | $12424 | $16452 |
| **2021** | $18559 | $21132 | $12233 | $18906 |
| **2022** | $15193 | $17252 | $10641 | $16072 |
| **2023** | $17730 | $21083 | $11230 | $18745 |
| **2024** | $19772 | $24770 | $11370 | $20880 |
| **2025** | $23052 | $30303 | $12200 | $24387 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 16.59% | 7.12% | 8.71% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

## Fund Statistics
* Total Net Assets$1,742,168,266

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 40.9% |
| Voya VACS Index Series I Portfolio | 20.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.6% |
| Voya U.S. Bond Index Portfolio - Class I | 5.5% |
| Voya VACS Index Series EM Portfolio | 4.7% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya VACS Index Series MC Portfolio | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 27.8% |
| Equity | 71.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 20.0% |
| Emerging Markets | 4.5% |
| US Large Blend | 41.5% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class ADV: ISEAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2035 Portfolio
92914H583-AR

# Class I: ISEIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2035 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 Index Solution 2035 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 | $5 | 0.05% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2035 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector and U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg203.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2035 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10812 | $10786 | $10265 | $10885 |
| **2017** | $12829 | $13371 | $10628 | $12820 |
| **2018** | $11949 | $12113 | $10629 | $11938 |
| **2019** | $14648 | $15335 | $11556 | $14586 |
| **2020** | $16758 | $17827 | $12424 | $16452 |
| **2021** | $19133 | $21132 | $12233 | $18906 |
| **2022** | $15735 | $17252 | $10641 | $16072 |
| **2023** | $18451 | $21083 | $11230 | $18745 |
| **2024** | $20686 | $24770 | $11370 | $20880 |
| **2025** | $24242 | $30303 | $12200 | $24387 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.19% | 7.66% | 9.26% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

## Fund Statistics
* Total Net Assets$1,742,168,266

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 40.9% |
| Voya VACS Index Series I Portfolio | 20.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.6% |
| Voya U.S. Bond Index Portfolio - Class I | 5.5% |
| Voya VACS Index Series EM Portfolio | 4.7% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya VACS Index Series MC Portfolio | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 27.8% |
| Equity | 71.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 20.0% |
| Emerging Markets | 4.5% |
| US Large Blend | 41.5% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class I: ISEIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2035 Portfolio
92914H716-AR

# Class S: ISESX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2035 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 Index Solution 2035 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 | $33 | 0.30% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2035 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector and U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg126.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2035 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10777 | $10786 | $10265 | $10885 |
| **2017** | $12758 | $13371 | $10628 | $12820 |
| **2018** | $11850 | $12113 | $10629 | $11938 |
| **2019** | $14499 | $15335 | $11556 | $14586 |
| **2020** | $16547 | $17827 | $12424 | $16452 |
| **2021** | $18842 | $21132 | $12233 | $18906 |
| **2022** | $15461 | $17252 | $10641 | $16072 |
| **2023** | $18077 | $21083 | $11230 | $18745 |
| **2024** | $20219 | $24770 | $11370 | $20880 |
| **2025** | $23625 | $30303 | $12200 | $24387 |

---

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 | 16.85% | 7.38% | 8.98% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

## Fund Statistics
* Total Net Assets$1,742,168,266

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 40.9% |
| Voya VACS Index Series I Portfolio | 20.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.6% |
| Voya U.S. Bond Index Portfolio - Class I | 5.5% |
| Voya VACS Index Series EM Portfolio | 4.7% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya VACS Index Series MC Portfolio | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 27.8% |
| Equity | 71.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 20.0% |
| Emerging Markets | 4.5% |
| US Large Blend | 41.5% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S: ISESX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2035 Portfolio
92914H641-AR

# Class S2: IXISX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2035 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 Index Solution 2035 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 | $49 | 0.45% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2035 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector and U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg140.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2035 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10765 | $10786 | $10265 | $10885 |
| **2017** | $12717 | $13371 | $10628 | $12820 |
| **2018** | $11809 | $12113 | $10629 | $11938 |
| **2019** | $14417 | $15335 | $11556 | $14586 |
| **2020** | $16426 | $17827 | $12424 | $16452 |
| **2021** | $18669 | $21132 | $12233 | $18906 |
| **2022** | $15290 | $17252 | $10641 | $16072 |
| **2023** | $17862 | $21083 | $11230 | $18745 |
| **2024** | $19965 | $24770 | $11370 | $20880 |
| **2025** | $23285 | $30303 | $12200 | $24387 |

---

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 | 16.63% | 7.23% | 8.82% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

## Fund Statistics
* Total Net Assets$1,742,168,266

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 40.9% |
| Voya VACS Index Series I Portfolio | 20.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.6% |
| Voya U.S. Bond Index Portfolio - Class I | 5.5% |
| Voya VACS Index Series EM Portfolio | 4.7% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya VACS Index Series MC Portfolio | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 27.8% |
| Equity | 71.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 20.0% |
| Emerging Markets | 4.5% |
| US Large Blend | 41.5% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S2: IXISX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2035 Portfolio
92914L550-AR

# Class Z: VSZDX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2035 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 Index Solution 2035 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2035 Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweights to the health care sector and U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg218.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2035 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10821 | $10786 | $10265 | $10885 |
| **2017** | $12863 | $13371 | $10628 | $12820 |
| **2018** | $12008 | $12113 | $10629 | $11938 |
| **2019** | $14756 | $15335 | $11556 | $14586 |
| **2020** | $16918 | $17827 | $12424 | $16452 |
| **2021** | $19357 | $21132 | $12233 | $18906 |
| **2022** | $15946 | $17252 | $10641 | $16072 |
| **2023** | $18722 | $21083 | $11230 | $18745 |
| **2024** | $20997 | $24770 | $11370 | $20880 |
| **2025** | $24604 | $30303 | $12200 | $24387 |

---

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 Z | 17.18% | 7.78% | 9.42% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

## Fund Statistics
* Total Net Assets$1,742,168,266

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 40.9% |
| Voya VACS Index Series I Portfolio | 20.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 17.6% |
| Voya U.S. Bond Index Portfolio - Class I | 5.5% |
| Voya VACS Index Series EM Portfolio | 4.7% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya VACS Index Series MC Portfolio | 2.8% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 27.8% |
| Equity | 71.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| International | 20.0% |
| Emerging Markets | 4.5% |
| US Large Blend | 41.5% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class Z: VSZDX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2035 Portfolio
92914J480-AR

# Class ADV: IDXKX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2040 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 Index Solution 2040 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 | $63 | 0.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg018.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10767 | $10786 | $10265 | $10923 |
| **2017** | $12818 | $13371 | $10628 | $12984 |
| **2018** | $11801 | $12113 | $10629 | $12022 |
| **2019** | $14537 | $15335 | $11556 | $14832 |
| **2020** | $16729 | $17827 | $12424 | $16815 |
| **2021** | $19399 | $21132 | $12233 | $19597 |
| **2022** | $15814 | $17252 | $10641 | $16548 |
| **2023** | $18698 | $21083 | $11230 | $19554 |
| **2024** | $21130 | $24770 | $11370 | $22070 |
| **2025** | $24988 | $30303 | $12200 | $26086 |

---

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 | 18.26% | 8.36% | 9.59% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$1,163,659,555

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 45.7% |
| Voya VACS Index Series I Portfolio | 24.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 10.1% |
| Voya VACS Index Series EM Portfolio | 5.8% |
| Voya VACS Index Series MC Portfolio | 3.8% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya U.S. Bond Index Portfolio - Class I | 2.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.1% |
| Equity | 82.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| International | 24.0% |
| Emerging Markets | 5.5% |
| US Large Blend | 46.5% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class ADV: IDXKX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2040 Portfolio
92914J811-AR

# Class I: IDXLX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2040 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 Index Solution 2040 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 | $9 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10824 | $10786 | $10265 | $10923 |
| **2017** | $12955 | $13371 | $10628 | $12984 |
| **2018** | $11979 | $12113 | $10629 | $12022 |
| **2019** | $14832 | $15335 | $11556 | $14832 |
| **2020** | $17149 | $17827 | $12424 | $16815 |
| **2021** | $19994 | $21132 | $12233 | $19597 |
| **2022** | $16380 | $17252 | $10641 | $16548 |
| **2023** | $19471 | $21083 | $11230 | $19554 |
| **2024** | $22110 | $24770 | $11370 | $22070 |
| **2025** | $26281 | $30303 | $12200 | $26086 |

---

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 | 18.87% | 8.91% | 10.15% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$1,163,659,555

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 45.7% |
| Voya VACS Index Series I Portfolio | 24.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 10.1% |
| Voya VACS Index Series EM Portfolio | 5.8% |
| Voya VACS Index Series MC Portfolio | 3.8% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya U.S. Bond Index Portfolio - Class I | 2.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.1% |
| Equity | 82.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| International | 24.0% |
| Emerging Markets | 5.5% |
| US Large Blend | 46.5% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class I: IDXLX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2040 Portfolio
92914J829-AR

# Class S: IDXMX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2040 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 Index Solution 2040 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 | $36 | 0.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg036.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10789 | $10786 | $10265 | $10923 |
| **2017** | $12880 | $13371 | $10628 | $12984 |
| **2018** | $11885 | $12113 | $10629 | $12022 |
| **2019** | $14681 | $15335 | $11556 | $14832 |
| **2020** | $16933 | $17827 | $12424 | $16815 |
| **2021** | $19693 | $21132 | $12233 | $19597 |
| **2022** | $16090 | $17252 | $10641 | $16548 |
| **2023** | $19077 | $21083 | $11230 | $19554 |
| **2024** | $21612 | $24770 | $11370 | $22070 |
| **2025** | $25627 | $30303 | $12200 | $26086 |

---

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 | 18.58% | 8.64% | 9.87% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$1,163,659,555

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 45.7% |
| Voya VACS Index Series I Portfolio | 24.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 10.1% |
| Voya VACS Index Series EM Portfolio | 5.8% |
| Voya VACS Index Series MC Portfolio | 3.8% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya U.S. Bond Index Portfolio - Class I | 2.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.1% |
| Equity | 82.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| International | 24.0% |
| Emerging Markets | 5.5% |
| US Large Blend | 46.5% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S: IDXMX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2040 Portfolio
92914J837-AR

# Class S2: IDXNX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2040 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 Index Solution 2040 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 | $52 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg090.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10782 | $10786 | $10265 | $10923 |
| **2017** | $12853 | $13371 | $10628 | $12984 |
| **2018** | $11838 | $12113 | $10629 | $12022 |
| **2019** | $14604 | $15335 | $11556 | $14832 |
| **2020** | $16819 | $17827 | $12424 | $16815 |
| **2021** | $19526 | $21132 | $12233 | $19597 |
| **2022** | $15928 | $17252 | $10641 | $16548 |
| **2023** | $18870 | $21083 | $11230 | $19554 |
| **2024** | $21343 | $24770 | $11370 | $22070 |
| **2025** | $25263 | $30303 | $12200 | $26086 |

---

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 | 18.37% | 8.48% | 9.71% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$1,163,659,555

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 45.7% |
| Voya VACS Index Series I Portfolio | 24.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 10.1% |
| Voya VACS Index Series EM Portfolio | 5.8% |
| Voya VACS Index Series MC Portfolio | 3.8% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya U.S. Bond Index Portfolio - Class I | 2.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.1% |
| Equity | 82.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| International | 24.0% |
| Emerging Markets | 5.5% |
| US Large Blend | 46.5% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S2: IDXNX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2040 Portfolio
92914J845-AR

# Class Z: VSZEX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2040 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 Index Solution 2040 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector & U.S. mid cap equities and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg124.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10840 | $10786 | $10265 | $10923 |
| **2017** | $12992 | $13371 | $10628 | $12984 |
| **2018** | $12041 | $12113 | $10629 | $12022 |
| **2019** | $14941 | $15335 | $11556 | $14832 |
| **2020** | $17325 | $17827 | $12424 | $16815 |
| **2021** | $20246 | $21132 | $12233 | $19597 |
| **2022** | $16616 | $17252 | $10641 | $16548 |
| **2023** | $19765 | $21083 | $11230 | $19554 |
| **2024** | $22470 | $24770 | $11370 | $22070 |
| **2025** | $26719 | $30303 | $12200 | $26086 |

---

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 Z | 18.91% | 9.05% | 10.33% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$1,163,659,555

* # of Portfolio Holdings10

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 45.7% |
| Voya VACS Index Series I Portfolio | 24.4% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 10.1% |
| Voya VACS Index Series EM Portfolio | 5.8% |
| Voya VACS Index Series MC Portfolio | 3.8% |
| Vanguard Long-Term Treasury ETF | 2.8% |
| Voya U.S. Bond Index Portfolio - Class I | 2.3% |
| Voya VACS Index Series SC Portfolio | 2.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.9% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.1% |
| Equity | 82.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| International | 24.0% |
| Emerging Markets | 5.5% |
| US Large Blend | 46.5% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class Z: VSZEX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2040 Portfolio
92914J472-AR

# Class ADV: ISJAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2045 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 Index Solution 2045 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 | $61 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg059.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2045 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10767 | $10786 | $10265 | $10954 |
| **2017** | $12916 | $13371 | $10628 | $13097 |
| **2018** | $11792 | $12113 | $10629 | $12083 |
| **2019** | $14656 | $15335 | $11556 | $14985 |
| **2020** | $16888 | $17827 | $12424 | $17032 |
| **2021** | $19800 | $21132 | $12233 | $20015 |
| **2022** | $16117 | $17252 | $10641 | $16844 |
| **2023** | $19213 | $21083 | $11230 | $20068 |
| **2024** | $21936 | $24770 | $11370 | $22792 |
| **2025** | $26221 | $30303 | $12200 | $27231 |

---

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 | 19.53% | 9.20% | 10.12% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

## Fund Statistics
* Total Net Assets$1,489,680,255

* # of Portfolio Holdings10

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 50.9% |
| Voya VACS Index Series I Portfolio | 25.4% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.8% |
| Voya VACS Index Series MC Portfolio | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 0.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.3% |
| Equity | 90.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 52.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class ADV: ISJAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2045 Portfolio
92914H591-AR

# Class I: ISJIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2045 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 Index Solution 2045 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 | $7 | 0.06% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg190.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2045 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10829 | $10786 | $10265 | $10954 |
| **2017** | $13047 | $13371 | $10628 | $13097 |
| **2018** | $11982 | $12113 | $10629 | $12083 |
| **2019** | $14965 | $15335 | $11556 | $14985 |
| **2020** | $17326 | $17827 | $12424 | $17032 |
| **2021** | $20419 | $21132 | $12233 | $20015 |
| **2022** | $16705 | $17252 | $10641 | $16844 |
| **2023** | $20018 | $21083 | $11230 | $20068 |
| **2024** | $22976 | $24770 | $11370 | $22792 |
| **2025** | $27587 | $30303 | $12200 | $27231 |

---

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 | 20.07% | 9.75% | 10.68% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

## Fund Statistics
* Total Net Assets$1,489,680,255

* # of Portfolio Holdings10

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 50.9% |
| Voya VACS Index Series I Portfolio | 25.4% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.8% |
| Voya VACS Index Series MC Portfolio | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 0.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.3% |
| Equity | 90.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 52.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class I: ISJIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2045 Portfolio
92914H724-AR

# Class S: ISJSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2045 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 Index Solution 2045 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 | $34 | 0.31% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg069.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2045 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10805 | $10786 | $10265 | $10954 |
| **2017** | $12989 | $13371 | $10628 | $13097 |
| **2018** | $11893 | $12113 | $10629 | $12083 |
| **2019** | $14812 | $15335 | $11556 | $14985 |
| **2020** | $17107 | $17827 | $12424 | $17032 |
| **2021** | $20110 | $21132 | $12233 | $20015 |
| **2022** | $16409 | $17252 | $10641 | $16844 |
| **2023** | $19615 | $21083 | $11230 | $20068 |
| **2024** | $22450 | $24770 | $11370 | $22792 |
| **2025** | $26905 | $30303 | $12200 | $27231 |

---

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 | 19.84% | 9.48% | 10.40% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

## Fund Statistics
* Total Net Assets$1,489,680,255

* # of Portfolio Holdings10

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 50.9% |
| Voya VACS Index Series I Portfolio | 25.4% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.8% |
| Voya VACS Index Series MC Portfolio | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 0.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.3% |
| Equity | 90.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 52.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S: ISJSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2045 Portfolio
92914H666-AR

# Class S2: ISVLX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2045 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 Index Solution 2045 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 | $51 | 0.46% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg021.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2045 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10788 | $10786 | $10265 | $10954 |
| **2017** | $12942 | $13371 | $10628 | $13097 |
| **2018** | $11840 | $12113 | $10629 | $12083 |
| **2019** | $14722 | $15335 | $11556 | $14985 |
| **2020** | $16983 | $17827 | $12424 | $17032 |
| **2021** | $19918 | $21132 | $12233 | $20015 |
| **2022** | $16235 | $17252 | $10641 | $16844 |
| **2023** | $19367 | $21083 | $11230 | $20068 |
| **2024** | $22147 | $24770 | $11370 | $22792 |
| **2025** | $26490 | $30303 | $12200 | $27231 |

---

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 | 19.61% | 9.30% | 10.23% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

## Fund Statistics
* Total Net Assets$1,489,680,255

* # of Portfolio Holdings10

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 50.9% |
| Voya VACS Index Series I Portfolio | 25.4% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.8% |
| Voya VACS Index Series MC Portfolio | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 0.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.3% |
| Equity | 90.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 52.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S2: ISVLX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2045 Portfolio
92914L568-AR

# Class Z: VSZFX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2045 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 Index Solution 2045 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg109.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2045 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10846 | $10786 | $10265 | $10954 |
| **2017** | $13103 | $13371 | $10628 | $13097 |
| **2018** | $12052 | $12113 | $10629 | $12083 |
| **2019** | $15085 | $15335 | $11556 | $14985 |
| **2020** | $17513 | $17827 | $12424 | $17032 |
| **2021** | $20690 | $21132 | $12233 | $20015 |
| **2022** | $16946 | $17252 | $10641 | $16844 |
| **2023** | $20323 | $21083 | $11230 | $20068 |
| **2024** | $23339 | $24770 | $11370 | $22792 |
| **2025** | $28044 | $30303 | $12200 | $27231 |

---

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 Z | 20.16% | 9.87% | 10.86% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

## Fund Statistics
* Total Net Assets$1,489,680,255

* # of Portfolio Holdings10

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 50.9% |
| Voya VACS Index Series I Portfolio | 25.4% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 4.8% |
| Voya VACS Index Series MC Portfolio | 4.3% |
| Voya VACS Index Series SC Portfolio | 2.1% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Voya U.S. Bond Index Portfolio - Class I | 0.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.3% |
| Equity | 90.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 52.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class Z: VSZFX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2045 Portfolio
92914J464-AR

# Class ADV: IDXPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2050 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 Index Solution 2050 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 | $64 | 0.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg165.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10794 | $10786 | $10265 | $10974 |
| **2017** | $12966 | $13371 | $10628 | $13189 |
| **2018** | $11809 | $12113 | $10629 | $12141 |
| **2019** | $14714 | $15335 | $11556 | $15098 |
| **2020** | $16871 | $17827 | $12424 | $17190 |
| **2021** | $19777 | $21132 | $12233 | $20283 |
| **2022** | $16078 | $17252 | $10641 | $17044 |
| **2023** | $19241 | $21083 | $11230 | $20382 |
| **2024** | $22066 | $24770 | $11370 | $23297 |
| **2025** | $26472 | $30303 | $12200 | $27854 |

---

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 | 19.97% | 9.43% | 10.22% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$1,005,388,421

* # of Portfolio Holdings9

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.3% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| Voya VACS Index Series MC Portfolio | 4.2% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3.4% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.2% |
| Equity | 94.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| International | 26.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 54.5% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: IDXPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2050 Portfolio
92914J878-AR

# Class I: IDXQX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2050 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 Index Solution 2050 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 | $9 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg174.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10853 | $10786 | $10265 | $10974 |
| **2017** | $13104 | $13371 | $10628 | $13189 |
| **2018** | $11991 | $12113 | $10629 | $12141 |
| **2019** | $15014 | $15335 | $11556 | $15098 |
| **2020** | $17304 | $17827 | $12424 | $17190 |
| **2021** | $20386 | $21132 | $12233 | $20283 |
| **2022** | $16657 | $17252 | $10641 | $17044 |
| **2023** | $20026 | $21083 | $11230 | $20382 |
| **2024** | $23083 | $24770 | $11370 | $23297 |
| **2025** | $27833 | $30303 | $12200 | $27854 |

---

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 | 20.58% | 9.97% | 10.78% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$1,005,388,421

* # of Portfolio Holdings9

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.3% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| Voya VACS Index Series MC Portfolio | 4.2% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3.4% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.2% |
| Equity | 94.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| International | 26.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 54.5% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: IDXQX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2050 Portfolio
92914J886-AR

# Class S: IDXRX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2050 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 Index Solution 2050 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 | $36 | 0.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg105.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10820 | $10786 | $10265 | $10974 |
| **2017** | $13034 | $13371 | $10628 | $13189 |
| **2018** | $11903 | $12113 | $10629 | $12141 |
| **2019** | $14871 | $15335 | $11556 | $15098 |
| **2020** | $17093 | $17827 | $12424 | $17190 |
| **2021** | $20084 | $21132 | $12233 | $20283 |
| **2022** | $16365 | $17252 | $10641 | $17044 |
| **2023** | $19629 | $21083 | $11230 | $20382 |
| **2024** | $22577 | $24770 | $11370 | $23297 |
| **2025** | $27145 | $30303 | $12200 | $27854 |

---

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 | 20.23% | 9.69% | 10.50% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$1,005,388,421

* # of Portfolio Holdings9

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.3% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| Voya VACS Index Series MC Portfolio | 4.2% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3.4% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.2% |
| Equity | 94.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| International | 26.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 54.5% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: IDXRX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2050 Portfolio
92914J803-AR

# Class S2: IDXSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2050 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 Index Solution 2050 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 | $53 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg112.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10804 | $10786 | $10265 | $10974 |
| **2017** | $12988 | $13371 | $10628 | $13189 |
| **2018** | $11845 | $12113 | $10629 | $12141 |
| **2019** | $14770 | $15335 | $11556 | $15098 |
| **2020** | $16952 | $17827 | $12424 | $17190 |
| **2021** | $19889 | $21132 | $12233 | $20283 |
| **2022** | $16186 | $17252 | $10641 | $17044 |
| **2023** | $19388 | $21083 | $11230 | $20382 |
| **2024** | $22263 | $24770 | $11370 | $23297 |
| **2025** | $26734 | $30303 | $12200 | $27854 |

---

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 | 20.09% | 9.54% | 10.33% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$1,005,388,421

* # of Portfolio Holdings9

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.3% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| Voya VACS Index Series MC Portfolio | 4.2% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3.4% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.2% |
| Equity | 94.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| International | 26.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 54.5% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: IDXSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2050 Portfolio
92914J704-AR

# Class Z: VSZGX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2050 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 Index Solution 2050 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg006.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10862 | $10786 | $10265 | $10974 |
| **2017** | $13146 | $13371 | $10628 | $13189 |
| **2018** | $12057 | $12113 | $10629 | $12141 |
| **2019** | $15139 | $15335 | $11556 | $15098 |
| **2020** | $17480 | $17827 | $12424 | $17190 |
| **2021** | $20647 | $21132 | $12233 | $20283 |
| **2022** | $16902 | $17252 | $10641 | $17044 |
| **2023** | $20347 | $21083 | $11230 | $20382 |
| **2024** | $23471 | $24770 | $11370 | $23297 |
| **2025** | $28329 | $30303 | $12200 | $27854 |

---

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 Z | 20.70% | 10.14% | 10.97% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$1,005,388,421

* # of Portfolio Holdings9

* Portfolio Turnover Rate26%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.3% |
| Voya VACS Index Series EM Portfolio | 6.8% |
| Voya VACS Index Series MC Portfolio | 4.2% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3.4% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.2% |
| Equity | 94.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| International | 26.0% |
| Emerging Markets | 6.5% |
| US Large Blend | 54.5% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class Z: VSZGX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2050 Portfolio
92914J456-AR

# Class ADV: IISAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2055 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 Index Solution 2055 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 | $64 | 0.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investments and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector and U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg159.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10761 | $10786 | $10265 | $10994 |
| **2017** | $12953 | $13371 | $10628 | $13246 |
| **2018** | $11804 | $12113 | $10629 | $12190 |
| **2019** | $14697 | $15335 | $11556 | $15174 |
| **2020** | $16887 | $17827 | $12424 | $17277 |
| **2021** | $19812 | $21132 | $12233 | $20420 |
| **2022** | $16096 | $17252 | $10641 | $17159 |
| **2023** | $19260 | $21083 | $11230 | $20525 |
| **2024** | $22111 | $24770 | $11370 | $23464 |
| **2025** | $26565 | $30303 | $12200 | $28172 |

---

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 | 20.14% | 9.48% | 10.26% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$1,016,990,285

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: IISAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2055 Portfolio
92914L683-AR

# Class I: IISNX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2055 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 Index Solution 2055 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 | $9 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investments and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector and U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg131.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10810 | $10786 | $10265 | $10994 |
| **2017** | $13083 | $13371 | $10628 | $13246 |
| **2018** | $11973 | $12113 | $10629 | $12190 |
| **2019** | $14994 | $15335 | $11556 | $15174 |
| **2020** | $17307 | $17827 | $12424 | $17277 |
| **2021** | $20413 | $21132 | $12233 | $20420 |
| **2022** | $16661 | $17252 | $10641 | $17159 |
| **2023** | $20049 | $21083 | $11230 | $20525 |
| **2024** | $23133 | $24770 | $11370 | $23464 |
| **2025** | $27919 | $30303 | $12200 | $28172 |

---

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 | 20.69% | 10.04% | 10.81% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$1,016,990,285

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: IISNX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2055 Portfolio
92914L691-AR

# Class S: IISSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2055 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 Index Solution 2055 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 | $36 | 0.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investments and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector and U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg200.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10789 | $10786 | $10265 | $10994 |
| **2017** | $13015 | $13371 | $10628 | $13246 |
| **2018** | $11887 | $12113 | $10629 | $12190 |
| **2019** | $14852 | $15335 | $11556 | $15174 |
| **2020** | $17097 | $17827 | $12424 | $17277 |
| **2021** | $20114 | $21132 | $12233 | $20420 |
| **2022** | $16380 | $17252 | $10641 | $17159 |
| **2023** | $19657 | $21083 | $11230 | $20525 |
| **2024** | $22625 | $24770 | $11370 | $23464 |
| **2025** | $27236 | $30303 | $12200 | $28172 |

---

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 | 20.38% | 9.76% | 10.54% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$1,016,990,285

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: IISSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2055 Portfolio
92914L717-AR

# Class S2: IISTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2055 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 Index Solution 2055 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 | $53 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investments and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector and U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg110.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10771 | $10786 | $10265 | $10994 |
| **2017** | $12979 | $13371 | $10628 | $13246 |
| **2018** | $11840 | $12113 | $10629 | $12190 |
| **2019** | $14763 | $15335 | $11556 | $15174 |
| **2020** | $16974 | $17827 | $12424 | $17277 |
| **2021** | $19933 | $21132 | $12233 | $20420 |
| **2022** | $16208 | $17252 | $10641 | $17159 |
| **2023** | $19423 | $21083 | $11230 | $20525 |
| **2024** | $22317 | $24770 | $11370 | $23464 |
| **2025** | $26825 | $30303 | $12200 | $28172 |

---

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 | 20.20% | 9.59% | 10.37% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$1,016,990,285

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: IISTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2055 Portfolio
92914L725-AR

# Class Z: VSZHX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2055 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 Index Solution 2055 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investments and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the health care sector and U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg083.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10824 | $10786 | $10265 | $10994 |
| **2017** | $13126 | $13371 | $10628 | $13246 |
| **2018** | $12045 | $12113 | $10629 | $12190 |
| **2019** | $15121 | $15335 | $11556 | $15174 |
| **2020** | $17493 | $17827 | $12424 | $17277 |
| **2021** | $20675 | $21132 | $12233 | $20420 |
| **2022** | $16912 | $17252 | $10641 | $17159 |
| **2023** | $20369 | $21083 | $11230 | $20525 |
| **2024** | $23523 | $24770 | $11370 | $23464 |
| **2025** | $28419 | $30303 | $12200 | $28172 |

---

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 Z | 20.82% | 10.19% | 11.01% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$1,016,990,285

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class Z: VSZHX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2055 Portfolio
92914J449-AR

# Class ADV: VPSAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2060 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 Index Solution 2060 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 | $64 | 0.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg101.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10787 | $10786 | $10265 | $11008 |
| **2017** | $12993 | $13371 | $10628 | $13291 |
| **2018** | $11839 | $12113 | $10629 | $12235 |
| **2019** | $14753 | $15335 | $11556 | $15260 |
| **2020** | $16982 | $17827 | $12424 | $17395 |
| **2021** | $19979 | $21132 | $12233 | $20535 |
| **2022** | $16216 | $17252 | $10641 | $17248 |
| **2023** | $19405 | $21083 | $11230 | $20652 |
| **2024** | $22284 | $24770 | $11370 | $23633 |
| **2025** | $26763 | $30303 | $12200 | $28346 |

---

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 | 20.10% | 9.52% | 10.35% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$674,512,029

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: VPSAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2060 Portfolio
92914L238-AR

# Class I: VISPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2060 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 Index Solution 2060 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 | $9 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg097.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10824 | $10786 | $10265 | $11008 |
| **2017** | $13108 | $13371 | $10628 | $13291 |
| **2018** | $11999 | $12113 | $10629 | $12235 |
| **2019** | $15037 | $15335 | $11556 | $15260 |
| **2020** | $17396 | $17827 | $12424 | $17395 |
| **2021** | $20560 | $21132 | $12233 | $20535 |
| **2022** | $16768 | $17252 | $10641 | $17248 |
| **2023** | $20183 | $21083 | $11230 | $20652 |
| **2024** | $23294 | $24770 | $11370 | $23633 |
| **2025** | $28109 | $30303 | $12200 | $28346 |

---

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 | 20.67% | 10.07% | 10.89% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$674,512,029

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: VISPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2060 Portfolio
92914L279-AR

# Class S: VPISX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2060 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 Index Solution 2060 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 | $36 | 0.33% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg117.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10806 | $10786 | $10265 | $11008 |
| **2017** | $13050 | $13371 | $10628 | $13291 |
| **2018** | $11920 | $12113 | $10629 | $12235 |
| **2019** | $14884 | $15335 | $11556 | $15260 |
| **2020** | $17172 | $17827 | $12424 | $17395 |
| **2021** | $20257 | $21132 | $12233 | $20535 |
| **2022** | $16479 | $17252 | $10641 | $17248 |
| **2023** | $19787 | $21083 | $11230 | $20652 |
| **2024** | $22781 | $24770 | $11370 | $23633 |
| **2025** | $27422 | $30303 | $12200 | $28346 |

---

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 | 20.37% | 9.81% | 10.61% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$674,512,029

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: VPISX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2060 Portfolio
92914L261-AR

# Class S2: VPSSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2060 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 Index Solution 2060 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 | $53 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg081.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10792 | $10786 | $10265 | $11008 |
| **2017** | $13008 | $13371 | $10628 | $13291 |
| **2018** | $11870 | $12113 | $10629 | $12235 |
| **2019** | $14809 | $15335 | $11556 | $15260 |
| **2020** | $17056 | $17827 | $12424 | $17395 |
| **2021** | $20088 | $21132 | $12233 | $20535 |
| **2022** | $16317 | $17252 | $10641 | $17248 |
| **2023** | $19557 | $21083 | $11230 | $20652 |
| **2024** | $22483 | $24770 | $11370 | $23633 |
| **2025** | $27021 | $30303 | $12200 | $28346 |

---

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 | 20.19% | 9.64% | 10.45% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$674,512,029

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: VPSSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2060 Portfolio
92914L253-AR

# Class Z: VSZIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2060 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 Index Solution 2060 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 Z | $1 | 0.01% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as and underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg138.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10858 | $10786 | $10265 | $11008 |
| **2017** | $13164 | $13371 | $10628 | $13291 |
| **2018** | $12076 | $12113 | $10629 | $12235 |
| **2019** | $15169 | $15335 | $11556 | $15260 |
| **2020** | $17584 | $17827 | $12424 | $17395 |
| **2021** | $20837 | $21132 | $12233 | $20535 |
| **2022** | $17034 | $17252 | $10641 | $17248 |
| **2023** | $20520 | $21083 | $11230 | $20652 |
| **2024** | $23696 | $24770 | $11370 | $23633 |
| **2025** | $28635 | $30303 | $12200 | $28346 |

---

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 Z | 20.84% | 10.24% | 11.09% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$674,512,029

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 26.8% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 2.4% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.4% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.7% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 26.5% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class Z: VSZIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2060 Portfolio
92914J431-AR

# Class ADV: VIQAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2065 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 Index Solution 2065 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 | $66 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg065.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11662 | $11704 | $10004 | $11610 |
| **2021** | $13732 | $13874 | $9850 | $13720 |
| **2022** | $11142 | $11327 | $8568 | $11531 |
| **2023** | $13356 | $13841 | $9042 | $13820 |
| **2024** | $15354 | $16262 | $9155 | $15869 |
| **2025** | $18456 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class ADV | 20.20% | 9.61% | 11.96% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$219,953,427

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 27.3% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.3% |
| Equity | 96.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: VIQAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2065 Portfolio
92914J423-AR

# Class I: VIQIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2065 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 Index Solution 2065 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 | $11 | 0.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg210.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11679 | $11704 | $10004 | $11610 |
| **2021** | $13833 | $13874 | $9850 | $13720 |
| **2022** | $11281 | $11327 | $8568 | $11531 |
| **2023** | $13584 | $13841 | $9042 | $13820 |
| **2024** | $15690 | $16262 | $9155 | $15869 |
| **2025** | $18957 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class I | 20.82% | 10.17% | 12.51% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$219,953,427

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 27.3% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.3% |
| Equity | 96.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: VIQIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2065 Portfolio
92914J415-AR

# Class S: VIQSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2065 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 Index Solution 2065 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 | $39 | 0.35% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg216.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11672 | $11704 | $10004 | $11610 |
| **2021** | $13782 | $13874 | $9850 | $13720 |
| **2022** | $11203 | $11327 | $8568 | $11531 |
| **2023** | $13473 | $13841 | $9042 | $13820 |
| **2024** | $15515 | $16262 | $9155 | $15869 |
| **2025** | $18706 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class S | 20.57% | 9.89% | 12.24% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$219,953,427

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 27.3% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.3% |
| Equity | 96.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: VIQSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2065 Portfolio
92914J399-AR

# Class S2: VIQUX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2065 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 Index Solution 2065 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 | $55 | 0.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg012.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11659 | $11704 | $10004 | $11610 |
| **2021** | $13743 | $13874 | $9850 | $13720 |
| **2022** | $11167 | $11327 | $8568 | $11531 |
| **2023** | $13398 | $13841 | $9042 | $13820 |
| **2024** | $15412 | $16262 | $9155 | $15869 |
| **2025** | $18545 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class S2 | 20.33% | 9.73% | 12.06% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$219,953,427

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 27.3% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.3% |
| Equity | 96.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: VIQUX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2065 Portfolio
92914J381-AR

# Class Z: VIQZX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2065 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 Index Solution 2065 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 Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweights in U.S. real estate investment trusts and U.S. small cap equities were the main contributors.

↓ Top detractors from performance: Overweights to the U.S. mid cap equities and health care sector, as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg078.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11689 | $11704 | $10004 | $11610 |
| **2021** | $13873 | $13874 | $9850 | $13720 |
| **2022** | $11338 | $11327 | $8568 | $11531 |
| **2023** | $13680 | $13841 | $9042 | $13820 |
| **2024** | $15814 | $16262 | $9155 | $15869 |
| **2025** | $19134 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class Z | 21.00% | 10.36% | 12.71% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$219,953,427

* # of Portfolio Holdings9

* Portfolio Turnover Rate25%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.2% |
| Voya VACS Index Series I Portfolio | 27.3% |
| Voya VACS Index Series EM Portfolio | 7.3% |
| Voya VACS Index Series MC Portfolio | 4.7% |
| Voya VACS Index Series SC Portfolio | 3.0% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.8% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.3% |
| Equity | 96.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class Z: VIQZX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2065 Portfolio
92914J373-AR

# Class ADV: VSIBX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2070 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 Index Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $21 | 0.52% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts were the main contributors.

↓ Top detractors from performance: The Fund's overweight to U.S. mid cap equities and underweight in emerging market equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the period, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg171.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10751 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class ADV | 7.51% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$5,365,165

* # of Portfolio Holdings10

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.5% |
| Voya VACS Index Series I Portfolio | 27.2% |
| Voya VACS Index Series EM Portfolio | 7.2% |
| Voya VACS Index Series MC Portfolio | 4.8% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 3.3% |
| Equity | 96.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: VSIBX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2070 Portfolio
92915V862-AR

# Class I: VSICX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2070 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 Index Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $1 | 0.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts were the main contributors.

↓ Top detractors from performance: The Fund's overweight to U.S. mid cap equities and underweight in emerging market equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the period, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg032.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10773 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class I | 7.73% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$5,365,165

* # of Portfolio Holdings10

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.5% |
| Voya VACS Index Series I Portfolio | 27.2% |
| Voya VACS Index Series EM Portfolio | 7.2% |
| Voya VACS Index Series MC Portfolio | 4.8% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 3.3% |
| Equity | 96.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: VSICX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2070 Portfolio
92915V854-AR

# Class S: VSISX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2070 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 Index Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $11 | 0.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts were the main contributors.

↓ Top detractors from performance: The Fund's overweight to U.S. mid cap equities and underweight in emerging market equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the period, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg040.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10772 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class S | 7.72% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$5,365,165

* # of Portfolio Holdings10

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.5% |
| Voya VACS Index Series I Portfolio | 27.2% |
| Voya VACS Index Series EM Portfolio | 7.2% |
| Voya VACS Index Series MC Portfolio | 4.8% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 3.3% |
| Equity | 96.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: VSISX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2070 Portfolio
92915V847-AR

# Class S2: VSITX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2070 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 Index Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $17 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts were the main contributors.

↓ Top detractors from performance: The Fund's overweight to U.S. mid cap equities and underweight in emerging market equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the period, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg209.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10761 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class S2 | 7.61% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$5,365,165

* # of Portfolio Holdings10

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.5% |
| Voya VACS Index Series I Portfolio | 27.2% |
| Voya VACS Index Series EM Portfolio | 7.2% |
| Voya VACS Index Series MC Portfolio | 4.8% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 3.3% |
| Equity | 96.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: VSITX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2070 Portfolio
92915V821-AR

# Class Z: VSIZX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution 2070 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 Index Solution 2070 Portfolio for the period of August 8, 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 Z<sup>Footnote Reference\*</sup> | $0 | 0.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities and underweight in U.S. real estate investment trusts were the main contributors.

↓ Top detractors from performance: The Fund's overweight to U.S. mid cap equities and underweight in emerging market equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the period, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg039.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10773 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class Z | 7.73% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$5,365,165

* # of Portfolio Holdings10

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya VACS Index Series S Portfolio | 53.5% |
| Voya VACS Index Series I Portfolio | 27.2% |
| Voya VACS Index Series EM Portfolio | 7.2% |
| Voya VACS Index Series MC Portfolio | 4.8% |
| Voya VACS Index Series SC Portfolio | 3.1% |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 1.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 0.9% |
| Voya U.S. Bond Index Portfolio - Class I | 0.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.1)% |
| Fixed Income | 3.3% |
| Equity | 96.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 27.0% |
| Emerging Markets | 7.0% |
| US Large Blend | 54.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

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

# Class Z: VSIZX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution 2070 Portfolio
92915V813-AR

# Class ADV: ISKAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $57 | 0.54% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date Retirement Income Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities as well as underweights in U.S. real estate investment trusts, U.S. small cap equities & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweight to the health care sector & U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg092.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date Retirement Income Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10471 | $10786 | $10265 | $10501 |
| **2017** | $11381 | $13371 | $10628 | $11398 |
| **2018** | $10983 | $12113 | $10629 | $11108 |
| **2019** | $12368 | $15335 | $11556 | $12589 |
| **2020** | $13696 | $17827 | $12424 | $13698 |
| **2021** | $14466 | $21132 | $12233 | $14398 |
| **2022** | $12359 | $17252 | $10641 | $12790 |
| **2023** | $13652 | $21083 | $11230 | $14113 |
| **2024** | $14517 | $24770 | $11370 | $15036 |
| **2025** | $16158 | $30303 | $12200 | $16789 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 11.30% | 3.36% | 4.92% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Fund Statistics
* Total Net Assets$1,453,008,842

* # of Portfolio Holdings11

* Portfolio Turnover Rate40%

* Investment Advisory Fees Paid$0

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 36.6% |
| Voya VACS Index Series S Portfolio | 20.0% |
| Voya VACS Index Series I Portfolio | 11.9% |
| Schwab U.S. TIPS ETF | 9.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.4% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Voya VACS Index Series EM Portfolio | 2.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.6% |
| Fixed Income | 64.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 20.5% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class ADV: ISKAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution Income Portfolio
92914H559-AR

# Class I: ISKIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $4 | 0.04% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date Retirement Income Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities as well as underweights in U.S. real estate investment trusts, U.S. small cap equities & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweight to the health care sector & U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg089.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date Retirement Income Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10523 | $10786 | $10265 | $10501 |
| **2017** | $11508 | $13371 | $10628 | $11398 |
| **2018** | $11158 | $12113 | $10629 | $11108 |
| **2019** | $12627 | $15335 | $11556 | $12589 |
| **2020** | $14056 | $17827 | $12424 | $13698 |
| **2021** | $14913 | $21132 | $12233 | $14398 |
| **2022** | $12805 | $17252 | $10641 | $12790 |
| **2023** | $14219 | $21083 | $11230 | $14113 |
| **2024** | $15202 | $24770 | $11370 | $15036 |
| **2025** | $17000 | $30303 | $12200 | $16789 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.83% | 3.88% | 5.45% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Fund Statistics
* Total Net Assets$1,453,008,842

* # of Portfolio Holdings11

* Portfolio Turnover Rate40%

* Investment Advisory Fees Paid$0

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 36.6% |
| Voya VACS Index Series S Portfolio | 20.0% |
| Voya VACS Index Series I Portfolio | 11.9% |
| Schwab U.S. TIPS ETF | 9.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.4% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Voya VACS Index Series EM Portfolio | 2.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.6% |
| Fixed Income | 64.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 20.5% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class I: ISKIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution Income Portfolio
92914H674-AR

# Class S: ISKSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $31 | 0.29% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date Retirement Income Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities as well as underweights in U.S. real estate investment trusts, U.S. small cap equities & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweight to the health care sector & U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg008.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date Retirement Income Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10495 | $10786 | $10265 | $10501 |
| **2017** | $11445 | $13371 | $10628 | $11398 |
| **2018** | $11074 | $12113 | $10629 | $11108 |
| **2019** | $12500 | $15335 | $11556 | $12589 |
| **2020** | $13881 | $17827 | $12424 | $13698 |
| **2021** | $14687 | $21132 | $12233 | $14398 |
| **2022** | $12585 | $17252 | $10641 | $12790 |
| **2023** | $13934 | $21083 | $11230 | $14113 |
| **2024** | $14855 | $24770 | $11370 | $15036 |
| **2025** | $16572 | $30303 | $12200 | $16789 |

---

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 | 11.56% | 3.61% | 5.18% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Fund Statistics
* Total Net Assets$1,453,008,842

* # of Portfolio Holdings11

* Portfolio Turnover Rate40%

* Investment Advisory Fees Paid$0

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 36.6% |
| Voya VACS Index Series S Portfolio | 20.0% |
| Voya VACS Index Series I Portfolio | 11.9% |
| Schwab U.S. TIPS ETF | 9.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.4% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Voya VACS Index Series EM Portfolio | 2.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.6% |
| Fixed Income | 64.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 20.5% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S: ISKSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution Income Portfolio
92914H617-AR

# Class S2: IIIPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $46 | 0.44% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date Retirement Income Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities as well as underweights in U.S. real estate investment trusts, U.S. small cap equities & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweight to the health care sector & U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg121.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date Retirement Income Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10479 | $10786 | $10265 | $10501 |
| **2017** | $11411 | $13371 | $10628 | $11398 |
| **2018** | $11024 | $12113 | $10629 | $11108 |
| **2019** | $12423 | $15335 | $11556 | $12589 |
| **2020** | $13764 | $17827 | $12424 | $13698 |
| **2021** | $14548 | $21132 | $12233 | $14398 |
| **2022** | $12443 | $17252 | $10641 | $12790 |
| **2023** | $13760 | $21083 | $11230 | $14113 |
| **2024** | $14653 | $24770 | $11370 | $15036 |
| **2025** | $16317 | $30303 | $12200 | $16789 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 11.36% | 3.46% | 5.02% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Fund Statistics
* Total Net Assets$1,453,008,842

* # of Portfolio Holdings11

* Portfolio Turnover Rate40%

* Investment Advisory Fees Paid$0

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 36.6% |
| Voya VACS Index Series S Portfolio | 20.0% |
| Voya VACS Index Series I Portfolio | 11.9% |
| Schwab U.S. TIPS ETF | 9.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.4% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Voya VACS Index Series EM Portfolio | 2.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.6% |
| Fixed Income | 64.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 20.5% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class S2: IIIPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution Income Portfolio
92914L576-AR

# Class Z: VSZJX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Index Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class Z | $0 | 0.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date Retirement Income Index (before fees and expenses).

↑ Top contributors to performance: Asset allocation had a positive impact. The Fund's overweight to equities as well as underweights in U.S. real estate investment trusts, U.S. small cap equities & global bonds were the main contributors.

↓ Top detractors from performance: The Fund's overweight to the health care sector & U.S. mid cap equities as well as underweight in international equities were the main asset allocation detractors. The Fund is comprised of passive underlying index funds. The underlying funds may not perfectly track the performance of the underlying asset class benchmarks. During the year, underlying index funds' performance differences detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg070.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date Retirement Income Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10532 | $10786 | $10265 | $10501 |
| **2017** | $11536 | $13371 | $10628 | $11398 |
| **2018** | $11209 | $12113 | $10629 | $11108 |
| **2019** | $12719 | $15335 | $11556 | $12589 |
| **2020** | $14180 | $17827 | $12424 | $13698 |
| **2021** | $15090 | $21132 | $12233 | $14398 |
| **2022** | $12985 | $17252 | $10641 | $12790 |
| **2023** | $14411 | $21083 | $11230 | $14113 |
| **2024** | $15415 | $24770 | $11370 | $15036 |
| **2025** | $17261 | $30303 | $12200 | $16789 |

---

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 Z | 11.97% | 4.01% | 5.61% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Fund Statistics
* Total Net Assets$1,453,008,842

* # of Portfolio Holdings11

* Portfolio Turnover Rate40%

* Investment Advisory Fees Paid$0

## 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

---

| | |
|:---|:---|
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 36.6% |
| Voya VACS Index Series S Portfolio | 20.0% |
| Voya VACS Index Series I Portfolio | 11.9% |
| Schwab U.S. TIPS ETF | 9.5% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.8% |
| Voya U.S. Bond Index Portfolio - Class I | 3.4% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Voya VACS Index Series EM Portfolio | 2.7% |
| Invesco S&P 500 Equal Weight ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.6% |
| Fixed Income | 64.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 20.5% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

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

# Class Z: VSZJX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Index Solution Income Portfolio
92914J530-AR

# Class ADV: IFTAX
![Image](tm263417d2_tsrimg191.jpg)

# Voya International High Dividend Low Volatility 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 International High Dividend Low Volatility 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 | $147 | 1.24% |

---

## How did the Fund perform in the past 12 months?
For the reporting period ended December 31, 2025, the Fund underperformed the MSCI EAFE Value Index<sup>SM</sup>.

↑ Top contributors to performance: The proprietary core model was the main contributor to performance, specifically the sentiment pillar. The higher dividend yield was another major contributor. Stock selection within the consumer staples, energy, & financials sectors were contributors. On the regional level, portfolio holdings in Asia Ex-Japan contributed. ·Not owning Toyota Motor Corp., & the underweight positions in Sanofi SA and Nestle S.A. were contributors.

↓ Top detractors from performance: The lower beta positioning was the main detractor. Stock selection within materials, industrials, and real estate sectors were a headwind. Holdings in the Japan, Europe (Non-Euro), & United Kingdom regions detracted. Not owning Banco Santander, S.A.& Banco Bilbao Vizcaya Argentaria, S.A., as well as an overweight position to SIG Group AG were detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE Value<sup>®</sup> Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10133 | $10450 | $10502 |
| **2017** | $12328 | $13291 | $12754 |
| **2018** | $10439 | $11404 | $10869 |
| **2019** | $12122 | $13857 | $12617 |
| **2020** | $11981 | $15333 | $12286 |
| **2021** | $13359 | $16532 | $13623 |
| **2022** | $12110 | $13887 | $12863 |
| **2023** | $13835 | $16055 | $15301 |
| **2024** | $14778 | $16944 | $16171 |
| **2025** | $20226 | $22431 | $23002 |

---

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 | 36.87% | 11.04% | 7.30% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI EAFE Value<sup>®</sup> Index℠ | 42.25% | 13.36% | 8.69% |

---

## Fund Statistics
* Total Net Assets$346,938,479

* # of Portfolio Holdings182

* Portfolio Turnover Rate82%

* Investment Advisory Fees Paid$1,929,433

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 3.2% |
| Roche Holding AG | 2.4% |
| Allianz SE | 2.3% |
| Shell PLC | 2.0% |
| Intesa Sanpaolo SpA | 1.5% |
| ING Groep NV | 1.4% |
| British American Tobacco PLC | 1.4% |
| Enel SpA | 1.4% |
| ANZ Group Holdings Ltd. | 1.3% |
| Reckitt Benckiser Group PLC | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 13.7% |
| Hong Kong | 2.7% |
| Norway | 3.7% |
| Switzerland | 4.6% |
| Netherlands | 6.3% |
| Italy | 6.3% |
| Germany | 6.4% |
| Australia | 6.6% |
| United States | 7.1% |
| France | 8.1% |
| United Kingdom | 12.9% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 37.5% |
| Industrials | 12.5% |
| Consumer Staples | 11.0% |
| Health Care | 7.9% |
| Utilities | 7.1% |
| Energy | 6.6% |
| Communication Services | 5.8% |
| Materials | 4.9% |
| Consumer Discretionary | 2.7% |
| Real Estate | 2.5% |
| Exchange-Traded Funds | 1.1% |
| Information Technology | 1.0% |
| Short-Term Investments | 3.6% |
| Liabilities in Excess of Other Assets | (4.2)% |

---

## 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: IFTAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H484-AR

# Class I: IFTIX
![Image](tm263417d2_tsrimg191.jpg)

# Voya International High Dividend Low Volatility 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 International High Dividend Low Volatility 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 | $88 | 0.74% |

---

## How did the Fund perform in the past 12 months?
For the reporting period ended December 31, 2025, the Fund underperformed the MSCI EAFE Value Index<sup>SM</sup>.

↑ Top contributors to performance: The proprietary core model was the main contributor to performance, specifically the sentiment pillar. The higher dividend yield was another major contributor. Stock selection within the consumer staples, energy, & financials sectors were contributors. On the regional level, portfolio holdings in Asia Ex-Japan contributed. ·Not owning Toyota Motor Corp., & the underweight positions in Sanofi SA and Nestle S.A. were contributors.

↓ Top detractors from performance: The lower beta positioning was the main detractor. Stock selection within materials, industrials, and real estate sectors were a headwind. Holdings in the Japan, Europe (Non-Euro), & United Kingdom regions detracted. Not owning Banco Santander, S.A.& Banco Bilbao Vizcaya Argentaria, S.A., as well as an overweight position to SIG Group AG were detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg067.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE Value<sup>®</sup> Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10185 | $10450 | $10502 |
| **2017** | $12461 | $13291 | $12754 |
| **2018** | $10598 | $11404 | $10869 |
| **2019** | $12373 | $13857 | $12617 |
| **2020** | $12285 | $15333 | $12286 |
| **2021** | $13769 | $16532 | $13623 |
| **2022** | $12544 | $13887 | $12863 |
| **2023** | $14409 | $16055 | $15301 |
| **2024** | $15451 | $16944 | $16171 |
| **2025** | $21261 | $22431 | $23002 |

---

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 | 37.60% | 11.59% | 7.83% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI EAFE Value<sup>®</sup> Index℠ | 42.25% | 13.36% | 8.69% |

---

## Fund Statistics
* Total Net Assets$346,938,479

* # of Portfolio Holdings182

* Portfolio Turnover Rate82%

* Investment Advisory Fees Paid$1,929,433

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 3.2% |
| Roche Holding AG | 2.4% |
| Allianz SE | 2.3% |
| Shell PLC | 2.0% |
| Intesa Sanpaolo SpA | 1.5% |
| ING Groep NV | 1.4% |
| British American Tobacco PLC | 1.4% |
| Enel SpA | 1.4% |
| ANZ Group Holdings Ltd. | 1.3% |
| Reckitt Benckiser Group PLC | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 13.7% |
| Hong Kong | 2.7% |
| Norway | 3.7% |
| Switzerland | 4.6% |
| Netherlands | 6.3% |
| Italy | 6.3% |
| Germany | 6.4% |
| Australia | 6.6% |
| United States | 7.1% |
| France | 8.1% |
| United Kingdom | 12.9% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 37.5% |
| Industrials | 12.5% |
| Consumer Staples | 11.0% |
| Health Care | 7.9% |
| Utilities | 7.1% |
| Energy | 6.6% |
| Communication Services | 5.8% |
| Materials | 4.9% |
| Consumer Discretionary | 2.7% |
| Real Estate | 2.5% |
| Exchange-Traded Funds | 1.1% |
| Information Technology | 1.0% |
| Short-Term Investments | 3.6% |
| Liabilities in Excess of Other Assets | (4.2)% |

---

## 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: IFTIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H492-AR

# Class S: IFTSX
![Image](tm263417d2_tsrimg191.jpg)

# Voya International High Dividend Low Volatility 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 International High Dividend Low Volatility 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 | $117 | 0.99% |

---

## How did the Fund perform in the past 12 months?
For the reporting period ended December 31, 2025, the Fund underperformed the MSCI EAFE Value Index<sup>SM</sup>.

↑ Top contributors to performance: The proprietary core model was the main contributor to performance, specifically the sentiment pillar. The higher dividend yield was another major contributor. Stock selection within the consumer staples, energy, & financials sectors were contributors. On the regional level, portfolio holdings in Asia Ex-Japan contributed. ·Not owning Toyota Motor Corp., & the underweight positions in Sanofi SA and Nestle S.A. were contributors.

↓ Top detractors from performance: The lower beta positioning was the main detractor. Stock selection within materials, industrials, and real estate sectors were a headwind. Holdings in the Japan, Europe (Non-Euro), & United Kingdom regions detracted. Not owning Banco Santander, S.A.& Banco Bilbao Vizcaya Argentaria, S.A., as well as an overweight position to SIG Group AG were detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE Value<sup>®</sup> Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10162 | $10450 | $10502 |
| **2017** | $12398 | $13291 | $12754 |
| **2018** | $10520 | $11404 | $10869 |
| **2019** | $12245 | $13857 | $12617 |
| **2020** | $12130 | $15333 | $12286 |
| **2021** | $13560 | $16532 | $13623 |
| **2022** | $12330 | $13887 | $12863 |
| **2023** | $14120 | $16055 | $15301 |
| **2024** | $15121 | $16944 | $16171 |
| **2025** | $20745 | $22431 | $23002 |

---

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 | 37.20% | 11.33% | 7.57% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI EAFE Value<sup>®</sup> Index℠ | 42.25% | 13.36% | 8.69% |

---

## Fund Statistics
* Total Net Assets$346,938,479

* # of Portfolio Holdings182

* Portfolio Turnover Rate82%

* Investment Advisory Fees Paid$1,929,433

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 3.2% |
| Roche Holding AG | 2.4% |
| Allianz SE | 2.3% |
| Shell PLC | 2.0% |
| Intesa Sanpaolo SpA | 1.5% |
| ING Groep NV | 1.4% |
| British American Tobacco PLC | 1.4% |
| Enel SpA | 1.4% |
| ANZ Group Holdings Ltd. | 1.3% |
| Reckitt Benckiser Group PLC | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 13.7% |
| Hong Kong | 2.7% |
| Norway | 3.7% |
| Switzerland | 4.6% |
| Netherlands | 6.3% |
| Italy | 6.3% |
| Germany | 6.4% |
| Australia | 6.6% |
| United States | 7.1% |
| France | 8.1% |
| United Kingdom | 12.9% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 37.5% |
| Industrials | 12.5% |
| Consumer Staples | 11.0% |
| Health Care | 7.9% |
| Utilities | 7.1% |
| Energy | 6.6% |
| Communication Services | 5.8% |
| Materials | 4.9% |
| Consumer Discretionary | 2.7% |
| Real Estate | 2.5% |
| Exchange-Traded Funds | 1.1% |
| Information Technology | 1.0% |
| Short-Term Investments | 3.6% |
| Liabilities in Excess of Other Assets | (4.2)% |

---

## 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: IFTSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914H518-AR

# Class S2: ITFEX
![Image](tm263417d2_tsrimg191.jpg)

# Voya International High Dividend Low Volatility 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 International High Dividend Low Volatility 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 | $135 | 1.14% |

---

## How did the Fund perform in the past 12 months?
For the reporting period ended December 31, 2025, the Fund underperformed the MSCI EAFE Value Index<sup>SM</sup>.

↑ Top contributors to performance: The proprietary core model was the main contributor to performance, specifically the sentiment pillar. The higher dividend yield was another major contributor. Stock selection within the consumer staples, energy, & financials sectors were contributors. On the regional level, portfolio holdings in Asia Ex-Japan contributed. ·Not owning Toyota Motor Corp., & the underweight positions in Sanofi SA and Nestle S.A. were contributors.

↓ Top detractors from performance: The lower beta positioning was the main detractor. Stock selection within materials, industrials, and real estate sectors were a headwind. Holdings in the Japan, Europe (Non-Euro), & United Kingdom regions detracted. Not owning Banco Santander, S.A.& Banco Bilbao Vizcaya Argentaria, S.A., as well as an overweight position to SIG Group AG were detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg162.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE Value<sup>®</sup> Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10139 | $10450 | $10502 |
| **2017** | $12359 | $13291 | $12754 |
| **2018** | $10473 | $11404 | $10869 |
| **2019** | $12178 | $13857 | $12617 |
| **2020** | $12038 | $15333 | $12286 |
| **2021** | $13442 | $16532 | $13623 |
| **2022** | $12193 | $13887 | $12863 |
| **2023** | $13935 | $16055 | $15301 |
| **2024** | $14904 | $16944 | $16171 |
| **2025** | $20429 | $22431 | $23002 |

---

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 | 37.07% | 11.16% | 7.40% |
| MSCI All Country World Ex-U.S. Index℠ | 32.39% | 7.91% | 8.41% |
| MSCI EAFE Value<sup>®</sup> Index℠ | 42.25% | 13.36% | 8.69% |

---

## Fund Statistics
* Total Net Assets$346,938,479

* # of Portfolio Holdings182

* Portfolio Turnover Rate82%

* Investment Advisory Fees Paid$1,929,433

## 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

---

| | |
|:---|:---|
| HSBC Holdings PLC | 3.2% |
| Roche Holding AG | 2.4% |
| Allianz SE | 2.3% |
| Shell PLC | 2.0% |
| Intesa Sanpaolo SpA | 1.5% |
| ING Groep NV | 1.4% |
| British American Tobacco PLC | 1.4% |
| Enel SpA | 1.4% |
| ANZ Group Holdings Ltd. | 1.3% |
| Reckitt Benckiser Group PLC | 1.1% |

---

### Country Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.5% |
| Countries-Other | 13.7% |
| Hong Kong | 2.7% |
| Norway | 3.7% |
| Switzerland | 4.6% |
| Netherlands | 6.3% |
| Italy | 6.3% |
| Germany | 6.4% |
| Australia | 6.6% |
| United States | 7.1% |
| France | 8.1% |
| United Kingdom | 12.9% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 37.5% |
| Industrials | 12.5% |
| Consumer Staples | 11.0% |
| Health Care | 7.9% |
| Utilities | 7.1% |
| Energy | 6.6% |
| Communication Services | 5.8% |
| Materials | 4.9% |
| Consumer Discretionary | 2.7% |
| Real Estate | 2.5% |
| Exchange-Traded Funds | 1.1% |
| Information Technology | 1.0% |
| Short-Term Investments | 3.6% |
| Liabilities in Excess of Other Assets | (4.2)% |

---

## 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: ITFEX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya International High Dividend Low Volatility Portfolio
92914L485-AR

# Class ADV: ISNFX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $80 | 0.75% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap growth and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF, and Voya Intermediate Bond were key contributors.

↓ Top detractors from performance: Underlying fund selection had a negative impact. The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg217.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10609 | $10786 | $10265 | $10835 |
| **2017** | $12435 | $13371 | $10628 | $12589 |
| **2018** | $11506 | $12113 | $10629 | $11835 |
| **2019** | $13822 | $15335 | $11556 | $14247 |
| **2020** | $15756 | $17827 | $12424 | $15944 |
| **2021** | $17687 | $21132 | $12233 | $17954 |
| **2022** | $14488 | $17252 | $10641 | $15448 |
| **2023** | $16714 | $21083 | $11230 | $17734 |
| **2024** | $18373 | $24770 | $11370 | $19489 |
| **2025** | $20951 | $30303 | $12200 | $22437 |

---

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 | 14.03% | 5.87% | 7.68% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$74,359,766

* # of Portfolio Holdings20

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$110,105

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 19.9% |
| Voya U.S. Stock Index Portfolio - Class I | 17.8% |
| Voya Multi-Manager International Equity Fund - Class I | 10.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 6.4% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 35.4% |
| Equity | 64.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 14.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 30.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class ADV: ISNFX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2030 Portfolio
92914J852-AR

# Class I: ISNGX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $27 | 0.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap growth and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF, and Voya Intermediate Bond were key contributors.

↓ Top detractors from performance: Underlying fund selection had a negative impact. The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg205.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10655 | $10786 | $10265 | $10835 |
| **2017** | $12558 | $13371 | $10628 | $12589 |
| **2018** | $11682 | $12113 | $10629 | $11835 |
| **2019** | $14094 | $15335 | $11556 | $14247 |
| **2020** | $16152 | $17827 | $12424 | $15944 |
| **2021** | $18219 | $21132 | $12233 | $17954 |
| **2022** | $14997 | $17252 | $10641 | $15448 |
| **2023** | $17379 | $21083 | $11230 | $17734 |
| **2024** | $19217 | $24770 | $11370 | $19489 |
| **2025** | $22011 | $30303 | $12200 | $22437 |

---

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 | 14.54% | 6.39% | 8.21% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$74,359,766

* # of Portfolio Holdings20

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$110,105

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 19.9% |
| Voya U.S. Stock Index Portfolio - Class I | 17.8% |
| Voya Multi-Manager International Equity Fund - Class I | 10.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 6.4% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 35.4% |
| Equity | 64.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 14.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 30.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class I: ISNGX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2030 Portfolio
92914J746-AR

# Class S: ISNHX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2030 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 Solution 2030 Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $54 | 0.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap growth and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF, and Voya Intermediate Bond were key contributors.

↓ Top detractors from performance: Underlying fund selection had a negative impact. The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10632 | $10786 | $10265 | $10835 |
| **2017** | $12502 | $13371 | $10628 | $12589 |
| **2018** | $11599 | $12113 | $10629 | $11835 |
| **2019** | $13960 | $15335 | $11556 | $14247 |
| **2020** | $15963 | $17827 | $12424 | $15944 |
| **2021** | $17957 | $21132 | $12233 | $17954 |
| **2022** | $14747 | $17252 | $10641 | $15448 |
| **2023** | $17042 | $21083 | $11230 | $17734 |
| **2024** | $18787 | $24770 | $11370 | $19489 |
| **2025** | $21475 | $30303 | $12200 | $22437 |

---

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 | 14.30% | 6.11% | 7.94% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$74,359,766

* # of Portfolio Holdings20

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$110,105

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 19.9% |
| Voya U.S. Stock Index Portfolio - Class I | 17.8% |
| Voya Multi-Manager International Equity Fund - Class I | 10.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 6.4% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 35.4% |
| Equity | 64.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 14.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 30.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S: ISNHX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2030 Portfolio
92914J639-AR

# Class S2: ISNIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2030 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 Solution 2030 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 | $70 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap growth and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF, and Voya Intermediate Bond were key contributors.

↓ Top detractors from performance: Underlying fund selection had a negative impact. The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg116.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2030 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10617 | $10786 | $10265 | $10835 |
| **2017** | $12463 | $13371 | $10628 | $12589 |
| **2018** | $11540 | $12113 | $10629 | $11835 |
| **2019** | $13875 | $15335 | $11556 | $14247 |
| **2020** | $15841 | $17827 | $12424 | $15944 |
| **2021** | $17799 | $21132 | $12233 | $17954 |
| **2022** | $14593 | $17252 | $10641 | $15448 |
| **2023** | $16844 | $21083 | $11230 | $17734 |
| **2024** | $18547 | $24770 | $11370 | $19489 |
| **2025** | $21167 | $30303 | $12200 | $22437 |

---

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 | 14.13% | 5.97% | 7.79% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Fund Statistics
* Total Net Assets$74,359,766

* # of Portfolio Holdings20

* Portfolio Turnover Rate35%

* Investment Advisory Fees Paid$110,105

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 19.9% |
| Voya U.S. Stock Index Portfolio - Class I | 17.8% |
| Voya Multi-Manager International Equity Fund - Class I | 10.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 6.4% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.8% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 35.4% |
| Equity | 64.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 25.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 14.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 30.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S2: ISNIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2030 Portfolio
92914J548-AR

# Class ADV: ISQAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $80 | 0.74% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap and international equities and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF andVY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg056.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2035 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10600 | $10786 | $10265 | $10100 | $10885 | $11274 |
| **2017** | $12637 | $13371 | $10628 | $12628 | $12820 | $13656 |
| **2018** | $11558 | $12113 | $10629 | $10887 | $11938 | $12941 |
| **2019** | $14046 | $15335 | $11556 | $13283 | $14586 | $16955 |
| **2020** | $16031 | $17827 | $12424 | $14321 | $16452 | $20497 |
| **2021** | $18245 | $21132 | $12233 | $15934 | $18906 | $25756 |
| **2022** | $14808 | $17252 | $10641 | $13632 | $16072 | $20808 |
| **2023** | $17382 | $21083 | $11230 | $16118 | $18745 | $26210 |
| **2024** | $19381 | $24770 | $11370 | $16734 | $20880 | $32449 |
| **2025** | $22438 | $30303 | $12200 | $21958 | $24387 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 15.77% | 6.96% | 8.42% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$619,639,530

* # of Portfolio Holdings18

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$995,354

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 24.7% |
| Voya Intermediate Bond Fund - Class R6 | 15.8% |
| Voya Multi-Manager International Equity Fund - Class I | 12.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.4% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 24.5% |
| Equity | 75.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 24.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class ADV: ISQAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2035 Portfolio
92914H856-AR

# Class I: ISQIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $26 | 0.24% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap and international equities and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF andVY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg058.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2035 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10649 | $10786 | $10265 | $10100 | $10885 | $11274 |
| **2017** | $12759 | $13371 | $10628 | $12628 | $12820 | $13656 |
| **2018** | $11727 | $12113 | $10629 | $10887 | $11938 | $12941 |
| **2019** | $14333 | $15335 | $11556 | $13283 | $14586 | $16955 |
| **2020** | $16432 | $17827 | $12424 | $14321 | $16452 | $20497 |
| **2021** | $18790 | $21132 | $12233 | $15934 | $18906 | $25756 |
| **2022** | $15335 | $17252 | $10641 | $13632 | $16072 | $20808 |
| **2023** | $18091 | $21083 | $11230 | $16118 | $18745 | $26210 |
| **2024** | $20264 | $24770 | $11370 | $16734 | $20880 | $32449 |
| **2025** | $23579 | $30303 | $12200 | $21958 | $24387 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.37% | 7.49% | 8.96% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$619,639,530

* # of Portfolio Holdings18

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$995,354

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 24.7% |
| Voya Intermediate Bond Fund - Class R6 | 15.8% |
| Voya Multi-Manager International Equity Fund - Class I | 12.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.4% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 24.5% |
| Equity | 75.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 24.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class I: ISQIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2035 Portfolio
92914H872-AR

# Class S: ISQSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2035 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 Solution 2035 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 | $53 | 0.49% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap and international equities and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF andVY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg195.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2035 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10623 | $10786 | $10265 | $10100 | $10885 | $11274 |
| **2017** | $12689 | $13371 | $10628 | $12628 | $12820 | $13656 |
| **2018** | $11630 | $12113 | $10629 | $10887 | $11938 | $12941 |
| **2019** | $14181 | $15335 | $11556 | $13283 | $14586 | $16955 |
| **2020** | $16231 | $17827 | $12424 | $14321 | $16452 | $20497 |
| **2021** | $18516 | $21132 | $12233 | $15934 | $18906 | $25756 |
| **2022** | $15068 | $17252 | $10641 | $13632 | $16072 | $20808 |
| **2023** | $17726 | $21083 | $11230 | $16118 | $18745 | $26210 |
| **2024** | $19815 | $24770 | $11370 | $16734 | $20880 | $32449 |
| **2025** | $22996 | $30303 | $12200 | $21958 | $24387 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 16.05% | 7.22% | 8.68% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$619,639,530

* # of Portfolio Holdings18

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$995,354

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 24.7% |
| Voya Intermediate Bond Fund - Class R6 | 15.8% |
| Voya Multi-Manager International Equity Fund - Class I | 12.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.4% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 24.5% |
| Equity | 75.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 24.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S: ISQSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2035 Portfolio
92914H864-AR

# Class S2: ISPCX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2035 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 Solution 2035 Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $69 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had a positive impact. The Fund's overweights to U.S. large cap and international equities and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF andVY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg052.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2035 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10609 | $10786 | $10265 | $10100 | $10885 | $11274 |
| **2017** | $12654 | $13371 | $10628 | $12628 | $12820 | $13656 |
| **2018** | $11589 | $12113 | $10629 | $10887 | $11938 | $12941 |
| **2019** | $14096 | $15335 | $11556 | $13283 | $14586 | $16955 |
| **2020** | $16112 | $17827 | $12424 | $14321 | $16452 | $20497 |
| **2021** | $18353 | $21132 | $12233 | $15934 | $18906 | $25756 |
| **2022** | $14916 | $17252 | $10641 | $13632 | $16072 | $20808 |
| **2023** | $17515 | $21083 | $11230 | $16118 | $18745 | $26210 |
| **2024** | $19560 | $24770 | $11370 | $16734 | $20880 | $32449 |
| **2025** | $22658 | $30303 | $12200 | $21958 | $24387 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 15.84% | 7.06% | 8.52% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$619,639,530

* # of Portfolio Holdings18

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid$995,354

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 24.7% |
| Voya Intermediate Bond Fund - Class R6 | 15.8% |
| Voya Multi-Manager International Equity Fund - Class I | 12.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Vanguard FTSE Developed Markets ETF | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 3.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3.4% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 24.5% |
| Equity | 75.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 5.0% |
| US Large Value | 5.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 17.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 24.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S2: ISPCX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2035 Portfolio
92914L618-AR

# Class ADV: ISNKX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $77 | 0.71% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10648 | $10786 | $10265 | $10923 |
| **2017** | $12802 | $13371 | $10628 | $12984 |
| **2018** | $11598 | $12113 | $10629 | $12022 |
| **2019** | $14244 | $15335 | $11556 | $14832 |
| **2020** | $16520 | $17827 | $12424 | $16815 |
| **2021** | $19126 | $21132 | $12233 | $19597 |
| **2022** | $15399 | $17252 | $10641 | $16548 |
| **2023** | $18322 | $21083 | $11230 | $19554 |
| **2024** | $20693 | $24770 | $11370 | $22070 |
| **2025** | $24345 | $30303 | $12200 | $26086 |

---

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 | 17.65% | 8.06% | 9.30% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$60,433,856

* # of Portfolio Holdings18

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$51,488

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.1% |
| Voya Multi-Manager International Equity Fund - Class I | 14.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Intermediate Bond Fund - Class R6 | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.5% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg214.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.5% |
| US Small Cap | 2.0% |
| International | 21.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 14.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class ADV: ISNKX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2040 Portfolio
92914J563-AR

# Class I: ISNLX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $23 | 0.21% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg102.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10706 | $10786 | $10265 | $10923 |
| **2017** | $12938 | $13371 | $10628 | $12984 |
| **2018** | $11780 | $12113 | $10629 | $12022 |
| **2019** | $14541 | $15335 | $11556 | $14832 |
| **2020** | $16947 | $17827 | $12424 | $16815 |
| **2021** | $19718 | $21132 | $12233 | $19597 |
| **2022** | $15948 | $17252 | $10641 | $16548 |
| **2023** | $19071 | $21083 | $11230 | $19554 |
| **2024** | $21655 | $24770 | $11370 | $22070 |
| **2025** | $25602 | $30303 | $12200 | $26086 |

---

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 | 18.23% | 8.60% | 9.86% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$60,433,856

* # of Portfolio Holdings18

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$51,488

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.1% |
| Voya Multi-Manager International Equity Fund - Class I | 14.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Intermediate Bond Fund - Class R6 | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.5% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg214.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.5% |
| US Small Cap | 2.0% |
| International | 21.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 14.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class I: ISNLX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2040 Portfolio
92914J571-AR

# Class S: ISNMX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $50 | 0.46% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg155.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10679 | $10786 | $10265 | $10923 |
| **2017** | $12871 | $13371 | $10628 | $12984 |
| **2018** | $11695 | $12113 | $10629 | $12022 |
| **2019** | $14394 | $15335 | $11556 | $14832 |
| **2020** | $16729 | $17827 | $12424 | $16815 |
| **2021** | $19422 | $21132 | $12233 | $19597 |
| **2022** | $15675 | $17252 | $10641 | $16548 |
| **2023** | $18695 | $21083 | $11230 | $19554 |
| **2024** | $21173 | $24770 | $11370 | $22070 |
| **2025** | $24967 | $30303 | $12200 | $26086 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.92% | 8.34% | 9.58% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$60,433,856

* # of Portfolio Holdings18

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$51,488

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.1% |
| Voya Multi-Manager International Equity Fund - Class I | 14.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Intermediate Bond Fund - Class R6 | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.5% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg214.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.5% |
| US Small Cap | 2.0% |
| International | 21.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 14.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S: ISNMX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2040 Portfolio
92914J589-AR

# Class S2: ISNNX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2040 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 Solution 2040 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 | $66 | 0.61% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I outperformed the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg179.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2040 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10664 | $10786 | $10265 | $10923 |
| **2017** | $12830 | $13371 | $10628 | $12984 |
| **2018** | $11636 | $12113 | $10629 | $12022 |
| **2019** | $14305 | $15335 | $11556 | $14832 |
| **2020** | $16603 | $17827 | $12424 | $16815 |
| **2021** | $19240 | $21132 | $12233 | $19597 |
| **2022** | $15504 | $17252 | $10641 | $16548 |
| **2023** | $18466 | $21083 | $11230 | $19554 |
| **2024** | $20888 | $24770 | $11370 | $22070 |
| **2025** | $24588 | $30303 | $12200 | $26086 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 17.71% | 8.17% | 9.41% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Fund Statistics
* Total Net Assets$60,433,856

* # of Portfolio Holdings18

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$51,488

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.1% |
| Voya Multi-Manager International Equity Fund - Class I | 14.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Intermediate Bond Fund - Class R6 | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 4.5% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 14.5% |
| Equity | 85.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg214.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 32.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 6.5% |
| US Small Cap | 2.0% |
| International | 21.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 14.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S2: ISNNX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2040 Portfolio
92914J597-AR

# Class ADV: ISRAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $79 | 0.72% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I performed inline with the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg186.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2045 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10616 | $10786 | $10265 | $10100 | $10954 | $11274 |
| **2017** | $12836 | $13371 | $10628 | $12628 | $13097 | $13656 |
| **2018** | $11485 | $12113 | $10629 | $10887 | $12083 | $12941 |
| **2019** | $14195 | $15335 | $11556 | $13283 | $14985 | $16955 |
| **2020** | $16475 | $17827 | $12424 | $14321 | $17032 | $20497 |
| **2021** | $19268 | $21132 | $12233 | $15934 | $20015 | $25756 |
| **2022** | $15469 | $17252 | $10641 | $13632 | $16844 | $20808 |
| **2023** | $18520 | $21083 | $11230 | $16118 | $20068 | $26210 |
| **2024** | $21141 | $24770 | $11370 | $16734 | $22792 | $32449 |
| **2025** | $25125 | $30303 | $12200 | $21958 | $27231 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 18.84% | 8.81% | 9.65% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$502,267,629

* # of Portfolio Holdings17

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$637,163

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 32.5% |
| Voya Multi-Manager International Equity Fund - Class I | 15.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 6.7% |
| Equity | 93.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 38.0% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 7.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: ISRAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2045 Portfolio
92914H823-AR

# Class I: ISRIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $24 | 0.22% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I performed inline with the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg046.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2045 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10663 | $10786 | $10265 | $10100 | $10954 | $11274 |
| **2017** | $12959 | $13371 | $10628 | $12628 | $13097 | $13656 |
| **2018** | $11653 | $12113 | $10629 | $10887 | $12083 | $12941 |
| **2019** | $14483 | $15335 | $11556 | $13283 | $14985 | $16955 |
| **2020** | $16884 | $17827 | $12424 | $14321 | $17032 | $20497 |
| **2021** | $19841 | $21132 | $12233 | $15934 | $20015 | $25756 |
| **2022** | $16016 | $17252 | $10641 | $13632 | $16844 | $20808 |
| **2023** | $19271 | $21083 | $11230 | $16118 | $20068 | $26210 |
| **2024** | $22093 | $24770 | $11370 | $16734 | $22792 | $32449 |
| **2025** | $26398 | $30303 | $12200 | $21958 | $27231 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 19.48% | 9.35% | 10.19% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$502,267,629

* # of Portfolio Holdings17

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$637,163

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 32.5% |
| Voya Multi-Manager International Equity Fund - Class I | 15.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 6.7% |
| Equity | 93.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 38.0% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 7.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: ISRIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2045 Portfolio
92914H849-AR

# Class S: ISRSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $52 | 0.47% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I performed inline with the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg106.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2045 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10640 | $10786 | $10265 | $10100 | $10954 | $11274 |
| **2017** | $12900 | $13371 | $10628 | $12628 | $13097 | $13656 |
| **2018** | $11581 | $12113 | $10629 | $10887 | $12083 | $12941 |
| **2019** | $14349 | $15335 | $11556 | $13283 | $14985 | $16955 |
| **2020** | $16686 | $17827 | $12424 | $14321 | $17032 | $20497 |
| **2021** | $19565 | $21132 | $12233 | $15934 | $20015 | $25756 |
| **2022** | $15749 | $17252 | $10641 | $13632 | $16844 | $20808 |
| **2023** | $18913 | $21083 | $11230 | $16118 | $20068 | $26210 |
| **2024** | $21613 | $24770 | $11370 | $16734 | $22792 | $32449 |
| **2025** | $25751 | $30303 | $12200 | $21958 | $27231 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 19.15% | 9.07% | 9.92% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$502,267,629

* # of Portfolio Holdings17

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$637,163

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 32.5% |
| Voya Multi-Manager International Equity Fund - Class I | 15.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 6.7% |
| Equity | 93.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 38.0% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 7.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: ISRSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2045 Portfolio
92914H831-AR

# Class S2: ISPDX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2045 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 Solution 2045 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 | $68 | 0.62% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2040 Index. Class I performed inline with the S&P Target Date 2040 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to duration and S&P 500 health care were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg204.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date 2045 Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10628 | $10786 | $10265 | $10100 | $10954 | $11274 |
| **2017** | $12862 | $13371 | $10628 | $12628 | $13097 | $13656 |
| **2018** | $11532 | $12113 | $10629 | $10887 | $12083 | $12941 |
| **2019** | $14263 | $15335 | $11556 | $13283 | $14985 | $16955 |
| **2020** | $16564 | $17827 | $12424 | $14321 | $17032 | $20497 |
| **2021** | $19397 | $21132 | $12233 | $15934 | $20015 | $25756 |
| **2022** | $15576 | $17252 | $10641 | $13632 | $16844 | $20808 |
| **2023** | $18685 | $21083 | $11230 | $16118 | $20068 | $26210 |
| **2024** | $21326 | $24770 | $11370 | $16734 | $22792 | $32449 |
| **2025** | $25389 | $30303 | $12200 | $21958 | $27231 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 19.06% | 8.92% | 9.77% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$502,267,629

* # of Portfolio Holdings17

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$637,163

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 32.5% |
| Voya Multi-Manager International Equity Fund - Class I | 15.9% |
| Vanguard FTSE Developed Markets ETF | 9.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 6.7% |
| Equity | 93.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 38.0% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 7.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: ISPDX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2045 Portfolio
92914L626-AR

# Class ADV: ISNPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $80 | 0.73% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index (before fees and expenses).

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg173.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10627 | $10786 | $10265 | $10974 |
| **2017** | $12891 | $13371 | $10628 | $13189 |
| **2018** | $11496 | $12113 | $10629 | $12141 |
| **2019** | $14270 | $15335 | $11556 | $15098 |
| **2020** | $16523 | $17827 | $12424 | $17190 |
| **2021** | $19302 | $21132 | $12233 | $20283 |
| **2022** | $15478 | $17252 | $10641 | $17044 |
| **2023** | $18608 | $21083 | $11230 | $20382 |
| **2024** | $21333 | $24770 | $11370 | $23297 |
| **2025** | $25438 | $30303 | $12200 | $27854 |

---

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 | 19.25% | 9.01% | 9.79% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$53,282,189

* # of Portfolio Holdings16

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$33,615

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.5% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.3% |
| Equity | 97.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 3.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 6.0% |

---

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

# Class ADV: ISNPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2050 Portfolio
92914J621-AR

# Class I: ISNQX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $25 | 0.23% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index (before fees and expenses).

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg080.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10675 | $10786 | $10265 | $10974 |
| **2017** | $13023 | $13371 | $10628 | $13189 |
| **2018** | $11672 | $12113 | $10629 | $12141 |
| **2019** | $14560 | $15335 | $11556 | $15098 |
| **2020** | $16941 | $17827 | $12424 | $17190 |
| **2021** | $19892 | $21132 | $12233 | $20283 |
| **2022** | $16021 | $17252 | $10641 | $17044 |
| **2023** | $19367 | $21083 | $11230 | $20382 |
| **2024** | $22307 | $24770 | $11370 | $23297 |
| **2025** | $26746 | $30303 | $12200 | $27854 |

---

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 | 19.90% | 9.56% | 10.34% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$53,282,189

* # of Portfolio Holdings16

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$33,615

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.5% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.3% |
| Equity | 97.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 3.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 6.0% |

---

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

# Class I: ISNQX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2050 Portfolio
92914J647-AR

# Class S: ISNRX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2050 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 Solution 2050 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 | $53 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index (before fees and expenses).

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg169.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10656 | $10786 | $10265 | $10974 |
| **2017** | $12961 | $13371 | $10628 | $13189 |
| **2018** | $11586 | $12113 | $10629 | $12141 |
| **2019** | $14414 | $15335 | $11556 | $15098 |
| **2020** | $16736 | $17827 | $12424 | $17190 |
| **2021** | $19599 | $21132 | $12233 | $20283 |
| **2022** | $15750 | $17252 | $10641 | $17044 |
| **2023** | $18979 | $21083 | $11230 | $20382 |
| **2024** | $21821 | $24770 | $11370 | $23297 |
| **2025** | $26084 | $30303 | $12200 | $27854 |

---

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 | 19.54% | 9.28% | 10.06% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$53,282,189

* # of Portfolio Holdings16

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$33,615

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.5% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.3% |
| Equity | 97.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 3.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 6.0% |

---

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

# Class S: ISNRX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2050 Portfolio
92914J654-AR

# Class S2: ISNSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2050 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 Solution 2050 Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $69 | 0.63% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the S&P Target Date 2050 Index (before fees and expenses).

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg207.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2050 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10632 | $10786 | $10265 | $10974 |
| **2017** | $12915 | $13371 | $10628 | $13189 |
| **2018** | $11527 | $12113 | $10629 | $12141 |
| **2019** | $14322 | $15335 | $11556 | $15098 |
| **2020** | $16602 | $17827 | $12424 | $17190 |
| **2021** | $19409 | $21132 | $12233 | $20283 |
| **2022** | $15574 | $17252 | $10641 | $17044 |
| **2023** | $18744 | $21083 | $11230 | $20382 |
| **2024** | $21509 | $24770 | $11370 | $23297 |
| **2025** | $25691 | $30303 | $12200 | $27854 |

---

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 | 19.44% | 9.13% | 9.89% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Fund Statistics
* Total Net Assets$53,282,189

* # of Portfolio Holdings16

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$33,615

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.5% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 2.3% |
| Equity | 97.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.0% |
| US Small Cap | 3.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 6.0% |

---

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

# Class S2: ISNSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2050 Portfolio
92914J662-AR

# Class ADV: IASPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $82 | 0.75% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg028.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10613 | $10786 | $10265 | $10994 |
| **2017** | $12885 | $13371 | $10628 | $13246 |
| **2018** | $11503 | $12113 | $10629 | $12190 |
| **2019** | $14279 | $15335 | $11556 | $15174 |
| **2020** | $16528 | $17827 | $12424 | $17277 |
| **2021** | $19343 | $21132 | $12233 | $20420 |
| **2022** | $15487 | $17252 | $10641 | $17159 |
| **2023** | $18617 | $21083 | $11230 | $20525 |
| **2024** | $21366 | $24770 | $11370 | $23464 |
| **2025** | $25504 | $30303 | $12200 | $28172 |

---

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 | 19.37% | 9.06% | 9.81% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$192,859,259

* # of Portfolio Holdings15

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$213,213

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 16.9% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.9% |
| Equity | 99.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class ADV: IASPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2055 Portfolio
92914L741-AR

# Class I: IISPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $27 | 0.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg161.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10672 | $10786 | $10265 | $10994 |
| **2017** | $13013 | $13371 | $10628 | $13246 |
| **2018** | $11674 | $12113 | $10629 | $12190 |
| **2019** | $14565 | $15335 | $11556 | $15174 |
| **2020** | $16951 | $17827 | $12424 | $17277 |
| **2021** | $19922 | $21132 | $12233 | $20420 |
| **2022** | $16032 | $17252 | $10641 | $17159 |
| **2023** | $19382 | $21083 | $11230 | $20525 |
| **2024** | $22355 | $24770 | $11370 | $23464 |
| **2025** | $26808 | $30303 | $12200 | $28172 |

---

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 | 19.92% | 9.60% | 10.36% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$192,859,259

* # of Portfolio Holdings15

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$213,213

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 16.9% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.9% |
| Equity | 99.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class I: IISPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2055 Portfolio
92914L758-AR

# Class S: ISSPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $55 | 0.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg085.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10644 | $10786 | $10265 | $10994 |
| **2017** | $12949 | $13371 | $10628 | $13246 |
| **2018** | $11582 | $12113 | $10629 | $12190 |
| **2019** | $14420 | $15335 | $11556 | $15174 |
| **2020** | $16732 | $17827 | $12424 | $17277 |
| **2021** | $19631 | $21132 | $12233 | $20420 |
| **2022** | $15744 | $17252 | $10641 | $17159 |
| **2023** | $18996 | $21083 | $11230 | $20525 |
| **2024** | $21858 | $24770 | $11370 | $23464 |
| **2025** | $26151 | $30303 | $12200 | $28172 |

---

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 | 19.64% | 9.34% | 10.09% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$192,859,259

* # of Portfolio Holdings15

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$213,213

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 16.9% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.9% |
| Equity | 99.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class S: ISSPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2055 Portfolio
92914L766-AR

# Class S2: ITSPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2055 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 Solution 2055 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 | $71 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg100.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2055 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10624 | $10786 | $10265 | $10994 |
| **2017** | $12911 | $13371 | $10628 | $13246 |
| **2018** | $11532 | $12113 | $10629 | $12190 |
| **2019** | $14332 | $15335 | $11556 | $15174 |
| **2020** | $16605 | $17827 | $12424 | $17277 |
| **2021** | $19442 | $21132 | $12233 | $20420 |
| **2022** | $15584 | $17252 | $10641 | $17159 |
| **2023** | $18765 | $21083 | $11230 | $20525 |
| **2024** | $21560 | $24770 | $11370 | $23464 |
| **2025** | $25765 | $30303 | $12200 | $28172 |

---

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 | 19.51% | 9.18% | 9.93% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

## Fund Statistics
* Total Net Assets$192,859,259

* # of Portfolio Holdings15

* Portfolio Turnover Rate31%

* Investment Advisory Fees Paid$213,213

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 16.9% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.3% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 7.0% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.9% |
| Equity | 99.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class S2: ITSPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2055 Portfolio
92914L774-AR

# Class ADV: VSPAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $83 | 0.76% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2060 Index. Class I performed inline with the S&P Target Date 2060 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg015.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10634 | $10786 | $10265 | $11008 |
| **2017** | $12912 | $13371 | $10628 | $13291 |
| **2018** | $11523 | $12113 | $10629 | $12235 |
| **2019** | $14302 | $15335 | $11556 | $15260 |
| **2020** | $16536 | $17827 | $12424 | $17395 |
| **2021** | $19319 | $21132 | $12233 | $20535 |
| **2022** | $15457 | $17252 | $10641 | $17248 |
| **2023** | $18593 | $21083 | $11230 | $20652 |
| **2024** | $21345 | $24770 | $11370 | $23633 |
| **2025** | $25466 | $30303 | $12200 | $28346 |

---

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 | 19.30% | 9.02% | 9.80% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$40,917,802

* # of Portfolio Holdings15

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$8,652

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.5% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 1.0% |
| Equity | 99.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class ADV: VSPAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2060 Portfolio
92914L337-AR

# Class I: VSIPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2060 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 Solution 2060 Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/variable-portfolio/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.26% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2060 Index. Class I performed inline with the S&P Target Date 2060 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg127.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10673 | $10786 | $10265 | $11008 |
| **2017** | $13037 | $13371 | $10628 | $13291 |
| **2018** | $11687 | $12113 | $10629 | $12235 |
| **2019** | $14584 | $15335 | $11556 | $15260 |
| **2020** | $16938 | $17827 | $12424 | $17395 |
| **2021** | $19896 | $21132 | $12233 | $20535 |
| **2022** | $15986 | $17252 | $10641 | $17248 |
| **2023** | $19340 | $21083 | $11230 | $20652 |
| **2024** | $22306 | $24770 | $11370 | $23633 |
| **2025** | $26757 | $30303 | $12200 | $28346 |

---

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 | 19.95% | 9.57% | 10.34% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$40,917,802

* # of Portfolio Holdings15

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$8,652

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.5% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 1.0% |
| Equity | 99.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class I: VSIPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2060 Portfolio
92914L329-AR

# Class S: VSPSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $56 | 0.51% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2060 Index. Class I performed inline with the S&P Target Date 2060 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg164.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10656 | $10786 | $10265 | $11008 |
| **2017** | $12980 | $13371 | $10628 | $13291 |
| **2018** | $11605 | $12113 | $10629 | $12235 |
| **2019** | $14443 | $15335 | $11556 | $15260 |
| **2020** | $16738 | $17827 | $12424 | $17395 |
| **2021** | $19609 | $21132 | $12233 | $20535 |
| **2022** | $15730 | $17252 | $10641 | $17248 |
| **2023** | $18968 | $21083 | $11230 | $20652 |
| **2024** | $21829 | $24770 | $11370 | $23633 |
| **2025** | $26110 | $30303 | $12200 | $28346 |

---

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 | 19.61% | 9.30% | 10.07% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$40,917,802

* # of Portfolio Holdings15

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$8,652

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.5% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 1.0% |
| Equity | 99.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class S: VSPSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2060 Portfolio
92914L311-AR

# Class S2: VSSPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2060 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 Solution 2060 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 | $72 | 0.66% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, Class ADV, Class S and Class S2 underperformed the S&P Target Date 2060 Index. Class I performed inline with the S&P Target Date 2060 Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg187.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2060 Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10634 | $10786 | $10265 | $11008 |
| **2017** | $12926 | $13371 | $10628 | $13291 |
| **2018** | $11543 | $12113 | $10629 | $12235 |
| **2019** | $14343 | $15335 | $11556 | $15260 |
| **2020** | $16599 | $17827 | $12424 | $17395 |
| **2021** | $19410 | $21132 | $12233 | $20535 |
| **2022** | $15542 | $17252 | $10641 | $17248 |
| **2023** | $18720 | $21083 | $11230 | $20652 |
| **2024** | $21510 | $24770 | $11370 | $23633 |
| **2025** | $25691 | $30303 | $12200 | $28346 |

---

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 | 19.44% | 9.13% | 9.89% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 10.98% |

---

## Fund Statistics
* Total Net Assets$40,917,802

* # of Portfolio Holdings15

* Portfolio Turnover Rate38%

* Investment Advisory Fees Paid$8,652

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 17.1% |
| Vanguard FTSE Developed Markets ETF | 9.5% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 3.9% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 1.0% |
| Equity | 99.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 23.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.0% |

---

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

# Class S2: VSSPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2060 Portfolio
92914L295-AR

# Class ADV: VSAQX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $82 | 0.75% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg183.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11742 | $11704 | $10004 | $11610 |
| **2021** | $13744 | $13874 | $9850 | $13720 |
| **2022** | $10997 | $11327 | $8568 | $11531 |
| **2023** | $13231 | $13841 | $9042 | $13820 |
| **2024** | $15205 | $16262 | $9155 | $15869 |
| **2025** | $18171 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class ADV | 19.51% | 9.13% | 11.64% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$25,390,066

* # of Portfolio Holdings15

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 18.2% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.7% |
| Voya Large Cap Value Portfolio - Class R6 | 4.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.5% |
| Equity | 99.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSAQX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2065 Portfolio
92914L154-AR

# Class I: VSQIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $28 | 0.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg206.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11769 | $11704 | $10004 | $11610 |
| **2021** | $13844 | $13874 | $9850 | $13720 |
| **2022** | $11130 | $11327 | $8568 | $11531 |
| **2023** | $13466 | $13841 | $9042 | $13820 |
| **2024** | $15550 | $16262 | $9155 | $15869 |
| **2025** | $18661 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class I | 20.01% | 9.66% | 12.19% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$25,390,066

* # of Portfolio Holdings15

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 18.2% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.7% |
| Voya Large Cap Value Portfolio - Class R6 | 4.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.5% |
| Equity | 99.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSQIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2065 Portfolio
92914L147-AR

# Class S: VSSQX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $55 | 0.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg156.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11761 | $11704 | $10004 | $11610 |
| **2021** | $13795 | $13874 | $9850 | $13720 |
| **2022** | $11062 | $11327 | $8568 | $11531 |
| **2023** | $13357 | $13841 | $9042 | $13820 |
| **2024** | $15372 | $16262 | $9155 | $15869 |
| **2025** | $18415 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class S | 19.80% | 9.38% | 11.91% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$25,390,066

* # of Portfolio Holdings15

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 18.2% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.7% |
| Voya Large Cap Value Portfolio - Class R6 | 4.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.5% |
| Equity | 99.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSSQX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2065 Portfolio
92914L139-AR

# Class S2: VSQUX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2065 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 Solution 2065 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 | $71 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweight to U.S. large cap and underweights in core fixed income and U.S. mid cap equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Vanguard FTSE Developed Markets ETF and VY T. Rowe Price Diversified Mid Cap Growth were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg115.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2020** | $11752 | $11704 | $10004 | $11610 |
| **2021** | $13769 | $13874 | $9850 | $13720 |
| **2022** | $11030 | $11327 | $8568 | $11531 |
| **2023** | $13293 | $13841 | $9042 | $13820 |
| **2024** | $15285 | $16262 | $9155 | $15869 |
| **2025** | $18273 | $19895 | $9824 | $19070 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (7/29/2020)** |
| Class S2 | 19.55% | 9.23% | 11.75% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 13.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.33% |
| S&P Target Date 2065+ Index | 20.17% | 10.43% | 12.64% |

---

## Fund Statistics
* Total Net Assets$25,390,066

* # of Portfolio Holdings15

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 34.9% |
| Voya Multi-Manager International Equity Fund - Class I | 18.2% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.7% |
| Voya Large Cap Value Portfolio - Class R6 | 4.1% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 0.5% |
| Equity | 99.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSQUX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2065 Portfolio
92914L121-AR

# Class ADV: VSSAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2070 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 Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $30 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065 + Index.

↑ Top contributors to performance: Tactical asset allocation and underlying fund selection had a positive impact. The Fund's underweight in U.S. mid cap equities and overweight to international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Vanguard FTSE Developed Markets ETF were the key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 equal weight and duration were the detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> T Rowe Price Diversified Mid Cap Growth, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg133.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10730 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class ADV | 7.30% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$3,762,174

* # of Portfolio Holdings16

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.1% |
| Voya Multi-Manager International Equity Fund - Class I | 18.7% |
| Vanguard FTSE Developed Markets ETF | 8.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.8% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 0.6% |
| Equity | 99.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSSAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2070 Portfolio
92915V797-AR

# Class I: VSSIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2070 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 Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $10 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065 + Index.

↑ Top contributors to performance: Tactical asset allocation and underlying fund selection had a positive impact. The Fund's underweight in U.S. mid cap equities and overweight to international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Vanguard FTSE Developed Markets ETF were the key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 equal weight and duration were the detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> T Rowe Price Diversified Mid Cap Growth, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10750 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class I | 7.50% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$3,762,174

* # of Portfolio Holdings16

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.1% |
| Voya Multi-Manager International Equity Fund - Class I | 18.7% |
| Vanguard FTSE Developed Markets ETF | 8.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.8% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 0.6% |
| Equity | 99.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSSIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2070 Portfolio
92915V789-AR

# Class S: VSSSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2070 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 Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $20 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065 + Index.

↑ Top contributors to performance: Tactical asset allocation and underlying fund selection had a positive impact. The Fund's underweight in U.S. mid cap equities and overweight to international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Vanguard FTSE Developed Markets ETF were the key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 equal weight and duration were the detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> T Rowe Price Diversified Mid Cap Growth, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg071.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10736 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class S | 7.36% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$3,762,174

* # of Portfolio Holdings16

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.1% |
| Voya Multi-Manager International Equity Fund - Class I | 18.7% |
| Vanguard FTSE Developed Markets ETF | 8.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.8% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 0.6% |
| Equity | 99.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSSSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2070 Portfolio
92915V763-AR

# Class S2: VSSTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution 2070 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 Solution 2070 Portfolio for the period of August 8, 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<sup>Footnote Reference\*</sup> | $26 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to December 31, 2025. Expenses for the full reporting period would be higher. |

---

## How did the Fund perform in the past 12 months?
For the period ended December 31, 2025, the Fund underperformed the S&P Target Date 2065 + Index.

↑ Top contributors to performance: Tactical asset allocation and underlying fund selection had a positive impact. The Fund's underweight in U.S. mid cap equities and overweight to international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Vanguard FTSE Developed Markets ETF were the key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 equal weight and duration were the detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> T Rowe Price Diversified Mid Cap Growth, and Vanguard FTSE Emerging Markets ETF were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg094.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Date 2065+ Index** |
| **8/8/2025** | $10000 | $10000 | $10000 | $10000 |
| **2025** | $10734 | $10838 | $10278 | $10786 |

---

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** | **Since Inception (8/8/2025)** |
| Class S2 | 7.34% |
| MSCI All Country World Index℠ | 8.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.78% |
| S&P Target Date 2065+ Index | 7.86% |

---

## Fund Statistics
* Total Net Assets$3,762,174

* # of Portfolio Holdings16

* Portfolio Turnover Rate12%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.1% |
| Voya Multi-Manager International Equity Fund - Class I | 18.7% |
| Vanguard FTSE Developed Markets ETF | 8.4% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 6.9% |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5.8% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 2.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Fixed Income | 0.6% |
| Equity | 99.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 40.5% |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 7.5% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.5% |

---

## 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: VSSTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution 2070 Portfolio
92915V755-AR

# Class ADV: IAVAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $78 | 0.72% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Voya Small Cap Growth were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg108.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10641 | $10786 | $10265 | $10771 |
| **2017** | $12951 | $13371 | $10628 | $12932 |
| **2018** | $11503 | $12113 | $10629 | $11942 |
| **2019** | $14372 | $15335 | $11556 | $14664 |
| **2020** | $16604 | $17827 | $12424 | $16584 |
| **2021** | $19809 | $21132 | $12233 | $19174 |
| **2022** | $15822 | $17252 | $10641 | $16081 |
| **2023** | $19085 | $21083 | $11230 | $19040 |
| **2024** | $22297 | $24770 | $11370 | $21610 |
| **2025** | $25920 | $30303 | $12200 | $25878 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 16.25% | 9.32% | 9.99% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$211,893,572

* # of Portfolio Holdings15

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$62,704

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.0% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4.8% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.4% |
| Equity | 96.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 9.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.5% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| US Large Blend | 40.5% |
| Core Fixed Income | 6.5% |

---

## 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: IAVAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Aggressive Portfolio
92914L600-AR

# Class I: IAVIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $24 | 0.22% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Voya Small Cap Growth were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg044.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10693 | $10786 | $10265 | $10771 |
| **2017** | $13076 | $13371 | $10628 | $12932 |
| **2018** | $11673 | $12113 | $10629 | $11942 |
| **2019** | $14655 | $15335 | $11556 | $14664 |
| **2020** | $17014 | $17827 | $12424 | $16584 |
| **2021** | $20394 | $21132 | $12233 | $19174 |
| **2022** | $16382 | $17252 | $10641 | $16081 |
| **2023** | $19856 | $21083 | $11230 | $19040 |
| **2024** | $23325 | $24770 | $11370 | $21610 |
| **2025** | $27260 | $30303 | $12200 | $25878 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.87% | 9.89% | 10.55% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$211,893,572

* # of Portfolio Holdings15

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$62,704

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.0% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4.8% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.4% |
| Equity | 96.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 9.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.5% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| US Large Blend | 40.5% |
| Core Fixed Income | 6.5% |

---

## 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: IAVIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Aggressive Portfolio
92914L501-AR

# Class R6: VYRMX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $24 | 0.22% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Voya Small Cap Growth were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg123.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **5/2/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10611 | $10619 | $9946 | $10499 |
| **2017** | $12975 | $13164 | $10298 | $12605 |
| **2018** | $11584 | $11926 | $10299 | $11641 |
| **2019** | $14532 | $15098 | $11197 | $14294 |
| **2020** | $16885 | $17551 | $12038 | $16165 |
| **2021** | $20239 | $20805 | $11853 | $18690 |
| **2022** | $16257 | $16985 | $10311 | $15675 |
| **2023** | $19723 | $20756 | $10881 | $18559 |
| **2024** | $23165 | $24386 | $11017 | $21064 |
| **2025** | $27093 | $29834 | $11821 | $25224 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (5/2/2016)** |
| Class R6 | 16.96% | 9.92% | 10.86% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.75% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 10.05% |

---

## Fund Statistics
* Total Net Assets$211,893,572

* # of Portfolio Holdings15

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$62,704

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.0% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4.8% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.4% |
| Equity | 96.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 9.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.5% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| US Large Blend | 40.5% |
| Core Fixed Income | 6.5% |

---

## 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: VYRMX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Aggressive Portfolio
92914L220-AR

# Class S: IAVSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $51 | 0.47% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Voya Small Cap Growth were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg098.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10675 | $10786 | $10265 | $10771 |
| **2017** | $13016 | $13371 | $10628 | $12932 |
| **2018** | $11595 | $12113 | $10629 | $11942 |
| **2019** | $14518 | $15335 | $11556 | $14664 |
| **2020** | $16817 | $17827 | $12424 | $16584 |
| **2021** | $20116 | $21132 | $12233 | $19174 |
| **2022** | $16115 | $17252 | $10641 | $16081 |
| **2023** | $19482 | $21083 | $11230 | $19040 |
| **2024** | $22809 | $24770 | $11370 | $21610 |
| **2025** | $26603 | $30303 | $12200 | $25878 |

---

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 | 16.64% | 9.61% | 10.28% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$211,893,572

* # of Portfolio Holdings15

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$62,704

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.0% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4.8% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.4% |
| Equity | 96.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 9.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.5% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| US Large Blend | 40.5% |
| Core Fixed Income | 6.5% |

---

## 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: IAVSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Aggressive Portfolio
92914L402-AR

# Class S2: IAVTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $67 | 0.62% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity and Voya Small Cap Growth were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg151.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10657 | $10786 | $10265 | $10771 |
| **2017** | $12971 | $13371 | $10628 | $12932 |
| **2018** | $11534 | $12113 | $10629 | $11942 |
| **2019** | $14424 | $15335 | $11556 | $14664 |
| **2020** | $16688 | $17827 | $12424 | $16584 |
| **2021** | $19928 | $21132 | $12233 | $19174 |
| **2022** | $15943 | $17252 | $10641 | $16081 |
| **2023** | $19233 | $21083 | $11230 | $19040 |
| **2024** | $22486 | $24770 | $11370 | $21610 |
| **2025** | $26182 | $30303 | $12200 | $25878 |

---

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 | 16.44% | 9.43% | 10.10% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$211,893,572

* # of Portfolio Holdings15

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$62,704

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 35.3% |
| Voya Multi-Manager International Equity Fund - Class I | 10.6% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7.2% |
| Voya Large Cap Value Portfolio - Class R6 | 5.9% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 5.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.0% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 4.8% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.4% |
| Equity | 96.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 9.0% |
| US Large Value | 9.0% |
| US Mid Cap Blend | 10.5% |
| US Small Cap | 6.5% |
| International | 14.5% |
| Emerging Markets | 3.5% |
| US Large Blend | 40.5% |
| Core Fixed Income | 6.5% |

---

## 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: IAVTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Aggressive Portfolio
92914L303-AR

# Class ADV: ISGAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $83 | 0.78% |

---

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

↑ Top contributors to performance: The Fund's overweights to U.S. large cap growth and international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Voya Short Duration Bond were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care and underweight in U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Mid Cap Opportunities were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg160.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10608 | $10786 | $10265 | $10677 |
| **2017** | $12142 | $13371 | $10628 | $12378 |
| **2018** | $11294 | $12113 | $10629 | $11674 |
| **2019** | $13455 | $15335 | $11556 | $13915 |
| **2020** | $15171 | $17827 | $12424 | $15561 |
| **2021** | $17239 | $21132 | $12233 | $17330 |
| **2022** | $14130 | $17252 | $10641 | $14684 |
| **2023** | $16343 | $21083 | $11230 | $16942 |
| **2024** | $18309 | $24770 | $11370 | $18760 |
| **2025** | $20589 | $30303 | $12200 | $21873 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 12.45% | 6.30% | 7.49% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$205,604,847

* # of Portfolio Holdings17

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$349,129

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 17.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Voya Short Duration Bond Fund - Class R6 | 8.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large-Cap Growth Fund - Class R6 | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 32.0% |
| Equity | 68.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 6.5% |
| Emerging Markets | 2.0% |
| US Large Blend | 33.5% |
| Core Fixed Income | 27.5% |
| Short Duration | 9.0% |

---

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

# Class ADV: ISGAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Balanced Portfolio
92914L386-AR

# Class I: ISGJX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $30 | 0.28% |

---

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

↑ Top contributors to performance: The Fund's overweights to U.S. large cap growth and international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Voya Short Duration Bond were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care and underweight in U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Mid Cap Opportunities were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg045.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10669 | $10786 | $10265 | $10677 |
| **2017** | $12258 | $13371 | $10628 | $12378 |
| **2018** | $11476 | $12113 | $10629 | $11674 |
| **2019** | $13743 | $15335 | $11556 | $13915 |
| **2020** | $15570 | $17827 | $12424 | $15561 |
| **2021** | $17772 | $21132 | $12233 | $17330 |
| **2022** | $14643 | $17252 | $10641 | $14684 |
| **2023** | $17022 | $21083 | $11230 | $16942 |
| **2024** | $19177 | $24770 | $11370 | $18760 |
| **2025** | $21679 | $30303 | $12200 | $21873 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 13.05% | 6.84% | 8.04% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$205,604,847

* # of Portfolio Holdings17

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$349,129

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 17.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Voya Short Duration Bond Fund - Class R6 | 8.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large-Cap Growth Fund - Class R6 | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 32.0% |
| Equity | 68.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 6.5% |
| Emerging Markets | 2.0% |
| US Large Blend | 33.5% |
| Core Fixed Income | 27.5% |
| Short Duration | 9.0% |

---

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

# Class I: ISGJX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Balanced Portfolio
92914L378-AR

# Class R6: VYRLX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $22 | 0.21% |

---

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

↑ Top contributors to performance: The Fund's overweights to U.S. large cap growth and international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Voya Short Duration Bond were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care and underweight in U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Mid Cap Opportunities were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg060.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **5/2/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10475 | $10619 | $9946 | $10376 |
| **2017** | $12047 | $13164 | $10298 | $12029 |
| **2018** | $11278 | $11926 | $10299 | $11344 |
| **2019** | $13506 | $15098 | $11197 | $13523 |
| **2020** | $15303 | $17551 | $12038 | $15122 |
| **2021** | $17467 | $20805 | $11853 | $16842 |
| **2022** | $14392 | $16985 | $10311 | $14270 |
| **2023** | $16738 | $20756 | $10881 | $16465 |
| **2024** | $18877 | $24386 | $11017 | $18231 |
| **2025** | $21344 | $29834 | $11821 | $21256 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (5/2/2016)** |
| Class R6 | 13.07% | 6.88% | 8.16% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.75% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.12% |

---

## Fund Statistics
* Total Net Assets$205,604,847

* # of Portfolio Holdings17

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$349,129

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 17.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Voya Short Duration Bond Fund - Class R6 | 8.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large-Cap Growth Fund - Class R6 | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 32.0% |
| Equity | 68.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 6.5% |
| Emerging Markets | 2.0% |
| US Large Blend | 33.5% |
| Core Fixed Income | 27.5% |
| Short Duration | 9.0% |

---

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

# Class R6: VYRLX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Balanced Portfolio
92914L212-AR

# Class S: ISGKX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $56 | 0.53% |

---

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

↑ Top contributors to performance: The Fund's overweights to U.S. large cap growth and international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Voya Short Duration Bond were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care and underweight in U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Mid Cap Opportunities were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg038.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10632 | $10786 | $10265 | $10677 |
| **2017** | $12201 | $13371 | $10628 | $12378 |
| **2018** | $11384 | $12113 | $10629 | $11674 |
| **2019** | $13600 | $15335 | $11556 | $13915 |
| **2020** | $15361 | $17827 | $12424 | $15561 |
| **2021** | $17505 | $21132 | $12233 | $17330 |
| **2022** | $14372 | $17252 | $10641 | $14684 |
| **2023** | $16681 | $21083 | $11230 | $16942 |
| **2024** | $18744 | $24770 | $11370 | $18760 |
| **2025** | $21119 | $30303 | $12200 | $21873 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 12.67% | 6.57% | 7.76% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$205,604,847

* # of Portfolio Holdings17

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$349,129

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 17.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Voya Short Duration Bond Fund - Class R6 | 8.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large-Cap Growth Fund - Class R6 | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 32.0% |
| Equity | 68.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 6.5% |
| Emerging Markets | 2.0% |
| US Large Blend | 33.5% |
| Core Fixed Income | 27.5% |
| Short Duration | 9.0% |

---

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

# Class S: ISGKX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Balanced Portfolio
92914L360-AR

# Class S2: ISGTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Balanced 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 Solution Balanced 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 | $72 | 0.68% |

---

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

↑ Top contributors to performance: The Fund's overweights to U.S. large cap growth and international equities were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Voya Short Duration Bond were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care and underweight in U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, Voya Multi-Manager Mid Cap Value, and Voya Mid Cap Opportunities were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10610 | $10786 | $10265 | $10677 |
| **2017** | $12163 | $13371 | $10628 | $12378 |
| **2018** | $11325 | $12113 | $10629 | $11674 |
| **2019** | $13501 | $15335 | $11556 | $13915 |
| **2020** | $15231 | $17827 | $12424 | $15561 |
| **2021** | $17334 | $21132 | $12233 | $17330 |
| **2022** | $14216 | $17252 | $10641 | $14684 |
| **2023** | $16468 | $21083 | $11230 | $16942 |
| **2024** | $18469 | $24770 | $11370 | $18760 |
| **2025** | $20792 | $30303 | $12200 | $21873 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 12.58% | 6.42% | 7.59% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Growth Index | 16.59% | 7.05% | 8.14% |

---

## Fund Statistics
* Total Net Assets$205,604,847

* # of Portfolio Holdings17

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$349,129

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.0% |
| Voya Intermediate Bond Fund - Class R6 | 17.3% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| Voya Short Duration Bond Fund - Class R6 | 8.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 5.9% |
| Voya Multi-Manager International Equity Fund - Class I | 5.6% |
| Voya Large Cap Value Portfolio - Class R6 | 5.0% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large-Cap Growth Fund - Class R6 | 3.0% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 32.0% |
| Equity | 68.0% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 7.0% |
| US Large Value | 7.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 2.0% |
| International | 6.5% |
| Emerging Markets | 2.0% |
| US Large Blend | 33.5% |
| Core Fixed Income | 27.5% |
| Short Duration | 9.0% |

---

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

# Class S2: ISGTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Balanced Portfolio
92914L808-AR

# Class ADV: ICGAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Conservative Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $79 | 0.76% |

---

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

↑ Top contributors to performance: The Fund's underweights in U.S. large cap and core fixed income as well as overweight to international equities were the biggest contributors. On an individual holdings level, Voya Short Duration Bond, Voya Intermediate Bond, and Vanguard Long-Term Treasury ETF were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweights to S&P 500 health care, duration and US small cap equities and underweight to U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Vanguard Total International Bond ETF, and VY<sup>®</sup> Brandywine Global Bond were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg122.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10576 | $10786 | $10265 | $10526 |
| **2017** | $11323 | $13371 | $10628 | $11547 |
| **2018** | $11053 | $12113 | $10629 | $11232 |
| **2019** | $12267 | $15335 | $11556 | $12803 |
| **2020** | $13443 | $17827 | $12424 | $14041 |
| **2021** | $14150 | $21132 | $12233 | $14742 |
| **2022** | $12199 | $17252 | $10641 | $12679 |
| **2023** | $13272 | $21083 | $11230 | $14066 |
| **2024** | $14078 | $24770 | $11370 | $14993 |
| **2025** | $15183 | $30303 | $12200 | $16754 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 7.85% | 2.46% | 4.26% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$93,063,712

* # of Portfolio Holdings16

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$133,880

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 27.1% |
| Voya Short Duration Bond Fund - Class R6 | 21.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9.0% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.8% |
| Voya U.S. Stock Index Portfolio - Class I | 3.7% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 28.7% |
| Fixed Income | 71.2% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.5% |
| International | 3.5% |
| US Large Blend | 10.5% |
| Core Fixed Income | 40.0% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class ADV: ICGAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Conservative Portfolio
92914L840-AR

# Class I: ICGIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Conservative Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $27 | 0.26% |

---

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

↑ Top contributors to performance: The Fund's underweights in U.S. large cap and core fixed income as well as overweight to international equities were the biggest contributors. On an individual holdings level, Voya Short Duration Bond, Voya Intermediate Bond, and Vanguard Long-Term Treasury ETF were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweights to S&P 500 health care, duration and US small cap equities and underweight to U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Vanguard Total International Bond ETF, and VY<sup>®</sup> Brandywine Global Bond were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg170.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10624 | $10786 | $10265 | $10526 |
| **2017** | $11432 | $13371 | $10628 | $11547 |
| **2018** | $11210 | $12113 | $10629 | $11232 |
| **2019** | $12516 | $15335 | $11556 | $12803 |
| **2020** | $13766 | $17827 | $12424 | $14041 |
| **2021** | $14571 | $21132 | $12233 | $14742 |
| **2022** | $12624 | $17252 | $10641 | $12679 |
| **2023** | $13800 | $21083 | $11230 | $14066 |
| **2024** | $14714 | $24770 | $11370 | $14993 |
| **2025** | $15939 | $30303 | $12200 | $16754 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.33% | 2.97% | 4.77% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$93,063,712

* # of Portfolio Holdings16

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$133,880

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 27.1% |
| Voya Short Duration Bond Fund - Class R6 | 21.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9.0% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.8% |
| Voya U.S. Stock Index Portfolio - Class I | 3.7% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 28.7% |
| Fixed Income | 71.2% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.5% |
| International | 3.5% |
| US Large Blend | 10.5% |
| Core Fixed Income | 40.0% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class I: ICGIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Conservative Portfolio
92914L857-AR

# Class R6: VYRPX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Conservative Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $27 | 0.26% |

---

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

↑ Top contributors to performance: The Fund's underweights in U.S. large cap and core fixed income as well as overweight to international equities were the biggest contributors. On an individual holdings level, Voya Short Duration Bond, Voya Intermediate Bond, and Vanguard Long-Term Treasury ETF were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweights to S&P 500 health care, duration and US small cap equities and underweight to U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Vanguard Total International Bond ETF, and VY<sup>®</sup> Brandywine Global Bond were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **5/2/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10257 | $10619 | $9946 | $10192 |
| **2017** | $11036 | $13164 | $10298 | $11181 |
| **2018** | $10822 | $11926 | $10299 | $10875 |
| **2019** | $12083 | $15098 | $11197 | $12397 |
| **2020** | $13302 | $17551 | $12038 | $13596 |
| **2021** | $14070 | $20805 | $11853 | $14274 |
| **2022** | $12193 | $16985 | $10311 | $12277 |
| **2023** | $13322 | $20756 | $10881 | $13620 |
| **2024** | $14217 | $24386 | $11017 | $14517 |
| **2025** | $15408 | $29834 | $11821 | $16222 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (5/2/2016)** |
| Class R6 | 8.38% | 2.98% | 4.57% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.75% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.14% |

---

## Fund Statistics
* Total Net Assets$93,063,712

* # of Portfolio Holdings16

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$133,880

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 27.1% |
| Voya Short Duration Bond Fund - Class R6 | 21.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9.0% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.8% |
| Voya U.S. Stock Index Portfolio - Class I | 3.7% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 28.7% |
| Fixed Income | 71.2% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.5% |
| International | 3.5% |
| US Large Blend | 10.5% |
| Core Fixed Income | 40.0% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class R6: VYRPX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Conservative Portfolio
92914L196-AR

# Class S: ICGSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Conservative Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $53 | 0.51% |

---

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

↑ Top contributors to performance: The Fund's underweights in U.S. large cap and core fixed income as well as overweight to international equities were the biggest contributors. On an individual holdings level, Voya Short Duration Bond, Voya Intermediate Bond, and Vanguard Long-Term Treasury ETF were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweights to S&P 500 health care, duration and US small cap equities and underweight to U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Vanguard Total International Bond ETF, and VY<sup>®</sup> Brandywine Global Bond were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg166.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10604 | $10786 | $10265 | $10526 |
| **2017** | $11379 | $13371 | $10628 | $11547 |
| **2018** | $11135 | $12113 | $10629 | $11232 |
| **2019** | $12394 | $15335 | $11556 | $12803 |
| **2020** | $13613 | $17827 | $12424 | $14041 |
| **2021** | $14364 | $21132 | $12233 | $14742 |
| **2022** | $12410 | $17252 | $10641 | $12679 |
| **2023** | $13543 | $21083 | $11230 | $14066 |
| **2024** | $14386 | $24770 | $11370 | $14993 |
| **2025** | $15553 | $30303 | $12200 | $16754 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.12% | 2.70% | 4.52% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$93,063,712

* # of Portfolio Holdings16

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$133,880

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 27.1% |
| Voya Short Duration Bond Fund - Class R6 | 21.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9.0% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.8% |
| Voya U.S. Stock Index Portfolio - Class I | 3.7% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 28.7% |
| Fixed Income | 71.2% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.5% |
| International | 3.5% |
| US Large Blend | 10.5% |
| Core Fixed Income | 40.0% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S: ICGSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Conservative Portfolio
92914L873-AR

# Class S2: ICGTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Conservative Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $69 | 0.66% |

---

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

↑ Top contributors to performance: The Fund's underweights in U.S. large cap and core fixed income as well as overweight to international equities were the biggest contributors. On an individual holdings level, Voya Short Duration Bond, Voya Intermediate Bond, and Vanguard Long-Term Treasury ETF were the key contributors.

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweights to S&P 500 health care, duration and US small cap equities and underweight to U.S. mid cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Vanguard Total International Bond ETF, and VY<sup>®</sup> Brandywine Global Bond were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg180.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk<sup>®</sup> Conservative Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10590 | $10786 | $10265 | $10526 |
| **2017** | $11352 | $13371 | $10628 | $11547 |
| **2018** | $11087 | $12113 | $10629 | $11232 |
| **2019** | $12330 | $15335 | $11556 | $12803 |
| **2020** | $13525 | $17827 | $12424 | $14041 |
| **2021** | $14247 | $21132 | $12233 | $14742 |
| **2022** | $12289 | $17252 | $10641 | $12679 |
| **2023** | $13379 | $21083 | $11230 | $14066 |
| **2024** | $14214 | $24770 | $11370 | $14993 |
| **2025** | $15350 | $30303 | $12200 | $16754 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 7.99% | 2.56% | 4.38% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk<sup>®</sup> Conservative Index | 11.74% | 3.60% | 5.30% |

---

## Fund Statistics
* Total Net Assets$93,063,712

* # of Portfolio Holdings16

* Portfolio Turnover Rate30%

* Investment Advisory Fees Paid$133,880

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 27.1% |
| Voya Short Duration Bond Fund - Class R6 | 21.0% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.9% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9.0% |
| Voya High Yield Bond Fund - Class R6 | 6.0% |
| Schwab U.S. TIPS ETF | 4.8% |
| Voya U.S. Stock Index Portfolio - Class I | 3.7% |
| Voya Large-Cap Growth Fund - Class R6 | 3.1% |
| Voya Large Cap Value Portfolio - Class R6 | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.6% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg172.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 28.7% |
| Fixed Income | 71.2% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 3.0% |
| US Large Value | 3.0% |
| US Mid Cap Blend | 4.5% |
| International | 3.5% |
| US Large Blend | 10.5% |
| Core Fixed Income | 40.0% |
| High Yield | 6.0% |
| International Bonds | 2.5% |
| TIPS | 5.0% |
| Short Duration | 21.0% |
| Long Govt Bonds | 1.0% |

---

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

# Class S2: ICGTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Conservative Portfolio
92914L881-AR

# Class ADV: ISWAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $81 | 0.77% |

---

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

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweights to U.S. large cap and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Vanguard FTSE Developed Markets ETF were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration as well as underweight in U.S. mid cap and U.S. small cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> Brandywine Global Bond, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg104.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date Retirement Income Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10426 | $10786 | $10265 | $10100 | $10501 | $11274 |
| **2017** | $11380 | $13371 | $10628 | $12628 | $11398 | $13656 |
| **2018** | $10999 | $12113 | $10629 | $10887 | $11108 | $12941 |
| **2019** | $12415 | $15335 | $11556 | $13283 | $12589 | $16955 |
| **2020** | $13856 | $17827 | $12424 | $14321 | $13698 | $20497 |
| **2021** | $14710 | $21132 | $12233 | $15934 | $14398 | $25756 |
| **2022** | $12457 | $17252 | $10641 | $13632 | $12790 | $20808 |
| **2023** | $13761 | $21083 | $11230 | $16118 | $14113 | $26210 |
| **2024** | $14572 | $24770 | $11370 | $16734 | $15036 | $32449 |
| **2025** | $16117 | $30303 | $12200 | $21958 | $16789 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 10.60% | 3.07% | 4.89% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$505,689,852

* # of Portfolio Holdings17

* Portfolio Turnover Rate43%

* Investment Advisory Fees Paid$586,954

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 25.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Schwab U.S. TIPS ETF | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.4% |
| Voya U.S. Stock Index Portfolio - Class I | 5.7% |
| Vanguard FTSE Developed Markets ETF | 5.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 39.2% |
| Fixed Income | 60.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 4.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 3.0% |
| International | 7.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class ADV: ISWAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Income Portfolio
92914H302-AR

# Class I: ISWIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.27% |

---

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

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweights to U.S. large cap and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Vanguard FTSE Developed Markets ETF were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration as well as underweight in U.S. mid cap and U.S. small cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> Brandywine Global Bond, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg037.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date Retirement Income Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10478 | $10786 | $10265 | $10100 | $10501 | $11274 |
| **2017** | $11490 | $13371 | $10628 | $12628 | $11398 | $13656 |
| **2018** | $11167 | $12113 | $10629 | $10887 | $11108 | $12941 |
| **2019** | $12661 | $15335 | $11556 | $13283 | $12589 | $16955 |
| **2020** | $14203 | $17827 | $12424 | $14321 | $13698 | $20497 |
| **2021** | $15153 | $21132 | $12233 | $15934 | $14398 | $25756 |
| **2022** | $12908 | $17252 | $10641 | $13632 | $12790 | $20808 |
| **2023** | $14316 | $21083 | $11230 | $16118 | $14113 | $26210 |
| **2024** | $15243 | $24770 | $11370 | $16734 | $15036 | $32449 |
| **2025** | $16954 | $30303 | $12200 | $21958 | $16789 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.23% | 3.60% | 5.42% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$505,689,852

* # of Portfolio Holdings17

* Portfolio Turnover Rate43%

* Investment Advisory Fees Paid$586,954

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 25.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Schwab U.S. TIPS ETF | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.4% |
| Voya U.S. Stock Index Portfolio - Class I | 5.7% |
| Vanguard FTSE Developed Markets ETF | 5.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 39.2% |
| Fixed Income | 60.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 4.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 3.0% |
| International | 7.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class I: ISWIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Income Portfolio
92914H104-AR

# Class S: ISWSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $55 | 0.52% |

---

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

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweights to U.S. large cap and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Vanguard FTSE Developed Markets ETF were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration as well as underweight in U.S. mid cap and U.S. small cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> Brandywine Global Bond, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg157.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date Retirement Income Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10447 | $10786 | $10265 | $10100 | $10501 | $11274 |
| **2017** | $11429 | $13371 | $10628 | $12628 | $11398 | $13656 |
| **2018** | $11071 | $12113 | $10629 | $10887 | $11108 | $12941 |
| **2019** | $12525 | $15335 | $11556 | $13283 | $12589 | $16955 |
| **2020** | $14021 | $17827 | $12424 | $14321 | $13698 | $20497 |
| **2021** | $14914 | $21132 | $12233 | $15934 | $14398 | $25756 |
| **2022** | $12676 | $17252 | $10641 | $13632 | $12790 | $20808 |
| **2023** | $14016 | $21083 | $11230 | $16118 | $14113 | $26210 |
| **2024** | $14890 | $24770 | $11370 | $16734 | $15036 | $32449 |
| **2025** | $16518 | $30303 | $12200 | $21958 | $16789 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S | 10.94% | 3.33% | 5.15% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$505,689,852

* # of Portfolio Holdings17

* Portfolio Turnover Rate43%

* Investment Advisory Fees Paid$586,954

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 25.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Schwab U.S. TIPS ETF | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.4% |
| Voya U.S. Stock Index Portfolio - Class I | 5.7% |
| Vanguard FTSE Developed Markets ETF | 5.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 39.2% |
| Fixed Income | 60.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 4.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 3.0% |
| International | 7.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S: ISWSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Income Portfolio
92914H203-AR

# Class S2: IJKBX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $71 | 0.67% |

---

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

↑ Top contributors to performance: Underlying fund selection and tactical asset allocation had positive impacts. The Fund's overweights to U.S. large cap and international equities as well as underweight in core fixed income were the biggest contributors. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Intermediate Bond, and Vanguard FTSE Developed Markets ETF were key contributors.

↓ Top detractors from performance: The Fund's overweights to S&P 500 health care and duration as well as underweight in U.S. mid cap and U.S. small cap equities were the biggest detractors. On an individual holdings level, Voya Multi-Manager International Equity, VY<sup>®</sup> Brandywine Global Bond, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg053.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI EAFE<sup>®</sup> Index** | **S&P Target Date Retirement Income Index** | **Russell 3000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10429 | $10786 | $10265 | $10100 | $10501 | $11274 |
| **2017** | $11391 | $13371 | $10628 | $12628 | $11398 | $13656 |
| **2018** | $11025 | $12113 | $10629 | $10887 | $11108 | $12941 |
| **2019** | $12454 | $15335 | $11556 | $13283 | $12589 | $16955 |
| **2020** | $13916 | $17827 | $12424 | $14321 | $13698 | $20497 |
| **2021** | $14786 | $21132 | $12233 | $15934 | $14398 | $25756 |
| **2022** | $12543 | $17252 | $10641 | $13632 | $12790 | $20808 |
| **2023** | $13855 | $21083 | $11230 | $16118 | $14113 | $26210 |
| **2024** | $14696 | $24770 | $11370 | $16734 | $15036 | $32449 |
| **2025** | $16271 | $30303 | $12200 | $21958 | $16789 | $38013 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 10.72% | 3.18% | 4.99% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Fund Statistics
* Total Net Assets$505,689,852

* # of Portfolio Holdings17

* Portfolio Turnover Rate43%

* Investment Advisory Fees Paid$586,954

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 25.9% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.8% |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8.9% |
| Voya Short Duration Bond Fund - Class R6 | 7.8% |
| Schwab U.S. TIPS ETF | 7.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.4% |
| Voya U.S. Stock Index Portfolio - Class I | 5.7% |
| Vanguard FTSE Developed Markets ETF | 5.4% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.1% |
| Voya Large Cap Value Portfolio - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 39.2% |
| Fixed Income | 60.7% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 12.5% |
| US Large Growth | 4.0% |
| US Large Value | 4.0% |
| US Mid Cap Blend | 3.0% |
| International | 7.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 40.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 2.0% |

---

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

# Class S2: IJKBX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Income Portfolio
92914L634-AR

# Class ADV: IAGAX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Moderately Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $83 | 0.77% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Small Cap Growth, and Voya Intermediate Bond were the key contributors

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Voya Multi-Manager International Equity, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg192.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10600 | $10786 | $10265 | $10771 |
| **2017** | $12495 | $13371 | $10628 | $12932 |
| **2018** | $11316 | $12113 | $10629 | $11942 |
| **2019** | $13841 | $15335 | $11556 | $14664 |
| **2020** | $15722 | $17827 | $12424 | $16584 |
| **2021** | $18375 | $21132 | $12233 | $19174 |
| **2022** | $14881 | $17252 | $10641 | $16081 |
| **2023** | $17593 | $21083 | $11230 | $19040 |
| **2024** | $20152 | $24770 | $11370 | $21610 |
| **2025** | $23050 | $30303 | $12200 | $25878 |

---

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 | 14.39% | 7.95% | 8.71% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$88,616,172

* # of Portfolio Holdings17

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$614,921

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.7% |
| Voya Intermediate Bond Fund - Class R6 | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.5% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.9% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 15.5% |
| Equity | 84.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 8.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.5% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 15.5% |
| Short Duration | 4.0% |

---

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

# Class ADV: IAGAX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L790-AR

# Class I: IAGIX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Moderately Aggressive Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $29 | 0.27% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Small Cap Growth, and Voya Intermediate Bond were the key contributors

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Voya Multi-Manager International Equity, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg087.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10640 | $10786 | $10265 | $10771 |
| **2017** | $12609 | $13371 | $10628 | $12932 |
| **2018** | $11472 | $12113 | $10629 | $11942 |
| **2019** | $14109 | $15335 | $11556 | $14664 |
| **2020** | $16117 | $17827 | $12424 | $16584 |
| **2021** | $18925 | $21132 | $12233 | $19174 |
| **2022** | $15404 | $17252 | $10641 | $16081 |
| **2023** | $18308 | $21083 | $11230 | $19040 |
| **2024** | $21079 | $24770 | $11370 | $21610 |
| **2025** | $24229 | $30303 | $12200 | $25878 |

---

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 | 14.94% | 8.50% | 9.25% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$88,616,172

* # of Portfolio Holdings17

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$614,921

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.7% |
| Voya Intermediate Bond Fund - Class R6 | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.5% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.9% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 15.5% |
| Equity | 84.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 8.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.5% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 15.5% |
| Short Duration | 4.0% |

---

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

# Class I: IAGIX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L816-AR

# Class R6: VYROX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Moderately Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $26 | 0.24% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Small Cap Growth, and Voya Intermediate Bond were the key contributors

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Voya Multi-Manager International Equity, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg041.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **5/2/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10521 | $10619 | $9946 | $10499 |
| **2017** | $12469 | $13164 | $10298 | $12605 |
| **2018** | $11354 | $11926 | $10299 | $11641 |
| **2019** | $13955 | $15098 | $11197 | $14294 |
| **2020** | $15942 | $17551 | $12038 | $16165 |
| **2021** | $18722 | $20805 | $11853 | $18690 |
| **2022** | $15238 | $16985 | $10311 | $15675 |
| **2023** | $18098 | $20756 | $10881 | $18559 |
| **2024** | $20843 | $24386 | $11017 | $21064 |
| **2025** | $23984 | $29834 | $11821 | $25224 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (5/2/2016)** |
| Class R6 | 15.07% | 8.51% | 9.47% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.75% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 10.05% |

---

## Fund Statistics
* Total Net Assets$88,616,172

* # of Portfolio Holdings17

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$614,921

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.7% |
| Voya Intermediate Bond Fund - Class R6 | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.5% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.9% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 15.5% |
| Equity | 84.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 8.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.5% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 15.5% |
| Short Duration | 4.0% |

---

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

# Class R6: VYROX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L188-AR

# Class S: IAGSX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Moderately Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $50 | 0.47% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Small Cap Growth, and Voya Intermediate Bond were the key contributors

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Voya Multi-Manager International Equity, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg158.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10617 | $10786 | $10265 | $10771 |
| **2017** | $12551 | $13371 | $10628 | $12932 |
| **2018** | $11396 | $12113 | $10629 | $11942 |
| **2019** | $13973 | $15335 | $11556 | $14664 |
| **2020** | $15917 | $17827 | $12424 | $16584 |
| **2021** | $18648 | $21132 | $12233 | $19174 |
| **2022** | $15129 | $17252 | $10641 | $16081 |
| **2023** | $17945 | $21083 | $11230 | $19040 |
| **2024** | $20604 | $24770 | $11370 | $21610 |
| **2025** | $23633 | $30303 | $12200 | $25878 |

---

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 | 14.70% | 8.23% | 8.98% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$88,616,172

* # of Portfolio Holdings17

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$614,921

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.7% |
| Voya Intermediate Bond Fund - Class R6 | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.5% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.9% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 15.5% |
| Equity | 84.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 8.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.5% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 15.5% |
| Short Duration | 4.0% |

---

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

# Class S: IAGSX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L824-AR

# Class S2: IAGTX
![Image](tm263417d2_tsrimg212.jpg)

# Voya Solution Moderately Aggressive Portfolio

#### Annual Shareholder Report

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

## **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 | $72 | 0.67% |

---

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

↑ Top contributors to performance: The Fund's overweight to U.S. large cap growth was the biggest contributor. On an individual holdings level, Voya Multi-Manager Emerging Markets Equity, Voya Small Cap Growth, and Voya Intermediate Bond were the key contributors

↓ Top detractors from performance: Underlying fund selection and tactical asset allocation had negative impacts. The Fund's overweight to S&P 500 health care was the biggest detractor. On an individual holdings level, Voya Multi-Manager Mid Cap Value, Voya Multi-Manager International Equity, and Voya Large Cap Value were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg114.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Aggressive<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10597 | $10786 | $10265 | $10771 |
| **2017** | $12509 | $13371 | $10628 | $12932 |
| **2018** | $11344 | $12113 | $10629 | $11942 |
| **2019** | $13895 | $15335 | $11556 | $14664 |
| **2020** | $15798 | $17827 | $12424 | $16584 |
| **2021** | $18483 | $21132 | $12233 | $19174 |
| **2022** | $14975 | $17252 | $10641 | $16081 |
| **2023** | $17733 | $21083 | $11230 | $19040 |
| **2024** | $20327 | $24770 | $11370 | $21610 |
| **2025** | $23284 | $30303 | $12200 | $25878 |

---

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 | 14.55% | 8.07% | 8.82% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P Target Risk Aggressive<sup>®</sup> Index | 19.75% | 9.31% | 9.97% |

---

## Fund Statistics
* Total Net Assets$88,616,172

* # of Portfolio Holdings17

* Portfolio Turnover Rate36%

* Investment Advisory Fees Paid$614,921

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya U.S. Stock Index Portfolio - Class I | 27.7% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9.7% |
| Voya Intermediate Bond Fund - Class R6 | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5.5% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5.4% |
| Voya Large Cap Value Portfolio - Class R6 | 4.9% |
| Voya International Index Portfolio - Class I | 4.1% |
| Voya Russell TM Large Cap Growth Index Portfolio - Class I | 4.0% |
| Voya Large-Cap Growth Fund - Class R6 | 4.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm263417d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 15.5% |
| Equity | 84.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm263417d2_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Growth | 8.0% |
| US Large Value | 8.0% |
| US Mid Cap Blend | 11.5% |
| US Small Cap | 4.5% |
| International | 11.5% |
| Emerging Markets | 2.5% |
| US Large Blend | 34.5% |
| Core Fixed Income | 15.5% |
| Short Duration | 4.0% |

---

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

# Class S2: IAGTX
![QR Code](tm263417d2_tsrimg148.jpg)

# Voya Solution Moderately Aggressive Portfolio
92914L832-AR

# Class ADV: IASAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $138 | 1.35% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2500<sup>®</sup> Value Index, primarily due to unfavorable stock selection.

↑ Top contributors to performance: Stock selection and an underweight in the industrials sector lifted relative performance, supported by machinery holdings such as Cummins and Oshkosh. Elsewhere in the portfolio, semiconductor testing company Teradyne was a top relative contributor.

↓ Top detractors from performance: Stock selection in the health care & materials sectors detracted from relative performance. Individual detractors included Zimmer Biomet Holdings and not owning biotechnology and pharmaceuticals stocks also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg125.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** | **S&P SmallCap 600<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $12369 | $11274 | $12520 | $13132 |
| **2017** | $13717 | $13656 | $13817 | $14643 |
| **2018** | $11729 | $12941 | $12109 | $12793 |
| **2019** | $15268 | $16955 | $14962 | $15932 |
| **2020** | $15780 | $20497 | $15692 | $16335 |
| **2021** | $20030 | $25756 | $20052 | $21391 |
| **2022** | $18858 | $20808 | $17429 | $19029 |
| **2023** | $20466 | $26210 | $20214 | $21862 |
| **2024** | $22044 | $32449 | $22435 | $23515 |
| **2025** | $23101 | $38013 | $25291 | $25091 |

---

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 | 4.80% | 7.92% | 8.73% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |
| S&P SmallCap 600<sup>®</sup> Value Index | 6.70% | 8.96% | 9.64% |

---

## Fund Statistics
* Total Net Assets$272,293,991

* # of Portfolio Holdings219

* Portfolio Turnover Rate61%

* Investment Advisory Fees Paid$1,837,439

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.8% |
| Henry Schein, Inc. | 1.4% |
| Graphic Packaging Holding Co. | 1.3% |
| Commerce Bancshares, Inc. | 1.3% |
| Baker Hughes Co. | 1.2% |
| Timken Co. | 1.2% |
| Willis Towers Watson PLC | 1.2% |
| Reinsurance Group of America, Inc. | 1.2% |
| US Bancorp | 1.1% |
| Kenvue, Inc. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.7% |
| Preferred Stock | 0.6% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.3% |
| Industrials | 16.2% |
| Health Care | 11.6% |
| Consumer Staples | 8.4% |
| Real Estate | 7.9% |
| Energy | 7.4% |
| Information Technology | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 1.1% |
| Short-Term Investments | 2.7% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class ADV: IASAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K578-AR

# Class I: IACIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $87 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2500<sup>®</sup> Value Index, primarily due to unfavorable stock selection.

↑ Top contributors to performance: Stock selection and an underweight in the industrials sector lifted relative performance, supported by machinery holdings such as Cummins and Oshkosh. Elsewhere in the portfolio, semiconductor testing company Teradyne was a top relative contributor.

↓ Top detractors from performance: Stock selection in the health care & materials sectors detracted from relative performance. Individual detractors included Zimmer Biomet Holdings and not owning biotechnology and pharmaceuticals stocks also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg042.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** | **S&P SmallCap 600<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $12438 | $11274 | $12520 | $13132 |
| **2017** | $13862 | $13656 | $13817 | $14643 |
| **2018** | $11901 | $12941 | $12109 | $12793 |
| **2019** | $15585 | $16955 | $14962 | $15932 |
| **2020** | $16184 | $20497 | $15692 | $16335 |
| **2021** | $20645 | $25756 | $20052 | $21391 |
| **2022** | $19534 | $20808 | $17429 | $19029 |
| **2023** | $21310 | $26210 | $20214 | $21862 |
| **2024** | $23058 | $32449 | $22435 | $23515 |
| **2025** | $24286 | $38013 | $25291 | $25091 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.33% | 8.46% | 9.28% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |
| S&P SmallCap 600<sup>®</sup> Value Index | 6.70% | 8.96% | 9.64% |

---

## Fund Statistics
* Total Net Assets$272,293,991

* # of Portfolio Holdings219

* Portfolio Turnover Rate61%

* Investment Advisory Fees Paid$1,837,439

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.8% |
| Henry Schein, Inc. | 1.4% |
| Graphic Packaging Holding Co. | 1.3% |
| Commerce Bancshares, Inc. | 1.3% |
| Baker Hughes Co. | 1.2% |
| Timken Co. | 1.2% |
| Willis Towers Watson PLC | 1.2% |
| Reinsurance Group of America, Inc. | 1.2% |
| US Bancorp | 1.1% |
| Kenvue, Inc. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.7% |
| Preferred Stock | 0.6% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.3% |
| Industrials | 16.2% |
| Health Care | 11.6% |
| Consumer Staples | 8.4% |
| Real Estate | 7.9% |
| Energy | 7.4% |
| Information Technology | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 1.1% |
| Short-Term Investments | 2.7% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class I: IACIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K552-AR

# Class S: IASSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $113 | 1.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2500<sup>®</sup> Value Index, primarily due to unfavorable stock selection.

↑ Top contributors to performance: Stock selection and an underweight in the industrials sector lifted relative performance, supported by machinery holdings such as Cummins and Oshkosh. Elsewhere in the portfolio, semiconductor testing company Teradyne was a top relative contributor.

↓ Top detractors from performance: Stock selection in the health care & materials sectors detracted from relative performance. Individual detractors included Zimmer Biomet Holdings and not owning biotechnology and pharmaceuticals stocks also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg043.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** | **S&P SmallCap 600<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $12406 | $11274 | $12520 | $13132 |
| **2017** | $13785 | $13656 | $13817 | $14643 |
| **2018** | $11808 | $12941 | $12109 | $12793 |
| **2019** | $15429 | $16955 | $14962 | $15932 |
| **2020** | $15972 | $20497 | $15692 | $16335 |
| **2021** | $20333 | $25756 | $20052 | $21391 |
| **2022** | $19194 | $20808 | $17429 | $19029 |
| **2023** | $20877 | $26210 | $20214 | $21862 |
| **2024** | $22551 | $32449 | $22435 | $23515 |
| **2025** | $23675 | $38013 | $25291 | $25091 |

---

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 | 4.99% | 8.19% | 9.00% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |
| S&P SmallCap 600<sup>®</sup> Value Index | 6.70% | 8.96% | 9.64% |

---

## Fund Statistics
* Total Net Assets$272,293,991

* # of Portfolio Holdings219

* Portfolio Turnover Rate61%

* Investment Advisory Fees Paid$1,837,439

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.8% |
| Henry Schein, Inc. | 1.4% |
| Graphic Packaging Holding Co. | 1.3% |
| Commerce Bancshares, Inc. | 1.3% |
| Baker Hughes Co. | 1.2% |
| Timken Co. | 1.2% |
| Willis Towers Watson PLC | 1.2% |
| Reinsurance Group of America, Inc. | 1.2% |
| US Bancorp | 1.1% |
| Kenvue, Inc. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.7% |
| Preferred Stock | 0.6% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.3% |
| Industrials | 16.2% |
| Health Care | 11.6% |
| Consumer Staples | 8.4% |
| Real Estate | 7.9% |
| Energy | 7.4% |
| Information Technology | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 1.1% |
| Short-Term Investments | 2.7% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S: IASSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914K560-AR

# Class S2: ISMSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $128 | 1.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2500<sup>®</sup> Value Index, primarily due to unfavorable stock selection.

↑ Top contributors to performance: Stock selection and an underweight in the industrials sector lifted relative performance, supported by machinery holdings such as Cummins and Oshkosh. Elsewhere in the portfolio, semiconductor testing company Teradyne was a top relative contributor.

↓ Top detractors from performance: Stock selection in the health care & materials sectors detracted from relative performance. Individual detractors included Zimmer Biomet Holdings and not owning biotechnology and pharmaceuticals stocks also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg128.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** | **S&P SmallCap 600<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $12393 | $11274 | $12520 | $13132 |
| **2017** | $13750 | $13656 | $13817 | $14643 |
| **2018** | $11759 | $12941 | $12109 | $12793 |
| **2019** | $15336 | $16955 | $14962 | $15932 |
| **2020** | $15858 | $20497 | $15692 | $16335 |
| **2021** | $20157 | $25756 | $20052 | $21391 |
| **2022** | $18994 | $20808 | $17429 | $19029 |
| **2023** | $20627 | $26210 | $20214 | $21862 |
| **2024** | $22237 | $32449 | $22435 | $23515 |
| **2025** | $23325 | $38013 | $25291 | $25091 |

---

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 | 4.89% | 8.02% | 8.84% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |
| S&P SmallCap 600<sup>®</sup> Value Index | 6.70% | 8.96% | 9.64% |

---

## Fund Statistics
* Total Net Assets$272,293,991

* # of Portfolio Holdings219

* Portfolio Turnover Rate61%

* Investment Advisory Fees Paid$1,837,439

## 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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 1.8% |
| Henry Schein, Inc. | 1.4% |
| Graphic Packaging Holding Co. | 1.3% |
| Commerce Bancshares, Inc. | 1.3% |
| Baker Hughes Co. | 1.2% |
| Timken Co. | 1.2% |
| Willis Towers Watson PLC | 1.2% |
| Reinsurance Group of America, Inc. | 1.2% |
| US Bancorp | 1.1% |
| Kenvue, Inc. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.7% |
| Preferred Stock | 0.6% |
| Common Stock | 97.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.3% |
| Industrials | 16.2% |
| Health Care | 11.6% |
| Consumer Staples | 8.4% |
| Real Estate | 7.9% |
| Energy | 7.4% |
| Information Technology | 6.7% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 1.1% |
| Short-Term Investments | 2.7% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S2: ISMSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio
92914L428-AR

# Class ADV: IBSAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Baron Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $142 | 1.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index primarily due to due to style-related biases, active industry exposures, and stock-specific issues.

↑ Top contributors to performance: At a sector level, health care & industrials contributed to performance. Individual contributors included FIGS, Inc., IDEXX Laboratories, Inc., and Karman Holdings Inc.

↓ Top detractors from performance: On a sector level, adverse stock selection in financials, information technology & real estate weighed on relative performance. Higher exposure to the lagging financials and consumer discretionary sectors, as well as underexposure to the better performing industrials sector also proved costly.&nbsp;&nbsp;&nbsp;&nbsp;Individual detractors included Gartner, Inc., Choice Hotels International, Inc., & FactSet Research Systems Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg033.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2500™ Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10506 | $11274 | $11132 | $10973 |
| **2017** | $13434 | $13656 | $13600 | $13657 |
| **2018** | $13145 | $12941 | $12334 | $12637 |
| **2019** | $18172 | $16955 | $15846 | $16763 |
| **2020** | $24149 | $20497 | $21334 | $23547 |
| **2021** | $29013 | $25756 | $21938 | $24733 |
| **2022** | $22078 | $20808 | $16155 | $18251 |
| **2023** | $25294 | $26210 | $19169 | $21706 |
| **2024** | $26396 | $32449 | $22074 | $24722 |
| **2025** | $23467 | $38013 | $24947 | $27271 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | -11.10% | -0.57% | 8.90% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |

---

## Fund Statistics
* Total Net Assets$295,017,878

* # of Portfolio Holdings40

* Portfolio Turnover Rate13%

* Investment Advisory Fees Paid$2,975,214

## 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

---

| | |
|:---|:---|
| MSCI, Inc. | 8.7% |
| Gartner, Inc. | 6.5% |
| CoStar Group, Inc. | 6.5% |
| Arch Capital Group Ltd. | 6.1% |
| Guidewire Software, Inc. | 6.0% |
| Vail Resorts, Inc. | 5.9% |
| IDEXX Laboratories, Inc. | 5.5% |
| Kinsale Capital Group, Inc. | 5.1% |
| Figs, Inc. - Class A | 4.7% |
| Primerica, Inc. | 4.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 32.4% |
| Information Technology | 23.7% |
| Consumer Discretionary | 17.8% |
| Health Care | 12.8% |
| Real Estate | 6.5% |
| Industrials | 6.4% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class ADV: IBSAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K610-AR

# Class I: IBGIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Baron Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $95 | 1.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index primarily due to due to style-related biases, active industry exposures, and stock-specific issues.

↑ Top contributors to performance: At a sector level, health care & industrials contributed to performance. Individual contributors included FIGS, Inc., IDEXX Laboratories, Inc., and Karman Holdings Inc.

↓ Top detractors from performance: On a sector level, adverse stock selection in financials, information technology & real estate weighed on relative performance. Higher exposure to the lagging financials and consumer discretionary sectors, as well as underexposure to the better performing industrials sector also proved costly.&nbsp;&nbsp;&nbsp;&nbsp;Individual detractors included Gartner, Inc., Choice Hotels International, Inc., & FactSet Research Systems Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg029.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2500™ Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10556 | $11274 | $11132 | $10973 |
| **2017** | $13567 | $13656 | $13600 | $13657 |
| **2018** | $13340 | $12941 | $12334 | $12637 |
| **2019** | $18538 | $16955 | $15846 | $16763 |
| **2020** | $24757 | $20497 | $21334 | $23547 |
| **2021** | $29888 | $25756 | $21938 | $24733 |
| **2022** | $22864 | $20808 | $16155 | $18251 |
| **2023** | $26316 | $26210 | $19169 | $21706 |
| **2024** | $27603 | $32449 | $22074 | $24722 |
| **2025** | $24652 | $38013 | $24947 | $27271 |

---

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 | -10.69% | -0.08% | 9.44% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |

---

## Fund Statistics
* Total Net Assets$295,017,878

* # of Portfolio Holdings40

* Portfolio Turnover Rate13%

* Investment Advisory Fees Paid$2,975,214

## 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

---

| | |
|:---|:---|
| MSCI, Inc. | 8.7% |
| Gartner, Inc. | 6.5% |
| CoStar Group, Inc. | 6.5% |
| Arch Capital Group Ltd. | 6.1% |
| Guidewire Software, Inc. | 6.0% |
| Vail Resorts, Inc. | 5.9% |
| IDEXX Laboratories, Inc. | 5.5% |
| Kinsale Capital Group, Inc. | 5.1% |
| Figs, Inc. - Class A | 4.7% |
| Primerica, Inc. | 4.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 32.4% |
| Information Technology | 23.7% |
| Consumer Discretionary | 17.8% |
| Health Care | 12.8% |
| Real Estate | 6.5% |
| Industrials | 6.4% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class I: IBGIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K586-AR

# Class R6: VYRBX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Baron Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $94 | 0.99% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index primarily due to due to style-related biases, active industry exposures, and stock-specific issues.

↑ Top contributors to performance: At a sector level, health care & industrials contributed to performance. Individual contributors included FIGS, Inc., IDEXX Laboratories, Inc., and Karman Holdings Inc.

↓ Top detractors from performance: On a sector level, adverse stock selection in financials, information technology & real estate weighed on relative performance. Higher exposure to the lagging financials and consumer discretionary sectors, as well as underexposure to the better performing industrials sector also proved costly.&nbsp;&nbsp;&nbsp;&nbsp;Individual detractors included Gartner, Inc., Choice Hotels International, Inc., & FactSet Research Systems Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg074.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2500™ Growth Index** |
| **5/3/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10410 | $11120 | $11657 | $11228 |
| **2017** | $13378 | $13470 | $14241 | $13974 |
| **2018** | $13158 | $12764 | $12915 | $12930 |
| **2019** | $18282 | $16723 | $16594 | $17152 |
| **2020** | $24417 | $20217 | $22340 | $24094 |
| **2021** | $29482 | $25404 | $22972 | $25308 |
| **2022** | $22552 | $20524 | $16917 | $18675 |
| **2023** | $25962 | $25852 | $20073 | $22210 |
| **2024** | $27239 | $32006 | $23115 | $25297 |
| **2025** | $24327 | $37494 | $26123 | $27905 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | -10.69% | -0.07% | 9.64% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.66% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 10.45% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 11.21% |

---

## Fund Statistics
* Total Net Assets$295,017,878

* # of Portfolio Holdings40

* Portfolio Turnover Rate13%

* Investment Advisory Fees Paid$2,975,214

## 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

---

| | |
|:---|:---|
| MSCI, Inc. | 8.7% |
| Gartner, Inc. | 6.5% |
| CoStar Group, Inc. | 6.5% |
| Arch Capital Group Ltd. | 6.1% |
| Guidewire Software, Inc. | 6.0% |
| Vail Resorts, Inc. | 5.9% |
| IDEXX Laboratories, Inc. | 5.5% |
| Kinsale Capital Group, Inc. | 5.1% |
| Figs, Inc. - Class A | 4.7% |
| Primerica, Inc. | 4.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 32.4% |
| Information Technology | 23.7% |
| Consumer Discretionary | 17.8% |
| Health Care | 12.8% |
| Real Estate | 6.5% |
| Industrials | 6.4% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class R6: VYRBX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92915V102-AR

# Class S: IBSSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Baron Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $118 | 1.25% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index primarily due to due to style-related biases, active industry exposures, and stock-specific issues.

↑ Top contributors to performance: At a sector level, health care & industrials contributed to performance. Individual contributors included FIGS, Inc., IDEXX Laboratories, Inc., and Karman Holdings Inc.

↓ Top detractors from performance: On a sector level, adverse stock selection in financials, information technology & real estate weighed on relative performance. Higher exposure to the lagging financials and consumer discretionary sectors, as well as underexposure to the better performing industrials sector also proved costly.&nbsp;&nbsp;&nbsp;&nbsp;Individual detractors included Gartner, Inc., Choice Hotels International, Inc., & FactSet Research Systems Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg132.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2500™ Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10533 | $11274 | $11132 | $10973 |
| **2017** | $13504 | $13656 | $13600 | $13657 |
| **2018** | $13248 | $12941 | $12334 | $12637 |
| **2019** | $18351 | $16955 | $15846 | $16763 |
| **2020** | $24454 | $20497 | $21334 | $23547 |
| **2021** | $29451 | $25756 | $21938 | $24733 |
| **2022** | $22474 | $20808 | $16155 | $18251 |
| **2023** | $25799 | $26210 | $19169 | $21706 |
| **2024** | $27002 | $32449 | $22074 | $24722 |
| **2025** | $24048 | $38013 | $24947 | $27271 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | -10.94% | -0.34% | 9.17% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |

---

## Fund Statistics
* Total Net Assets$295,017,878

* # of Portfolio Holdings40

* Portfolio Turnover Rate13%

* Investment Advisory Fees Paid$2,975,214

## 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

---

| | |
|:---|:---|
| MSCI, Inc. | 8.7% |
| Gartner, Inc. | 6.5% |
| CoStar Group, Inc. | 6.5% |
| Arch Capital Group Ltd. | 6.1% |
| Guidewire Software, Inc. | 6.0% |
| Vail Resorts, Inc. | 5.9% |
| IDEXX Laboratories, Inc. | 5.5% |
| Kinsale Capital Group, Inc. | 5.1% |
| Figs, Inc. - Class A | 4.7% |
| Primerica, Inc. | 4.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 32.4% |
| Information Technology | 23.7% |
| Consumer Discretionary | 17.8% |
| Health Care | 12.8% |
| Real Estate | 6.5% |
| Industrials | 6.4% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class S: IBSSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914K594-AR

# Class S2: IBCGX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Baron Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $132 | 1.40% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index primarily due to due to style-related biases, active industry exposures, and stock-specific issues.

↑ Top contributors to performance: At a sector level, health care & industrials contributed to performance. Individual contributors included FIGS, Inc., IDEXX Laboratories, Inc., and Karman Holdings Inc.

↓ Top detractors from performance: On a sector level, adverse stock selection in financials, information technology & real estate weighed on relative performance. Higher exposure to the lagging financials and consumer discretionary sectors, as well as underexposure to the better performing industrials sector also proved costly.&nbsp;&nbsp;&nbsp;&nbsp;Individual detractors included Gartner, Inc., Choice Hotels International, Inc., & FactSet Research Systems Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg035.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2500™ Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10517 | $11274 | $11132 | $10973 |
| **2017** | $13463 | $13656 | $13600 | $13657 |
| **2018** | $13187 | $12941 | $12334 | $12637 |
| **2019** | $18246 | $16955 | $15846 | $16763 |
| **2020** | $24267 | $20497 | $21334 | $23547 |
| **2021** | $29182 | $25756 | $21938 | $24733 |
| **2022** | $22240 | $20808 | $16155 | $18251 |
| **2023** | $25498 | $26210 | $19169 | $21706 |
| **2024** | $26638 | $32449 | $22074 | $24722 |
| **2025** | $23699 | $38013 | $24947 | $27271 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | -11.04% | -0.47% | 9.01% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |

---

## Fund Statistics
* Total Net Assets$295,017,878

* # of Portfolio Holdings40

* Portfolio Turnover Rate13%

* Investment Advisory Fees Paid$2,975,214

## 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

---

| | |
|:---|:---|
| MSCI, Inc. | 8.7% |
| Gartner, Inc. | 6.5% |
| CoStar Group, Inc. | 6.5% |
| Arch Capital Group Ltd. | 6.1% |
| Guidewire Software, Inc. | 6.0% |
| Vail Resorts, Inc. | 5.9% |
| IDEXX Laboratories, Inc. | 5.5% |
| Kinsale Capital Group, Inc. | 5.1% |
| Figs, Inc. - Class A | 4.7% |
| Primerica, Inc. | 4.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.3% |
| Common Stock | 99.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 32.4% |
| Information Technology | 23.7% |
| Consumer Discretionary | 17.8% |
| Health Care | 12.8% |
| Real Estate | 6.5% |
| Industrials | 6.4% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class S2: IBCGX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Baron Growth Portfolio
92914L410-AR

# Class ADV: ISBAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Contrarian Core 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 | $131 | 1.21% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Russell 1000<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Sector allocation positively impacted relative performance, driven by underweight positions in consumer staples, real estate, & consumer discretionary, along with an overweight position in communication services. Security selection also contributed positively, with communication services as the top relative contributor, followed by consumer discretionary & financials. Top relative contributors included Electronic Arts, Broadcom, and eBay.

↓ Top detractors from performance: Security selection within consumer staples, health care, & energy detracted from relative results, as did overweight positions in health care & financials. Top detractors included Marvell Technology, ON Semiconductor, and Honeywell.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10812 | $11274 | $11205 |
| **2017** | $13117 | $13656 | $13635 |
| **2018** | $11907 | $12941 | $12984 |
| **2019** | $15766 | $16955 | $17064 |
| **2020** | $19112 | $20497 | $20641 |
| **2021** | $23626 | $25756 | $26101 |
| **2022** | $19174 | $20808 | $21108 |
| **2023** | $25185 | $26210 | $26707 |
| **2024** | $30930 | $32449 | $33253 |
| **2025** | $36122 | $38013 | $39028 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 16.79% | 13.58% | 13.70% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$78,459,598

* # of Portfolio Holdings81

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$420,525

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3% |
| Microsoft Corp. | 7.4% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class C | 3.0% |
| Eli Lilly & Co. | 2.7% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Bank of America Corp. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg082.jpg)

---

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

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.6% |
| Financials | 15.2% |
| Communication Services | 13.1% |
| Health Care | 10.6% |
| Consumer Discretionary | 9.4% |
| Industrials | 7.6% |
| Energy | 3.1% |
| Consumer Staples | 2.2% |
| Utilities | 2.0% |
| Real Estate | 0.8% |
| Materials | 0.4% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

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

# Class ADV: ISBAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K735-AR

# Class I: ISFIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Contrarian Core 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 | 0.71% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Russell 1000<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Sector allocation positively impacted relative performance, driven by underweight positions in consumer staples, real estate, & consumer discretionary, along with an overweight position in communication services. Security selection also contributed positively, with communication services as the top relative contributor, followed by consumer discretionary & financials. Top relative contributors included Electronic Arts, Broadcom, and eBay.

↓ Top detractors from performance: Security selection within consumer staples, health care, & energy detracted from relative results, as did overweight positions in health care & financials. Top detractors included Marvell Technology, ON Semiconductor, and Honeywell.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10864 | $11274 | $11205 |
| **2017** | $13250 | $13656 | $13635 |
| **2018** | $12088 | $12941 | $12984 |
| **2019** | $16084 | $16955 | $17064 |
| **2020** | $19589 | $20497 | $20641 |
| **2021** | $24335 | $25756 | $26101 |
| **2022** | $19830 | $20808 | $21108 |
| **2023** | $26193 | $26210 | $26707 |
| **2024** | $32319 | $32449 | $33253 |
| **2025** | $37946 | $38013 | $39028 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.41% | 14.14% | 14.27% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$78,459,598

* # of Portfolio Holdings81

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$420,525

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3% |
| Microsoft Corp. | 7.4% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class C | 3.0% |
| Eli Lilly & Co. | 2.7% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Bank of America Corp. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg082.jpg)

---

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

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.6% |
| Financials | 15.2% |
| Communication Services | 13.1% |
| Health Care | 10.6% |
| Consumer Discretionary | 9.4% |
| Industrials | 7.6% |
| Energy | 3.1% |
| Consumer Staples | 2.2% |
| Utilities | 2.0% |
| Real Estate | 0.8% |
| Materials | 0.4% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

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

# Class I: ISFIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K750-AR

# Class S: ISCSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $104 | 0.96% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund outperformed the Russell 1000<sup>®</sup> Index (before the deduction of fees and expenses).

↑ Top contributors to performance: Sector allocation positively impacted relative performance, driven by underweight positions in consumer staples, real estate, & consumer discretionary, along with an overweight position in communication services. Security selection also contributed positively, with communication services as the top relative contributor, followed by consumer discretionary & financials. Top relative contributors included Electronic Arts, Broadcom, and eBay.

↓ Top detractors from performance: Security selection within consumer staples, health care, & energy detracted from relative results, as did overweight positions in health care & financials. Top detractors included Marvell Technology, ON Semiconductor, and Honeywell.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg163.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10841 | $11274 | $11205 |
| **2017** | $13180 | $13656 | $13635 |
| **2018** | $11995 | $12941 | $12984 |
| **2019** | $15960 | $16955 | $17064 |
| **2020** | $19385 | $20497 | $20641 |
| **2021** | $24025 | $25756 | $26101 |
| **2022** | $19547 | $20808 | $21108 |
| **2023** | $25754 | $26210 | $26707 |
| **2024** | $31695 | $32449 | $33253 |
| **2025** | $37109 | $38013 | $39028 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.08% | 13.87% | 14.01% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

## Fund Statistics
* Total Net Assets$78,459,598

* # of Portfolio Holdings81

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$420,525

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3% |
| Microsoft Corp. | 7.4% |
| Apple, Inc. | 6.3% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class C | 3.0% |
| Eli Lilly & Co. | 2.7% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Bank of America Corp. | 2.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg082.jpg)

---

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

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.6% |
| Financials | 15.2% |
| Communication Services | 13.1% |
| Health Care | 10.6% |
| Consumer Discretionary | 9.4% |
| Industrials | 7.6% |
| Energy | 3.1% |
| Consumer Staples | 2.2% |
| Utilities | 2.0% |
| Real Estate | 0.8% |
| Materials | 0.4% |
| Short-Term Investments | 1.1% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

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

# Class S: ISCSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Contrarian Core Portfolio
92914K743-AR

# Class ADV: ICSAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Small Cap Value II 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 | $149 | 1.43% |

---

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

↑ Top contributors to performance: Security selection within financials contributed most to relative performance. Sector allocation also positively contributed, chiefly due to overweights to technology & materials. Top individual contributors included Laureate Education & MP Materials.

↓ Top detractors from performance: Security selection within materials, health care, and information technology detracted most from relative performance. An underweight to communication services also proved to be a headwind. Individual detractors included position in ICU Medical & lack of exposure to EchoStar.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg219.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12341 | $11274 | $13174 |
| **2017** | $13656 | $13656 | $14207 |
| **2018** | $11203 | $12941 | $12380 |
| **2019** | $13430 | $16955 | $15152 |
| **2020** | $14677 | $20497 | $15853 |
| **2021** | $19646 | $25756 | $20335 |
| **2022** | $16871 | $20808 | $17390 |
| **2023** | $19160 | $26210 | $19938 |
| **2024** | $21275 | $32449 | $21543 |
| **2025** | $22934 | $38013 | $24257 |

---

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 | 7.80% | 9.34% | 8.65% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

## Fund Statistics
* Total Net Assets$61,237,725

* # of Portfolio Holdings101

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$686,801

## 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

---

| | |
|:---|:---|
| Commercial Metals Co. | 2.0% |
| Essent Group Ltd. | 2.0% |
| BankUnited, Inc. | 1.8% |
| Cushman & Wakefield Ltd. | 1.8% |
| Texas Capital Bancshares, Inc. | 1.7% |
| Fulton Financial Corp. | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
| PotlatchDeltic Corp. | 1.6% |
| Newmark Group, Inc. - Class A | 1.6% |
| Victoria's Secret & Co. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 0.7% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.2% |
| Industrials | 15.8% |
| Consumer Discretionary | 14.8% |
| Real Estate | 13.9% |
| Information Technology | 9.4% |
| Health Care | 7.4% |
| Energy | 6.0% |
| Materials | 4.6% |
| Utilities | 3.5% |
| Consumer Staples | 2.7% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.7% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ICSAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L105-AR

# Class I: ICISX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Small Cap Value II 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 | $97 | 0.93% |

---

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

↑ Top contributors to performance: Security selection within financials contributed most to relative performance. Sector allocation also positively contributed, chiefly due to overweights to technology & materials. Top individual contributors included Laureate Education & MP Materials.

↓ Top detractors from performance: Security selection within materials, health care, and information technology detracted most from relative performance. An underweight to communication services also proved to be a headwind. Individual detractors included position in ICU Medical & lack of exposure to EchoStar.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg188.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12400 | $11274 | $13174 |
| **2017** | $13790 | $13656 | $14207 |
| **2018** | $11373 | $12941 | $12380 |
| **2019** | $13695 | $16955 | $15152 |
| **2020** | $15049 | $20497 | $15853 |
| **2021** | $20244 | $25756 | $20335 |
| **2022** | $17476 | $20808 | $17390 |
| **2023** | $19944 | $26210 | $19938 |
| **2024** | $22249 | $32449 | $21543 |
| **2025** | $24110 | $38013 | $24257 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.36% | 9.89% | 9.20% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

## Fund Statistics
* Total Net Assets$61,237,725

* # of Portfolio Holdings101

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$686,801

## 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

---

| | |
|:---|:---|
| Commercial Metals Co. | 2.0% |
| Essent Group Ltd. | 2.0% |
| BankUnited, Inc. | 1.8% |
| Cushman & Wakefield Ltd. | 1.8% |
| Texas Capital Bancshares, Inc. | 1.7% |
| Fulton Financial Corp. | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
| PotlatchDeltic Corp. | 1.6% |
| Newmark Group, Inc. - Class A | 1.6% |
| Victoria's Secret & Co. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 0.7% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.2% |
| Industrials | 15.8% |
| Consumer Discretionary | 14.8% |
| Real Estate | 13.9% |
| Information Technology | 9.4% |
| Health Care | 7.4% |
| Energy | 6.0% |
| Materials | 4.6% |
| Utilities | 3.5% |
| Consumer Staples | 2.7% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.7% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ICISX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L865-AR

# Class R6: VYRDX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Small Cap Value II 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 | $93 | 0.89% |

---

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

↑ Top contributors to performance: Security selection within financials contributed most to relative performance. Sector allocation also positively contributed, chiefly due to overweights to technology & materials. Top individual contributors included Laureate Education & MP Materials.

↓ Top detractors from performance: Security selection within materials, health care, and information technology detracted most from relative performance. An underweight to communication services also proved to be a headwind. Individual detractors included position in ICU Medical & lack of exposure to EchoStar.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg091.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **5/3/2016** | $10000 | $10000 | $10000 |
| **2016** | $12285 | $11120 | $12787 |
| **2017** | $13661 | $13470 | $13790 |
| **2018** | $11260 | $12764 | $12016 |
| **2019** | $13567 | $16723 | $14707 |
| **2020** | $14915 | $20217 | $15388 |
| **2021** | $20072 | $25404 | $19738 |
| **2022** | $17339 | $20524 | $16880 |
| **2023** | $19806 | $25852 | $19352 |
| **2024** | $22110 | $32006 | $20911 |
| **2025** | $23962 | $37494 | $23544 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | 8.38% | 9.95% | 9.47% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.66% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

## Fund Statistics
* Total Net Assets$61,237,725

* # of Portfolio Holdings101

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$686,801

## 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

---

| | |
|:---|:---|
| Commercial Metals Co. | 2.0% |
| Essent Group Ltd. | 2.0% |
| BankUnited, Inc. | 1.8% |
| Cushman & Wakefield Ltd. | 1.8% |
| Texas Capital Bancshares, Inc. | 1.7% |
| Fulton Financial Corp. | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
| PotlatchDeltic Corp. | 1.6% |
| Newmark Group, Inc. - Class A | 1.6% |
| Victoria's Secret & Co. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 0.7% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.2% |
| Industrials | 15.8% |
| Consumer Discretionary | 14.8% |
| Real Estate | 13.9% |
| Information Technology | 9.4% |
| Health Care | 7.4% |
| Energy | 6.0% |
| Materials | 4.6% |
| Utilities | 3.5% |
| Consumer Staples | 2.7% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.7% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: VYRDX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92915V300-AR

# Class S: ICSSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Small Cap Value II 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 | $123 | 1.18% |

---

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

↑ Top contributors to performance: Security selection within financials contributed most to relative performance. Sector allocation also positively contributed, chiefly due to overweights to technology & materials. Top individual contributors included Laureate Education & MP Materials.

↓ Top detractors from performance: Security selection within materials, health care, and information technology detracted most from relative performance. An underweight to communication services also proved to be a headwind. Individual detractors included position in ICU Medical & lack of exposure to EchoStar.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12370 | $11274 | $13174 |
| **2017** | $13721 | $13656 | $14207 |
| **2018** | $11284 | $12941 | $12380 |
| **2019** | $13565 | $16955 | $15152 |
| **2020** | $14859 | $20497 | $15853 |
| **2021** | $19944 | $25756 | $20335 |
| **2022** | $17171 | $20808 | $17390 |
| **2023** | $19550 | $26210 | $19938 |
| **2024** | $21754 | $32449 | $21543 |
| **2025** | $23503 | $38013 | $24257 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.04% | 9.60% | 8.92% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

## Fund Statistics
* Total Net Assets$61,237,725

* # of Portfolio Holdings101

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$686,801

## 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

---

| | |
|:---|:---|
| Commercial Metals Co. | 2.0% |
| Essent Group Ltd. | 2.0% |
| BankUnited, Inc. | 1.8% |
| Cushman & Wakefield Ltd. | 1.8% |
| Texas Capital Bancshares, Inc. | 1.7% |
| Fulton Financial Corp. | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
| PotlatchDeltic Corp. | 1.6% |
| Newmark Group, Inc. - Class A | 1.6% |
| Victoria's Secret & Co. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 0.7% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.2% |
| Industrials | 15.8% |
| Consumer Discretionary | 14.8% |
| Real Estate | 13.9% |
| Information Technology | 9.4% |
| Health Care | 7.4% |
| Energy | 6.0% |
| Materials | 4.6% |
| Utilities | 3.5% |
| Consumer Staples | 2.7% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.7% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ICSSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L204-AR

# Class S2: ICVPX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Columbia Small Cap Value II 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 | $138 | 1.33% |

---

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

↑ Top contributors to performance: Security selection within financials contributed most to relative performance. Sector allocation also positively contributed, chiefly due to overweights to technology & materials. Top individual contributors included Laureate Education & MP Materials.

↓ Top detractors from performance: Security selection within materials, health care, and information technology detracted most from relative performance. An underweight to communication services also proved to be a headwind. Individual detractors included position in ICU Medical & lack of exposure to EchoStar.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12357 | $11274 | $13174 |
| **2017** | $13689 | $13656 | $14207 |
| **2018** | $11243 | $12941 | $12380 |
| **2019** | $13485 | $16955 | $15152 |
| **2020** | $14760 | $20497 | $15853 |
| **2021** | $19772 | $25756 | $20335 |
| **2022** | $16992 | $20808 | $17390 |
| **2023** | $19320 | $26210 | $19938 |
| **2024** | $21468 | $32449 | $21543 |
| **2025** | $23170 | $38013 | $24257 |

---

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 | 7.92% | 9.44% | 8.77% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

## Fund Statistics
* Total Net Assets$61,237,725

* # of Portfolio Holdings101

* Portfolio Turnover Rate114%

* Investment Advisory Fees Paid$686,801

## 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

---

| | |
|:---|:---|
| Commercial Metals Co. | 2.0% |
| Essent Group Ltd. | 2.0% |
| BankUnited, Inc. | 1.8% |
| Cushman & Wakefield Ltd. | 1.8% |
| Texas Capital Bancshares, Inc. | 1.7% |
| Fulton Financial Corp. | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
| PotlatchDeltic Corp. | 1.6% |
| Newmark Group, Inc. - Class A | 1.6% |
| Victoria's Secret & Co. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 0.7% |
| Exchange-Traded Funds | 0.5% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.2% |
| Industrials | 15.8% |
| Consumer Discretionary | 14.8% |
| Real Estate | 13.9% |
| Information Technology | 9.4% |
| Health Care | 7.4% |
| Energy | 6.0% |
| Materials | 4.6% |
| Utilities | 3.5% |
| Consumer Staples | 2.7% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.7% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

## 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: ICVPX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Columbia Small Cap Value II Portfolio
92914L394-AR

# Class ADV: IVKAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Comstock 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 | $130 | 1.20% |

---

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

↑ Top contributors to performance: Stock selection in financials, healthcare & consumer discretionary contributed to performance. In financials, large diversified & regional banks generally performed well. In healthcare, CVS Healthcare in services & Elevance Health, having no exposure to specialty retail stocks and a material underweight to textiles apparel and luxury goods were the key contributors.

↓ Top detractors from performance: Stock selection in information technology & communication services, as well as the allocation to cash, were key detractors from relative return. Detractors in IT also included not owning stocks such as Micron Technology, Advanced Micro Devices, Applied Materials& Analog Devices outperformed for the period. In communication services, Alphabet & Charter Communications were relative detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg211.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11751 | $11274 | $11196 | $11734 |
| **2017** | $13786 | $13656 | $13640 | $13337 |
| **2018** | $12054 | $12941 | $13043 | $12234 |
| **2019** | $15051 | $16955 | $17150 | $15481 |
| **2020** | $14940 | $20497 | $20305 | $15914 |
| **2021** | $19824 | $25756 | $26135 | $19918 |
| **2022** | $19847 | $20808 | $21402 | $18416 |
| **2023** | $22170 | $26210 | $27028 | $20527 |
| **2024** | $25371 | $32449 | $33790 | $23477 |
| **2025** | $29614 | $38013 | $39832 | $27211 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 16.72% | 14.66% | 11.47% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$238,985,222

* # of Portfolio Holdings77

* Portfolio Turnover Rate22%

* Investment Advisory Fees Paid$1,410,227

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.7% |
| Alphabet, Inc. - Class A | 3.5% |
| Microsoft Corp. | 2.7% |
| Wells Fargo & Co. | 2.7% |
| CVS Health Corp. | 2.6% |
| Cisco Systems, Inc. | 2.7% |
| State Street Corp. | 2.3% |
| Chevron Corp. | 2.3% |
| FedEx Corp. | 2.0% |
| Citigroup, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 3.5% |
| Common Stock | 96.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 17.6% |
| Information Technology | 11.7% |
| Industrials | 10.5% |
| Consumer Staples | 8.3% |
| Communication Services | 8.1% |
| Energy | 6.8% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.8% |
| Materials | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 3.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class ADV: IVKAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K834-AR

# Class I: IVKIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Comstock 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 | $76 | 0.70% |

---

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

↑ Top contributors to performance: Stock selection in financials, healthcare & consumer discretionary contributed to performance. In financials, large diversified & regional banks generally performed well. In healthcare, CVS Healthcare in services & Elevance Health, having no exposure to specialty retail stocks and a material underweight to textiles apparel and luxury goods were the key contributors.

↓ Top detractors from performance: Stock selection in information technology & communication services, as well as the allocation to cash, were key detractors from relative return. Detractors in IT also included not owning stocks such as Micron Technology, Advanced Micro Devices, Applied Materials& Analog Devices outperformed for the period. In communication services, Alphabet & Charter Communications were relative detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg184.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11813 | $11274 | $11196 | $11734 |
| **2017** | $13934 | $13656 | $13640 | $13337 |
| **2018** | $12240 | $12941 | $13043 | $12234 |
| **2019** | $15362 | $16955 | $17150 | $15481 |
| **2020** | $15328 | $20497 | $20305 | $15914 |
| **2021** | $20437 | $25756 | $26135 | $19918 |
| **2022** | $20565 | $20808 | $21402 | $18416 |
| **2023** | $23084 | $26210 | $27028 | $20527 |
| **2024** | $26559 | $32449 | $33790 | $23477 |
| **2025** | $31136 | $38013 | $39832 | $27211 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.24% | 15.23% | 12.03% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$238,985,222

* # of Portfolio Holdings77

* Portfolio Turnover Rate22%

* Investment Advisory Fees Paid$1,410,227

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.7% |
| Alphabet, Inc. - Class A | 3.5% |
| Microsoft Corp. | 2.7% |
| Wells Fargo & Co. | 2.7% |
| CVS Health Corp. | 2.6% |
| Cisco Systems, Inc. | 2.7% |
| State Street Corp. | 2.3% |
| Chevron Corp. | 2.3% |
| FedEx Corp. | 2.0% |
| Citigroup, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 3.5% |
| Common Stock | 96.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 17.6% |
| Information Technology | 11.7% |
| Industrials | 10.5% |
| Consumer Staples | 8.3% |
| Communication Services | 8.1% |
| Energy | 6.8% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.8% |
| Materials | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 3.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class I: IVKIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K818-AR

# Class S: IVKSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
This annual shareholder report contains important information about VY<sup>®</sup> Invesco Comstock 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 | 0.95% |

---

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

↑ Top contributors to performance: Stock selection in financials, healthcare & consumer discretionary contributed to performance. In financials, large diversified & regional banks generally performed well. In healthcare, CVS Healthcare in services & Elevance Health, having no exposure to specialty retail stocks and a material underweight to textiles apparel and luxury goods were the key contributors.

↓ Top detractors from performance: Stock selection in information technology & communication services, as well as the allocation to cash, were key detractors from relative return. Detractors in IT also included not owning stocks such as Micron Technology, Advanced Micro Devices, Applied Materials& Analog Devices outperformed for the period. In communication services, Alphabet & Charter Communications were relative detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg175.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11779 | $11274 | $11196 | $11734 |
| **2017** | $13861 | $13656 | $13640 | $13337 |
| **2018** | $12143 | $12941 | $13043 | $12234 |
| **2019** | $15208 | $16955 | $17150 | $15481 |
| **2020** | $15136 | $20497 | $20305 | $15914 |
| **2021** | $20124 | $25756 | $26135 | $19918 |
| **2022** | $20200 | $20808 | $21402 | $18416 |
| **2023** | $22631 | $26210 | $27028 | $20527 |
| **2024** | $25958 | $32449 | $33790 | $23477 |
| **2025** | $30375 | $38013 | $39832 | $27211 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.02% | 14.95% | 11.75% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## Fund Statistics
* Total Net Assets$238,985,222

* # of Portfolio Holdings77

* Portfolio Turnover Rate22%

* Investment Advisory Fees Paid$1,410,227

## 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

---

| | |
|:---|:---|
| Bank of America Corp. | 3.7% |
| Alphabet, Inc. - Class A | 3.5% |
| Microsoft Corp. | 2.7% |
| Wells Fargo & Co. | 2.7% |
| CVS Health Corp. | 2.6% |
| Cisco Systems, Inc. | 2.7% |
| State Street Corp. | 2.3% |
| Chevron Corp. | 2.3% |
| FedEx Corp. | 2.0% |
| Citigroup, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 3.5% |
| Common Stock | 96.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.5% |
| Health Care | 17.6% |
| Information Technology | 11.7% |
| Industrials | 10.5% |
| Consumer Staples | 8.3% |
| Communication Services | 8.1% |
| Energy | 6.8% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.8% |
| Materials | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 3.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class S: IVKSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Comstock Portfolio
92914K842-AR

# Class ADV: IUAAX
![Image](tm263417d2_tsrimg149.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $121 | 1.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index, primarily due to holdings in fixed income instruments & convertible securities.

↑ Top contributors to performance: Stock selection in industrials was the largest contributor to relative returns, due to strong performance from Johnson Controls & Vertiv. Stock selection & an underweight position in real estate also helped relative performance. Stock selection in health care, consumer staples, consumer discretionary, energy and utilities were positive to relative returns.

↓ Top detractors from performance: The fund holds high grade bonds and convertible securities to provide income & stability in volatile markets. These securities lagged the benchmark and detracted from the relative returns. From an equity standpoint, stock selection in communication services was the largest detractor relative returns. Selection in financials and information technology detracted from relative returns due to Fiserv & Marvell Technology, respectively.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg197.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class ADV** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Index** | **Russell 1000<sup>®</sup> Value Index** | **60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11469 | $10786 | $10265 | $10305 | $11734 | $11162 |
| **2017** | $12654 | $13371 | $10628 | $10717 | $13337 | $12250 |
| **2018** | $11402 | $12113 | $10629 | $10672 | $12234 | $11645 |
| **2019** | $13625 | $15335 | $11556 | $11708 | $15481 | $13959 |
| **2020** | $14935 | $17827 | $12424 | $12754 | $15914 | $14817 |
| **2021** | $17628 | $21132 | $12233 | $12531 | $19918 | $16879 |
| **2022** | $16206 | $17252 | $10641 | $10829 | $18416 | $15241 |
| **2023** | $17780 | $21083 | $11230 | $11449 | $20527 | $16654 |
| **2024** | $19811 | $24770 | $11370 | $11583 | $23477 | $18161 |
| **2025** | $22241 | $30303 | $12200 | $12380 | $27211 | $20395 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 12.27% | 8.29% | 8.32% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |
| 60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index | 12.30% | 6.60% | 7.39% |

---

## Fund Statistics
* Total Net Assets$457,852,797

* # of Portfolio Holdings347

* Portfolio Turnover Rate126%

* Investment Advisory Fees Paid$2,281,719

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.625%, 12/31/30 | 2.6% |
| United States Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| Wells Fargo & Co. | 2.2% |
| Bank of America Corp. | 2.0% |
| Amazon.com, Inc. | 1.7% |
| Philip Morris International, Inc. | 1.6% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.5% |
| Microsoft Corp. | 1.4% |
| Alphabet, Inc. - Class A | 1.4% |
| Walt Disney Co. | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.1% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.3% |
| U.S. Treasury Obligations | 8.5% |
| Convertible Bonds/Notes | 9.6% |
| Corporate Bonds/Notes | 13.3% |
| Common Stock | 62.9% |

---

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

# Class ADV: IUAAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K875-AR

# Class I: IUAIX
![Image](tm263417d2_tsrimg149.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $68 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index, primarily due to holdings in fixed income instruments & convertible securities.

↑ Top contributors to performance: Stock selection in industrials was the largest contributor to relative returns, due to strong performance from Johnson Controls & Vertiv. Stock selection & an underweight position in real estate also helped relative performance. Stock selection in health care, consumer staples, consumer discretionary, energy and utilities were positive to relative returns.

↓ Top detractors from performance: The fund holds high grade bonds and convertible securities to provide income & stability in volatile markets. These securities lagged the benchmark and detracted from the relative returns. From an equity standpoint, stock selection in communication services was the largest detractor relative returns. Selection in financials and information technology detracted from relative returns due to Fiserv & Marvell Technology, respectively.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg119.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Index** | **Russell 1000<sup>®</sup> Value Index** | **60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11528 | $10786 | $10265 | $10305 | $11734 | $11162 |
| **2017** | $12784 | $13371 | $10628 | $10717 | $13337 | $12250 |
| **2018** | $11575 | $12113 | $10629 | $10672 | $12234 | $11645 |
| **2019** | $13901 | $15335 | $11556 | $11708 | $15481 | $13959 |
| **2020** | $15317 | $17827 | $12424 | $12754 | $15914 | $14817 |
| **2021** | $18166 | $21132 | $12233 | $12531 | $19918 | $16879 |
| **2022** | $16786 | $17252 | $10641 | $10829 | $18416 | $15241 |
| **2023** | $18505 | $21083 | $11230 | $11449 | $20527 | $16654 |
| **2024** | $20725 | $24770 | $11370 | $11583 | $23477 | $18161 |
| **2025** | $23377 | $30303 | $12200 | $12380 | $27211 | $20395 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.80% | 8.82% | 8.86% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |
| 60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index | 12.30% | 6.60% | 7.39% |

---

## Fund Statistics
* Total Net Assets$457,852,797

* # of Portfolio Holdings347

* Portfolio Turnover Rate126%

* Investment Advisory Fees Paid$2,281,719

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.625%, 12/31/30 | 2.6% |
| United States Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| Wells Fargo & Co. | 2.2% |
| Bank of America Corp. | 2.0% |
| Amazon.com, Inc. | 1.7% |
| Philip Morris International, Inc. | 1.6% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.5% |
| Microsoft Corp. | 1.4% |
| Alphabet, Inc. - Class A | 1.4% |
| Walt Disney Co. | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.1% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.3% |
| U.S. Treasury Obligations | 8.5% |
| Convertible Bonds/Notes | 9.6% |
| Corporate Bonds/Notes | 13.3% |
| Common Stock | 62.9% |

---

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

# Class I: IUAIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K859-AR

# Class S: IUASX
![Image](tm263417d2_tsrimg149.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $95 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index, primarily due to holdings in fixed income instruments & convertible securities.

↑ Top contributors to performance: Stock selection in industrials was the largest contributor to relative returns, due to strong performance from Johnson Controls & Vertiv. Stock selection & an underweight position in real estate also helped relative performance. Stock selection in health care, consumer staples, consumer discretionary, energy and utilities were positive to relative returns.

↓ Top detractors from performance: The fund holds high grade bonds and convertible securities to provide income & stability in volatile markets. These securities lagged the benchmark and detracted from the relative returns. From an equity standpoint, stock selection in communication services was the largest detractor relative returns. Selection in financials and information technology detracted from relative returns due to Fiserv & Marvell Technology, respectively.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg057.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Index** | **Russell 1000<sup>®</sup> Value Index** | **60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11500 | $10786 | $10265 | $10305 | $11734 | $11162 |
| **2017** | $12721 | $13371 | $10628 | $10717 | $13337 | $12250 |
| **2018** | $11490 | $12113 | $10629 | $10672 | $12234 | $11645 |
| **2019** | $13766 | $15335 | $11556 | $11708 | $15481 | $13959 |
| **2020** | $15126 | $17827 | $12424 | $12754 | $15914 | $14817 |
| **2021** | $17895 | $21132 | $12233 | $12531 | $19918 | $16879 |
| **2022** | $16494 | $17252 | $10641 | $10829 | $18416 | $15241 |
| **2023** | $18138 | $21083 | $11230 | $11449 | $20527 | $16654 |
| **2024** | $20262 | $24770 | $11370 | $11583 | $23477 | $18161 |
| **2025** | $22802 | $30303 | $12200 | $12380 | $27211 | $20395 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S | 12.53% | 8.55% | 8.59% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |
| 60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index | 12.30% | 6.60% | 7.39% |

---

## Fund Statistics
* Total Net Assets$457,852,797

* # of Portfolio Holdings347

* Portfolio Turnover Rate126%

* Investment Advisory Fees Paid$2,281,719

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.625%, 12/31/30 | 2.6% |
| United States Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| Wells Fargo & Co. | 2.2% |
| Bank of America Corp. | 2.0% |
| Amazon.com, Inc. | 1.7% |
| Philip Morris International, Inc. | 1.6% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.5% |
| Microsoft Corp. | 1.4% |
| Alphabet, Inc. - Class A | 1.4% |
| Walt Disney Co. | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.1% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.3% |
| U.S. Treasury Obligations | 8.5% |
| Convertible Bonds/Notes | 9.6% |
| Corporate Bonds/Notes | 13.3% |
| Common Stock | 62.9% |

---

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

# Class S: IUASX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914K867-AR

# Class S2: IVIPX
![Image](tm263417d2_tsrimg149.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $108 | 1.02% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Value Index, primarily due to holdings in fixed income instruments & convertible securities.

↑ Top contributors to performance: Stock selection in industrials was the largest contributor to relative returns, due to strong performance from Johnson Controls & Vertiv. Stock selection & an underweight position in real estate also helped relative performance. Stock selection in health care, consumer staples, consumer discretionary, energy and utilities were positive to relative returns.

↓ Top detractors from performance: The fund holds high grade bonds and convertible securities to provide income & stability in volatile markets. These securities lagged the benchmark and detracted from the relative returns. From an equity standpoint, stock selection in communication services was the largest detractor relative returns. Selection in financials and information technology detracted from relative returns due to Fiserv & Marvell Technology, respectively.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg196.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S2** | **MSCI All Country World Index℠** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Index** | **Russell 1000<sup>®</sup> Value Index** | **60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $11484 | $10786 | $10265 | $10305 | $11734 | $11162 |
| **2017** | $12687 | $13371 | $10628 | $10717 | $13337 | $12250 |
| **2018** | $11445 | $12113 | $10629 | $10672 | $12234 | $11645 |
| **2019** | $13692 | $15335 | $11556 | $11708 | $15481 | $13959 |
| **2020** | $15027 | $17827 | $12424 | $12754 | $15914 | $14817 |
| **2021** | $17757 | $21132 | $12233 | $12531 | $19918 | $16879 |
| **2022** | $16346 | $17252 | $10641 | $10829 | $18416 | $15241 |
| **2023** | $17954 | $21083 | $11230 | $11449 | $20527 | $16654 |
| **2024** | $20022 | $24770 | $11370 | $11583 | $23477 | $18161 |
| **2025** | $22500 | $30303 | $12200 | $12380 | $27211 | $20395 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class S2 | 12.38% | 8.41% | 8.45% |
| MSCI All Country World Index℠ | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Index | 6.88% | -0.59% | 2.16% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |
| 60% Russell 1000<sup>®</sup> Value Index / 40% Bloomberg U.S. Government/Credit Index | 12.30% | 6.60% | 7.39% |

---

## Fund Statistics
* Total Net Assets$457,852,797

* # of Portfolio Holdings347

* Portfolio Turnover Rate126%

* Investment Advisory Fees Paid$2,281,719

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.625%, 12/31/30 | 2.6% |
| United States Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| Wells Fargo & Co. | 2.2% |
| Bank of America Corp. | 2.0% |
| Amazon.com, Inc. | 1.7% |
| Philip Morris International, Inc. | 1.6% |
| United States Treasury Notes, 3.375%, 12/31/27 | 1.5% |
| Microsoft Corp. | 1.4% |
| Alphabet, Inc. - Class A | 1.4% |
| Walt Disney Co. | 1.4% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.1% |
| Municipal Bonds | 0.1% |
| U.S. Government Agency Obligations | 0.2% |
| Equity-Linked Notes | 2.3% |
| U.S. Treasury Obligations | 8.5% |
| Convertible Bonds/Notes | 9.6% |
| Corporate Bonds/Notes | 13.3% |
| Common Stock | 62.9% |

---

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

# Class S2: IVIPX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> Invesco Equity and Income Portfolio
92914L493-AR

# Class ADV: IJMAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $139 | 1.36% |

---

## 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> Value Index primarily due to stock selection in technology.

↑ Top contributors to performance: Stock selection and an overweight to health care sectors contributed to performance. At an individual stock level, positions in Cencora & State Street contributed to performance.

↓ Top detractors from performance: Stock Selection in technology and financials sectors detracted from performance. At an individual stock level, positions in Bath & Body Works & Block detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11442 | $11274 | $12000 |
| **2017** | $12976 | $13656 | $13601 |
| **2018** | $11371 | $12941 | $11929 |
| **2019** | $14306 | $16955 | $15157 |
| **2020** | $14317 | $20497 | $15909 |
| **2021** | $18490 | $25756 | $20418 |
| **2022** | $16855 | $20808 | $17962 |
| **2023** | $18588 | $26210 | $20245 |
| **2024** | $21136 | $32449 | $22891 |
| **2025** | $22003 | $38013 | $25420 |

---

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 | 4.10% | 8.97% | 8.21% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

## Fund Statistics
* Total Net Assets$183,763,897

* # of Portfolio Holdings99

* Portfolio Turnover Rate47%

* Investment Advisory Fees Paid$1,581,696

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| IQVIA Holdings, Inc. | 2.0% |
| Xcel Energy, Inc. | 1.8% |
| Quest Diagnostics, Inc. | 1.7% |
| Raymond James Financial, Inc. | 1.7% |
| Omnicom Group, Inc. | 1.7% |
| AmerisourceBergen Corp. | 1.6% |
| GE HealthCare Technologies, Inc. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| WEC Energy Group, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.4% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 15.7% |
| Industrials | 14.3% |
| Health Care | 11.4% |
| Information Technology | 8.5% |
| Utilities | 8.5% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.2% |
| Materials | 8.0% |
| Energy | 6.7% |
| Consumer Staples | 6.0% |
| Communication Services | 2.5% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class ADV: IJMAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K644-AR

# Class I: IJMIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $88 | 0.86% |

---

## 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> Value Index primarily due to stock selection in technology.

↑ Top contributors to performance: Stock selection and an overweight to health care sectors contributed to performance. At an individual stock level, positions in Cencora & State Street contributed to performance.

↓ Top detractors from performance: Stock Selection in technology and financials sectors detracted from performance. At an individual stock level, positions in Bath & Body Works & Block detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg208.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11494 | $11274 | $12000 |
| **2017** | $13108 | $13656 | $13601 |
| **2018** | $11540 | $12941 | $11929 |
| **2019** | $14594 | $16955 | $15157 |
| **2020** | $14674 | $20497 | $15909 |
| **2021** | $19045 | $25756 | $20418 |
| **2022** | $17447 | $20808 | $17962 |
| **2023** | $19347 | $26210 | $20245 |
| **2024** | $22112 | $32449 | $22891 |
| **2025** | $23136 | $38013 | $25420 |

---

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 | 4.63% | 9.53% | 8.75% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

## Fund Statistics
* Total Net Assets$183,763,897

* # of Portfolio Holdings99

* Portfolio Turnover Rate47%

* Investment Advisory Fees Paid$1,581,696

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| IQVIA Holdings, Inc. | 2.0% |
| Xcel Energy, Inc. | 1.8% |
| Quest Diagnostics, Inc. | 1.7% |
| Raymond James Financial, Inc. | 1.7% |
| Omnicom Group, Inc. | 1.7% |
| AmerisourceBergen Corp. | 1.6% |
| GE HealthCare Technologies, Inc. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| WEC Energy Group, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.4% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 15.7% |
| Industrials | 14.3% |
| Health Care | 11.4% |
| Information Technology | 8.5% |
| Utilities | 8.5% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.2% |
| Materials | 8.0% |
| Energy | 6.7% |
| Consumer Staples | 6.0% |
| Communication Services | 2.5% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class I: IJMIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K628-AR

# Class S: IJMSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $113 | 1.11% |

---

## 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> Value Index primarily due to stock selection in technology.

↑ Top contributors to performance: Stock selection and an overweight to health care sectors contributed to performance. At an individual stock level, positions in Cencora & State Street contributed to performance.

↓ Top detractors from performance: Stock Selection in technology and financials sectors detracted from performance. At an individual stock level, positions in Bath & Body Works & Block detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg221.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11469 | $11274 | $12000 |
| **2017** | $13044 | $13656 | $13601 |
| **2018** | $11453 | $12941 | $11929 |
| **2019** | $14455 | $16955 | $15157 |
| **2020** | $14495 | $20497 | $15909 |
| **2021** | $18772 | $25756 | $20418 |
| **2022** | $17153 | $20808 | $17962 |
| **2023** | $18961 | $26210 | $20245 |
| **2024** | $21623 | $32449 | $22891 |
| **2025** | $22568 | $38013 | $25420 |

---

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 | 4.37% | 9.26% | 8.48% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

## Fund Statistics
* Total Net Assets$183,763,897

* # of Portfolio Holdings99

* Portfolio Turnover Rate47%

* Investment Advisory Fees Paid$1,581,696

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| IQVIA Holdings, Inc. | 2.0% |
| Xcel Energy, Inc. | 1.8% |
| Quest Diagnostics, Inc. | 1.7% |
| Raymond James Financial, Inc. | 1.7% |
| Omnicom Group, Inc. | 1.7% |
| AmerisourceBergen Corp. | 1.6% |
| GE HealthCare Technologies, Inc. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| WEC Energy Group, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.4% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 15.7% |
| Industrials | 14.3% |
| Health Care | 11.4% |
| Information Technology | 8.5% |
| Utilities | 8.5% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.2% |
| Materials | 8.0% |
| Energy | 6.7% |
| Consumer Staples | 6.0% |
| Communication Services | 2.5% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S: IJMSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914K636-AR

# Class S2: IJPMX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $129 | 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> Value Index primarily due to stock selection in technology.

↑ Top contributors to performance: Stock selection and an overweight to health care sectors contributed to performance. At an individual stock level, positions in Cencora & State Street contributed to performance.

↓ Top detractors from performance: Stock Selection in technology and financials sectors detracted from performance. At an individual stock level, positions in Bath & Body Works & Block detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg185.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11456 | $11274 | $12000 |
| **2017** | $13004 | $13656 | $13601 |
| **2018** | $11405 | $12941 | $11929 |
| **2019** | $14365 | $16955 | $15157 |
| **2020** | $14391 | $20497 | $15909 |
| **2021** | $18606 | $25756 | $20418 |
| **2022** | $16965 | $20808 | $17962 |
| **2023** | $18733 | $26210 | $20245 |
| **2024** | $21330 | $32449 | $22891 |
| **2025** | $22222 | $38013 | $25420 |

---

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 | 4.18% | 9.08% | 8.31% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

## Fund Statistics
* Total Net Assets$183,763,897

* # of Portfolio Holdings99

* Portfolio Turnover Rate47%

* Investment Advisory Fees Paid$1,581,696

## 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

---

| | |
|:---|:---|
| Fidelity National Information Services, Inc. | 2.0% |
| IQVIA Holdings, Inc. | 2.0% |
| Xcel Energy, Inc. | 1.8% |
| Quest Diagnostics, Inc. | 1.7% |
| Raymond James Financial, Inc. | 1.7% |
| Omnicom Group, Inc. | 1.7% |
| AmerisourceBergen Corp. | 1.6% |
| GE HealthCare Technologies, Inc. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| WEC Energy Group, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.6)% |
| Short-Term Investments | 2.4% |
| Common Stock | 98.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 15.7% |
| Industrials | 14.3% |
| Health Care | 11.4% |
| Information Technology | 8.5% |
| Utilities | 8.5% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.2% |
| Materials | 8.0% |
| Energy | 6.7% |
| Consumer Staples | 6.0% |
| Communication Services | 2.5% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (0.6)% |

---

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

# Class S2: IJPMX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio
92914L436-AR

# Class ADV: IAXAX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class ADV | $136 | 1.30% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31. 2025, the Fund outperformed the Russell Midcap<sup>®</sup> Growth Index primarily due to favorable stock selection while generally maintaining sector neutrality versus the index.

↑ Top contributors to performance: Stock selection in the information technology, health care, & industrials and business services sectors drove relative outperformance. Individual key contributors included Celestica (overweight), West Pharmaceutical Services (underweight), & Howmet Aerospace (overweight).

↓ Top detractors from performance: Stock selection in the real estate and consumer discretionary sectors detracted from relative performance. Individual detractors included Iron Mountain (average overweight) & Somnigroup (average underweight).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg031.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class ADV** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10693 | $11274 | $12074 | $10733 |
| **2017** | $13273 | $13656 | $14035 | $13445 |
| **2018** | $12773 | $12941 | $12480 | $12807 |
| **2019** | $17442 | $16955 | $15749 | $17349 |
| **2020** | $22893 | $20497 | $17901 | $23524 |
| **2021** | $25924 | $25756 | $22333 | $26518 |
| **2022** | $19539 | $20808 | $19416 | $19433 |
| **2023** | $23506 | $26210 | $22608 | $24459 |
| **2024** | $28951 | $32449 | $25757 | $29865 |
| **2025** | $31698 | $38013 | $27689 | $32451 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class ADV | 9.49% | 6.72% | 12.23% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

## Fund Statistics
* Total Net Assets$921,818,348

* # of Portfolio Holdings274

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid$6,695,139

## 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

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 3.0% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| AmerisourceBergen Corp. | 2.3% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| Carvana Co. | 2.0% |
| IDEXX Laboratories, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.9% |
| Vistra Corp. | 1.9% |
| Alnylam Pharmaceuticals, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.2% |
| Common Stock | 99.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.2% |
| Industrials | 20.5% |
| Information Technology | 18.3% |
| Health Care | 16.1% |
| Financials | 9.1% |
| Communication Services | 4.9% |
| Energy | 2.9% |
| Utilities | 2.8% |
| Consumer Staples | 2.1% |
| Real Estate | 1.3% |
| Materials | 0.7% |
| Short-Term Investments | 1.3% |
| 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: IAXAX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K768-AR

# Class I: IAXIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $84 | 0.80% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31. 2025, the Fund outperformed the Russell Midcap<sup>®</sup> Growth Index primarily due to favorable stock selection while generally maintaining sector neutrality versus the index.

↑ Top contributors to performance: Stock selection in the information technology, health care, & industrials and business services sectors drove relative outperformance. Individual key contributors included Celestica (overweight), West Pharmaceutical Services (underweight), & Howmet Aerospace (overweight).

↓ Top detractors from performance: Stock selection in the real estate and consumer discretionary sectors detracted from relative performance. Individual detractors included Iron Mountain (average overweight) & Somnigroup (average underweight).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg066.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10741 | $11274 | $12074 | $10733 |
| **2017** | $13406 | $13656 | $14035 | $13445 |
| **2018** | $12973 | $12941 | $12480 | $12807 |
| **2019** | $17798 | $16955 | $15749 | $17349 |
| **2020** | $23466 | $20497 | $17901 | $23524 |
| **2021** | $26704 | $25756 | $22333 | $26518 |
| **2022** | $20203 | $20808 | $19416 | $19433 |
| **2023** | $24439 | $26210 | $22608 | $24459 |
| **2024** | $30284 | $32449 | $25757 | $29865 |
| **2025** | $33289 | $38013 | $27689 | $32451 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.92% | 7.24% | 12.78% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

## Fund Statistics
* Total Net Assets$921,818,348

* # of Portfolio Holdings274

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid$6,695,139

## 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

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 3.0% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| AmerisourceBergen Corp. | 2.3% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| Carvana Co. | 2.0% |
| IDEXX Laboratories, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.9% |
| Vistra Corp. | 1.9% |
| Alnylam Pharmaceuticals, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.2% |
| Common Stock | 99.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.2% |
| Industrials | 20.5% |
| Information Technology | 18.3% |
| Health Care | 16.1% |
| Financials | 9.1% |
| Communication Services | 4.9% |
| Energy | 2.9% |
| Utilities | 2.8% |
| Consumer Staples | 2.1% |
| Real Estate | 1.3% |
| Materials | 0.7% |
| Short-Term Investments | 1.3% |
| 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: IAXIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K826-AR

# Class R6: VYRIX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $82 | 0.78% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31. 2025, the Fund outperformed the Russell Midcap<sup>®</sup> Growth Index primarily due to favorable stock selection while generally maintaining sector neutrality versus the index.

↑ Top contributors to performance: Stock selection in the information technology, health care, & industrials and business services sectors drove relative outperformance. Individual key contributors included Celestica (overweight), West Pharmaceutical Services (underweight), & Howmet Aerospace (overweight).

↓ Top detractors from performance: Stock selection in the real estate and consumer discretionary sectors detracted from relative performance. Individual detractors included Iron Mountain (average overweight) & Somnigroup (average underweight).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg095.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **5/3/2016** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10762 | $11120 | $11550 | $10695 |
| **2017** | $13432 | $13470 | $13426 | $13398 |
| **2018** | $12996 | $12764 | $11938 | $12761 |
| **2019** | $17845 | $16723 | $15066 | $17288 |
| **2020** | $23538 | $20217 | $17124 | $23440 |
| **2021** | $26785 | $25404 | $21364 | $26424 |
| **2022** | $20274 | $20524 | $18574 | $19364 |
| **2023** | $24538 | $25852 | $21627 | $24372 |
| **2024** | $30389 | $32006 | $24639 | $29760 |
| **2025** | $33424 | $37494 | $26487 | $32336 |

---

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

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (5/3/2016)** |
| Class R6 | 9.99% | 7.27% | 13.30% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.66% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.61% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.92% |

---

## Fund Statistics
* Total Net Assets$921,818,348

* # of Portfolio Holdings274

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid$6,695,139

## 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

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 3.0% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| AmerisourceBergen Corp. | 2.3% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| Carvana Co. | 2.0% |
| IDEXX Laboratories, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.9% |
| Vistra Corp. | 1.9% |
| Alnylam Pharmaceuticals, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.2% |
| Common Stock | 99.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.2% |
| Industrials | 20.5% |
| Information Technology | 18.3% |
| Health Care | 16.1% |
| Financials | 9.1% |
| Communication Services | 4.9% |
| Energy | 2.9% |
| Utilities | 2.8% |
| Consumer Staples | 2.1% |
| Real Estate | 1.3% |
| Materials | 0.7% |
| Short-Term Investments | 1.3% |
| 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: VYRIX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92915V805-AR

# Class S: IAXSX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S | $110 | 1.05% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31. 2025, the Fund outperformed the Russell Midcap<sup>®</sup> Growth Index primarily due to favorable stock selection while generally maintaining sector neutrality versus the index.

↑ Top contributors to performance: Stock selection in the information technology, health care, & industrials and business services sectors drove relative outperformance. Individual key contributors included Celestica (overweight), West Pharmaceutical Services (underweight), & Howmet Aerospace (overweight).

↓ Top detractors from performance: Stock selection in the real estate and consumer discretionary sectors detracted from relative performance. Individual detractors included Iron Mountain (average overweight) & Somnigroup (average underweight).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg118.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10719 | $11274 | $12074 | $10733 |
| **2017** | $13340 | $13656 | $14035 | $13445 |
| **2018** | $12881 | $12941 | $12480 | $12807 |
| **2019** | $17631 | $16955 | $15749 | $17349 |
| **2020** | $23172 | $20497 | $17901 | $23524 |
| **2021** | $26318 | $25756 | $22333 | $26518 |
| **2022** | $19877 | $20808 | $19416 | $19433 |
| **2023** | $23975 | $26210 | $22608 | $24459 |
| **2024** | $29597 | $32449 | $25757 | $29865 |
| **2025** | $32458 | $38013 | $27689 | $32451 |

---

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 | 9.67% | 6.97% | 12.49% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

## Fund Statistics
* Total Net Assets$921,818,348

* # of Portfolio Holdings274

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid$6,695,139

## 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

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 3.0% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| AmerisourceBergen Corp. | 2.3% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| Carvana Co. | 2.0% |
| IDEXX Laboratories, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.9% |
| Vistra Corp. | 1.9% |
| Alnylam Pharmaceuticals, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.2% |
| Common Stock | 99.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.2% |
| Industrials | 20.5% |
| Information Technology | 18.3% |
| Health Care | 16.1% |
| Financials | 9.1% |
| Communication Services | 4.9% |
| Energy | 2.9% |
| Utilities | 2.8% |
| Consumer Staples | 2.1% |
| Real Estate | 1.3% |
| Materials | 0.7% |
| Short-Term Investments | 1.3% |
| 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: IAXSX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914K685-AR

# Class S2: IAXTX
![Image](tm263417d2_tsrimg191.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class S2 | $126 | 1.20% |

---

## How did the Fund perform in the past 12 months?
For the year ended December 31. 2025, the Fund outperformed the Russell Midcap<sup>®</sup> Growth Index primarily due to favorable stock selection while generally maintaining sector neutrality versus the index.

↑ Top contributors to performance: Stock selection in the information technology, health care, & industrials and business services sectors drove relative outperformance. Individual key contributors included Celestica (overweight), West Pharmaceutical Services (underweight), & Howmet Aerospace (overweight).

↓ Top detractors from performance: Stock selection in the real estate and consumer discretionary sectors detracted from relative performance. Individual detractors included Iron Mountain (average overweight) & Somnigroup (average underweight).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm263417d2_tsrimg181.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S2** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10699 | $11274 | $12074 | $10733 |
| **2017** | $13297 | $13656 | $14035 | $13445 |
| **2018** | $12811 | $12941 | $12480 | $12807 |
| **2019** | $17512 | $16955 | $15749 | $17349 |
| **2020** | $23011 | $20497 | $17901 | $23524 |
| **2021** | $26068 | $25756 | $22333 | $26518 |
| **2022** | $19654 | $20808 | $19416 | $19433 |
| **2023** | $23667 | $26210 | $22608 | $24459 |
| **2024** | $29200 | $32449 | $25757 | $29865 |
| **2025** | $31975 | $38013 | $27689 | $32451 |

---

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 | 9.51% | 6.80% | 12.33% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

## Fund Statistics
* Total Net Assets$921,818,348

* # of Portfolio Holdings274

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid$6,695,139

## 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

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 3.0% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| AmerisourceBergen Corp. | 2.3% |
| Hilton Worldwide Holdings, Inc. | 2.0% |
| Cloudflare, Inc. - Class A | 2.0% |
| Carvana Co. | 2.0% |
| IDEXX Laboratories, Inc. | 1.9% |
| Vertiv Holdings Co. - Class A | 1.9% |
| Vistra Corp. | 1.9% |
| Alnylam Pharmaceuticals, Inc. | 1.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm263417d2_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.3% |
| Preferred Stock | 0.2% |
| Common Stock | 99.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm263417d2_tsrimg176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.2% |
| Industrials | 20.5% |
| Information Technology | 18.3% |
| Health Care | 16.1% |
| Financials | 9.1% |
| Communication Services | 4.9% |
| Energy | 2.9% |
| Utilities | 2.8% |
| Consumer Staples | 2.1% |
| Real Estate | 1.3% |
| Materials | 0.7% |
| Short-Term Investments | 1.3% |
| 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: IAXTX
![QR Code](tm263417d2_tsrimg148.jpg)

# VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio
92914L469-AR

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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 $779,220 for the year ended December 31, 2025 and $804,130
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 the audit of each respective 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 $183,413 for the year ended December 31, 2025 and $187,111 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 Partners, Inc. | $183413 | $187111 |
| Voya Investments, LLC <sup>(1)</sup> | $11775221 | $15784141 |

---

<sup>(1)</sup> Each 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.

![](tm263417d2_patnri-01img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S and S2

**Voya Partners, Inc.**

■ Voya Global Bond Portfolio ■ VY<sup>®</sup> Columbia Small Cap Value II Portfolio

■ Voya Global Insights Portfolio ■ VY<sup>®</sup> Invesco Comstock Portfolio

■ Voya International High Dividend Low Volatility Portfolio ■ VY<sup>®</sup> Invesco Equity and Income Portfolio

■ VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio ■ VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

■ VY<sup>®</sup> Baron Growth Portfolio ■ VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

■ VY<sup>®</sup> Columbia Contrarian Core 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.

---

| | |
|:---|:---|
| ![](tm263417d2_patnri-01img02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d2_patnri-01img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#sp_001) | [1](#sp_001) |
| [Statements of Assets and Liabilities](#sp_002) | [2](#sp_002) |
| [Statements of Operations](#sp2_003) | [9](#sp2_003) |
| [Statements of Changes in Net Assets](#sp2_004) | [13](#sp2_004) |
| [Financial Highlights](#patfun_003) | [19](#patfun_003) |
| [Notes to Financial Statements](#patfun_002) | [26](#patfun_002) |
| [Portfolios of Investments](#patfun_001) | [49](#patfun_001) |
| [Tax Information](#patfun_004) | [133](#patfun_004) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#patfun_005) | [135](#patfun_005) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global Bond Portfolio, Voya Global Insights Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup><sup>®</sup></sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio and the Board of Directors of Voya Partners, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya Global Insights Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio (collectively referred to as the "Portfolios") (eleven of the portfolios constituting Voya Partners, Inc. (the "Company")), 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 (eleven of the portfolios constituting Voya Partners, Inc.) 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 Company'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 Company 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 Company is not required to have, nor were we engaged to perform, an audit of the Company'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 Company'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.

![](tm263417d2_patnri-01img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup><sup>®</sup></sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $74499594 | $1067518626 | $349295211 | $266415049 |
| Investments in affiliated underlying funds at fair value<sup>\*\*</sup> | 10423745 |  |  |  |
| Short-term investments at fair value† | 18655280 | 44693131 | 12327538 | 7432370 |
| Cash | 10255 |  | 582979 | 23477 |
| Cash collateral for futures contracts | 469585 |  |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 885000 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 220000 |  |  |  |
| Foreign currencies at value‡ | 714180 | 1816869 | 61467 | 55478 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 31518 |  | 61731 | 513158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed- delivery or when-issued basis | 2871185 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 177528 | 66608 | 143297 | 455664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 65836 | 198146 | 389390 | 586290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 585558 |  | 1560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 4889 | 1769567 | 1364530 | 21144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 36171 |  |  |  |
| Unrealized appreciation on forward foreign currency contracts | 441236 |  |  | 13521 |
| Unrealized appreciation on forward premium swaptions | 87360 |  |  |  |
| Unrealized appreciation on OTC swap agreements | 6252 |  |  |  |
| Prepaid expenses | 354 | 3642 | 1018 | 990 |
| Reimbursement due from Investment Adviser | 18245 | 19925 |  | 60428 |
| Other assets | 8699 | 52365 | 26492 | 10502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 110212470 | 1116138879 | 364255213 | 275588071 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup><sup>®</sup></sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities and currencies purchased | 69011 |  | 61787 | 469831 |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 5068386 |  |  |  |
| Payable for fund shares redeemed | 48328 | 147294 | 4549031 | 6497 |
| Payable upon receipt of securities loaned | 219327 | 7887592 | 12327538 | 2375574 |
| Unrealized depreciation on forward foreign currency contracts | 325427 |  |  | 40384 |
| Unrealized depreciation on forward premium swaptions | 24686 |  |  |  |
| Unrealized depreciation on OTC swap agreements | 103359 |  |  |  |
| Variation margin payable on futures contracts | 8855 |  |  |  |
| Cash received as collateral for OTC derivatives (Note 2) | 290000 |  |  |  |
| Payable for investment management fees | 52472 | 617354 | 176779 | 212832 |
| Payable for distribution and shareholder service fees | 8911 | 55950 | 57587 | 55240 |
| Payable to directors under the deferred compensation plan (Note 6) | 8699 | 52365 | 26492 | 10502 |
| Payable for directors fees | 257 | 2749 | 804 | 704 |
| Payable for foreign capital gains tax |  | 1328359 |  |  |
| Other accrued expenses and liabilities | 70310 | 503060 | 116716 | 122516 |
| Written options, at fair value^ | 17311 | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6315339 | 10594723 | 17316734 | 3294080 |
| **NET ASSETS** | $103897131 | $1105544156 | $346938479 | $272293991 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $127275920 | $755476968 | $225819311 | $253128257 |
| Total distributable earnings (loss) | (23378789) | 350067188 | 121119168 | 19165734 |
| **NET ASSETS** | $103897131 | $1105544156 | $346938479 | $272293991 |
| + Including securities loaned at value | $206389 | $7727200 | $10616514 | $2305380 |
| \* Cost of investments in securities | $77051884 | $878849777 | $274393126 | $265059267 |
| \*\* Cost of investments in affiliated underlying funds | $9982344 | $— | $— | $— |
| † Cost of short-term investments | $18656114 | $44693131 | $12327538 | $7432370 |
| ‡ Cost of foreign currencies | $716219 | $1819630 | $61439 | $55478 |
| ^ Premiums received on written options | $29294 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup><sup>®</sup></sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12333309 | $115182333 | $39860850 | $92277322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1510205 | 13699918 | 3069408 | 9438109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.17 | $8.41 | $12.99 | $9.78 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $73815281 | $963169541 | $117114136 | $107973132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 250000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 8871005 | 89367572 | 8872730 | 9726939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.32 | $10.78 | $13.20 | $11.10 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17748541 | $24092144 | $189834661 | $70353603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2135833 | 2698841 | 14484665 | 6512844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $8.31 | $8.93 | $13.11 | $10.80 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $3100138 | $128832 | $1689934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 406290 | 9638 | 172605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $7.63 | $13.37 | $9.79 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**VY<sup><sup>®</sup></sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** |<br>**VY<sup><sup>®</sup></sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup><sup>®</sup></sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** |<br>**VY<sup><sup>®</sup></sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value\* | $293689701 | $77611508 | $61101010 | $230310834 |
| Short-term investments at fair value† | 1024901 | 895205 | 417423 | 8465995 |
| Cash |  |  | 3830 | 25395 |
| Foreign currencies at value‡ | 2 |  |  | 1 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 458350 | 9361 | 21119 | 326622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 293348 | 40766 | 58224 | 367417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 9147 |  | 39401 |
| Unrealized appreciation on forward foreign currency contracts |  |  |  | 4775 |
| Prepaid expenses | 1373 | 250 | 357 | 803 |
| Reimbursement due from Investment Adviser | 48524 | 19965 | 2872 | 20272 |
| Other assets | 24613 | 9440 | 6688 | 14644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 295540812 | 78595642 | 61611523 | 239576159 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased |  |  | 125940 |  |
| Payable for fund shares redeemed | 66515 | 15362 | 147793 | 164794 |
| Unrealized depreciation on forward foreign currency contracts |  |  |  | 176328 |
| Payable for investment management fees | 240783 | 57093 | 43543 | 141499 |
| Payable for distribution and shareholder service fees | 62831 | 24092 | 12772 | 33622 |
| Payable to directors under the deferred compensation plan (Note 6) | 24613 | 9440 | 6688 | 14644 |
| Payable for directors fees | 908 | 190 | 231 | 588 |
| Other accrued expenses and liabilities | 127284 | 29867 | 36831 | 59462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 522934 | 136044 | 373798 | 590937 |
| **NET ASSETS** | $295017878 | $78459598 | $61237725 | $238985222 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $11046694 | $46586266 | $36966813 | $165720702 |
| Total distributable earnings | 283971184 | 31873332 | 24270912 | 73264520 |
| **NET ASSETS** | $295017878 | $78459598 | $61237725 | $238985222 |
| \* Cost of investments in securities | $91801683 | $53578967 | $54118871 | $178894299 |
| † Cost of short-term investments | $1024901 | $895205 | $417423 | $8465995 |
| ‡ Cost of foreign currencies | $2 | $— | $— | $1 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**VY<sup><sup>®</sup></sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** | <br>**VY<sup><sup>®</sup></sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup><sup>®</sup></sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** | <br>**VY<sup><sup>®</sup></sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $72878586 | $42059633 | $21749132 | $30043215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 5375824 | 2746494 | 1678369 | 1445937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.56 | $15.31 | $12.96 | $20.78 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $56061786 | $7842266 | $17115461 | $110501216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2883534 | 422769 | 1221800 | 5233465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $19.44 | $18.55 | $14.01 | $21.11 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $19440485 | n/a | $7984941 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 997868 | n/a | 568981 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $19.48 | n/a | $14.03 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $144826425 | $28557699 | $12547564 | $98440791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 8733152 | 1652396 | 903027 | 4655426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.58 | $17.28 | $13.90 | $21.15 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1810596 | n/a | $1840627 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 128259 | n/a | 142123 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.12 | n/a | $12.95 | n/a |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **VY<sup>®</sup> <br> Invesco <br> Equity and <br> Income <br> Portfolio** | **VY<sup>®</sup> <br> JPMorgan <br> Mid Cap <br> Value <br> Portfolio** | **VY<sup>®</sup> <br> T. Rowe Price <br> Diversified Mid Cap <br> Growth <br> Portfolio** |
| **ASSETS:** | | | |
| Investments in securities at fair value+\* | $443652549 | $180489184 | $920398371 |
| Short-term investments at fair value† | 18169253 | 4415005 | 12038407 |
| Cash |  |  | 802690 |
| Foreign currencies at value‡ | 60813 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 62110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 94068 | 63599 | 413962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 415893 | 245798 | 187245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1046039 |  | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 69150 |  | 6433 |
| Unrealized appreciation on forward foreign currency contracts | 7242 |  |  |
| Prepaid expenses | 1580 | 865 | 3099 |
| Reimbursement due from Investment Adviser | 49199 | 42347 | 4104 |
| Other assets | 53753 | 16394 | 33060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 463619539 | 185335302 | 933889291 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased |  | 786577 |  |
| Payable for fund shares redeemed | 468491 | 482215 | 85941 |
| Payable upon receipt of securities loaned | 4671385 | 22921 | 11089376 |
| Unrealized depreciation on forward foreign currency contracts | 156067 |  |  |
| Variation margin payable on futures contracts | 1140 |  |  |
| Payable for investment management fees | 249121 | 130302 | 590623 |
| Payable for distribution and shareholder service fees | 23438 | 44203 | 42925 |
| Payable to directors under the deferred compensation plan (Note 6) | 53753 | 16394 | 33060 |
| Payable for directors fees | 1138 | 578 | 2422 |
| Other accrued expenses and liabilities | 142209 | 88215 | 226596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5766742 | 1571405 | 12070943 |
| **NET ASSETS** | $457852797 | $183763897 | $921818348 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $362950117 | $106739851 | $546599770 |
| Total distributable earnings | 94902680 | 77024046 | 375218578 |
| **NET ASSETS** | $457852797 | $183763897 | $921818348 |
| + Including securities loaned at value | $4545198 | $19959 | $10816234 |
| \* Cost of investments in securities | $373811215 | $153426948 | $800004294 |
| † Cost of short-term investments | $18169204 | $4415005 | $12038407 |
| ‡ Cost of foreign currencies | $60566 | $— | $— |

---

See Accompanying Notes to Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | **VY<sup><sup>®</sup></sup> <br> Invesco <br> Equity and <br> Income <br> Portfolio** | **VY<sup><sup>®</sup></sup> <br> JPMorgan <br> Mid Cap <br> Value <br> Portfolio** | **VY<sup><sup>®</sup></sup><br> T. Rowe Price<br> Diversified Mid Cap<br> Growth<br> Portfolio** |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $42338531 | $69880030 | $87084854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1317047 | 5175821 | 11171393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $32.15 | $13.50 | $7.80 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $392760852 | $47857559 | $719759436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 11722736 | 3310317 | 65508749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $33.50 | $14.46 | $10.99 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | n/a | $90834774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | n/a | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | n/a | 8235658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | n/a | $11.03 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $18493639 | $65393707 | $21067410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 562042 | 4631990 | 2175889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $32.90 | $14.12 | $9.68 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4259775 | $632601 | $3071874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 133957 | 46960 | 383561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $31.80 | $13.47 | $8.01 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $77582 | $14897757 | $12281296 | $6805836 |
| Dividends from affiliated underlying funds | 672134 |  |  |  |
| Interest, net of foreign taxes withheld\* | 4076443 | 4936 | 30110 | 64 |
| Securities lending income, net | 16283 | 40781 | 48803 | 26542 |
| Other | 696 | 7484 | 2139 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4843138 | 14950958 | 12362348 | 6834389 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 615774 | 7696005 | 1929433 | 2562671 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 61742 | 551041 | 173101 | 470942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 44508 | 193444 | 465678 | 186592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 11125 | 462 | 6785 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 15447 | 108846 | 26884 | 146182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 90655 | 897776 | 78205 | 172414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 22269 | 77160 | 145155 | 115838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 2744 | 90 | 2633 |
| Shareholder reporting expense | 18964 | 71745 | 35898 | 19710 |
| Professional fees | 15872 | 141224 | 42192 | 36168 |
| Custody and accounting expense | 75624 | 140045 | 74185 | 43745 |
| Directors fees | 2567 | 27488 | 8041 | 7041 |
| Miscellaneous expense | 11761 | 89996 | 38403 | 26171 |
| Interest expense |  | 15797 | 5185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 975183 | 10024436 | 3022912 | 3796892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (179715) | (956115) |  | (725232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 795468 | 9068321 | 3022912 | 3071660 |
| Net investment income | 4047670 | 5882637 | 9339436 | 3762729 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 433300 | 158589388 | 37838261 | 18024722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 68984 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 324010 |  | 36007 | (1234546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 919873 | 192329 | 123838 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (848445) | (141980) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (142889) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 205182 | (310200) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 960015 | 158329537 | 37998106 | 16791366 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 2928069 | 76898655 | 51126527 | (6435220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 301216 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 907966 |  | 2304 | (221700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 8274 | 200985 | 119764 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 148822 |  |  |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Voya**<br>**Global Bond**<br>**Portfolio** |<br>**Voya**<br>**Global**<br>**Insights**<br>**Portfolio** | **Voya**<br>**International**<br>**High Dividend**<br>**Low Volatility**<br>**Portfolio** | **VY<sup>®</sup> American**<br>**Century**<br>**Small-Mid**<br>**Cap Value**<br>**Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (821591) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 98510 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3571266 | 77099640 | 51248595 | (6654632) |
| Net realized and unrealized gain | 4531281 | 235429177 | 89246701 | 10136734 |
| **Increase in net assets resulting from operations** | $8578951 | $241311814 | $98586137 | $13899463 |
| \* Foreign taxes withheld | $8517 | $1032185 | $2291169 | $64176 |
| ^ Foreign capital gains taxes withheld | $— | $535260 | $— | $— |
| # Change in foreign capital gains taxes accrued | $— | $34274 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**VY<sup>®</sup>**<br>**Baron**<br>**Growth**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Columbia**<br>**Contrarian Core**<br>**Portfolio** | **VY<sup>®</sup>**<br>**Columbia**<br>**Small Cap**<br>**Value II**<br>**Portfolio** |<br>**VY<sup>®</sup>**<br>**Invesco**<br>**Comstock**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $3368761 | $820795 | $1569031 | $5597138 |
| Interest |  | 5 | 7 | 60 |
| Securities lending income, net |  |  |  | 4239 |
| Other | 2622 | 517 | 705 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3371383 | 821317 | 1569743 | 5603037 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 3451320 | 685100 | 786988 | 1646858 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 420182 | 203668 | 110110 | 147721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 415728 | 69245 | 105503 | 235623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 7819 |  | 6835 |  |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 119979 | 40897 | 30232 | 18391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 119111 | 7722 | 26091 | 69395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 27 |  | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 237425 | 27809 | 56888 | 58634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 2795 |  | 2351 |  |
| Shareholder reporting expense | 36675 | 4690 | 6836 | 9955 |
| Professional fees | 49054 | 13538 | 17756 | 29410 |
| Custody and accounting expense | 29112 | 13184 | 14722 | 36244 |
| Directors fees | 9079 | 1903 | 2314 | 5882 |
| Miscellaneous expense | 36472 | 8110 | 13519 | 19450 |
| Interest expense | 3724 |  | 350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4938502 | 1075866 | 1180523 | 2277563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (476106) | (264575) | (100187) | (236631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (3950) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4462396 | 811291 | 1076386 | 2040932 |
| Net investment income (loss) | (1091013) | 10026 | 493357 | 3562105 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 110182584 | 8711753 | 16952127 | 25250978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  |  | (550543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | 52 | 90417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 110182584 | 8711753 | 16952179 | 24790852 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (151327571) | 3245965 | (10194724) | 9456060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  |  | (331160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  |  | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (151327571) | 3245965 | (10194724) | 9126537 |
| Net realized and unrealized gain (loss) | (41144987) | 11957718 | 6757455 | 33917389 |
| **Increase (decrease) in net assets resulting from operations** | $(42236000) | $11967744 | $7250812 | $37479494 |
| \* Foreign taxes withheld | $— | $1526 | $3969 | $83557 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **VY® <br> Invesco <br> Equity and <br> Income <br> Portfolio** | **VY® <br> JPMorgan <br> Mid Cap <br> Value <br> Portfolio** | **VY® <br> T. Rowe Price <br> Diversified Mid Cap <br> Growth <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $6207337 | $4151121 | $5260771 |
| Interest | 5381820 |  | 24688 |
| Securities lending income, net | 57302 | 2630 | 86064 |
| Other | 3116 | 1688 | 6855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 11649575 | 4155439 | 5378378 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 2960044 | 1966807 | 7167731 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 204193 | 360674 | 399315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 49062 | 261346 | 63718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 16452 | 2742 | 11821 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 39134 | 91965 | 68296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 374526 | 68859 | 630983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 18805 | 133059 | 21471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3943 | 872 | 2511 |
| Shareholder reporting expense | 31020 | 27255 | 53756 |
| Professional fees | 59000 | 33912 | 124717 |
| Custody and accounting expense | 75880 | 22785 | 70520 |
| Directors fees | 11384 | 5785 | 24217 |
| Miscellaneous expense | 40962 | 23224 | 71975 |
| Interest expense |  |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3884405 | 2999285 | 8711263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (679148) | (385111) | (472592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (2212) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3205257 | 2611962 | 8238671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8444318 | 1543477 | (2860293) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 27559653 | 64147206 | 259838391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (407816) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 50562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 7816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 27210215 | 64147206 | 259838391 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 18944760 | (55672827) | (153244437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (294349) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 6848 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (703) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18656556 | (55672827) | (153244437) |
| Net realized and unrealized gain | 45866771 | 8474379 | 106593954 |
| **Increase in net assets resulting from operations** | $54311089 | $10017856 | $103733661 |
| \* Foreign taxes withheld | $52209 | $— | $4869 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya** | **Voya** | **Voya Global** | **Voya Global** |
|  | **Global Bond Portfolio** | **Global Bond Portfolio** | **Insights Portfolio** | **Insights Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $4047670 | $3877044 | $5882637 | $5227914 |
| Net realized gain (loss) | 960015 | (3523845) | 158329537 | 83747240 |
| Net change in unrealized appreciation (depreciation) | 3571266 | (1444380) | 77099640 | 11940679 |
| Increase (decrease) in net assets resulting from operations | 8578951 | (1091181) | 241311814 | 100915833 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (419935) |  | (9916580) | (70993564) |
| &nbsp;&nbsp;Class I | (2828769) | (243127) | (68544793) | (512705989) |
| &nbsp;&nbsp;Class S | (650123) | (10523) | (8822576) | (71369455) |
| &nbsp;&nbsp;Class S2 |  |  | (274975) | (1836836) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;Class ADV |  | (495358) |  |  |
| &nbsp;&nbsp;Class I |  | (2904926) |  |  |
| &nbsp;&nbsp;Class S |  | (841534) |  |  |
| Total distributions | (3898827) | (4495468) | (87558924) | (656905844) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 10784563 | 7647507 | 5989727 | 7153669 |
| Reinvestment of distributions | 3898827 | 4493800 | 87558924 | 656905844 |
|  | 14683390 | 12141307 | 93548651 | 664059513 |
| Cost of shares redeemed | (16981270) | (20548455) | (242549111) | (191436881) |
| Net increase (decrease) in net assets resulting from capital share transactions | (2297880) | (8407148) | (149000460) | 472622632 |
| Net increase (decrease) in net assets | 2382244 | (13993797) | 4752430 | (83367379) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 101514887 | 115508684 | 1100791726 | 1184159105 |
| End of year or period | $103897131 | $101514887 | $1105544156 | $1100791726 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya** | **Voya** | **VY<sup>®</sup> American** | **VY<sup>®</sup> American** |
|  | **International High Dividend** | **International High Dividend** | **Century Small-Mid** | **Century Small-Mid** |
|  | **Low Volatility Portfolio** | **Low Volatility Portfolio** | **Cap Value Portfolio** | **Cap Value Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $9339436 | $12444790 | $3762729 | $4225606 |
| Net realized gain | 37998106 | 19160648 | 16791366 | 21382629 |
| Net change in unrealized appreciation (depreciation) | 51248595 | (9198188) | (6654632) | (2134267) |
| Increase in net assets resulting from operations | 98586137 | 22407250 | 13899463 | 23473968 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (2041895) | (1084610) | (8781078) | (4793420) |
| &nbsp;&nbsp;Class I | (5808299) | (4844087) | (9640605) | (5412824) |
| &nbsp;&nbsp;Class S | (10280835) | (8049465) | (6590301) | (3636062) |
| &nbsp;&nbsp;Class S2 | (5664) | (8740) | (152139) | (85450) |
| Total distributions | (18136693) | (13986902) | (25164123) | (13927756) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 42307743 | 12045405 | 10389703 | 14565301 |
| Reinvestment of distributions | 18136693 | 13986902 | 25164123 | 13927756 |
|  | 60444436 | 26032307 | 35553826 | 28493057 |
| Cost of shares redeemed | (88236343) | (64777351) | (48940670) | (58885377) |
| Net decrease in net assets resulting from capital share transactions | (27791907) | (38745044) | (13386844) | (30392320) |
| Net increase (decrease) in net assets | 52657537 | (30324696) | (24651504) | (20846108) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 294280942 | 324605638 | 296945495 | 317791603 |
| End of year or period | $346938479 | $294280942 | $272293991 | $296945495 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup> Baron** | **VY<sup>®</sup> Baron** | **VY<sup>®</sup> Columbia** | **VY<sup>®</sup> Columbia** |
|  | **Growth Portfolio** | **Growth Portfolio** | **Contrarian Core Portfolio** | **Contrarian Core Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(1091013) | $835307 | $10026 | $180213 |
| Net realized gain | 110182584 | 73892458 | 8711753 | 6708629 |
| Net change in unrealized appreciation (depreciation) | (151327571) | (53863801) | 3245965 | 8125959 |
| Increase (decrease) in net assets resulting from operations | (42236000) | 20863964 | 11967744 | 15014801 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (20441809) | (5481457) | (3743785) | (913679) |
| &nbsp;&nbsp;Class I | (13727621) | (4712343) | (621112) | (177282) |
| &nbsp;&nbsp;Class R6 | (4500281) | (1540840) |  |  |
| &nbsp;&nbsp;Class S | (35129054) | (9071555) | (2323941) | (599006) |
| &nbsp;&nbsp;Class S2 | (476118) | (111688) |  |  |
| Total distributions | (74274883) | (20917883) | (6688838) | (1689967) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8191205 | 10795488 | 4135221 | 10361113 |
| Reinvestment of distributions | 74274883 | 20917883 | 6688838 | 1689967 |
|  | 82466088 | 31713371 | 10824059 | 12051080 |
| Cost of shares redeemed | (108562927) | (90098720) | (14434011) | (12860734) |
| Net decrease in net assets resulting from capital share transactions | (26096839) | (58385349) | (3609952) | (809654) |
| Net increase (decrease) in net assets | (142607722) | (58439268) | 1668954 | 12515180 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 437625600 | 496064868 | 76790644 | 64275464 |
| End of year or period | $295017878 | $437625600 | $78459598 | $76790644 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | | |
|  | **Columbia Small Cap** | **Columbia Small Cap** | **VY<sup>®</sup> Invesco** | **VY<sup>®</sup> Invesco** |
|  | **Value II Portfolio** | **Value II Portfolio** | **Comstock Portfolio** | **Comstock Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $493357 | $813790 | $3562105 | $3792712 |
| Net realized gain | 16952179 | 24009837 | 24790852 | 30322294 |
| Net change in unrealized appreciation (depreciation) | (10194724) | (10044050) | 9126537 | 45797 |
| Increase in net assets resulting from operations | 7250812 | 14779577 | 37479494 | 34160803 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (5340146) | (2556723) | (3790894) | (3247125) |
| &nbsp;&nbsp;Class I | (4027820) | (3745164) | (15375163) | (11999703) |
| &nbsp;&nbsp;Class R6 | (1752973) | (896943) |  |  |
| &nbsp;&nbsp;Class S | (12131636) | (6708363) | (12318889) | (9781006) |
| &nbsp;&nbsp;Class S2 | (420722) | (167853) |  |  |
| Total distributions | (23673297) | (14075046) | (31484946) | (25027834) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8053140 | 11891344 | 17609447 | 19114608 |
| Reinvestment of distributions | 23673297 | 14075046 | 31484946 | 25027834 |
|  | 31726437 | 25966390 | 49094393 | 44142442 |
| Cost of shares redeemed | (88174779) | (46285909) | (48873606) | (75020669) |
| Net increase (decrease) in net assets resulting from capital share transactions | (56448342) | (20319519) | 220787 | (30878227) |
| Net increase (decrease) in net assets | (72870827) | (19614988) | 6215335 | (21745258) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 134108552 | 153723540 | 232769887 | 254515145 |
| End of year or period | $61237725 | $134108552 | $238985222 | $232769887 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **Invesco Equity and** | **Invesco Equity and** | **JPMorgan Mid Cap** | **JPMorgan Mid Cap** |
|  | **Income Portfolio** | **Income Portfolio** | **Value Portfolio** | **Value Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $8444318 | $15414548 | $1543477 | $2299965 |
| Net realized gain | 27210215 | 127828320 | 64147206 | 35073768 |
| Net change in unrealized appreciation (depreciation) | 18656556 | (48905616) | (55672827) | 2890716 |
| Increase in net assets resulting from operations | 54311089 | 94337252 | 10017856 | 40264449 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (12348687) | (4056545) | (11130766) | (4478035) |
| &nbsp;&nbsp;Class I | (117039393) | (40887652) | (7628491) | (4894616) |
| &nbsp;&nbsp;Class S | (5825070) | (21788848) | (17173129) | (7886381) |
| &nbsp;&nbsp;Class S2 | (1266493) | (17167665) | (95611) | (49084) |
| Total distributions | (136479643) | (83900710) | (36027997) | (17308116) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 9436176 | 7697397 | 7706317 | 9282518 |
| Reinvestment of distributions | 136479643 | 83900710 | 36027997 | 17308116 |
|  | 145915819 | 91598107 | 43734314 | 26590634 |
| Cost of shares redeemed | (69924503) | (665533256) | (123381516) | (72592527) |
| Net increase (decrease) in net assets resulting from capital share transactions | 75991316 | (573935149) | (79647202) | (46001893) |
| Net decrease in net assets | (6177238) | (563498607) | (105657343) | (23045560) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464030035 | 1027528642 | 289421240 | 312466800 |
| End of year or period | $457852797 | $464030035 | $183763897 | $289421240 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **VY<sup>®</sup>** | **VY<sup>®</sup>** |
|  | **T. Rowe Price Diversified Mid Cap** | **T. Rowe Price Diversified Mid Cap** |
|  | **Growth Portfolio** | **Growth Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $(2860293) | $(1994912) |
| Net realized gain | 259838391 | 131237630 |
| Net change in unrealized appreciation (depreciation) | (153244437) | 106472386 |
| Increase in net assets resulting from operations | 103733661 | 235715104 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class ADV | (14281752) | (8960523) |
| &nbsp;&nbsp;Class I | (96967635) | (86206752) |
| &nbsp;&nbsp;Class R6 | (14697503) | (13548558) |
| &nbsp;&nbsp;Class S | (3989195) | (3256156) |
| &nbsp;&nbsp;Class S2 | (507771) | (373484) |
| Total distributions | (130443856) | (112345473) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 67652752 | 69907104 |
| Reinvestment of distributions | 130443856 | 112345473 |
|  | 198096608 | 182252577 |
| Cost of shares redeemed | (398205946) | (198832944) |
| Net decrease in net assets resulting from capital share transactions | (200109338) | (16580367) |
| Net increase (decrease) in net assets | (226819533) | 106789264 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 1148637881 | 1041848617 |
| End of year or period | $921818348 | $1148637881 |

---

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 asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** | **Voya Global Bond Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 7.80 | 0.29• | 0.35 | 0.64 | 0.27 |  |  | 0.27 |  | 8.17 | **8.35** | 1.35 | 1.17 | 1.17 | 3.54 | 12333 | 180 |
| 12-31-24 | 8.22 | 0.26• | (0.38) | (0.12) |  |  | 0.30 | 0.30 |  | 7.80 | **(1.44)** | 1.36 | 1.17 | 1.17 | 3.22 | 12275 | 149 |
| 12-31-23 | 8.04 | 0.25• | 0.19 | 0.44 | 0.19 |  | 0.07 | 0.26 |  | 8.22 | **5.62** | 1.35 | 1.17 | 1.17 | 3.18 | 13790 | 264 |
| 12-31-22 | 10.13 | 0.21• | (2.10) | (1.89) |  |  | 0.20 | 0.20 |  | 8.04 | **(18.75)** | 1.31 | 1.17 | 1.17 | 2.38 | 14350 | 194 |
| 12-31-21 | 11.28 | 0.27• | (0.85) | (0.58) | 0.49 |  | 0.08 | 0.57 |  | 10.13 | **(5.21)** | 1.30 | 1.17 | 1.17 | 2.54 | 19156 | 144 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 7.95 | 0.33• | 0.36 | 0.69 | 0.32 |  |  | 0.32 |  | 8.32 | **8.80** | 0.85 | 0.67 | 0.67 | 4.05 | 73815 | 180 |
| 12-31-24 | 8.38 | 0.30• | (0.38) | (0.08) | 0.03 |  | 0.32 | 0.35 |  | 7.95 | **(0.97)** | 0.86 | 0.67 | 0.67 | 3.72 | 70016 | 149 |
| 12-31-23 | 8.19 | 0.34• | 0.16 | 0.50 | 0.24 |  | 0.07 | 0.31 |  | 8.38 | **6.24** | 0.85 | 0.67 | 0.67 | 4.20 | 79766 | 264 |
| 12-31-22 | 10.32 | 0.25• | (2.13) | (1.88) |  |  | 0.25 | 0.25 |  | 8.19 | **(18.35)** | 0.81 | 0.67 | 0.67 | 2.88 | 83034 | 194 |
| 12-31-21 | 11.49 | 0.33• | (0.87) | (0.54) | 0.55 |  | 0.08 | 0.63 |  | 10.32 | **(4.78)** | 0.80 | 0.67 | 0.67 | 3.04 | 110162 | 144 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 7.94 | 0.31• | 0.36 | 0.67 | 0.30 |  |  | 0.30 |  | 8.31 | **8.54** | 1.10 | 0.92 | 0.92 | 3.79 | 17749 | 180 |
| 12-31-24 | 8.37 | 0.28• | (0.38) | (0.10) | 0.01 |  | 0.32 | 0.33 |  | 7.94 | **(1.22)** | 1.11 | 0.92 | 0.92 | 3.48 | 19224 | 149 |
| 12-31-23 | 8.18 | 0.12• | 0.36 | 0.48 | 0.22 |  | 0.07 | 0.29 |  | 8.37 | **5.97** | 1.10 | 0.92 | 0.92 | 1.51 | 21952 | 264 |
| 12-31-22 | 10.30 | 0.23• | (2.12) | (1.89) |  |  | 0.23 | 0.23 |  | 8.18 | **(18.49)** | 1.06 | 0.92 | 0.92 | 2.63 | 22191 | 194 |
| 12-31-21 | 11.47 | 0.30• | (0.87) | (0.57) | 0.52 |  | 0.08 | 0.60 |  | 10.30 | **(5.03)** | 1.05 | 0.92 | 0.92 | 2.79 | 29562 | 144 |
| **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** | **Voya Global Insights Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 7.47 | 0.01• | 1.68 | 1.69 | 0.00 \* | 0.75 |  | 0.75 |  | 8.41 | **23.74** | 1.34 | 1.26 | 1.26 | 0.09 | 115182 | 80 |
| 12-31-24 | 16.32 | 0.00\*• | 0.71 | 0.71 |  | 9.56 |  | 9.56 |  | 7.47 | **8.82** | 1.37 | 1.26 | 1.26 | 0.04 | 107408 | 126 |
| 12-31-23 | 13.99 | (0.06)• | 4.40 | 4.34 |  | 2.01 |  | 2.01 |  | 16.32 | **31.96** | 1.36 | 1.30 | 1.30 | (0.41) | 114505 | 107 |
| 12-31-22 | 24.55 | (0.06)• | (7.57) | (7.63) |  | 2.93 |  | 2.93 |  | 13.99 | **(32.28)** | 1.35 | 1.30 | 1.30 | (0.38) | 93472 | 13 |
| 12-31-21 | 22.38 | (0.19)• | 3.51 | 3.32 |  | 1.15 |  | 1.15 |  | 24.55 | **14.80** | 1.33 | 1.30 | 1.30 | (0.80) | 149741 | 7 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 9.38 | 0.06• | 2.13 | 2.19 | 0.04 | 0.75 |  | 0.79 |  | 10.78 | **24.31** | 0.84 | 0.76 | 0.76 | 0.59 | 963170 | 80 |
| 12-31-24 | 17.99 | 0.07• | 0.88 | 0.95 |  | 9.56 |  | 9.56 |  | 9.38 | **9.43** | 0.87 | 0.76 | 0.76 | 0.53 | 887328 | 126 |
| 12-31-23 | 15.20 | 0.02• | 4.79 | 4.81 | 0.01 | 2.01 |  | 2.02 |  | 17.99 | **32.54** | 0.86 | 0.80 | 0.80 | 0.10 | 940045 | 107 |
| 12-31-22 | 26.21 | 0.02• | (8.10) | (8.08) |  | 2.93 |  | 2.93 |  | 15.20 | **(31.93)** | 0.85 | 0.80 | 0.80 | 0.12 | 852916 | 13 |
| 12-31-21 | 23.71 | (0.08)• | 3.73 | 3.65 |  | 1.15 |  | 1.15 |  | 26.21 | **15.37** | 0.83 | 0.80 | 0.80 | (0.30) | 1381312 | 7 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 7.88 | 0.04• | 1.78 | 1.82 | 0.02 | 0.75 |  | 0.77 |  | 8.93 | **24.14** | 1.10 | 1.00 | 1.00 | 0.48 | 24092 | 80 |
| 12-31-24 | 16.66 | 0.04• | 0.74 | 0.78 |  | 9.56 |  | 9.56 |  | 7.88 | **9.09** | 1.12 | 1.01 | 1.01 | 0.29 | 103333 | 126 |
| 12-31-23 | 14.22 | (0.02)• | 4.47 | 4.45 |  | 2.01 |  | 2.01 |  | 16.66 | **32.24** | 1.11 | 1.05 | 1.05 | (0.15) | 127024 | 107 |
| 12-31-22 | 24.83 | (0.02)• | (7.66) | (7.68) |  | 2.93 |  | 2.93 |  | 14.22 | **(32.10)** | 1.10 | 1.05 | 1.05 | (0.13) | 108045 | 13 |
| 12-31-21 | 22.56 | (0.13)• | 3.55 | 3.42 |  | 1.15 |  | 1.15 |  | 24.83 | **15.13** | 1.08 | 1.05 | 1.05 | (0.55) | 185986 | 7 |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 6.85 | 0.01• | 1.53 | 1.54 | 0.01 | 0.75 |  | 0.76 |  | 7.63 | **23.76** | 1.24 | 1.16 | 1.16 | 0.18 | 3100 | 80 |
| 12-31-24 | 15.73 | 0.02• | 0.66 | 0.68 |  | 9.56 |  | 9.56 |  | 6.85 | **9.00** | 1.27 | 1.16 | 1.16 | 0.14 | 2724 | 126 |
| 12-31-23 | 13.53 | (0.05)• | 4.26 | 4.21 |  | 2.01 |  | 2.01 |  | 15.73 | **32.10** | 1.26 | 1.20 | 1.20 | (0.31) | 2586 | 107 |
| 12-31-22 | 23.85 | (0.04)• | (7.35) | (7.39) |  | 2.93 |  | 2.93 |  | 13.53 | **(32.21)** | 1.25 | 1.20 | 1.20 | (0.27) | 2205 | 13 |
| 12-31-21 | 21.75 | (0.16)• | 3.41 | 3.25 |  | 1.15 |  | 1.15 |  | 23.85 | **14.91** | 1.23 | 1.20 | 1.20 | (0.69) | 4152 | 7 |
| **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** | **Voya International High Dividend Low Volatility Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.03 | 0.31• | 3.33 | 3.64 | 0.46 | 0.22 |  | 0.68 |  | 12.99 | **36.87** | 1.24 | 1.24 | 1.24 | 2.59 | 39861 | 82 |
| 12-31-24 | 9.81 | 0.37• | 0.30 | 0.67 | 0.45 |  |  | 0.45 |  | 10.03 | **6.82** | 1.25 | 1.25 | 1.25 | 3.61 | 23774 | 71 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** | **Voya International High Dividend Low Volatility Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-23 | 8.95 | 0.32• | 0.93 | 1.25 | 0.39 |  |  | 0.39 |  | 9.81 | **14.24** | 1.24 | 1.24 | 1.24 | 3.38 | 24515 | 73 |
| 12-31-22 | 10.31 | 0.31• | (1.28) | (0.97) | 0.39 |  |  | 0.39 |  | 8.95 | **(9.34)** | 1.22 | 1.22 | 1.22 | 3.39 | 24167 | 67 |
| 12-31-21 | 9.43 | 0.28• | 0.80 | 1.08 | 0.20 |  |  | 0.20 |  | 10.31 | **11.50** | 1.23 | 1.23 | 1.23 | 2.75 | 27021 | 73 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.16 | 0.37• | 3.39 | 3.76 | 0.50 | 0.22 |  | 0.72 |  | 13.20 | **37.60** | 0.74 | 0.74 | 0.74 | 3.02 | 117114 | 82 |
| 12-31-24 | 9.94 | 0.42• | 0.30 | 0.72 | 0.50 |  |  | 0.50 |  | 10.16 | **7.23** | 0.75 | 0.75 | 0.75 | 4.10 | 100394 | 71 |
| 12-31-23 | 9.06 | 0.37• | 0.95 | 1.32 | 0.44 |  |  | 0.44 |  | 9.94 | **14.87** | 0.74 | 0.74 | 0.74 | 3.87 | 106170 | 73 |
| 12-31-22 | 10.44 | 0.36• | (1.30) | (0.94) | 0.44 |  |  | 0.44 |  | 9.06 | **(8.90)** | 0.72 | 0.72 | 0.72 | 3.92 | 107060 | 67 |
| 12-31-21 | 9.54 | 0.33• | 0.82 | 1.15 | 0.25 |  |  | 0.25 |  | 10.44 | **12.08** | 0.73 | 0.73 | 0.73 | 3.25 | 125719 | 73 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.10 | 0.35• | 3.35 | 3.70 | 0.47 | 0.22 |  | 0.69 |  | 13.11 | **37.20** | 0.99 | 0.99 | 0.99 | 2.90 | 189835 | 82 |
| 12-31-24 | 9.87 | 0.40• | 0.30 | 0.70 | 0.47 |  |  | 0.47 |  | 10.10 | **7.09** | 1.00 | 1.00 | 1.00 | 3.92 | 170018 | 71 |
| 12-31-23 | 9.00 | 0.34• | 0.94 | 1.28 | 0.41 |  |  | 0.41 |  | 9.87 | **14.52** | 0.99 | 0.99 | 0.99 | 3.62 | 193729 | 73 |
| 12-31-22 | 10.36 | 0.34• | (1.29) | (0.95) | 0.41 |  |  | 0.41 |  | 9.00 | **(9.07)** | 0.97 | 0.97 | 0.97 | 3.68 | 204207 | 67 |
| 12-31-21 | 9.47 | 0.30• | 0.82 | 1.12 | 0.23 |  |  | 0.23 |  | 10.36 | **11.79** | 0.98 | 0.98 | 0.98 | 3.00 | 258075 | 73 |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.25 | 0.33• | 3.42 | 3.75 | 0.41 | 0.22 |  | 0.63 |  | 13.37 | **37.07** | 1.14 | 1.14 | 1.14 | 2.72 | 129 | 82 |
| 12-31-24 | 10.01 | 0.40• | 0.29 | 0.69 | 0.45 |  |  | 0.45 |  | 10.25 | **6.95** | 1.15 | 1.15 | 1.15 | 3.87 | 95 | 71 |
| 12-31-23 | 9.08 | 0.30• | 0.98 | 1.28 | 0.35 |  |  | 0.35 |  | 10.01 | **14.29** | 1.14 | 1.14 | 1.14 | 3.12 | 192 | 73 |
| 12-31-22 | 10.47 | 0.32• | (1.30) | (0.98) | 0.41 |  |  | 0.41 |  | 9.08 | **(9.30)** | 1.12 | 1.12 | 1.12 | 3.50 | 394 | 67 |
| 12-31-21 | 9.56 | 0.29• | 0.82 | 1.11 | 0.20 |  |  | 0.20 |  | 10.47 | **11.67** | 1.13 | 1.13 | 1.13 | 2.85 | 390 | 73 |
| **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** | **VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.30 | 0.11• | 0.35 | 0.46 | 0.18 | 0.80 |  | 0.98 |  | 9.78 | **4.80** | 1.61 | 1.35 | 1.35 | 1.07 | 92277 | 61 |
| 12-31-24 | 10.03 | 0.12• | 0.64 | 0.76 | 0.14 | 0.35 |  | 0.49 |  | 10.30 | **7.71** | 1.63 | 1.35 | 1.35 | 1.13 | 98760 | 51 |
| 12-31-23 | 10.82 | 0.12• | 0.76 | 0.88 | 0.21 | 1.46 |  | 1.67 |  | 10.03 | **8.52** | 1.64 | 1.35 | 1.35 | 1.16 | 101672 | 46 |
| 12-31-22 | 14.21 | 0.12• | (0.91) | (0.79) | 0.14 | 2.46 |  | 2.60 |  | 10.82 | **(5.85)** | 1.81 | 1.35 | 1.35 | 1.01 | 98642 | 66 |
| 12-31-21 | 11.27 | 0.09• | 2.94 | 3.03 | 0.09 |  |  | 0.09 |  | 14.21 | **26.94** | 1.80 | 1.35 | 1.35 | 0.67 | 110892 | 55 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.56 | 0.18• | 0.40 | 0.58 | 0.24 | 0.80 |  | 1.04 |  | 11.10 | **5.33** | 1.11 | 0.85 | 0.85 | 1.57 | 107973 | 61 |
| 12-31-24 | 11.20 | 0.19• | 0.72 | 0.91 | 0.20 | 0.35 |  | 0.55 |  | 11.56 | **8.20** | 1.13 | 0.85 | 0.85 | 1.62 | 116322 | 51 |
| 12-31-23 | 11.90 | 0.19• | 0.84 | 1.03 | 0.27 | 1.46 |  | 1.73 |  | 11.20 | **9.09** | 1.14 | 0.85 | 0.85 | 1.63 | 128382 | 46 |
| 12-31-22 | 15.36 | 0.20• | (0.99) | (0.79) | 0.21 | 2.46 |  | 2.67 |  | 11.90 | **(5.38)** | 1.31 | 0.85 | 0.85 | 1.51 | 165702 | 66 |
| 12-31-21 | 12.16 | 0.17• | 3.17 | 3.34 | 0.14 |  |  | 0.14 |  | 15.36 | **27.57** | 1.30 | 0.85 | 0.85 | 1.17 | 186365 | 55 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.28 | 0.15• | 0.38 | 0.53 | 0.21 | 0.80 |  | 1.01 |  | 10.80 | **4.99** | 1.36 | 1.10 | 1.10 | 1.32 | 70354 | 61 |
| 12-31-24 | 10.93 | 0.15• | 0.72 | 0.87 | 0.17 | 0.35 |  | 0.52 |  | 11.28 | **8.02** | 1.38 | 1.10 | 1.10 | 1.38 | 80028 | 51 |
| 12-31-23 | 11.65 | 0.16• | 0.82 | 0.98 | 0.24 | 1.46 |  | 1.70 |  | 10.93 | **8.77** | 1.39 | 1.10 | 1.10 | 1.41 | 85925 | 46 |
| 12-31-22 | 15.09 | 0.17• | (0.98) | (0.81) | 0.17 | 2.46 |  | 2.63 |  | 11.65 | **(5.60)** | 1.56 | 1.10 | 1.10 | 1.26 | 89431 | 66 |
| 12-31-21 | 11.95 | 0.13• | 3.13 | 3.26 | 0.12 |  |  | 0.12 |  | 15.09 | **27.30** | 1.55 | 1.10 | 1.10 | 0.92 | 100022 | 55 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.31 | 0.12• | 0.35 | 0.47 | 0.19 | 0.80 |  | 0.99 |  | 9.79 | **4.89** | 1.51 | 1.25 | 1.25 | 1.17 | 1690 | 61 |
| 12-31-24 | 10.04 | 0.13• | 0.64 | 0.77 | 0.15 | 0.35 |  | 0.50 |  | 10.31 | **7.81** | 1.53 | 1.25 | 1.25 | 1.22 | 1836 | 51 |
| 12-31-23 | 10.83 | 0.13• | 0.76 | 0.89 | 0.22 | 1.46 |  | 1.68 |  | 10.04 | **8.59** | 1.54 | 1.25 | 1.25 | 1.27 | 1812 | 46 |
| 12-31-22 | 14.22 | 0.13• | (0.92) | (0.79) | 0.14 | 2.46 |  | 2.60 |  | 10.83 | **(5.77)** | 1.71 | 1.25 | 1.25 | 1.08 | 1653 | 66 |
| 12-31-21 | 11.26 | 0.10• | 2.95 | 3.05 | 0.09 |  |  | 0.09 |  | 14.22 | **27.11** | 1.70 | 1.25 | 1.25 | 0.74 | 2415 | 55 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
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| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.13 | (0.10)• | (1.79) | (1.89) | 0.01 | 4.67 |  | 4.68 |  | 13.56 | **(11.10)** | 1.64 | 1.50 | 1.50 | (0.57) | 72879 | 13 |
| 12-31-24 | 20.39 | (0.02)• | 0.87 | 0.85 |  | 1.11 |  | 1.11 |  | 20.13 | **4.36** | 1.62 | 1.50 | 1.50 | (0.10) | 97072 | 4 |
| 12-31-23 | 19.05 | (0.09)• | 2.82 | 2.73 |  | 1.39 |  | 1.39 |  | 20.39 | **14.56** | 1.62 | 1.50 | 1.50 | (0.47) | 107138 | 1 |
| 12-31-22 | 28.60 | (0.10)• | (6.63) | (6.73) |  | 2.82 |  | 2.82 |  | 19.05 | **(23.90)** | 1.59 | 1.49 | 1.49 | (0.46) | 99639 | 1 |
| 12-31-21 | 25.98 | (0.22)• | 5.28 | 5.06 |  | 2.44 |  | 2.44 |  | 28.60 | **20.14** | 1.59 | 1.49 | 1.49 | (0.82) | 140345 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 26.75 | (0.02)• | (2.50) | (2.52) | 0.12 | 4.67 |  | 4.79 |  | 19.44 | **(10.69)** | 1.14 | 1.00 | 1.00 | (0.08) | 56062 | 13 |
| 12-31-24 | 26.60 | 0.11• | 1.15 | 1.26 |  | 1.11 |  | 1.11 |  | 26.75 | **4.89** | 1.12 | 1.00 | 1.00 | 0.40 | 111696 | 4 |
| 12-31-23 | 24.36 | 0.01• | 3.62 | 3.63 |  | 1.39 |  | 1.39 |  | 26.60 | **15.10** | 1.12 | 1.00 | 1.00 | 0.03 | 126519 | 1 |
| 12-31-22 | 35.40 | 0.01• | (8.23) | (8.22) |  | 2.82 |  | 2.82 |  | 24.36 | **(23.50)** | 1.09 | 0.99 | 0.99 | 0.03 | 122511 | 1 |
| 12-31-21 | 31.49 | (0.11)• | 6.46 | 6.35 |  | 2.44 |  | 2.44 |  | 35.40 | **20.73** | 1.09 | 0.99 | 0.99 | (0.32) | 177254 | 1 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 26.80 | (0.01)• | (2.51) | (2.52) | 0.13 | 4.67 |  | 4.80 |  | 19.48 | **(10.69)** | 0.99 | 0.99 | 0.99 | (0.06) | 19440 | 13 |
| 12-31-24 | 26.64 | 0.11• | 1.16 | 1.27 |  | 1.11 |  | 1.11 |  | 26.80 | **4.92** | 0.98 | 0.98 | 0.98 | 0.41 | 35984 | 4 |
| 12-31-23 | 24.39 | 0.01• | 3.63 | 3.64 |  | 1.39 |  | 1.39 |  | 26.64 | **15.12** | 0.99 | 0.99 | 0.99 | 0.05 | 41144 | 1 |
| 12-31-22 | 35.44 | 0.02• | (8.25) | (8.23) |  | 2.82 |  | 2.82 |  | 24.39 | **(23.50)** | 0.98 | 0.98 | 0.98 | 0.06 | 38747 | 1 |
| 12-31-21 | 31.52 | (0.10)• | 6.46 | 6.36 |  | 2.44 |  | 2.44 |  | 35.44 | **20.74** | 0.97 | 0.97 | 0.97 | (0.30) | 50410 | 1 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 23.54 | (0.06)• | (2.18) | (2.24) | 0.05 | 4.67 |  | 4.72 |  | 16.58 | **(10.94)** | 1.39 | 1.25 | 1.25 | (0.32) | 144826 | 13 |
| 12-31-24 | 23.59 | 0.04• | 1.02 | 1.06 |  | 1.11 |  | 1.11 |  | 23.54 | **4.66** | 1.37 | 1.25 | 1.25 | 0.15 | 190790 | 4 |
| 12-31-23 | 21.80 | (0.05)• | 3.23 | 3.18 |  | 1.39 |  | 1.39 |  | 23.59 | **14.80** | 1.37 | 1.25 | 1.25 | (0.22) | 219006 | 1 |
| 12-31-22 | 32.13 | (0.05)• | (7.46) | (7.51) |  | 2.82 |  | 2.82 |  | 21.80 | **(23.69)** | 1.34 | 1.24 | 1.24 | (0.21) | 203579 | 1 |
| 12-31-21 | 28.85 | (0.17)• | 5.89 | 5.72 |  | 2.44 |  | 2.44 |  | 32.13 | **20.43** | 1.34 | 1.24 | 1.24 | (0.57) | 282227 | 1 |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.78 | (0.08)• | (1.87) | (1.95) | 0.04 | 4.67 |  | 4.71 |  | 14.12 | **(11.04)** | 1.54 | 1.40 | 1.40 | (0.46) | 1811 | 13 |
| 12-31-24 | 20.99 | 0.01• | 0.89 | 0.90 |  | 1.11 |  | 1.11 |  | 20.78 | **4.47** | 1.52 | 1.40 | 1.40 | 0.03 | 2083 | 4 |
| 12-31-23 | 19.56 | (0.08)• | 2.90 | 2.82 |  | 1.39 |  | 1.39 |  | 20.99 | **14.65** | 1.52 | 1.40 | 1.40 | (0.37) | 2258 | 1 |
| 12-31-22 | 29.23 | (0.08)• | (6.77) | (6.85) |  | 2.82 |  | 2.82 |  | 19.56 | **(23.79)** | 1.49 | 1.39 | 1.39 | (0.36) | 2092 | 1 |
| 12-31-21 | 26.48 | (0.21)• | 5.40 | 5.19 |  | 2.44 |  | 2.44 |  | 29.23 | **20.25** | 1.49 | 1.39 | 1.39 | (0.73) | 2681 | 1 |
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| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 14.39 | (0.02)• | 2.34 | 2.32 | 0.02 | 1.38 |  | 1.40 |  | 15.31 | **16.79** | 1.55 | 1.21 | 1.21 | (0.13) | 42060 | 51 |
| 12-31-24 | 11.99 | 0.01• | 2.70 | 2.71 | 0.02 | 0.29 |  | 0.31 |  | 14.39 | **22.81** | 1.54 | 1.21 | 1.20 | 0.09 | 40494 | 49 |
| 12-31-23 | 14.21 | 0.02• | 3.95 | 3.97 | 0.27 | 5.92 |  | 6.19 |  | 11.99 | **31.36** | 1.54 | 1.21 | 1.20 | 0.18 | 32297 | 46 |
| 12-31-22 | 21.12 | 0.03• | (3.75) | (3.72) | 0.01 | 3.18 |  | 3.19 |  | 14.21 | **(18.85)** | 1.46 | 1.22 | 1.22 | 0.15 | 23018 | 50 |
| 12-31-21 | 19.23 | 0.00\*• | 4.42 | 4.42 | 0.05 | 2.48 |  | 2.53 |  | 21.12 | **23.62** | 1.48 | 1.23 | 1.23 | 0.01 | 31288 | 54 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 17.15 | 0.07• | 2.81 | 2.88 | 0.10 | 1.38 |  | 1.48 |  | 18.55 | **17.41** | 1.05 | 0.71 | 0.71 | 0.37 | 7842 | 51 |
| 12-31-24 | 14.22 | 0.10• | 3.20 | 3.30 | 0.08 | 0.29 |  | 0.37 |  | 17.15 | **23.39** | 1.04 | 0.71 | 0.70 | 0.60 | 7769 | 49 |
| 12-31-23 | 15.87 | 0.10• | 4.49 | 4.59 | 0.32 | 5.92 |  | 6.24 |  | 14.22 | **32.09** | 1.04 | 0.71 | 0.71 | 0.67 | 7078 | 46 |
| 12-31-22 | 23.19 | 0.12• | (4.15) | (4.03) | 0.11 | 3.18 |  | 3.29 |  | 15.87 | **(18.51)** | 0.96 | 0.72 | 0.72 | 0.64 | 5731 | 50 |
| 12-31-21 | 20.88 | 0.12• | 4.81 | 4.93 | 0.14 | 2.48 |  | 2.62 |  | 23.19 | **24.23** | 0.98 | 0.73 | 0.73 | 0.52 | 157468 | 54 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.07 | 0.02• | 2.62 | 2.64 | 0.05 | 1.38 |  | 1.43 |  | 17.28 | **17.08** | 1.30 | 0.96 | 0.96 | 0.12 | 28558 | 51 |
| 12-31-24 | 13.35 | 0.05• | 3.00 | 3.05 | 0.04 | 0.29 |  | 0.33 |  | 16.07 | **23.07** | 1.29 | 0.96 | 0.95 | 0.35 | 28528 | 49 |
| 12-31-23 | 15.24 | 0.06• | 4.28 | 4.34 | 0.31 | 5.92 |  | 6.23 |  | 13.35 | **31.76** | 1.29 | 0.96 | 0.95 | 0.43 | 24900 | 46 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** | **VY<sup>®</sup> Columbia Contrarian Core Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-22 | 22.39 | 0.07• | (3.98) | (3.91) | 0.06 | 3.18 |  | 3.24 |  | 15.24 | **(18.64)** | 1.21 | 0.97 | 0.97 | 0.40 | 18315 | 50 |
| 12-31-21 | 20.24 | 0.06• | 4.66 | 4.72 | 0.09 | 2.48 |  | 2.57 |  | 22.39 | **23.94** | 1.23 | 0.98 | 0.98 | 0.26 | 23775 | 54 |
| **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** | **VY<sup>®</sup> Columbia Small Cap Value II Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.97 | 0.04• | 0.79 | 0.83 | 0.25 | 3.59 |  | 3.84 |  | 12.96 | **7.80** | 1.55 | 1.43 | 1.42 | 0.27 | 21749 | 114 |
| 12-31-24 | 16.10 | 0.04• | 1.63 | 1.67 | 0.27 | 1.53 |  | 1.80 |  | 15.97 | **11.04** | 1.49 | 1.43 | 1.42 | 0.27 | 24128 | 81 |
| 12-31-23 | 15.27 | 0.11• | 1.91 | 2.02 | 0.03 | 1.16 |  | 1.19 |  | 16.10 | **13.57** | 1.50 | 1.42 | 1.40 | 0.70 | 25025 | 73 |
| 12-31-22 | 20.83 | 0.01• | (2.85) | (2.84) |  | 2.72 |  | 2.72 |  | 15.27 | **(14.12)** | 1.49 | 1.42 | 1.41 | 0.07 | 28968 | 56 |
| 12-31-21 | 15.65 | (0.02)• | 5.30 | 5.28 | 0.03 | 0.07 |  | 0.10 |  | 20.83 | **33.85** | 1.47 | 1.42 | 1.42 | (0.10) | 39427 | 56 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.94 | 0.11• | 0.87 | 0.98 | 0.32 | 3.59 |  | 3.91 |  | 14.01 | **8.36** | 1.05 | 0.93 | 0.93 | 0.69 | 17115 | 114 |
| 12-31-24 | 16.98 | 0.13• | 1.72 | 1.85 | 0.36 | 1.53 |  | 1.89 |  | 16.94 | **11.56** | 0.99 | 0.93 | 0.92 | 0.77 | 37210 | 81 |
| 12-31-23 | 16.07 | 0.20• | 2.01 | 2.21 | 0.14 | 1.16 |  | 1.30 |  | 16.98 | **14.13** | 1.00 | 0.92 | 0.90 | 1.23 | 49605 | 73 |
| 12-31-22 | 21.71 | 0.11• | (2.98) | (2.87) | 0.05 | 2.72 |  | 2.77 |  | 16.07 | **(13.67)** | 0.99 | 0.92 | 0.91 | 0.59 | 43765 | 56 |
| 12-31-21 | 16.27 | 0.07• | 5.53 | 5.60 | 0.09 | 0.07 |  | 0.16 |  | 21.71 | **34.52** | 0.97 | 0.92 | 0.92 | 0.37 | 45424 | 56 |
| **Class R6** | **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.98 | 0.12• | 0.86 | 0.98 | 0.34 | 3.59 |  | 3.93 |  | 14.03 | **8.38** | 0.91 | 0.89 | 0.88 | 0.82 | 7985 | 114 |
| 12-31-24 | 17.02 | 0.14• | 1.72 | 1.86 | 0.37 | 1.53 |  | 1.90 |  | 16.98 | **11.63** | 0.89 | 0.87 | 0.86 | 0.83 | 8064 | 81 |
| 12-31-23 | 16.10 | 0.21• | 2.02 | 2.23 | 0.15 | 1.16 |  | 1.31 |  | 17.02 | **14.23** | 0.89 | 0.86 | 0.84 | 1.28 | 8338 | 73 |
| 12-31-22 | 21.74 | 0.12• | (2.98) | (2.86) | 0.06 | 2.72 |  | 2.78 |  | 16.10 | **(13.62)** | 0.89 | 0.86 | 0.85 | 0.65 | 9533 | 56 |
| 12-31-21 | 16.29 | 0.10• | 5.51 | 5.61 | 0.09 | 0.07 |  | 0.16 |  | 21.74 | **34.57** | 0.89 | 0.86 | 0.86 | 0.49 | 12560 | 56 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.84 | 0.08• | 0.85 | 0.93 | 0.28 | 3.59 |  | 3.87 |  | 13.90 | **8.04** | 1.29 | 1.18 | 1.18 | 0.54 | 12548 | 114 |
| 12-31-24 | 16.89 | 0.09• | 1.70 | 1.79 | 0.31 | 1.53 |  | 1.84 |  | 16.84 | **11.27** | 1.24 | 1.18 | 1.17 | 0.53 | 62975 | 81 |
| 12-31-23 | 15.98 | 0.15• | 2.01 | 2.16 | 0.09 | 1.16 |  | 1.25 |  | 16.89 | **13.85** | 1.25 | 1.17 | 1.15 | 0.96 | 69044 | 73 |
| 12-31-22 | 21.61 | 0.06• | (2.97) | (2.91) | 0.00 \* | 2.72 |  | 2.72 |  | 15.98 | **(13.91)** | 1.24 | 1.17 | 1.16 | 0.32 | 72207 | 56 |
| 12-31-21 | 16.20 | 0.02• | 5.51 | 5.53 | 0.05 | 0.07 |  | 0.12 |  | 21.61 | **34.22** | 1.22 | 1.17 | 1.17 | 0.12 | 96978 | 56 |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.97 | 0.05• | 0.79 | 0.84 | 0.27 | 3.59 |  | 3.86 |  | 12.95 | **7.92** | 1.45 | 1.33 | 1.32 | 0.37 | 1841 | 114 |
| 12-31-24 | 16.11 | 0.06• | 1.62 | 1.68 | 0.29 | 1.53 |  | 1.82 |  | 15.97 | **11.12** | 1.39 | 1.33 | 1.32 | 0.37 | 1731 | 81 |
| 12-31-23 | 15.30 | 0.13• | 1.91 | 2.04 | 0.07 | 1.16 |  | 1.23 |  | 16.11 | **13.70** | 1.40 | 1.32 | 1.30 | 0.82 | 1712 | 73 |
| 12-31-22 | 20.85 | 0.03 | (2.86) | (2.83) |  | 2.72 |  | 2.72 |  | 15.30 | **(14.06)** | 1.39 | 1.32 | 1.31 | 0.17 | 1597 | 56 |
| 12-31-21 | 15.65 | 0.00 \* | 5.30 | 5.30 | 0.03 | 0.07 |  | 0.10 |  | 20.85 | **33.96** | 1.37 | 1.32 | 1.32 | (0.01) | 1856 | 56 |
| **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** | **VY<sup>®</sup> Invesco Comstock Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.43 | 0.24• | 2.94 | 3.18 | 0.23 | 2.60 |  | 2.83 |  | 20.78 | **16.72** | 1.31 | 1.20 | 1.20 | 1.17 | 30043 | 22 |
| 12-31-24 | 19.94 | 0.26• | 2.51 | 2.77 | 0.27 | 2.01 |  | 2.28 |  | 20.43 | **14.44** | 1.30 | 1.20 | 1.20 | 1.24 | 30575 | 23 |
| 12-31-23 | 20.74 | 0.28• | 2.03 | 2.31 | 0.30 | 2.81 |  | 3.11 |  | 19.94 | **11.70** | 1.29 | 1.20 | 1.20 | 1.36 | 30757 | 19 |
| 12-31-22 | 21.05 | 0.26• | (0.24) | 0.02 | 0.28 | 0.05 |  | 0.33 |  | 20.74 | **0.12** | 1.28 | 1.20 | 1.20 | 1.27 | 33953 | 22 |
| 12-31-21 | 16.05 | 0.21• | 5.03 | 5.24 | 0.24 |  |  | 0.24 |  | 21.05 | **32.69** | 1.29 | 1.20 | 1.20 | 1.06 | 34649 | 31 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.71 | 0.35• | 2.98 | 3.33 | 0.33 | 2.60 |  | 2.93 |  | 21.11 | **17.24** | 0.81 | 0.70 | 0.70 | 1.68 | 110501 | 22 |
| 12-31-24 | 20.17 | 0.37• | 2.56 | 2.93 | 0.38 | 2.01 |  | 2.39 |  | 20.71 | **15.05** | 0.80 | 0.70 | 0.70 | 1.72 | 109517 | 23 |
| 12-31-23 | 20.94 | 0.38• | 2.06 | 2.44 | 0.40 | 2.81 |  | 3.21 |  | 20.17 | **12.25** | 0.79 | 0.70 | 0.70 | 1.87 | 134901 | 19 |
| 12-31-22 | 21.25 | 0.37• | (0.25) | 0.12 | 0.38 | 0.05 |  | 0.43 |  | 20.94 | **0.63** | 0.78 | 0.70 | 0.70 | 1.74 | 141023 | 22 |
| 12-31-21 | 16.20 | 0.31• | 5.09 | 5.40 | 0.35 |  |  | 0.35 |  | 21.25 | **33.33** | 0.79 | 0.70 | 0.70 | 1.58 | 178856 | 31 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** | **VY<sup>®</sup> Invesco Comstock Portfolio (continued)** |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.74 | 0.30• | 2.99 | 3.29 | 0.28 | 2.60 |  | 2.88 |  | 21.15 | **17.02** | 1.06 | 0.95 | 0.95 | 1.43 | 98441 | 22 |
| 12-31-24 | 20.21 | 0.32• | 2.54 | 2.86 | 0.32 | 2.01 |  | 2.33 |  | 20.74 | **14.70** | 1.05 | 0.95 | 0.95 | 1.49 | 92678 | 23 |
| 12-31-23 | 20.97 | 0.33• | 2.07 | 2.40 | 0.35 | 2.81 |  | 3.16 |  | 20.21 | **12.03** | 1.04 | 0.95 | 0.95 | 1.62 | 88857 | 19 |
| 12-31-22 | 21.28 | 0.32• | (0.25) | 0.07 | 0.33 | 0.05 |  | 0.38 |  | 20.97 | **0.38** | 1.03 | 0.95 | 0.95 | 1.53 | 87056 | 22 |
| 12-31-21 | 16.23 | 0.26• | 5.09 | 5.35 | 0.30 |  |  | 0.30 |  | 21.28 | **32.96** | 1.04 | 0.95 | 0.95 | 1.31 | 81485 | 31 |
| **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** | **VY<sup>®</sup> Invesco Equity and Income Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 40.95 | 0.52• | 3.69 | 4.21 | 0.50 | 12.51 |  | 13.01 |  | 32.15 | **12.27** | 1.29 | 1.14 | 1.14 | 1.41 | 42339 | 126 |
| 12-31-24 | 40.72 | 0.62• | 3.89 | 4.51 | 1.26 | 3.02 |  | 4.28 |  | 40.95 | **11.42** | 1.24 | 1.14 | 1.14 | 1.46 | 40720 | 125 |
| 12-31-23 | 40.03 | 0.62• | 3.15 | 3.77 | 0.73 | 2.35 |  | 3.08 |  | 40.72 | **9.71** | 1.22 | 1.14 | 1.14 | 1.55 | 40401 | 144 |
| 12-31-22 | 51.71 | 0.54• | (4.68) | (4.14) | 0.54 | 7.00 |  | 7.54 |  | 40.03 | **(8.07)** | 1.22 | 1.14 | 1.14 | 1.20 | 43412 | 136 |
| 12-31-21 | 44.76 | 0.36• | 7.69 | 8.05 | 0.50 | 0.60 |  | 1.10 |  | 51.71 | **18.03** | 1.21 | 1.14 | 1.14 | 0.73 | 49436 | 127 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 42.11 | 0.73• | 3.82 | 4.55 | 0.65 | 12.51 |  | 13.16 |  | 33.50 | **12.80** | 0.79 | 0.64 | 0.64 | 1.91 | 392761 | 126 |
| 12-31-24 | 41.73 | 0.85• | 4.01 | 4.86 | 1.46 | 3.02 |  | 4.48 |  | 42.11 | **12.00** | 0.74 | 0.64 | 0.64 | 1.96 | 399506 | 125 |
| 12-31-23 | 40.95 | 0.84• | 3.23 | 4.07 | 0.94 | 2.35 |  | 3.29 |  | 41.73 | **10.25** | 0.72 | 0.64 | 0.64 | 2.05 | 419320 | 144 |
| 12-31-22 | 52.69 | 0.78• | (4.77) | (3.99) | 0.75 | 7.00 |  | 7.75 |  | 40.95 | **(7.60)** | 0.72 | 0.64 | 0.64 | 1.69 | 423188 | 136 |
| 12-31-21 | 45.58 | 0.62• | 7.83 | 8.45 | 0.74 | 0.60 |  | 1.34 |  | 52.69 | **18.60** | 0.71 | 0.64 | 0.64 | 1.23 | 502445 | 127 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 41.59 | 0.63• | 3.76 | 4.39 | 0.57 | 12.51 |  | 13.08 |  | 32.90 | **12.53** | 1.04 | 0.89 | 0.89 | 1.67 | 18494 | 126 |
| 12-31-24 | 41.32 | 0.76• | 3.94 | 4.70 | 1.41 | 3.02 |  | 4.43 |  | 41.59 | **11.71** | 0.99 | 0.89 | 0.89 | 1.78 | 19710 | 125 |
| 12-31-23 | 40.58 | 0.73• | 3.19 | 3.92 | 0.83 | 2.35 |  | 3.18 |  | 41.32 | **9.97** | 0.97 | 0.89 | 0.89 | 1.80 | 316937 | 144 |
| 12-31-22 | 52.29 | 0.66• | (4.73) | (4.07) | 0.64 | 7.00 |  | 7.64 |  | 40.58 | **(7.83)** | 0.97 | 0.89 | 0.89 | 1.44 | 346982 | 136 |
| 12-31-21 | 45.24 | 0.49• | 7.77 | 8.26 | 0.61 | 0.60 |  | 1.21 |  | 52.29 | **18.31** | 0.96 | 0.89 | 0.89 | 0.97 | 437821 | 127 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 40.63 | 0.56• | 3.65 | 4.21 | 0.53 | 12.51 |  | 13.04 |  | 31.80 | **12.38** | 1.19 | 1.02 | 1.02 | 1.53 | 4260 | 126 |
| 12-31-24 | 40.48 | 0.69• | 3.83 | 4.52 | 1.35 | 3.02 |  | 4.37 |  | 40.63 | **11.53** | 1.14 | 1.02 | 1.02 | 1.65 | 4094 | 125 |
| 12-31-23 | 39.81 | 0.66• | 3.13 | 3.79 | 0.77 | 2.35 |  | 3.12 |  | 40.48 | **9.83** | 1.12 | 1.02 | 1.02 | 1.67 | 250871 | 144 |
| 12-31-22 | 51.45 | 0.59• | (4.65) | (4.06) | 0.58 | 7.00 |  | 7.58 |  | 39.81 | **(7.95)** | 1.12 | 1.02 | 1.02 | 1.31 | 265672 | 136 |
| 12-31-21 | 44.52 | 0.42• | 7.64 | 8.06 | 0.53 | 0.60 |  | 1.13 |  | 51.45 | **18.17** | 1.11 | 1.02 | 1.02 | 0.84 | 320526 | 127 |
| **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio** |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.30 | 0.06• | 0.51 | 0.57 | 0.10 | 2.27 |  | 2.37 |  | 13.50 | **4.10** | 1.53 | 1.36 | 1.36 | 0.45 | 69880 | 47 |
| 12-31-24 | 14.29 | 0.08• | 1.83 | 1.91 | 0.10 | 0.80 |  | 0.90 |  | 15.30 | **13.71** | 1.50 | 1.36 | 1.36 | 0.50 | 76216 | 26 |
| 12-31-23 | 14.51 | 0.09• | 1.33 | 1.42 | 0.12 | 1.52 |  | 1.64 |  | 14.29 | **10.28** | 1.51 | 1.35 | 1.35 | 0.62 | 75703 | 10 |
| 12-31-22 | 19.24 | 0.11• | (1.76) | (1.65) | 0.11 | 2.97 |  | 3.08 |  | 14.51 | **(8.84)** | 1.50 | 1.38 | 1.38 | 0.64 | 79578 | 13 |
| 12-31-21 | 15.51 | 0.05• | 4.43 | 4.48 | 0.05 | 0.70 |  | 0.75 |  | 19.24 | **29.15** | 1.49 | 1.38 | 1.38 | 0.28 | 93649 | 22 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 16.21 | 0.14• | 0.55 | 0.69 | 0.17 | 2.27 |  | 2.44 |  | 14.46 | **4.63** | 1.03 | 0.86 | 0.86 | 0.93 | 47858 | 47 |
| 12-31-24 | 15.08 | 0.16• | 1.94 | 2.10 | 0.17 | 0.80 |  | 0.97 |  | 16.21 | **14.30** | 1.00 | 0.86 | 0.86 | 1.00 | 81067 | 26 |
| 12-31-23 | 15.21 | 0.17• | 1.41 | 1.58 | 0.19 | 1.52 |  | 1.71 |  | 15.08 | **10.89** | 1.01 | 0.85 | 0.85 | 1.11 | 97398 | 10 |
| 12-31-22 | 20.00 | 0.20• | (1.83) | (1.63) | 0.19 | 2.97 |  | 3.16 |  | 15.21 | **(8.39)** | 1.00 | 0.88 | 0.88 | 1.13 | 107243 | 13 |
| 12-31-21 | 16.09 | 0.15• | 4.60 | 4.75 | 0.14 | 0.70 |  | 0.84 |  | 20.00 | **29.79** | 0.99 | 0.88 | 0.88 | 0.77 | 138540 | 22 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.87 | 0.10• | 0.53 | 0.63 | 0.11 | 2.27 |  | 2.38 |  | 14.12 | **4.37** | 1.28 | 1.11 | 1.11 | 0.68 | 65394 | 47 |
| 12-31-24 | 14.78 | 0.12• | 1.90 | 2.02 | 0.13 | 0.80 |  | 0.93 |  | 15.87 | **14.04** | 1.25 | 1.11 | 1.11 | 0.75 | 131293 | 26 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** | **VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio (continued)** |  |  |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |  |  |
| 12-31-23 | 14.95 | 0.13• | 1.37 | 1.50 | 0.15 | 1.52 |  | 1.67 |  | 14.78 | **10.54** | 1.26 | 1.10 | 1.10 | 0.87 | 138590 | 10 |
| 12-31-22 | 19.72 | 0.15• | (1.80) | (1.65) | 0.15 | 2.97 |  | 3.12 |  | 14.95 | **(8.62)** | 1.25 | 1.13 | 1.13 | 0.89 | 153670 | 13 |
| 12-31-21 | 15.87 | 0.10• | 4.54 | 4.64 | 0.09 | 0.70 |  | 0.79 |  | 19.72 | **29.51** | 1.24 | 1.13 | 1.13 | 0.53 | 188813 | 22 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.27 | 0.08• | 0.50 | 0.58 | 0.11 | 2.27 |  | 2.38 |  | 13.47 | **4.18** | 1.43 | 1.26 | 1.26 | 0.53 | 633 | 47 |
| 12-31-24 | 14.26 | 0.09• | 1.83 | 1.92 | 0.11 | 0.80 |  | 0.91 |  | 15.27 | **13.86** | 1.40 | 1.26 | 1.26 | 0.61 | 845 | 26 |
| 12-31-23 | 14.48 | 0.10• | 1.33 | 1.43 | 0.13 | 1.52 |  | 1.65 |  | 14.26 | **10.42** | 1.41 | 1.25 | 1.25 | 0.73 | 776 | 10 |
| 12-31-22 | 19.17 | 0.13• | (1.77) | (1.64) | 0.08 | 2.97 |  | 3.05 |  | 14.48 | **(8.82)** | 1.40 | 1.28 | 1.28 | 0.73 | 718 | 13 |
| 12-31-21 | 15.47 | 0.08• | 4.41 | 4.49 | 0.09 | 0.70 |  | 0.79 |  | 19.17 | **29.29** | 1.39 | 1.28 | 1.28 | 0.43 | 1996 | 22 |
| **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** | **VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio** |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.56 | (0.06)• | 0.93 | 0.87 |  | 1.63 |  | 1.63 |  | 7.80 | **9.49** | 1.36 | 1.30 | 1.30 | (0.74) | 87085 | 56 |
| 12-31-24 | 8.07 | (0.05)• | 1.70 | 1.65 |  | 1.16 |  | 1.16 |  | 8.56 | **23.17** | 1.36 | 1.30 | 1.30 | (0.65) | 73397 | 45 |
| 12-31-23 | 6.72 | (0.03)• | 1.39 | 1.36 |  | 0.01 |  | 0.01 |  | 8.07 | **20.30** | 1.37 | 1.28 | 1.28 | (0.47) | 64561 | 45 |
| 12-31-22 | 12.43 | (0.04)• | (2.84) | (2.88) |  | 2.83 |  | 2.83 |  | 6.72 | **(24.63)** | 1.36 | 1.28 | 1.28 | (0.45) | 53242 | 29 |
| 12-31-21 | 13.16 | (0.12)• | 1.84 | 1.72 |  | 2.45 |  | 2.45 |  | 12.43 | **13.24** | 1.34 | 1.30 | 1.30 | (0.91) | 76149 | 31 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.43 | (0.03)• | 1.22 | 1.19 |  | 1.63 |  | 1.63 |  | 10.99 | **9.92** | 0.86 | 0.80 | 0.80 | (0.25) | 719759 | 56 |
| 12-31-24 | 10.34 | (0.02)• | 2.27 | 2.25 |  | 1.16 |  | 1.16 |  | 11.43 | **23.92** | 0.86 | 0.80 | 0.80 | (0.15) | 914315 | 45 |
| 12-31-23 | 8.56 | 0.00\*• | 1.79 | 1.79 | 0.00 \* | 0.01 |  | 0.01 |  | 10.34 | **20.96** | 0.87 | 0.78 | 0.78 | 0.03 | 836627 | 45 |
| 12-31-22 | 14.82 | 0.00\*• | (3.43) | (3.43) |  | 2.83 |  | 2.83 |  | 8.56 | **(24.34)** | 0.86 | 0.78 | 0.78 | 0.05 | 841674 | 29 |
| 12-31-21 | 15.20 | (0.06)• | 2.13 | 2.07 | 0.00 \* | 2.45 |  | 2.45 |  | 14.82 | **13.80** | 0.84 | 0.80 | 0.80 | (0.41) | 1214371 | 31 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 11.46 | (0.02)• | 1.22 | 1.20 |  | 1.63 |  | 1.63 |  | 11.03 | **9.99** | 0.78 | 0.78 | 0.78 | (0.21) | 90835 | 56 |
| 12-31-24 | 10.37 | (0.01)• | 2.26 | 2.25 |  | 1.16 |  | 1.16 |  | 11.46 | **23.84** | 0.77 | 0.76 | 0.76 | (0.11) | 128959 | 45 |
| 12-31-23 | 8.58 | 0.01• | 1.79 | 1.80 | 0.00 \* | 0.01 |  | 0.01 |  | 10.37 | **21.03** | 0.77 | 0.75 | 0.75 | 0.07 | 109932 | 45 |
| 12-31-22 | 14.84 | 0.01• | (3.44) | (3.43) |  | 2.83 |  | 2.83 |  | 8.58 | **(24.31)** | 0.77 | 0.75 | 0.75 | 0.08 | 89811 | 29 |
| 12-31-21 | 15.22 | (0.06)• | 2.13 | 2.07 |  | 2.45 |  | 2.45 |  | 14.84 | **13.80** | 0.76 | 0.76 | 0.76 | (0.37) | 118927 | 31 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.26 | (0.05)• | 1.10 | 1.05 |  | 1.63 |  | 1.63 |  | 9.68 | **9.67** | 1.11 | 1.05 | 1.05 | (0.50) | 21067 | 56 |
| 12-31-24 | 9.43 | (0.04)• | 2.03 | 1.99 |  | 1.16 |  | 1.16 |  | 10.26 | **23.45** | 1.11 | 1.05 | 1.05 | (0.40) | 28931 | 45 |
| 12-31-23 | 7.83 | (0.02)• | 1.63 | 1.61 |  | 0.01 |  | 0.01 |  | 9.43 | **20.62** | 1.12 | 1.03 | 1.03 | (0.22) | 28114 | 45 |
| 12-31-22 | 13.88 | (0.02)• | (3.20) | (3.22) |  | 2.83 |  | 2.83 |  | 7.83 | **(24.47)** | 1.11 | 1.03 | 1.03 | (0.22) | 26887 | 29 |
| 12-31-21 | 14.40 | (0.10)• | 2.03 | 1.93 |  | 2.45 |  | 2.45 |  | 13.88 | **13.58** | 1.09 | 1.05 | 1.05 | (0.66) | 45922 | 31 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 8.75 | (0.06)• | 0.95 | 0.89 |  | 1.63 |  | 1.63 |  | 8.01 | **9.51** | 1.26 | 1.20 | 1.20 | (0.65) | 3072 | 56 |
| 12-31-24 | 8.21 | (0.05)• | 1.75 | 1.70 |  | 1.16 |  | 1.16 |  | 8.75 | **23.38** | 1.26 | 1.20 | 1.20 | (0.55) | 3036 | 45 |
| 12-31-23 | 6.83 | (0.03)• | 1.42 | 1.39 |  | 0.01 |  | 0.01 |  | 8.21 | **20.42** | 1.27 | 1.18 | 1.18 | (0.37) | 2614 | 45 |
| 12-31-22 | 12.57 | (0.04)• | (2.87) | (2.91) |  | 2.83 |  | 2.83 |  | 6.83 | **(24.60)** | 1.26 | 1.18 | 1.18 | (0.41) | 2207 | 29 |
| 12-31-21 | 13.28 | (0.11)• | 1.85 | 1.74 |  | 2.45 |  | 2.45 |  | 12.57 | **13.28** | 1.24 | 1.20 | 1.20 | (0.82) | 5903 | 31 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>\*</sup> Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of December 31, 2025

------

**NOTE 1 — ORGANIZATION**

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-five active separate investment series. The eleven series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Global Bond Portfolio ("Global Bond"), Voya Global Insights Portfolio ("Global Insights"), Voya International High Dividend Low Volatility Portfolio ("International High Dividend Low Volatility"), VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio ("American Century Small-Mid Cap Value"), VY<sup>®</sup> Baron Growth Portfolio ("Baron Growth"), VY<sup>®</sup> Columbia Contrarian Core Portfolio ("Columbia Contrarian Core"), VY<sup>®</sup> Columbia Small Cap Value II Portfolio ("Columbia Small Cap Value II"), VY<sup>®</sup> Invesco Comstock Portfolio ("Invesco Comstock"), VY<sup>®</sup> Invesco Equity and Income Portfolio ("Invesco Equity and Income"), VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio ("JPMorgan Mid Cap Value") and, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio ("T. Rowe Price Diversified Mid Cap Growth"). Each Portfolio is a diversified series of the Company. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Class R6, Service ("Class S") and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. 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. Distributions are determined separately for each class based on income and expenses allocated to each

class. 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. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to Global Bond and International High Dividend Low Volatility. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the

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

------

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

extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP

establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;B.  ***Securities Transactions and Revenue Recognition.*** 

Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities, other assets and liabilities —
at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment securities, income and expenses —
at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net

unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Global Bond. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Invesco Comstock, Invesco Equity and Income, JPMorgan Mid Cap Value and

T. Rowe Price Diversified Mid Cap Growth. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of subchapter M of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes***. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

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

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

F. ***Use of Estimates.*** Management of the Portfolios has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with GAAP for investment companies. Actual results could differ from these estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S.

dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives

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

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

to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their

financial position. A Portfolio intends to enter into financial transactions with counterparties it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of December 31, 2025, the maximum amount of loss that Global Bond, Invesco Comstock and Invesco Equity and Income would incur if their relevant counterparties failed to perform would be $535,254, $4,775 and $7,242 respectively, which represents the gross payments to be received by the Portfolios on forward foreign currency contracts, forward premium swaptions, OTC volatility swaps and OTC purchased options were they to be unwound as of December 31, 2025. At December 31, 2025, Global Bond received $290,000 in cash collateral for open OTC derivatives. There was no cash collateral received by any other Portfolio at December 31, 2025.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

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

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

As of December 31, 2025, Global Bond, Invesco Comstock and Invesco Equity and Income had a liability position of $470,783, $176,328 and $156,067 respectively, on forward foreign currency contracts, forward premium swaptions, OTC interest rate swaps, OTC total return swaps, OTC volatility swaps and written options with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2025, the Portfolios could have been required to pay this amount in cash to its counterparties. As of December 31, 2025, Global Bond had pledged $220,000 in cash collateral for open OTC derivatives transactions with its respective counterparties. There was no cash collateral pledged by any other Portfolio at December 31, 2025.

As of December 31, 2025, American Century Small-Mid Cap Value had not entered into any Master Agreements.

H. ***Forward Foreign Currency Contracts.*** Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the Portfolio of Investments.

During the year ended December 31, 2025, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2025. There were no open forward foreign currency for International High Dividend Low Volatility at December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Global Bond | $49900835 | $8020792 |
| International High Dividend Low Volatility | 1404019 | 108442 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buy** | **Buy** | **Sell** | **Sell** |
| American Century Small-Mid Cap Value |  | 302655 |  | 15272206 |
| Invesco Comstock |  | 677506 |  | 10925303 |
| Invesco Equity and Income |  | 4219831 |  | 12639814 |

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I. ***Futures Contracts.*** Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2025, Global Bond and Invesco Equity and Income had purchased and sold (Global Bond only) futures contracts on various notes and bonds as part of their respective duration strategy. In addition, Global Insights purchased futures contracts on foreign currencies. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

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

During the year ended December 31, 2025, the following Portfolios had an average notional value on futures contracts purchased and sold as disclosed below. At December 31, 2025, Invesco Equity and Income had pledged $15,000 original par value in U.S. Treasury Bills as footnoted in the Portfolio of Investments as collateral for open futures contracts. Please refer to the table within the Portfolio of Investments for open futures contracts at December 31, 2025. There were no open futures contracts for Global Insights at December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Global Bond | $39277003 | $7875086 |
| Global Insights | 32156600 |  |
| Invesco Equity and Income | 1200732 |  |

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J. ***Securities Lending.*** Each Portfolio may temporarily loan up to 331⁄3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

K. ***Restricted Securities.*** The Portfolios may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule144A") 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 Regulations 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.

L. ***Delayed-Delivery and When-Issued Transactions.***

Certain Portfolios may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Portfolios' Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2025, Global Bond had not pledged any cash collateral for any when-issued or delayed-delivery transactions.

M. ***Mortgage Dollar Roll Transactions.*** Certain Portfolios may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different

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

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

pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based dollar roll transactions, the fee is recorded as income.

N. ***Options Contracts.*** Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps ("swaptions"), securities, commodities or foreign currencies. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2025, Global Bond had purchased and written interest rate swaptions with an average notional value of $2,624,241 and $3,157,287, respectively, to gain additional exposure to interest rates and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at December 31, 2025.

During the year ended December 31, 2025, Global Bond had purchased and written foreign currency options with

an average notional value of $333,250 and $1,369,072, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables within the Portfolio of Investments for open written foreign currency options at December 31, 2025. There were no open purchased foreign currency options at December 31 , 2025.

During the year ended December 31, 2025, Global Bond had purchased and written forward premium swaptions with an average notional value of $9,867,639 and $60,438,438 respectively, to manage duration and yield curve exposures and to generate income. Please refer to the tables within the Portfolio of Investments for open purchased and written forward premium swaptions at December 31, 2025.

During the year ended December 31, 2025, Global Bond had purchased and written credit default swaptions with an average notional value of $2,051,000 and $3,140,500 to generate income. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions at December 31, 2025. There were no open purchased credit default swaptions at December 31, 2025.

During the year ended December 31, 2025, Global Insights had written options on equity securities with an average notional value of $8,194,886 to generate income. There were no open written options on equity securities at December 31, 2025.

O. ***Swap Agreements.*** Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio's Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as

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

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

variation margin receivable or payable on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio's Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Portfolio's counterparty on the swap agreement becomes the CCP. The Portfolios are required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio's Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic

payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are

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

------

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

disclosed in each Portfolio's Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

During the year ended December 31, 2025, Global Bond bought credit protection on credit default swap indices ("CDX") with an average notional amount of $5,190,000 to reduce exposure to various sectors of the credit market. There were no open credit default swaps to buy protection at December 31, 2025.

During the year ended December 31, 2025, Global Bond sold credit protection on credit default swap indices ("CDX") with an average notional amount of $1,500,000 to gain exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the tables within the Portfolio of Investments for open credit default swaps to sell protection at December 31, 2025.

***Interest Rate Swap Contracts.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the year ended December 31, 2025, Global Bond had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps was $10,073,509.

For the year ended December 31, 2025, Global Bond had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $52,765,827.

Global Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for Global Bond for open centrally cleared and OTC interest rate swaps at December 31, 2025.

At December 31, 2025, Global Bond had pledged $885,000 in cash collateral for open centrally cleared swaps.

***Volatility Swap Contracts.*** Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the year ended December 31, 2025, Global Bond had entered into receiver and payer volatility swaps on foreign currencies with an average notional amount of $2,381,250 and $2,384,167, respectively. Please refer to the tables within the Portfolio of Investments for open receiver and payer volatility swaps at December 31, 2025.

***Total Return Swap Contracts.*** Certain Portfolios may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements

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

------

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

may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Portfolio's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended December 31, 2025, Global Bond had an entered into receiver total return swaps with an average notional amount of $6,040,181. Please refer to the tables within the Portfolio of Investments for open receiver total return swaps at December 31, 2025.

***Cross-Currency Swaps.*** Certain Funds may enter into cross-currency swaps. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

There were no cross-currency swaps entered into by any Portfolio during the year ended December 31, 2025.

P. ***Equity-Linked Notes.*** Invesco Equity and Income invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Portfolio records the net change in the fair value of the equity-linked note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. The Portfolio records a realized gain or loss on the Statements

of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Portfolio. Please refer to the Portfolio of Investments for open equity-linked notes at December 31, 2025.

Q. ***Structured Notes.*** Global Bond and Invesco Equity and Income invest in structured notes whose principal payments or interest payments are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The terms and conditions of these notes may be 'structured' by the purchaser (a Portfolio) and the borrower issuing the note. The market value of these notes will increase or decrease based on the performance of the underlying asset or reference. A Portfolio records the net change in the market value of the structured note on the accompanying Statements of Operations as a change in unrealized appreciation or depreciation on investments. A Portfolio records a realized gain or loss on the Statements of Operations upon the sale or maturity of the structured note. There were no structured notes for either Global Bond and Invesco Equity and Income at December 31, 2025.

R. ***Indemnifications.*** In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

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

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**NOTE 3 — INVESTMENT TRANSACTIONS (continued)**

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $25829748 | $37844410 |
| Global Insights | 866088476 | 1105797507 |
| International High Dividend Low Volatility | 260050696 | 287657164 |
| American Century Small-Mid Cap Value | 169368918 | 205305079 |
| Baron Growth | 46891153 | 149306356 |
| Columbia Contrarian Core | 38253549 | 48766613 |
| Columbia Small Cap Value II | 105159003 | 183670739 |
| Invesco Comstock | 50931698 | 83281651 |
| Invesco Equity and Income | 124089049 | 164371523 |
| JPMorgan Mid Cap Value | 106322208 | 214343353 |
| T. Rowe Price Diversified Mid Cap Growth | 546778357 | 880889521 |

---

U.S. government securities not included above were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $141082841 | $146412380 |
| Invesco Equity and Income | 430664610 | 437503107 |

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**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** |
| Global Bond | 0.600% on the first $4 billion; |
|  | 0.575% on the next $1 billion; |
|  | 0.550% on the next $1 billion; |
|  | 0.530% on assets over $6 billion |
| Global Insights | 0.70% on the first $3 billion; |
|  | 0.68% on the next $1 billion; |
|  | 0.67% on the next $4 billion; |
|  | 0.66% thereafter |
| International High Dividend Low Volatility | 0.60% on all assets |
| American Century Small-Mid Cap Value | 0.91% on all assets |
| Baron Growth | 0.950% on the first $1 billion; |
|  | 0.925% on the next $1 billion; |
|  | 0.900% on assets over $2 billion |
| Columbia Contrarian Core | 0.90% on the first $500 million; |
|  | 0.85% on the next $500 million; |

---

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| | |
|:---|:---|
|  | 0.80% on assets over $1 billion |
| Columbia Small Cap Value II | 0.85% on all assets |
| Invesco Comstock | 0.70% on all assets |
| Invesco Equity and Income | 0.65% on the first $750 million; |
|  | 0.63% on the next $250 million; |
|  | 0.61% on assets over $1 billion |
| JPMorgan Mid Cap Value | 0.85% on the first $500 million; |
|  | 0.75% on the next $500 million; |
|  | 0.70% on assets over $1 billion |
| T. Rowe Price Diversified Mid Cap Growth | 0.74% on all assets |

---

The Investment Adviser is contractually obligated to waive 0.003%, 0.05%, 0.048%, 0.027%, 0.01% and 0.025% of the management fee for Global Bond, Global Insights, Columbia Contrarian Core, Columbia Small Cap Value II, Invesco Equity and Income, and JPMorgan Mid Cap Value, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

---

| | |
|:---|:---|
| **Portfolio** | **Sub-Adviser** |
| Global Bond, Global Insights & International High Dividend Low Volatility | Voya Investment Management Co. LLC\* |
| American Century Small-Mid Cap Value | American Century Investment Management, Inc. |
| Baron Growth | BAMCO, Inc. |
| Columbia Contrarian Core & Columbia Small Cap Value II | Columbia Management Investment Advisers, LLC |
| Invesco Comstock & Invesco Equity and Income | Invesco Advisers, Inc. |
| JPMorgan Mid Cap Value | J.P. Morgan Investment Management Inc. |
| T. Rowe Price Diversified Mid Cap Growth | T. Rowe Price Associates, Inc. |

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**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class ADV and Class S2 shares of each respective Portfolio have a plan of distribution (the "Plan"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio,

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

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

out of its distribution fee, compensation to certain financial institutions for providing distribution assistance. Under the Plan, a Portfolio makes payments at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and a Portfolio makes payments at an annual rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.02% of the distribution fee for Class S2 shares of Invesco Equity and Income. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV, Class S and Class S2 shares are further subject to a shareholder servicing fee payable to shareholder organizations pursuant to the shareholder servicing plan adopted for Class ADV, Class S and Class S2 shares which shall not exceed an annual rate of 0.25% of the average daily net assets of each class, respectively.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated**<br>**Investment Company** | <br>**Portfolio** |<br>**Percentage** |
| ReliaStar Life Insurance Company | Global Insights | 9.83% |
|  | Invesco Comstock | 6.86 |
|  | T. Rowe Price Diversified Mid Cap Growth | 5.69 |
| Voya Institutional Trust Company | Global Bond | 14.58 |
|  | Global Insights | 12.89 |
|  | International High Dividend Low Volatility | 12.76 |
|  | American Century Small-Mid Cap Value | 51.41 |
|  | Baron Growth | 31.51 |
|  | Columbia Contrarian Core | 55.33 |
|  | Columbia Small Cap Value II | 40.29 |
|  | Invesco Comstock | 12.77 |
|  | Invesco Equity and Income | 10.31 |
|  | JPMorgan Mid Cap Value | 42.95 |
|  | T. Rowe Price Diversified Mid Cap Growth | 15.96 |
| Voya Retirement Insurance and Annuity Company | Global Bond | 71.02 |
|  | Global Insights | 74.99 |
|  | International High Dividend Low Volatility | 30.41 |
|  | American Century Small-Mid Cap Value | 46.74 |
|  | Baron Growth | 61.29 |
|  | Columbia Contrarian Core | 39.64 |
|  | Columbia Small Cap Value II | 48.44 |
|  | Invesco Comstock | 47.09 |

---

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| | | |
|:---|:---|:---|
|  | Invesco Equity and Income | 79.07 |
|  | JPMorgan Mid Cap Value | 49.49 |
|  | T. Rowe Price Diversified Mid Cap Growth | 74.28 |
| Voya Solution 2035 Portfolio | Invesco Comstock | 5.2 |
| Voya Solution 2045 Portfolio | Invesco Comstock | 6.26 |

---

The Investment Adviser may direct the Portfolios' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' 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:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Global Bond | $128288 |
| Global Insights | 1085885 |
| International High Dividend Low Volatility | 249758 |
| American Century Small-Mid Cap Value | 436502 |
| Baron Growth | 478981 |
| Columbia Contrarian Core | 76122 |
| Columbia Small Cap Value II | 115241 |
| Invesco Comstock | 145570 |
| Invesco Equity and Income | 436190 |
| JPMorgan Mid Cap Value | 294410 |
| T. Rowe Price Diversified Mid Cap Growth | 722921 |

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

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**NOTE 7 —Other Transactions**

The Portfolios may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), common sub-adviser and/or common offices or trustees. For the year ended December 31, 2025, JPMorgan Mid Cap Value engaged in such transactions amounting to $48,761,324 of in-kind sales, resulting in a net realized gain of $13,497,971.

**NOTE 8 —EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the following Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**R6** | **Class**<br>**S** | **Class**<br>**S2** |
| Global Bond | 1.17% | 0.67% | N/A | 0.92% | N/A |
| Global Insights | 1.30% | 0.80% | N/A | 1.05% | 1.20% |
| International High Dividend Low Volatility | 1.25% | 0.75% | N/A | 1.00% | 1.15% |
| American Century Small-Mid Cap Value | 1.35% | 0.85% | N/A | 1.10% | 1.25% |
| Baron Growth | 1.49% | 0.99% | 0.99% | 1.24% | 1.39% |
| Columbia Contrarian Core | N/A | N/A | N/A | N/A | N/A |
| Columbia Small Cap Value II | 1.45% | 0.95% | 0.95% | 1.20% | 1.35% |
| Invesco Comstock | 1.20% | 0.70% | N/A | 0.95% | N/A |
| Invesco Equity and Income | 1.15% | 0.65% | N/A | 0.90% | 1.05% |
| JPMorgan Mid Cap Value | 1.38% | 0.88% | N/A | 1.13% | 1.28% |
| T. Rowe Price Diversified Mid Cap Growth | 1.30% | 0.80% | 0.80% | 1.05% | 1.20% |

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Pursuant to a side letter agreement for Columbia Contrarian Core, through May 1, 2026, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expense so that the expense limits are 1.25%, 0.75% and 1.00% for Class ADV, Class I and Class S, respectively. 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.

Pursuant to a side letter agreement for Invesco Comstock, through May 1, 2026, the Investment Adviser has agreed to waive all or a portion of the management fee and/or reimburse expense so that the expense limits are 1.20%, 0.70% and 0.95% for Class ADV, Class I and Class S,

respectively. 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.

Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026 and the related expiration dates are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Global Bond | $64677 | $64448 | $48992 | $178117 |
| American Century Small- Mid Cap Value | 313374 | 326911 | 288167 | 928452 |
| Invesco Equity and Income | 212224 | 315176 | 197897 | 725297 |
| JPMorgan Mid |  |  |  |  |
| Cap Value | 34173 | 8590 | 36214 | 78977 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser until May 1, 2026 and the related expiration dates, as of December 31, 2025, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Global Bond Class ADV** | $17681 | $16325 | $15371 | $49377 |
| Class I | 97376 | 91616 | 90004 | 278996 |
| Class S | 26918 | 26308 | 22268 | 75494 |
| **Global Insights** |  |  |  |  |
| Class ADV | $59610 | $67825 | $40042 | $167477 |
| Class I | 495204 | 546267 | 328092 | 1369563 |
| Class S | 66796 | 70608 | 37288 | 174692 |
| Class S2 | 1436 | 1629 | 964 | 4029 |
| **American Century Small-Mid Cap Value** |  |  |  |  |
| Class ADV | $177126 | $168819 | $146180 | $492125 |
| Class I | 243916 | 196775 | 172414 | 613105 |
| Class S | 155655 | 135240 | 115838 | 406733 |
| Class S2 | 3058 | 2993 | 2633 | 8684 |
| **Baron Growth** |  |  |  |  |

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

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**NOTE 8 —EXPENSE LIMITATION AGREEMENTS (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class ADV | $130466 | $128023 | $119491 | $377980 |
| Class I | 157522 | 147156 | 117420 | 422098 |
| Class S | 267532 | 248570 | 236405 | 752507 |
| Class S2 | 2759 | 2695 | 2790 | 8244 |
| **Columbia Small Cap Value II** |  |  |  |  |
| Class ADV | $12722 | $9901 | $20119 | $42742 |
| Class I | 22735 | 16192 | 17070 | 55997 |
| Class S | 33541 | 26999 | 36429 | 96969 |
| Class S2 | 762 | 685 | 1572 | 3019 |
| **Invesco Equity and Income** |  |  |  |  |
| Class ADV | $20673 | $22294 | $38939 | $81906 |
| Class I | 208588 | 223268 | 373216 | 805072 |
| Class S | 162614 | 100383 | 18806 | 281803 |
| Class S2 | 126752 | 76579 | 3924 | 207255 |
| **JPMorgan Mid Cap Value** |  |  |  |  |
| Class ADV | $93999 | $89130 | $91964 | $275093 |
| Class I | 124910 | 99224 | 68658 | 292792 |
| Class S | 177632 | 158470 | 129558 | 465660 |
| Class S2 | 914 | 962 | 872 | 2748 |
| **T. Rowe Price Diversified Mid Cap Growth** |  |  |  |  |
| Class ADV | $39191 | $36720 | $44905 | $120816 |
| Class I | 552547 | 456895 | 412066 | 1421508 |
| Class S | 18425 | 15451 | 13978 | 47854 |
| Class S2 | 1611 | 1532 | 1643 | 4786 |

---

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of

credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| Global Insights | 17 | $6288059 | 5.32% |
| International High |  |  |  |
| Dividend Low Volatility | 5 | 7004600 | 5.33 |
| Baron Growth | 11 | 2286818 | 5.33 |
| Columbia Small Cap |  |  |  |
| Value II | 3 | 788000 | 5.33 |
| T. Rowe Price Diversified |  |  |  |
| Mid Cap Growth | 2 | 625000 | 5.33 |

---

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

------

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 74400 |  | 51823 | (189873) |  | (63650) | 600771 |  | 419935 | (1534149) |  | (513443) |
| 12/31/2024 | 56793 |  | 61925 | (221776) |  | (103058) | 451452 |  | 495358 | (1783138) |  | (836328) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 857506 |  | 342557 | (1139760) |  | 60303 | 7083248 |  | 2828769 | (9391375) |  | 520642 |
| 12/31/2024 | 459025 |  | 386195 | (1556744) |  | (711524) | 3763154 |  | 3147985 | (12741525) |  | (5830386) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 378839 |  | 78915 | (744207) |  | (286453) | 3100544 |  | 650123 | (6055746) |  | (2305079) |
| 12/31/2024 | 428860 |  | 104512 | (734939) |  | (201567) | 3432901 |  | 850457 | (6023792) |  | (1740434) |
| **Global Insights** | **Global Insights** | **Global Insights** | **Global Insights** | **Global Insights** | **Global Insights** | **Global Insights** | **Global Insights** |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 178950 |  | 1313454 | (2170683) |  | (678279) | 1435470 |  | 9916580 | (17243438) |  | (5891388) |
| 12/31/2024 | 94054 |  | 8753719 | (1486643) |  | 7361130 | 1045853 |  | 70993564 | (17545519) |  | 54493898 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 240866 |  | 7095734 | (12598139) |  | (5261539) | 2430164 |  | 68544793 | (125232778) |  | (54257821) |
| 12/31/2024 | 213357 |  | 51722413 | (9549860) |  | 42385910 | 2781847 |  | 512705989 | (136643635) |  | 378844201 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 214932 |  | 1101445 | (11728092) |  | (10411715) | 1832823 |  | 8822576 | (99569809) |  | (88914410) |
| 12/31/2024 | 286943 |  | 8391569 | (3192092) |  | 5486420 | 3062897 |  | 71369455 | (36892493) |  | 37539859 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 39964 |  | 40142 | (71653) |  | 8453 | 291270 |  | 274975 | (503086) |  | 63159 |
| 12/31/2024 | 22950 |  | 244821 | (34308) |  | 233463 | 263072 |  | 1836836 | (355234) |  | 1744674 |
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | **International High Dividend Low Volatility** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1033467 |  | 170158 | (505249) |  | 698376 | 12184783 |  | 2041895 | (6094906) |  | 8131772 |
| 12/31/2024 | 145040 |  | 108570 | (381839) |  | (128229) | 1472882 |  | 1084610 | (3877231) |  | (1319739) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1849495 |  | 477264 | (3330659) |  | (1003900) | 22412504 |  | 5808299 | (36334452) |  | (8113649) |
| 12/31/2024 | 246247 |  | 479138 | (1535012) |  | (809627) | 2556863 |  | 4844087 | (15805721) |  | (8404771) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 624435 |  | 849656 | (3830568) |  | (2356477) | 7705839 |  | 10280835 | (45800866) |  | (27814192) |
| 12/31/2024 | 782627 |  | 800942 | (4375918) |  | (2792349) | 8009879 |  | 8049465 | (44974929) |  | (28915585) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 374 |  | 459 | (475) |  | 358 | 4617 |  | 5664 | (6119) |  | 4162 |
| 12/31/2024 | 555 |  | 856 | (11337) |  | (9926) | 5781 |  | 8740 | (119470) |  | (104949) |
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 269881 |  | 929215 | (1350445) |  | (151349) | 2702384 |  | 8781078 | (13520710) |  | (2037248) |
| 12/31/2024 | 394116 |  | 477908 | (1420161) |  | (548137) | 4026711 |  | 4793420 | (14645165) |  | (5825034) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 574218 |  | 900150 | (1807055) |  | (332687) | 6449299 |  | 9640605 | (20566793) |  | (4476889) |
| 12/31/2024 | 800039 |  | 481568 | (2686136) |  | (1404529) | 9157496 |  | 5412824 | (30596778) |  | (16026458) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 95484 |  | 631860 | (1311582) |  | (584238) | 1051610 |  | 6590301 | (14447739) |  | (6805828) |
| 12/31/2024 | 101620 |  | 331455 | (1197349) |  | (764274) | 1145311 |  | 3636062 | (13293023) |  | (8511650) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 18608 |  | 16082 | (40135) |  | (5445) | 186410 |  | 152139 | (405428) |  | (66879) |
| 12/31/2024 | 22995 |  | 8511 | (33906) |  | (2400) | 235783 |  | 85450 | (350411) |  | (29178) |
| **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** | **Baron Growth** |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 144755 |  | 1397253 | (987737) |  | 554271 | 2277919 |  | 20441809 | (16403519) |  | 6316209 |
| 12/31/2024 | 125051 |  | 282841 | (841563) |  | (433671) | 2514691 |  | 5481457 | (17101262) |  | (9105114) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 147691 |  | 655569 | (2094838) |  | (1291578) | 3338376 |  | 13727621 | (49446910) |  | (32380913) |
| 12/31/2024 | 140871 |  | 183360 | (905906) |  | (581675) | 3757139 |  | 4712343 | (24234825) |  | (15765343) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 73713 |  | 214401 | (632845) |  | (344731) | 1736266 |  | 4500281 | (15368308) |  | (9131761) |
| 12/31/2024 | 112237 |  | 59838 | (373875) |  | (201800) | 2999528 |  | 1540840 | (10028220) |  | (5487852) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 30397 |  | 1964712 | (1367919) |  | 627190 | 626500 |  | 35129054 | (27089228) |  | 8666326 |
| 12/31/2024 | 55847 |  | 400687 | (1634395) |  | (1177861) | 1332884 |  | 9071555 | (38263843) |  | (27859404) |

---

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

------

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** | **Baron Growth (continued)** |  |  |  |  |  |  |  |  |  |
| **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12109 |  | 31262 | (15365) |  | 28006 | 212144 |  | 476118 | (254962) |  | 433300 |
| 12/31/2024 | 9147 |  | 5584 | (22068) |  | (7337) | 191246 |  | 111688 | (470570) |  | (167636) |
| **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** | **Columbia Contrarian Core** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 148900 |  | 260528 | (476646) |  | (67218) | 2162636 |  | 3743785 | (6906433) |  | (1000012) |
| 12/31/2024 | 561180 |  | 69166 | (509217) |  | 121129 | 7495614 |  | 913679 | (7058713) |  | 1350580 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 56777 |  | 35758 | (122677) |  | (30142) | 991387 |  | 621112 | (2176993) |  | (564494) |
| 12/31/2024 | 71304 |  | 11285 | (127366) |  | (44777) | 1137292 |  | 177282 | (2058486) |  | (743912) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 59414 |  | 143453 | (325582) |  | (122715) | 981198 |  | 2323941 | (5350585) |  | (2045446) |
| 12/31/2024 | 115935 |  | 40666 | (246692) |  | (90091) | 1728207 |  | 599006 | (3743535) |  | (1416322) |
| **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** | **Columbia Small Cap Value II** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 102881 |  | 456423 | (392020) |  | 167284 | 1438967 |  | 5340146 | (5429706) |  | 1349407 |
| 12/31/2024 | 131667 |  | 169544 | (344268) |  | (43057) | 2167045 |  | 2556723 | (5525060) |  | (801292) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 152761 |  | 319162 | (1446238) |  | (974315) | 2367606 |  | 4027820 | (24077952) |  | (17682526) |
| 12/31/2024 | 275137 |  | 234512 | (1234586) |  | (724937) | 4664665 |  | 3745164 | (21237336) |  | (12827507) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 149107 |  | 138685 | (193737) |  | 94055 | 2194449 |  | 1752973 | (2908246) |  | 1039176 |
| 12/31/2024 | 103329 |  | 56059 | (174341) |  | (14953) | 1780131 |  | 896943 | (2963018) |  | (285944) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128071 |  | 967435 | (3931667) |  | (2836161) | 1921862 |  | 12131636 | (55598097) |  | (41544599) |
| 12/31/2024 | 176156 |  | 422175 | (946931) |  | (348600) | 2977701 |  | 6708363 | (16102714) |  | (6416650) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9198 |  | 35990 | (11429) |  | 33759 | 130256 |  | 420722 | (160778) |  | 390200 |
| 12/31/2024 | 18696 |  | 11131 | (27703) |  | 2124 | 301802 |  | 167853 | (457781) |  | 11874 |
| **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** | **Invesco Comstock** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 20904 |  | 196117 | (267495) |  | (50474) | 430933 |  | 3790894 | (5501899) |  | (1280072) |
| 12/31/2024 | 25397 |  | 164520 | (235801) |  | (45884) | 538708 |  | 3247125 | (4914176) |  | (1128343) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 733659 |  | 779264 | (1568404) |  | (55481) | 15217843 |  | 15375163 | (32314016) |  | (1721010) |
| 12/31/2024 | 785898 |  | 597521 | (2781165) |  | (1397746) | 16825362 |  | 11999703 | (59525964) |  | (30700899) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 92802 |  | 624725 | (530497) |  | 187030 | 1960671 |  | 12318889 | (11057691) |  | 3221869 |
| 12/31/2024 | 81904 |  | 487124 | (497950) |  | 71078 | 1750538 |  | 9781006 | (10580529) |  | 951015 |
| **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** | **Invesco Equity and Income** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 66627 |  | 402543 | (146408) |  | 322762 | 2341952 |  | 12348687 | (5395729) |  | 9294910 |
| 12/31/2024 | 66168 |  | 100021 | (164189) |  | 2000 | 2806966 |  | 4056545 | (6911548) |  | (48037) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 131684 |  | 3651954 | (1547415) |  | 2236223 | 5045859 |  | 117039393 | (58595106) |  | 63490146 |
| 12/31/2024 | 66204 |  | 978501 | (1606305) |  | (561600) | 2884392 |  | 40887652 | (69749521) |  | (25977477) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 50774 |  | 185375 | (147960) |  | 88189 | 1953601 |  | 5825070 | (5525083) |  | 2253588 |
| 12/31/2024 | 37520 |  | 531702 | (7764875) |  | (7195653) | 1588336 |  | 21788848 | (323130694) |  | (299753510) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2481 |  | 41703 | (10992) |  | 33192 | 94764 |  | 1266493 | (408585) |  | 952672 |
| 12/31/2024 | 9773 |  | 429002 | (6536116) |  | (6097341) | 417703 |  | 17167665 | (265741493) |  | (248156125) |
| **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 141725 |  | 838293 | (784046) |  | 195972 | 2064007 |  | 11130766 | (11223351) |  | 1971422 |
| 12/31/2024 | 193426 |  | 306247 | (817259) |  | (317586) | 2881173 |  | 4478035 | (12433886) |  | (5074678) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 247607 |  | 535031 | (2473652) |  | (1691014) | 3875873 |  | 7628491 | (39761117) |  | (28256753) |
| 12/31/2024 | 265967 |  | 314160 | (2038587) |  | (1458460) | 4263250 |  | 4894616 | (32561222) |  | (23403356) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 113676 |  | 1237939 | (4992331) |  | (3640716) | 1686043 |  | 17173129 | (72092011) |  | (53232839) |
| 12/31/2024 | 131162 |  | 518699 | (1752714) |  | (1102853) | 2057820 |  | 7886381 | (27474998) |  | (17530797) |

---

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

------

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** | **JPMorgan Mid Cap Value (continued)** |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5412 |  | 7210 | (20967) |  | (8345) | 80394 |  | 95611 | (305037) |  | (129032) |
| 12/31/2024 | 5356 |  | 3360 | (7842) |  | 874 | 80275 |  | 49084 | (122421) |  | 6938 |
| **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1673407 |  | 1767544 | (840415) |  | 2600536 | 14206225 |  | 14281752 | (7029292) |  | 21458685 |
| 12/31/2024 | 532761 |  | 1242791 | (1206827) |  | 568725 | 4562623 |  | 8960523 | (10128706) |  | 3394440 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 907920 |  | 8528376 | (23943336) |  | (14507040) | 10606683 |  | 96967635 | (288197732) |  | (180623414) |
| 12/31/2024 | 1230401 |  | 8979870 | (11093408) |  | (883137) | 13648357 |  | 86206752 | (122692255) |  | (22837146) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3605352 |  | 1288125 | (7908828) |  | (3015351) | 41205947 |  | 14697503 | (90373222) |  | (34469772) |
| 12/31/2024 | 4369945 |  | 1406912 | (5129737) |  | 647120 | 49213741 |  | 13548558 | (57924967) |  | 4837332 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128482 |  | 397726 | (1169061) |  | (642853) | 1346926 |  | 3989195 | (12110784) |  | (6774663) |
| 12/31/2024 | 214411 |  | 377307 | (755704) |  | (163986) | 2146703 |  | 3256156 | (7557915) |  | (2155056) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 34072 |  | 61177 | (58523) |  | 36726 | 286971 |  | 507771 | (494916) |  | 299826 |
| 12/31/2024 | 38065 |  | 50676 | (60208) |  | 28533 | 335680 |  | 373484 | (529101) |  | 180063 |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits

and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising 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 is a summary of each respective Portfolio's securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Global Bond**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BMO Capital Markets Corp | $3791 | $(3791) | $— |
| BNP Paribas | 97009 | (97009) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 16234 | (16234) |  |

---

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

------

**NOTE 11 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Deutsche Bank Securities Inc. | $20680 | $(20680) | $— |
| Goldman, Sachs & Co. LLC | 2149 | (2149) |  |
| JP Morgan Securities Plc. | 2024 | (2024) |  |
| MUFG Securities Americas Inc. | 23167 | (23167) |  |
| Nomura Securities International, Inc. | 10526 | (10526) |  |
| TD Securities (USA) Inc. | 30809 | (30809) |  |
| Total | $206389 | $(206389) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $219,327 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.

---

| | | | |
|:---|:---|:---|:---|
| **Global Insights**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| UBS Securities LLC | $7727200 | $(7727200) | $— |
| Total | $7727200 | $(7727200) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $7,887,592 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.

---

| | | | |
|:---|:---|:---|:---|
| **International High Dividend Low Volatility** | **International High Dividend Low Volatility** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** | <br>**Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| Citigroup Global Markets Limited | $7066104 | $(7066104) | $— |
| Jefferies LLC | 1922312 | (1922312) |  |
| JP Morgan Securities Plc. | 135261 | (135261) |  |
| Morgan Stanley & Co. International PLC | 1492837 | (1492837) |  |
| Total | $10616514 | $(10616514) | $— |

---

(1) Cash
 collateral with a fair value of $12,327,538 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.

---

| | | | |
|:---|:---|:---|:---|
| **American Century Small-Mid Cap Value** | **American Century Small-Mid Cap Value** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** | <br>**Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| Barclays Bank PLC | $47825 | $(47825) | $— |
| Barclays Capital Inc. | 106032 | (106032) |  |
| BofA Securities Inc | 394339 | (394339) |  |
| Citigroup Global Markets Inc. | 2296 | (2296) |  |
| HSBC Bank PLC | 155825 | (155825) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| J.P. Morgan Securities LLC | $774134 | $(774134) | $— |
| Morgan Stanley & Co. LLC | 549561 | (549561) |  |
| SG Americas Securities, LLC | 64890 | (64890) |  |
| UBS Securities LLC | 210478 | (210478) |  |
| Total | $2305380 | $(2305380) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $2,375,574 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.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Equity and Income** | **Invesco Equity and Income** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** | <br>**Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| Barclays Capital Inc. | $247250 | $(247250) | $— |
| BMO Capital Markets Corp | 95925 | (95925) |  |
| BNP Paribas | 213344 | (213344) |  |
| Canadian Imperial Bank of Commerce | 129457 | (129457) |  |
| HSBC Securities (USA) Inc. | 218211 | (218211) |  |
| J.P. Morgan Securities LLC | 449884 | (449884) |  |
| Morgan Stanley & Co. LLC | 318641 | (318641) |  |
| MUFG Securities Americas Inc. | 66482 | (66482) |  |
| Nomura Securities International, Inc. | 286418 | (286418) |  |
| UBS Securities LLC | 2127556 | (2127556) |  |
| Wells Fargo Securities LLC | 392030 | (392030) |  |
| Total | $4545198 | $(4545198) | $— |

---

(1) Cash
 collateral with a fair value of $4,671,385 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **JPMorgan Mid Cap Value** | **JPMorgan Mid Cap Value** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** | <br>**Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| Janney Montgomery Scott LLC | $19959 | $(19959) | $— |
| Total | $19959 | $(19959) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $22,921 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

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

------

**NOTE 11 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | **T. Rowe Price Diversified Mid Cap Growth** | |
|  | **Securities** | **Cash Collateral** | |
| **Counterparty** | **Loaned at Value** | **Received<sup>(1)</sup>** | <br>**Net Amount** |
| BMO Capital Markets Corp | $30549 | $(30549) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 2517090 | (2517090) |  |
| Citadel Securities LLC | 365617 | (365617) |  |
| Citigroup Global Markets Inc. | 63657 | (63657) |  |
| Deutsche Bank Securities Inc. | 143401 | (143401) |  |
| HSBC Bank PLC | 3013869 | (3013869) |  |
| Mirae Asset Securities (USA) Inc. | 5439 | (5439) |  |
| Morgan Stanley & Co. LLC | 1181111 | (1181111) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| National Financial Services LLC | $1580503 | $(1580503) | $— |
| Nomura Securities International, Inc. | 68361 | (68361) |  |
| State Street Bank and Trust Company | 330462 | (330462) |  |
| TD Securities (USA) Inc. | 389310 | (389310) |  |
| UBS AG | 689162 | (689162) |  |
| Wells Fargo Bank NA | 434288 | (434288) |  |
| Wells Fargo Securities LLC | 3415 | (3415) |  |
| Total | $10816234 | $(10816234) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $11,089,376 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), in-kind sales, net operating losses, paydowns, spin-offs, straddle loss deferrals and wash sale deferrals and distributions in connection with redemption of fund shares (equalization). Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| American Century Small-Mid Cap Value | $(7764) | $7764 |
| Baron Growth<sup>(1)</sup> | 25434603 | (25434603) |
| Invesco Equity and Income | 6763 | (6763) |
| JPMorgan Mid Cap Value<sup>(2)</sup> | 13508092 | (13508092) |

---

<sup>(1)</sup> Amount relates to net operating loss and equalization.

 

<sup>(2)</sup> Amount relates to in-kind sales.

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.

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

------

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** |
| Global Bond | $3898827 | $— | $253650 | $— | $4241819 |
| Global Insights | 32724139 | 54834785 | 1611455 | 655294389 |  |
| International High Dividend Low Volatility | 12365736 | 5770957 | 13986902 |  |  |
| American Century Small-Mid Cap Value | 10605455 | 14558668 | 6577473 | 7350283 |  |
| Baron Growth | 895383 | 73379500 |  | 20917883 |  |
| Columbia Contrarian Core | 320054 | 6368784 | 181628 | 1508339 |  |
| Columbia Small Cap Value II | 4585004 | 19088293 | 2432671 | 11642375 |  |
| Invesco Comstock | 3805115 | 27679831 | 4467569 | 20560265 |  |
| Invesco Equity and Income | 15702893 | 120776750 | 17692684 | 66208026 |  |
| JPMorgan Mid Cap Value | 1605574 | 34422423 | 2450509 | 14857607 |  |
| T. Rowe Price Diversified Mid Cap Growth | 13924152 | 116519704 |  | 112345473 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Global Bond | $3032772 | $— | $(4459710) | $(3135685) | Short-term | $— | $(23378789) |
|  |  |  |  | (18816166) | Long-term |  |  |
|  |  |  |  | (21951851) |  |  |  |
| Global Insights | 70472234 | 94371013 | 186552300 |  |  | (1328359) | 350067188 |
| International High Dividend |  |  |  |  |  |  |  |
| Low Volatility | 27264419 | 20079188 | 73775561 |  |  |  | 121119168 |
| American Century Small-Mid Cap Value | 8632004 | 12051643 | (1517913) |  |  |  | 19165734 |
| Baron Growth |  | 82169014 | 201802170 |  |  |  | 283971184 |
| Columbia Contrarian Core | 27731 | 8366840 | 23478761 |  |  |  | 31873332 |
| Columbia Small Cap Value II | 2889710 | 14519450 | 6861752 |  |  |  | 24270912 |
| Invesco Comstock | 950492 | 23033764 | 49280264 |  |  |  | 73264520 |
| Invesco Equity and Income | 757235 | 27805955 | 66339490 |  |  |  | 94902680 |
| JPMorgan Mid Cap Value | 690779 | 49586288 | 26746979 |  |  |  | 77024046 |
| T. Rowe Price Diversified Mid Cap Growth | 57543166 | 198249077 | 119426335 |  |  |  | 375218578 |

---

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

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect

global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in

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

------

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties

or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – *Improvements to Reportable Segment*

*Disclosures,* which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a 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 Portfolios' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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

------

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

The Portfolios have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 16 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to December 31, 2025, the following Portfolio paid dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | Per Share Amount | Payable Date | Record Date |
| **Global Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | $0.0247 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $0.0288 | January 30, 2026 | Daily |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | $0.0270 | January 30, 2026 | Daily |

---

Reorganization: On November 13, 2025, the Board approved a proposal to reorganize Baron Growth (the "Merging Portfolio") with and into Voya MidCap Opportunities Fund, a series of Voya Equity Trust (the "Reorganization"), which is not included in this report. The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Portfolio at a shareholder meeting held on or about July 2, 2026. If shareholder approval is obtained, the Reorganization will take place on or about close of business July 17, 2026.

Fund Conversion: On November 13, 2025, the Board approved changes to the structure of Global Insights (the "Conversion"). Following the Conversion, Global Insights will be offered directly to the public, the eligibility to invest in Global Insights will be revised, the Portfolio's name will become "Voya Global Insights Fund", and Class ADV, Class S and Class S2 will be renamed to Class R, Class R3 and Class A, respectively. It is expected that these changes will take effect on or about July 17, 2026.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 17.6%** | **CORPORATE BONDS/NOTES: 17.6%** | **CORPORATE BONDS/NOTES: 17.6%** | **CORPORATE BONDS/NOTES: 17.6%** |
|  | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** |
| 27000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | $28027 | 0.1 |
| 24000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 25013 | 0.0 |
| 8000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 8321 | 0.0 |
| 37000 <sup>(1)</sup> | CSL Finance PLC, 4.050%, 04/27/2029 | 36915 | 0.1 |
| 23000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 23763 | 0.0 |
| 24000 | Woodside Finance Ltd., 5.400%, 05/19/2030 | 24650 | 0.0 |
| 23000 | Woodside Finance Ltd., 5.700%, 05/19/2032 | 23944 | 0.0 |
| 21000 | Woodside Finance Ltd., 6.000%, 05/19/2035 | 21882 | 0.0 |
|  |  | **192515** | **0.2** |
|  | **Belgium: 0.0%** |  |  |
| 16000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 15249 | 0.0 |
|  | **Canada: 0.7%** |  |  |
| 20000 <sup>(2)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 20099 | 0.0 |
| 52000 <sup>(2)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 52689 | 0.1 |
| 27000 <sup>(2)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 27338 | 0.0 |
| 33000 | Brookfield Asset Management Ltd., 5.298%, 01/15/2036 | 32987 | 0.1 |
| 50000 | Canadian National Railway Co., 4.200%, 03/12/2031 | 49920 | 0.1 |
| 29000 | Canadian National Railway Co., 4.750%, 11/12/2035 | 29037 | 0.0 |
| 24000 | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 24442 | 0.0 |
| 17000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 16251 | 0.0 |
| 31000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 31630 | 0.0 |
| 54000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 54943 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Canada: (continued)** |  |  |
| 177000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | $175583 | 0.2 |
| 1000 | Nutrien Ltd., 5.875%, 12/01/2036 | 1050 | 0 |
| 32000 <sup>(2)</sup> | Royal Bank of Canada, 4.650%, 10/18/2030 | 32464 | 0.1 |
| 20000 <sup>(2)</sup> | Royal Bank of Canada, 4.696%, 08/06/2031 | 20266 | 0 |
| 16000 <sup>(2)</sup> | Royal Bank of Canada, 4.969%, 08/02/2030 | 16402 | 0 |
| 17000 <sup>(2)</sup> | Royal Bank of Canada, 5.153%, 02/04/2031 | 17510 | 0 |
| 29000 | Royal Bank of Canada, 5.200%, 08/01/2028 | 29904 | 0 |
| 23000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 24045 | 0 |
| 29000 <sup>(3)</sup> | Toronto-Dominion Bank, 5.523%, 07/17/2028 | 30074 | 0 |
| 26000 <sup>(2)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 26819 | 0 |
|  |  | **713453** | **0.7** |
|  | **Germany: 0.0%** |  |  |
| 11000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 11295 | 0 |
|  | **Japan: 1.1%** |  |  |
| 44000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 44569 | 0.1 |
| 24000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 24532 | 0 |
| 1000000 <sup>(2)</sup> | Sumitomo Mitsui Banking Corp./ New York, 3.940%, (SOFRRATE + 0.230%), 01/30/2026 | 1000099 | 1 |
| 41000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 41559 | 0 |
|  |  | **1110759** | **1.1** |
|  | **Norway: 0.1%** |  |  |
| 39000 | Equinor ASA, 4.500%, 09/03/2030 | 39583 | 0 |
| 60000 | Equinor ASA, 4.750%, 11/14/2035 | 59720 | 0.1 |
|  |  | **99303** | **0.1** |
|  | **United Kingdom: 0.2%** |  |  |
| 43000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 | 44519 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United Kingdom: (continued)** |  |  |
| 11000 | BAT Capital Corp., 4.390%, 08/15/2037 | $10140 | 0.0 |
| 10000 | BAT Capital Corp., 5.834%, 02/20/2031 | 10620 | 0.0 |
| 12000 | National Grid PLC, 5.418%, 01/11/2034 | 12430 | 0.0 |
| 200000 <sup>(1)</sup> | Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027 | 197345 | 0.2 |
|  |  | **275054** | **0.2** |
|  | **United States: 15.3%** |  |  |
| 15000 | 3M Co., 5.150%, 03/15/2035 | 15358 | 0.0 |
| 14000 | AbbVie, Inc., 4.050%, 11/21/2039 | 12510 | 0.0 |
| 17000 | AbbVie, Inc., 4.650%, 03/15/2028 | 17297 | 0.0 |
| 43000 | AbbVie, Inc., 4.950%, 03/15/2031 | 44477 | 0.1 |
| 9000 | AbbVie, Inc., 5.050%, 03/15/2034 | 9252 | 0.0 |
| 56000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 56066 | 0.1 |
| 32000 | Adobe, Inc., 4.950%, 01/17/2030 | 33166 | 0.0 |
| 9000 | Adobe, Inc., 4.950%, 04/04/2034 | 9305 | 0.0 |
| 45000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 46604 | 0.1 |
| 6000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 6131 | 0.0 |
| 33000 | AES Corp., 5.450%, 06/01/2028 | 33777 | 0.0 |
| 27000 | AES Corp., 5.800%, 03/15/2032 | 27705 | 0.0 |
| 25000 | AGCO Corp., 5.450%, 03/21/2027 | 25351 | 0.0 |
| 24000 | Air Lease Corp., 5.200%, 07/15/2031 | 24402 | 0.0 |
| 5000 | Alabama Power Co., 5.850%, 11/15/2033 | 5375 | 0.0 |
| 22000 | Alphabet, Inc., 4.500%, 05/15/2035 | 21894 | 0.0 |
| 30000 | Alphabet, Inc., 4.700%, 11/15/2035 | 30019 | 0.0 |
| 30000 | Alphabet, Inc., 5.450%, 11/15/2055 | 29450 | 0.0 |
| 19000 | Alphabet, Inc., 5.700%, 11/15/2075 | 18717 | 0.0 |
| 27000 | Altria Group, Inc., 6.200%, 11/01/2028 | 28547 | 0.0 |
| 23000 | Amazon.com, Inc., 4.350%, 03/20/2033 | 22932 | 0.0 |
| 46000 | Amazon.com, Inc., 4.650%, 11/20/2035 | 45832 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 49000 | Amazon.com, Inc., 5.450%, 11/20/2055 | $47860 | 0.1 |
| 44000 | Amazon.com, Inc., 5.550%, 11/20/2065 | 42714 | 0.1 |
| 14000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 14477 | 0.0 |
| 23000 | Ameren Corp., 1.750%, 03/15/2028 | 21886 | 0.0 |
| 19000 | Ameren Corp., 5.000%, 01/15/2029 | 19431 | 0.0 |
| 104891 | American Airlines Pass Through Trust 2021-1, A, 2.875%, 01/11/2036 | 96078 | 0.1 |
| 6000 | American Electric Power Co., Inc., 5.625%, 03/01/2033 | 6306 | 0.0 |
| 20000 <sup>(2)</sup> | American Express Co., 5.085%, 01/30/2031 | 20625 | 0.0 |
| 30000 <sup>(2)</sup> | American Express Co., 5.098%, 02/16/2028 | 30357 | 0.0 |
| 15000 <sup>(2)</sup> | American Express Co., 5.532%, 04/25/2030 | 15651 | 0.0 |
| 7000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 6620 | 0.0 |
| 19000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 19675 | 0.0 |
| 43000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 43624 | 0.1 |
| 28000 | American Honda Finance Corp., 4.850%, 10/23/2031 | 28531 | 0.0 |
| 20000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 20885 | 0.0 |
| 36000 | American International Group, Inc., 3.400%, 06/30/2030 | 34753 | 0.1 |
| 205000 | American Tower Corp., 2.750%, 01/15/2027 | 202379 | 0.2 |
| 29000 | American Tower Corp., 3.650%, 03/15/2027 | 28888 | 0.0 |
| 19000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 17133 | 0.0 |
| 22000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 23068 | 0.0 |
| 13000 | Aon North America, Inc., 5.125%, 03/01/2027 | 13166 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 37000 | Aon North America, Inc., 5.150%, 03/01/2029 | $38077 | 0.1 |
| 38000 | AppLovin Corp., 5.125%, 12/01/2029 | 38991 | 0.1 |
| 27000 | AppLovin Corp., 5.375%, 12/01/2031 | 28036 | 0.0 |
| 36000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 36873 | 0.1 |
| 51000 | Assurant, Inc., 5.550%, 02/15/2036 | 51961 | 0.1 |
| 20000 | AT&T, Inc., 4.550%, 11/01/2032 | 19877 | 0.0 |
| 40000 | AT&T, Inc., 4.900%, 11/01/2035 | 39522 | 0.1 |
| 20000 | AT&T, Inc., 6.050%, 08/15/2056 | 20193 | 0.0 |
| 46000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 46689 | 0.1 |
| 89000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 89186 | 0.1 |
| 25000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 | 25617 | 0.0 |
| 13000 | AutoZone, Inc., 6.250%, 11/01/2028 | 13742 | 0.0 |
| 153000 <sup>(2)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 151069 | 0.2 |
| 43000 <sup>(2)</sup> | Bank of America Corp., 2.087%, 06/14/2029 | 41032 | 0.1 |
| 95000 <sup>(2)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 84977 | 0.1 |
| 32000 <sup>(2)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 28869 | 0.0 |
| 55000 <sup>(2)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 51268 | 0.1 |
| 99000 <sup>(2)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 90873 | 0.1 |
| 40000 <sup>(2)</sup> | Bank of America Corp., 2.884%, 10/22/2030 | 38079 | 0.1 |
| 71000 <sup>(2)</sup> | Bank of America Corp., 2.972%, 02/04/2033 | 64954 | 0.1 |
| 25000 <sup>(2)</sup> | Bank of America Corp., 3.194%, 07/23/2030 | 24154 | 0.0 |
| 49000 <sup>(2)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 48399 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 40000 <sup>(2)</sup> | Bank of America Corp., 3.593%, 07/21/2028 | $39738 | 0.1 |
| 10000 <sup>(2)</sup> | Bank of America Corp., 3.970%, 03/05/2029 | 9986 | 0.0 |
| 11000 <sup>(2)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 11475 | 0.0 |
| 25000 <sup>(2)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 25617 | 0.0 |
| 27000 <sup>(2)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 28145 | 0.0 |
| 22000 <sup>(2)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 23486 | 0.0 |
| 13000 <sup>(2)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 13474 | 0.0 |
| 42000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 42569 | 0.1 |
| 230000 | Berry Global, Inc., 1.650%, 01/15/2027 | 224024 | 0.2 |
| 80000 | Black Hills Corp., 4.550%, 01/31/2031 | 80053 | 0.1 |
| 6000 | Black Hills Corp., 6.000%, 01/15/2035 | 6406 | 0.0 |
| 26000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 22418 | 0.0 |
| 4000 | Boeing Co., 5.930%, 05/01/2060 | 3927 | 0.0 |
| 56000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 54992 | 0.1 |
| 6000 | BorgWarner, Inc., 5.400%, 08/15/2034 | 6189 | 0.0 |
| 15000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 15855 | 0.0 |
| 5000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 5088 | 0.0 |
| 2000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 2041 | 0.0 |
| 22000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 22704 | 0.0 |
| 20000 <sup>(2)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 20636 | 0.0 |
| 18000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 18749 | 0.0 |
| 31000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 26303 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 14000 | Broadcom, Inc., 4.800%, 10/15/2034 | $14032 | 0.0 |
| 28000 | Broadcom, Inc., 4.900%, 07/15/2032 | 28601 | 0.0 |
| 31000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 30610 | 0.0 |
| 17000 | Broadcom, Inc., 5.050%, 04/15/2030 | 17545 | 0.0 |
| 8000 | Broadcom, Inc., 5.200%, 04/15/2032 | 8308 | 0.0 |
| 28000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 28407 | 0.0 |
| 10000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 10022 | 0.0 |
| 28000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 28150 | 0.0 |
| 33000 | Camden Property Trust, 5.850%, 11/03/2026 | 33473 | 0.0 |
| 34000 | Campbell Soup Co., 5.200%, 03/21/2029 | 34841 | 0.1 |
| 36000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 36240 | 0.1 |
| 2000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 2083 | 0.0 |
| 16000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 14092 | 0.0 |
| 16000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 14707 | 0.0 |
| 23000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 11/10/2031 | 20399 | 0.0 |
| 11000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 11330 | 0.0 |
| 5000 | Carrier Global Corp., 2.722%, 02/15/2030 | 4709 | 0.0 |
| 2000 | Carrier Global Corp., 5.900%, 03/15/2034 | 2146 | 0.0 |
| 15000 | Caterpillar Financial Services Corp., 4.700%, 11/15/2029 | 15396 | 0.0 |
| 21000 | Caterpillar, Inc., 5.200%, 05/15/2035 | 21780 | 0.0 |
| 16000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 16317 | 0.0 |
| 10000 | Cencora, Inc., 5.125%, 02/15/2034 | 10261 | 0.0 |
| 6000 | Centene Corp., 2.450%, 07/15/2028 | 5623 | 0.0 |
| 52000 | Centene Corp., 3.000%, 10/15/2030 | 46562 | 0.1 |
| 14000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 14504 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 23000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031 | $20705 | 0.0 |
| 45000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 46986 | 0.1 |
| 10000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 10521 | 0.0 |
| 19000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 19046 | 0.0 |
| 38000 | Chubb INA Holdings LLC, 4.900%, 08/15/2035 | 38181 | 0.1 |
| 135000 | Cigna Group, 2.375%, 03/15/2031 | 122251 | 0.1 |
| 50000 | Cigna Group, 5.250%, 01/15/2036 | 50935 | 0.1 |
| 6000 | Cigna Group, 5.400%, 03/15/2033 | 6260 | 0.0 |
| 29000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 30088 | 0.0 |
| 38000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 39237 | 0.1 |
| 10000 | Cisco Systems, Inc., 5.050%, 02/26/2034 | 10294 | 0.0 |
| 10000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | 10280 | 0.0 |
| 265000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | 260737 | 0.3 |
| 45000 | CME Group, Inc., 4.400%, 03/15/2030 | 45669 | 0.1 |
| 40000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 40889 | 0.1 |
| 47000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 48539 | 0.1 |
| 45000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 46025 | 0.1 |
| 30000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 31051 | 0.0 |
| 17000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 17325 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 57000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | $59304 | 0.1 |
| 12000 <sup>(3)</sup> | Comcast Corp., 1.500%, 02/15/2031 | 10437 | 0.0 |
| 12000 | Comcast Corp., 1.950%, 01/15/2031 | 10702 | 0.0 |
| 27000 | Comcast Corp., 4.250%, 01/15/2033 | 26414 | 0.0 |
| 6000 | Comcast Corp., 5.300%, 06/01/2034 | 6186 | 0.0 |
| 20000 <sup>(3)</sup> | Comcast Corp., 5.300%, 05/15/2035 | 20459 | 0.0 |
| 34000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 33802 | 0.0 |
| 11000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 10446 | 0.0 |
| 16000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 16987 | 0.0 |
| 20000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 19723 | 0.0 |
| 34000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 32272 | 0.0 |
| 12000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 12189 | 0.0 |
| 36000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 36613 | 0.1 |
| 21000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 21821 | 0.0 |
| 8000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 8391 | 0.0 |
| 3000 | CVS Health Corp., 4.780%, 03/25/2038 | 2833 | 0.0 |
| 10000 | CVS Health Corp., 5.125%, 02/21/2030 | 10277 | 0.0 |
| 35000 | CVS Health Corp., 5.450%, 09/15/2035 | 35840 | 0.1 |
| 38000 | Deere & Co., 3.100%, 04/15/2030 | 36632 | 0.1 |
| 24000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 24107 | 0.0 |
| 28000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | 28786 | 0.0 |
| 16000 <sup>(3)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | 15936 | 0.0 |
| 19000 | Dollar General Corp., 3.500%, 04/03/2030 | 18396 | 0.0 |
| 15000 | DTE Energy Co., 4.950%, 07/01/2027 | 15204 | 0.0 |
| 27000 | DTE Energy Co., 5.200%, 04/01/2030 | 27871 | 0.0 |
| 19000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 17198 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 4000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | $4321 | 0.0 |
| 3000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 3114 | 0.0 |
| 20000 | Elevance Health, Inc., 4.600%, 09/15/2032 | 19997 | 0.0 |
| 24000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 24573 | 0.0 |
| 11000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 11245 | 0.0 |
| 6000 | Eli Lilly & Co., 4.700%, 02/09/2034 | 6085 | 0.0 |
| 34000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 33101 | 0.0 |
| 19000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 19584 | 0.0 |
| 9000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 9165 | 0.0 |
| 8000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 8096 | 0.0 |
| 40000 | EOG Resources, Inc., 5.000%, 07/15/2032 | 40990 | 0.1 |
| 34000 | Equifax, Inc., 3.100%, 05/15/2030 | 32218 | 0.0 |
| 39000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 39911 | 0.1 |
| 132000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 124032 | 0.1 |
| 5000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 5176 | 0.0 |
| 8000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 8159 | 0.0 |
| 3000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 3223 | 0.0 |
| 34000 | Eversource Energy, 2.550%, 03/15/2031 | 30792 | 0.0 |
| 51000 | Eversource Energy, 2.900%, 03/01/2027 | 50319 | 0.1 |
| 6000 | Eversource Energy, 5.125%, 05/15/2033 | 6063 | 0.0 |
| 30000 | Eversource Energy, 5.450%, 03/01/2028 | 30763 | 0.0 |
| 6000 | Eversource Energy, 5.500%, 01/01/2034 | 6171 | 0.0 |
| 28000 | Eversource Energy, 5.950%, 02/01/2029 | 29282 | 0.0 |
| 48000 | Eversource Energy U, 1.400%, 08/15/2026 | 47195 | 0.1 |
| 49000 | Exelon Corp., 5.150%, 03/15/2028 | 50082 | 0.1 |
| 19000 | Exelon Corp., 5.150%, 03/15/2029 | 19542 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 23000 | Extra Space Storage L.P., 2.350%, 03/15/2032 | $20145 | 0.0 |
| 35000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 34637 | 0.1 |
| 8000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 8202 | 0.0 |
| 11000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 8824 | 0.0 |
| 40000 | First Industrial L.P., 5.250%, 01/15/2031 | 40847 | 0.1 |
| 45000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 44847 | 0.1 |
| 32000 | Fiserv, Inc., 5.150%, 03/15/2027 | 32349 | 0.0 |
| 6000 | Fiserv, Inc., 5.150%, 08/12/2034 | 5956 | 0.0 |
| 20000 | Flex Ltd., 5.250%, 01/15/2032 | 20436 | 0.0 |
| 17000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 17358 | 0.0 |
| 17000 | Florida Power & Light Co., 5.300%, 06/15/2034 | 17817 | 0.0 |
| 34000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 32697 | 0.0 |
| 7000 | Fortune Brands Innovations, Inc., 4.000%, 03/25/2032 | 6713 | 0.0 |
| 19000 | GATX Corp., 4.000%, 06/30/2030 | 18751 | 0.0 |
| 73000 | General Mills, Inc., 2.875%, 04/15/2030 | 69117 | 0.1 |
| 38000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 34189 | 0.0 |
| 36000 <sup>(3)</sup> | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 36581 | 0.1 |
| 202000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 202163 | 0.2 |
| 70000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 72618 | 0.1 |
| 38000 | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 39642 | 0.1 |
| 5000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 5303 | 0.0 |
| 22000 | General Motors Financial Co., Inc., 6.150%, 07/15/2035 | 23193 | 0.0 |
| 18000 | Georgia Power Co., 4.650%, 05/16/2028 | 18297 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 21000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | $21223 | 0.0 |
| 50000 | GLP Capital L.P. / GLP Financing II, Inc., 5.250%, 02/15/2033 | 50222 | 0.1 |
| 30000 <sup>(2)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 30076 | 0.0 |
| 15000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 15373 | 0.0 |
| 10000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 10278 | 0.0 |
| 11000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 11423 | 0.0 |
| 20000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 20899 | 0.0 |
| 22000 | HCA, Inc., 2.375%, 07/15/2031 | 19750 | 0.0 |
| 40000 | HCA, Inc., 3.500%, 09/01/2030 | 38481 | 0.1 |
| 95000 | HCA, Inc., 4.125%, 06/15/2029 | 94709 | 0.1 |
| 19000 | HCA, Inc., 4.500%, 02/15/2027 | 19044 | 0.0 |
| 24000 | HCA, Inc., 5.450%, 04/01/2031 | 25054 | 0.0 |
| 45000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 46140 | 0.1 |
| 49000 | HEICO Corp., 5.250%, 08/01/2028 | 50385 | 0.1 |
| 49000 | Hershey Co., 4.950%, 02/24/2032 | 50816 | 0.1 |
| 48000 | Hess Corp., 4.300%, 04/01/2027 | 48221 | 0.1 |
| 36000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 36376 | 0.1 |
| 21000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 21431 | 0.0 |
| 7000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 7133 | 0.0 |
| 26000 | Horace Mann Educators Corp., 4.700%, 10/01/2030 | 25830 | 0.0 |
| 12000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 12153 | 0.0 |
| 18000 | HP, Inc., 2.650%, 06/17/2031 | 16256 | 0.0 |
| 25000 | Humana, Inc., 5.375%, 04/15/2031 | 25856 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 33000 <sup>(2)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | $34489 | 0.1 |
| 34000 <sup>(3)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 33697 | 0.0 |
| 12000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 12356 | 0.0 |
| 23000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 23582 | 0.0 |
| 32000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 33064 | 0.0 |
| 35000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 36138 | 0.1 |
| 90000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 94187 | 0.1 |
| 32000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 33911 | 0.0 |
| 100000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 101857 | 0.1 |
| 10000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 10340 | 0.0 |
| 16000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 16544 | 0.0 |
| 2000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 2083 | 0.0 |
| 47000 | Intel Corp., 2.450%, 11/15/2029 | 43879 | 0.1 |
| 23000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 21082 | 0.0 |
| 10000 | Intuit, Inc., 5.200%, 09/15/2033 | 10458 | 0.0 |
| 38000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 33254 | 0.0 |
| 7000 | Invitation Homes Operating Partnership L.P., 5.500%, 08/15/2033 | 7268 | 0.0 |
| 28000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 28284 | 0.0 |
| 65000 | John Deere Capital Corp., 4.700%, 06/10/2030 | 66651 | 0.1 |
| 24000 | John Deere Capital Corp., 4.850%, 06/11/2029 | 24697 | 0.0 |
| 47000 | John Deere Capital Corp., 4.900%, 03/07/2031 | 48543 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 21000 | Johnson & Johnson, 3.625%, 03/03/2037 | $19096 | 0.0 |
| 15000 | Johnson & Johnson, 4.700%, 03/01/2030 | 15462 | 0.0 |
| 6000 | Johnson & Johnson, 4.950%, 06/01/2034 | 6303 | 0.0 |
| 135000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 132565 | 0.1 |
| 99000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 98267 | 0.1 |
| 6000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.953%, 02/04/2032 | 5353 | 0.0 |
| 57000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 54475 | 0.1 |
| 7000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 6643 | 0.0 |
| 78000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 77078 | 0.1 |
| 565000 | JPMorgan Chase & Co., 2.950%, 10/01/2026 | 561444 | 0.6 |
| 53000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 53557 | 0.1 |
| 30000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 30428 | 0.0 |
| 124000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.810%, 10/22/2036 | 123175 | 0.1 |
| 20000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 20536 | 0.0 |
| 5000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 5169 | 0.0 |
| 42000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 42847 | 0.1 |
| 22000 <sup>(2)(3)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 23090 | 0.0 |
| 6000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.576%, 07/23/2036 | 6209 | 0.0 |
| 42000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 43829 | 0.1 |
| 8000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 8530 | 0.0 |
| 4000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 4204 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 14000 | Kenvue, Inc., 4.850%, 05/22/2032 | $14340 | 0.0 |
| 14000 | Kenvue, Inc., 4.900%, 03/22/2033 | 14291 | 0.0 |
| 21000 | Kenvue, Inc., 5.050%, 03/22/2028 | 21459 | 0.0 |
| 18000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 18359 | 0.0 |
| 5000 | KLA Corp., 4.700%, 02/01/2034 | 5037 | 0.0 |
| 42000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 40305 | 0.1 |
| 22000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 22627 | 0.0 |
| 16000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 15989 | 0.0 |
| 42000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 43402 | 0.1 |
| 19000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 19998 | 0.0 |
| 6000 | Lockheed Martin Corp., 5.250%, 01/15/2033 | 6316 | 0.0 |
| 4000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 4191 | 0.0 |
| 40000 | Lowe's Cos., Inc., 4.500%, 10/15/2032 | 39796 | 0.1 |
| 30000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 30610 | 0.0 |
| 28000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 28667 | 0.0 |
| 30000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 30594 | 0.0 |
| 153000 <sup>(2)</sup> | M&T Bank Corp., 5.400%, 07/30/2035 | 154544 | 0.2 |
| 23000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 23681 | 0.0 |
| 40000 | Marriott International, Inc., 4.500%, 10/15/2031 | 40105 | 0.1 |
| 24000 | Marriott International, Inc., 4.800%, 03/15/2030 | 24519 | 0.0 |
| 35000 | Marriott International, Inc., 5.250%, 10/15/2035 | 35486 | 0.1 |
| 10000 | Marriott International, Inc., 5.350%, 03/15/2035 | 10295 | 0.0 |
| 18000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 18560 | 0.0 |
| 26000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 26733 | 0.0 |
| 23000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 23992 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 19000 | McKesson Corp., 4.250%, 09/15/2029 | $19132 | 0.0 |
| 21000 | McKesson Corp., 4.950%, 05/30/2032 | 21598 | 0.0 |
| 17000 | McKesson Corp., 5.250%, 05/30/2035 | 17583 | 0.0 |
| 6000 | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | 6015 | 0.0 |
| 40000 | Merck & Co., Inc., 4.450%, 12/04/2032 | 40068 | 0.1 |
| 2000 | Merck & Co., Inc., 4.500%, 05/17/2033 | 2018 | 0.0 |
| 30000 | Meta Platforms, Inc., 4.200%, 11/15/2030 | 30071 | 0.0 |
| 25000 | Meta Platforms, Inc., 4.600%, 11/15/2032 | 25208 | 0.0 |
| 34000 | Meta Platforms, Inc., 4.750%, 08/15/2034 | 34295 | 0.0 |
| 30000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | 29971 | 0.0 |
| 40000 | Meta Platforms, Inc., 5.500%, 11/15/2045 | 38865 | 0.1 |
| 25000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 24013 | 0.0 |
| 25000 | Meta Platforms, Inc., 5.750%, 11/15/2065 | 23867 | 0.0 |
| 27000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 28468 | 0.0 |
| 95000 | Micron Technology, Inc., 6.050%, 11/01/2035 | 101411 | 0.1 |
| 11000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 11500 | 0.0 |
| 6000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 6242 | 0.0 |
| 9000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 9518 | 0.0 |
| 30000 <sup>(2)</sup> | Morgan Stanley, 1.512%, 07/20/2027 | 29578 | 0.0 |
| 434000 <sup>(2)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 430261 | 0.4 |
| 55000 <sup>(2)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 54117 | 0.1 |
| 14000 <sup>(2)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 12316 | 0.0 |
| 115000 | Morgan Stanley, 3.125%, 07/27/2026 | 114500 | 0.1 |
| 21000 <sup>(2)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 20862 | 0.0 |
| 15000 <sup>(2)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 15384 | 0.0 |
| 27000 <sup>(2)</sup> | Morgan Stanley, 5.164%, 04/20/2029 | 27617 | 0.0 |
| 15000 <sup>(2)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 15408 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 39000 <sup>(2)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | $40962 | 0.1 |
| 26000 <sup>(2)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 27020 | 0.0 |
| 20000 <sup>(2)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 19996 | 0.0 |
| 91000 <sup>(2)</sup> | Morgan Stanley I, 4.892%, 10/22/2036 | 90229 | 0.1 |
| 22000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 22548 | 0.0 |
| 19000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 19757 | 0.0 |
| 23000 | MPLX L.P., 2.650%, 08/15/2030 | 21318 | 0.0 |
| 20000 | MPLX L.P., 5.000%, 01/15/2033 | 20114 | 0.0 |
| 5000 | MPLX L.P., 5.500%, 06/01/2034 | 5103 | 0.0 |
| 25000 | MSCI, Inc., 5.150%, 03/15/2036 | 24831 | 0.0 |
| 20000 | National Rural Utilities Cooperative Finance Corp., 1.650%, 06/15/2031 | 17447 | 0.0 |
| 267000 | National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028 | 266896 | 0.3 |
| 11000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 10777 | 0.0 |
| 15000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 15297 | 0.0 |
| 16000 | NetApp, Inc., 5.500%, 03/17/2032 | 16652 | 0.0 |
| 19000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 19800 | 0.0 |
| 19000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 19625 | 0.0 |
| 16000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 16866 | 0.0 |
| 24000 | NiSource, Inc., 5.850%, 04/01/2055 | 23943 | 0.0 |
| 26000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 26234 | 0.0 |
| 10000 | Norfolk Southern Corp., 2.550%, 11/01/2029 | 9461 | 0.0 |
| 16000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 16594 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 4000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | $4222 | 0.0 |
| 80000 <sup>(2)</sup> | Northern Trust Corp., 5.117%, 11/19/2040 | 79921 | 0.1 |
| 48000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 49276 | 0.1 |
| 16000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 16996 | 0.0 |
| 4000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 4152 | 0.0 |
| 28000 | Nucor Corp., 5.100%, 06/01/2035 | 28668 | 0.0 |
| 31000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 32318 | 0.0 |
| 7000 <sup>(3)</sup> | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 7172 | 0.0 |
| 32000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 33843 | 0.0 |
| 9000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 9181 | 0.0 |
| 10000 | OGE Energy Corp., 5.450%, 05/15/2029 | 10371 | 0.0 |
| 23000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 23415 | 0.0 |
| 15000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 15444 | 0.0 |
| 16000 | ONEOK, Inc., 6.250%, 10/15/2055 | 16045 | 0.0 |
| 222000 | Oracle Corp., 2.800%, 04/01/2027 | 217690 | 0.2 |
| 24000 | Oracle Corp., 2.950%, 04/01/2030 | 22164 | 0.0 |
| 18000 | Oracle Corp., 3.800%, 11/15/2037 | 14544 | 0.0 |
| 25000 | Oracle Corp., 5.200%, 09/26/2035 | 23961 | 0.0 |
| 30000 | Oracle Corp., 5.875%, 09/26/2045 | 27109 | 0.0 |
| 61000 | Oracle Corp., 5.950%, 09/26/2055 | 54086 | 0.1 |
| 40000 | Oracle Corp., 6.100%, 09/26/2065 | 35304 | 0.1 |
| 91000 | O'Reilly Automotive, Inc., 4.350%, 06/01/2028 | 91838 | 0.1 |
| 13000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 13387 | 0.0 |
| 4000 | PECO Energy Co., 4.900%, 06/15/2033 | 4089 | 0.0 |
| 24000 <sup>(1)</sup> | Pennsylvania Electric Co., 5.150%, 03/30/2026 | 24059 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 43000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | $44239 | 0.1 |
| 27000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 27813 | 0.0 |
| 95000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 97865 | 0.1 |
| 21000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | 21423 | 0.0 |
| 21000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 21229 | 0.0 |
| 21000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 21453 | 0.0 |
| 36000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 36860 | 0.1 |
| 6000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 6204 | 0.0 |
| 3000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 5.373%, 07/21/2036 | 3087 | 0.0 |
| 15000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 16220 | 0.0 |
| 62000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 63906 | 0.1 |
| 4000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 4166 | 0.0 |
| 21000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 21491 | 0.0 |
| 21000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 21811 | 0.0 |
| 8000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 8304 | 0.0 |
| 6000 | Public Service Electric and Gas Co., 5.200%, 03/01/2034 | 6183 | 0.0 |
| 22000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 19709 | 0.0 |
| 22000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 22506 | 0.0 |
| 39000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 40100 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 6000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | $6184 | 0.0 |
| 16000 | Qualcomm, Inc., 4.750%, 05/20/2032 | 16350 | 0.0 |
| 8000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 7366 | 0.0 |
| 8000 <sup>(3)</sup> | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 7573 | 0.0 |
| 36000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 36625 | 0.1 |
| 10000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 10129 | 0.0 |
| 6000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 6646 | 0.0 |
| 45000 | Raymond James Financial, Inc., 5.650%, 09/11/2055 | 44080 | 0.1 |
| 12000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 10531 | 0.0 |
| 8000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 8289 | 0.0 |
| 23000 | Ross Stores, Inc., 4.700%, 04/15/2027 | 23135 | 0.0 |
| 143000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 137828 | 0.1 |
| 40000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 36275 | 0.1 |
| 19000 | Ryder System, Inc., 4.950%, 09/01/2029 | 19451 | 0.0 |
| 27000 | Ryder System, Inc., 5.000%, 03/15/2030 | 27669 | 0.0 |
| 27000 | Ryder System, Inc., 5.250%, 06/01/2028 | 27745 | 0.0 |
| 4000 | Ryder System, Inc., 5.375%, 03/15/2029 | 4145 | 0.0 |
| 32000 | Ryder System, Inc., 5.500%, 06/01/2029 | 33358 | 0.0 |
| 8000 | Ryder System, Inc., 6.600%, 12/01/2033 | 8922 | 0.0 |
| 10000 | S&P Global, Inc., 1.250%, 08/15/2030 | 8804 | 0.0 |
| 38000 | S&P Global, Inc., 2.700%, 03/01/2029 | 36537 | 0.1 |
| 19000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 17829 | 0.0 |
| 2000 <sup>(1)(3)</sup> | Schlumberger Holdings Corp., 4.850%, 05/15/2033 | 2007 | 0.0 |
| 22000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 22629 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 52000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | $50915 | 0.1 |
| 20000 <sup>(2)</sup> | Sempra, 6.400%, 10/01/2054 | 20354 | 0.0 |
| 24000 | Solventum Corp., 5.450%, 03/13/2031 | 25066 | 0.0 |
| 8000 | Solventum Corp., 5.600%, 03/23/2034 | 8327 | 0.0 |
| 16000 | Sonoco Products Co., 4.600%, 09/01/2029 | 16136 | 0.0 |
| 10000 | Southern California Gas Co., 5.200%, 06/01/2033 | 10348 | 0.0 |
| 36000 | Southern Co., 5.113%, 08/01/2027 | 36602 | 0.1 |
| 5000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 5139 | 0.0 |
| 52000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 53192 | 0.1 |
| 90000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 96613 | 0.1 |
| 44000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 53241 | 0.1 |
| 57000 <sup>(2)</sup> | State Street Corp., 3.031%, 11/01/2034 | 53846 | 0.1 |
| 29000 <sup>(2)</sup> | State Street Corp., 4.675%, 10/22/2032 | 29593 | 0.0 |
| 17000 | State Street Corp., 4.729%, 02/28/2030 | 17417 | 0.0 |
| 24000 | Stryker Corp., 4.850%, 02/10/2030 | 24652 | 0.0 |
| 19000 | Synopsys, Inc., 5.000%, 04/01/2032 | 19430 | 0.0 |
| 10000 | Sysco Corp., 5.400%, 03/23/2035 | 10362 | 0.0 |
| 20000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 20714 | 0.0 |
| 3000 | Targa Resources Corp., 4.200%, 02/01/2033 | 2873 | 0.0 |
| 28000 | Targa Resources Corp., 5.400%, 07/30/2036 | 28043 | 0.0 |
| 4000 | Targa Resources Corp., 5.500%, 02/15/2035 | 4100 | 0.0 |
| 34000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 31466 | 0.0 |
| 57000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 59145 | 0.1 |
| 19000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 18688 | 0.0 |
| 18000 <sup>(3)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 18463 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 30000 | Toyota Motor Credit Corp., 4.350%, 10/08/2027 | $30312 | 0.0 |
| 20000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 20332 | 0.0 |
| 31000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 31820 | 0.0 |
| 16000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 16777 | 0.0 |
| 18000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 19090 | 0.0 |
| 8000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 7674 | 0.0 |
| 61000 <sup>(2)</sup> | Truist Financial Corp., 5.435%, 01/24/2030 | 63164 | 0.1 |
| 11000 <sup>(2)</sup> | Truist Financial Corp., 5.867%, 06/08/2034 | 11709 | 0.0 |
| 11000 <sup>(2)</sup> | Truist Financial Corp., 6.123%, 10/28/2033 | 11912 | 0.0 |
| 14000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 14336 | 0.0 |
| 21000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 21718 | 0.0 |
| 21000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 21147 | 0.0 |
| 19000 | Union Pacific Corp., 5.100%, 02/20/2035 | 19616 | 0.0 |
| 20000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 14977 | 0.0 |
| 20000 | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 20508 | 0.0 |
| 8000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 8197 | 0.0 |
| 12000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 12067 | 0.0 |
| 121000 | Utah Acquisition Sub, Inc., 3.950%, 06/15/2026 | 120744 | 0.1 |
| 13000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 11449 | 0.0 |
| 11000 | Verizon Communications, Inc., 2.550%, 03/21/2031 | 10049 | 0.0 |
| 27000 | Verizon Communications, Inc., 4.400%, 11/01/2034 | 26064 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 30000 | Verizon Communications, Inc., 5.000%, 01/15/2036 | $29757 | 0.0 |
| 45000 | Verizon Communications, Inc., 5.875%, 11/30/2055 | 44491 | 0.1 |
| 35000 | Verizon Communications, Inc., 6.000%, 11/30/2065 | 34581 | 0.1 |
| 58000 | Viatris, Inc., 2.700%, 06/22/2030 | 53037 | 0.1 |
| 3000 | Viatris, Inc., 3.850%, 06/22/2040 | 2304 | 0.0 |
| 32000 | Viper Energy Partners LLC, 5.700%, 08/01/2035 | 32677 | 0.0 |
| 74000 | VMware, Inc., 1.400%, 08/15/2026 | 72926 | 0.1 |
| 55000 | Walmart, Inc., 4.900%, 04/28/2035 | 56569 | 0.1 |
| 13000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 13265 | 0.0 |
| 312000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 309780 | 0.3 |
| 21000 <sup>(2)</sup> | Wells Fargo & Co., 3.584%, 05/22/2028 | 20868 | 0.0 |
| 6000 <sup>(2)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 6264 | 0.0 |
| 60000 <sup>(2)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 62912 | 0.1 |
| 5000 <sup>(2)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 5538 | 0.0 |
| 4000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 4030 | 0.0 |
| 42000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 42540 | 0.1 |
| 5000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | 5011 | 0.0 |
| 10000 | Williams Cos., Inc., 4.900%, 03/15/2029 | 10219 | 0.0 |
| 6000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 | 6200 | 0.0 |
| 16000 | Xcel Energy, Inc., 5.600%, 04/15/2035 | 16583 | 0.0 |
| 20000 | Zimmer Biomet Holdings, Inc., 3.550%, 03/20/2030 | 19349 | 0.0 |
|  |  | **15900675** | **15.3** |
|  | Total Corporate Bonds/Notes |  |  |
|  | (Cost $18,130,754) | **18318303** | **17.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.9%** |
|  | **Mexico: 0.0%** | **Mexico: 0.0%** | **Mexico: 0.0%** |
| 15767 <sup>(4)</sup> | Su Casita 2006-1U A, 6.100%, 09/25/2035 | $870 | 0.0 |
|  | **United States: 12.9%** |  |  |
| 92387 <sup>(2)</sup> | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.713%, 05/25/2036 | 79989 | 0.1 |
| 28871 <sup>(2)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.346%, (TSFR1M + 0.614%), 11/25/2035 | 14749 | 0.0 |
| 53354 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 25179 | 0.0 |
| 71430 | Banc of America Funding Trust 2005-1 1A1, 5.500%, 02/25/2035 | 70670 | 0.1 |
| 11878 | CHL Mortgage Pass-Through Trust 2005-17 1A8, 5.500%, 09/25/2035 | 11825 | 0.0 |
| 21704 | CHL Mortgage Pass-Through Trust 2005-J4 A7, 5.500%, 11/25/2035 | 17896 | 0.0 |
| 169214 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 75775 | 0.1 |
| 18419 <sup>(2)</sup> | Citigroup Mortgage Loan Trust, Inc. 2005-2 1A3, 6.012%, 05/25/2035 | 18002 | 0.0 |
| 114620 | CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036 | 101581 | 0.1 |
| 276422 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-2 A1, 0.924%, 08/25/2066 | 235270 | 0.2 |
| 160902 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-3 A1, 0.956%, 09/27/2066 | 138825 | 0.1 |
| 300000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 5.824%, (SOFR30A + 1.950%), 03/25/2044 | 301891 | 0.3 |
| 250000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1M2, 5.474%, (SOFR30A + 1.600%), 02/25/2045 | 250544 | 0.2 |
| 1894 <sup>(5)</sup> | Fannie Mae Interest Strip 294 2, 7.000%, 02/25/2028 | 91 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 43166 <sup>(5)</sup> | Fannie Mae Interest Strip 319 2, 6.500%, 02/25/2032 | $5697 | 0.0 |
| 13791 <sup>(5)</sup> | Fannie Mae Interest Strip 328 2, 6.000%, 12/25/2032 | 1836 | 0.0 |
| 6478 <sup>(5)</sup> | Fannie Mae Interest Strip 331 5, 6.000%, 02/25/2033 | 803 | 0.0 |
| 8296 <sup>(5)</sup> | Fannie Mae Interest Strip 332 2, 6.000%, 03/25/2033 | 1169 | 0.0 |
| 6487 <sup>(5)</sup> | Fannie Mae Interest Strip 334 12, 6.000%, 03/25/2033 | 837 | 0.0 |
| 8738 <sup>(5)</sup> | Fannie Mae Interest Strip 338 2, 5.500%, 07/25/2033 | 1198 | 0.0 |
| 3844 <sup>(5)</sup> | Fannie Mae Interest Strip 356 10, 5.500%, 06/25/2035 | 564 | 0.0 |
| 3692 <sup>(5)</sup> | Fannie Mae Interest Strip 364 15, 6.000%, 09/25/2035 | 475 | 0.0 |
| 144847 <sup>(5)</sup> | Fannie Mae Interest Strip 418 5, 3.500%, 08/25/2043 | 21197 | 0.0 |
| 170815 <sup>(2)(5)</sup> | Fannie Mae Interest Strip 418 80, 3.500%, 08/25/2033 | 13092 | 0.0 |
| 715 | Fannie Mae REMIC Trust 1999-14 MB, 6.500%, 04/25/2029 | 722 | 0.0 |
| 1725 | Fannie Mae REMIC Trust 2001-80 ZB, 6.000%, 01/25/2032 | 1776 | 0.0 |
| 14760 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-12 SB, 3.761%, (-1.000\*SOFR30A + 7.636%), 07/25/2031 | 1229 | 0.0 |
| 9627 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-2 SW, 3.761%, (-1.000\*SOFR30A + 7.636%), 02/25/2032 | 867 | 0.0 |
| 3609 | Fannie Mae REMIC Trust 2002-21 PE, 6.500%, 04/25/2032 | 3779 | 0.0 |
| 1502 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-29 F, 4.989%, (SOFR30A + 1.114%), 04/25/2032 | 1518 | 0.0 |
| 2837 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-41 S, 3.961%, (-1.000\*SOFR30A + 7.836%), 07/25/2032 | 149 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 463 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-64 FJ, 4.989%, (SOFR30A + 1.114%), 04/25/2032 | $467 | 0.0 |
| 1062 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-68 FH, 4.551%, (SOFR30A + 0.614%), 10/18/2032 | 1061 | 0.0 |
| 162515 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2002-77 JS, 3.949%, (-1.000\*SOFR30A + 7.886%), 12/18/2032 | 15007 | 0.0 |
| 4535 <sup>(2)</sup> | Fannie Mae REMIC Trust 2002-84 FB, 4.989%, (SOFR30A + 1.114%), 12/25/2032 | 4584 | 0.0 |
| 4534 <sup>(2)</sup> | Fannie Mae REMIC Trust 2003-11 FA, 4.989%, (SOFR30A + 1.114%), 09/25/2032 | 4584 | 0.0 |
| 880 <sup>(2)</sup> | Fannie Mae REMIC Trust 2003-116 FA, 4.389%, (SOFR30A + 0.514%), 11/25/2033 | 878 | 0.0 |
| 5896 <sup>(5)</sup> | Fannie Mae REMIC Trust 2003-13 IO, 7.000%, 03/25/2033 | 822 | 0.0 |
| 6853 <sup>(5)</sup> | Fannie Mae REMIC Trust 2003-26 IK, 7.000%, 04/25/2033 | 1108 | 0.0 |
| 119781 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2004-56 SE, 3.561%, (-1.000\*SOFR30A + 7.436%), 10/25/2033 | 11674 | 0.0 |
| 7448 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-25 PS, 10.610%, (-1.000\*SOFR30A + 27.656%), 04/25/2035 | 9188 | 0.0 |
| 1419 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2005-40 SB, 2.761%, (-1.000\*SOFR30A + 6.636%), 05/25/2035 | 50 | 0.0 |
| 53237 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 8.045%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 58088 | 0.1 |
| 115160 <sup>(2)</sup> | Fannie Mae REMIC Trust 2005-87 SB, 9.208%, (-1.000\*SOFR30A + 23.414%), 10/25/2035 | 134362 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 54542 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 13.507%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | $71963 | 0.1 |
| 4848 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-11 PS, 9.942%, (-1.000\*SOFR30A + 24.147%), 03/25/2036 | 5848 | 0.0 |
| 9322 <sup>(2)</sup> | Fannie Mae REMIC Trust 2006-46 SW, 9.575%, (-1.000\*SOFR30A + 23.779%), 06/25/2036 | 10919 | 0.0 |
| 2188182 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2006-51 SA, 2.581%, (-1.000\*SOFR30A + 6.456%), 06/25/2036 | 178754 | 0.2 |
| 16149 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2006-90 SX, 3.241%, (-1.000\*SOFR30A + 7.116%), 09/25/2036 | 1095 | 0.0 |
| 2651359 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-116 DI, 1.951%, (-1.000\*SOFR30A + 5.826%), 01/25/2038 | 213427 | 0.2 |
| 18775 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-88 XI, 2.551%, (-1.000\*SOFR30A + 6.426%), 06/25/2037 | 1738 | 0.0 |
| 89707 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-89 SB, 2.561%, (-1.000\*SOFR30A + 6.436%), 09/25/2037 | 7390 | 0.0 |
| 482500 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2007-94 SG, 2.461%, (-1.000\*SOFR30A + 6.336%), 10/25/2037 | 45065 | 0.1 |
| 248774 <sup>(2)</sup> | Fannie Mae REMIC Trust 2010-109 SN, 4.304%, (-1.000\*SOFR30A + 24.428%), 10/25/2040 | 263511 | 0.3 |
| 128336 | Fannie Mae REMIC Trust 2010-155 PL, 5.000%, 07/25/2040 | 130189 | 0.1 |
| 920194 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2011-55 SK, 2.571%, (-1.000\*SOFR30A + 6.446%), 06/25/2041 | 93130 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 611447 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2011-86 NS, 1.961%, (-1.000\*SOFR30A + 5.836%), 09/25/2041 | $42870 | 0.1 |
| 201428 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-10 US, 2.461%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | 23616 | 0.0 |
| 316936 <sup>(5)</sup> | Fannie Mae REMIC Trust 2012-110 JI, 4.000%, 06/25/2042 | 41649 | 0.0 |
| 878597 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-133 PS, 2.211%, (-1.000\*SOFR30A + 6.086%), 03/25/2042 | 62862 | 0.1 |
| 285098 <sup>(5)</sup> | Fannie Mae REMIC Trust 2012-138 DI, 3.000%, 12/25/2027 | 3318 | 0.0 |
| 777686 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-144 SB, 2.111%, (-1.000\*SOFR30A + 5.986%), 01/25/2043 | 78993 | 0.1 |
| 382361 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2012-27 SB, 1.991%, (-1.000\*SOFR30A + 5.866%), 11/25/2041 | 20521 | 0.0 |
| 377720 <sup>(5)</sup> | Fannie Mae REMIC Trust 2013-64 LI, 3.000%, 06/25/2033 | 27088 | 0.0 |
| 6178381 <sup>(2)(5)</sup> | Fannie Mae REMIC Trust 2019-15 SA, 2.011%, (-1.000\*SOFR30A + 5.886%), 04/25/2049 | 680190 | 0.7 |
| 1609901 <sup>(5)</sup> | Fannie Mae REMIC Trust 2020-3 DI, 3.500%, 02/25/2050 | 291210 | 0.3 |
| 11644104 <sup>(5)</sup> | Fannie Mae REMIC Trust 2021-4 IN, 2.500%, 02/25/2051 | 1476302 | 1.4 |
| 19 | Freddie Mac REMIC Trust 1897 K, 7.000%, 09/15/2026 | 19 | 0.0 |
| 707 <sup>(5)</sup> | Freddie Mac REMIC Trust 2035 PE, 7.000%, 03/15/2028 | 35 | 0.0 |
| 5042 <sup>(5)</sup> | Freddie Mac REMIC Trust 2049 PL, 7.000%, 04/15/2028 | 268 | 0.0 |
| 3336 <sup>(2)</sup> | Freddie Mac REMIC Trust 2122 F, 4.548%, (SOFR30A + 0.564%), 02/15/2029 | 3334 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | | |
| 1637 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2134 SB, 3.602%, (-1.000\*SOFR30A + 7.586%), 03/15/2029 | $46 | 0 |
| 5814 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2136 SG, 3.552%, (-1.000\*SOFR30A + 7.536%), 03/15/2029 | 174 | 0 |
| 5045 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 2177 SB, 4.852%, (-1.000\*SOFR30A + 8.836%), 08/15/2029 | 151 | 0 |
| 2518 <sup>(2)</sup> | Freddie Mac REMIC Trust 2344 FP, 5.048%, (SOFR30A + 1.064%), 08/15/2031 | 2541 | 0 |
| 1057 <sup>(2)</sup> | Freddie Mac REMIC Trust 2412 GF, 5.048%, (SOFR30A + 1.064%), 02/15/2032 | 1066 | 0 |
| 18266 | Freddie Mac REMIC Trust 2415 ZA, 6.500%, 02/15/2032 | 19144 | 0 |
| 1417 <sup>(2)</sup> | Freddie Mac REMIC Trust 2464 FI, 5.098%, (SOFR30A + 1.114%), 02/15/2032 | 1432 | 0 |
| 1453 <sup>(2)</sup> | Freddie Mac REMIC Trust 2470 LF, 5.098%, (SOFR30A + 1.114%), 02/15/2032 | 1469 | 0 |
| 2017 <sup>(2)</sup> | Freddie Mac REMIC Trust 2471 FD, 5.098%, (SOFR30A + 1.114%), 03/15/2032 | 2039 | 0 |
| 1640 <sup>(2)</sup> | Freddie Mac REMIC Trust 2504 FP, 4.598%, (SOFR30A + 0.614%), 03/15/2032 | 1639 | 0 |
| 5982 <sup>(2)</sup> | Freddie Mac REMIC Trust 2551 LF, 4.598%, (SOFR30A + 0.614%), 01/15/2033 | 5977 | 0 |
| 85950 | Freddie Mac REMIC Trust 2750 XG, 5.000%, 02/15/2034 | 88193 | 0.1 |
| 72354 | Freddie Mac REMIC Trust 2890 PE, 5.000%, 11/15/2034 | 74406 | 0.1 |
| 13472 <sup>(2)</sup> | Freddie Mac REMIC Trust 3001 HT, 8.000%, (-1.000\*SOFR30A + 43.903%), 05/15/2035 | 14113 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | |
|  | **United States: (continued)** | | |
| 6729 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3004 SB, 2.052%, (-1.000\*SOFR30A + 6.036%), 07/15/2035 | $219 | 0.0 |
| 3444 <sup>(2)</sup> | Freddie Mac REMIC Trust 3025 SJ, 9.723%, (-1.000\*SOFR30A + 24.330%), 08/15/2035 | 4139 | 0.0 |
| 333301 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3223 S, 1.852%, (-1.000\*SOFR30A + 5.836%), 10/15/2036 | 24408 | 0.0 |
| 2285527 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3502 DL, 1.902%, (-1.000\*SOFR30A + 5.886%), 01/15/2039 | 189021 | 0.2 |
| 623535 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3505 SA, 1.902%, (-1.000\*SOFR30A + 5.886%), 01/15/2039 | 50476 | 0.1 |
| 4007054 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3582 SL, 2.052%, (-1.000\*SOFR30A + 6.036%), 10/15/2039 | 349679 | 0.3 |
| 698811 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3702 S, 0.352%, (-1.000\*SOFR30A + 4.336%), 05/15/2036 | 21483 | 0.0 |
| 121342 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.952%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 2040 | 0.0 |
| 242106 <sup>(5)</sup> | Freddie Mac REMIC Trust 4120 IK, 3.000%, 10/15/2032 | 16451 | 0.0 |
| 2247827 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 4136 LS, 2.052%, (-1.000\*SOFR30A + 6.036%), 11/15/2042 | 239233 | 0.2 |
| 205843 <sup>(2)(5)</sup> | Freddie Mac REMIC Trust 4136 SW, 2.152%, (-1.000\*SOFR30A + 6.136%), 11/15/2032 | 11264 | 0.0 |
| 169565 <sup>(5)</sup> | Freddie Mac REMIC Trust 4161 CI, 4.000%, 02/15/2043 | 23652 | 0.0 |
| 2883822 <sup>(5)</sup> | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 438096 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 589384 <sup>(5)</sup> | Freddie Mac REMIC Trust 4624 BI, 5.500%, 04/15/2036 | $99136 | 0.1 |
| 500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 7.624%, (SOFR30A + 3.750%), 02/25/2042 | 515134 | 0.5 |
| 600000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 9.124%, (SOFR30A + 5.250%), 03/25/2042 | 629703 | 0.6 |
| 400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 5.674%, (SOFR30A + 1.800%), 08/25/2044 | 402777 | 0.4 |
| 105812 <sup>(2)</sup> | Ginnie Mae 2007-8 SP, 9.570%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | 125910 | 0.1 |
| 545455 <sup>(2)(5)</sup> | Ginnie Mae 2010-68 MS, 2.002%, (-1.000\*TSFR1M + 5.736%), 06/20/2040 | 50684 | 0.1 |
| 270956 <sup>(2)(5)</sup> | Ginnie Mae 2012-97 SC, 2.851%, (-1.000\*TSFR1M + 6.586%), 07/16/2041 | 15452 | 0.0 |
| 5085845 <sup>(2)(5)</sup> | Ginnie Mae 2014-133 BS, 1.752%, (-1.000\*TSFR1M + 5.486%), 09/20/2044 | 417048 | 0.4 |
| 72877 <sup>(2)</sup> | GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 4.266%, (TSFR1M + 0.534%), 04/25/2036 | 66523 | 0.1 |
| 7563 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 7146 | 0.0 |
| 3683 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 3475 | 0.0 |
| 426230 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B1A, 3.407%, 10/25/2050 | 377770 | 0.4 |
| 156584 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052 | 130048 | 0.1 |
| 324336 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ6 A24, 3.000%, 01/25/2053 | 281542 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 422796 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ2 A16, 5.500%, 05/25/2053 | $425612 | 0.4 |
| 205 <sup>(2)</sup> | GSR Mortgage Loan Trust 2005-AR6 1A4, 6.117%, 09/25/2035 | 206 | 0.0 |
| 283407 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 4.266%, (TSFR1M + 0.534%), 04/25/2046 | 265523 | 0.3 |
| 314145 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052 | 274311 | 0.3 |
| 644164 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053 | 641015 | 0.6 |
| 217108 <sup>(2)</sup> | JP Morgan Mortgage Trust 2005-A4 B1, 5.583%, 07/25/2035 | 209552 | 0.2 |
| 18080 <sup>(2)</sup> | JP Morgan Mortgage Trust 2007-A1 7A1, 5.685%, 07/25/2035 | 17701 | 0.0 |
| 196387 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.793%, 08/25/2047 | 185038 | 0.2 |
| 125262 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050 | 114104 | 0.1 |
| 27006 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050 | 24367 | 0.0 |
| 100000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 102227 | 0.1 |
| 87929 <sup>(2)</sup> | Lehman XS Trust Series 2005-5N 1A2, 4.206%, (TSFR1M + 0.474%), 11/25/2035 | 87977 | 0.1 |
| 20546 <sup>(2)</sup> | MASTR Adjustable Rate Mortgages Trust 2006-2 1A1, 6.799%, 04/25/2036 | 19950 | 0.0 |
| 200000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 196367 | 0.2 |
| 199575 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2018-3 M1, 3.250%, 08/25/2058 | 193458 | 0.2 |
| 129595 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | 107668 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** |  |  |
| 93992 <sup>(1)(2)</sup> | PMT Loan Trust 2025-INV8 A2, 5.500%, 07/25/2056 | $94837 | 0.1 |
| 1084217 <sup>(2)(5)</sup> | RALI Series Trust 2006-QO1 X2, 2.082%, 02/25/2046 | 57590 | 0.1 |
| 3371 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 3158 | 0.0 |
| 2421899 <sup>(2)(5)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 2849 | 0.0 |
| 16676 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.492%, 10/25/2036 | 15550 | 0.0 |
| 134491 <sup>(2)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.146%, 12/25/2036 | 127500 | 0.1 |
| 29091 <sup>(2)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.276%, (TSFR1M + 0.544%), 06/25/2037 | 25685 | 0.0 |
| 71539 <sup>(1)(2)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.757%, 08/20/2045 | 66704 | 0.1 |
|  |  | **13380220** | **12.9** |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $15,850,464) | **13381090** | **12.9** |
| **SOVEREIGN BONDS: 10.3%** | **SOVEREIGN BONDS: 10.3%** |  |  |
|  | **Australia: 0.3%** |  |  |
| <sup>AUD</sup>558000 <sup>(1)</sup> | Queensland Treasury Corp., 1.750%, 07/20/2034 | 283800 | 0.3 |
|  | **Brazil: 2.2%** |  |  |
| <sup>BRL</sup>10381 <sup>(6)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | 1892334 | 1.8 |
| <sup>BRL</sup>537000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | 402494 | 0.4 |
|  |  | **2294828** | **2.2** |
|  | **Canada: 0.3%** |  |  |
| <sup>CAD</sup>575000 | Canadian Government Bond 0004, 2.000%, 12/01/2051 | 292529 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **China: 1.8%** | **China: 1.8%** | **China: 1.8%** |
| <sup>CNY</sup>1400000 | China Government Bond INBK, 2.520%, 08/25/2033 | $210758 | 0.2 |
| <sup>CNY</sup>4500000 | China Government Bond INBK, 2.880%, 02/25/2033 | 695341 | 0.6 |
| <sup>CNY</sup>2400000 | China Government Bond INBK, 3.000%, 10/15/2053 | 390858 | 0.4 |
| <sup>CNY</sup>550000 | China Government Bond INBK, 3.190%, 04/15/2053 | 92049 | 0.1 |
| <sup>CNY</sup>1270000 | China Government Bond INBK, 3.320%, 04/15/2052 | 215771 | 0.2 |
| <sup>CNY</sup>1780000 | China Government Bond INBK, 4.080%, 10/22/2048 | 333493 | 0.3 |
|  |  | **1938270** | **1.8** |
|  | **Czechia: 0.2%** |  |  |
| <sup>CZK</sup>3950000 | Czech Republic Government Bond 105, 2.750%, 07/23/2029 | 185060 | 0.2 |
|  | **Germany: 0.3%** |  |  |
| <sup>EUR</sup>30000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 0.500%, 02/15/2028 | 34103 | 0.0 |
| <sup>EUR</sup>120000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 2.730%, 08/15/2026 | 139301 | 0.1 |
| <sup>EUR</sup>200000 | Bundesrepublik Deutschland Bundesanleihe 31Y, 1.250%, 08/15/2048 | 155314 | 0.2 |
|  |  | **328718** | **0.3** |
|  | **Indonesia: 0.4%** |  |  |
| <sup>IDR</sup>6452000000 | Indonesia Treasury Bond FR79, 8.375%, 04/15/2039 | 454172 | 0.4 |
|  | **Italy: 0.5%** |  |  |
| <sup>EUR</sup>438000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 30Y, 3.850%, 09/01/2049 | 489813 | 0.5 |
|  | **Malaysia: 0.4%** |  |  |
| <sup>MYR</sup>1864000 | Malaysia Government Bond 0419, 3.828%, 07/05/2034 | 469689 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Poland: 0.2%** | **Poland: 0.2%** | **Poland: 0.2%** |
| <sup>PLN</sup>650000 | Republic of Poland Government Bond 0728, 7.500%, 07/25/2028 | $196618 | 0.2 |
|  | **Spain: 1.8%** |  |  |
| <sup>EUR</sup>870000 <sup>(1)</sup> | Spain Government Bond, 1.450%, 04/30/2029 | 992414 | 1 |
| <sup>EUR</sup>908000 <sup>(1)</sup> | Spain Government Bond 30Y, 2.700%, 10/31/2048 | 871493 | 0.8 |
|  |  | **1863907** | **1.8** |
|  | **Thailand: 0.6%** |  |  |
| <sup>THB</sup>17994000 | Thailand Government Bond, 2.875%, 12/17/2028 | 599405 | 0.6 |
|  | **United Kingdom: 1.3%** |  |  |
| <sup>GBP</sup>1000000 | United Kingdom Gilt, 4.125%, 07/22/2029 | 1360128 | 1.3 |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $10,795,320) | **10756937** | **10.3** |
| **MUTUAL FUNDS: 10.0%** | **MUTUAL FUNDS: 10.0%** |  |  |
|  | **United States: 10.0%** |  |  |
| 395719 <sup>(7)</sup> | Voya VACS Series EMHCD Fund | 4234193 | 4.1 |
| 597447 <sup>(7)</sup> | Voya VACS Series HYB Fund | 6189552 | 5.9 |
|  |  | **10423745** | **10.0** |
|  | Total Mutual Funds |  |  |
|  | (Cost $9,982,344) | **10423745** | **10.0** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** |  |
|  | **United States: 9.0%** |  |  |
| 750000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 A, 5.088%, (TSFR1M + 1.354%), 01/20/2043 | 749506 | 0.7 |
| 250000 <sup>(1)</sup> | ARZ Trust 2024-BILT C, 6.361%, 06/11/2039 | 255730 | 0.2 |
| 4980348 <sup>(2)(5)</sup> | BANK 2017-BNK5 XA, 0.938%, 06/15/2060 | 51272 | 0.1 |
| 1948000 <sup>(1)(2)(5)</sup> | BANK 2017-BNK6 XE, 1.500%, 07/15/2060 | 38336 | 0 |
| 860374 <sup>(2)(5)</sup> | BANK 2019-BN16 XA, 0.927%, 02/15/2052 | 18348 | 0 |
| 8584523 <sup>(2)(5)</sup> | BANK 2019-BN21 XA, 0.826%, 10/17/2052 | 209824 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
|  | **United States: (continued)** |  |  |
| 500000 <sup>(1)(2)</sup> | BAY Mortgage Trust 2025-LIVN A, 5.550%, (TSFR1M + 1.800%), 05/15/2035 | $501214 | 0.5 |
| 210000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 143795 | 0.1 |
| 1080035 <sup>(2)(5)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.005%, 03/15/2052 | 25236 | 0 |
| 500000 | Benchmark Mortgage Trust 2025-V17 A3, 5.075%, 09/15/2058 | 512722 | 0.5 |
| 299830 <sup>(1)(2)</sup> | BLP Commercial Mortgage Trust 2024-IND2 B, 5.442%, (TSFR1M + 1.692%), 03/15/2041 | 300382 | 0.3 |
| 315000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.035%, (TSFR1M + 2.285%), 10/15/2036 | 314858 | 0.3 |
| 450000 <sup>(1)(2)</sup> | BX Trust 2021-LBA EJV, 5.865%, (TSFR1M + 2.114%), 02/15/2036 | 450276 | 0.4 |
| 275000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY D, 5.166%, (TSFR1M + 1.416%), 10/15/2036 | 274190 | 0.3 |
| 487187 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.251%, (TSFR1M + 1.501%), 09/15/2034 | 485612 | 0.5 |
| 1442303 <sup>(2)(5)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.319%, 08/10/2049 | 2980 | 0 |
| 200000 <sup>(2)</sup> | Citigroup Commercial Mortgage Trust 2016-P5 B, 3.698%, 10/10/2049 | 180132 | 0.2 |
| 4670249 <sup>(1)(2)(5)</sup> | Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.783%, 10/05/2030 | 116 | 0 |
| 750000 | CSAIL Commercial Mortgage Trust 2021-C20 A3, 2.805%, 03/15/2054 | 693950 | 0.7 |
| 3989858 <sup>(2)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.868%, 11/25/2030 | 138100 | 0.1 |
| 2046298 <sup>(2)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.322%, 07/25/2035 | 184491 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
|  | **United States: (continued)** |  |  |  |
| 2069658 <sup>(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.357%, 12/25/2029 | $| 78595 | 0.1 |
| 10804 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 |  | 10521 | 0.0 |
| 4716623 <sup>(2)(5)</sup> | GS Mortgage Securities Trust 2019-GC42 XA, 0.804%, 09/10/2052 |  | 113639 | 0.1 |
| 854880 <sup>(2)(5)</sup> | GS Mortgage Securities Trust 2020-GC47 XA, 1.122%, 05/12/2053 |  | 32186 | 0.0 |
| 500000 <sup>(1)(2)</sup> | GWT 2024-WLF2 A, 5.441%, (TSFR1M + 1.691%), 05/15/2041 |  | 502005 | 0.5 |
| 400000 <sup>(1)(2)</sup> | Hawaii Hotel Trust 2025-MAUI C, 5.792%, (TSFR1M + 2.042%), 03/15/2042 |  | 401725 | 0.4 |
| 2033078 <sup>(1)(2)(5)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 0.869%, 03/10/2050 |  | 8984 | 0.0 |
| 500000 <sup>(1)(2)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.754%, 10/15/2042 |  | 502433 | 0.5 |
| 1665691 <sup>(5)</sup> | Morgan Stanley Capital I Trust 2021-L5 XA, 1.261%, 05/15/2054 |  | 73411 | 0.1 |
| 750000 <sup>(1)(2)</sup> | SMRT 2022-MINI B, 5.101%, (TSFR1M + 1.350%), 01/15/2039 |  | 748703 | 0.7 |
| 350000 <sup>(1)(2)</sup> | STWD LLC 2025-FL4 AS, 5.431%, (TSFR1M + 1.700%), 11/19/2042 |  | 350546 | 0.3 |
| 500000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA B, 5.592%, (TSFR1M + 1.842%), 02/15/2042 |  | 496447 | 0.5 |
| 500000 | Wells Fargo Commercial Mortgage Trust 2024-5C1 A3, 5.928%, 07/15/2057 |  | 523835 | 0.5 |
|  |  |  | **9374100** | **9.0** |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $9,403,233) |  | **9374100** | **9.0** |
| **U.S. TREASURY OBLIGATIONS: 8.4%** | **U.S. TREASURY OBLIGATIONS: 8.4%** |  |  |  |
|  | **United States Treasury Bonds: 2.7%** | **United States Treasury Bonds: 2.7%** | **United States Treasury Bonds: 2.7%** |  |
| 1294000 | 4.625%, 11/15/2045 |  | 1264683 | 1.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage** | **Percentage** |
| | | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Assets** | **Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Bonds: (continued)** | **United States Treasury Bonds: (continued)** | **United States Treasury Bonds: (continued)** | **United States Treasury Bonds: (continued)** |  |
| 324000 | 4.750%, 02/15/2045 | $| 322456 |  | 0.3 |
| 1276400 | 4.750%, 08/15/2055 |  | 1255260 |  | 1.2 |
|  |  |  | **2842399** |  | **2.7** |
|  | **United States Treasury Notes: 5.7%** | **United States Treasury Notes: 5.7%** | **United States Treasury Notes: 5.7%** |  |  |
| 537700 | 3.375%, 09/15/2027 |  | 536776 |  | 0.5 |
| 123900 | 3.375%, 12/31/2027 |  | 123660 |  | 0.1 |
| 545800 | 3.500%, 12/15/2028 |  | 545182 |  | 0.5 |
| 565300 | 3.625%, 12/31/2030 |  | 562628 |  | 0.6 |
| 240200 | 3.750%, 05/15/2028 |  | 241537 |  | 0.2 |
| 3100 | 3.875%, 06/30/2030 |  | 3124 |  | 0 |
| 1277900 | 3.875%, 12/31/2032 |  | 1272409 |  | 1.2 |
| 4000 | 3.875%, 08/15/2034 |  | 3939 |  | 0 |
| 16000 | 4.000%, 03/31/2030 |  | 16207 |  | 0 |
| 43900 | 4.000%, 04/30/2032 |  | 44193 |  | 0.1 |
| 2566200 | 4.000%, 11/15/2035 |  | 2529511 |  | 2.5 |
|  |  |  | **5879166** |  | **5.7** |
|  | Total U.S. Treasury Obligations |  |  |  |  |
|  | (Cost $8,778,961) |  | **8721565** |  | **8.4** |
| **ASSET-BACKED SECURITIES: 8.2%** | **ASSET-BACKED SECURITIES: 8.2%** |  |  |  |  |
|  | **Cayman Islands: 8.1%** |  |  |  |  |
| 250000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2020-5A ARR, 5.034%, (TSFR3M + 1.150%), 04/20/2034 |  | 250299 |  | 0.2 |
| 500000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2025-4A C, 5.709%, (TSFR3M + 1.850%), 01/17/2039 |  | 501173 |  | 0.5 |
| 500000 <sup>(1)(2)</sup> | Barings CLO Ltd. 2019-4A CR, 6.105%, (TSFR3M + 2.200%), 07/15/2037 |  | 501672 |  | 0.5 |
| 412500 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2013-2A CR, 6.069%, (TSFR3M + 2.212%), 10/22/2030 |  | 413688 |  | 0.4 |
| 250000 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR2, 5.755%, (TSFR3M + 1.850%), 04/15/2035 |  | 250199 |  | 0.2 |
| 300000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A AR2, 5.274%, (TSFR3M + 1.390%), 01/20/2038 |  | 301136 |  | 0.3 |
| 500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2020-2A AR, 5.316%, (TSFR3M + 1.432%), 10/20/2034 |  | 500437 |  | 0.5 |
| 250000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2022-4A AR, 4.984%, (TSFR3M + 1.090%), 07/16/2035 |  | 250090 |  | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Cayman Islands: (continued)** |  |  |
| 530000 <sup>(1)(2)</sup> | Invesco CLO Ltd. 2021-3A A1R, 4.937%, (TSFR3M + 1.080%), 10/22/2034 | $530129 | 0.5 |
| 250000 <sup>(1)(2)</sup> | KKR Clo 33 Ltd. 33A BR, 5.513%, (TSFR3M + 1.600%), 07/20/2034 | 250656 | 0.2 |
| 400000 <sup>(1)(2)</sup> | Madison Park Funding XXXI Ltd. 2018-31A CR, 6.110%, (TSFR3M + 2.250%), 07/23/2037 | 401177 | 0.4 |
| 250000 <sup>(1)(2)</sup> | Mountain View CLO XVIII Ltd. 2024-1A C, 6.094%, (TSFR3M + 2.200%), 10/16/2037 | 250770 | 0.3 |
| 500000 <sup>(1)(2)</sup> | NYACK Park CLO Ltd. 2021-1A CR, 5.768%, (TSFR3M + 1.850%), 10/20/2038 | 500775 | 0.5 |
| 500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.154%, (TSFR3M + 2.270%), 07/20/2037 | 501663 | 0.5 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2022-3A CR, 6.005%, (TSFR3M + 2.100%), 10/15/2037 | 250805 | 0.3 |
| 500000 <sup>(1)(2)</sup> | Ocean Trails Clo XI 2021-11A C1R, 5.734%, (TSFR3M + 1.850%), 07/20/2034 | 493089 | 0.5 |
| 500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2014-5A BR, 5.920%, (TSFR3M + 2.062%), 04/26/2031 | 501445 | 0.5 |
| 250000 <sup>(1)(2)</sup> | Octagon Investment Partners 50 Ltd. 2020-4A BR2, 5.455%, (TSFR3M + 1.550%), 01/15/2035 | 250228 | 0.2 |
| 195379 <sup>(1)(2)</sup> | OZLM XV Ltd. 2016-15A A1R3, 4.934%, (TSFR3M + 1.050%), 04/20/2033 | 195476 | 0.2 |
| 440000 <sup>(1)(2)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.316%, (TSFR3M + 2.412%), 01/15/2032 | 440544 | 0.4 |
| 299825 <sup>(1)(2)</sup> | Sound Point CLO IX Ltd. 2015-2A ARRR, 5.356%, (TSFR3M + 1.472%), 07/20/2032 | 299956 | 0.3 |
| 300000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A AR, 4.955%, (TSFR3M + 1.050%), 04/25/2034 | 300088 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Cayman Islands: (continued)** |  |  |  |  |
| 250000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A B1R, 5.505%, (TSFR3M + 1.600%), 04/25/2034 | $| 250198 |  | 0.2 |
|  |  |  | **8385693** |  | **8.1** |
|  | **United States: 0.1%** |  |  |  |  |
| 185964 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2006-WF1 A2E, 6.582%, 03/25/2036 |  | 86137 |  | 0.1 |
|  | Total Asset-Backed Securities |  |  |  |  |
|  | (Cost $8,498,032) |  | **8471830** |  | **8.2** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.3%** |  |
|  | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(9)</sup>** |
| 240933 <sup>(9)</sup> | 3.500%, 01/01/2048 |  | 226863 |  | 0.2 |
| 22954 <sup>(9)</sup> | 4.000%, 09/01/2045 |  | 22032 |  | 0 |
| 23572 <sup>(9)</sup> | 4.000%, 09/01/2045 |  | 22771 |  | 0 |
| 32280 <sup>(9)</sup> | 4.000%, 09/01/2045 |  | 31305 |  | 0 |
| 43839 <sup>(9)</sup> | 4.000%, 09/01/2045 |  | 42487 |  | 0.1 |
| 35408 <sup>(9)</sup> | 4.000%, 05/01/2046 |  | 34297 |  | 0.1 |
| 1406 <sup>(9)</sup> | 5.000%, 12/01/2034 |  | 1414 |  | 0 |
| 5365 <sup>(9)</sup> | 6.000%, 02/01/2034 |  | 5514 |  | 0 |
| 692 <sup>(9)</sup> | 6.500%, 08/01/2032 |  | 727 |  | 0 |
| 1118 <sup>(9)</sup> | 6.500%, 07/01/2034 |  | 1162 |  | 0 |
| 4224 <sup>(9)</sup> | 6.500%, 07/01/2034 |  | 4452 |  | 0 |
|  |  |  | **393024** |  | **0.4** |
|  | **Federal National Mortgage Association: 0.0%<sup>(9)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(9)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(9)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(9)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(9)</sup>** |
| 23683 <sup>(2)(9)</sup> | 6.574%, (US0012M + 1.779%), 10/01/2036 |  | 24815 |  | 0 |
|  | **Government National Mortgage Association: 0.0%** | **Government National Mortgage Association: 0.0%** | **Government National Mortgage Association: 0.0%** | **Government National Mortgage Association: 0.0%** | **Government National Mortgage Association: 0.0%** |
| 8192 | 5.000%, 04/15/2034 |  | 8319 |  | 0 |
| 3109 | 6.500%, 02/20/2035 |  | 3233 |  | 0 |
|  |  |  | **11552** |  | **0.0** |
|  | **Uniform Mortgage-Backed Securities: 4.9%** | **Uniform Mortgage-Backed Securities: 4.9%** | **Uniform Mortgage-Backed Securities: 4.9%** | **Uniform Mortgage-Backed Securities: 4.9%** | **Uniform Mortgage-Backed Securities: 4.9%** |
| 1546719 | 2.000%, 02/01/2052 |  | 1260129 |  | 1.2 |
| 9833 | 2.500%, 06/01/2030 |  | 9585 |  | 0 |
| 12792 | 2.500%, 06/01/2030 |  | 12464 |  | 0 |
| 5320 | 2.500%, 07/01/2030 |  | 5183 |  | 0 |
| 23813 | 4.000%, 05/01/2045 |  | 23069 |  | 0 |
| 432795 | 4.000%, 04/01/2049 |  | 417745 |  | 0.4 |
| 1052877 | 4.500%, 12/01/2054 |  | 1028697 |  | 1 |
| 490000 <sup>(10)</sup> | 5.000%, 02/01/2056 |  | 488220 |  | 0.5 |
| 1686000 <sup>(10)</sup> | 5.500%, 01/01/2056 |  | 1709838 |  | 1.7 |
| 19980 | 6.000%, 11/01/2034 |  | 20880 |  | 0 |
| 33107 | 6.000%, 04/01/2035 |  | 34627 |  | 0.1 |
| 6923 | 6.500%, 12/01/2029 |  | 7186 |  | 0 |
| 4008 | 6.500%, 01/01/2034 |  | 4161 |  | 0 |
| 26 | 7.000%, 04/01/2033 |  | 27 |  | 0 |
| 4241 | 7.500%, 09/01/2032 |  | 4411 |  | 0 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** |
| 6766 | 7.500%, 01/01/2033 | $6961 | 0 |
|  |  | **5033183** | **4.9** |
|  | Total U.S. Government Agency Obligations |  |  |
|  | (Cost $5,514,537) | **5462574** | **5.3** |
| **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** |  |  |
|  | **United States: 0.0%** |  |  |
| 2149 <sup>(3)(4)</sup> | American Media |  |  |
| 18 <sup>(11)</sup> | Ingevity Corp. | 1065 | 0 |
| 120 | Smurfit WestRock PLC | 4641 | 0 |
|  |  | **5706** | **0.0** |
|  | Total Common Stock |  |  |
|  | (Cost $68,119) | **5706** | **0.0** |
| **RIGHTS: 0.0%** |  |  |  |
|  | **United States: 0.0%** |  |  |
| 4988 <sup>(4)(12)</sup> | Resolute Forest Products, Inc. - CVR | 7083 | 0 |
|  | Total Rights |  |  |
|  | (Cost $–) | **7083** | **0.0** |
| **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** |  |  |
|  | Total Purchased Options |  |  |
|  | (Cost $12,464) | 406 | 0 |
|  | Total Long-Term Investments |  |  |
|  | (Cost $87,034,228) | **84923339** | **81.7** |
| **SHORT-TERM INVESTMENTS: 18.0%** | **SHORT-TERM INVESTMENTS: 18.0%** |  |  |
|  | **Commercial Paper: 16.4%** |  |  |
| 1000000 | American Electric Power Co., Inc., 3.900%, 01/14/2026 | 998507 | 1 |
| 1000000 | American Honda Finance Corp., 3.870%, 01/12/2026 | 998729 | 1 |
| 1000000 | ASB Bank Ltd., 4.240%, 01/12/2026 | 1000069 | 1 |
| 977000 | Barton Capital, LLC, 3.800%, 01/15/2026 | 975476 | 0.9 |
| 1000000 | Concord Minutemen Capital Co. LLC, 3.800%, 01/09/2026 | 999065 | 1 |
| 1000000 | Consolidated Edison, Inc., 3.930%, 02/12/2026 | 995395 | 0.9 |
| 1000000 | Dominion Energy, Inc., 3.900%, 01/20/2026 | 997870 | 1 |
| 1000000 | Duke Energy Corp., 3.860%, 02/11/2026 | 995583 | 0.9 |
| 1000000 | Entergy Corp., 3.960%, 03/09/2026 | 992680 | 0.9 |
| 1000000 | Equifax, Inc., 3.890%, 01/12/2026 | 998722 | 1 |
| 1000000 | McDonald's Corp., 3.900%, 01/16/2026 | 998294 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** |  |  |
| 1000000 | Medtronic Global, 3.900%, 01/07/2026 | $999253 | 1 |
| 1000000 | Oracle Corp., 3.900%, 01/16/2026 | 998293 | 1 |
| 1000000 | Parker-Hannifin Corp., 3.890%, 01/13/2026 | 998616 | 1 |
| 1000000 | Simon Property Group, Inc., 3.930%, 01/23/2026 | 997533 | 0.9 |
| 1000000 | Toronto-Dominion Bank, 3.850%, 03/16/2026 | 992145 | 0.9 |
| 1000000 | Waste Management, Inc., 3.890%, 01/12/2026 | 998723 | 1 |
|  | Total Commercial Paper |  |  |
|  | (Cost $16,935,787) | **16934953** | **16.4** |
|  | **Repurchase Agreements: 0.2%** |  |  |
| 205000 <sup>(14)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $205,044, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $209,158, due 01/31/26-11/15/55) | 205000 | 0.2 |
| 14327 <sup>(14)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $14,330, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $14,614, due 04/30/26-11/15/34) | 14327 | 0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $219,327) | **219327** | **0.2** |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** |
| 1501000 <sup>(15)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% |  |  |
|  | (Cost $1,501,000) | $**1501000** | **1.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $18,656,114) | $**18655280** | **18.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $105,690,342)** | $**103578619** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **318512** | **0.3** |
|  | **Net Assets** | $**103897131** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Unless otherwise indicated, principal
 amount is shown in USD.

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(2)</sup> Variable rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>(3)</sup> Security, or a portion of the security, is on loan.

<sup>(4)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(5)</sup> Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

<sup>(6)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2025.

<sup>(7)</sup> Investment in affiliate.

<sup>(8)</sup> Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

<sup>(9)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

<sup>(10)</sup> Represents or includes a TBA transaction.

<sup>(11)</sup> Non-income producing security.

<sup>(12)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $7,083 or —% of net assets. Please refer to the table below for additional details.

<sup>(13)</sup> The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

<sup>(14)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(15)</sup> Rate shown is the 7-day yield as of December 31, 2025.

Currency Abbreviations:

AUD Australian Dollar <br> BRL Brazilian Real <br> CAD Canadian Dollar

---

| | |
|:---|:---|
| CNY | China Yuan |
| CZK | Czech Koruna |
| EUR | EU Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PLN | Polish Zloty |
| THB | Thai Baht |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFR30A | 30-day Secured Overnight Financing Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| US0012M | 12-month LIBOR |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Collateralized Mortgage Obligations | 12.9% |
| Sovereign Bonds | 10.3 |
| Mutual Funds | 10.0 |
| Commercial Mortgage-Backed Securities | 9.0 |
| U.S. Treasury Obligations | 8.4 |
| Asset-Backed Securities | 8.2 |
| Financial | 6.6 |
| U.S. Government Agency Obligations | 5.3 |
| Consumer, Non-cyclical | 2.5 |
| Utilities | 2.2 |
| Consumer, Cyclical | 1.4 |
| Industrial | 1.4 |
| Technology | 1.4 |
| Communications | 1.2 |
| Energy | 0.8 |
| Basic Materials | 0.1 |
| Materials | 0.0 |
| Rights | 0.0 |
| Purchased Options | 0.0 |
| Short-Term Investments | 18.0 |
| Assets in Excess of Other Liabilities | 0.3 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;United States | $5706 | $— | $— | $5706 |
| Total Common Stock | 5706 |  |  | 5706 |
| Corporate Bonds/Notes |  | 18318303 |  | 18318303 |
| Collateralized Mortgage Obligations |  | 13380220 | 870 | 13381090 |
| Sovereign Bonds |  | 10756937 |  | 10756937 |
| Mutual Funds | 10423745 |  |  | 10423745 |
| Commercial Mortgage-Backed Securities |  | 9374100 |  | 9374100 |
| U.S. Treasury Obligations |  | 8721565 |  | 8721565 |
| Asset-Backed Securities |  | 8471830 |  | 8471830 |
| U.S. Government Agency Obligations |  | 5462574 |  | 5462574 |
| Rights |  |  | 7083 | 7083 |
| Purchased Options |  | 406 |  | 406 |
| Short-Term Investments | 1501000 | 17154280 |  | 18655280 |
| Total Investments, at fair value | $11930451 | $91640215 | $7953 | $103578619 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps |  | 71 |  | 71 |
| Centrally Cleared Interest Rate Swaps |  | 211820 |  | 211820 |
| Forward Foreign Currency Contracts |  | 441236 |  | 441236 |
| Forward Premium Swaptions |  | 87360 |  | 87360 |
| Futures | 31389 |  |  | 31389 |
| OTC volatility swaps |  | 6252 |  | 6252 |
| Total Assets | $11961840 | $92386954 | $7953 | $104356747 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps | $— | $(695319) | $— | $(695319) |
| Forward Foreign Currency Contracts |  | (325427) |  | (325427) |
| Forward Premium Swaptions |  | (24686) |  | (24686) |
| Futures | (163368) |  |  | (163368) |
| OTC interest rate swaps |  | (38814) |  | (38814) |
| OTC total return swaps |  | (52087) |  | (52087) |
| OTC volatility swaps |  | (12458) |  | (12458) |
| Written Options |  | (17311) |  | (17311) |
| Total Liabilities | $(163368) | $(1166102) | $— | $(1329470) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya VACS Series EMHCD Fund | $3695656 | $299643 | $— | $238894 | $4234193 | $261476 | $— | $38180 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya VACS Series HYB Fund | $5685773 | $441457 | $— | $62322 | $6189552 | $410658 | $— | $30804 |
|  | $9381429 | $741100 | $— | $301216 | $10423745 | $672134 | $— | $68984 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, Voya Global Bond Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Resolute Forest Products, Inc. - CVR | 3/1/2023 | $— | $7083 |
|  |  | $— | $7083 |

---

At December 31, 2025, the following forward foreign currency contracts were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| EUR | 147705 | USD | 174069 | Bank of America N.A. | 01/23/26 | $(307) |
| EUR | 1091230 | USD | 1286994 | Bank of America N.A. | 01/23/26 | (3262) |
| USD | 209522 | MXN | 3926435 | Barclays Bank PLC | 01/09/26 | (8370) |
| CNY | 57829338 | USD | 8144323 | BNP Paribas | 01/09/26 | 128853 |
| USD | 86190 | BRL | 463461 | BNP Paribas | 01/09/26 | 1772 |
| EUR | 314413 | USD | 369414 | BNP Paribas | 01/23/26 | 465 |
| SGD | 343577 | USD | 264088 | Brown Brothers Harriman & Co. | 01/09/26 | 3333 |
| RON | 360146 | USD | 81019 | Brown Brothers Harriman & Co. | 01/09/26 | 2035 |
| CAD | 3423509 | USD | 2481674 | Brown Brothers Harriman & Co. | 01/23/26 | 15042 |
| NZD | 296987 | USD | 172110 | Brown Brothers Harriman & Co. | 01/23/26 | (960) |
| USD | 1677538 | EUR | 1428844 | Citibank N.A. | 01/23/26 | (3367) |
| ILS | 446061 | USD | 136512 | Deutsche Bank AG | 01/09/26 | 3555 |
| USD | 1667765 | BRL | 10381000 | Goldman Sachs International | 01/05/26 | (225139) |
| MXN | 14739325 | USD | 802664 | Goldman Sachs International | 01/09/26 | 15276 |
| USD | 1927760 | BRL | 10528636 | Goldman Sachs International | 01/09/26 | 10000 |
| HKD | 379429 | USD | 48863 | Goldman Sachs International | 01/09/26 | (97) |
| USD | 109265 | MXN | 2021951 | Goldman Sachs International | 01/09/26 | (2940) |
| BRL | 5780673 | USD | 1074335 | Goldman Sachs International | 01/09/26 | (21402) |
| EUR | 453354 | USD | 534496 | Goldman Sachs International | 01/23/26 | (1167) |
| USD | 639699 | EUR | 547421 | Goldman Sachs International | 01/23/26 | (4291) |
| USD | 1882000 | BRL | 10427221 | Goldman Sachs International | 02/03/26 | (4859) |
| USD | 4074 | COP | 15901258 | JPMorgan Chase Bank N.A. | 01/09/26 | (118) |
| HUF | 29109883 | USD | 85635 | Morgan Stanley Capital Services LLC | 01/09/26 | 3334 |
| PLN | 171616 | USD | 46238 | Morgan Stanley Capital Services LLC | 01/09/26 | 1564 |
| USD | 209723 | MXN | 3926435 | Morgan Stanley Capital Services LLC | 01/09/26 | (8170) |
| CHF | 493860 | USD | 615239 | Royal Bank of Canada | 01/23/26 | 9706 |
| MXN | 1941118 | USD | 104403 | Standard Chartered Bank | 01/09/26 | 3317 |
| PEN | 245159 | USD | 72299 | Standard Chartered Bank | 01/09/26 | 621 |
| EUR | 18176885 | USD | 21200550 | Standard Chartered Bank | 01/23/26 | 182898 |
| AUD | 1869445 | USD | 1242289 | Standard Chartered Bank | 01/23/26 | 5441 |
| JPY | 1310142895 | USD | 8412045 | Standard Chartered Bank | 01/23/26 | (31820) |
| GBP | 2456659 | USD | 3269736 | State Street Bank and Trust Co. | 01/23/26 | 41611 |
| CLP | 63308012 | USD | 66928 | UBS AG | 01/09/26 | 3374 |
| KRW | 1693737212 | USD | 1179207 | UBS AG | 01/09/26 | (3821) |
| USD | 170745 | THB | 5542988 | UBS AG | 01/09/26 | (5274) |
| SEK | 4198207 | USD | 450447 | UBS AG | 01/23/26 | 6082 |
| DKK | 1526805 | USD | 238563 | Wells Fargo Bank N.A. | 01/23/26 | 1974 |
| NOK | 878092 | USD | 86687 | Wells Fargo Bank N.A. | 01/23/26 | 431 |
| USD | 47983 | JPY | 7436064 | Wells Fargo Bank N.A. | 01/23/26 | 418 |
| JPY | 12976064 | USD | 82901 | Wells Fargo Bank N.A. | 01/23/26 | 99 |
| USD | 8573 | JPY | 1334810 | Wells Fargo Bank N.A. | 01/23/26 | 35 |
| USD | 12597 | EUR | 10731 | Wells Fargo Bank N.A. | 01/23/26 | (27) |
| USD | 3175 | GBP | 2382 | Wells Fargo Bank N.A. | 01/23/26 | (36) |
|  |  |  |  |  |  | $115809 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, the following futures contracts were outstanding for Voya Global Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia 3-Year Bond | 16 | 03/16/26 | $1121103 | $2422 |
| &nbsp;&nbsp;&nbsp;Australia 10-Year Bond | 4 | 03/16/26 | 292257 | 954 |
| &nbsp;&nbsp;&nbsp;Canada 10-Year Bond | 19 | 03/20/26 | 1673739 | (24975) |
| &nbsp;&nbsp;&nbsp;Euro-Bobl 5-Year | 39 | 03/06/26 | 5323932 | (24445) |
| &nbsp;&nbsp;&nbsp;Euro-Bund | 11 | 03/06/26 | 1649121 | (12616) |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30-year German Government Bond | 7 | 03/06/26 | 905890 | (14944) |
| &nbsp;&nbsp;&nbsp;Euro-OAT | 35 | 03/06/26 | 4960102 | (20600) |
| &nbsp;&nbsp;&nbsp;Euro-Schatz | 58 | 03/06/26 | 7278969 | (6069) |
| &nbsp;&nbsp;&nbsp;Japan 10-Year Bond (TSE) | 1 | 03/13/26 | 845314 | (6616) |
| &nbsp;&nbsp;&nbsp;Japanese Government Bonds 10-Year Mini | 23 | 03/12/26 | 1941873 | (17904) |
| &nbsp;&nbsp;&nbsp;Long Gilt | 12 | 03/27/26 | 1477941 | 9972 |
| &nbsp;&nbsp;&nbsp;Long-Term Euro-BTP | 10 | 03/06/26 | 1412354 | (5501) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 12 | 03/31/26 | 2505469 | 1946 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 20 | 03/20/26 | 2248750 | 5053 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 18 | 03/20/26 | 2080687 | (9144) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 12 | 03/20/26 | 1416000 | (20554) |
|  |  |  | $37133501 | $(143021) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (8) | 03/31/26 | (874437) | 985 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (25) | 03/20/26 | (2875391) | 10057 |
|  |  |  | $(3749828) | $11042 |

---

At December 31, 2025, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Portfolio:

**Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** | <br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX North American High Yield, Series 45, Version 1 | Sell | 5.000 | 12/20/30 | USD | 2000000 | $152405 | $71 |
|  |  |  |  |  |  | $152405 | $71 |

---

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising the referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(2)</sup> Payments received quarterly.

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

At December 31, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** |<br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 1.649% | Annual | 04/15/52 | GBP | 800000 | $(471475) | $(471475) |
| Pay | 3-month KRW-CD-KSDA-Bloomberg | Quarterly | 2.935 | Quarterly | 07/31/34 | KRW | 1713918000 | (28110) | (28110) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.105 | Monthly | 08/08/32 | USD | 1870000 | (46655) | (54315) |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** |<br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.058% | Monthly | 05/08/29 | USD | 900000 | $(7216) | $(7005) |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.674 | Annual | 09/30/52 | GBP | 70000 | 11600 | 11600 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.678 | Monthly | 05/03/26 | USD | 17000000 | (3615) | (3815) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.388 | Annual | 12/14/28 | USD | 6273000 | (220) | (220) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.605 | Annual | 01/08/31 | USD | 4000000 | (25155) | (25155) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.114 | Monthly | 03/08/28 | USD | 3600000 | 11694 | 12383 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.962 | Annual | 06/14/27 | USD | 3000000 | 16949 | 16949 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.333 | Annual | 12/17/27 | USD | 3000000 | (797) | (797) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.006 | Annual | 06/26/29 | USD | 3000000 | (62416) | (62416) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.046 | Monthly | 05/08/30 | USD | 2300000 | 30373 | 30177 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.477 | Monthly | 05/03/27 | USD | 2250000 | (4735) | (4782) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.551 | Annual | 01/24/29 | USD | 2000000 | 104353 | 104353 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.750 | Annual | 05/21/30 | USD | 2000000 | (26142) | (26142) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.464 | Annual | 09/26/32 | USD | 2000000 | 15211 | 15211 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.482 | Annual | 06/09/33 | USD | 2000000 | 20616 | 20616 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.597 | Annual | 12/17/32 | USD | 1000000 | 531 | 531 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.860 | Annual | 06/26/34 | USD | 1000000 | (11087) | (11087) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.155 | Annual | 01/05/57 | USD | 169583 |  |  |
|  |  |  |  |  |  |  |  | $(476296) | $(483499) |

---

At December 31, 2025, the following OTC interest rate swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Counterparty** |<br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 7-Day China Fixing Repo Rates | Quarterly | BNP Paribas | 1.436% | Quarterly | 04/24/30 | CNY | 46977000 | $(38814) | $— | $(38814) |
|  |  |  |  |  |  |  |  |  | $(38814) | $— | $(38814) |

---

At December 31, 2025, the following OTC total return swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** | <br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | Japanese Government 30-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Citibank N.A. | 02/17/26 | JPY | 160000000 | $(30658) | $— | $(30658) |
| Receive | Japanese Government 5-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Nomura Global Financial Products Inc. | 03/06/26 | JPY | 500000000 | (12949) |  | (12949) |
| Receive | Japanese Government 20-Year Treasury Bond | At Termination Date | (1-day Tokyo Overnight Average Rate) | At Termination Date | Nomura Global Financial Products Inc. | 03/13/26 | JPY | 240000000 | (8480) |  | (8480) |
|  |  |  |  |  |  |  |  |  | $(52087) | $— | $(52087) |

---

<sup>(1)</sup> The Portfolio will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Portfolio has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Portfolio has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

At December 31, 2025, the following OTC volatility swaps were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br>**Receive**<br>**Volatility<sup>(1)</sup>** | <br>**Reference Entity** | **Volatility**<br>**Strike**<br>**Rate** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Currency** |<br>**Notional**<br>**Amount** |<br>**Fair Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Pay | USD vs. MXN Spot Exchange Rate | 12.000% | Bank of America N.A. | 06/16/26 | USD | 2381836 | $(234) | $(234) |
| Pay | USD vs. BRL Spot Exchange Rate | 15.300% | Bank of America N.A. | 01/05/26 | USD | 1780000 | 4168 | 4168 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br>**Receive**<br>**Volatility<sup>(1)</sup>** | <br>**Reference Entity** | **Volatility**<br>**Strike**<br>**Rate** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Currency** |<br>**Notional**<br>**Amount** |<br>**Fair Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Pay | USD vs. BRL Spot Exchange Rate | 15.300% | Morgan Stanley Capital Services LLC | 01/05/26 | USD | 890000 | $2084 | $2084 |
| Receive | USD vs. ZAR Spot Exchange Rate | 10.950% | Goldman Sachs International | 04/30/26 | USD | 7000 | (12224) | (12224) |
|  |  |  |  |  |  |  | $(6206) | $(6206) |

---

At December 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate** | **(Pay)/**<br>**Receive**<br>**Fixed**<br>**Rate** | <br>**Payment**<br>**Frequency** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
| Put on 5-Year Credit Default Swap | JPMorgan Chase Bank N.A. | CDX North American High Yield, Series 45, Version 2 | 105.00% | 5.000% | Quarterly | 03/18/26 | USD | 1000000 | $7500 | $(4514) |
|  |  |  |  |  |  |  |  |  | $7500 | $(4514) |

---

At December 31, 2025, the following OTC written foreign currency options were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Call EUR vs. Put ZAR | Goldman Sachs International | 01/08/27 | 21.500 | EUR | 42000 | $12603 | $(12611) |
|  |  |  |  |  |  | $12603 | $(12611) |

---

At December 31, 2025, the following OTC purchased interest rate swaptions were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br><br>**Cost** |<br><br>**Fair Value** |
| Call on 5-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley Capital Services LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 2232000 | $12464 | $406 |
|  |  |  |  |  |  |  |  | $12464 | $406 |

---

At December 31, 2025, the following OTC written interest rate swaptions were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/Receive**<br>**Exercise**<br>**Rate** | <br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley Capital Services LLC | Pay | 2.300% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 1116000 | $9191 | $(186) |
|  |  |  |  |  |  |  |  | $9191 | $(186) |

---

At December 31, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(3)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | 1-day Secured Overnight Financing Rate | 06/14/27 | USD | 1307000 | $(898002) | $10329 |
| Put on 30-Year Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight Financing Rate | 05/25/27 | USD | 3070500 | (293300) | 11396 |
| Put on 30-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 4.650% | Pay | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 1126800 | (52554) | (7663) |
|  |  |  |  |  |  |  |  | $(1243856) | $14062 |

---

At December 31, 2025, the following OTC written forward premium swaptions were outstanding for Voya Global Bond Portfolio:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(3)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.860% | Pay | 1-day Secured Overnight Financing Rate | 11/08/27 | USD | 563400 | $21691 | $5525 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(3)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Pay | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 5634000 | $26480 | $6838 |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 2.500% | Pay | 1-day Secured Overnight Financing Rate | 09/25/26 | USD | 11542000 | 13389 | 4831 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.343% | Pay | 1-day Secured Overnight Financing Rate | 12/16/27 | USD | 2817000 | 13099 | 874 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.161% | Pay | 1-day Secured Overnight Financing Rate | 11/22/27 | USD | 5634000 | 26480 | 6518 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Pay | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 2817000 | 14261 | 4458 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 5634000 | 28029 | 6656 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 2817000 | 14085 | 3394 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.254% | Pay | 1-day Secured Overnight Financing Rate | 06/30/27 | USD | 2817000 | 10775 |  |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.108% | Pay | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 2817000 | 9366 | 2262 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.109% | Pay | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 2817000 | 9366 | 2245 |
| Call on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Pay | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 5634000 | 26269 | (4742) |
| Call on 30-Year Interest Rate Swap | Deutsche Bank AG | 4.135% | Pay | 1-day Secured Overnight Financing Rate | 12/18/26 | USD | 563400 | 28959 | 4123 |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.860% | Receive | 1-day Secured Overnight Financing Rate | 11/08/27 | USD | 563400 | 21691 | (2630) |
| Put on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Receive | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 5634000 | 26480 | (2363) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.343% | Receive | 1-day Secured Overnight Financing Rate | 12/16/27 | USD | 2817000 | 13099 | (276) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.161% | Receive | 1-day Secured Overnight Financing Rate | 11/22/27 | USD | 5634000 | 26480 | (4445) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.600% | Receive | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 20282400 | 57805 | (609) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Receive | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 2817000 | 14261 | 649 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 5634000 | 28029 | 3530 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 2817000 | 14085 | 1832 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.254% | Receive | 1-day Secured Overnight Financing Rate | 06/30/27 | USD | 2817000 | 10775 |  |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.108% | Receive | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 2817000 | 9366 | 308 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.109% | Receive | 1-day Secured Overnight Financing Rate | 11/19/26 | USD | 2817000 | 9366 | 332 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Receive | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 5634000 | 26269 | 7360 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.631% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 11542000 | 10965 | 2675 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.622% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 5771000 | 5482 | 1225 |
| Put on 30-Year Interest Rate Swap | Deutsche Bank AG | 4.135% | Receive | 1-day Secured Overnight Financing Rate | 12/18/26 | USD | 563400 | 28959 | (1958) |
|  |  |  |  |  |  |  |  | $545361 | $48612 |

---

<sup>(1)</sup> Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

<sup>(2)</sup> Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

<sup>(3)</sup> Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

<sup>(4)</sup> Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | SGD | Singapore Dollar |
| BRL | Brazilian Real | THB | Thai Baht |
| CAD | Canadian Dollar | USD | United States Dollar |
| CHF | Swiss Franc |  |  |
| CLP | Chilean Peso |  |  |
| CNY | Chinese Yuan |  |  |
| COP | Colombian Peso |  |  |
| DKK | Danish Krone |  |  |
| EUR | EU Euro |  |  |
| GBP | British Pound |  |  |
| HKD | Hong Kong Sar Dollar |  |  |
| HUF | Hungarian Forint |  |  |
| ILS | Israeli New Shekel |  |  |
| JPY | Japanese Yen |  |  |
| KRW | South Korean Won |  |  |
| MXN | Mexican Peso |  |  |
| NOK | Norwegian Krone |  |  |
| NZD | New Zealand Dollar |  |  |
| PEN | Peruvian Nuevo Sol |  |  |
| PLN | Polish Zloty |  |  |
| RON | Romanian New Leu |  |  |
| SEK | Swedish Krona |  |  |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **Asset Derivatives** |  | |
| Interest rate contracts | Investments in securities at value<sup>\*</sup> | $406 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 441236 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 87360 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 31389 |
| Credit contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 71 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 211820 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 6252 |
| **Total Asset Derivatives** |  | $778534 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $325427 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 24686 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 163368 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 695319 |
| Foreign exchange contracts | Unrealized depreciation on OTC swap agreements | 12458 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 90901 |
| Credit contracts | Written options, at fair value | 4514 |
| Foreign exchange contracts | Written options, at fair value | 12611 |
| Interest rate contracts | Written options, at fair value | 186 |
| **Total Liability Derivatives** |  | $1329470 |

---

\* Includes purchased options.

\*\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**instruments** |<br><br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $(10690) | $— | $— | $14251 | $121824 | $125385 |
| Foreign exchange contracts | (3581) | 324010 |  | 20001 | 79314 | 419744 |
| Interest rate contracts | 28635 |  | (848445) | (177141) | 4044 | (992906) |
| **Total** | $14364 | $324010 | $(848445) | $(142889) | $205182 | $(447777) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**instruments** |<br><br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $— | $71 | $2986 | $3056 |
| Foreign exchange contracts | (580) | 907966 |  | (3061) | (9061) | 895264 |
| Interest rate contracts | (116862) |  | 148822 | (818601) | 104585 | (682056) |
| **Total** | $(117442) | $907966 | $148822 | $(821591) | $98510 | $216264 |

---

<sup>\*</sup> Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Bank of**<br>**America N.A.** |<br>**Barclays Bank**<br>**PLC** |<br>**BNP Paribas** | **Brown**<br>**Brothers**<br>**Harriman & Co.** |<br>**Citibank N.A.** |<br>**Deutsche Bank**<br>**AG** | **Goldman**<br>**Sachs**<br>**International** | **JPMorgan**<br>**Chase Bank**<br>**N.A.** | **Morgan**<br>**Stanley Capital**<br>**Services LLC** | **Nomura Global**<br>**Financial**<br>**Products Inc.** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $— | $— | $— | $406 | $— |
| Forward foreign currency contracts |  |  | 131090 | 20410 |  | 3555 | 25276 |  | 4898 |  |
| Forward premium swaptions |  | 21725 |  |  |  | 15792 |  | 38583 |  | 11260 |
| OTC volatility swaps | 4168 |  |  |  |  |  |  |  | 2084 |  |
| **Total Assets** | $4168 | $21725 | $131090 | $20410 | $— | $19347 | $25276 | $38583 | $7388 | $11260 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $3569 | $8370 | $— | $960 | $3367 | $— | $259895 | $118 | $8170 | $— |
| Forward premium swaptions |  |  |  |  |  | 4321 |  | 15623 |  | 4742 |
| OTC interest rate swaps |  |  | 38814 |  |  |  |  |  |  |  |
| OTC total return swaps |  |  |  |  | 30658 |  |  |  |  | 21429 |
| OTC volatility swaps | 234 |  |  |  |  |  | 12224 |  |  |  |
| Written options |  |  |  |  |  |  | 12611 | 4514 | 186 |  |
| **Total Liabilities** | $3803 | $8370 | $38814 | $960 | $34025 | $4321 | $284730 | $20255 | $8356 | $26171 |
| **Net OTC derivative instruments** |  |  |  |  |  |  |  |  |  |  |
| **by counterparty, at fair value** | $365 | $13355 | $92276 | $19450 | $(34025) | $15026 | $(259454) | $18328 | $(968) | $(14911) |
| **Total collateral pledged by** |  |  |  |  |  |  |  |  |  |  |
| **the Portfolio/(Received from** |  |  |  |  |  |  |  |  |  |  |
| **counterparty)** | $— | $— | $— | $— | $— | $— | $220000 | $— | $— | $— |
| **Net Exposure<sup>(1)(2)</sup>** | $365 | $13355 | $92276 | $19450 | $(34025) | $15026 | $(39454) | $18328 | $(968) | $(14911) |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Royal Bank of**<br>**Canada** |<br>**Standard**<br>**Chartered Bank** | **State Street**<br>**Bank and Trust**<br>**Co.** |<br>**UBS AG** |<br>**Wells Fargo**<br>**Bank N.A.** |<br>**Total** |
| **Assets:** |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $406 |
| Forward foreign currency contracts | 9706 | 192277 | 41611 | 9456 | 2957 | 441236 |
| Forward premium swaptions |  |  |  |  |  | 87360 |
| OTC volatility swaps |  |  |  |  |  | 6252 |
| **Total Assets** | $9706 | $192277 | $41611 | $9456 | $2957 | $535254 |
| **Liabilities:** |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $31820 | $— | $9095 | $63 | $325427 |
| Forward premium swaptions |  |  |  |  |  | 24686 |
| OTC interest rate swaps |  |  |  |  |  | 38814 |
| OTC total return swaps |  |  |  |  |  | 52087 |
| OTC volatility swaps |  |  |  |  |  | 12458 |
| Written options |  |  |  |  |  | 17311 |
| **Total Liabilities** | $— | $31820 | $— | $9095 | $63 | $470783 |
| **Net OTC derivative instruments by counterparty, at fair value** | $9706 | $160457 | $41611 | $361 | $2894 | $64471 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $(160457) | $— | $— | $— | $59543 |
| **Net Exposure<sup>(1)(2)</sup>** | $9706 | $— | $41611 | $361 | $2894 | $124014 |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

<sup>(2)</sup> At December 31, 2025, the Portfolio had pledged $220,000 in cash collateral to Goldman Sachs International. In addition, the Portfolio received $290,000 from Standard Chartered Bank. Excess cash collateral, if any, is not shown for financial reporting purposes.

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $108,207,296. | Cost for U.S. federal income tax purposes was $108,207,296. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1613384 |
| Gross Unrealized Depreciation | (6073094) |
| Net Unrealized Depreciation | $(4459710) |

---

See Accompanying Notes to Financial Statements

Voya Global Insights Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 96.6%** | **COMMON STOCK: 96.6%** | **COMMON STOCK: 96.6%** | **COMMON STOCK: 96.6%** |
|  | **Brazil: 4.4%** | **Brazil: 4.4%** | **Brazil: 4.4%** |
| 1795941 <sup>(1)</sup> | NU Holdings Ltd./Cayman Islands - Class A | $30064053 | 2.7 |
| 157702 <sup>(2)</sup> | Wheaton Precious Metals Corp. | 18533139 | 1.7 |
|  |  | **48597192** | **4.4** |
|  | **China: 5.1%** | **China: 5.1%** | **China: 5.1%** |
| 110035 | Alibaba Group Holding Ltd., ADR | 16128930 | 1.4 |
| 211500 | Contemporary Amperex Technology Co. Ltd. - Class A | 11121208 | 1 |
| 210100 | Shenzhen Envicool Technology Co. Ltd. - Class A | 3213227 | 0.3 |
| 169800 | Tencent Holdings Ltd. | 13031053 | 1.2 |
| 185950 | Trip.com Group Ltd. | 13332881 | 1.2 |
|  |  | **56827299** | **5.1** |
|  | **Germany: 3.8%** | **Germany: 3.8%** | **Germany: 3.8%** |
| 414985 | BASF SE | 21835905 | 2 |
| 145511 <sup>(1)</sup> | Siemens Energy AG | 20413507 | 1.8 |
|  |  | **42249412** | **3.8** |
|  | **India: 2.6%** | **India: 2.6%** | **India: 2.6%** |
| 82021 | Maruti Suzuki India Ltd. | 15254275 | 1.4 |
| 744430 | Reliance Industries Ltd. | 13026495 | 1.2 |
|  |  | **28280770** | **2.6** |
|  | **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| 23619200 | Bank Central Asia Tbk PT | **11405634** | **1.0** |
|  | **Italy: 4.2%** | **Italy: 4.2%** | **Italy: 4.2%** |
| 400155 | Assicurazioni Generali SpA | 16721825 | 1.5 |
| 2813790 | Enel SpA | 29255883 | 2.7 |
|  |  | **45977708** | **4.2** |
|  | **Japan: 2.0%** | **Japan: 2.0%** | **Japan: 2.0%** |
| 844300 | Sony Group Corp. | **21657130** | **2.0** |
|  | **Singapore: 0.8%** | **Singapore: 0.8%** | **Singapore: 0.8%** |
| 1777598 <sup>(1)</sup> | Grab Holdings Ltd. - Class A | **8870214** | **0.8** |
|  | **Switzerland: 1.2%** | **Switzerland: 1.2%** | **Switzerland: 1.2%** |
| 63240 | Galderma Group AG | **12877742** | **1.2** |
|  | **United Kingdom: 4.6%** | **United Kingdom: 4.6%** | **United Kingdom: 4.6%** |
| 4371319 | Barclays PLC | 27981273 | 2.5 |
| 281093 | Reckitt Benckiser Group PLC | 22745779 | 2.1 |
|  |  | **50727052** | **4.6** |
|  | **United States: 66.9%** | **United States: 66.9%** | **United States: 66.9%** |
| 136204 | 3M Co. | 21806260 | 2 |
| 115042 | AbbVie, Inc. | 26285947 | 2.4 |
| 206184 | Acushnet Holdings Corp. | 16457607 | 1.5 |
| 103704 | Alphabet, Inc. - Class A | 32459352 | 2.9 |
| 92046 | Apple, Inc. | 25023626 | 2.3 |
| 21954 <sup>(1)</sup> | AppLovin Corp. - Class A | 14793044 | 1.3 |
| 36993 <sup>(1)</sup> | Astera Labs, Inc. | 6154156 | 0.5 |
| 486844 | Bank of America Corp. | 26776420 | 2.4 |
| 28925 | Broadcom, Inc. | 10010943 | 0.9 |
| 202620 | Bunge Global SA | 18049390 | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 67255 | CH Robinson Worldwide, Inc. | $10811914 | 1 |
| 38773 <sup>(1)</sup> | Ciena Corp. | 9067842 | 0.8 |
| 375665 | Cisco Systems, Inc. | 28937475 | 2.6 |
| 544640 <sup>(1)</sup> | Coeur Mining, Inc. | 9710931 | 0.9 |
| 24078 | Constellation Energy Corp. | 8506035 | 0.8 |
| 320527 | Coterra Energy, Inc. | 8436271 | 0.8 |
| 154965 | Estee Lauder Cos., Inc. - Class A | 16227935 | 1.5 |
| 101962 <sup>(1)</sup> | First Solar, Inc. | 26635533 | 2.4 |
| 326745 | Fox Corp. - Class A | 23875257 | 2.2 |
| 360098 | Freeport-McMoRan, Inc. | 18289377 | 1.6 |
| 60540 | Garmin Ltd. | 12280539 | 1.1 |
| 46747 | GE Aerospace | 14399478 | 1.3 |
| 26193 | HCA Healthcare, Inc. | 12228464 | 1.1 |
| 123698 | Holcim AG | 12042040 | 1.1 |
| 19420 <sup>(1)</sup> | Intuitive Surgical, Inc. | 10998711 | 1 |
| 61840 | ITT, Inc. | 10729858 | 1 |
| 635045 <sup>(1)</sup> | Joby Aviation, Inc. | 8382594 | 0.8 |
| 9080 | Meta Platforms, Inc. - Class A | 5993617 | 0.5 |
| 23012 | Microsoft Corp. | 11129064 | 1 |
| 231920 <sup>(1)</sup> | Moderna, Inc. | 6839321 | 0.6 |
| 162260 <sup>(1)</sup> | Natera, Inc. | 37172143 | 3.4 |
| 123664 | NVIDIA Corp. | 23063336 | 2.1 |
| 131756 | Prologis, Inc. | 16819971 | 1.5 |
| 92055 <sup>(1)</sup> | Repligen Corp. | 15084132 | 1.4 |
| 132601 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 14997173 | 1.3 |
| 211628 <sup>(1)</sup> | Rocket Lab Corp. | 14763169 | 1.3 |
| 62848 | Rockwell Automation, Inc. | 24452271 | 2.2 |
| 354551 | Shell PLC | 13065954 | 1.2 |
| 40014 | Targa Resources Corp. | 7382583 | 0.7 |
| 79036 <sup>(1)</sup> | Tesla, Inc. | 35544070 | 3.2 |
| 98070 <sup>(1)</sup> | United Airlines Holdings, Inc. | 10966187 | 1 |
| 48397 | Valero Energy Corp. | 7878548 | 0.7 |
| 55238 | Vertiv Holdings Co. - Class A | 8949108 | 0.8 |
| 246598 | Walmart, Inc. | 27473483 | 2.5 |
| 583125 <sup>(1)</sup> | Waystar Holding Corp. | 19097344 | 1.7 |
|  |  | **740048473** | **66.9** |
|  | Total Common Stock <br> (Cost $878,849,777) | **1067518626** | **96.6** |
|  | Total Long-Term Investments <br> (Cost $878,849,777) | **1067518626** | **96.6** |

---

See Accompanying Notes to Financial Statements

Voya Global Insights Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** |
|  | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** |
| 1772026 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,772,400, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $1,807,467, due 12/01/30-11/20/75) | $1772026 | 0.2 |
| 1885134 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,885,541, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $1,923,370, due 01/31/26-11/15/55) | 1885134 | 0.2 |
| 1772026 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,772,397, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $1,807,467, due 10/15/26-12/20/55) | 1772026 | 0.2 |
| 1393814 <sup>(3)</sup> | HSBC Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $1,394,107, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.225%-6.500%, Market Value plus accrued interest $1,421,690, due 06/01/34-09/01/55) | 1393814 | 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)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 474592 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $474,692, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $484,084, due 04/30/26-11/15/34) | $474592 | 0.0 |
|  | Total Repurchase Agreements<br> (Cost $7,297,592) | **7297592** | **0.7** |
|  | **Time Deposits: 0.0%** | **Time Deposits: 0.0%** | **Time Deposits: 0.0%** |
| 130000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 | 130000 | 0.0 |
| 130000 <sup>(3)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 | 130000 | 0.0 |
| 150000 <sup>(3)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | 150000 | 0.0 |
| 180000 <sup>(3)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 180000 | 0.0 |
|  | Total Time Deposits <br> (Cost $590,000) | **590000** | **0.0** |
| **<br>Shares**  |  | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 3.3%** | **Mutual Funds: 3.3%** | **Mutual Funds: 3.3%** |
| 36805539 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $36,805,539) | $**36805539** | **3.3** |
|  | Total Short-Term Investments<br> (Cost $44,693,131) | **44693131** | **4.0** |
|  | **Total Investments in Securities <br> (Cost $923,542,908)** | $**1112211757** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(6667601)** | **(0.6)** |
|  | **Net Assets** | $**1105544156** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

Voya Global Insights Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage<br> of Net Assets** |
| Industrials | 15.3% |
| Information Technology | 14.0 |
| Health Care | 12.7 |
| Consumer Discretionary | 11.8 |
| Financials | 11.6 |
| Consumer Staples | 7.7 |
| Materials | 7.3 |
| Communication Services | 6.8 |
| Energy | 4.5 |
| Utilities | 3.4 |
| Real Estate | 1.5 |
| Short-Term Investments | 4.0 |
| Liabilities in Excess of Other Assets | (0.6) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.** 

**Fair Value Measurements^** 

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $48597192 | $— | $— | $48597192 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 16128930 | 40698369 |  | 56827299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 42249412 |  | 42249412 |
| &nbsp;&nbsp;&nbsp;&nbsp;India |  | 28280770 |  | 28280770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 11405634 |  | 11405634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 45977708 |  | 45977708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 21657130 |  | 21657130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | 8870214 |  |  | 8870214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 12877742 |  | 12877742 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 50727052 |  | 50727052 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 714940479 | 25107994 |  | 740048473 |
| Total Common Stock | 788536815 | 278981811 |  | 1067518626 |
| Short-Term Investments | 36805539 | 7887592 |  | 44693131 |
| Total Investments, at fair value | $825342354 | $286869403 | $— | $1112211757 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

See Accompanying Notes to Financial Statements

Voya Global Insights Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** 

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** | **Written<br> options** | **Total** |
| Equity contracts | $— | $(310200) | $(310200) |
| Interest rate contracts | (141980) |  | (141980) |
| **Total** | $(141980) | $(310200) | $(452180) |

---

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 $927,521,450. | Cost for U.S. federal income tax purposes was $927,521,450. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $202326870 |
| Gross Unrealized Depreciation | (15774570) |
| Net Unrealized Appreciation | $186552300 |

---

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** |
|  | **Australia: 6.6%** | **Australia: 6.6%** | **Australia: 6.6%** |
| 184844 | ANZ Group Holdings Ltd. | $4469099 | 1.3 |
| 28042 | ASX Ltd. | 960223 | 0.3 |
| 31340 | BHP Group Ltd. - Class DI | 945817 | 0.3 |
| 44849 | Brambles Ltd. | 684860 | 0.2 |
| 57377 | Computershare Ltd. | 1300372 | 0.4 |
| 399664 | Insurance Australia Group Ltd. | 2121108 | 0.6 |
| 675827 | Medibank Pvt Ltd. | 2156815 | 0.6 |
| 22972 | National Australia Bank Ltd. | 645900 | 0.2 |
| 161692 | QBE Insurance Group Ltd. | 2140718 | 0.6 |
| 3433 | Rio Tinto Ltd. | 334909 | 0.1 |
| 655399 | Scentre Group | 1832100 | 0.5 |
| 116780 | Sonic Healthcare Ltd. | 1758359 | 0.5 |
| 573564 | Telstra Group Ltd. | 1860970 | 0.5 |
| 193018 | Transurban Group | 1826650 | 0.5 |
|  |  | **23037900** | **6.6** |
|  | **Austria: 0.6%** | **Austria: 0.6%** | **Austria: 0.6%** |
| 39377 | OMV AG | **2191226** | **0.6** |
|  | **Belgium: 1.4%** | **Belgium: 1.4%** | **Belgium: 1.4%** |
| 33095 | Ageas SA | 2318663 | 0.7 |
| 19928 | KBC Group NV | 2595341 | 0.7 |
|  |  | **4914004** | **1.4** |
|  | **China: 0.7%** | **China: 0.7%** | **China: 0.7%** |
| 481000 | BOC Hong Kong Holdings Ltd. | **2441071** | **0.7** |
|  | **Denmark: 1.4%** | **Denmark: 1.4%** | **Denmark: 1.4%** |
| 61243 | Danske Bank A/S | 3058248 | 0.9 |
| 72530 | Tryg A/S | 1896762 | 0.5 |
|  |  | **4955010** | **1.4** |
|  | **Finland: 1.9%** | **Finland: 1.9%** | **Finland: 1.9%** |
| 188379 | Nordea Bank Abp - EUR | 3544208 | 1 |
| 241325 | Sampo Oyj - Class A | 2919743 | 0.9 |
|  |  | **6463951** | **1.9** |
|  | **France: 8.1%** | **France: 8.1%** | **France: 8.1%** |
| 9682 | Air Liquide SA | 1819768 | 0.5 |
| 59423 | AXA SA | 2851174 | 0.8 |
| 18371 | BNP Paribas SA | 1738024 | 0.5 |
| 51703 | Bureau Veritas SA | 1644817 | 0.5 |
| 24816 | Carrefour SA | 414069 | 0.1 |
| 2631 | Covivio SA/France | 174647 | 0.1 |
| 134803 | Credit Agricole SA | 2775305 | 0.8 |
| 32095 | Danone SA | 2894936 | 0.8 |
| 5891 | Eiffage SA | 844058 | 0.2 |
| 133647 | Engie SA | 3510816 | 1 |
| 67771 | Getlink SE | 1250986 | 0.4 |
| 33795 | Klepierre SA | 1337108 | 0.4 |
| 33957 | La Francaise des Jeux SAEM | 939955 | 0.3 |
| 188209 | Orange SA | 3140558 | 0.9 |
| 5481 | Safran SA | 1909124 | 0.6 |
| 11980 | TotalEnergies SE | 781071 | 0.2 |
|  |  | **28026416** | **8.1** |
|  | **Germany: 5.7%** | **Germany: 5.7%** | **Germany: 5.7%** |
| 17464 | Allianz SE | 8074948 | 2.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 86597 | Deutsche Telekom AG, Reg | $| 2818821 | 0.8 |
| 64803 | E.ON SE |  | 1227038 | 0.4 |
| 14256 | Fresenius Medical Care AG & Co. KGaA |  | 680945 | 0.2 |
| 50212 | Fresenius SE & Co. KGaA |  | 2876732 | 0.8 |
| 1059 | Hannover Rueck SE |  | 329541 | 0.1 |
| 15814 | Mercedes-Benz Group AG |  | 1096258 | 0.3 |
| 14920 <sup>(1)</sup> | Scout24 SE |  | 1498562 | 0.4 |
| 8721 | Talanx AG |  | 1158487 | 0.4 |
|  |  |  | **19761332** | **5.7** |
|  | **Hong Kong: 2.7%** | **Hong Kong: 2.7%** | **Hong Kong: 2.7%** | **Hong Kong: 2.7%** |
| 202500 | CK Infrastructure Holdings Ltd. |  | 1500572 | 0.4 |
| 219500 | CLP Holdings Ltd. |  | 1963406 | 0.6 |
| 1194000 | HKT Trust & HKT Ltd. - Stapled Security |  | 1768025 | 0.5 |
| 147400 | Link REIT |  | 658144 | 0.2 |
| 322500 | Power Assets Holdings Ltd. |  | 2285309 | 0.7 |
| 1066000 <sup>(1)</sup> | WH Group Ltd. |  | 1187539 | 0.3 |
|  |  |  | **9362995** | **2.7** |
|  | **Ireland: 1.5%** | **Ireland: 1.5%** | **Ireland: 1.5%** | **Ireland: 1.5%** |
| 249199 | AIB Group PLC |  | 2664021 | 0.8 |
| 129386 | Bank of Ireland Group PLC |  | 2474544 | 0.7 |
|  |  |  | **5138565** | **1.5** |
|  | **Israel: 1.1%** | **Israel: 1.1%** | **Israel: 1.1%** | **Israel: 1.1%** |
| 88674 | Bank Hapoalim BM |  | 2005546 | 0.6 |
| 88006 | Bank Leumi Le-Israel BM |  | 1939450 | 0.5 |
|  |  |  | **3944996** | **1.1** |
|  | **Italy: 6.3%** | **Italy: 6.3%** | **Italy: 6.3%** | **Italy: 6.3%** |
| 466560 | Enel SpA |  | 4850975 | 1.4 |
| 181525 | Eni SpA |  | 3441005 | 1 |
| 31570 | FinecoBank Banca Fineco SpA |  | 817964 | 0.2 |
| 777539 | Intesa Sanpaolo SpA |  | 5372870 | 1.5 |
| 103528 <sup>(1)</sup> | Poste Italiane SpA |  | 2598953 | 0.8 |
| 199361 | Terna - Rete Elettrica Nazionale |  | 2120940 | 0.6 |
| 33558 | UniCredit SpA |  | 2779495 | 0.8 |
|  |  |  | **21982202** | **6.3** |
|  | **Japan: 21.1%** | **Japan: 21.1%** | **Japan: 21.1%** | **Japan: 21.1%** |
| 52500 <sup>(2)</sup> | AGC, Inc. |  | 1741096 | 0.5 |
| 13500 | ANA Holdings, Inc. |  | 256388 | 0.1 |
| 278900 | Asahi Kasei Corp. |  | 2479072 | 0.7 |
| 204000 | Astellas Pharma, Inc. |  | 2715141 | 0.8 |
| 118600 <sup>(2)</sup> | Bridgestone Corp. |  | 2668415 | 0.8 |
| 75000 | Central Japan Railway Co. |  | 2077500 | 0.6 |
| 269500 | Concordia Financial Group Ltd. |  | 2227961 | 0.6 |
| 108600 | Daito Trust Construction Co. Ltd. |  | 2067959 | 0.6 |
| 74200 | Daiwa House Industry Co. Ltd. |  | 2464836 | 0.7 |
| 199400 | Denso Corp. |  | 2754136 | 0.8 |

---

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 71300 | East Japan Railway Co. | $| 1879246 | 0.5 |
| 6200 | Isuzu Motors Ltd. |  | 96764 | 0.0 |
| 98600 <sup>(2)</sup> | Japan Airlines Co. Ltd. |  | 1828610 | 0.5 |
| 207600 | Japan Post Bank Co. Ltd. |  | 2922401 | 0.8 |
| 88100 <sup>(2)</sup> | Japan Tobacco, Inc. |  | 3166517 | 0.9 |
| 140500 | JFE Holdings, Inc. |  | 1791219 | 0.5 |
| 20400 | Kao Corp. |  | 814196 | 0.2 |
| 137600 | Kirin Holdings Co. Ltd. |  | 2059736 | 0.6 |
| 16700 | Makita Corp. |  | 506160 | 0.2 |
| 100500 | MatsukiyoCocokara & Co. |  | 1740015 | 0.5 |
| 390900 | Mitsubishi Chemical Group Corp. |  | 2288185 | 0.7 |
| 56800 | MS&AD Insurance Group Holdings, Inc. |  | 1333495 | 0.4 |
| 166 | Nippon Building Fund, Inc. |  | 151298 | 0.1 |
| 256400 <sup>(2)</sup> | Nippon Steel Corp. |  | 1049203 | 0.3 |
| 2697100 | Nippon Telegraph & Telephone Corp. |  | 2722698 | 0.8 |
| 76300 | Nitto Denko Corp. |  | 1816681 | 0.5 |
| 112900 | Obayashi Corp. |  | 2362761 | 0.7 |
| 57100 | Obic Co. Ltd. |  | 1792294 | 0.5 |
| 4600 | Oracle Corp. Japan |  | 386626 | 0.1 |
| 14100 | ORIX Corp. |  | 412387 | 0.1 |
| 12900 | Osaka Gas Co. Ltd. |  | 448235 | 0.1 |
| 65800 | Secom Co. Ltd. |  | 2338150 | 0.7 |
| 38400 | Shin-Etsu Chemical Co. Ltd. |  | 1192748 | 0.4 |
| 91800 | Sumitomo Corp. |  | 3177428 | 0.9 |
| 63600 <sup>(2)</sup> | Suntory Beverage & Food Ltd. |  | 1912678 | 0.6 |
| 116700 | Takeda Pharmaceutical Co. Ltd. |  | 3625317 | 1.1 |
| 12100 | TIS, Inc. |  | 406507 | 0.1 |
| 178800 <sup>(2)</sup> | Tokyo Metro Co. Ltd. |  | 1820075 | 0.5 |
| 159900 | Tokyu Corp. |  | 1868675 | 0.5 |
| 73900 <sup>(2)</sup> | Tsuruha Holdings, Inc. |  | 1357790 | 0.4 |
| 92600 | West Japan Railway Co. |  | 1845069 | 0.5 |
| 257100 | Z Holdings Corp. |  | 684130 | 0.2 |
|  |  |  | **73249798** | **21.1** |
|  | **Netherlands: 6.3%** | **Netherlands: 6.3%** | **Netherlands: 6.3%** | **Netherlands: 6.3%** |
| 81729 <sup>(1)</sup> | ABN AMRO Bank NV |  | 2855518 | 0.8 |
| 32658 | ASR Nederland NV |  | 2323640 | 0.7 |
| 11984 <sup>(1)</sup> | Euronext NV |  | 1800210 | 0.5 |
| 23302 | Heineken Holding NV |  | 1706330 | 0.5 |
| 178208 | ING Groep NV |  | 5009106 | 1.4 |
| 75467 | Koninklijke Ahold Delhaize NV |  | 3094664 | 0.9 |
| 528394 | Koninklijke KPN NV |  | 2469032 | 0.7 |
| 34095 | NN Group NV |  | 2630243 | 0.8 |
|  |  |  | **21888743** | **6.3** |
|  | **New Zealand: 0.7%** | **New Zealand: 0.7%** | **New Zealand: 0.7%** | **New Zealand: 0.7%** |
| 137959 | Contact Energy Ltd. |  | 733921 | 0.2 |
| 73301 | Fisher & Paykel Healthcare Corp. Ltd. |  | 1592611 | 0.5 |
|  |  |  | **2326532** | **0.7** |
|  | **Norway: 3.7%** | **Norway: 3.7%** | **Norway: 3.7%** | **Norway: 3.7%** |
| 91148 | Aker BP ASA |  | 2319368 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Norway (continued)** | **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| 104675 | DNB Bank ASA | $| 2916327 | 0.8 |
| 106320 | Equinor ASA |  | 2507220 | 0.7 |
| 40564 | Gjensidige Forsikring ASA |  | 1212390 | 0.4 |
| 152802 | Orkla ASA |  | 1701564 | 0.5 |
| 149125 | Telenor ASA |  | 2168940 | 0.6 |
|  |  |  | **12825809** | **3.7** |
|  | **Singapore: 1.6%** | **Singapore: 1.6%** | **Singapore: 1.6%** | **Singapore: 1.6%** |
| 49100 | DBS Group Holdings Ltd. |  | 2150809 | 0.6 |
| 212900 | Oversea-Chinese Banking Corp. Ltd. |  | 3270830 | 1 |
|  |  |  | **5421639** | **1.6** |
|  | **Spain: 2.5%** | **Spain: 2.5%** | **Spain: 2.5%** | **Spain: 2.5%** |
| 68633 <sup>(1)</sup> | Aena SME SA |  | 1917663 | 0.5 |
| 313302 | CaixaBank SA |  | 3830465 | 1.1 |
| 48348 | Iberdrola SA |  | 1046897 | 0.3 |
| 35085 | Naturgy Energy Group SA |  | 1068279 | 0.3 |
| 48765 | Repsol SA |  | 909877 | 0.3 |
|  |  |  | **8773181** | **2.5** |
|  | **Sweden: 0.3%** | **Sweden: 0.3%** | **Sweden: 0.3%** | **Sweden: 0.3%** |
| 1270 | Essity AB - Class B |  | 36514 | 0 |
| 29337 | Swedbank AB - Class A |  | 1017849 | 0.3 |
|  |  |  | **1054363** | **0.3** |
|  | **Switzerland: 4.6%** | **Switzerland: 4.6%** | **Switzerland: 4.6%** | **Switzerland: 4.6%** |
| 19600 | ABB Ltd., Reg |  | 1444864 | 0.4 |
| 3829 | Banque Cantonale Vaudoise |  | 484062 | 0.1 |
| 6849 | BKW AG |  | 1452746 | 0.4 |
| 3774 | DSM-Firmenich AG |  | 304448 | 0.1 |
| 1324 | EMS-Chemie Holding AG |  | 913337 | 0.3 |
| 876 | Galderma Group AG |  | 178382 | 0.1 |
| 552 | Givaudan SA, Reg |  | 2183850 | 0.6 |
| 8530 | Helvetia Holding AG |  | 2243502 | 0.6 |
| 19810 | SGS SA |  | 2272360 | 0.7 |
| 436 | Swiss Life Holding AG |  | 502204 | 0.1 |
| 1288 | Swisscom AG, Reg |  | 935548 | 0.3 |
| 3931 | Zurich Insurance Group AG |  | 2974598 | 0.9 |
|  |  |  | **15889901** | **4.6** |
|  | **United Kingdom: 12.9%** | **United Kingdom: 12.9%** | **United Kingdom: 12.9%** | **United Kingdom: 12.9%** |
| 37971 | Admiral Group PLC |  | 1624313 | 0.5 |
| 308936 | Aviva PLC |  | 2840633 | 0.8 |
| 86099 | BAE Systems PLC |  | 1981566 | 0.6 |
| 26253 | Barclays PLC |  | 168048 | 0.1 |
| 87841 | British American Tobacco PLC |  | 4979746 | 1.4 |
| 284122 | Centrica PLC |  | 647813 | 0.2 |
| 73688 | Hikma Pharmaceuticals PLC |  | 1536164 | 0.4 |
| 694798 | HSBC Holdings PLC |  | 10933261 | 3.2 |
| 69886 | Imperial Brands PLC |  | 2934515 | 0.8 |
| 114010 | M&G PLC |  | 438915 | 0.1 |
| 322690 | NatWest Group PLC |  | 2830717 | 0.8 |
| 138629 | Pearson PLC |  | 1960073 | 0.6 |
| 49195 | Reckitt Benckiser Group PLC |  | 3980813 | 1.1 |
| 16557 | RELX PLC - GBP |  | 667026 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 133677 | Rolls-Royce Holdings PLC | $| 2067402 | 0.6 |
| 59962 | Sage Group PLC |  | 872113 | 0.3 |
| 35367 | Smith & Nephew PLC |  | 588185 | 0.2 |
| 57541 | Smiths Group PLC |  | 1820030 | 0.5 |
| 8400 | Tesco PLC |  | 49953 | 0 |
| 113587 | United Utilities Group PLC |  | 1824931 | 0.5 |
|  |  |  | **44746217** | **12.9** |
|  | **United States: 7.1%** | **United States: 7.1%** | **United States: 7.1%** | **United States: 7.1%** |
| 46909 | Aegon Ltd. |  | 364778 | 0.1 |
| 604969 | BP PLC |  | 3528144 | 1 |
| 69988 | GSK PLC |  | 1715905 | 0.5 |
| 16386 | Nestle SA |  | 1626460 | 0.5 |
| 13985 | Novartis AG, Reg |  | 1927077 | 0.6 |
| 20139 | Roche Holding AG |  | 8316808 | 2.4 |
| 191416 | Shell PLC |  | 7054085 | 2 |
|  |  |  | **24533257** | **7.1** |
|  | Total Common Stock<br> (Cost $268,126,468) |  | **342929108** | **98.8** |
| **EXCHANGE-TRADED FUNDS: 1.1%** | **EXCHANGE-TRADED FUNDS: 1.1%** | **EXCHANGE-TRADED FUNDS: 1.1%** | **EXCHANGE-TRADED FUNDS: 1.1%** | **EXCHANGE-TRADED FUNDS: 1.1%** |
| 53045 | iShares MSCI EAFE Value ETF |  | **3787944** | **1.1** |
|  | Total Exchange-Traded Funds <br> (Cost $3,742,880) |  | **3787944** | **1.1** |
| **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** |
|  | **Germany: 0.7%** | **Germany: 0.7%** | **Germany: 0.7%** | **Germany: 0.7%** |
| 31601 | Henkel AG & Co. KGaA |  | **2578159** | **0.7** |
|  | Total Preferred Stock<br> (Cost $2,523,778) |  | **2578159** | **0.7** |
|  | Total Long-Term Investments<br> (Cost $274,393,126) |  | **349295211** | **100.6** |
| **Principal<br> Amount†** |  | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** |
|  | **Repurchase Agreements: 3.3%** | **Repurchase Agreements: 3.3%** | **Repurchase Agreements: 3.3%** | **Repurchase Agreements: 3.3%** |
| 2112351 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $2,112,797, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $2,154,598, due 12/01/30-11/20/75) |  | 2112351 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 2946211 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $2,946,847, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $3,005,968, due 01/31/26-11/15/55) | $| 2946211 | 0.9 |
| 2769438 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $2,770,018, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $2,824,827, due 10/15/26-12/20/55) |  | 2769438 | 0.8 |
| 740638 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $740,794, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $755,451, due 04/30/26-11/15/34) |  | 740638 | 0.2 |
| 2798900 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $2,799,509, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,846,156, due 04/15/28-02/15/55) |  | 2798900 | 0.8 |
|  | Total Repurchase Agreements <br> (Cost $11,367,538) |  | **11367538** | **3.3** |
|  | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** | **Time Deposits: 0.3%** |
| 210000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 |  | 210000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **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)** | **Time Deposits (continued)** |
| 210000 <sup>(3)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 | $210000 | 0.1 |
| 280000 <sup>(3)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 280000 | 0.1 |
| 140000 <sup>(3)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 | 140000 | 0.0 |
| 120000 <sup>(3)</sup> | Toronto-Dominion Bank, 3.650%, 01/02/2026 | 120000 | 0.0 |
|  | Total Time Deposits <br> (Cost $960,000) | **960000** | **0.3** |
|  | Total Short-Term Investments <br> (Cost $12,327,538) | **12327538** | **3.6** |
|  | **Total Investments in Securities<br> (Cost $286,720,664)** | $**361622749** | **104.2** |
|  | **Liabilities in Excess of Other Assets** | **(14684270)** | **(4.2)** |
|  | **Net Assets** | $**346938479** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage <br> of Net Assets** |
| Financials | 37.5% |
| Industrials | 12.5 |
| Consumer Staples | 11 |
| Health Care | 7.9 |
| Utilities | 7.1 |
| Energy | 6.6 |
| Communication Services | 5.8 |
| Materials | 4.9 |
| Consumer Discretionary | 2.7 |
| Real Estate | 2.5 |
| Exchange-Traded Funds | 1.1 |
| Information Technology | 1 |
| Short-Term Investments | 3.6 |
| Liabilities in Excess of Other Assets | (4.2) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.** 

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements^** 

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $23037900 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $23037900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 2191226 |  | 2191226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 4914004 |  | 4914004 |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 2441071 |  | 2441071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 4955010 |  | 4955010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 6463951 |  | 6463951 |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 28026416 |  | 28026416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 19761332 |  | 19761332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 2285309 | 7077686 |  | 9362995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 5138565 |  | 5138565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 3944996 |  | 3944996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 21982202 |  | 21982202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 4917880 | 68331918 |  | 73249798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 21888743 |  | 21888743 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 2326532 |  | 2326532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 12825809 |  | 12825809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 5421639 |  | 5421639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 8773181 |  | 8773181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1054363 |  | 1054363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 2272360 | 13617541 |  | 15889901 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 44746217 |  | 44746217 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States |  | 24533257 |  | 24533257 |
| Total Common Stock | 9475549 | 333453559 |  | 342929108 |
| Exchange-Traded Funds | 3787944 |  |  | 3787944 |
| Preferred Stock |  | 2578159 |  | 2578159 |
| Short-Term Investments |  | 12327538 |  | 12327538 |
| Total Investments, at fair value | $13263493 | $348359256 | $— | $361622749 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward <br> foreign<br> currency<br> contracts** |
| Foreign exchange contracts | $36007 |
| **Total** | $36007 |

---

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward <br> foreign <br> currency <br> contracts** |
| Foreign exchange contracts | $2304 |
| **Total** | $2304 |

---

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 $287,971,483. | Cost for U.S. federal income tax purposes was $287,971,483. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $77654609 |
| Gross Unrealized Depreciation | (3879048) |
| Net Unrealized Appreciation | $73775561 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |
|  | **Communication Services: 1.1%** | **Communication Services: 1.1%** | **Communication Services: 1.1%** |
| 114314 | Entravision Communications Corp. - Class A | $334940 | 0.1 |
| 18832 | Omnicom Group, Inc. | 1520684 | 0.6 |
| 9401 | Publicis Groupe SA | 976271 | 0.4 |
| 8637 | Townsquare Media, Inc. - Class A | 44394 | 0.0 |
|  |  | **2876289** | **1.1** |
|  | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** |
| 12254 | A-Mark Precious Metals, Inc. | 417249 | 0.2 |
| 60980 | Bath & Body Works, Inc. | 1224478 | 0.4 |
| 7838 <sup>(1)</sup> | Birkenstock Holding PLC | 320574 | 0.1 |
| 20622 | BorgWarner, Inc. | 929227 | 0.3 |
| 5783 | Boyd Gaming Corp. | 492943 | 0.2 |
| 14093 | Brunswick Corp. | 1046264 | 0.4 |
| 29066 | Cie Generale des Etablissements Michelin SCA | 963426 | 0.4 |
| 44087 | Gentex Corp. | 1025905 | 0.4 |
| 63479 <sup>(1)</sup> | KinderCare Learning Cos., Inc. | 274229 | 0.1 |
| 5584 <sup>(1)</sup> | M/I Homes, Inc. | 714473 | 0.3 |
| 26095 <sup>(1)</sup> | MarineMax, Inc. | 632282 | 0.2 |
| 41598 <sup>(1)(2)</sup> | McGraw Hill, Inc. | 686367 | 0.2 |
| 9638 | Meritage Homes Corp. | 634180 | 0.2 |
| 15146 <sup>(1)</sup> | Mohawk Industries, Inc. | 1655458 | 0.6 |
| 26307 <sup>(1)(2)</sup> | OneWater Marine, Inc. - Class A | 284642 | 0.1 |
| 14242 | PulteGroup, Inc. | 1670017 | 0.6 |
| 13761 <sup>(1)</sup> | Skyline Champion Corp. | 1162805 | 0.4 |
| 20593 | Sodexo SA | 1055102 | 0.4 |
| 12589 <sup>(1)</sup> | Taylor Morrison Home Corp. | 741114 | 0.3 |
| 13100 | Visteon Corp. | 1245810 | 0.5 |
|  |  | **17176545** | **6.3** |
|  | **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** |
| 75221 | Conagra Brands, Inc. | 1302076 | 0.5 |
| 47079 | Edgewell Personal Care Co. | 802697 | 0.3 |
| 12879 | Estee Lauder Cos., Inc. - Class A | 1348689 | 0.5 |
| 10461 | General Mills, Inc. | 486436 | 0.2 |
| 16378 | Heineken NV | 1351297 | 0.5 |
| 178853 | Kenvue, Inc. | 3085214 | 1.1 |
| 29415 | Kimberly-Clark Corp. | 2967679 | 1.1 |
| 60528 | Koninklijke Ahold Delhaize NV | 2482062 | 0.9 |
| 31194 <sup>(1)</sup> | Magnum Ice Cream Co. NV | 499151 | 0.2 |
| 16428 | Mondelez International, Inc. - Class A | 884319 | 0.3 |
| 18750 | Pernod Ricard SA | 1605492 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** | **Consumer Staples: (continued)** |
| 13161 | Reckitt Benckiser Group PLC | $| 1064976 | 0.4 |
| 21758 | Spectrum Brands Holdings, Inc. |  | 1285463 | 0.5 |
| 21442 | Sysco Corp. |  | 1580061 | 0.6 |
| 3555 | Turning Point Brands, Inc. |  | 385362 | 0.1 |
|  |  |  | **21130974** | **7.8** |
|  | **Energy: 7.4%** | **Energy: 7.4%** | **Energy: 7.4%** | **Energy: 7.4%** |
| 74097 | Baker Hughes Co. |  | 3374377 | 1.2 |
| 11613 | Chord Energy Corp. |  | 1076525 | 0.4 |
| 16795 | ConocoPhillips |  | 1572180 | 0.6 |
| 63260 | Coterra Energy, Inc. |  | 1665003 | 0.6 |
| 152528 | Crescent Energy Co. - Class A |  | 1279710 | 0.5 |
| 13092 | Diamondback Energy, Inc. |  | 1968120 | 0.7 |
| 92730 <sup>(3)</sup> | Enterprise Products Partners L.P. |  | 2972924 | 1.1 |
| 30718 | Flowco Holdings, Inc. - Class A |  | 575655 | 0.2 |
| 21865 <sup>(1)</sup> | Infinity Natural Resources, Inc. - Class A |  | 322072 | 0.1 |
| 11664 | Liberty Energy, Inc. |  | 215318 | 0.1 |
| 34583 <sup>(2)</sup> | Mach Natural Resources L.P. |  | 381796 | 0.1 |
| 56244 | Magnolia Oil & Gas Corp. - Class A |  | 1231181 | 0.5 |
| 52846 <sup>(2)</sup> | Northern Oil and Gas, Inc. |  | 1134604 | 0.4 |
| 14642 | ONEOK, Inc. |  | 1076187 | 0.4 |
| 74793 | Permian Resources Corp. |  | 1049346 | 0.4 |
| 18201 | TXO Partners L.P. |  | 194205 | 0.1 |
|  |  |  | **20089203** | **7.4** |
|  | **Financials: 20.3%** | **Financials: 20.3%** | **Financials: 20.3%** | **Financials: 20.3%** |
| 18856 <sup>(1)(2)</sup> | Accelerant Holdings - Class A |  | 308296 | 0.1 |
| 5123 | Allstate Corp. |  | 1066352 | 0.4 |
| 7642 | Ameris Bancorp |  | 567571 | 0.2 |
| 26102 | Atlantic Union Bankshares Corp. |  | 921401 | 0.3 |
| 19330 | Axis Capital Holdings Ltd. |  | 2070050 | 0.8 |
| 9680 <sup>(1)</sup> | Axos Financial, Inc. |  | 834029 | 0.3 |
| 1687 | BancFirst Corp. |  | 178856 | 0.1 |
| 6401 | Bank of New York Mellon Corp. |  | 743092 | 0.3 |
| 5791 <sup>(1)</sup> | Bowhead Specialty Holdings, Inc. |  | 165275 | 0.1 |
| 12265 <sup>(1)</sup> | BRP Group, Inc. - Class A |  | 294728 | 0.1 |
| 15140 | Central BanCo, Inc. |  | 365177 | 0.1 |
| 59992 | Columbia Banking System, Inc. |  | 1676776 | 0.6 |
| 66102 | Commerce Bancshares, Inc. |  | 3459779 | 1.3 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>American Century Small-Mid Cap Value 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)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 64648 | Compass Diversified Holdings | $| 310310 | 0.1 |
| 21759 <sup>(1)</sup> | Euronet Worldwide, Inc. |  | 1656078 | 0.6 |
| 61866 | EVERTEC, Inc. |  | 1799682 | 0.7 |
| 28087 | F.N.B. Corp. |  | 480288 | 0.2 |
| 24514 | First BanCorp/Puerto Rico |  | 508175 | 0.2 |
| 60336 | First Hawaiian, Inc. |  | 1526501 | 0.6 |
| 13197 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B |  | 368196 | 0.1 |
| 4258 | Hanover Insurance Group, Inc. |  | 778235 | 0.3 |
| 54431 | Home BancShares, Inc. |  | 1512093 | 0.6 |
| 18261 | International Bancshares Corp. |  | 1213261 | 0.4 |
| 24154 | Marex Group PLC |  | 926547 | 0.3 |
| 6683 | Marsh & McLennan Cos., Inc. |  | 1239830 | 0.5 |
| 1960 | Nicolet Bankshares, Inc. |  | 237748 | 0.1 |
| 1900 | Northeast Bank |  | 197467 | 0.1 |
| 20656 | Northern Trust Corp. |  | 2821403 | 1 |
| 91569 | Old National Bancorp |  | 2042904 | 0.7 |
| 5266 | Pathward Financial, Inc. |  | 373886 | 0.1 |
| 4302 | Popular, Inc. |  | 535685 | 0.2 |
| 37762 | Prosperity Bancshares, Inc. |  | 2609732 | 1 |
| 2461 | Raymond James Financial, Inc. |  | 395212 | 0.1 |
| 15409 | Reinsurance Group of America, Inc. |  | 3135115 | 1.2 |
| 46373 <sup>(1)</sup> | Repay Holdings Corp. |  | 169261 | 0.1 |
| 11954 <sup>(1)</sup> | SiriusPoint Ltd. |  | 261673 | 0.1 |
| 25603 <sup>(1)</sup> | Slide Insurance Holdings, Inc. |  | 498746 | 0.2 |
| 22741 | Southstate Bank Corp. |  | 2140156 | 0.8 |
| 5895 <sup>(1)</sup> | StoneX Group, Inc. |  | 560791 | 0.2 |
| 14137 | T. Rowe Price Group, Inc. |  | 1447346 | 0.5 |
| 51560 | Truist Financial Corp. |  | 2537268 | 0.9 |
| 14846 | UMB Financial Corp. |  | 1707884 | 0.6 |
| 58373 | US Bancorp |  | 3114783 | 1.1 |
| 23025 | Webster Financial Corp. |  | 1449194 | 0.5 |
| 18552 | Westamerica BanCorp |  | 887342 | 0.3 |
| 9786 | Willis Towers Watson PLC |  | 3215680 | 1.2 |
|  |  |  | **55309854** | **20.3** |
|  | **Health Care: 11.6%** | **Health Care: 11.6%** | **Health Care: 11.6%** | **Health Care: 11.6%** |
| 2144 | AmerisourceBergen Corp. |  | 724136 | 0.3 |
| 15723 | Becton Dickinson and Co. |  | 3051363 | 1.1 |
| 57965 | Embecta Corp. |  | 688624 | 0.3 |
| 63750 <sup>(1)</sup> | Enovis Corp. |  | 1698300 | 0.6 |
| 76227 <sup>(1)</sup> | Envista Holdings Corp. |  | 1654888 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 32969 | GE HealthCare Technologies, Inc. | $| 2704117 | 1 |
| 50314 <sup>(1)</sup> | Henry Schein, Inc. |  | 3802732 | 1.4 |
| 15669 <sup>(1)</sup> | Hologic, Inc. |  | 1167184 | 0.4 |
| 9837 <sup>(1)</sup> | ICON PLC |  | 1792498 | 0.7 |
| 4858 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 1095042 | 0.4 |
| 12288 | Labcorp Holdings, Inc. |  | 3082813 | 1.1 |
| 15802 | Medtronic PLC |  | 1517940 | 0.6 |
| 23466 <sup>(1)</sup> | Pediatrix Medical Group, Inc. |  | 501938 | 0.2 |
| 9224 | Quest Diagnostics, Inc. |  | 1600641 | 0.6 |
| 6662 | Universal Health Services, Inc. - Class B |  | 1452449 | 0.5 |
| 54790 | Zimmer Biomet Holdings, Inc. |  | 4926717 | 1.8 |
|  |  |  | **31461382** | **11.6** |
|  | **Industrials: 16.2%** | **Industrials: 16.2%** | **Industrials: 16.2%** | **Industrials: 16.2%** |
| 21253 | A.O. Smith Corp. |  | 1421401 | 0.5 |
| 21355 | ABM Industries, Inc. |  | 903316 | 0.3 |
| 7627 | Albany International Corp. - Class A |  | 386689 | 0.1 |
| 5487 | ArcBest Corp. |  | 407081 | 0.1 |
| 15638 | Ashtead Group PLC |  | 1066182 | 0.4 |
| 11479 <sup>(1)</sup> | Blue Bird Corp. |  | 539513 | 0.2 |
| 13021 | Brink's Co. |  | 1519941 | 0.6 |
| 105486 | Bunzl PLC |  | 2945578 | 1.1 |
| 78458 | CSX Corp. |  | 2844102 | 1 |
| 4584 | Cummins, Inc. |  | 2339903 | 0.9 |
| 6749 | Deluxe Corp. |  | 150705 | 0.1 |
| 79057 <sup>(1)</sup> | DIRTT Environmental Solutions |  | 53403 | 0 |
| 3044 | Dover Corp. |  | 594311 | 0.2 |
| 996 <sup>(1)</sup> | DXP Enterprises, Inc. |  | 109351 | 0 |
| 3665 | Emerson Electric Co. |  | 486419 | 0.2 |
| 18241 | Fortive Corp. |  | 1007086 | 0.4 |
| 32998 <sup>(1)</sup> | Gates Industrial Corp. PLC |  | 708467 | 0.3 |
| 3010 | Hammond Power Solutions, Inc. |  | 349739 | 0.1 |
| 10847 | Hexcel Corp. |  | 801593 | 0.3 |
| 78257 <sup>(1)</sup> | Hillman Solutions Corp. |  | 677706 | 0.2 |
| 2769 <sup>(1)</sup> | IBEX Holdings Ltd. |  | 105720 | 0 |
| 4959 | IDEX Corp. |  | 882404 | 0.3 |
| 15987 | Korn Ferry |  | 1055462 | 0.4 |
| 9856 | L3Harris Technologies, Inc. |  | 2893426 | 1.1 |
| 13296 | Loomis AB |  | 561632 | 0.2 |
| 3859 | Luxfer Holdings PLC |  | 52212 | 0 |
| 16844 | Masco Corp. |  | 1068920 | 0.4 |
| 29345 | MSC Industrial Direct Co., Inc. - Class A |  | 2467915 | 0.9 |
| 6769 | Norfolk Southern Corp. |  | 1954346 | 0.7 |
| 13349 | Oshkosh Corp. |  | 1677035 | 0.6 |
| 14226 | PACCAR, Inc. |  | 1557889 | 0.6 |
| 19538 <sup>(1)(2)</sup> | Proficient Auto Logistics, Inc. |  | 188346 | 0.1 |
| 4316 <sup>(1)</sup> | Resideo Technologies, Inc. |  | 151578 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>American Century Small-Mid Cap Value 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)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4663 | Science Applications International Corp. | $| 469378 | 0.2 |
| 47229 | Sensata Technologies Holding PLC |  | 1572253 | 0.6 |
| 45963 | Southwest Airlines Co. |  | 1899651 | 0.7 |
| 9772 <sup>(2)</sup> | Tecnoglass, Inc. |  | 491727 | 0.2 |
| 40063 | Timken Co. |  | 3370500 | 1.2 |
| 18048 | Toro Co. |  | 1420739 | 0.5 |
| 16053 | TriNet Group, Inc. |  | 949214 | 0.3 |
| 794 | UniFirst Corp. |  | 153163 | 0.1 |
|  |  |  | **44255996** | **16.2** |
|  | **Information Technology: 6.7%** | **Information Technology: 6.7%** | **Information Technology: 6.7%** | **Information Technology: 6.7%** |
| 28011 | Amdocs Ltd. |  | 2255166 | 0.8 |
| 15823 | Amkor Technology, Inc. |  | 624692 | 0.2 |
| 4092 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 450857 | 0.2 |
| 12663 <sup>(1)</sup> | Axcelis Technologies, Inc. |  | 1017345 | 0.4 |
| 9486 | CDW Corp. |  | 1291993 | 0.5 |
| 23360 | Cognizant Technology Solutions Corp. - Class A |  | 1938880 | 0.7 |
| 6024 <sup>(1)</sup> | F5, Inc. |  | 1537686 | 0.6 |
| 85716 | HP, Inc. |  | 1909753 | 0.7 |
| 20876 | Infineon Technologies AG |  | 910839 | 0.3 |
| 26119 <sup>(2)</sup> | Ingram Micro Holding Corp. |  | 557380 | 0.2 |
| 16352 | Kulicke & Soffa Industries, Inc. |  | 744997 | 0.3 |
| 3830 | NXP Semiconductors NV |  | 831340 | 0.3 |
| 18289 | Opera Ltd., ADR |  | 258972 | 0.1 |
| 8125 <sup>(1)</sup> | Progress Software Corp. |  | 349050 | 0.1 |
| 24007 | Ralliant Corp. |  | 1222196 | 0.5 |
| 2724 | TE Connectivity PLC |  | 619737 | 0.2 |
| 8843 | Teradyne, Inc. |  | 1711651 | 0.6 |
|  |  |  | **18232534** | **6.7** |
|  | **Materials: 5.8%** | **Materials: 5.8%** | **Materials: 5.8%** | **Materials: 5.8%** |
| 19432 <sup>(1)</sup> | Amrize Ltd. |  | 1050883 | 0.4 |
| 13325 | Ashland, Inc. |  | 781778 | 0.3 |
| 34452 <sup>(1)</sup> | Axalta Coating Systems Ltd. |  | 1113144 | 0.4 |
| 3312 | Eagle Materials, Inc. |  | 684524 | 0.2 |
| 237059 | Graphic Packaging Holding Co. |  | 3570109 | 1.3 |
| 17097 <sup>(1)</sup> | Ingevity Corp. |  | 1011800 | 0.4 |
| 14724 | Minerals Technologies, Inc. |  | 897428 | 0.3 |
| 14361 | Packaging Corp. of America |  | 2961669 | 1.1 |
| 14592 | PPG Industries, Inc. |  | 1495096 | 0.5 |
| 6674 | Reliance Steel & Aluminum Co. |  | 1927918 | 0.7 |
| 26896 | Titan America SA |  | 443246 | 0.2 |
|  |  |  | **15937595** | **5.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: 7.9%** | **Real Estate: 7.9%** | **Real Estate: 7.9%** |
| 9684 | Agree Realty Corp. | $697539 | 0.3 |
| 2262 | American Healthcare REIT, Inc. | 106450 | 0 |
| 11769 | American Tower Corp. | 2066283 | 0.8 |
| 95030 | Americold Realty Trust, Inc. | 1222086 | 0.4 |
| 16100 | CareTrust REIT, Inc. | 582176 | 0.2 |
| 10715 | EPR Properties | 534679 | 0.2 |
| 42891 | Equity Residential | 2703849 | 1 |
| 2271 | Essex Property Trust, Inc. | 594275 | 0.2 |
| 113829 | Healthpeak Properties, Inc. | 1830370 | 0.7 |
| 11274 | LTC Properties, Inc. | 387600 | 0.1 |
| 7470 | Public Storage | 1938465 | 0.7 |
| 53593 | Realty Income Corp. | 3021037 | 1.1 |
| 9436 | Regency Centers Corp. | 651367 | 0.2 |
| 13218 | Ryman Hospitality Properties, Inc. | 1250687 | 0.5 |
| 4983 <sup>(2)</sup> | Smartstop Self Storage REIT, Inc. | 154174 | 0.1 |
| 16402 | Terreno Realty Corp. | 962961 | 0.4 |
| 13599 | UMH Properties, Inc. | 216360 | 0.1 |
| 18986 | Ventas, Inc. | 1469137 | 0.5 |
| 37975 | VICI Properties, Inc. | 1067857 | 0.4 |
|  |  | **21457352** | **7.9** |
|  | **Utilities: 6.2%** | **Utilities: 6.2%** | **Utilities: 6.2%** |
| 11692 | Duke Energy Corp. | 1370419 | 0.5 |
| 41644 | Evergy, Inc. | 3018774 | 1.1 |
| 27758 | Eversource Energy | 1868946 | 0.7 |
| 37336 | NorthWestern Corp. | 2409665 | 0.9 |
| 33070 | ONE Gas, Inc. | 2554658 | 0.9 |
| 29156 | PPL Corp. | 1021043 | 0.4 |
| 19807 | Spire, Inc. | 1638039 | 0.6 |
| 40018 | Xcel Energy, Inc. | 2955729 | 1.1 |
|  |  | **16837273** | **6.2** |
|  | Total Common Stock <br> (Cost $263,601,898) | **264764997** | **97.3** |
| **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** | **PREFERRED STOCK: 0.6%** |
|  | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** |
| 20225 | Henkel AG & Co. KGaA | 1650052 | 0.6 |
|  | Total Preferred Stock <br> (Cost $1,457,369) | **1650052** | **0.6** |
|  | Total Long-Term Investments <br> (Cost $265,059,267) | **266415049** | **97.9** |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>American Century Small-Mid Cap Value Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** |
|  | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** |
| 1000000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,000,216, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $1,020,283, due 01/31/26-11/15/55) | $1000000 | 0.4 |
| 232000 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $232,049, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $236,640, due 10/15/26-12/20/55) | 232000 | 0.1 |
| 143574 <sup>(4)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $143,604, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $146,445, due 04/30/26-11/15/34) | 143574 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(4)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,000,218, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,016,884, due 04/15/28-02/15/55) | $1000000 | 0.4 |
|  | Total Repurchase Agreements <br> (Cost $2,375,574) | **2375574** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** |
| 5056796 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $5,056,796) | $**5056796** | **1.8** |
|  | Total Short-Term Investments<br> (Cost $7,432,370) | **7432370** | **2.7** |
|  | **Total Investments in Securities<br> (Cost $272,491,637)**  | $**273847419** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(1553428)** | **(0.6)** |
|  | **Net Assets** | $**272293991** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <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> | Security is a Master Limited Partnership. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $1900018 | $976271 | $— | $2876289 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 15158017 | 2018528 |  | 17176545 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 14627147 | 6503827 |  | 21130974 |
| &nbsp;&nbsp;&nbsp;Energy | 20089203 |  |  | 20089203 |
| &nbsp;&nbsp;&nbsp;Financials | 55309854 |  |  | 55309854 |
| &nbsp;&nbsp;&nbsp;Health Care | 31461382 |  |  | 31461382 |
| &nbsp;&nbsp;&nbsp;Industrials | 39682604 | 4573392 |  | 44255996 |
| &nbsp;&nbsp;&nbsp;Information Technology | 17321695 | 910839 |  | 18232534 |
| &nbsp;&nbsp;&nbsp;Materials | 15937595 |  |  | 15937595 |
| &nbsp;&nbsp;&nbsp;Real Estate | 21457352 |  |  | 21457352 |
| &nbsp;&nbsp;&nbsp;Utilities | 16837273 |  |  | 16837273 |
| Total Common Stock | 249782140 | 14982857 |  | 264764997 |
| Preferred Stock |  | 1650052 |  | 1650052 |
| Short-Term Investments | 5056796 | 2375574 |  | 7432370 |
| Total Investments, at fair value | $254838936 | $19008483 | $— | $273847419 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 13521 |  | 13521 |
| Total Assets | $254838936 | $19022004 | $— | $273860940 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(40384) | $— | $(40384) |
| Total Liabilities | $— | $(40384) | $— | $(40384) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At December 31, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| GBP | 93849 | USD | 126159 | Bank of America N.A. | 03/27/26 | $315 |
| GBP | 133101 | USD | 179500 | Bank of America N.A. | 03/27/26 | (129) |
| USD | 2150815 | EUR | 1821058 | Citibank N.A. | 03/27/26 | 2185 |
| USD | 263524 | EUR | 222957 | Citibank N.A. | 03/27/26 | 462 |
| CAD | 30088 | USD | 21935 | Citibank N.A. | 03/27/26 | 66 |
| CAD | 13381 | USD | 9740 | Citibank N.A. | 03/27/26 | 44 |
| USD | 10014 | CAD | 13713 | Citibank N.A. | 03/27/26 | (13) |
| CAD | 9825 | USD | 7209 | Citibank N.A. | 03/27/26 | (25) |
| USD | 12023 | SEK | 110756 | Citibank N.A. | 03/27/26 | (61) |
| USD | 328075 | CAD | 449682 | Citibank N.A. | 03/27/26 | (736) |
| USD | 457016 | SEK | 4222278 | Citibank N.A. | 03/27/26 | (3657) |
| USD | 1696761 | GBP | 1267641 | Citibank N.A. | 03/27/26 | (11554) |
| USD | 2151771 | EUR | 1821058 | Goldman Sachs & Co. | 03/27/26 | 3141 |
| USD | 526855 | EUR | 446062 | Goldman Sachs & Co. | 03/27/26 | 555 |
| USD | 1696091 | GBP | 1267641 | Goldman Sachs & Co. | 03/27/26 | (12223) |
| GBP | 228911 | USD | 306146 | JPMorgan Chase Bank N.A. | 03/27/26 | 2341 |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| GBP | 118854 | USD | 160001 | JPMorgan Chase Bank N.A. | 03/27/26 | $170 |
| USD | 1696329 | GBP | 1267641 | JPMorgan Chase Bank N.A. | 03/27/26 | (11986) |
| USD | 232162 | EUR | 196223 | Morgan Stanley | 03/27/26 | 643 |
| USD | 2149253 | EUR | 1821058 | Morgan Stanley | 03/27/26 | 622 |
| USD | 2151607 | EUR | 1821058 | UBS AG | 03/27/26 | 2977 |
|  |  |  |  |  |  | $(26863) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CAD | Canadian Dollar |
| EUR | EU Euro |
| GBP | British Pound |
| SEK | Swedish Krona |
| USD | United States Dollar |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<u><br> of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $13521 |
| **Total Asset Derivatives** |  | $13521 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $40384 |
| **Total Liability Derivatives** |  | $40384 |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(1234546) |
| **Total** | $(1234546) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(221700) |
| **Total** | $(221700) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank of<br> America N.A.** | **Citibank N.A.** | **Goldman<br> Sachs & Co.** | **JPMorgan<br> Chase Bank<br> N.A.** | **Morgan<br> Stanley** | **UBS AG** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $315 | $2757 | $3696 | $2511 | $1265 | $2977 | $13521 |
| **Total Assets** | $315 | $2757 | $3696 | $2511 | $1265 | $2977 | $13521 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $129 | $16046 | $12223 | $11986 | $— | $— | $40384 |
| **Total Liabilities** | $129 | $16046 | $12223 | $11986 | $— | $— | $40384 |
| **Net OTC derivative instruments by counterparty, at fair value** | $186 | $(13289) | $(8527) | $(9475) | $1265 | $2977 | $(26863) |
| **Total collateral pledged by the** |  |  |  |  |  |  |  |
| **Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $186 | $(13289) | $(8527) | $(9475) | $1265 | $2977 | $(26863) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $275,394,987. | Cost for U.S. federal income tax purposes was $275,394,987. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $25579057 |
| Gross Unrealized Depreciation | (27096970) |
| Net Unrealized Depreciation | $(1517913) |

---

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Baron Growth Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** |
|  | **Consumer Discretionary: 17.8%** | **Consumer Discretionary: 17.8%** | **Consumer Discretionary: 17.8%** |
| 40392 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | $4095749 | 1.4 |
| 94568 | Choice Hotels International, Inc. | 9008548 | 3 |
| 1226106 <sup>(1)</sup> | Figs, Inc. - Class A | 13928564 | 4.7 |
| 132026 | Red Rock Resorts, Inc. - Class A | 8179011 | 2.8 |
| 130543 | Vail Resorts, Inc. | 17336110 | 5.9 |
|  |  | **52547982** | **17.8** |
|  | **Financials: 32.4%** | **Financials: 32.4%** | **Financials: 32.4%** |
| 186910 <sup>(1)</sup> | Arch Capital Group Ltd. | 17928407 | 6.1 |
| 30913 | FactSet Research Systems, Inc. | 8970644 | 3 |
| 25079 | Houlihan Lokey, Inc. | 4368511 | 1.5 |
| 38257 | Kinsale Capital Group, Inc. | 14963078 | 5.1 |
| 19277 | Moelis & Co. - Class A | 1325101 | 0.5 |
| 44881 | Morningstar, Inc. | 9753090 | 3.3 |
| 44867 | MSCI, Inc. | 25741544 | 8.7 |
| 47898 | Primerica, Inc. | 12374927 | 4.2 |
|  |  | **95425302** | **32.4** |
|  | **Health Care: 12.8%** | **Health Care: 12.8%** | **Health Care: 12.8%** |
| 7334 <sup>(1)</sup> | Billiontoone, Inc. - Class A | 600215 | 0.2 |
| 117079 | Bio-Techne Corp. | 6885416 | 2.4 |
| 69300 <sup>(1)</sup> | HeartFlow, Inc. | 2020095 | 0.7 |
| 24030 <sup>(1)</sup> | IDEXX Laboratories, Inc. | 16257016 | 5.5 |
| 4271 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 5954585 | 2 |
| 21536 | West Pharmaceutical Services, Inc. | 5925415 | 2 |
|  |  | **37642742** | **12.8** |
|  | **Industrials: 6.4%** | **Industrials: 6.4%** | **Industrials: 6.4%** |
| 14635 | EnPro Industries, Inc. | 3133793 | 1.1 |
| 30027 | Exponent, Inc. | 2085675 | 0.7 |
| 80733 <sup>(1)</sup> | Karman Holdings, Inc. | 5907234 | 2 |
| 39684 <sup>(1)</sup> | Loar Holdings, Inc. | 2698512 | 0.9 |
| 4129898 <sup>(2)(3)</sup> | Northvolt AB - Restricted |  | 0 |
| 23181 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 2887425 | 1 |
| 37975 <sup>(1)</sup> | Transcat, Inc. | 2154322 | 0.7 |
|  |  | **18866961** | **6.4** |
|  | **Information Technology: 23.7%** | **Information Technology: 23.7%** | **Information Technology: 23.7%** |
| 24826 <sup>(1)</sup> | Agilysys, Inc. | 2950322 | 1 |
| 10504 | Badger Meter, Inc. | 1832003 | 0.6 |
| 306495 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 7392659 | 2.5 |
| 76511 <sup>(1)</sup> | Gartner, Inc. | 19302195 | 6.5 |
| 87364 <sup>(1)</sup> | Guidewire Software, Inc. | 17561038 | 6 |
| 89703 <sup>(1)</sup> | Intapp, Inc. | 4110191 | 1.4 |
| 49828 <sup>(1)</sup> | JFrog Ltd. | 3112257 | 1.1 |
| 97000 <sup>(1)</sup> | nCino, Inc. | 2487080 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 19552 <sup>(1)</sup> | Novanta, Inc. | $| 2326493 | 0.8 |
| 45497 <sup>(1)</sup> | Procore Technologies, Inc. |  | 3309452 | 1.1 |
| 33936 <sup>(1)</sup> | ServiceTitan, Inc. - Class A |  | 3614184 | 1.2 |
| 65847 <sup>(1)</sup> | Via Transportation, Inc. - Class A |  | 1910221 | 0.7 |
|  |  |  | **69908095** | **23.7** |
|  | **Real Estate: 6.5%** | **Real Estate: 6.5%** | **Real Estate: 6.5%** | **Real Estate: 6.5%** |
| 287011 <sup>(1)</sup> | CoStar Group, Inc. |  | **19298619** | **6.5** |
|  | Total Common Stock<br> (Cost $91,801,683) |  | **293689701** | **99.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** |
|  | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** |
| 1024901 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $1,024,901) | $**1024901** | **0.3** |
|  | Total Short-Term Investments<br> (Cost $1,024,901) | **1024901** | **0.3** |
|  | **Total Investments in Securities<br> (Cost $92,826,584)**  | $**294714602** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **303276** | **0.1** |
|  | **Net Assets** | $**295017878** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(4)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

<u>VY<sup>®</sup>Baron Growth Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)</u>

**Fair Value Measurements^**

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $52547982 | $— | $— | $52547982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 95425302 |  |  | 95425302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 37642742 |  |  | 37642742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 18866961 |  |  | 18866961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 69908095 |  |  | 69908095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 19298619 |  |  | 19298619 |
| Total Common Stock | 293689701 |  |  | 293689701 |
| Short-Term Investments | 1024901 |  |  | 1024901 |
| Total Investments, at fair value | $294714602 | $— | $— | $294714602 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At December 31, 2025, VY<sup>®</sup> Baron Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Northvolt AB - Restricted | &nbsp;&nbsp;9/21/2020 | $651737 | $— |
|  |  | $651737 | $— |

---

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 $92,912,434. | Cost for U.S. federal income tax purposes was $92,912,434. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $206373796 |
| Gross Unrealized Depreciation | (4571626) |
| Net Unrealized Appreciation | $201802170 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Communication Services: 13.1%** | **Communication Services: 13.1%** | **Communication Services: 13.1%** |
| 8348 | Alphabet, Inc. - Class A | $2612924 | 3.3 |
| 7366 | Alphabet, Inc. - Class C | 2311451 | 3 |
| 2853 | Meta Platforms, Inc. - Class A | 1883237 | 2.4 |
| 2526 <sup>(1)</sup> | Netflix, Inc. | 236838 | 0.3 |
| 8949 <sup>(1)</sup> | Pinterest, Inc. - Class A | 231689 | 0.3 |
| 1470 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 376364 | 0.5 |
| 1544 | T-Mobile US, Inc. | 313494 | 0.4 |
| 22003 | Verizon Communications, Inc. | 896182 | 1.1 |
| 12470 | Walt Disney Co. | 1418712 | 1.8 |
|  |  | **10280891** | **13.1** |
|  | **Consumer Discretionary: 9.4%** | **Consumer Discretionary: 9.4%** | **Consumer Discretionary: 9.4%** |
| 15734 <sup>(1)</sup> | Amazon.com, Inc. | 3631722 | 4.6 |
| 1885 <sup>(1)</sup> | DoorDash, Inc. - Class A | 426915 | 0.5 |
| 4649 <sup>(1)</sup> | DraftKings, Inc. - Class A | 160205 | 0.2 |
| 8467 | eBay, Inc. | 737476 | 0.9 |
| 2350 | NIKE, Inc. - Class B | 149718 | 0.2 |
| 2508 | PulteGroup, Inc. | 294088 | 0.4 |
| 7233 | Starbucks Corp. | 609091 | 0.8 |
| 2402 | Tapestry, Inc. | 306903 | 0.4 |
| 2366 <sup>(1)</sup> | Tesla, Inc. | 1064037 | 1.4 |
|  |  | **7380155** | **9.4** |
|  | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** |
| 5794 | PepsiCo, Inc. | 831555 | 1.1 |
| 7796 | Walmart, Inc. | 868552 | 1.1 |
|  |  | **1700107** | **2.2** |
|  | **Energy: 3.1%** | **Energy: 3.1%** | **Energy: 3.1%** |
| 6576 | Chevron Corp. | 1002248 | 1.3 |
| 8876 | ConocoPhillips | 830882 | 1 |
| 5964 | EOG Resources, Inc. | 626280 | 0.8 |
|  |  | **2459410** | **3.1** |
|  | **Financials: 15.2%** | **Financials: 15.2%** | **Financials: 15.2%** |
| 1582 | American Express Co. | 585261 | 0.7 |
| 2159 | Aon PLC - Class A | 761868 | 1 |
| 31180 | Bank of America Corp. | 1714900 | 2.2 |
| 1156 | Blackrock, Inc. | 1237313 | 1.6 |
| 6771 <sup>(1)</sup> | Block, Inc. | 440724 | 0.6 |
| 4150 | Charles Schwab Corp. | 414626 | 0.5 |
| 1923 | Intercontinental Exchange, Inc. | 311449 | 0.4 |
| 4616 | JPMorgan Chase & Co. | 1487368 | 1.9 |
| 1423 | Mastercard, Inc. - Class A | 812362 | 1 |
| 4837 | Morgan Stanley | 858713 | 1.1 |
| 963 | S&P Global, Inc. | 503254 | 0.6 |
| 4366 | Visa, Inc. - Class A | 1531200 | 2 |
| 13369 | Wells Fargo & Co. | 1245991 | 1.6 |
|  |  | **11905029** | **15.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: 10.6%** | **Health Care: 10.6%** | **Health Care: 10.6%** |
| 6997 | Abbott Laboratories | $876654 | 1.1 |
| 3565 | AbbVie, Inc. | 814567 | 1 |
| 2642 | Agilent Technologies, Inc. | 359497 | 0.5 |
| 2827 | Becton Dickinson and Co. | 548636 | 0.7 |
| 4682 <sup>(1)</sup> | Boston Scientific Corp. | 446429 | 0.6 |
| 1504 | Cigna Group | 413946 | 0.5 |
| 1965 | Eli Lilly & Co. | 2111746 | 2.7 |
| 5881 <sup>(1)</sup> | Henry Schein, Inc. | 444486 | 0.6 |
| 1512 | Thermo Fisher Scientific, Inc. | 876128 | 1.1 |
| 2225 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 1008726 | 1.3 |
| 4406 | Zimmer Biomet Holdings, Inc. | 396188 | 0.5 |
|  |  | **8297003** | **10.6** |
|  | **Industrials: 7.6%** | **Industrials: 7.6%** | **Industrials: 7.6%** |
| 4325 <sup>(1)</sup> | Boeing Co. | 939044 | 1.2 |
| 6953 | Carrier Global Corp. | 367397 | 0.5 |
| 803 | Eaton Corp. PLC | 255764 | 0.3 |
| 554 | GE Aerospace | 170649 | 0.2 |
| 343 | GE Vernova, Inc. | 224174 | 0.3 |
| 7003 | Honeywell International, Inc. | 1366215 | 1.7 |
| 3932 | Jacobs Solutions, Inc. | 520833 | 0.7 |
| 2765 | PACCAR, Inc. | 302795 | 0.4 |
| 363 | Parker-Hannifin Corp. | 319062 | 0.4 |
| 2102 | Raytheon Technologies Corp. | 385507 | 0.5 |
| 6005 | Stanley Black & Decker, Inc. | 446051 | 0.6 |
| 2486 <sup>(1)</sup> | Uber Technologies, Inc. | 203131 | 0.3 |
| 1993 | Waste Management, Inc. | 437882 | 0.5 |
|  |  | **5938504** | **7.6** |
|  | **Information Technology: 34.6%** | **Information Technology: 34.6%** | **Information Technology: 34.6%** |
| 18204 | Apple, Inc. | 4948939 | 6.3 |
| 2724 | Applied Materials, Inc. | 700041 | 0.9 |
| 2458 <sup>(1)</sup> | Atlassian Corp. - Class A | 398540 | 0.5 |
| 6024 | Broadcom, Inc. | 2084906 | 2.7 |
| 4053 | Dell Technologies, Inc. - Class C | 510192 | 0.7 |
| 1634 | Intuit, Inc. | 1082394 | 1.4 |
| 3331 | Lam Research Corp. | 570201 | 0.7 |
| 3730 | Marvell Technology, Inc. | 316975 | 0.4 |
| 11994 | Microsoft Corp. | 5800538 | 7.4 |
| 35073 | NVIDIA Corp. | 6541115 | 8.3 |
| 7303 <sup>(1)</sup> | Okta, Inc. | 631490 | 0.8 |
| 1686 <sup>(1)</sup> | Palo Alto Networks, Inc. | 310561 | 0.4 |
| 2714 | Salesforce, Inc. | 718966 | 0.9 |
| 1300 <sup>(1)</sup> | Synopsys, Inc. | 610636 | 0.8 |
| 3915 | TE Connectivity PLC | 890702 | 1.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 6093 | Texas Instruments, Inc. | $1057075 | 1.3 |
|  |  | **27173271** | **34.6** |
|  | **Materials: 0.4%** | **Materials: 0.4%** | **Materials: 0.4%** |
| 4463 | International Flavors & Fragrances, Inc. | **300762** | **0.4** |
|  | **Real Estate: 0.8%** | **Real Estate: 0.8%** | **Real Estate: 0.8%** |
| 806 | Equinix, Inc. | **617525** | **0.8** |
|  | **Utilities: 2.0%** | **Utilities: 2.0%** | **Utilities: 2.0%** |
| 6141 | DTE Energy Co. | 792066 | 1 |
| 9549 | Public Service Enterprise Group, Inc. | 766785 | 1 |
|  |  | **1558851** | **2.0** |
|  | Total Common Stock<br> (Cost $53,578,967) | **77611508** | **99.0** |
| **OTHER: 0.0%** | **OTHER: 0.0%** | **OTHER: 0.0%** | **OTHER: 0.0%** |
|  | **Materials: 0.0%** | **Materials: 0.0%** | **Materials: 0.0%** |
| 649000 <sup>(2)(3)(4)</sup> | SINO Forest Corp. | **—** | **0.0** |
|  | Total Other<br> (Cost $—) | **—** | **0.0** |
|  | Total Long-Term Investments <br> (Cost $53,578,967) | **77611508** | **99.0** |
| **Shares** |  | **Value** | **Percentage<br>of Net<br>Assets** |
| **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** |
|  | **Mutual Funds: 1.1%** | **Mutual Funds: 1.1%** | **Mutual Funds: 1.1%** |
| 895205 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $895,205) | $**895205** | **1.1** |
|  | Total Short-Term Investments <br> (Cost $895,205) | **895205** | **1.1** |
|  | **Total Investments in Securities <br> (Cost $54,474,172)** | $**78506713** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(47115)** | **(0.1)** |
|  | **Net Assets** | $**78459598** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Contrarian Core Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $77611508 | $— | $— | $77611508 |
| Short-Term Investments | 895205 |  |  | 895205 |
| Total Investments, at fair value | $78506713 | $— | $— | $78506713 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2025, VY<sup>®</sup> Columbia Contrarian Core Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| SINO Forest Corp. | 3/1/2013 | $— | $— |
|  |  | $— | $— |

---

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 $55,027,952. | Cost for U.S. federal income tax purposes was $55,027,952. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $24606497 |
| Gross Unrealized Depreciation | (1127736) |
| Net Unrealized Appreciation | $23478761 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** |
|  | **Consumer Discretionary: 14.8%** | **Consumer Discretionary: 14.8%** | **Consumer Discretionary: 14.8%** |
| 880 <sup>(1)</sup> | Cavco Industries, Inc. | $519851 | 0.9 |
| 9400 <sup>(1)</sup> | Gentherm, Inc. | 341878 | 0.6 |
| 7520 | Kontoor Brands, Inc. | 459397 | 0.8 |
| 26340 <sup>(1)</sup> | Laureate Education, Inc. | 886868 | 1.4 |
| 3850 <sup>(1)</sup> | Modine Manufacturing Co. | 514013 | 0.8 |
| 23000 <sup>(1)</sup> | National Vision Holdings, Inc. | 593860 | 1 |
| 8181 | Patrick Industries, Inc. | 887066 | 1.4 |
| 15350 | Polaris, Inc. | 970887 | 1.6 |
| 35950 <sup>(1)</sup> | Savers Value Village, Inc. | 335773 | 0.5 |
| 14110 <sup>(1)</sup> | Taylor Morrison Home Corp. | 830656 | 1.4 |
| 43760 <sup>(1)</sup> | Topgolf Callaway Brands Corp. | 510679 | 0.8 |
| 7210 <sup>(1)</sup> | Urban Outfitters, Inc. | 542625 | 0.9 |
| 18022 <sup>(1)</sup> | Victoria's Secret & Co. | 976252 | 1.6 |
| 7101 | Visteon Corp. | 675305 | 1.1 |
|  |  | **9045110** | **14.8** |
|  | **Consumer Staples: 2.7%** | **Consumer Staples: 2.7%** | **Consumer Staples: 2.7%** |
| 17983 <sup>(1)</sup> | Central Garden & Pet Co. - Class A | 524924 | 0.9 |
| 11020 | Fresh Del Monte Produce, Inc. | 392643 | 0.6 |
| 30870 | Reynolds Consumer Products, Inc. | 707540 | 1.2 |
|  |  | **1625107** | **2.7** |
|  | **Energy: 6.0%** | **Energy: 6.0%** | **Energy: 6.0%** |
| 11220 | Dorian LPG Ltd. | 273095 | 0.4 |
| 4030 <sup>(1)</sup> | Gulfport Energy Corp. | 838200 | 1.4 |
| 19815 | Navigator Holdings Ltd. | 343196 | 0.6 |
| 27170 | PBF Energy, Inc. - Class A | 736850 | 1.2 |
| 10980 | Teekay Tankers Ltd. - Class A | 586551 | 1 |
| 9700 <sup>(1)</sup> | Tidewater, Inc. | 489947 | 0.8 |
| 16970 | World Fuel Services Corp. | 397607 | 0.6 |
|  |  | **3665446** | **6.0** |
|  | **Financials: 21.2%** | **Financials: 21.2%** | **Financials: 21.2%** |
| 11080 | Assured Guaranty Ltd. | 995760 | 1.6 |
| 40660 | Banc of California, Inc. | 784331 | 1.3 |
| 10700 | Banco Latinoamericano de Comercio Exterior SA - Class E | 477220 | 0.8 |
| 13768 | Bank of NT Butterfield & Son Ltd. | 685922 | 1.1 |
| 25420 | BankUnited, Inc. | 1132969 | 1.8 |
| 42950 | Dynex Capital, Inc. | 601730 | 1 |
| 18380 | Essent Group Ltd. | 1194884 | 2 |
| 3660 | FirstCash Holdings, Inc. | 583331 | 1 |
| 51690 | Fulton Financial Corp. | 999168 | 1.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 19260 <sup>(1)</sup> | Hamilton Insurance Group Ltd. - Class B | $| 537354 | 0.9 |
| 13456 | Horace Mann Educators Corp. |  | 621398 | 1 |
| 18286 <sup>(1)</sup> | Neptune Insurance Holdings, Inc. - Class A |  | 533220 | 0.9 |
| 16770 <sup>(1)</sup> | NMI Holdings, Inc. - Class A |  | 684048 | 1.1 |
| 8540 | Origin Bancorp, Inc. |  | 321189 | 0.5 |
| 7180 | PennyMac Financial Services, Inc. |  | 946611 | 1.5 |
| 8930 <sup>(1)</sup> | StoneX Group, Inc. |  | 849511 | 1.4 |
| 11574 <sup>(1)</sup> | Texas Capital Bancshares, Inc. |  | 1047910 | 1.7 |
|  |  |  | **12996556** | **21.2** |
|  | **Health Care: 7.4%** | **Health Care: 7.4%** | **Health Care: 7.4%** | **Health Care: 7.4%** |
| 40160 <sup>(1)</sup> | AdaptHealth Corp. |  | 399993 | 0.7 |
| 74743 <sup>(1)</sup> | Amneal Pharmaceuticals, Inc. |  | 941762 | 1.5 |
| 5320 <sup>(1)</sup> | ANI Pharmaceuticals, Inc. |  | 419961 | 0.7 |
| 10220 <sup>(1)</sup> | Cytokinetics, Inc. |  | 649379 | 1.1 |
| 34661 <sup>(1)</sup> | MiMedx Group, Inc. |  | 234655 | 0.4 |
| 10460 <sup>(1)</sup> | Omnicell, Inc. |  | 473838 | 0.8 |
| 23020 <sup>(1)</sup> | PACS Group, Inc. |  | 883738 | 1.4 |
| 24020 <sup>(1)</sup> | Pediatrix Medical Group, Inc. |  | 513788 | 0.8 |
|  |  |  | **4517114** | **7.4** |
|  | **Industrials: 15.8%** | **Industrials: 15.8%** | **Industrials: 15.8%** | **Industrials: 15.8%** |
| 10759 <sup>(1)</sup> | Alaska Air Group, Inc. |  | 541178 | 0.9 |
| 7270 | ArcBest Corp. |  | 539361 | 0.9 |
| 8652 | Astec Industries, Inc. |  | 374804 | 0.6 |
| 8910 | Greenbrier Cos., Inc. |  | 416453 | 0.7 |
| 19190 <sup>(1)</sup> | Healthcare Services Group, Inc. |  | 366913 | 0.6 |
| 9580 | Helios Technologies, Inc. |  | 512434 | 0.8 |
| 12660 | HNI Corp. |  | 532226 | 0.9 |
| 12590 | Korn Ferry |  | 831192 | 1.4 |
| 5290 | McGrath RentCorp |  | 555080 | 0.9 |
| 3082 | Moog, Inc. - Class A |  | 750621 | 1.2 |
| 23503 <sup>(1)</sup> | NOW, Inc. |  | 311415 | 0.5 |
| 19731 <sup>(1)</sup> | Resideo Technologies, Inc. |  | 692953 | 1.1 |
| 16821 | Rush Enterprises, Inc. - Class A |  | 907325 | 1.5 |
| 2679 | Ryder System, Inc. |  | 512734 | 0.8 |
| 42480 <sup>(1)</sup> | Shoals Technologies Group, Inc. - Class A |  | 361080 | 0.6 |
| 24500 <sup>(1)</sup> | Sunrun, Inc. |  | 450800 | 0.7 |
| 9150 <sup>(1)</sup> | Thermon Group Holdings, Inc. |  | 340014 | 0.6 |
| 13569 | Worthington Industries, Inc. |  | 699753 | 1.1 |
|  |  |  | **9696336** | **15.8** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 9.4%** | **Information Technology: 9.4%** | **Information Technology: 9.4%** |
| 9890 | Benchmark Electronics, Inc. | $422896 | 0.7 |
| 13375 | Crane Holdings Co. | 629561 | 1 |
| 7054 | CTS Corp. | 302405 | 0.5 |
| 10270 <sup>(1)</sup> | Digi International, Inc. | 444588 | 0.7 |
| 12750 <sup>(1)</sup> | Diodes, Inc. | 629085 | 1 |
| 2440 | Littelfuse, Inc. | 617125 | 1 |
| 48490 <sup>(1)</sup> | N-able, Inc. | 362705 | 0.6 |
| 22640 <sup>(1)</sup> | NetScout Systems, Inc. | 612638 | 1 |
| 17450 <sup>(1)</sup> | Penguin Solutions, Inc. | 341322 | 0.6 |
| 8071 <sup>(1)</sup> | Synaptics, Inc. | 597416 | 1 |
| 10430 <sup>(1)</sup> | Ultra Clean Holdings, Inc. | 264192 | 0.4 |
| 14060 | Vontier Corp. | 522751 | 0.9 |
|  |  | **5746684** | **9.4** |
|  | **Materials: 4.6%** | **Materials: 4.6%** | **Materials: 4.6%** |
| 8270 | Cabot Corp. | 548135 | 0.9 |
| 17890 | Commercial Metals Co. | 1238346 | 2 |
| 27170 <sup>(1)</sup> | Ecovyst, Inc. | 264364 | 0.4 |
| 16560 | Torex Gold Resources, Inc. | 790749 | 1.3 |
|  |  | **2841594** | **4.6** |
|  | **Real Estate: 13.9%** | **Real Estate: 13.9%** | **Real Estate: 13.9%** |
| 16940 | American Assets Trust, Inc. | 320674 | 0.5 |
| 35010 | Cousins Properties, Inc. | 902558 | 1.5 |
| 66970 <sup>(1)</sup> | Cushman & Wakefield Ltd. | 1084244 | 1.8 |
| 54200 | DiamondRock Hospitality Co. | 485632 | 0.8 |
| 44680 | Macerich Co. | 824793 | 1.3 |
| 29510 | NetSTREIT Corp. | 520556 | 0.9 |
| 56827 | Newmark Group, Inc. - Class A | 985380 | 1.6 |
| 32480 | Pebblebrook Hotel Trust | 367674 | 0.6 |
| 26330 | Phillips Edison & Co., Inc. | 936558 | 1.5 |
| 39790 | Piedmont Office Realty Trust, Inc. - Class A | 331849 | 0.5 |
| 24778 | PotlatchDeltic Corp. | 985669 | 1.6 |
| 17070 | Sila Realty Trust, Inc. | 397902 | 0.7 |
| 27000 | Xenia Hotels & Resorts, Inc. | 381780 | 0.6 |
|  |  | **8525269** | **13.9** |
|  | **Utilities: 3.5%** | **Utilities: 3.5%** | **Utilities: 3.5%** |
| 8380 | National Fuel Gas Co. | 670903 | 1.1 |
| 17800 | Portland General Electric Co. | 854222 | 1.4 |
| 16260 | UGI Corp. | 608612 | 1 |
|  |  | **2133737** | **3.5** |
|  | Total Common Stock <br> (Cost $53,818,077) | **60792953** | **99.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **EXCHANGE-TRADED FUNDS: 0.5%** | **EXCHANGE-TRADED FUNDS: 0.5%** | **EXCHANGE-TRADED FUNDS: 0.5%** | **EXCHANGE-TRADED FUNDS: 0.5%** |
| 1700 | iShares Russell 2000 Value ETF | $**308057** | **0.5** |
|  | Total Exchange-Traded Funds <br> (Cost $300,794) | **308057** | **0.5** |
|  | Total Long-Term Investments <br> (Cost $54,118,871) | **61101010** | **99.8** |
| **Shares** |  | **Value** | **Percentage<br>of Net<br>Assets** |
| **SHORT-TERM INVESTMENTS: 0.7%** | **SHORT-TERM INVESTMENTS: 0.7%** | **SHORT-TERM INVESTMENTS: 0.7%** | **SHORT-TERM INVESTMENTS: 0.7%** |
|  | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** |
| 417423 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $417,423) | $**417423** | **0.7** |
|  | Total Short-Term Investments <br> (Cost $417,423) | **417423** | **0.7** |
|  | **Total Investments in Securities <br> (Cost $54,536,294)** | $**61518433** | **100.5** |
|  | **Liabilities in Excess of Other Assets** | **(280708)** | **(0.5)** |
|  | **Net Assets** | $**61237725** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Columbia Small Cap Value II Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $60792953 | $— | $— | $60792953 |
| Exchange-Traded Funds | 308057 |  |  | 308057 |
| Short-Term Investments | 417423 |  |  | 417423 |
| Total Investments, at fair value | $61518433 | $— | $— | $61518433 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2025, 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 $54,656,681. | Cost for U.S. federal income tax purposes was $54,656,681. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $8392957 |
| Gross Unrealized Depreciation | (1531205) |
| Net Unrealized Appreciation | $6861752 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: 96.4%** | **COMMON STOCK: 96.4%** | **COMMON STOCK: 96.4%** | **COMMON STOCK: 96.4%** |
|  | **Communication Services: 8.1%** | **Communication Services: 8.1%** | **Communication Services: 8.1%** |
| 26310 | Alphabet, Inc. - Class A | $8235030 | 3.5 |
| 11959 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 2496441 | 1 |
| 56088 | Comcast Corp. - Class A | 1676470 | 0.7 |
| 5329 | Meta Platforms, Inc. - Class A | 3517620 | 1.5 |
| 42928 | Universal Music Group NV | 1119125 | 0.5 |
| 19565 | Walt Disney Co. | 2225910 | 0.9 |
|  |  | **19270596** | **8.1** |
|  | **Consumer Discretionary: 5.7%** | **Consumer Discretionary: 5.7%** | **Consumer Discretionary: 5.7%** |
| 5417 | Domino's Pizza, Inc. | 2257914 | 1 |
| 34868 | eBay, Inc. | 3037003 | 1.3 |
| 46047 | NIKE, Inc. - Class B | 2933654 | 1.2 |
| 40012 | Restaurant Brands International, Inc. | 2730337 | 1.1 |
| 30691 | Starbucks Corp. | 2584489 | 1.1 |
|  |  | **13543397** | **5.7** |
|  | **Consumer Staples: 8.3%** | **Consumer Staples: 8.3%** | **Consumer Staples: 8.3%** |
| 34717 | Anheuser-Busch InBev SA | 2228171 | 0.9 |
| 23327 | Clorox Co. | 2352061 | 1 |
| 35755 | Coca-Cola Co. | 2499632 | 1.1 |
| 14262 | Kimberly-Clark Corp. | 1438893 | 0.6 |
| 24519 | Philip Morris International, Inc. | 3932848 | 1.6 |
| 45902 | Reckitt Benckiser Group PLC | 3714346 | 1.6 |
| 48651 | Sysco Corp. | 3585092 | 1.5 |
|  |  | **19751043** | **8.3** |
|  | **Energy: 6.8%** | **Energy: 6.8%** | **Energy: 6.8%** |
| 35602 | Chevron Corp. | 5426101 | 2.3 |
| 31039 | ConocoPhillips | 2905561 | 1.2 |
| 22560 | EQT Corp. | 1209216 | 0.5 |
| 18405 | Exxon Mobil Corp. | 2214858 | 0.9 |
| 73449 | Suncor Energy, Inc. | 3258197 | 1.4 |
| 68227 | Tenaris SA | 1316497 | 0.5 |
|  |  | **16330430** | **6.8** |
|  | **Financials: 20.5%** | **Financials: 20.5%** | **Financials: 20.5%** |
| 8160 | Allstate Corp. | 1698504 | 0.7 |
| 37768 | American International Group, Inc. | 3231052 | 1.3 |
| 160640 | Bank of America Corp. | 8835200 | 3.7 |
| 4344 | Capital One Financial Corp. | 1052812 | 0.4 |
| 36769 | Citigroup, Inc. | 4290575 | 1.8 |
| 67950 | Citizens Financial Group, Inc. | 3968959 | 1.7 |
| 75685 | Fifth Third Bancorp | 3542815 | 1.5 |
| 1639 | Goldman Sachs Group, Inc. | 1440681 | 0.6 |
| 230537 | Huntington Bancshares, Inc. | 3999817 | 1.7 |
| 14351 | M&T Bank Corp. | 2891439 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 27853 | MetLife, Inc. | $| 2198716 | 0.9 |
| 42070 | State Street Corp. |  | 5427451 | 2.3 |
| 68831 | Wells Fargo & Co. |  | 6415049 | 2.7 |
|  |  |  | **48993070** | **20.5** |
|  | **Health Care: 17.6%** | **Health Care: 17.6%** | **Health Care: 17.6%** | **Health Care: 17.6%** |
| 19081 | AstraZeneca PLC |  | 3531105 | 1.5 |
| 11560 | Becton Dickinson and Co. |  | 2243449 | 0.9 |
| 29289 | Bristol-Myers Squibb Co. |  | 1579849 | 0.7 |
| 79969 | CVS Health Corp. |  | 6346340 | 2.6 |
| 11252 | Elevance Health, Inc. |  | 3944389 | 1.6 |
| 19798 | GE HealthCare Technologies, Inc. |  | 1623832 | 0.7 |
| 23833 <sup>(1)</sup> | Henry Schein, Inc. |  | 1801298 | 0.7 |
| 5346 | Humana, Inc. |  | 1369271 | 0.6 |
| 11169 <sup>(1)</sup> | ICON PLC |  | 2035215 | 0.8 |
| 5254 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 1184304 | 0.5 |
| 17080 | Johnson & Johnson |  | 3534706 | 1.5 |
| 25050 | Medtronic PLC |  | 2406303 | 1 |
| 35457 | Merck & Co., Inc. |  | 3732204 | 1.6 |
| 1728 | Regeneron Pharmaceuticals, Inc. |  | 1333791 | 0.6 |
| 67568 | Sanofi, ADR |  | 3274345 | 1.4 |
| 6720 | UnitedHealth Group, Inc. |  | 2218339 | 0.9 |
|  |  |  | **42158740** | **17.6** |
|  | **Industrials: 10.5%** | **Industrials: 10.5%** | **Industrials: 10.5%** | **Industrials: 10.5%** |
| 5197 | Caterpillar, Inc. |  | 2977205 | 1.2 |
| 7959 | Eaton Corp. PLC |  | 2535021 | 1.1 |
| 23141 | Emerson Electric Co. |  | 3071274 | 1.3 |
| 16866 | FedEx Corp. |  | 4871913 | 2 |
| 29953 | Johnson Controls International PLC |  | 3586872 | 1.5 |
| 36843 | Textron, Inc. |  | 3211604 | 1.3 |
| 24512 | TransUnion |  | 2101904 | 0.9 |
| 12952 | Westinghouse Air Brake Technologies Corp. |  | 2764604 | 1.2 |
|  |  |  | **25120397** | **10.5** |
|  | **Information Technology: 11.7%** | **Information Technology: 11.7%** | **Information Technology: 11.7%** | **Information Technology: 11.7%** |
| 82369 | Cisco Systems, Inc. |  | 6344884 | 2.7 |
| 50625 | Cognizant Technology Solutions Corp. - Class A |  | 4201875 | 1.8 |
| 90017 <sup>(1)</sup> | DXC Technology Co. |  | 1318749 | 0.6 |
| 4355 <sup>(1)</sup> | F5, Inc. |  | 1111658 | 0.5 |
| 73847 <sup>(1)</sup> | Intel Corp. |  | 2724954 | 1.1 |
| 13592 | Microsoft Corp. |  | 6573363 | 2.7 |
| 18117 | NXP Semiconductors NV |  | 3932476 | 1.6 |
| 10076 | Qualcomm, Inc. |  | 1723500 | 0.7 |
|  |  |  | **27931459** | **11.7** |
|  | **Materials: 2.7%** | **Materials: 2.7%** | **Materials: 2.7%** | **Materials: 2.7%** |
| 20005 | Corteva, Inc. |  | 1340935 | 0.6 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 45695 | International Flavors & Fragrances, Inc. | $3079386 | 1.3 |
| 51550 | International Paper Co. | 2030555 | 0.8 |
|  |  | **6450876** | **2.7** |
|  | **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** |
| 9276 | SBA Communications Corp. | **1794257** | **0.7** |
|  | **Utilities: 3.8%** | **Utilities: 3.8%** | **Utilities: 3.8%** |
| 49026 | Dominion Energy, Inc. | 2872433 | 1.2 |
| 26291 | Evergy, Inc. | 1905835 | 0.8 |
| 47438 | Sempra Energy | 4188301 | 1.8 |
|  |  | **8966569** | **3.8** |
|  | Total Common Stock <br> (Cost $178,894,299) | **230310834** | **96.4** |
| **Shares** |  | **Value** | **Percentage<br>of Net<br>Assets** |
| **SHORT-TERM INVESTMENTS: 3.5%** | **SHORT-TERM INVESTMENTS: 3.5%** | **SHORT-TERM INVESTMENTS: 3.5%** | **SHORT-TERM INVESTMENTS: 3.5%** |
|  | **Mutual Funds: 3.5%** | **Mutual Funds: 3.5%** | **Mutual Funds: 3.5%** |
| 8465995 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $8,465,995) | $**8465995** | **3.5** |
|  | Total Short-Term Investments <br> (Cost $8,465,995) | **8465995** | **3.5** |
|  | **Total Investments in Securities <br> (Cost $187,360,294)** | $**238776829** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **208393** | **0.1** |
|  | **Net Assets** | $**238985222** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $18151471 | $1119125 | $— | $19270596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 13543397 |  |  | 13543397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 13808526 | 5942517 |  | 19751043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 15013933 | 1316497 |  | 16330430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 48993070 |  |  | 48993070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 38627635 | 3531105 |  | 42158740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 25120397 |  |  | 25120397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 27931459 |  |  | 27931459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6450876 |  |  | 6450876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1794257 |  |  | 1794257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 8966569 |  |  | 8966569 |
| Total Common Stock | 218401590 | 11909244 |  | 230310834 |
| Short-Term Investments | 8465995 |  |  | 8465995 |
| Total Investments, at fair value | $226867585 | $11909244 | $— | $238776829 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 4775 |  | 4775 |
| Total Assets | $226867585 | $11914019 | $— | $238781604 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(176328) | $— | $(176328) |
| Total Liabilities | $— | $(176328) | $— | $(176328) |

---

---

| |
|:---|
| See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |
| Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At December 31, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Comstock Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CAD | 159481 | USD | 114520 | Goldman Sachs International | 01/21/26 | $1776 |
| EUR | 75436 | USD | 88023 | Goldman Sachs International | 01/21/26 | 712 |
| CAD | 102003 | USD | 74124 | Goldman Sachs International | 01/21/26 | 258 |
| USD | 4089274 | EUR | 3513581 | Goldman Sachs International | 01/21/26 | (43729) |
| CAD | 105634 | USD | 75900 | JPMorgan Chase Bank N.A. | 01/21/26 | 1131 |
| CAD | 84167 | USD | 61135 | JPMorgan Chase Bank N.A. | 01/21/26 | 241 |
| CAD | 86607 | USD | 63097 | JPMorgan Chase Bank N.A. | 01/21/26 | 58 |
| USD | 3557272 | GBP | 2692860 | JPMorgan Chase Bank N.A. | 01/21/26 | (72461) |
| EUR | 74554 | USD | 87099 | Royal Bank of Canada | 01/21/26 | 599 |
| USD | 3303910 | CAD | 4613229 | Royal Bank of Canada | 01/21/26 | (60138) |
|  |  |  |  |  |  | $(171553) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CAD | Canadian Dollar |
| EUR | EU Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $4775 |
| **Total Asset Derivatives** |  | $4775 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $176328 |
| **Total Liability Derivatives** |  | $176328 |

---

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward <br> foreign <br> currency <br> contracts** |
| Foreign exchange contracts | $(550543) |
| **Total** | $(550543) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward <br> foreign <br> currency <br> contracts** |
| Foreign exchange contracts | $(331160) |
| **Total** | $(331160) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman <br> Sachs <br> International** | **JPMorgan <br> Chase Bank <br> N.A.** | **Royal Bank of <br> Canada** | **Total** |
| **Assets:** | | | | |
| Forward foreign currency contracts | $2746 | $1430 | $599 | $4775 |
| **Total Assets** | $2746 | $1430 | $599 | $4775 |
| **Liabilities:** |  |  |  |  |
| Forward foreign currency contracts | $43729 | $72461 | $60138 | $176328 |
| **Total Liabilities** | $43729 | $72461 | $60138 | $176328 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(40983) | $(71031) | $(59539) | $(171553) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $(40983) | $(71031) | $(59539) | $(171553) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements

VY<sup>®</sup> Invesco Comstock Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

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 $189,325,970. | Cost for U.S. federal income tax purposes was $189,325,970. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $58663319 |
| Gross Unrealized Depreciation | (9383055) |
| Net Unrealized Appreciation | $49280264 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: 62.9%** | **COMMON STOCK: 62.9%** | **COMMON STOCK: 62.9%** | **COMMON STOCK: 62.9%** |
|  | **Communication Services: 3.9%** | **Communication Services: 3.9%** | **Communication Services: 3.9%** |
| 20570 | Alphabet, Inc. - Class A | $6438410 | 1.4 |
| 3580 | Meta Platforms, Inc. - Class A | 2363122 | 0.5 |
| 12827 | T-Mobile US, Inc. | 2604394 | 0.6 |
| 55186 | Walt Disney Co. | 6278511 | 1.4 |
|  |  | **17684437** | **3.9** |
|  | **Consumer Discretionary: 4.3%** | **Consumer Discretionary: 4.3%** | **Consumer Discretionary: 4.3%** |
| 32919 <sup>(1)</sup> | Amazon.com, Inc. | 7598363 | 1.7 |
| 47877 | General Motors Co. | 3893358 | 0.8 |
| 70823 | NIKE, Inc. - Class B | 4512133 | 1 |
| 45075 | Starbucks Corp. | 3795766 | 0.8 |
|  |  | **19799620** | **4.3** |
|  | **Consumer Staples: 4.6%** | **Consumer Staples: 4.6%** | **Consumer Staples: 4.6%** |
| 45277 | Philip Morris International, Inc. | 7262431 | 1.6 |
| 28539 | Procter & Gamble Co. | 4089924 | 0.9 |
| 66831 | Sysco Corp. | 4924776 | 1 |
| 65911 <sup>(1)</sup> | US Foods Holding Corp. | 4964417 | 1.1 |
|  |  | **21241548** | **4.6** |
|  | **Energy: 4.5%** | **Energy: 4.5%** | **Energy: 4.5%** |
| 27171 | Chevron Corp. | 4141132 | 0.9 |
| 47864 | ConocoPhillips | 4480549 | 1 |
| 10338 | EQT Corp. | 554117 | 0.1 |
| 30470 | Exxon Mobil Corp. | 3666760 | 0.8 |
| 59472 | Schlumberger NV | 2282535 | 0.5 |
| 86628 | Shell PLC | 3192425 | 0.7 |
| 50127 | Suncor Energy, Inc. | 2224864 | 0.5 |
|  |  | **20542382** | **4.5** |
|  | **Financials: 12.4%** | **Financials: 12.4%** | **Financials: 12.4%** |
| 41292 | American International Group, Inc. | 3532531 | 0.8 |
| 169083 | Bank of America Corp. | 9299565 | 2 |
| 10369 | Capital One Financial Corp. | 2513031 | 0.5 |
| 59683 | Charles Schwab Corp. | 5962928 | 1.3 |
| 103576 | Citizens Financial Group, Inc. | 6049874 | 1.3 |
| 47059 | Fidelity National Information Services, Inc. | 3127541 | 0.7 |
| 4737 | Goldman Sachs Group, Inc. | 4163823 | 0.9 |
| 24951 | KKR & Co., Inc. | 3180753 | 0.7 |
| 18089 | PNC Financial Services Group, Inc. | 3775717 | 0.8 |
| 106015 | Wells Fargo & Co. | 9880598 | 2.2 |
| 16566 | Willis Towers Watson PLC | 5443588 | 1.2 |
|  |  | **56929949** | **12.4** |
|  | **Health Care: 10.0%** | **Health Care: 10.0%** | **Health Care: 10.0%** |
| 14300 | Becton Dickinson and Co. | 2775201 | 0.6 |
| 57995 | Bristol-Myers Squibb Co. | 3128250 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 53001 | CVS Health Corp. | $| 4206159 | 0.9 |
| 7093 | Elevance Health, Inc. |  | 2486451 | 0.5 |
| 8788 | Humana, Inc. |  | 2250871 | 0.5 |
| 10744 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 2421805 | 0.5 |
| 25938 | Johnson & Johnson |  | 5367869 | 1.2 |
| 48375 | Medtronic PLC |  | 4646903 | 1 |
| 44389 | Merck & Co., Inc. |  | 4672386 | 1 |
| 4638 | Regeneron Pharmaceuticals, Inc. |  | 3579933 | 0.8 |
| 38631 | Sanofi |  | 3737747 | 0.8 |
| 5292 | Thermo Fisher Scientific, Inc. |  | 3066449 | 0.7 |
| 10504 | UnitedHealth Group, Inc. |  | 3467476 | 0.8 |
|  |  |  | **45807500** | **10.0** |
|  | **Industrials: 8.6%** | **Industrials: 8.6%** | **Industrials: 8.6%** | **Industrials: 8.6%** |
| 37984 | Ashtead Group PLC |  | 2589709 | 0.5 |
| 26461 | Emerson Electric Co. |  | 3511904 | 0.8 |
| 15428 | FedEx Corp. |  | 4456532 | 1 |
| 14434 | Ferguson Enterprises, Inc. |  | 3213442 | 0.7 |
| 60753 | Fortive Corp. |  | 3354173 | 0.7 |
| 47591 | Johnson Controls International PLC |  | 5699022 | 1.2 |
| 9546 | Norfolk Southern Corp. |  | 2756121 | 0.6 |
| 6938 | Parker-Hannifin Corp. |  | 6098225 | 1.3 |
| 19241 | Raytheon Technologies Corp. |  | 3528799 | 0.8 |
| 25758 | Textron, Inc. |  | 2245325 | 0.5 |
| 13223 | Vertiv Holdings Co. - Class A |  | 2142258 | 0.5 |
|  |  |  | **39595510** | **8.6** |
|  | **Information Technology: 9.4%** | **Information Technology: 9.4%** | **Information Technology: 9.4%** | **Information Technology: 9.4%** |
| 41552 | Cisco Systems, Inc. |  | 3200751 | 0.7 |
| 34593 | Cognizant Technology Solutions Corp. - Class A |  | 2871219 | 0.6 |
| 26970 <sup>(1)</sup> | Coherent Corp. |  | 4977853 | 1.1 |
| 13538 | Lam Research Corp. |  | 2317435 | 0.5 |
| 88227 | Microchip Technology, Inc. |  | 5621825 | 1.2 |
| 13562 | Microsoft Corp. |  | 6558854 | 1.4 |
| 16814 | NVIDIA Corp. |  | 3135811 | 0.7 |
| 13577 | NXP Semiconductors NV |  | 2947024 | 0.7 |
| 9797 | Oracle Corp. |  | 1909533 | 0.4 |
| 17791 | Qnity Electronics, Inc. |  | 1452635 | 0.3 |
| 48962 | Ralliant Corp. |  | 2492655 | 0.6 |
| 12335 | Salesforce, Inc. |  | 3267665 | 0.7 |
| 9287 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 2255069 | 0.5 |
|  |  |  | **43008329** | **9.4** |
|  | **Materials: 1.4%** | **Materials: 1.4%** | **Materials: 1.4%** | **Materials: 1.4%** |
| 1900 | Air Products and Chemicals, Inc. |  | 469338 | 0.1 |
| 33054 | Corteva, Inc. |  | 2215610 | 0.5 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 50163 | DuPont de Nemours, Inc. | $| 2016552 | 0.4 |
| 17621 | PPG Industries, Inc. |  | 1805448 | 0.4 |
|  |  |  | **6506948** | **1.4** |
|  | **Real Estate: 1.1%** | **Real Estate: 1.1%** | **Real Estate: 1.1%** | **Real Estate: 1.1%** |
| 30310 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | **4873545** | **1.1** |
|  | **Utilities: 2.7%** | **Utilities: 2.7%** | **Utilities: 2.7%** | **Utilities: 2.7%** |
| 20437 | American Electric Power Co., Inc. |  | 2356591 | 0.5 |
| 49698 | FirstEnergy Corp. |  | 2224979 | 0.5 |
| 130315 | PPL Corp. |  | 4563631 | 1 |
| 35030 | Sempra Energy |  | 3092799 | 0.7 |
|  |  |  | **12238000** | **2.7** |
|  | Total Common Stock <br> (Cost $220,178,021) |  | **288227768** | **62.9** |
| **CONVERTIBLE BONDS/NOTES: 9.6%** | **CONVERTIBLE BONDS/NOTES: 9.6%** | **CONVERTIBLE BONDS/NOTES: 9.6%** | **CONVERTIBLE BONDS/NOTES: 9.6%** | **CONVERTIBLE BONDS/NOTES: 9.6%** |
|  | **Communications: 2.5%** | **Communications: 2.5%** | **Communications: 2.5%** | **Communications: 2.5%** |
| 2567000 <sup>(2)</sup> | Airbnb, Inc., 3.870%, 03/15/2026 |  | 2546464 | 0.6 |
| 1292000 | Cable One, Inc., 1.125%, 03/15/2028 |  | 1054660 | 0.2 |
| 2498000 <sup>(2)</sup><sup>(3)</sup> | Cable One, Inc., 6.080%, 03/15/2026 |  | 2466775 | 0.5 |
| 1420000 <sup>(3)</sup><sup>(4)</sup> | Liberty Broadband Corp., 3.125%, 03/31/2053 |  | 1407930 | 0.3 |
| 910000 | Liberty Media Corp.- Liberty Formula One, 2.250%, 08/15/2027 |  | 1153425 | 0.3 |
| 738000 <sup>(4)</sup> | Match Group Financeco 2, Inc., 0.875%, 06/15/2026 |  | 726967 | 0.2 |
| 730000 <sup>(4)</sup> | Match Group Financeco 3, Inc., 2.000%, 01/15/2030 |  | 656270 | 0.1 |
| 1335000 | Snap, Inc., 0.500%, 05/01/2030 |  | 1169126 | 0.3 |
|  |  |  | **11181617** | **2.5** |
|  | **Consumer, Non-cyclical: 2.3%** | **Consumer, Non-cyclical: 2.3%** | **Consumer, Non-cyclical: 2.3%** | **Consumer, Non-cyclical: 2.3%** |
| 815923 <sup>(4)</sup> | Bridgebio Pharma, Inc., 1.750%, 03/01/2031 |  | 1420726 | 0.3 |
| 2347000 <sup>(3)</sup> | Global Payments, Inc., 1.500%, 03/01/2031 |  | 2111127 | 0.5 |
| 1959000 | Haemonetics Corp., 2.500%, 06/01/2029 |  | 2038731 | 0.4 |
| 1730000 | Jazz Investments I Ltd., 2.000%, 06/15/2026 |  | 2006367 | 0.4 |
| 809000 | Jazz Investments I Ltd., 3.125%, 09/15/2030 |  | 1078802 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 611000 <sup>(4)</sup> | Merit Medical Systems, Inc., 3.000%, 02/01/2029 | $| 739004 | 0.2 |
| 1092000 <sup>(4)</sup> | Zoetis, Inc., 0.250%, 06/15/2029 |  | 1127490 | 0.3 |
|  |  |  | **10522247** | **2.3** |
|  | **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** |
| 933000 | Northern Oil and Gas, Inc., 3.625%, 04/15/2029 |  | 902444 | 0.2 |
|  | **Financial: 0.3%** | **Financial: 0.3%** | **Financial: 0.3%** | **Financial: 0.3%** |
| 1476000 <sup>(4)</sup> | Federal Realty OP L.P., 3.250%, 01/15/2029 |  | 1493712 | 0.3 |
|  | **Industrial: 0.2%** | **Industrial: 0.2%** | **Industrial: 0.2%** | **Industrial: 0.2%** |
| 940000 <sup>(4)</sup> | JBT Marel Corp., 0.375%, 09/15/2030 |  | 975720 | 0.2 |
|  | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** |
| 950000 | Box, Inc., 1.500%, 09/15/2029 |  | 926250 | 0.2 |
| 2435000 <sup>(2)</sup> | Dropbox, Inc., 4.160%, 03/01/2026 |  | 2417955 | 0.5 |
| 2788000 | Microchip Technology, Inc., 0.750%, 06/01/2030 |  | 2739489 | 0.6 |
| 2556000 | MKS, Inc., 1.250%, 06/01/2030 |  | 3266568 | 0.7 |
| 705000 <sup>(4)</sup> | Nebius Group NV, 2.750%, 09/15/2032 |  | 676447 | 0.2 |
|  |  |  | **10026709** | **2.2** |
|  | **Utilities: 1.9%** | **Utilities: 1.9%** | **Utilities: 1.9%** | **Utilities: 1.9%** |
| 2341000 <sup>(4)</sup> | CenterPoint Energy, Inc., 3.000%, 08/01/2028 |  | 2372486 | 0.5 |
| 1649000 <sup>(4)</sup> | CMS Energy Corp., 3.125%, 05/01/2031 |  | 1631768 | 0.4 |
| 1923000 <sup>(4)</sup> | FirstEnergy Corp., 3.875%, 01/15/2031 |  | 2073956 | 0.4 |
| 1380000 | PPL Capital Funding, Inc., 2.875%, 03/15/2028 |  | 1516275 | 0.3 |
| 1179000 <sup>(4)</sup> | PPL Capital Funding, Inc., 3.000%, 12/01/2030 |  | 1182112 | 0.3 |
|  |  |  | **8776597** | **1.9** |
|  | Total Convertible Bonds/Notes <br> (Cost $42,061,169) |  | **43879046** | **9.6** |
| **CORPORATE BONDS/NOTES: 13.3%** | **CORPORATE BONDS/NOTES: 13.3%** | **CORPORATE BONDS/NOTES: 13.3%** | **CORPORATE BONDS/NOTES: 13.3%** | **CORPORATE BONDS/NOTES: 13.3%** |
|  | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** |
| 494000 | Air Products and Chemicals, Inc., 4.300%, 06/11/2028 |  | 499202 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 95000 | International Paper Co., 6.000%, 11/15/2041 | $| 98787 | 0.0 |
| 215000 <sup>(4)</sup> | LYB Finance Co. BV, 8.100%, 03/15/2027 |  | 224354 | 0.1 |
| 73000 | Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028 |  | 78631 | 0.0 |
| 66000 | Rio Tinto Finance USA PLC, 5.750%, 03/14/2055 |  | 67381 | 0.0 |
| 103000 | Sherwin-Williams Co., 4.500%, 06/01/2047 |  | 88120 | 0.0 |
|  |  |  | **1056475** | **0.2** |
|  | **Communications: 1.6%** | **Communications: 1.6%** | **Communications: 1.6%** | **Communications: 1.6%** |
| 259000 | Alphabet, Inc., 3.875%, 11/15/2028 |  | 260297 | 0.1 |
| 650000 | Alphabet, Inc., 4.100%, 11/15/2030 |  | 652135 | 0.1 |
| 218000 | Alphabet, Inc., 4.700%, 11/15/2035 |  | 218139 | 0.1 |
| 69000 | Alphabet, Inc., 5.250%, 05/15/2055 |  | 66135 | 0.0 |
| 147000 | Amazon.com, Inc., 2.875%, 05/12/2041 |  | 111606 | 0.0 |
| 455000 | America Movil SAB de CV, 4.375%, 07/16/2042 |  | 398391 | 0.1 |
| 163000 | AT&T, Inc., 3.550%, 09/15/2055 |  | 108619 | 0.0 |
| 260000 | AT&T, Inc., 4.300%, 02/15/2030 |  | 260430 | 0.1 |
| 209000 | AT&T, Inc., 6.050%, 08/15/2056 |  | 211013 | 0.1 |
| 245000 | Cisco Systems, Inc., 4.550%, 02/24/2028 |  | 249063 | 0.1 |
| 149000 | Cisco Systems, Inc., 5.300%, 02/26/2054 |  | 142934 | 0.0 |
| 83000 | Comcast Corp., 2.887%, 11/01/2051 |  | 48575 | 0.0 |
| 546000 | Comcast Corp., 3.150%, 03/01/2026 |  | 545823 | 0.1 |
| 444000 | Comcast Corp., 3.900%, 03/01/2038 |  | 387275 | 0.1 |
| 517000 <sup>(4)</sup> | Comcast Corp., 5.168%, 01/15/2037 |  | 510040 | 0.1 |
| 92000 <sup>(4)</sup> | Cox Communications, Inc., 2.950%, 10/01/2050 |  | 51287 | 0.0 |
| 650000 | Meta Platforms, Inc., 5.500%, 11/15/2045 |  | 631556 | 0.1 |
| 244000 <sup>(4)</sup> | NTT Finance Corp., 5.171%, 07/16/2032 |  | 250472 | 0.1 |
| 273000 | Omnicom Group, Inc. / Omnicom Capital, Inc., 3.600%, 04/15/2026 |  | 272625 | 0.1 |
| 419000 | Telefonica Emisiones SA, 5.213%, 03/08/2047 |  | 370198 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 500000 | T-Mobile USA, Inc., 2.700%, 03/15/2032 | $| 449685 | 0.1 |
| 348000 | T-Mobile USA, Inc., 3.400%, 10/15/2052 |  | 234172 | 0.1 |
| 160000 | T-Mobile USA, Inc., 5.875%, 11/15/2055 |  | 160517 | 0 |
| 138000 | T-Mobile USA, Inc., 6.000%, 06/15/2054 |  | 141011 | 0 |
| 182000 | TWDC Enterprises 18 Corp., 3.000%, 02/13/2026 |  | 181782 | 0 |
| 87000 | Uber Technologies, Inc., 4.800%, 09/15/2035 |  | 86595 | 0 |
| 263000 | Verizon Communications, Inc., 3.400%, 03/22/2041 |  | 206188 | 0 |
| 164000 | Verizon Communications, Inc., 4.750%, 01/15/2033 |  | 163920 | 0 |
| 85542 | Verizon Communications, Inc., 5.875%, 11/30/2055 |  | 84574 | 0 |
|  |  |  | **7455057** | **1.6** |
|  | **Consumer, Cyclical: 1.0%** | **Consumer, Cyclical: 1.0%** | **Consumer, Cyclical: 1.0%** | **Consumer, Cyclical: 1.0%** |
| 161600 | American Airlines Pass Through Trust 2014-1, A, 3.700%, 04/01/2028 |  | 161021 | 0 |
| 72000 | American Airlines Pass Through Trust 2025-1, A, 4.900%, 11/11/2039 |  | 71689 | 0 |
| 89000 <sup>(4)</sup> | AS Mileage Plan IP Ltd., 5.021%, 10/20/2029 |  | 89770 | 0 |
| 102000 <sup>(4)</sup> | AS Mileage Plan IP Ltd., 5.308%, 10/20/2031 |  | 102956 | 0 |
| 286000 <sup>(3)</sup><sup>(4)</sup> | Daimler Truck Finance North America LLC, 4.650%, 10/12/2030 |  | 288169 | 0.1 |
| 210000 | Delta Air Lines, Inc., 4.950%, 07/10/2028 |  | 213832 | 0.1 |
| 275000 | General Motors Co., 6.600%, 04/01/2036 |  | 299585 | 0.1 |
| 78000 | General Motors Financial Co., Inc., 4.200%, 10/27/2028 |  | 78129 | 0 |
| 348000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 |  | 348280 | 0.1 |
| 266000 | Honda Motor Co. Ltd., 2.967%, 03/10/2032 |  | 243217 | 0.1 |
| 231000 | Lowe's Cos., Inc., 4.250%, 04/01/2052 |  | 182126 | 0 |
| 940000 | Ross Stores, Inc., 0.875%, 04/15/2026 |  | 931830 | 0.2 |
| 361000 | Starbucks Corp., 3.550%, 08/15/2029 |  | 354694 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 725000 | Toyota Motor Credit Corp., 4.550%, 08/07/2026 | $| 728135 | 0.2 |
| 192376 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 |  | 192211 | 0.0 |
| 190625 | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 |  | 184459 | 0.0 |
|  |  |  | **4470103** | **1.0** |
|  | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** | **Consumer, Non-cyclical: 1.3%** |
| 98000 | AbbVie, Inc., 4.050%, 11/21/2039 |  | 87573 | 0.0 |
| 150000 | AbbVie, Inc., 4.500%, 05/14/2035 |  | 147300 | 0.0 |
| 90000 | AbbVie, Inc., 4.850%, 06/15/2044 |  | 83412 | 0.0 |
| 621000 | Altria Group, Inc., 5.800%, 02/14/2039 |  | 640747 | 0.1 |
| 719000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 |  | 711981 | 0.2 |
| 400000 | BAT International Finance PLC, 1.668%, 03/25/2026 |  | 397826 | 0.1 |
| 243000 <sup>(4)</sup> | Bayer US Finance II LLC, 4.375%, 12/15/2028 |  | 243311 | 0.1 |
| 74000 <sup>(4)</sup> | Bayer US Finance LLC, 6.875%, 11/21/2053 |  | 80190 | 0.0 |
| 106000 | Becton Dickinson & Co., 4.875%, 05/15/2044 |  | 94252 | 0.0 |
| 319000 | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 |  | 289871 | 0.1 |
| 89725 | CVS Pass-Through Trust, 6.036%, 12/10/2028 |  | 90644 | 0.0 |
| 936000 | Gilead Sciences, Inc., 3.650%, 03/01/2026 |  | 935644 | 0.2 |
| 39000 | GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038 |  | 43823 | 0.0 |
| 50000 | Haleon US Capital LLC, 4.000%, 03/24/2052 |  | 39443 | 0.0 |
| 601000 <sup>(4)</sup> | Heineken NV, 3.500%, 01/29/2028 |  | 596332 | 0.1 |
| 117000 | Ingredion, Inc., 6.625%, 04/15/2037 |  | 129654 | 0.0 |
| 125000 | Laboratory Corp. of America Holdings, 1.550%, 06/01/2026 |  | 123731 | 0.0 |
| 192000 <sup>(4)</sup> | Mars, Inc., 4.450%, 03/01/2027 |  | 193433 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 193000 <sup>(4)</sup> | Mars, Inc., 5.200%, 03/01/2035 | $| 198442 | 0.1 |
| 104000 <sup>(4)</sup> | Mars, Inc., 5.650%, 05/01/2045 |  | 104894 | 0.0 |
| 71000 <sup>(4)</sup> | Mars, Inc., 5.700%, 05/01/2055 |  | 70776 | 0.0 |
| 201000 | Medtronic, Inc., 4.375%, 03/15/2035 |  | 197286 | 0.1 |
| 250000 | Molson Coors Beverage Co., 4.200%, 07/15/2046 |  | 201070 | 0.1 |
| 98000 | Philip Morris International, Inc., 4.875%, 11/15/2043 |  | 90473 | 0.0 |
| 76000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 |  | 63455 | 0.0 |
| 37000 | Verisk Analytics, Inc., 4.500%, 08/15/2030 |  | 37297 | 0.0 |
| 39000 | Zoetis, Inc., 4.700%, 02/01/2043 |  | 35817 | 0.0 |
|  |  |  | **5928677** | **1.3** |
|  | **Energy: 1.2%** | **Energy: 1.2%** | **Energy: 1.2%** | **Energy: 1.2%** |
| 452000 | BP Capital Markets America, Inc., 2.939%, 06/04/2051 |  | 287935 | 0.1 |
| 298000 <sup>(4)</sup> | Cameron LNG LLC, 3.701%, 01/15/2039 |  | 254730 | 0.1 |
| 477000 | Chevron Corp., 2.954%, 05/16/2026 |  | 475661 | 0.1 |
| 191000 <sup>(3)</sup> | ConocoPhillips Co., 4.150%, 11/15/2034 |  | 181816 | 0.0 |
| 212000 | Diamondback Energy, Inc., 5.750%, 04/18/2054 |  | 200558 | 0.0 |
| 278000 | Energy Transfer L.P., 4.900%, 03/15/2035 |  | 271477 | 0.1 |
| 353000 | Energy Transfer L.P., 5.000%, 05/15/2050 |  | 295657 | 0.1 |
| 68000 | Energy Transfer L.P., 5.200%, 04/01/2030 |  | 70091 | 0.0 |
| 100000 | Energy Transfer L.P., 5.300%, 04/01/2044 |  | 91036 | 0.0 |
| 206000 | Energy Transfer L.P., 6.400%, 12/01/2030 |  | 222607 | 0.1 |
| 406000 | Enterprise Products Operating LLC, 4.250%, 02/15/2048 |  | 334136 | 0.1 |
| 160000 | Enterprise Products Operating LLC, 4.600%, 01/15/2031 |  | 162014 | 0.0 |
| 81000 | EOG Resources, Inc., 4.400%, 07/15/2028 |  | 81927 | 0.0 |
| 550000 | Exxon Mobil Corp., 3.043%, 03/01/2026 |  | 549324 | 0.1 |
| 108000 <sup>(4)</sup> | Gulfstream Natural Gas System LLC, 5.600%, 07/23/2035 |  | 110959 | 0.0 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 43000 | Kinder Morgan, Inc., 5.150%, 06/01/2030 | $| 44478 | 0 |
| 341000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 |  | 347793 | 0.1 |
| 325000 | MPLX L.P., 1.750%, 03/01/2026 |  | 323741 | 0.1 |
| 174000 | MPLX L.P., 4.500%, 04/15/2038 |  | 158759 | 0 |
| 418000 | Spectra Energy Partners L.P., 4.500%, 03/15/2045 |  | 353533 | 0.1 |
| 105000 | Texas Eastern Transmission L.P., 7.000%, 07/15/2032 |  | 118068 | 0 |
| 247000 | Valero Energy Corp., 4.000%, 06/01/2052 |  | 182990 | 0 |
| 243000 | Williams Cos., Inc., 5.400%, 03/02/2026 |  | 243544 | 0.1 |
|  |  |  | **5362834** | **1.2** |
|  | **Financial: 1.0%** | **Financial: 1.0%** | **Financial: 1.0%** | **Financial: 1.0%** |
| 193000 <sup>(5)</sup> | American Express Co., 4.731%, 04/25/2029 |  | 196008 | 0.1 |
| 328000 <sup>(5)</sup> | American Express Co., 4.804%, 10/24/2036 |  | 324005 | 0.1 |
| 124000 <sup>(4)</sup> | Aviation Capital Group LLC, 4.750%, 04/14/2027 |  | 124715 | 0 |
| 229000 <sup>(5)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 |  | 237356 | 0.1 |
| 429000 | Brixmor Operating Partnership L.P., 5.500%, 02/15/2034 |  | 443273 | 0.1 |
| 139000 <sup>(5)</sup> | Capital One Financial Corp., 6.183%, 01/30/2036 |  | 145151 | 0 |
| 144000 | Carlyle Group, Inc., 5.050%, 09/19/2035 |  | 142037 | 0 |
| 297000 <sup>(5)</sup> | Citigroup, Inc., 4.952%, 05/07/2031 |  | 303465 | 0.1 |
| 129000 <sup>(5)</sup> | Citizens Financial Group, Inc., 6.645%, 04/25/2035 |  | 141896 | 0 |
| 530000 <sup>(4)</sup> | GA Global Funding Trust, 5.500%, 01/08/2029 |  | 545083 | 0.1 |
| 103000 <sup>(4)</sup> | Global Atlantic Fin Co., 6.750%, 03/15/2054 |  | 105317 | 0 |
| 225000 <sup>(5)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 |  | 226284 | 0.1 |
| 190000 <sup>(5)</sup> | Morgan Stanley, 4.994%, 04/12/2029 |  | 193785 | 0 |
| 519000 <sup>(5)</sup> | Morgan Stanley I, 4.356%, 10/22/2031 |  | 517407 | 0.1 |
| 329000 <sup>(4)</sup> | Protective Life Global Funding, 4.161%, 01/15/2029 |  | 329592 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 55000 | Sixth Street Lending Partners, 6.125%, 07/15/2030 | $| 56475 | 0.0 |
| 381000 | State Street Bank & Trust Co., 4.594%, 11/25/2026 |  | 383935 | 0.1 |
|  |  |  | **4415784** | **1.0** |
|  | **Financials: 3.1%** | **Financials: 3.1%** | **Financials: 3.1%** | **Financials: 3.1%** |
| 191000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041 |  | 156170 | 0.0 |
| 200000 | Allstate Corp., 3.280%, 12/15/2026 |  | 199000 | 0.0 |
| 192000 | American Equity Investment Life Holding Co., 5.000%, 06/15/2027 |  | 193535 | 0.0 |
| 405000 | American Tower Corp., 1.600%, 04/15/2026 |  | 402303 | 0.1 |
| 407000 <sup>(5)</sup> | Bank of America Corp., 2.572%, 10/20/2032 |  | 367178 | 0.1 |
| 351000 | Bank of America Corp., MTN, 3.248%, 10/21/2027 |  | 347890 | 0.1 |
| 625000 | BlackRock, Inc., 4.750%, 05/25/2033 |  | 640426 | 0.1 |
| 408000 | Brighthouse Financial, Inc., 3.850%, 12/22/2051 |  | 245855 | 0.1 |
| 307000 <sup>(5)</sup> | Citigroup, Inc., 3.668%, 07/24/2028 |  | 305136 | 0.1 |
| 127000 | Citigroup, Inc., 5.300%, 05/06/2044 |  | 123382 | 0.0 |
| 202000 | Citigroup, Inc., 6.675%, 09/13/2043 |  | 224847 | 0.1 |
| 657000 | Crown Castle, Inc., 2.500%, 07/15/2031 |  | 587803 | 0.1 |
| 29000 | Crown Castle, Inc., 4.750%, 05/15/2047 |  | 25210 | 0.0 |
| 494000 | CubeSmart L.P., 2.500%, 02/15/2032 |  | 437199 | 0.1 |
| 2088000 <sup>(4)</sup> | Delaware Life Global Funding 21-1, 2.662%, 06/29/2026 |  | 2066953 | 0.5 |
| 1109000 | EPR Properties, 4.750%, 12/15/2026 |  | 1112470 | 0.2 |
| 286000 | Extra Space Storage L.P., 3.500%, 07/01/2026 |  | 285199 | 0.1 |
| 169000 | Extra Space Storage L.P., 5.700%, 04/01/2028 |  | 174658 | 0.0 |
| 150000 <sup>(5)</sup> | Goldman Sachs Group, Inc., 2.908%, 07/21/2042 |  | 110096 | 0.0 |
| 268000 | JPMorgan Chase & Co., 3.200%, 06/15/2026 |  | 267240 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 619000 <sup>(5)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | $613491 | 0.1 |
| 150000 <sup>(5)</sup> | JPMorgan Chase & Co., 3.897%, 01/23/2049 | 119761 | 0.0 |
| 329000 <sup>(5)</sup> | JPMorgan Chase & Co., 4.260%, 02/22/2048 | 279444 | 0.1 |
| 590000 | Kimco Realty OP LLC, 3.200%, 04/01/2032 | 547996 | 0.1 |
| 216000 <sup>(4)</sup> | KKR Group Finance Co. III LLC, 5.125%, 06/01/2044 | 202407 | 0.0 |
| 516000 <sup>(4)</sup> | KKR Group Finance Co. XII LLC, 4.850%, 05/17/2032 | 519343 | 0.1 |
| 463000 <sup>(4)</sup> | Liberty Mutual Group, Inc., 3.950%, 05/15/2060 | 322540 | 0.1 |
| 139000 | Markel Group, Inc., 5.000%, 03/30/2043 | 126807 | 0.0 |
| 256000 | Markel Group, Inc., 5.000%, 05/20/2049 | 227253 | 0.1 |
| 78000 | Nasdaq, Inc., 5.950%, 08/15/2053 | 81114 | 0.0 |
| 108000 <sup>(4)</sup> | Nationwide Financial Services, Inc., 5.300%, 11/18/2044 | 101257 | 0.0 |
| 569000 <sup>(4)</sup> | Pacific Life Global Funding II, 5.500%, 08/28/2026 | 574970 | 0.1 |
| 288000 | PartnerRe Finance B LLC, 3.700%, 07/02/2029 | 281378 | 0.1 |
| 368000 | PNC Financial Services Group, Inc., 3.450%, 04/23/2029 | 362386 | 0.1 |
| 194000 <sup>(5)</sup> | PNC Financial Services Group, Inc., 6.875%, 10/20/2034 | 219652 | 0.1 |
| 98000 | Regency Centers L.P., 2.950%, 09/15/2029 | 94145 | 0.0 |
| 146000 | Regency Centers L.P., 4.650%, 03/15/2049 | 127493 | 0.0 |
| 327000 | Synchrony Financial, 3.950%, 12/01/2027 | 325732 | 0.1 |
| 217000 | Travelers Cos., Inc., 4.600%, 08/01/2043 | 195536 | 0.0 |
| 285000 <sup>(4)</sup> | UBS Group AG, 4.125%, 04/15/2026 | 285145 | 0.1 |
| 200000 | US Bancorp, MTN, 3.100%, 04/27/2026 | 199511 | 0.0 |
| 229000 | Wells Fargo & Co., MTN, 4.100%, 06/03/2026 | 229049 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 146000 | Wells Fargo & Co., MTN, 4.650%, 11/04/2044 | $| 128199 | 0.0 |
|  |  |  | **14437159** | **3.1** |
|  | **Industrial: 0.4%** | **Industrial: 0.4%** | **Industrial: 0.4%** | **Industrial: 0.4%** |
| 409000 | Amphenol Corp., 3.900%, 11/15/2028 |  | 408661 | 0.1 |
| 131000 | Amphenol Corp., 5.300%, 11/15/2055 |  | 125238 | 0.0 |
| 65000 <sup>(3)</sup><sup>(4)</sup> | BAE Systems PLC, 5.500%, 03/26/2054 |  | 65463 | 0.0 |
| 152000 | Burlington Northern Santa Fe LLC, 5.800%, 03/15/2056 |  | 155318 | 0.0 |
| 405000 | Honeywell International, Inc., 2.500%, 11/01/2026 |  | 400753 | 0.1 |
| 238000 | Lockheed Martin Corp., 5.200%, 02/15/2064 |  | 221371 | 0.1 |
| 151000 <sup>(4)</sup> | Molex Electronic Technologies LLC, 4.750%, 04/30/2028 |  | 152803 | 0.0 |
| 325000 | Westinghouse Air Brake Technologies Corp., 5.500%, 05/29/2035 |  | 339834 | 0.1 |
|  |  |  | **1869441** | **0.4** |
|  | **Industrials: 0.7%** | **Industrials: 0.7%** | **Industrials: 0.7%** | **Industrials: 0.7%** |
| 473000 | Avnet, Inc., 4.625%, 04/15/2026 |  | 472843 | 0.1 |
| 186000 | Canadian Pacific Railway Co., 3.000%, 12/02/2041 |  | 139523 | 0.0 |
| 180000 | Honeywell International, Inc., 4.500%, 01/15/2034 |  | 178462 | 0.1 |
| 631000 | Lockheed Martin Corp., 3.550%, 01/15/2026 |  | 630940 | 0.1 |
| 244000 | Lockheed Martin Corp., 4.150%, 06/15/2053 |  | 195149 | 0.1 |
| 224000 | Norfolk Southern Corp., 3.400%, 11/01/2049 |  | 159200 | 0.0 |
| 217000 <sup>(3)</sup> | Norfolk Southern Corp., 5.350%, 08/01/2054 |  | 207440 | 0.1 |
| 168000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 |  | 158139 | 0.0 |
| 128000 | Rockwell Automation, Inc., 1.750%, 08/15/2031 |  | 112293 | 0.0 |
| 473000 | Union Pacific Corp., 3.200%, 05/20/2041 |  | 372100 | 0.1 |
| 183000 | Union Pacific Corp., 3.839%, 03/20/2060 |  | 132487 | 0.0 |
| 356000 | Union Pacific Corp., 4.150%, 01/15/2045 |  | 285561 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 161000 | United Parcel Service, Inc., 3.400%, 11/15/2046 | $| 119773 | 0.0 |
|  |  |  | **3163910** | **0.7** |
|  | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** |
| 212000 | Apple, Inc., 3.350%, 02/09/2027 |  | 211404 | 0.1 |
| 300000 | Apple, Inc., 4.200%, 05/12/2030 |  | 303836 | 0.1 |
| 227000 | Broadcom, Inc., 3.469%, 04/15/2034 |  | 207061 | 0.0 |
| 349000 | Broadcom, Inc., 5.200%, 07/15/2035 |  | 357705 | 0.1 |
| 1300000 <sup>(3)</sup> | CSG Systems International, Inc., 3.875%, 09/15/2028 |  | 1541475 | 0.3 |
| 320000 | Dell International LLC / EMC Corp., 5.300%, 04/01/2032 |  | 329226 | 0.1 |
| 74000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 |  | 74330 | 0.0 |
| 2000 | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 |  | 2539 | 0.0 |
| 465000 | Electronic Arts, Inc., 4.800%, 03/01/2026 |  | 465025 | 0.1 |
| 923000 | Envestnet, Inc., 2.625%, 12/01/2027 |  | 984379 | 0.2 |
| 470000 | Fidelity National Information Services, Inc., 1.150%, 03/01/2026 |  | 467753 | 0.1 |
| 120000 | Fiserv, Inc., 4.550%, 02/15/2031 |  | 118840 | 0.0 |
| 298000 <sup>(4)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 |  | 313510 | 0.1 |
| 640000 | International Business Machines Corp., 3.300%, 05/15/2026 |  | 638963 | 0.1 |
| 562000 | Marvell Technology, Inc., 2.450%, 04/15/2028 |  | 541644 | 0.1 |
| 83000 | Micron Technology, Inc., 3.366%, 11/01/2041 |  | 63669 | 0.0 |
| 98000 | Micron Technology, Inc., 4.663%, 02/15/2030 |  | 99166 | 0.0 |
| 46000 | Micron Technology, Inc., 5.650%, 11/01/2032 |  | 48385 | 0.0 |
| 316000 <sup>(3)</sup> | Microsoft Corp., 3.500%, 02/12/2035 |  | 297999 | 0.1 |
| 795000 | NXP BV / NXP Funding LLC, 5.350%, 03/01/2026 |  | 794992 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 480000 | Oracle Corp., 3.600%, 04/01/2040 | $| 356289 | 0.1 |
| 250000 | Oracle Corp., 4.800%, 09/26/2032 |  | 241424 | 0.1 |
| 126000 | Paychex, Inc., 5.350%, 04/15/2032 |  | 130574 | 0.0 |
| 488000 | Salesforce, Inc., 2.700%, 07/15/2041 |  | 354189 | 0.1 |
| 200000 | Synopsys, Inc., 4.550%, 04/01/2027 |  | 201512 | 0.0 |
| 161000 | Synopsys, Inc., 5.700%, 04/01/2055 |  | 159882 | 0.0 |
| 166000 | Take-Two Interactive Software, Inc., 3.700%, 04/14/2027 |  | 165406 | 0.0 |
| 320000 | VMware, Inc., 1.400%, 08/15/2026 |  | 315355 | 0.1 |
| 245000 | Workday, Inc., 3.500%, 04/01/2027 |  | 243665 | 0.1 |
|  |  |  | **10030197** | **2.2** |
|  | **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| 128000 | Constellation Energy Generation LLC, 6.500%, 10/01/2053 |  | 139655 | 0.0 |
| 620000 <sup>(4)</sup> | Electricite de France SA, 4.875%, 01/22/2044 |  | 553474 | 0.1 |
| 168000 | Georgia Power Co. B, 3.700%, 01/30/2050 |  | 126091 | 0.0 |
| 482000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 |  | 435840 | 0.1 |
| 343000 | NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/2027 |  | 341138 | 0.1 |
| 371000 | NiSource, Inc., 4.375%, 05/15/2047 |  | 308761 | 0.1 |
| 94000 | NiSource, Inc., 5.850%, 04/01/2055 |  | 93778 | 0.0 |
| 295000 | Oglethorpe Power Corp., 4.550%, 06/01/2044 |  | 248364 | 0.1 |
| 325000 | Sempra, 3.800%, 02/01/2038 |  | 279575 | 0.1 |
| 134000 | Xcel Energy, Inc., 3.500%, 12/01/2049 |  | 96470 | 0.0 |
|  |  |  | **2623146** | **0.6** |
|  | Total Corporate Bonds/ Notes <br> (Cost $63,278,068) |  | **60812783** | **13.3** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **EQUITY-LINKED NOTES: 2.3%** | **EQUITY-LINKED NOTES: 2.3%** | **EQUITY-LINKED NOTES: 2.3%** | **EQUITY-LINKED NOTES: 2.3%** |
|  | **Financial: 0.6%** | **Financial: 0.6%** | **Financial: 0.6%** |
| 2610000 <sup>(2)</sup><sup>(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 4 Common Stocks), (0.470)%, 03/03/2032 | $2601126 | 0.6 |
|  | **Financials: 1.7%** | **Financials: 1.7%** | **Financials: 1.7%** |
| 2657000 <sup>(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 3 Common Stocks), 0.500%, 04/11/2028 | 4521417 | 1 |
| 2757000 <sup>(2)</sup><sup>(6)</sup> | GS Finance Corp. (Guarantor: The Goldman Sachs Group, Inc.) Exchangeable Basket (Basket of 5 Common Stocks), (5.770)%, 07/30/2029 | 3410685 | 0.7 |
|  |  | **7932102** | **1.7** |
|  | Total Equity-Linked Notes<br> (Cost $8,054,222) | **10533228** | **2.3** |
| **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** |
|  | **Georgia: 0.1%** | **Georgia: 0.1%** | **Georgia: 0.1%** |
| 301000 | Municipal Electric Authority of Georgia, 6.655%, 04/01/2057 | 328390 | 0.1 |
|  | Total Municipal Bonds<br> (Cost $301,000) | **328390** | **0.1** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.2%** |
|  | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** | **Federal National Mortgage Association: 0.2%<sup>(7)</sup>** |
| 915000 <sup>(7)</sup> | 6.625%, 11/15/2030 | 1032136 | 0.2 |
|  | Total U.S. Government Agency Obligations <br> (Cost $967,150) | **1032136** | **0.2** |
| **U.S. TREASURY OBLIGATIONS: 8.5%** | **U.S. TREASURY OBLIGATIONS: 8.5%** | **U.S. TREASURY OBLIGATIONS: 8.5%** | **U.S. TREASURY OBLIGATIONS: 8.5%** |
|  | **United States Treasury Bonds: 0.8%** | **United States Treasury Bonds: 0.8%** | **United States Treasury Bonds: 0.8%** |
| 207200 <sup>(3)</sup> | 4.500%, 02/15/2036 | 213958 | 0 |
| 1248000 | 4.625%, 11/15/2045 | 1219725 | 0.3 |
| 2212300 | 4.750%, 08/15/2055 | 2175659 | 0.5 |
|  |  | **3609342** | **0.8** |
|  | **United States Treasury Notes: 7.7%** | **United States Treasury Notes: 7.7%** | **United States Treasury Notes: 7.7%** |
| 6752000 | 3.375%, 12/31/2027 | 6738944 | 1.5 |
| 11051100 | 3.500%, 12/15/2028 | 11038581 | 2.4 |
| 11845000 | 3.625%, 12/31/2030 | 11789014 | 2.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** |
| 2854500 | 3.875%, 12/31/2032 | $| 2842235 | 0.6 |
| 2862000 | 4.000%, 11/15/2035 |  | 2821082 | 0.6 |
|  |  |  | **35229856** | **7.7** |
|  | Total U.S. Treasury Obligations <br> (Cost $38,971,585) |  | **38839198** | **8.5** |
|  | Total Long-Term Investments <br> (Cost $373,811,215) |  | **443652549** | **96.9** |
| **Principal <br> Amount†** |  | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** |
|  | **U.S. Treasury Obligations: 0.1%** | **U.S. Treasury Obligations: 0.1%** | **U.S. Treasury Obligations: 0.1%** | **U.S. Treasury Obligations: 0.1%** |
| 22000 <sup>(2)</sup><sup>(8)</sup> | United States Treasury Bill, 3.510%, 05/14/2026 <br> (Cost $21,671) |  | 21720 | 0.1 |
|  | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 1049449 <sup>(9)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,049,670, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%- 7.003%, Market Value plus accrued interest $1,070,438, due 12/01/30-11/20/75) |  | 1049449 | 0.2 |
| 1116436 <sup>(9)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $1,116,677, collateralized by various U.S. Government Securities, 0.000%- 5.250%, Market Value plus accrued interest $1,139,080, due 01/31/26-11/15/55) |  | 1116436 | 0.3 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1049449 <sup>(9)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $1,049,669, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 6.500%, Market Value plus accrued interest $1,070,438, due 10/15/26-12/20/55) | $1049449 | 0.2 |
| 74666 <sup>(9)</sup> | HSBC Securities (USA), Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $74,682, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.225%- 6.500%, Market Value plus accrued interest $76,159, due 06/01/34-09/01/55) | 74666 | 0.0 |
| 281385 <sup>(9)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $281,444, collateralized by various U.S. Government Securities, 0.625%- 4.875%, Market Value plus accrued interest $287,013, due 04/30/26-11/15/34) | 281385 | 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)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(9)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $1,000,218, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,016,884, due 04/15/28-02/15/55) | $1000000 | 0.2 |
|  | Total Repurchase Agreements <br> (Cost $4,571,385) | **4571385** | **1.0** |
|  | **Time Deposits: 0.0%** | **Time Deposits: 0.0%** | **Time Deposits: 0.0%** |
| 100000 <sup>(9)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 100000 | 0.0 |
| **Shares** |  | **Value** | **Percentage<br> of Net <br> Assets** |
|  | **Mutual Funds: 2.9%** | **Mutual Funds: 2.9%** | **Mutual Funds: 2.9%** |
| 13476148 <sup>(10)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650%<br> (Cost $13,476,148) | $**13476148** | **2.9** |
|  | Total Short-Term Investments<br> (Cost $18,169,204) | **18169253** | **4.0** |
|  | **Total Investments in Securities<br> (Cost $391,980,419)** | $**461821802** | **100.9** |
|  | **Liabilities in Excess of Other Assets** | **(3969005)** | **(0.9)** |
|  | **Net Assets** | $**457852797** | **100.0** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2025. |
| <sup>(3)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(4)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(5)</sup> | Variable rate security. Rate shown is the rate in effect as of December 31, 2025. |
| <sup>(6)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(7)</sup> | The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| <sup>(8)</sup> | All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details. |
| <sup>(9)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(10)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements^** 

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Communication Services | $17684437 | $— | $— | $17684437 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 19799620 |  |  | 19799620 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 21241548 |  |  | 21241548 |
| &nbsp;&nbsp;&nbsp;Energy | 17349957 | 3192425 |  | 20542382 |
| &nbsp;&nbsp;&nbsp;Financials | 56929949 |  |  | 56929949 |
| &nbsp;&nbsp;&nbsp;Health Care | 42069753 | 3737747 |  | 45807500 |
| &nbsp;&nbsp;&nbsp;Industrials | 37005801 | 2589709 |  | 39595510 |
| &nbsp;&nbsp;&nbsp;Information Technology | 43008329 |  |  | 43008329 |
| &nbsp;&nbsp;&nbsp;Materials | 6506948 |  |  | 6506948 |
| &nbsp;&nbsp;&nbsp;Real Estate | 4873545 |  |  | 4873545 |
| &nbsp;&nbsp;&nbsp;Utilities | 12238000 |  |  | 12238000 |
| Total Common Stock | 278707887 | 9519881 |  | 288227768 |
| Convertible Bonds/Notes |  | 43879046 |  | 43879046 |
| Corporate Bonds/Notes |  | 60812783 |  | 60812783 |
| Equity-Linked Notes |  |  | 10533228 | 10533228 |
| Municipal Bonds |  | 328390 |  | 328390 |
| U.S. Government Agency Obligations |  | 1032136 |  | 1032136 |
| U.S. Treasury Obligations |  | 38839198 |  | 38839198 |
| Short-Term Investments | 13476148 | 4693105 |  | 18169253 |
| Total Investments, at fair value | $292184035 | $159104539 | $10533228 | $461821802 |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts |  | 7242 |  | 7242 |
| Total Assets | $292184035 | $159111781 | $10533228 | $461829044 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Forward Foreign Currency Contracts | $— | $(156067) | $— | $(156067) |
| Futures | (703) |  |  | (703) |
| Total Liabilities | $(703) | $(156067) | $— | $(156770) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

At December 31, 2025, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Equity and Income Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| CAD | 133131 | USD | 95442 | State Street Bank and Trust Co. | 01/21/26 | $1639 |
| GBP | 104946 | USD | 139924 | State Street Bank and Trust Co. | 01/21/26 | 1534 |
| CAD | 171686 | USD | 124189 | State Street Bank and Trust Co. | 01/21/26 | 1007 |
| EUR | 82685 | USD | 96490 | State Street Bank and Trust Co. | 01/21/26 | 772 |
| GBP | 56813 | USD | 75826 | State Street Bank and Trust Co. | 01/21/26 | 753 |
| CAD | 53709 | USD | 38592 | State Street Bank and Trust Co. | 01/21/26 | 574 |
| CAD | 51589 | USD | 37326 | State Street Bank and Trust Co. | 01/21/26 | 294 |
| CAD | 75567 | USD | 54891 | State Street Bank and Trust Co. | 01/21/26 | 214 |
| EUR | 38824 | USD | 45479 | State Street Bank and Trust Co. | 01/21/26 | 190 |
| CAD | 38968 | USD | 28240 | State Street Bank and Trust Co. | 01/21/26 | 175 |
| USD | 25554 | CAD | 34963 | State Street Bank and Trust Co. | 01/21/26 | 59 |
| CAD | 36092 | USD | 26292 | State Street Bank and Trust Co. | 01/21/26 | 26 |
| USD | 29065 | CAD | 39851 | State Street Bank and Trust Co. | 01/21/26 | 5 |
| USD | 51724 | EUR | 44040 | State Street Bank and Trust Co. | 01/21/26 | (80) |
| USD | 25142 | CAD | 34589 | State Street Bank and Trust Co. | 01/21/26 | (81) |
| EUR | 76200 | USD | 89757 | State Street Bank and Trust Co. | 01/21/26 | (123) |
| USD | 68296 | GBP | 50885 | State Street Bank and Trust Co. | 01/21/26 | (292) |
| USD | 27099 | CAD | 37719 | State Street Bank and Trust Co. | 01/21/26 | (406) |
| USD | 65483 | GBP | 48971 | State Street Bank and Trust Co. | 01/21/26 | (526) |
| USD | 71088 | GBP | 53899 | State Street Bank and Trust Co. | 01/21/26 | (1563) |
| USD | 2948641 | EUR | 2532953 | The Bank of New York | 01/21/26 | (30855) |
| USD | 1937499 | CAD | 2705803 | The Bank of New York | 01/21/26 | (35620) |
| USD | 4287318 | GBP | 3244902 | The Bank of New York | 01/21/26 | (86521) |
|  |  |  |  |  |  | $(148825) |

---

At December 31, 2025, the following futures contracts were outstanding for VY<sup>®</sup> Invesco Equity and Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized <br> Depreciation** |
| Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: | Long Contracts: |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 10 | 03/31/26 | $1093047 | $(703) |
|  |  |  | $1093047 | $(703) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CAD | Canadian Dollar |
| EUR | EU Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $7242 |
| **Total Asset Derivatives** |  | $7242 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $156067 |
| Interest rate contracts | Variation margin payable on futures contracts\* | 703 |
| **Total Liability Derivatives** |  | $156770 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward <br> foreign <br> currency <br> contracts** | **Futures** | **Total** |
| Foreign exchange contracts | $(407816) | $— | $(407816) |
| Interest rate contracts |  | 7816 | 7816 |
| **Total** | $(407816) | $7816 | $(400000) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** 

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward <br> foreign <br> currency <br> contracts** | **Futures** | **Total** |
| Foreign exchange contracts | $(294349) | $— | $(294349) |
| Interest rate contracts |  | (703) | (703) |
| **Total** | $(294349) | $(703) | $(295052) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street <br> Bank and Trust<br> Co.** | **The Bank of <br> New York** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Forward foreign currency contracts | $7242 | $— | $7242 |
| **Total Assets** | $7242 | $— | $7242 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward foreign currency contracts | $3071 | $152996 | $156067 |
| **Total Liabilities** | $3071 | $152996 | $156067 |
| **Net OTC derivative instruments by counterparty, at fair value** | $4171 | $(152996) | $(148825) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $4171 | $(152996) | $(148825) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the year ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Equity-Linked<br> Notes\*** |
| Beginning balance at December 31, 2024 | $11152455 |
| Purchases | 2610000 |
| Sales | (4478066) |
| Accrued discounts/(premiums) | (13284) |
| Total realized gain (loss) | 1717066 |
| Net change in unrealized appreciation (depreciation)\*\* | (454943) |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at December 31, 2025 | $10533228 |
| Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2025\*\* | $(454943) |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>Invesco Equity and Income Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

\* Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Portfolio does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

\*\* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2025 may be due to securities no longer held or categorized as Level 3 at year end.

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 $395,397,736. | Cost for U.S. federal income tax purposes was $395,397,736. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $79565064 |
| Gross Unrealized Depreciation | (13225574) |
| Net Unrealized Appreciation | $66339490 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |
|  | **Communication Services: 2.5%** | **Communication Services: 2.5%** | **Communication Services: 2.5%** |
| 38389 | Omnicom Group, Inc. | $3099912 | 1.7 |
| 47401 | Warner Music Group Corp. - Class A | 1453788 | 0.8 |
|  |  | **4553700** | **2.5** |
|  | **Consumer Discretionary: 8.4%** | **Consumer Discretionary: 8.4%** | **Consumer Discretionary: 8.4%** |
| 566 <sup>(1)</sup> | AutoZone, Inc. | 1919589 | 1 |
| 26339 | Best Buy Co., Inc. | 1762869 | 1 |
| 12579 | Darden Restaurants, Inc. | 2314788 | 1.3 |
| 4536 | Expedia Group, Inc. | 1285094 | 0.7 |
| 18435 | Genuine Parts Co. | 2266768 | 1.2 |
| 17347 <sup>(1)</sup> | Mohawk Industries, Inc. | 1896027 | 1 |
| 4851 | Ralph Lauren Corp. | 1715362 | 0.9 |
| 12760 | Ross Stores, Inc. | 2298586 | 1.3 |
|  |  | **15459083** | **8.4** |
|  | **Consumer Staples: 6.0%** | **Consumer Staples: 6.0%** | **Consumer Staples: 6.0%** |
| 85526 | Albertsons Cos., Inc. - Class A | 1468481 | 0.8 |
| 7754 | Constellation Brands, Inc. - Class A | 1069742 | 0.6 |
| 21756 | General Mills, Inc. | 1011654 | 0.5 |
| 8752 | Hershey Co. | 1592689 | 0.9 |
| 62399 | Keurig Dr Pepper, Inc. | 1747796 | 1 |
| 22996 | Kroger Co. | 1436790 | 0.8 |
| 17480 <sup>(1)</sup> | Post Holdings, Inc. | 1731394 | 0.9 |
| 12621 <sup>(1)</sup> | US Foods Holding Corp. | 950614 | 0.5 |
|  |  | **11009160** | **6.0** |
|  | **Energy: 6.7%** | **Energy: 6.7%** | **Energy: 6.7%** |
| 41315 | Baker Hughes Co. | 1881485 | 1 |
| 11509 | Cheniere Energy, Inc. | 2237235 | 1.2 |
| 88180 | Coterra Energy, Inc. | 2320898 | 1.2 |
| 15453 | Diamondback Energy, Inc. | 2323049 | 1.3 |
| 16709 | Marathon Petroleum Corp. | 2717385 | 1.5 |
| 15911 | Williams Cos., Inc. | 956410 | 0.5 |
|  |  | **12436462** | **6.7** |
|  | **Financials: 15.7%** | **Financials: 15.7%** | **Financials: 15.7%** |
| 6058 | Ameriprise Financial, Inc. | 2970480 | 1.6 |
| 12560 <sup>(1)</sup> | Arch Capital Group Ltd. | 1204755 | 0.7 |
| 18053 | Brown & Brown, Inc. | 1438824 | 0.8 |
| 56172 | Fidelity National Information Services, Inc. | 3733191 | 2 |
| 33204 | Fifth Third Bancorp | 1554279 | 0.8 |
| 1014 | First Citizens BancShares, Inc. - Class A | 2176226 | 1.2 |
| 15795 | Hartford Financial Services Group, Inc. | 2176551 | 1.2 |
| 26889 | Loews Corp. | 2831681 | 1.5 |
| 11773 | M&T Bank Corp. | 2372024 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 62548 | MGIC Investment Corp. | $| 1827653 | 1 |
| 19755 | Raymond James Financial, Inc. |  | 3172455 | 1.7 |
| 20055 | State Street Corp. |  | 2587296 | 1.4 |
| 12024 | W.R. Berkley Corp. |  | 843123 | 0.5 |
|  |  |  | **28888538** | **15.7** |
|  | **Health Care: 11.4%** | **Health Care: 11.4%** | **Health Care: 11.4%** | **Health Care: 11.4%** |
| 8855 | AmerisourceBergen Corp. |  | 2990776 | 1.6 |
| 2637 | Chemed Corp. |  | 1128267 | 0.6 |
| 36426 | GE HealthCare Technologies, Inc. |  | 2987660 | 1.6 |
| 28490 <sup>(1)</sup> | Globus Medical, Inc. - Class A |  | 2487462 | 1.4 |
| 27753 <sup>(1)</sup> | Henry Schein, Inc. |  | 2097572 | 1.1 |
| 5252 | Humana, Inc. |  | 1345195 | 0.7 |
| 15915 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 3587400 | 2 |
| 7108 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 1208360 | 0.7 |
| 18369 | Quest Diagnostics, Inc. |  | 3187573 | 1.7 |
|  |  |  | **21020265** | **11.4** |
|  | **Industrials: 14.3%** | **Industrials: 14.3%** | **Industrials: 14.3%** | **Industrials: 14.3%** |
| 4772 | Acuity Brands, Inc. |  | 1718111 | 0.9 |
| 12653 | AMETEK, Inc. |  | 2597787 | 1.4 |
| 18644 | Delta Air Lines, Inc. |  | 1293894 | 0.7 |
| 12263 | Dover Corp. |  | 2394228 | 1.3 |
| 4501 | Hubbell, Inc. |  | 1998939 | 1.1 |
| 28768 | Ingersoll Rand, Inc. |  | 2279001 | 1.2 |
| 10832 | ITT, Inc. |  | 1879460 | 1 |
| 8447 | JB Hunt Transport Services, Inc. |  | 1641590 | 0.9 |
| 8832 | Lincoln Electric Holdings, Inc. |  | 2116500 | 1.2 |
| 19408 | Masco Corp. |  | 1231632 | 0.7 |
| 14633 <sup>(1)</sup> | Middleby Corp. |  | 2175488 | 1.2 |
| 5976 | Nordson Corp. |  | 1436810 | 0.8 |
| 8535 | Owens Corning |  | 955152 | 0.5 |
| 14756 | Veralto Corp. |  | 1472354 | 0.8 |
| 3496 | Woodward, Inc. |  | 1056911 | 0.6 |
|  |  |  | **26247857** | **14.3** |
|  | **Information Technology: 8.5%** | **Information Technology: 8.5%** | **Information Technology: 8.5%** | **Information Technology: 8.5%** |
| 19609 | CDW Corp. |  | 2670746 | 1.5 |
| 14332 <sup>(1)</sup> | GoDaddy, Inc. - Class A |  | 1778315 | 1 |
| 9001 | Jabil, Inc. |  | 2052408 | 1.1 |
| 11614 | MKS Instruments, Inc. |  | 1855917 | 1 |
| 22272 <sup>(1)</sup> | ON Semiconductor Corp. |  | 1206029 | 0.7 |
| 4884 | TD SYNNEX Corp. |  | 733723 | 0.4 |
| 4078 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 2082757 | 1.1 |
| 6634 | Western Digital Corp. |  | 1142839 | 0.6 |
| 8524 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 2069798 | 1.1 |
|  |  |  | **15592532** | **8.5** |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: 8.0%** | **Materials: 8.0%** | **Materials: 8.0%** |
| 19301 | Alcoa Corp. | $1025655 | 0.6 |
| 23781 | Ball Corp. | 1259680 | 0.7 |
| 10042 | Crown Holdings, Inc. | 1034025 | 0.6 |
| 19092 | DuPont de Nemours, Inc. | 767498 | 0.4 |
| 15712 | Freeport-McMoRan, Inc. | 798012 | 0.4 |
| 40077 | International Paper Co. | 1578633 | 0.9 |
| 3092 | Martin Marietta Materials, Inc. | 1925265 | 1.1 |
| 7488 | Packaging Corp. of America | 1544250 | 0.8 |
| 16256 | RPM International, Inc. | 1690624 | 0.9 |
| 59886 <sup>(2)</sup> | Silgan Holdings, Inc. | 2417598 | 1.3 |
| 3634 | Steel Dynamics, Inc. | 615781 | 0.3 |
|  |  | **14657021** | **8.0** |
|  | **Real Estate: 8.2%** | **Real Estate: 8.2%** | **Real Estate: 8.2%** |
| 12478 | AvalonBay Communities, Inc. | 2262386 | 1.2 |
| 143628 | Healthpeak Properties, Inc. | 2309538 | 1.3 |
| 43735 | Host Hotels & Resorts, Inc. | 775422 | 0.4 |
| 8395 | Public Storage | 2178502 | 1.2 |
| 37505 | Regency Centers Corp. | 2588970 | 1.4 |
| 9112 | SBA Communications Corp. | 1762534 | 1 |
| 12826 | Simon Property Group, Inc. | 2374221 | 1.3 |
| 33066 | Weyerhaeuser Co. | 783334 | 0.4 |
|  |  | **15034907** | **8.2** |
|  | **Utilities: 8.5%** | **Utilities: 8.5%** | **Utilities: 8.5%** |
| 37945 | CMS Energy Corp. | 2653494 | 1.5 |
| 33365 | Essential Utilities, Inc. | 1279881 | 0.7 |
| 57723 | NiSource, Inc. | 2410512 | 1.3 |
| 103500 | PG&E Corp. | 1663245 | 0.9 |
| 15403 | Sempra Energy | 1359931 | 0.7 |
| 27084 | WEC Energy Group, Inc. | 2856279 | 1.6 |
| 45577 | Xcel Energy, Inc. | 3366317 | 1.8 |
|  |  | **15589659** | **8.5** |
|  | Total Common Stock <br> (Cost $153,426,948) | **180489184** | **98.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** |
|  | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** | **Repurchase Agreements: 0.0%** |
| 20980 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $20,985, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $21,406, due 01/31/26-11/15/55) | $20980 | 0.0 |
| 1941 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $1,941, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $1,980, due 04/30/26-11/15/34) | 1941 | 0.0 |
|  | Total Repurchase Agreements <br> (Cost $22,921) | **22921** | **0.0** |
| **Shares** |  | **Value** | **Percentage <br> of Net<br> Assets** |
|  | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** |
| 4392084 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% <br> (Cost $4,392,084) | $**4392084** | **2.4** |
|  | Total Short-Term Investments<br> (Cost $4,415,005) | **4415005** | **2.4** |
|  | **Total Investments in Securities<br> (Cost $157,841,953)** | $**184904189** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(1140292)** | **(0.6)** |
|  | **Net Assets** | $**183763897** | **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

VY<sup>®</sup>JPMorgan Mid Cap Value Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements^** 

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $180489184 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $180489184 |
| Short-Term Investments | 4392084 | 22921 |  | 4415005 |
| Total Investments, at fair value | $184881268 | $22921 | $— | $184904189 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2025, 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 $158,157,210. | Cost for U.S. federal income tax purposes was $158,157,210. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $32003877 |
| Gross Unrealized Depreciation | (5256898) |
| Net Unrealized Appreciation | $26746979 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: 99.7%** | **COMMON STOCK: 99.7%** | **COMMON STOCK: 99.7%** | **COMMON STOCK: 99.7%** |
|  | **Communication Services: 4.9%** | **Communication Services: 4.9%** | **Communication Services: 4.9%** |
| 30406 <sup>(1)</sup><sup>(2)</sup> | AST SpaceMobile, Inc. | $2208388 | 0.2 |
| 27000 <sup>(1)</sup> | Liberty Media Corp.-Liberty Formula One - Class C, Tracking Stock | 2659770 | 0.3 |
| 44819 <sup>(1)</sup> | Live Nation Entertainment, Inc. | 6386708 | 0.7 |
| 39105 <sup>(1)</sup> | Reddit, Inc. - Class A | 8989066 | 1 |
| 188284 <sup>(1)</sup> | ROBLOX Corp. - Class A | 15256653 | 1.6 |
| 8533 <sup>(1)</sup> | Roku, Inc. | 925745 | 0.1 |
| 13514 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 3459989 | 0.4 |
| 17178 | TKO Group Holdings, Inc. | 3590202 | 0.4 |
| 52204 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 1981664 | 0.2 |
|  |  | **45458185** | **4.9** |
|  | **Consumer Discretionary: 21.1%** | **Consumer Discretionary: 21.1%** | **Consumer Discretionary: 21.1%** |
| 38147 <sup>(1)</sup> | Amer Sports, Inc. | 1424791 | 0.1 |
| 250 <sup>(1)</sup> | AutoZone, Inc. | 847875 | 0.1 |
| 16700 <sup>(1)</sup> | Birkenstock Holding PLC | 683030 | 0.1 |
| 5074 <sup>(1)</sup> | Boot Barn Holdings, Inc. | 895409 | 0.1 |
| 16258 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 1648561 | 0.2 |
| 24144 <sup>(1)</sup> | Burlington Stores, Inc. | 6973994 | 0.8 |
| 108269 <sup>(1)</sup> | Carnival Corp. | 3306535 | 0.4 |
| 42860 <sup>(1)</sup> | Carvana Co. | 18087777 | 2 |
| 15320 <sup>(1)</sup><sup>(2)</sup> | Cava Group, Inc. | 899131 | 0.1 |
| 9900 | Churchill Downs, Inc. | 1126422 | 0.1 |
| 388722 <sup>(1)</sup> | Coupang, Inc. | 9169952 | 1 |
| 33110 | Darden Restaurants, Inc. | 6092902 | 0.7 |
| 35499 <sup>(1)</sup> | Deckers Outdoor Corp. | 3680181 | 0.4 |
| 6920 | Domino's Pizza, Inc. | 2884394 | 0.3 |
| 82925 <sup>(1)</sup> | DraftKings, Inc. - Class A | 2857596 | 0.3 |
| 12740 <sup>(1)</sup> | Duolingo, Inc. | 2235870 | 0.2 |
| 38709 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | 2369765 | 0.3 |
| 16666 | eBay, Inc. | 1451609 | 0.2 |
| 38991 | Expedia Group, Inc. | 11046540 | 1.2 |
| 36199 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 7784233 | 0.8 |
| 65178 | Hilton Worldwide Holdings, Inc. | 18722381 | 2 |
| 6300 <sup>(2)</sup> | Hyatt Hotels Corp. - Class A | 1010016 | 0.1 |
| 72905 | Las Vegas Sands Corp. | 4745386 | 0.5 |
| 9800 <sup>(1)</sup> | MakeMyTrip Ltd. | 804776 | 0.1 |
| 34854 <sup>(1)</sup> | Navan, Inc. - Class A | 595306 | 0.1 |
| 9763 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 1070122 | 0.1 |
| 29930 <sup>(1)</sup> | On Holding AG - Class A | 1391146 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 47400 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | $| 5141478 | 0.6 |
| 9968 | Ralph Lauren Corp. |  | 3524785 | 0.4 |
| 26163 | Ross Stores, Inc. |  | 4713003 | 0.5 |
| 83421 | Royal Caribbean Cruises Ltd. |  | 23267785 | 2.5 |
| 12027 | Service Corp. International |  | 937745 | 0.1 |
| 18708 <sup>(1)</sup> | SharkNinja, Inc. |  | 2093425 | 0.2 |
| 44031 | Tapestry, Inc. |  | 5625841 | 0.6 |
| 72900 | Tempur Sealy International, Inc. |  | 6508512 | 0.7 |
| 20060 | Texas Roadhouse, Inc. |  | 3329960 | 0.4 |
| 2600 <sup>(1)</sup> | TopBuild Corp. |  | 1084694 | 0.1 |
| 143892 | Tractor Supply Co. |  | 7196039 | 0.8 |
| 6173 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 3734727 | 0.4 |
| 66965 <sup>(1)</sup> | Valvoline, Inc. |  | 1946003 | 0.2 |
| 61228 <sup>(1)</sup> | Viking Holdings Ltd. |  | 4372292 | 0.5 |
| 9393 <sup>(1)</sup> | Wayfair, Inc. - Class A |  | 943151 | 0.1 |
| 6331 | Williams-Sonoma, Inc. |  | 1130653 | 0.1 |
| 12450 | Wingstop, Inc. |  | 2969201 | 0.3 |
| 14233 | Yum! Brands, Inc. |  | 2153168 | 0.2 |
|  |  |  | **194478162** | **21.1** |
|  | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** |
| 29854 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 2687755 | 0.3 |
| 4103 | Casey's General Stores, Inc. |  | 2267769 | 0.2 |
| 37342 <sup>(1)</sup> | Celsius Holdings, Inc. |  | 1708023 | 0.2 |
| 7129 | Dollar General Corp. |  | 946517 | 0.1 |
| 9404 <sup>(1)</sup> | e.l.f. Beauty, Inc. |  | 715080 | 0.1 |
| 8976 | Estee Lauder Cos., Inc. - Class A |  | 939967 | 0.1 |
| 8700 <sup>(1)</sup> | Freshpet, Inc. |  | 530091 | 0.1 |
| 12014 <sup>(1)</sup> | Performance Food Group Co. |  | 1080299 | 0.1 |
| 28001 <sup>(1)</sup> | Sprouts Farmers Market, Inc. |  | 2230840 | 0.2 |
| 79668 <sup>(1)</sup> | US Foods Holding Corp. |  | 6000594 | 0.7 |
|  |  |  | **19106935** | **2.1** |
|  | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** |
| 14049 | Cameco Corp. |  | 1285343 | 0.1 |
| 26456 | Cheniere Energy, Inc. |  | 5142782 | 0.6 |
| 7815 | Chesapeake Energy Corp. |  | 862463 | 0.1 |
| 6874 | Diamondback Energy, Inc. |  | 1033368 | 0.1 |
| 15871 | EQT Corp. |  | 850686 | 0.1 |
| 20300 | Ovintiv, Inc. |  | 795557 | 0.1 |
| 89611 | Permian Resources Corp. |  | 1257242 | 0.1 |
| 62370 | Targa Resources Corp. |  | 11507265 | 1.3 |
| 32959 | TechnipFMC PLC |  | 1468653 | 0.2 |
| 80889 <sup>(1)</sup> | Uranium Energy Corp. |  | 944784 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 33604 | Viper Energy, Inc. - Class A | $| 1298123 | 0.1 |
|  |  |  | **26446266** | **2.9** |
|  | **Financials: 9.1%** | **Financials: 9.1%** | **Financials: 9.1%** | **Financials: 9.1%** |
| 43731 <sup>(1)</sup> | Affirm Holdings, Inc. |  | 3254898 | 0.4 |
| 4768 | Allstate Corp. |  | 992459 | 0.1 |
| 28859 | Ameriprise Financial, Inc. |  | 14150722 | 1.5 |
| 52129 | Ares Management Corp. - Class A |  | 8425610 | 0.9 |
| 26207 | Bank of New York Mellon Corp. |  | 3042371 | 0.3 |
| 76690 <sup>(1)</sup> | Block, Inc. |  | 4991752 | 0.6 |
| 8925 <sup>(1)</sup> | Coinbase Global, Inc. - Class A |  | 2018299 | 0.2 |
| 20083 <sup>(1)</sup> | Corpay, Inc. |  | 6043577 | 0.7 |
| 7825 | Hanover Insurance Group, Inc. |  | 1430175 | 0.2 |
| 30490 | Interactive Brokers Group, Inc. - Class A |  | 1960812 | 0.2 |
| 36528 | Invesco Ltd. |  | 959591 | 0.1 |
| 2345 | Kinsale Capital Group, Inc. |  | 917176 | 0.1 |
| 20044 | Lazard, Inc. |  | 973337 | 0.1 |
| 26631 | LPL Financial Holdings, Inc. |  | 9511794 | 1 |
| 11714 | MSCI, Inc. |  | 6720673 | 0.7 |
| 36160 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A |  | 4089696 | 0.5 |
| 48638 | Rocket Cos., Inc. - Class A |  | 941632 | 0.1 |
| 23772 | Ryan Specialty Holdings, Inc. |  | 1227348 | 0.1 |
| 14438 <sup>(1)</sup><sup>(2)</sup> | Shift4 Payments, Inc. - Class A |  | 909161 | 0.1 |
| 30560 | SLM Corp. |  | 826954 | 0.1 |
| 17304 | StepStone Group, Inc. - Class A |  | 1110398 | 0.1 |
| 9517 | Stifel Financial Corp. |  | 1191719 | 0.1 |
| 128146 <sup>(1)</sup> | Toast, Inc. - Class A |  | 4550464 | 0.5 |
| 39131 | TPG, Inc. |  | 2498123 | 0.3 |
| 10314 | Tradeweb Markets, Inc. - Class A |  | 1109168 | 0.1 |
|  |  |  | **83847909** | **9.1** |
|  | **Health Care: 16.1%** | **Health Care: 16.1%** | **Health Care: 16.1%** | **Health Care: 16.1%** |
| 30900 <sup>(1)</sup> | Alkermes PLC |  | 864582 | 0.1 |
| 41886 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. |  | 16655968 | 1.8 |
| 61817 | AmerisourceBergen Corp. |  | 20878692 | 2.3 |
| 2283 <sup>(1)</sup> | Argenx SE, ADR |  | 1919889 | 0.2 |
| 5346 <sup>(1)</sup> | Ascendis Pharma A/S, ADR |  | 1139981 | 0.1 |
| 3591 <sup>(1)</sup> | BeiGene Ltd., ADR |  | 1090982 | 0.1 |
| 36000 <sup>(1)</sup> | BrightSpring Health Services, Inc. |  | 1348200 | 0.1 |
| 44218 | Cardinal Health, Inc. |  | 9086799 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 59151 <sup>(1)</sup> | Caris Life Sciences, Inc. | $| 1595894 | 0.2 |
| 38336 <sup>(1)</sup> | Corcept Therapeutics, Inc. |  | 1334093 | 0.1 |
| 107676 <sup>(1)</sup> | Dexcom, Inc. |  | 7146456 | 0.8 |
| 38774 <sup>(1)</sup> | Doximity, Inc. - Class A |  | 1716913 | 0.2 |
| 43975 <sup>(1)</sup> | Elanco Animal Health, Inc. |  | 995154 | 0.1 |
| 26585 | Encompass Health Corp. |  | 2821732 | 0.3 |
| 9800 <sup>(1)</sup> | Glaukos Corp. |  | 1106518 | 0.1 |
| 8300 <sup>(1)</sup> | HealthEquity, Inc. |  | 760363 | 0.1 |
| 25589 <sup>(1)</sup> | IDEXX Laboratories, Inc. |  | 17311726 | 1.9 |
| 49996 <sup>(1)</sup> | Insmed, Inc. |  | 8701304 | 0.9 |
| 19233 <sup>(1)</sup> | Insulet Corp. |  | 5466788 | 0.6 |
| 42530 <sup>(1)</sup> | Ionis Pharmaceuticals, Inc. |  | 3364548 | 0.4 |
| 19798 <sup>(1)</sup> | Medline, Inc. - Class A |  | 831516 | 0.1 |
| 2645 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 1485564 | 0.2 |
| 725 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 1010788 | 0.1 |
| 34645 <sup>(1)</sup> | Natera, Inc. |  | 7936823 | 0.9 |
| 29182 <sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 4138883 | 0.5 |
| 11900 <sup>(1)</sup> | Nuvalent, Inc. - Class A |  | 1197021 | 0.1 |
| 40610 <sup>(1)</sup> | Option Care Health, Inc. |  | 1293835 | 0.1 |
| 15144 <sup>(1)</sup> | Penumbra, Inc. |  | 4708421 | 0.5 |
| 7004 | Quest Diagnostics, Inc. |  | 1215404 | 0.1 |
| 12601 <sup>(1)</sup> | RadNet, Inc. |  | 899081 | 0.1 |
| 5886 <sup>(1)</sup> | Repligen Corp. |  | 964480 | 0.1 |
| 12136 | ResMed, Inc. |  | 2923198 | 0.3 |
| 19362 <sup>(1)</sup> | Revolution Medicines, Inc. |  | 1542183 | 0.2 |
| 40300 <sup>(1)</sup><sup>(2)</sup> | Summit Therapeutics, Inc. |  | 704847 | 0.1 |
| 10395 <sup>(1)</sup> | Tenet Healthcare Corp. |  | 2065694 | 0.2 |
| 30994 <sup>(1)</sup> | Vaxcyte, Inc. |  | 1430063 | 0.2 |
| 33164 <sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 7403200 | 0.8 |
| 25582 <sup>(1)</sup> | Waystar Holding Corp. |  | 837811 | 0.1 |
|  |  |  | **147895394** | **16.1** |
|  | **Industrials: 20.5%** | **Industrials: 20.5%** | **Industrials: 20.5%** | **Industrials: 20.5%** |
| 28303 <sup>(1)</sup> | API Group Corp. |  | 1082873 | 0.1 |
| 23506 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 13349763 | 1.4 |
| 7021 <sup>(1)</sup> | Bloom Energy Corp. - Class A |  | 610055 | 0.1 |
| 39571 | Booz Allen Hamilton Holding Corp. |  | 3338210 | 0.4 |
| 27299 | Broadridge Financial Solutions, Inc. |  | 6092318 | 0.7 |
| 6729 | BWX Technologies, Inc. |  | 1163040 | 0.1 |
| 2115 <sup>(1)</sup> | CACI International, Inc. - Class A |  | 1126893 | 0.1 |
| 3600 | Carpenter Technology Corp. |  | 1133424 | 0.1 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 4100 <sup>(1)</sup> | Clean Harbors, Inc. | $961368 | 0.1 |
| 13964 | Comfort Systems USA, Inc. | 13032462 | 1.4 |
| 20557 <sup>(1)</sup> | Core & Main, Inc. - Class A | 1068347 | 0.1 |
| 1684 | Curtiss-Wright Corp. | 928339 | 0.1 |
| 6087 | Equifax, Inc. | 1320757 | 0.1 |
| 13216 | Esab Corp. | 1476491 | 0.2 |
| 19100 <sup>(1)</sup> | ExlService Holdings, Inc. | 810604 | 0.1 |
| 277657 | Fastenal Co. | 11142375 | 1.2 |
| 5715 | Ferguson Enterprises, Inc. | 1272330 | 0.1 |
| 35289 | FTAI Aviation Ltd. | 6946640 | 0.8 |
| 19141 | GFL Environmental, Inc. | 822106 | 0.1 |
| 20400 <sup>(1)</sup> | GXO Logistics, Inc. | 1073856 | 0.1 |
| 33340 | HEICO Corp. | 10788491 | 1.2 |
| 135073 | Howmet Aerospace, Inc. | 27692666 | 3 |
| 2898 | Hubbell, Inc. | 1287031 | 0.1 |
| 20317 <sup>(1)</sup><sup>(2)</sup> | Karman Holdings, Inc. | 1486595 | 0.2 |
| 6839 | Lennox International, Inc. | 3320882 | 0.4 |
| 21200 | Leonardo DRS, Inc. | 722708 | 0.1 |
| 22755 <sup>(1)</sup> | Loar Holdings, Inc. | 1547340 | 0.2 |
| 60367 <sup>(1)</sup> | Lyft, Inc. - Class A | 1169309 | 0.1 |
| 7922 <sup>(1)</sup> | Middleby Corp. | 1177764 | 0.1 |
| 8636 | nVent Electric PLC | 880613 | 0.1 |
| 8466 | Old Dominion Freight Line, Inc. | 1327469 | 0.1 |
| 14038 <sup>(1)</sup> | Parsons Corp. | 867548 | 0.1 |
| 15309 | Paychex, Inc. | 1717364 | 0.2 |
| 12735 <sup>(1)</sup> | Paylocity Holding Corp. | 1942087 | 0.2 |
| 34300 | Quanta Services, Inc. | 14476658 | 1.6 |
| 3233 <sup>(1)</sup> | RBC Bearings, Inc. | 1449774 | 0.2 |
| 130191 <sup>(1)</sup> | Rocket Lab Corp. | 9082124 | 1 |
| 2941 | Rockwell Automation, Inc. | 1144255 | 0.1 |
| 63696 <sup>(1)</sup> | Standardaero, Inc. | 1826801 | 0.2 |
| 19795 <sup>(1)</sup><sup>(2)</sup> | Symbotic, Inc. | 1177802 | 0.1 |
| 26800 | Tetra Tech, Inc. | 898872 | 0.1 |
| 22522 | UL Solutions, Inc. - Class A | 1776085 | 0.2 |
| 10700 <sup>(1)</sup> | United Airlines Holdings, Inc. | 1196474 | 0.1 |
| 32962 | Veralto Corp. | 3288948 | 0.4 |
| 14148 | Verisk Analytics, Inc. | 3164766 | 0.3 |
| 37100 <sup>(1)</sup> | Verra Mobility Corp. | 831411 | 0.1 |
| 106578 | Vertiv Holdings Co. - Class A | 17266702 | 1.9 |
| 4700 | Westinghouse Air Brake Technologies Corp. | 1003215 | 0.1 |
| 4301 | WW Grainger, Inc. | 4339924 | 0.5 |
| 10356 <sup>(1)</sup> | XPO, Inc. | 1407484 | 0.1 |
|  |  | **189011413** | **20.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 18.2%** | **Information Technology: 18.2%** | **Information Technology: 18.2%** |
| 5335 <sup>(1)</sup> | Appfolio, Inc. - Class A | $1241188 | 0.1 |
| 41665 <sup>(1)</sup> | Astera Labs, Inc. | 6931389 | 0.8 |
| 3200 <sup>(1)</sup> | Autodesk, Inc. | 947232 | 0.1 |
| 3877 | Badger Meter, Inc. | 676188 | 0.1 |
| 7602 | CDW Corp. | 1035392 | 0.1 |
| 9543 <sup>(1)</sup> | Celestica, Inc. | 2821006 | 0.3 |
| 94185 <sup>(1)</sup> | Cloudflare, Inc. - Class A | 18568573 | 2.0 |
| 8750 <sup>(1)</sup> | Coherent Corp. | 1614988 | 0.2 |
| 14515 | Corning, Inc. | 1270933 | 0.1 |
| 8641 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 1243353 | 0.1 |
| 102461 <sup>(1)</sup> | Datadog, Inc. - Class A | 13933671 | 1.5 |
| 8200 <sup>(1)</sup> | Descartes Systems Group, Inc. | 718812 | 0.1 |
| 32284 <sup>(1)</sup> | DocuSign, Inc. | 2208226 | 0.2 |
| 82737 <sup>(1)</sup> | Dynatrace, Inc. | 3585822 | 0.4 |
| 30317 <sup>(1)</sup> | Elastic NV | 2287114 | 0.3 |
| 2600 <sup>(1)</sup> | Fabrinet | 1183728 | 0.1 |
| 5711 <sup>(1)</sup> | Fair Isaac Corp. | 9655131 | 1.1 |
| 7674 <sup>(1)</sup> | Gartner, Inc. | 1935997 | 0.2 |
| 36842 | Gen Digital, Inc. | 1001734 | 0.1 |
| 69155 <sup>(1)</sup> | Gitlab, Inc. - Class A | 2595387 | 0.3 |
| 50172 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 6225342 | 0.7 |
| 27600 <sup>(1)</sup> | Guidewire Software, Inc. | 5547876 | 0.6 |
| 14265 <sup>(1)</sup> | HubSpot, Inc. | 5724545 | 0.6 |
| 6500 <sup>(1)</sup> | Impinj, Inc. | 1131065 | 0.1 |
| 8042 <sup>(2)</sup> | InterDigital, Inc. | 2560412 | 0.3 |
| 14955 <sup>(1)</sup> | JFrog Ltd. | 934089 | 0.1 |
| 33700 <sup>(1)</sup> | Lattice Semiconductor Corp. | 2479646 | 0.3 |
| 2869 <sup>(1)</sup> | Lumentum Holdings, Inc. | 1057485 | 0.1 |
| 6847 <sup>(1)</sup> | MACOM Technology Solutions Holdings, Inc. | 1172754 | 0.1 |
| 17984 <sup>(1)</sup> | Manhattan Associates, Inc. | 3116807 | 0.3 |
| 5700 <sup>(1)</sup> | Monday.com Ltd. | 841092 | 0.1 |
| 3560 <sup>(1)</sup> | MongoDB, Inc. | 1494096 | 0.2 |
| 12566 | Monolithic Power Systems, Inc. | 11389320 | 1.2 |
| 30500 <sup>(1)</sup> | Nutanix, Inc. - Class A | 1576545 | 0.2 |
| 37000 <sup>(1)</sup> | Okta, Inc. | 3199390 | 0.4 |
| 8100 <sup>(1)</sup> | Onto Innovation, Inc. | 1278666 | 0.1 |
| 15200 | Pegasystems, Inc. | 907744 | 0.1 |
| 14017 <sup>(1)</sup> | Procore Technologies, Inc. | 1019597 | 0.1 |
| 6745 <sup>(1)</sup> | PTC, Inc. | 1175046 | 0.1 |
| 75888 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 5085255 | 0.6 |
| 12966 <sup>(1)</sup> | Rambus, Inc. | 1191446 | 0.1 |
| 27409 <sup>(1)</sup> | Rubrik, Inc. - Class A | 2096240 | 0.2 |
| 62050 <sup>(1)</sup><sup>(2)</sup> | SailPoint, Inc. | 1255272 | 0.1 |
| 93672 <sup>(1)</sup> | Samsara, Inc. - Class A | 3320672 | 0.4 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 5428 | Seagate Technology Holdings PLC | $| 1494817 | 0.2 |
| 5194 <sup>(1)</sup> | ServiceTitan, Inc. - Class A |  | 553161 | 0.1 |
| 3100 <sup>(1)</sup> | SiTime Corp. |  | 1094889 | 0.1 |
| 31626 <sup>(3)</sup><sup>(4)</sup> | Tanium, Inc. - Class B |  | 126504 | 0.0 |
| 23083 | TD SYNNEX Corp. |  | 3467759 | 0.4 |
| 5800 | TE Connectivity PLC |  | 1319558 | 0.1 |
| 4644 | Teradyne, Inc. |  | 898893 | 0.1 |
| 12795 <sup>(1)</sup> | Tower Semiconductor Ltd. |  | 1502389 | 0.2 |
| 7871 <sup>(1)</sup> | Twilio, Inc. - Class A |  | 1119571 | 0.1 |
| 11925 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 5413354 | 0.6 |
| 26200 <sup>(1)</sup> | Unity Software, Inc. |  | 1157254 | 0.1 |
| 4055 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 984635 | 0.1 |
| 32845 <sup>(1)</sup> | Zscaler, Inc. |  | 7387497 | 0.8 |
|  |  |  | **167756547** | **18.2** |
|  | **Materials: 0.7%** | **Materials: 0.7%** | **Materials: 0.7%** | **Materials: 0.7%** |
| 14700 | Anglogold Ashanti PLC |  | 1253616 | 0.1 |
| 54377 | Kinross Gold Corp. |  | 1531256 | 0.2 |
| 10603 | Louisiana-Pacific Corp. |  | 856298 | 0.1 |
| 16673 <sup>(1)</sup><sup>(2)</sup> | MP Materials Corp. |  | 842320 | 0.1 |
| 9387 | Sensient Technologies Corp. |  | 881909 | 0.1 |
| 8099 | Steel Dynamics, Inc. |  | 1372376 | 0.1 |
|  |  |  | **6737775** | **0.7** |
|  | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| 12958 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 2083517 | 0.2 |
| 24477 <sup>(1)</sup> | CoStar Group, Inc. |  | 1645833 | 0.2 |
| 6468 | FirstService Corp. |  | 1005968 | 0.1 |
| 11770 | Iron Mountain, Inc. |  | 976322 | 0.1 |
| 25681 | Lamar Advertising Co. - Class A |  | 3250701 | 0.3 |
| 17668 | Simon Property Group, Inc. |  | 3270523 | 0.4 |
|  |  |  | **12232864** | **1.3** |
|  | **Utilities: 2.8%** | **Utilities: 2.8%** | **Utilities: 2.8%** | **Utilities: 2.8%** |
| 44144 | NRG Energy, Inc. |  | 7029491 | 0.8 |
| 3598 <sup>(1)</sup> | Talen Energy Corp. |  | 1348674 | 0.1 |
| 105724 | Vistra Corp. |  | 17056453 | 1.9 |
|  |  |  | **25434618** | **2.8** |
|  | Total Common Stock<br> (Cost $796,309,038) |  | **918406068** | **99.7** |
| **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** |
|  | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** | **Consumer Discretionary: 0.1%** |
| 32438 <sup>(3)</sup><sup>(4)</sup> | Rappi, Inc. - Series E |  | 576423 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
|  | **Information Technology: 0.1%** | **Information Technology: 0.1%** | **Information Technology: 0.1%** |
| 353970 <sup>(3)</sup><sup>(4)</sup> | Tanium, Inc. - Series G | $1415880 | 0.1 |
|  | Total Preferred Stock <br> (Cost $3,695,256) | **1992303** | **0.2** |
|  | Total Long-Term Investments <br> (Cost $800,004,294) | **920398371** | **99.9** |
| **Principal<br> Amount†** |  | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** |
|  | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** |
| 1683435 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/2025, 3.850%, due 01/02/2026 (Repurchase Amount $1,683,790, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-7.003%, Market Value plus accrued interest $1,717,104, due 12/01/30-11/20/75) | 1683435 | 0.2 |
| 2650291 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 12/31/2025, 3.940%, due 01/02/2026 (Repurchase Amount $2,650,863, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $2,704,046, due 01/31/26-11/15/55) | 2650291 | 0.3 |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 2491274 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 12/31/2025, 3.820%, due 01/02/2026 (Repurchase Amount $2,491,795, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-6.500%, Market Value plus accrued interest $2,541,100, due 10/15/26-12/20/55) | $| 2491274 | 0.2 |
| 666599 <sup>(5)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 12/31/2025, 3.840%, due 01/02/2026 (Repurchase Amount $666,739, collateralized by various U.S. Government Securities, 0.625%-4.875%, Market Value plus accrued interest $679,931, due 04/30/26-11/15/34) |  | 666599 | 0.1 |
| 2517777 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/2025, 3.970%, due 01/02/2026 (Repurchase Amount $2,518,325, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,560,286, due 04/15/28-02/15/55) |  | 2517777 | 0.3 |
|  | Total Repurchase Agreements<br> (Cost $10,009,376) |  | **10009376** | **1.1** |
|  | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** |
| 190000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 01/02/2026 |  | 190000 | 0.0 |
| 190000 <sup>(5)</sup> | Mizuho Bank Ltd., 3.640%, 01/02/2026 |  | 190000 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** | **Time Deposits (continued)** |
| 220000 <sup>(5)</sup> | National Bank of Canada, 3.630%, 01/02/2026 | $220000 | 0.0 |
| 260000 <sup>(5)</sup> | Royal Bank of Canada, 3.850%, 01/02/2026 | 260000 | 0.1 |
| 120000 <sup>(5)</sup> | Societe Generale S.A., 3.640%, 01/02/2026 | 120000 | 0.0 |
| 100000 <sup>(5)</sup> | Toronto-Dominion Bank, 3.650%, 01/02/2026 | 100000 | 0.0 |
|  | Total Time Deposits<br> (Cost $1,080,000) | **1080000** | **0.1** |
| **Shares** |  | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 949031 <sup>(6)</sup> | T. Rowe Price Government Reserve Fund, 3.720% <br> (Cost $949,031) | $**949031** | **0.1** |
|  | Total Short-Term Investments <br> (Cost $12,038,407) | **12038407** | **1.3** |
|  | **Total Investments in Securities <br> (Cost $812,042,701)** | $**932436778** | **101.2** |
|  | **Liabilities in Excess of Other Assets** | **(10618430)** | **(1.2)** |
|  | **Net Assets** | $**921818348** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2025, the Portfolio held restricted securities with a fair value of $2,118,807 or 0.2% of net assets. Please refer to the table below for additional details. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of December 31, 2025. |

---

See Accompanying Notes to Financial Statements

VY<sup>®</sup>T. Rowe Price Diversified Mid Cap Growth Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements^** 

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** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Communication Services | $45458185 | $— | $— | $45458185 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 194478162 |  |  | 194478162 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 19106935 |  |  | 19106935 |
| &nbsp;&nbsp;&nbsp;Energy | 26446266 |  |  | 26446266 |
| &nbsp;&nbsp;&nbsp;Financials | 83847909 |  |  | 83847909 |
| &nbsp;&nbsp;&nbsp;Health Care | 147895394 |  |  | 147895394 |
| &nbsp;&nbsp;&nbsp;Industrials | 189011413 |  |  | 189011413 |
| &nbsp;&nbsp;&nbsp;Information Technology | 167630043 |  | 126504 | 167756547 |
| &nbsp;&nbsp;&nbsp;Materials | 6737775 |  |  | 6737775 |
| &nbsp;&nbsp;&nbsp;Real Estate | 12232864 |  |  | 12232864 |
| &nbsp;&nbsp;&nbsp;Utilities | 25434618 |  |  | 25434618 |
| Total Common Stock | 918279564 |  | 126504 | 918406068 |
| Preferred Stock |  |  | 1992303 | 1992303 |
| Short-Term Investments | 949031 | 11089376 |  | 12038407 |
| Total Investments, at fair value | $919228595 | $11089376 | $2118807 | $932436778 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At December 31, 2025, VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| Rappi, Inc. - Series E | 9/8/2020 | $1938042 | $576423 |
| Tanium, Inc. - Class B | 9/24/2020 | 360385 | 126504 |
| Tanium, Inc. - Series G | 8/26/2015 | 1757214 | 1415880 |
|  |  | $4055641 | $2118807 |

---

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 $813,010,443. | Cost for U.S. federal income tax purposes was $813,010,443. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $164306680 |
| Gross Unrealized Depreciation | (44880346) |
| Net Unrealized Appreciation | $119426334 |

---

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**<br> **Amount** |
| Voya Global Bond Portfolio |  |  |
| Class ADV | NII | $0.2749 |
| Class I | NII | $0.3213 |
| Class S | NII | $0.3004 |
| Voya Global Insights Portfolio |  |  |
| Class ADV | NII | $0.0002 |
| Class I | NII | $0.0410 |
| Class S | NII | $0.0162 |
| All S2 | NII | $0.0128 |
| All Classes | STCG | $0.2586 |
| All Classes | LTCG | $0.4895 |
| Voya International High Dividend Low Volatility Portfolio |  |  |
| Class ADV | NII | $0.4594 |
| Class I | NII | $0.4977 |
| Class S | NII | $0.4671 |
| Class S2 | NII | $0.4061 |
| All Classes | LTCG | $0.2220 |
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio |  |  |
| Class ADV | NII | $0.1803 |
| Class I | NII | $0.2387 |
| Class S | NII | $0.2072 |
| Class S2 | NII | $0.1905 |
| All Classes | STCG | $0.2159 |
| All Classes | LTCG | $0.5835 |
| VY<sup>®</sup> Baron Growth Portfolio |  |  |
| Class ADV | NII | $0.0046 |
| Class I | NII | $0.1206 |
| Class R6 | NII | $0.1262 |
| Class S | NII | $0.0549 |
| Class S2 | NII | $0.0369 |
| All Classes | LTCG | $4.6734 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio |  |  |
| Class ADV | NII | $0.0189 |
| Class I | NII | $0.1001 |
| Class S | NII | $0.0543 |
| All Classes | LTCG | $0.0298 |
| All Classes | STCG | $1.3549 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Type** | **Per Share<br> Amount** |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | VY<sup>®</sup> Columbia Small Cap Value II Portfolio |  |
| Class ADV | NII | $0.2476 |
| Class I | NII | $0.3214 |
| Class R6 | NII | $0.3449 |
| Class S | NII | $0.2796 |
| Class S2 | NII | $0.2746 |
| All Classes | STCG | $0.4671 |
| All Classes | LTCG | $3.1271 |
| VY<sup>®</sup> Invesco Comstock Portfolio |  |  |
| Class ADV | NII | $0.2337 |
| Class I | NII | $0.3331 |
| Class S | NII | $0.2834 |
| All Classes | STCG | $0.0434 |
| All Classes | LTCG | $2.5530 |
| VY<sup>®</sup> Invesco Equity and Income Portfolio |  |  |
| Class ADV | NII | $0.4992 |
| Class I | NII | $0.6515 |
| Class S | NII | $0.5682 |
| Class S2 | NII | $0.5305 |
| All Classes | STCG | $0.7205 |
| All Classes | LTCG | $11.7937 |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio |  |  |
| Class ADV | NII | $0.0990 |
| Class I | NII | $0.1669 |
| Class S | NII | $0.1120 |
| Class S2 | NII | $0.1099 |
| All Classes | STCG | $0.0013 |
| All Classes | LTCG | $2.2709 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio |  |  |
| All Classes | STCG | $0.1739 |
| All Classes | LTCG | $1.4548 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

TAX INFORMATION (Unaudited) (continued)

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 Global Insights Portfolio | 19.34% |
| VY<sup><sup>®</sup></sup>American Century Small-Mid Cap Value Portfolio | 49.13% |
| VY<sup>®</sup> Baron Growth Portfolio | 100.00% |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | 100.00% |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | 42.52% |
| VY<sup>®</sup> Invesco Comstock Portfolio | 99.04% |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | 51.58% |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | 100.00% |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | 40.68% |

---

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 Global Insights Portfolio | $54834785 |
| Voya International High Dividend Low Volatility Portfolio | $5770957 |
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | $14558668 |
| VY<sup>®</sup> Baron Growth Portfolio(1) | $99809640 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | $6368784 |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | $19088293 |
| VY<sup>®</sup> Invesco Comstock Portfolio | $27679831 |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | $120776750 |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | $34422423 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | $116519704 |

---

___________

<sup>(1)</sup> Includes $26,430,140 of equalization.

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2024. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign<br> Taxes Paid** | **Per Share<br> Amount** | **Portion of Ordinary Income<br> Derived from<br> Foreign Sourced Income\*** |
| Voya International High Dividend Low Volatility Portfolio | $1664514 | $0.0630 | 42.70% |

---

\*None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Bond Portfolio, Voya Global Insights Portfolio, Voya International High Dividend Low Volatility Portfolio, VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, VY<sup>®</sup> Baron Growth Portfolio, VY<sup>®</sup> Columbia Contrarian Core Portfolio, VY<sup>®</sup> Columbia Small Cap Value II Portfolio, VY<sup>®</sup> Invesco Comstock Portfolio, VY<sup>®</sup> Invesco Equity and Income Portfolio, VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, and VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to Voya Global Bond Portfolio, Voya Global Insights Portfolio, and Voya International High Dividend Low Volatility Portfolio; American Century Investment Management, Inc., the sub-adviser to VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio; BAMCO Inc., the sub-adviser to VY<sup>®</sup> Baron Growth Portfolio; Columbia Management Investment Advisers, LLC, the sub-adviser to VY<sup>®</sup> Columbia Contrarian Core Portfolio and VY<sup>®</sup> Columbia Small Cap Value II Portfolio; Invesco Advisers, Inc., the sub-adviser to VY<sup>®</sup> Invesco Comstock Portfolio and VY<sup>®</sup> Invesco Equity and Income Portfolio; J.P. Morgan Investment Management Inc., the sub-adviser to VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio; and T. Rowe Price Associates, Inc., the sub-adviser to VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio (collectively, the "Sub-Advisers"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their

independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio ("Selected Peer Group") based on that Portfolio's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

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

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. In addition, the Board considered Voya Global Bond Portfolio's investment performance compared to an additional performance peer group that is approved by the Board due to the investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio's performance and risk, including risk-adjusted investment return information, from the Company'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-Advisers if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially

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

from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Advisers which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those

that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios' operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Portfolios. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Portfolios and the Manager's and Sub-Advisers' potential fall-out benefits were not unreasonable.

**Portfolio-by-Portfolio Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Portfolio's more recent performance, asset levels and asset flows. Each Portfolio's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the

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

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 Global Bond Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Global Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the year-to-date and one-year periods, and the fourth quintile for the three-year and five-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

**Voya Global Insights Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Global Insights Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period, the third quintile for the one-year, three-year, and five-year periods, and the fourth quintile for the ten-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the first quintile; and (c) the Portfolio's net expense ratio is ranked in the first quintile.

**Voya International High Dividend Low Volatility Portfolio**

In considering whether to approve the renewal of the Contracts for Voya International High Dividend Low Volatility Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date, one-year, and three-year periods, the third quintile for the ten-year period, and the fourth quintile for the five-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's net expense ratio is ranked in the second quintile.

**VY® American Century Small-Mid Cap Value Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year and ten-year periods and the fourth quintile for the three-year and five-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

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

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

**VY® Baron Growth Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Baron Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date period, the second quintile for the five-year and ten-year periods, and the fourth quintile for the one-year and three-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and (c) the Portfolio's net expense ratio is ranked in the fifth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its (1) belief that the Portfolio's pricing is competitive when compared to peers identified by management and similar products for which the Sub-Adviser performs portfolio management services; and (2) continued evaluation of potential changes to the Portfolio, including the Board's approval of a proposal to reorganize the Portfolio with and into Voya MidCap Opportunities Fund, a series of Voya equity Trust, subject to approval by the shareholders of the Portfolio.

**VY® Columbia Contrarian Core Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Columbia Contrarian Core 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 second quintile for the five-year and ten-year periods, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the fifth quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

**VY® Columbia Small Cap Value II Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Columbia Small Cap Value II 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 five-year period, the third quintile for the one-year and ten-year periods, and the fourth quintile for the year-to-date and three-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's net expense ratio is ranked in the third quintile.

**VY® Invesco Comstock Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Comstock Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the three-year and five-year periods and the second quintile for the year-to-date, one-year and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group,

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

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 second quintile.

**VY® Invesco Equity and Income Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Equity and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the year-to-date, three-year and ten-year periods, and the third quintile for the one-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the 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.

**VY® JPMorgan Mid Cap Value Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period and the third quintile for the year-to-date, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: The pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Portfolio's pricing is competitive.

**VY® T. Rowe Price Diversified Mid Cap Growth Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods and the second quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date and five-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the 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.

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VPI (1225)**

![](tm263417d2_slprfi-01img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, R6, S, and S2

**Voya Partners, Inc.**

■ Voya Solution Aggressive Portfolio ■ Voya Solution 2040 Portfolio

■ Voya Solution Balanced Portfolio ■ Voya Solution 2045 Portfolio

■ Voya Solution Conservative Portfolio ■ Voya Solution 2050 Portfolio

■ Voya Solution Income Portfolio ■ Voya Solution 2055 Portfolio

■ Voya Solution Moderately Aggressive Portfolio ■ Voya Solution 2060 Portfolio

■ Voya Solution 2030 Portfolio ■ Voya Solution 2065 Portfolio

■ Voya Solution 2035 Portfolio ■ Voya Solution 2070 Portfolio

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d2_slprfi-01img02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm263417d2_slprfi-01img03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#S-1) | [1](#S-1) |
| [Statements of Assets and Liabilities](#S-2) | [3](#S-2) |
| [Statements of Operations](#S-3) | [11](#S-3) |
| [Statements of Changes in Net Assets](#S-4) | [15](#S-4) |
| [Financial Highlights](#S-5) | [22](#S-5) |
| [Notes to Financial Statements](#S-6) | [30](#S-6) |
| [Portfolios of Investments](#S-7) | [47](#S-7) |
| [Tax Information](#S-8) | [96](#S-8) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#S-9) | [99](#S-9) |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, Voya Solution 2065 Portfolio, and Voya Solution 2070 Portfolio and the Board of Directors of Voya Partners, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, Voya Solution 2065 Portfolio, and Voya Solution 2070 Portfolio (collectively referred to as the "Portfolios") (fourteen of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (fourteen of the portfolios constituting Voya Partners, Inc.) at December 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| Individual portfolio | Statement of | Statements of changes | Financial highlights |
| constituting | Operations | in net assets |  |
| Voya Partners, Inc. |  |  |  |
| Voya Solution Aggressive Portfolio | For the year ended December 31, 2025 | For each of the two years in the period then ended December 31, 2025 | For each of the five years in the period then ended December 31, 2025 |
| Voya Solution Balanced Portfolio |  |  |  |
| Voya Solution Conservative Portfolio |  |  |  |
| Voya Solution Income Portfolio |  |  |  |
| Voya Solution Moderately Aggressive Portfolio |  |  |  |
| Voya Solution 2030 Portfolio |  |  |  |
| Voya Solution 2035 Portfolio |  |  |  |
| Voya Solution 2040 Portfolio |  |  |  |
| Voya Solution 2045 Portfolio |  |  |  |
| Voya Solution 2050 Portfolio |  |  |  |
| Voya Solution 2055 Portfolio |  |  |  |
| Voya Solution 2060 Portfolio |  |  |  |
| Voya Solution 2065 Portfolio |  |  |  |
| Voya Solution 2070 Portfolio | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

**Basis for Opinion**

These financial statements are the responsibility of the Company'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 Company 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 Company is not required to have, nor were we engaged to perform, an audit of the Company'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 Company'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.

![](tm263417d2_slprfi-01img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $209785157 | $203571731 | $84464529 | $409015332 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 2090303 | 2031686 | 8496127 | 96375164 |
| Cash | 101914 | 104720 | 152118 | 563587 |
| Cash collateral for futures contracts |  |  |  | 14917 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold |  | 149161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  |  |  | 34513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 172478 | 92769 | 65599 | 115275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 553 | 339 | 229 | 2996 |
| Prepaid expenses | 637 | 641 | 344 | 512 |
| Reimbursement due from Investment Adviser | 6634 |  | 5649 | 12118 |
| Other assets | 14156 | 15666 | 9332 | 48097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 212171832 | 205966713 | 93193927 | 506182511 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 170509 |  | 40732 | 92212 |
| Payable for investments in unaffiliated underlying funds purchased |  |  | 2934 |  |
| Payable for fund shares redeemed | 1965 | 241929 | 21081 | 11228 |
| Variation margin payable on futures contracts |  |  |  | 719 |
| Payable for investment management fees | 32588 | 31610 | 15876 | 102565 |
| Payable for distribution and shareholder service fees | 3438 | 7578 | 4879 | 142328 |
| Payable to directors under the deferred compensation plan (Note 6) | 14156 | 15666 | 9332 | 48097 |
| Payable for directors fees | 492 | 517 | 244 | 729 |
| Other accrued expenses and liabilities | 55112 | 64566 | 35137 | 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 278260 | 361866 | 130215 | 492659 |
| **NET ASSETS** | $211893572 | $205604847 | $93063712 | $505689852 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $169289518 | $177754365 | $92038975 | $509047787 |
| Total distributable earnings (loss) | 42604054 | 27850482 | 1024737 | (3357935) |
| **NET ASSETS** | $211893572 | $205604847 | $93063712 | $505689852 |
| \* Cost of investments in affiliated underlying funds | $188863223 | $190418631 | $83647245 | $399781139 |
| \*\* Cost of investments in unaffiliated underlying funds | $2104816 | $2045791 | $8532555 | $92226221 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4509073 | $9890940 | $5753840 | $194930467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 291378 | 992803 | 538321 | 17875914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.47 | $9.96 | $10.69 | $10.90 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $164095481 | $147237120 | $61822998 | $35943477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10170533 | 13949514 | 5702758 | 3194896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.13 | $10.56 | $10.84 | $11.25 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $37247177 | $33228547 | $15437599 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2306738 | 3143988 | 1425440 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.15 | $10.57 | $10.83 | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4140966 | $14063134 | $7567880 | $265850585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 261215 | 1384925 | 706581 | 23861257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.85 | $10.15 | $10.71 | $11.14 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1900875 | $1185106 | $2481395 | $8965323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 123798 | 117153 | 234603 | 831429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.35 | $10.12 | $10.58 | $10.78 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** | <br>**Voya Solution**<br>**2030 Portfolio** | <br>**Voya Solution**<br>**2035 Portfolio** | <br>**Voya Solution**<br>**2040 Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $87740033 | $63524800 | $540558950 | $51497476 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 875238 | 10827683 | 79038598 | 8925153 |
| Cash | 44909 | 77905 | 338118 | 25174 |
| Cash collateral for futures contracts |  |  |  | 15523 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 57948 | 62623 | 134460 | 318413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  | 443378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 240 | 591 | 4129 | 421 |
| Prepaid expenses | 1542 | 210 | 1944 | 175 |
| Reimbursement due from Investment Adviser |  | 3116 | 82940 | 11674 |
| Other assets | 28979 | 842 | 29232 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 88748889 | 74497770 | 620631749 | 60794683 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 57340 | 72487 | 501564 | 246613 |
| Payable for investments in unaffiliated underlying funds purchased |  |  | 3139 | 22515 |
| Payable for fund shares redeemed | 604 | 10884 | 74278 | 41809 |
| Variation margin payable on futures contracts |  |  |  | 1373 |
| Payable for investment management fees | 13668 | 14248 | 118112 | 11621 |
| Payable for distribution and shareholder service fees | 13142 | 18258 | 154549 | 16083 |
| Payable to directors under the deferred compensation plan (Note 6) | 28979 | 842 | 29232 | 675 |
| Payable for directors fees | 847 | 164 | 1472 | 139 |
| Other accrued expenses and liabilities | 18137 | 21121 | 109873 | 19999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 132717 | 138004 | 992219 | 360827 |
| **NET ASSETS** | $88616172 | $74359766 | $619639530 | $60433856 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $87854731 | $67396517 | $522029194 | $51269313 |
| Total distributable earnings | 761441 | 6963249 | 97610336 | 9164543 |
| **NET ASSETS** | $88616172 | $74359766 | $619639530 | $60433856 |
| \* Cost of investments in affiliated underlying funds | $83752725 | $61171433 | $501698895 | $48729010 |
| \*\* Cost of investments in unaffiliated underlying funds | $881315 | $9880264 | $67233615 | $7480575 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |<br>**Voya Solution**<br>**2030 Portfolio** |<br>**Voya Solution**<br>**2035 Portfolio** |<br>**Voya Solution**<br>**2040 Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $24512465 | $25392877 | $157495999 | $21115793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2258175 | 1631408 | 14045899 | 1228300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.85 | $15.57 | $11.21 | $17.19 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $8616915 | $13470102 | $54352914 | $6419441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 765201 | 824668 | 4620795 | 354695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.26 | $16.33 | $11.76 | $18.10 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $43628629 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3879313 | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.25 | n/a | n/a | n/a |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10113655 | $34053725 | $397020563 | $30583836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 915089 | 2112316 | 34514857 | 1718884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.05 | $16.12 | $11.50 | $17.79 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1744508 | $1443062 | $10770054 | $2314786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 157577 | 91121 | 1002364 | 133853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.07 | $15.84 | $10.74 | $17.29 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** | **Voya Solution**<br>**2060 Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $432642498 | $46644918 | $166367892 | $35439069 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 69505932 | 6627421 | 26442174 | 5480884 |
| Cash | 286361 | 30349 | 110034 | 23753 |
| Cash collateral for futures contracts | 129498 | 12997 | 49464 | 10473 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 62630 | 67081 | 110191 | 57906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 103601 | 3019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4777 | 357 | 1351 | 249 |
| Prepaid expenses | 1531 | 148 | 576 | 120 |
| Reimbursement due from Investment Adviser | 31304 | 10633 | 32853 | 6651 |
| Other assets | 20857 | 549 | 4759 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 502788989 | 53397472 | 193119294 | 41019464 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 158239 | 3019 | 107396 | 55924 |
| Payable for investments in unaffiliated underlying funds purchased | 1065 | 66634 | 561 | 617 |
| Payable for fund shares redeemed | 6874 |  | 1700 | 1416 |
| Variation margin payable on futures contracts | 11850 | 1164 | 4447 | 955 |
| Payable for investment management fees | 96565 | 10024 | 36919 | 7760 |
| Payable for distribution and shareholder service fees | 123689 | 13279 | 45330 | 10374 |
| Payable to directors under the deferred |  |  |  |  |
| compensation plan (Note 6) | 20857 | 549 | 4759 | 359 |
| Payable for directors fees | 1177 | 117 | 444 | 92 |
| Other accrued expenses and liabilities | 101044 | 20497 | 58479 | 24165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 521360 | 115283 | 260035 | 101662 |
| **NET ASSETS** | $502267629 | $53282189 | $192859259 | $40917802 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $400774255 | $44314564 | $155508865 | $34223709 |
| Total distributable earnings | 101493374 | 8967625 | 37350394 | 6694093 |
| **NET ASSETS** | $502267629 | $53282189 | $192859259 | $40917802 |
| \* Cost of investments in affiliated underlying funds | $388756607 | $43596965 | $150061974 | $33055470 |
| \*\* Cost of investments in unaffiliated underlying funds | $59076703 | $5491592 | $21663128 | $4595281 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** | **Voya Solution**<br>**2060 Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $121514915 | $16660074 | $42954117 | $13481501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10589225 | 939095 | 3207393 | 1028305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.48 | $17.74 | $13.39 | $13.11 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $42154279 | $7273963 | $23683721 | $5530462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3464474 | 386321 | 1675983 | 408191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $12.17 | $18.83 | $14.13 | $13.55 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $333381706 | $28103509 | $121414951 | $20755107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 28314661 | 1527185 | 8930268 | 1573760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.77 | $18.40 | $13.60 | $13.19 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5216729 | $1244643 | $4806470 | $1150732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 463867 | 69162 | 355609 | 87480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.25 | $18.00 | $13.52 | $13.15 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2065 Portfolio** | **Voya Solution**<br>**2070 Portfolio** |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $22262424 | $3330334 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 3116990 | 436891 |
| Short-term investments at fair value† |  | 2130 |
| Cash | 14358 |  |
| Cash collateral for futures contracts | 6425 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 188731 | 899 |
| Prepaid offering expense |  | 8059 |
| Reimbursement due from Investment Adviser | 15990 | 2157 |
| Other assets | 124 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 25605042 | 3780474 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 187787 | 1260 |
| Payable for investments in unaffiliated underlying funds purchased | 100 | 112 |
| Variation margin payable on futures contracts | 536 |  |
| Payable for investment management fees | 4737 | 701 |
| Payable for distribution and shareholder service fees | 5576 | 891 |
| Payable to directors under the deferred compensation plan (Note 6) | 124 | 4 |
| Payable for directors fees | 57 | 2 |
| Other accrued expenses and liabilities | 16059 | 15330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 214976 | 18300 |
| **NET ASSETS** | $25390066 | $3762174 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $24017063 | $3625230 |
| Total distributable earnings | 1373003 | 136944 |
| **NET ASSETS** | $25390066 | $3762174 |
| \* Cost of investments in affiliated underlying funds | $21326984 | $3270713 |
| \*\* Cost of investments in unaffiliated underlying funds | $2603172 | $416024 |
| † Cost of short-term investments | $— | $2130 |

---

See Accompanying Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2065 Portfolio** | **Voya Solution**<br>**2070 Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4245514 | $827412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 366094 | 78979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.60 | $10.48 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3128970 | $822587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 281598 | 78510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.11 | $10.48 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17585419 | $1306485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1528962 | 124635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.50 | $10.48 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $430163 | $805690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 37043 | 76905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.61 | $10.48 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Aggressive**<br>**Portfolio** | **Voya Solution**<br>**Balanced**<br>**Portfolio** | **Voya Solution**<br>**Conservative**<br>**Portfolio** | **Voya Solution**<br>**Income**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $3323241 | $4850385 | $3276260 | $9175703 |
| Dividends from unaffiliated underlying funds | 15686 | 15419 | 333210 | 2302073 |
| Interest | 3764 | 2089 | 3954 | 18215 |
| Other | 1318 | 1299 | 667 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3344009 | 4869192 | 3614091 | 11497852 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 356170 | 349129 | 194008 | 682038 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 20578 | 48914 | 27772 | 612532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 10892 | 37211 | 23424 | 348446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 7156 | 5143 | 9695 | 19558 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 7311 | 6368 | 4584 | 61375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 272317 | 90381 | 52923 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 235 | 170 | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 7803 | 9689 | 7731 | 69828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3162 | 837 | 1999 | 2450 |
| Shareholder reporting expense | 8901 | 4380 | 2776 | 4690 |
| Professional fees | 36643 | 32120 | 22419 | 27094 |
| Custody and accounting expense | 18780 | 11680 | 17066 | 12045 |
| Directors fees | 4921 | 3173 | 2437 | 7292 |
| Miscellaneous expense | 20009 | 11696 | 10789 | 8711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 774878 | 610891 | 377705 | 1868033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (293466) |  | (60128) | (95084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 481412 | 610891 | 317577 | 1772949 |
| Net investment income | 2862597 | 4258301 | 3296514 | 9724903 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 6830873 | 6504925 | 980743 | 5137727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (209648) | (212067) | (176844) | 365305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 19281462 | 14138218 | 3407282 | 8036983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (107928) | (105837) | (58176) | (42642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 25794759 | 20325239 | 4153005 | 13497373 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 2347641 | (1033096) | 131435 | 3489666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 16908 | (14106) | 178091 | 2145537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (66818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2364549 | (1047202) | 309526 | 5568385 |
| Net realized and unrealized gain | 28159308 | 19278037 | 4462531 | 19065758 |
| **Increase in net assets resulting from operations** | $31021905 | $23536338 | $7759045 | $28790661 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**Moderately**<br>**Aggressive**<br>**Portfolio** |<br>**Voya Solution**<br>**2030 Portfolio** |<br>**Voya Solution**<br>**2035 Portfolio** | <br>**Voya Solution**<br>**2040 Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $4227640 | $1593859 | $13149508 | $1072582 |
| Dividends from unaffiliated underlying funds | 21258 | 322893 | 2305452 | 260719 |
| Interest | 10432 | 2934 | 21748 | 2976 |
| Other | 2589 | 429 | 3964 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4261919 | 1920115 | 15480672 | 1336641 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 614921 | 146984 | 1298486 | 124293 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 116261 | 119943 | 770692 | 104367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 664580 | 73708 | 930985 | 65070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 6334 | 4825 | 41270 | 8529 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 5128 | 12019 | 64008 | 15864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1772 | 5404 | 21469 | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 37 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 19841 | 14771 | 153928 | 19781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 355 | 603 | 4262 | 1620 |
| Shareholder reporting expense | 11712 | 511 | 12410 | 918 |
| Professional fees | 50080 | 11691 | 102820 | 10585 |
| Custody and accounting expense | 23486 | 3584 | 31401 | 5475 |
| Directors fees | 8467 | 1637 | 14718 | 1385 |
| Miscellaneous expense | 28273 | 6155 | 37832 | 6904 |
| Interest expense | 416 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1551663 | 401835 | 3484281 | 369643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (36879) | (303132) | (72805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1551663 | 364956 | 3181149 | 296838 |
| Net investment income | 2710256 | 1555159 | 12299523 | 1039803 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 46352997 | 1794127 | 16990736 | 2577605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (503746) | 192094 | 3135802 | 37480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 32418914 | 4261644 | 43438540 | 4592527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 320533 | (36107) | (318379) | 19750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 78588698 | 6211758 | 63246699 | 7227362 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (33096153) | 257798 | 5365864 | (152762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 71629 | 776244 | 7166619 | 1162994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (7329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (33024524) | 1034042 | 12532483 | 1002903 |
| Net realized and unrealized gain | 45564174 | 7245800 | 75779182 | 8230265 |
| **Increase in net assets resulting from operations** | $48274430 | $8800959 | $88078705 | $9270068 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution**<br>**2045 Portfolio** | **Voya Solution**<br>**2050 Portfolio** | **Voya Solution**<br>**2055 Portfolio** | **Voya Solution**<br>**2060 Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $8443523 | $829062 | $2931519 | $619493 |
| Dividends from unaffiliated underlying funds | 1959952 | 178623 | 718828 | 148193 |
| Interest | 24926 | 2337 | 8850 | 1899 |
| Other | 3160 | 309 | 1186 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10431561 | 1010331 | 3660383 | 769828 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1044670 | 103408 | 392967 | 81073 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 585590 | 80780 | 204840 | 62577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 769013 | 57182 | 274064 | 43533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 21733 | 4543 | 16895 | 3918 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 66258 | 18700 | 39815 | 21495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 22909 | 7869 | 22176 | 9897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 172458 | 26475 | 106540 | 29907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3119 | 1314 | 4104 | 1682 |
| Shareholder reporting expense | 9280 | 730 | 6205 | 730 |
| Professional fees | 75499 | 9855 | 30118 | 8760 |
| Custody and accounting expense | 27054 | 5475 | 12056 | 5110 |
| Directors fees | 11772 | 1174 | 4441 | 917 |
| Miscellaneous expense | 31220 | 5129 | 13090 | 6623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2840575 | 322634 | 1127311 | 276222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (407507) | (69793) | (179754) | (72421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2433068 | 252841 | 947557 | 203801 |
| Net investment income | 7998493 | 757490 | 2712826 | 566027 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 17502964 | 2260516 | 7643717 | 1856104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 2687869 | 127619 | 339721 | 79409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 41715571 | 4460988 | 16684524 | 3452584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 134080 | 12457 | 48567 | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 62040484 | 6861580 | 24716529 | 5394574 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 5837894 | (25590) | 930472 | (199166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 7295357 | 880330 | 3681395 | 742420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (63086) | (6195) | (23647) | (5061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13070165 | 848545 | 4588220 | 538193 |
| Net realized and unrealized gain | 75110649 | 7710125 | 29304749 | 5932767 |
| **Increase in net assets resulting from operations** | $83109142 | $8467615 | $32017575 | $6498794 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Solution**<br>**2065 Portfolio** | **Voya Solution**<br>**2070 Portfolio** |
|  | | **August 8, 2025<sup>(1)</sup>**<br>**to December 31,**<br>**2025** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $387403 | $55514 |
| Dividends from unaffiliated underlying funds | 85669 | 5930 |
| Interest | 524 |  |
| Other | 150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 473746 | 61444 |
| **EXPENSES:** |  |  |
| Investment management fees | 50198 | 2899 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 20733 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 35967 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1478 | 1227 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 8169 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 7657 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 28342 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 728 | 27 |
| Shareholder reporting expense | 1095 | 23 |
| Professional fees | 6570 | 2096 |
| Custody and accounting expense | 4767 | 1176 |
| Directors fees | 570 | 36 |
| Offering expense |  | 5191 |
| Miscellaneous expense | 13866 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 180140 | 16456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (65230) | (9392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 114910 | 7064 |
| Net investment income | 358836 | 54380 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 1294890 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 82538 | 8413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 2204119 | 78565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 3706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3585253 | 92305 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (187871) | 59621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 423925 | 20868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2793) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 233261 | 80489 |
| Net realized and unrealized gain | 3818514 | 172794 |
| **Increase in net assets resulting from operations** | $4177350 | $227174 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution** | **Voya Solution** | **Voya Solution** | **Voya Solution** |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2862597 | $2332458 | $4258301 | $3614342 |
| Net realized gain | 25794759 | 15812154 | 20325239 | 8459198 |
| Net change in unrealized appreciation (depreciation) | 2364549 | (6869984) | (1047202) | (1899501) |
| Increase in net assets resulting from operations | 31021905 | 11274628 | 23536338 | 10174039 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (322108) | (11299) | (461604) |  |
| &nbsp;&nbsp;Class I | (12353151) | (761722) | (7129673) | (704345) |
| &nbsp;&nbsp;Class R6 | (2684597) | (152380) | (1444032) | (130801) |
| &nbsp;&nbsp;Class S | (338343) | (16206) | (741375) | (45686) |
| &nbsp;&nbsp;Class S2 | (128333) | (6134) | (64299) | (2051) |
| Total distributions | (15826532) | (947741) | (9840983) | (882883) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 16855236 | 11390656 | 24793116 | 14433322 |
| Proceeds from shares issued in merger (Note 12) |  | 149184983 |  | 133873748 |
| Reinvestment of distributions | 15826532 | 947741 | 9840983 | 882883 |
|  | 32681768 | 161523380 | 34634099 | 149189953 |
| Cost of shares redeemed | (23910243) | (18593848) | (32569590) | (18913320) |
| Net increase in net assets resulting from capital share transactions | 8771525 | 142929532 | 2064509 | 130276633 |
| Net increase in net assets | 23966898 | 153256419 | 15759864 | 139567789 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 187926674 | 34670255 | 189844983 | 50277194 |
| End of year or period | $211893572 | $187926674 | $205604847 | $189844983 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution** | **Voya Solution** | **Voya Solution** | **Voya Solution** |
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Income Portfolio** | **Income Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3296514 | $2401657 | $9724903 | $4935889 |
| Net realized gain (loss) | 4153005 | 909488 | 13497373 | (1333106) |
| Net change in unrealized appreciation (depreciation) | 309526 | (647003) | 5568385 | 7062414 |
| Increase in net assets resulting from operations | 7759045 | 2664142 | 28790661 | 10665197 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (120356) | (12023) | (2510281) | (2344795) |
| &nbsp;&nbsp;Class I | (1655381) | (255062) | (562591) | (462973) |
| &nbsp;&nbsp;Class R6 | (431891) | (74930) |  |  |
| &nbsp;&nbsp;Class S | (258023) | (45141) | (2070812) | (1650168) |
| &nbsp;&nbsp;Class S2 | (59749) | (6882) | (75920) | (75839) |
| Total distributions | (2525400) | (394038) | (5219604) | (4533775) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 9594374 | 14557945 | 13669377 | 7044378 |
| Proceeds from shares issued in merger (Note 12) |  | 90838128 | 371178743 |  |
| Reinvestment of distributions | 2525400 | 394038 | 5219604 | 4533775 |
|  | 12119774 | 105790111 | 390067724 | 11578153 |
| Cost of shares redeemed | (23574925) | (18927438) | (56259140) | (52757737) |
| Net increase (decrease) in net assets resulting from capital share transactions | (11455151) | 86862673 | 333808584 | (41179584) |
| Net increase (decrease) in net assets | (6221506) | 89132777 | 357379641 | (35048162) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 99285218 | 10152441 | 148310211 | 183358373 |
| End of year or period | $93063712 | $99285218 | $505689852 | $148310211 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution Moderately** | **Voya Solution Moderately** | | |
|  | **Aggressive Portfolio** | **Aggressive Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2710256 | $7380442 | $1555159 | $1229276 |
| Net realized gain | 78588698 | 23858800 | 6211758 | 3526213 |
| Net change in unrealized appreciation (depreciation) | (33024524) | 34588046 | 1034042 | 563119 |
| Increase in net assets resulting from operations | 48274430 | 65827288 | 8800959 | 5318608 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (5050288) | (491509) | (1073346) | (376602) |
| &nbsp;&nbsp;Class I | (1672788) | (187712) | (524299) | (172550) |
| &nbsp;&nbsp;Class R6 | (9150029) | (843234) |  |  |
| &nbsp;&nbsp;Class S | (83953614) | (9295743) | (1436283) | (383674) |
| &nbsp;&nbsp;Class S2 | (342864) | (33119) | (52833) | (19147) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (419606) |  |  |  |
| &nbsp;&nbsp;Class I | (134454) |  |  |  |
| &nbsp;&nbsp;Class R6 | (736461) |  |  |  |
| &nbsp;&nbsp;Class S | (6843780) |  |  |  |
| &nbsp;&nbsp;Class S2 | (28411) |  |  |  |
| Total distributions | (108332295) | (10851317) | (3086761) | (951973) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 14521648 | 12937976 | 22085841 | 16326183 |
| Reinvestment of distributions | 108332295 | 10851317 | 3086761 | 951973 |
|  | 122853943 | 23789293 | 25172602 | 17278156 |
| Cost of shares redeemed | (438326014) | (83302641) | (14049475) | (17626423) |
| Net increase (decrease) in net assets resulting from capital share transactions | (315472071) | (59513348) | 11123127 | (348267) |
| Net increase (decrease) in net assets | (375529936) | (4537377) | 16837325 | 4018368 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 464146108 | 468683485 | 57522441 | 53504073 |
| End of year or period | $88616172 | $464146108 | $74359766 | $57522441 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $12299523 | $11196461 | $1039803 | $775544 |
| Net realized gain | 63246699 | 17873695 | 7227362 | 4011647 |
| Net change in unrealized appreciation (depreciation) | 12532483 | 36836469 | 1002903 | 488760 |
| Increase in net assets resulting from operations | 88078705 | 65906625 | 9270068 | 5275951 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (8687204) | (2703713) | (1153206) | (223408) |
| &nbsp;&nbsp;Class I | (3042352) | (890415) | (368427) | (84198) |
| &nbsp;&nbsp;Class S | (21814171) | (5773495) | (1474930) | (262034) |
| &nbsp;&nbsp;Class S2 | (630807) | (143445) | (120897) | (21367) |
| Total distributions | (34174534) | (9511068) | (3117460) | (591007) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 39631290 | 39499446 | 15175296 | 13931455 |
| Reinvestment of distributions | 34174534 | 9511068 | 3117460 | 591007 |
|  | 73805824 | 49010514 | 18292756 | 14522462 |
| Cost of shares redeemed | (73414511) | (120896252) | (12891465) | (10067478) |
| Net increase (decrease) in net assets resulting from capital share transactions | 391313 | (71885738) | 5401291 | 4454984 |
| Net increase (decrease) in net assets | 54295484 | (15490181) | 11553899 | 9139928 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 565344046 | 580834227 | 48879957 | 39740029 |
| End of year or period | $619639530 | $565344046 | $60433856 | $48879957 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $7998493 | $6436150 | $757490 | $534466 |
| Net realized gain | 62040484 | 19511855 | 6861580 | 4309728 |
| Net change in unrealized appreciation (depreciation) | 13070165 | 35968697 | 848545 | 579550 |
| Increase in net assets resulting from operations | 83109142 | 61916702 | 8467615 | 5423744 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (6839573) | (1652649) | (1348110) | (160015) |
| &nbsp;&nbsp;Class I | (2468421) | (570115) | (528500) | (81815) |
| &nbsp;&nbsp;Class S | (18706135) | (3937723) | (1948180) | (203728) |
| &nbsp;&nbsp;Class S2 | (324777) | (74022) | (96637) | (9575) |
| Total distributions | (28338906) | (6234509) | (3921427) | (455133) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 26916642 | 30025523 | 13191401 | 11006672 |
| Reinvestment of distributions | 28338906 | 6234509 | 3921427 | 455133 |
|  | 55255548 | 36260032 | 17112828 | 11461805 |
| Cost of shares redeemed | (55375491) | (98995923) | (9941151) | (10755833) |
| Net increase (decrease) in net assets resulting from capital share transactions | (119943) | (62735891) | 7171677 | 705972 |
| Net increase (decrease) in net assets | 54650293 | (7053698) | 11717865 | 5674583 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 447617336 | 454671034 | 41564324 | 35889741 |
| End of year or period | $502267629 | $447617336 | $53282189 | $41564324 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2712826 | $2045434 | $566027 | $419871 |
| Net realized gain | 24716529 | 12551465 | 5394574 | 3150186 |
| Net change in unrealized appreciation (depreciation) | 4588220 | 9497221 | 538193 | 720851 |
| Increase in net assets resulting from operations | 32017575 | 24094120 | 6498794 | 4290908 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class ADV | (3446092) | (675917) | (1073081) | (182401) |
| &nbsp;&nbsp;Class I | (1968157) | (318089) | (460219) | (111643) |
| &nbsp;&nbsp;Class S | (9745920) | (1340499) | (1557279) | (221100) |
| &nbsp;&nbsp;Class S2 | (370776) | (45878) | (81594) | (12228) |
| Total distributions | (15530945) | (2380383) | (3172173) | (527372) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 18520526 | 20849516 | 8827976 | 9486417 |
| Reinvestment of distributions | 15530945 | 2380383 | 3172173 | 527372 |
|  | 34051471 | 23229899 | 12000149 | 10013789 |
| Cost of shares redeemed | (24676968) | (40706328) | (8450387) | (8237496) |
| Net increase (decrease) in net assets resulting from capital share transactions | 9374503 | (17476429) | 3549762 | 1776293 |
| Net increase in net assets | 25861133 | 4237308 | 6876383 | 5539829 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 166998126 | 162760818 | 34041419 | 28501590 |
| End of year or period | $192859259 | $166998126 | $40917802 | $34041419 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2070**<br>**Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **August 8, 2025<sup>(1)</sup>**<br>**to December 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |
| Net investment income | $358836 | $258311 | $54380 |
| Net realized gain | 3585253 | 1843350 | 92305 |
| Net change in unrealized appreciation (depreciation) | 233261 | 283004 | 80489 |
| Increase in net assets resulting from operations | 4177350 | 2384665 | 227174 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |
| &nbsp;&nbsp;Class ADV | (585325) | (343925) | (19393) |
| &nbsp;&nbsp;Class I | (462810) | (426411) | (20790) |
| &nbsp;&nbsp;Class S | (2453998) | (1031004) | (30854) |
| &nbsp;&nbsp;Class S2 | (59677) | (26225) | (19193) |
| Total distributions | (3561810) | (1827565) | (90230) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| Net proceeds from sale of shares | 9287443 | 8216563 | 3580811 |
| Reinvestment of distributions | 3561810 | 1827565 | 90230 |
|  | 12849253 | 10044128 | 3671041 |
| Cost of shares redeemed | (8450766) | (4277390) | (45811) |
| Net increase in net assets resulting from capital share transactions | 4398487 | 5766738 | 3625230 |
| Net increase in net assets | 5014027 | 6323838 | 3762174 |
| **NET ASSETS:** |  |  |  |
| Beginning of year or period | 20376039 | 14052201 |  |
| End of year or period | $25390066 | $20376039 | $3762174 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** | **Voya Solution Aggressive Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 14.43 | 0.15 | <sup>•</sup> | 2.10 | 2.25 | 0.23 | 0.98 |  | 1.21 |  | 15.47 | **16.25** | 0.90 | 0.72 | 0.72 | 0.99 | 4509 | 27 |
| 12-31-24 | 12.39 | 0.22 | <sup>•</sup> | 1.86 | 2.08 |  | 0.04 |  | 0.04 |  | 14.43 | **16.83** | 0.92 | 0.82 | 0.82 | 1.63 | 3840 | 31 |
| 12-31-23 | 10.95 | 0.10 | <sup>•</sup> | 2.12 | 2.22 | 0.25 | 0.53 |  | 0.78 |  | 12.39 | **20.63** | 1.00 | 0.87 | 0.87 | 0.85 | 3455 | 41 |
| 12-31-22 | 16.45 | 0.07 | <sup>•</sup> | (3.23) | (3.16) | 0.32 | 2.02 |  | 2.34 |  | 10.95 | **(20.13)** | 0.94 | 0.86 | 0.86 | 0.56 | 3524 | 93 |
| 12-31-21 | 13.91 | 0.06 | <sup>•</sup> | 2.62 | 2.68 | 0.14 |  |  | 0.14 |  | 16.45 | **19.31** | 0.93 | 0.81 | 0.81 | 0.37 | 4406 | 58 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 14.99 | 0.23 | <sup>•</sup> | 2.20 | 2.43 | 0.31 | 0.98 |  | 1.29 |  | 16.13 | **16.87** | 0.40 | 0.22 | 0.22 | 1.47 | 164095 | 27 |
| 12-31-24 | 12.83 | 0.32 | <sup>•</sup> | 1.91 | 2.23 | 0.03 | 0.04 |  | 0.07 |  | 14.99 | **17.47** | 0.37 | 0.25 | 0.25 | 2.20 | 147459 | 31 |
| 12-31-23 | 11.33 | 0.16 | <sup>•</sup> | 2.19 | 2.35 | 0.32 | 0.53 |  | 0.85 |  | 12.83 | **21.21** | 0.50 | 0.37 | 0.37 | 1.35 | 1379 | 41 |
| 12-31-22 | 16.92 | 0.17 | <sup>•</sup> | (3.35) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.44 | 0.36 | 0.36 | 1.34 | 966 | 93 |
| 12-31-21 | 14.29 | 0.13 | <sup>•</sup> | 2.70 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | **19.87** | 0.43 | 0.31 | 0.31 | 0.82 | 488 | 58 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 15.00 | 0.23 | <sup>•</sup> | 2.21 | 2.44 | 0.31 | 0.98 |  | 1.29 |  | 16.15 | **16.96** | 0.23 | 0.22 | 0.22 | 1.51 | 37247 | 27 |
| 12-31-24 | 12.84 | 0.31 | <sup>•</sup> | 1.92 | 2.23 | 0.03 | 0.04 |  | 0.07 |  | 15.00 | **17.45** | 0.24 | 0.24 | 0.24 | 2.21 | 30362 | 31 |
| 12-31-23 | 11.33 | 0.17 | <sup>•</sup> | 2.20 | 2.37 | 0.33 | 0.53 |  | 0.86 |  | 12.84 | **21.32** | 0.30 | 0.30 | 0.30 | 1.42 | 26323 | 41 |
| 12-31-22 | 16.92 | 0.15 | <sup>•</sup> | (3.33) | (3.18) | 0.39 | 2.02 |  | 2.41 |  | 11.33 | **(19.67)** | 0.32 | 0.32 | 0.32 | 1.14 | 20169 | 93 |
| 12-31-21 | 14.29 | 0.15 | <sup>•</sup> | 2.68 | 2.83 | 0.20 |  |  | 0.20 |  | 16.92 | **19.86** | 0.33 | 0.31 | 0.31 | 0.94 | 21062 | 58 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 14.75 | 0.18 | <sup>•</sup> | 2.18 | 2.36 | 0.28 | 0.98 |  | 1.26 |  | 15.85 | **16.64** | 0.65 | 0.47 | 0.47 | 1.16 | 4141 | 27 |
| 12-31-24 | 12.65 | 0.27 | <sup>•</sup> | 1.88 | 2.15 | 0.01 | 0.04 |  | 0.05 |  | 14.75 | **17.07** | 0.65 | 0.54 | 0.54 | 1.91 | 4502 | 31 |
| 12-31-23 | 11.15 | 0.13 | <sup>•</sup> | 2.16 | 2.29 | 0.26 | 0.53 |  | 0.79 |  | 12.65 | **20.90** | 0.75 | 0.62 | 0.62 | 1.10 | 1658 | 41 |
| 12-31-22 | 16.69 | 0.08 | <sup>•</sup> | (3.25) | (3.17) | 0.35 | 2.02 |  | 2.37 |  | 11.15 | **(19.89)** | 0.69 | 0.61 | 0.61 | 0.57 | 2590 | 93 |
| 12-31-21 | 14.10 | 0.10 | <sup>•</sup> | 2.66 | 2.76 | 0.17 |  |  | 0.17 |  | 16.69 | **19.62** | 0.68 | 0.56 | 0.56 | 0.64 | 4426 | 58 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 14.30 | 0.16 | <sup>•</sup> | 2.10 | 2.26 | 0.23 | 0.98 |  | 1.21 |  | 15.35 | **16.44** | 0.80 | 0.62 | 0.62 | 1.05 | 1901 | 27 |
| 12-31-24 | 12.27 | 0.23 |  | 1.84 | 2.07 |  | 0.04 |  | 0.04 |  | 14.30 | **16.91** | 0.82 | 0.72 | 0.72 | 1.73 | 1765 | 31 |
| 12-31-23 | 10.88 | 0.11 | <sup>•</sup> | 2.09 | 2.20 | 0.28 | 0.53 |  | 0.81 |  | 12.27 | **20.64** | 0.90 | 0.77 | 0.77 | 0.95 | 1855 | 41 |
| 12-31-22 | 16.36 | 0.08 | <sup>•</sup> | (3.20) | (3.12) | 0.34 | 2.02 |  | 2.36 |  | 10.88 | **(20.00)** | 0.84 | 0.76 | 0.76 | 0.63 | 1354 | 93 |
| 12-31-21 | 13.81 | 0.06 | <sup>•</sup> | 2.62 | 2.68 | 0.13 |  |  | 0.13 |  | 16.36 | **19.42** | 0.83 | 0.71 | 0.71 | 0.37 | 1434 | 58 |
| **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** | **Voya Solution Balanced Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 9.31 | 0.16 | <sup>•</sup> | 0.97 | 1.13 | 0.19 | 0.29 |  | 0.48 |  | 9.96 | **12.45** | 0.78 | 0.78 | 0.78 | 1.68 | 9891 | 30 |
| 12-31-24 | 8.31 | 0.23 | <sup>•</sup> | 0.77 | 1.00 |  |  |  |  |  | 9.31 | **12.03** | 0.80 | 0.80 | 0.80 | 2.62 | 10279 | 25 |
| 12-31-23 | 7.98 | 0.12 | <sup>•</sup> | 1.09 | 1.21 | 0.32 | 0.56 |  | 0.88 |  | 8.31 | **15.66** | 0.83 | 0.83 | 0.83 | 1.45 | 8830 | 37 |
| 12-31-22 | 11.48 | 0.08 | <sup>•</sup> | (2.05) | (1.97) | 0.35 | 1.18 |  | 1.53 |  | 7.98 | **(18.03)** | 0.84 | 0.84 | 0.84 | 0.83 | 8837 | 87 |
| 12-31-21 | 10.26 | 0.10 | <sup>•</sup> | 1.29 | 1.39 | 0.17 |  |  | 0.17 |  | 11.48 | **13.63** | 0.86 | 0.80 | 0.80 | 0.92 | 10713 | 50 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 9.84 | 0.23 | <sup>•</sup> | 1.02 | 1.25 | 0.24 | 0.29 |  | 0.53 |  | 10.56 | **13.05** | 0.28 | 0.28 | 0.28 | 2.24 | 147237 | 30 |
| 12-31-24 | 8.78 | 0.31 | <sup>•</sup> | 0.80 | 1.11 | 0.05 |  |  | 0.05 |  | 9.84 | **12.66** | 0.26 | 0.26 | 0.26 | 3.15 | 137700 | 25 |
| 12-31-23 | 8.39 | 0.17 | <sup>•</sup> | 1.15 | 1.32 | 0.37 | 0.56 |  | 0.93 |  | 8.78 | **16.25** | 0.33 | 0.33 | 0.33 | 1.95 | 4154 | 37 |
| 12-31-22 | 11.98 | 0.14 | <sup>•</sup> | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.34 | 0.34 | 0.34 | 1.43 | 3906 | 87 |
| 12-31-21 | 10.70 | 0.17 | <sup>•</sup> | 1.34 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | **14.15** | 0.36 | 0.30 | 0.30 | 1.49 | 3831 | 50 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 9.85 | 0.24 | <sup>•</sup> | 1.02 | 1.26 | 0.25 | 0.29 |  | 0.54 |  | 10.57 | **13.07** | 0.21 | 0.21 | 0.21 | 2.40 | 33229 | 30 |
| 12-31-24 | 8.78 | 0.30 | <sup>•</sup> | 0.82 | 1.12 | 0.05 |  |  | 0.05 |  | 9.85 | **12.78** | 0.24 | 0.24 | 0.24 | 3.18 | 25058 | 25 |
| 12-31-23 | 8.39 | 0.17 | <sup>•</sup> | 1.15 | 1.32 | 0.37 | 0.56 |  | 0.93 |  | 8.78 | **16.30** | 0.27 | 0.27 | 0.27 | 2.01 | 21849 | 37 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced Portfolio (continued)** | **Voya Solution Balanced 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)** | **Class R6 (continued)** |
| 12-31-22 | 11.98 | 0.14 | <sup>•</sup> | (2.15) | (2.01) | 0.40 | 1.18 |  | 1.58 |  | 8.39 | **(17.61)** | 0.29 | 0.29 | 0.29 | 1.39 | 19887 | 87 |
| 12-31-21 | 10.70 | 0.16 | <sup>•</sup> | 1.35 | 1.51 | 0.23 |  |  | 0.23 |  | 11.98 | **14.15** | 0.30 | 0.30 | 0.30 | 1.42 | 24204 | 50 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 9.48 | 0.18 | <sup>•</sup> | 0.99 | 1.17 | 0.21 | 0.29 |  | 0.50 |  | 10.15 | **12.67** | 0.53 | 0.53 | 0.53 | 1.89 | 14063 | 30 |
| 12-31-24 | 8.46 | 0.26 | <sup>•</sup> | 0.79 | 1.05 | 0.03 |  |  | 0.03 |  | 9.48 | **12.37** | 0.55 | 0.55 | 0.55 | 2.87 | 15479 | 25 |
| 12-31-23 | 8.10 | 0.14 | <sup>•</sup> | 1.12 | 1.26 | 0.34 | 0.56 |  | 0.90 |  | 8.46 | **16.07** | 0.58 | 0.58 | 0.58 | 1.70 | 14310 | 37 |
| 12-31-22 | 11.63 | 0.09 | <sup>•</sup> | (2.07) | (1.98) | 0.37 | 1.18 |  | 1.55 |  | 8.10 | **(17.90)** | 0.59 | 0.59 | 0.59 | 1.00 | 15078 | 87 |
| 12-31-21 | 10.39 | 0.13 | <sup>•</sup> | 1.31 | 1.44 | 0.20 |  |  | 0.20 |  | 11.63 | **13.96** | 0.61 | 0.55 | 0.55 | 1.18 | 24044 | 50 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 9.45 | 0.17 | <sup>•</sup> | 0.99 | 1.16 | 0.20 | 0.29 |  | 0.49 |  | 10.12 | **12.58** | 0.68 | 0.68 | 0.68 | 1.72 | 1185 | 30 |
| 12-31-24 | 8.44 | 0.25 | <sup>•</sup> | 0.77 | 1.02 | 0.01 |  |  | 0.01 |  | 9.45 | **12.15** | 0.70 | 0.70 | 0.70 | 2.72 | 1328 | 25 |
| 12-31-23 | 8.09 | 0.13 | <sup>•</sup> | 1.11 | 1.24 | 0.33 | 0.56 |  | 0.89 |  | 8.44 | **15.84** | 0.73 | 0.73 | 0.73 | 1.55 | 1135 | 37 |
| 12-31-22 | 11.60 | 0.09 | <sup>•</sup> | (2.08) | (1.99) | 0.34 | 1.18 |  | 1.52 |  | 8.09 | **(17.99)** | 0.74 | 0.74 | 0.74 | 0.96 | 1091 | 87 |
| 12-31-21 | 10.34 | 0.11 | <sup>•</sup> | 1.31 | 1.42 | 0.16 |  |  | 0.16 |  | 11.60 | **13.80** | 0.76 | 0.70 | 0.70 | 1.00 | 1556 | 50 |
| **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** | **Voya Solution Conservative Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 10.14 | 0.31 | <sup>•</sup> | 0.48 | 0.79 | 0.24 |  |  | 0.24 |  | 10.69 | **7.85** | 0.84 | 0.76 | 0.76 | 2.99 | 5754 | 30 |
| 12-31-24 | 9.58 | 0.41 | <sup>•</sup> | 0.17 | 0.58 | 0.02 |  |  | 0.02 |  | 10.14 | **6.08** | 0.83 | 0.76 | 0.76 | 4.11 | 5547 | 35 |
| 12-31-23 | 9.19 | 0.22 | <sup>•</sup> | 0.57 | 0.79 | 0.27 | 0.13 |  | 0.40 |  | 9.58 | **8.79** | 0.99 | 0.74 | 0.74 | 2.40 | 2751 | 58 |
| 12-31-22 | 11.96 | 0.13 | <sup>•</sup> | (1.72) | (1.59) | 0.35 | 0.83 |  | 1.18 |  | 9.19 | **(13.78)** | 0.97 | 0.74 | 0.74 | 1.31 | 3388 | 80 |
| 12-31-21 | 11.80 | 0.17 | <sup>•</sup> | 0.45 | 0.62 | 0.27 | 0.19 |  | 0.46 |  | 11.96 | **5.26** | 0.95 | 0.69 | 0.69 | 1.42 | 4030 | 54 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.27 | 0.36 | <sup>•</sup> | 0.49 | 0.85 | 0.28 |  |  | 0.28 |  | 10.84 | **8.33** | 0.34 | 0.26 | 0.26 | 3.45 | 61823 | 30 |
| 12-31-24 | 9.67 | 0.47 | <sup>•</sup> | 0.17 | 0.64 | 0.04 |  |  | 0.04 |  | 10.27 | **6.62** | 0.33 | 0.26 | 0.26 | 4.60 | 65050 | 35 |
| 12-31-23 | 9.28 | 0.27 | <sup>•</sup> | 0.57 | 0.84 | 0.32 | 0.13 |  | 0.45 |  | 9.67 | **9.32** | 0.49 | 0.24 | 0.24 | 2.90 | 445 | 58 |
| 12-31-22 | 12.07 | 0.18 | <sup>•</sup> | (1.74) | (1.56) | 0.40 | 0.83 |  | 1.23 |  | 9.28 | **(13.36)** | 0.47 | 0.24 | 0.24 | 1.73 | 415 | 80 |
| 12-31-21 | 11.92 | 0.27 | <sup>•</sup> | 0.42 | 0.69 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | **5.85** | 0.45 | 0.19 | 0.19 | 2.24 | 913 | 54 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 10.26 | 0.36 | <sup>•</sup> | 0.49 | 0.85 | 0.28 |  |  | 0.28 |  | 10.83 | **8.38** | 0.26 | 0.26 | 0.26 | 3.43 | 15438 | 30 |
| 12-31-24 | 9.66 | 0.47 | <sup>•</sup> | 0.18 | 0.65 | 0.05 |  |  | 0.05 |  | 10.26 | **6.72** | 0.24 | 0.24 | 0.24 | 4.62 | 15292 | 35 |
| 12-31-23 | 9.28 | 0.27 | <sup>•</sup> | 0.56 | 0.83 | 0.32 | 0.13 |  | 0.45 |  | 9.66 | **9.26** | 0.41 | 0.24 | 0.24 | 2.90 | 4641 | 58 |
| 12-31-22 | 12.07 | 0.19 | <sup>•</sup> | (1.74) | (1.55) | 0.41 | 0.83 |  | 1.24 |  | 9.28 | **(13.34)** | 0.39 | 0.24 | 0.24 | 1.84 | 9008 | 80 |
| 12-31-21 | 11.93 | 0.24 | <sup>•</sup> | 0.44 | 0.68 | 0.35 | 0.19 |  | 0.54 |  | 12.07 | **5.77** | 0.37 | 0.19 | 0.19 | 1.95 | 9365 | 54 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.18 | 0.33 | <sup>•</sup> | 0.49 | 0.82 | 0.29 |  |  | 0.29 |  | 10.71 | **8.12** | 0.59 | 0.51 | 0.51 | 3.15 | 7568 | 30 |
| 12-31-24 | 9.62 | 0.44 | <sup>•</sup> | 0.16 | 0.60 | 0.04 |  |  | 0.04 |  | 10.18 | **6.22** | 0.58 | 0.51 | 0.51 | 4.36 | 11105 | 35 |
| 12-31-23 | 9.23 | 0.25 | <sup>•</sup> | 0.57 | 0.82 | 0.30 | 0.13 |  | 0.43 |  | 9.62 | **9.12** | 0.74 | 0.49 | 0.49 | 2.65 | 1654 | 58 |
| 12-31-22 | 12.01 | 0.16 | <sup>•</sup> | (1.74) | (1.58) | 0.37 | 0.83 |  | 1.20 |  | 9.23 | **(13.60)** | 0.72 | 0.49 | 0.49 | 1.57 | 1782 | 80 |
| 12-31-21 | 11.87 | 0.20 | <sup>•</sup> | 0.45 | 0.65 | 0.32 | 0.19 |  | 0.51 |  | 12.01 | **5.52** | 0.70 | 0.44 | 0.44 | 1.67 | 2203 | 54 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.04 | 0.32 | <sup>•</sup> | 0.48 | 0.80 | 0.26 |  |  | 0.26 |  | 10.58 | **7.99** | 0.74 | 0.66 | 0.66 | 3.08 | 2481 | 30 |
| 12-31-24 | 9.48 | 0.42 | <sup>•</sup> | 0.17 | 0.59 | 0.03 |  |  | 0.03 |  | 10.04 | **6.24** | 0.73 | 0.66 | 0.66 | 4.21 | 2291 | 35 |
| 12-31-23 | 9.09 | 0.23 | <sup>•</sup> | 0.55 | 0.78 | 0.26 | 0.13 |  | 0.39 |  | 9.48 | **8.88** | 0.89 | 0.64 | 0.64 | 2.50 | 662 | 58 |
| 12-31-22 | 11.85 | 0.15 | <sup>•</sup> | (1.72) | (1.57) | 0.36 | 0.83 |  | 1.19 |  | 9.09 | **(13.75)** | 0.87 | 0.64 | 0.64 | 1.47 | 1241 | 80 |
| 12-31-21 | 11.73 | 0.18 | <sup>•</sup> | 0.44 | 0.62 | 0.31 | 0.19 |  | 0.50 |  | 11.85 | **5.34** | 0.85 | 0.59 | 0.59 | 1.53 | 1237 | 54 |
| **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** | **Voya Solution Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 10.20 | 0.34 | <sup>•</sup> | 0.73 | 1.07 | 0.37 |  |  | 0.37 |  | 10.90 | **10.60** | 0.81 | 0.77 | 0.77 | 3.18 | 194930 | 43 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** | **Voya Solution Income Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-24 | 9.88 | 0.28 | <sup>•</sup> | 0.30 | 0.58 | 0.26 |  |  | 0.26 |  | 10.20 | **5.90** | 0.81 | 0.76 | 0.76 | 2.77 | 75150 | 35 |
| 12-31-23 | 9.29 | 0.21 | <sup>•</sup> | 0.74 | 0.95 | 0.27 | 0.09 |  | 0.36 |  | 9.88 | **10.47** | 0.80 | 0.75 | 0.75 | 2.19 | 96456 | 35 |
| 12-31-22 | 12.75 | 0.13 | <sup>•</sup> | (1.99) | (1.86) | 0.43 | 1.17 |  | 1.60 |  | 9.29 | **(15.32)** | 0.80 | 0.75 | 0.75 | 1.26 | 103030 | 47 |
| 12-31-21 | 12.81 | 0.17 | <sup>•</sup> | 0.62 | 0.79 | 0.36 | 0.49 |  | 0.85 |  | 12.75 | **6.16** | 0.81 | 0.72 | 0.72 | 1.29 | 144001 | 35 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.52 | 0.40 | <sup>•</sup> | 0.76 | 1.16 | 0.43 |  |  | 0.43 |  | 11.25 | **11.23** | 0.31 | 0.27 | 0.27 | 3.68 | 35943 | 43 |
| 12-31-24 | 10.18 | 0.34 | <sup>•</sup> | 0.31 | 0.65 | 0.31 |  |  | 0.31 |  | 10.52 | **6.47** | 0.31 | 0.26 | 0.26 | 3.27 | 14861 | 35 |
| 12-31-23 | 9.58 | 0.27 | <sup>•</sup> | 0.75 | 1.02 | 0.33 | 0.09 |  | 0.42 |  | 10.18 | **10.91** | 0.30 | 0.25 | 0.25 | 2.69 | 19608 | 35 |
| 12-31-22 | 13.10 | 0.19 | <sup>•</sup> | (2.04) | (1.85) | 0.50 | 1.17 |  | 1.67 |  | 9.58 | **(14.82)** | 0.30 | 0.25 | 0.25 | 1.75 | 28449 | 47 |
| 12-31-21 | 13.13 | 0.23 | <sup>•</sup> | 0.64 | 0.87 | 0.41 | 0.49 |  | 0.90 |  | 13.10 | **6.69** | 0.31 | 0.22 | 0.22 | 1.77 | 40086 | 35 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.42 | 0.37 | <sup>•</sup> | 0.75 | 1.12 | 0.40 |  |  | 0.40 |  | 11.14 | **10.94** | 0.56 | 0.52 | 0.52 | 3.43 | 265851 | 43 |
| 12-31-24 | 10.08 | 0.31 | <sup>•</sup> | 0.32 | 0.63 | 0.29 |  |  | 0.29 |  | 10.42 | **6.23** | 0.56 | 0.51 | 0.51 | 3.02 | 56011 | 35 |
| 12-31-23 | 9.49 | 0.24 | <sup>•</sup> | 0.74 | 0.98 | 0.30 | 0.09 |  | 0.39 |  | 10.08 | **10.57** | 0.55 | 0.50 | 0.50 | 2.44 | 64105 | 35 |
| 12-31-22 | 12.98 | 0.17 | <sup>•</sup> | (2.03) | (1.86) | 0.46 | 1.17 |  | 1.63 |  | 9.49 | **(15.01)** | 0.55 | 0.50 | 0.50 | 1.53 | 71665 | 47 |
| 12-31-21 | 13.03 | 0.20 | <sup>•</sup> | 0.63 | 0.83 | 0.39 | 0.49 |  | 0.88 |  | 12.98 | **6.37** | 0.56 | 0.47 | 0.47 | 1.52 | 93573 | 35 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.09 | 0.35 | <sup>•</sup> | 0.72 | 1.07 | 0.38 |  |  | 0.38 |  | 10.78 | **10.72** | 0.71 | 0.67 | 0.67 | 3.29 | 8965 | 43 |
| 12-31-24 | 9.77 | 0.29 | <sup>•</sup> | 0.30 | 0.59 | 0.27 |  |  | 0.27 |  | 10.09 | **6.06** | 0.71 | 0.66 | 0.66 | 2.87 | 2288 | 35 |
| 12-31-23 | 9.20 | 0.22 | <sup>•</sup> | 0.72 | 0.94 | 0.28 | 0.09 |  | 0.37 |  | 9.77 | **10.47** | 0.70 | 0.65 | 0.65 | 2.29 | 3119 | 35 |
| 12-31-22 | 12.62 | 0.14 | <sup>•</sup> | (1.97) | (1.83) | 0.42 | 1.17 |  | 1.59 |  | 9.20 | **(15.17)** | 0.70 | 0.65 | 0.65 | 1.28 | 3259 | 47 |
| 12-31-21 | 12.70 | 0.18 | <sup>•</sup> | 0.61 | 0.79 | 0.38 | 0.49 |  | 0.87 |  | 12.62 | **6.25** | 0.71 | 0.62 | 0.62 | 1.43 | 5629 | 35 |
| **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** | **Voya Solution Moderately Aggressive Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 12.17 | 0.06 | <sup>•</sup> | 1.56 | 1.62 | 0.41 | 2.31 | 0.22 | 2.94 |  | 10.85 | **14.39** | 0.77 | 0.77 | 0.77 | 0.50 | 24512 | 36 |
| 12-31-24 | 10.86 | 0.15 | <sup>•</sup> | 1.42 | 1.57 | 0.14 | 0.12 |  | 0.26 |  | 12.17 | **14.54** | 0.74 | 0.74 | 0.74 | 1.30 | 23102 | 29 |
| 12-31-23 | 10.06 | 0.12 | <sup>•</sup> | 1.66 | 1.78 | 0.34 | 0.64 |  | 0.98 |  | 10.86 | **18.23** | 0.75 | 0.75 | 0.75 | 1.11 | 21532 | 26 |
| 12-31-22 | 14.96 | 0.09 | <sup>•</sup> | (2.80) | (2.71) | 0.41 | 1.78 |  | 2.19 |  | 10.06 | **(19.01)** | 0.77 | 0.77 | 0.77 | 0.74 | 20306 | 71 |
| 12-31-21 | 12.98 | 0.09 | <sup>•</sup> | 2.09 | 2.18 | 0.20 |  |  | 0.20 |  | 14.96 | **16.87** | 0.78 | 0.81 | 0.81 | 0.66 | 26263 | 41 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.57 | 0.12 | <sup>•</sup> | 1.61 | 1.73 | 0.51 | 2.31 | 0.22 | 3.04 |  | 11.26 | **14.94** | 0.27 | 0.27 | 0.27 | 1.00 | 8617 | 36 |
| 12-31-24 | 11.20 | 0.22 | <sup>•</sup> | 1.46 | 1.68 | 0.19 | 0.12 |  | 0.31 |  | 12.57 | **15.14** | 0.24 | 0.24 | 0.24 | 1.79 | 7718 | 29 |
| 12-31-23 | 10.35 | 0.17 | <sup>•</sup> | 1.72 | 1.89 | 0.40 | 0.64 |  | 1.04 |  | 11.20 | **18.85** | 0.25 | 0.25 | 0.25 | 1.61 | 5819 | 26 |
| 12-31-22 | 15.33 | 0.17 | <sup>•</sup> | (2.89) | (2.72) | 0.48 | 1.78 |  | 2.26 |  | 10.35 | **(18.60)** | 0.27 | 0.27 | 0.27 | 1.37 | 4576 | 71 |
| 12-31-21 | 13.29 | 0.17 | <sup>•</sup> | 2.14 | 2.31 | 0.27 |  |  | 0.27 |  | 15.33 | **17.42** | 0.28 | 0.31 | 0.31 | 1.19 | 5090 | 41 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 12-31-25 | 12.55 | 0.12 | <sup>•</sup> | 1.62 | 1.74 | 0.51 | 2.31 | 0.22 | 3.04 |  | 11.25 | **15.07** | 0.24 | 0.24 | 0.24 | 1.02 | 43629 | 36 |
| 12-31-24 | 11.18 | 0.22 | <sup>•</sup> | 1.46 | 1.68 | 0.19 | 0.12 |  | 0.31 |  | 12.55 | **15.16** | 0.23 | 0.23 | 0.23 | 1.80 | 36538 | 29 |
| 12-31-23 | 10.34 | 0.17 | <sup>•</sup> | 1.71 | 1.88 | 0.40 | 0.64 |  | 1.04 |  | 11.18 | **18.77** | 0.24 | 0.24 | 0.24 | 1.62 | 32231 | 26 |
| 12-31-22 | 15.32 | 0.16 | <sup>•</sup> | (2.87) | (2.71) | 0.49 | 1.78 |  | 2.27 |  | 10.34 | **(18.61)** | 0.27 | 0.27 | 0.27 | 1.30 | 26694 | 71 |
| 12-31-21 | 13.28 | 0.18 | <sup>•</sup> | 2.13 | 2.31 | 0.27 |  |  | 0.27 |  | 15.32 | **17.44** | 0.27 | 0.30 | 0.30 | 1.25 | 30360 | 41 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 12.36 | 0.10 | <sup>•</sup> | 1.58 | 1.68 | 0.46 | 2.31 | 0.22 | 2.99 |  | 11.05 | **14.70** | 0.47 | 0.47 | 0.47 | 0.79 | 10114 | 36 |
| 12-31-24 | 11.02 | 0.18 | <sup>•</sup> | 1.44 | 1.62 | 0.16 | 0.12 |  | 0.28 |  | 12.36 | **14.82** | 0.49 | 0.49 | 0.49 | 1.55 | 395276 | 29 |
| 12-31-23 | 10.19 | 0.14 | <sup>•</sup> | 1.70 | 1.84 | 0.37 | 0.64 |  | 1.01 |  | 11.02 | **18.61** | 0.50 | 0.50 | 0.50 | 1.36 | 407787 | 26 |
| 12-31-22 | 15.13 | 0.12 | <sup>•</sup> | (2.84) | (2.72) | 0.44 | 1.78 |  | 2.22 |  | 10.19 | **(18.87)** | 0.52 | 0.52 | 0.52 | 0.97 | 396000 | 71 |
| 12-31-21 | 13.12 | 0.13 | <sup>•</sup> | 2.11 | 2.24 | 0.23 |  |  | 0.23 |  | 15.13 | **17.16** | 0.53 | 0.56 | 0.56 | 0.89 | 562208 | 41 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** | **Voya Solution Moderately Aggressive Portfolio (continued)** |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 12.37 | 0.07 | <sup>•</sup> | 1.59 | 1.66 | 0.43 | 2.31 | 0.22 | 2.96 |  | 11.07 | **14.55** | 0.67 | 0.67 | 0.67 | 0.60 | 1745 | 36 |
| 12-31-24 | 11.04 | 0.17 | <sup>•</sup> | 1.43 | 1.60 | 0.15 | 0.12 |  | 0.27 |  | 12.37 | **14.63** | 0.64 | 0.64 | 0.64 | 1.39 | 1512 | 29 |
| 12-31-23 | 10.21 | 0.13 | <sup>•</sup> | 1.69 | 1.82 | 0.35 | 0.64 |  | 0.99 |  | 11.04 | **18.42** | 0.65 | 0.65 | 0.65 | 1.21 | 1315 | 26 |
| 12-31-22 | 15.13 | 0.09 | <sup>•</sup> | (2.82) | (2.73) | 0.41 | 1.78 |  | 2.19 |  | 10.21 | **(18.98)** | 0.67 | 0.67 | 0.67 | 0.74 | 998 | 71 |
| 12-31-21 | 13.14 | 0.12 | <sup>•</sup> | 2.10 | 2.22 | 0.23 |  |  | 0.23 |  | 15.13 | **16.99** | 0.68 | 0.71 | 0.71 | 0.84 | 1851 | 41 |
| **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** | **Voya Solution 2030 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 14.29 | 0.32 | <sup>•</sup> | 1.64 | 1.96 | 0.30 | 0.38 |  | 0.68 |  | 15.57 | **14.03** | 0.81 | 0.75 | 0.75 | 2.18 | 25393 | 35 |
| 12-31-24 | 13.21 | 0.28 | <sup>•</sup> | 1.02 | 1.30 | 0.22 |  |  | 0.22 |  | 14.29 | **9.93** | 0.82 | 0.76 | 0.76 | 2.04 | 23327 | 48 |
| 12-31-23 | 11.95 | 0.22 | <sup>•</sup> | 1.59 | 1.81 | 0.33 | 0.22 |  | 0.55 |  | 13.21 | **15.36** | 0.82 | 0.74 | 0.74 | 1.76 | 23214 | 62 |
| 12-31-22 | 18.03 | 0.17 | <sup>•</sup> | (3.25) | (3.08) | 0.61 | 2.39 |  | 3.00 |  | 11.95 | **(18.09)** | 0.85 | 0.70 | 0.70 | 1.16 | 20852 | 83 |
| 12-31-21 | 16.46 | 0.20 | <sup>•</sup> | 1.81 | 2.01 | 0.27 | 0.17 |  | 0.44 |  | 18.03 | **12.26** | 0.90 | 0.67 | 0.67 | 1.15 | 25214 | 54 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 14.96 | 0.42 | <sup>•</sup> | 1.71 | 2.13 | 0.38 | 0.38 |  | 0.76 |  | 16.33 | **14.54** | 0.31 | 0.25 | 0.25 | 2.68 | 13470 | 35 |
| 12-31-24 | 13.80 | 0.37 | <sup>•</sup> | 1.08 | 1.45 | 0.29 |  |  | 0.29 |  | 14.96 | **10.57** | 0.32 | 0.26 | 0.26 | 2.54 | 9145 | 48 |
| 12-31-23 | 12.47 | 0.30 | <sup>•</sup> | 1.65 | 1.95 | 0.40 | 0.22 |  | 0.62 |  | 13.80 | **15.89** | 0.32 | 0.24 | 0.24 | 2.26 | 10587 | 62 |
| 12-31-22 | 18.68 | 0.24 | <sup>•</sup> | (3.36) | (3.12) | 0.70 | 2.39 |  | 3.09 |  | 12.47 | **(17.69)** | 0.35 | 0.20 | 0.20 | 1.59 | 9992 | 83 |
| 12-31-21 | 17.02 | 0.28 | <sup>•</sup> | 1.88 | 2.16 | 0.33 | 0.17 |  | 0.50 |  | 18.68 | **12.80** | 0.40 | 0.17 | 0.17 | 1.57 | 12248 | 54 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 14.78 | 0.38 | <sup>•</sup> | 1.69 | 2.07 | 0.35 | 0.38 |  | 0.73 |  | 16.12 | **14.30** | 0.56 | 0.50 | 0.50 | 2.43 | 34054 | 35 |
| 12-31-24 | 13.65 | 0.33 | <sup>•</sup> | 1.06 | 1.39 | 0.26 |  |  | 0.26 |  | 14.78 | **10.24** | 0.57 | 0.51 | 0.51 | 2.29 | 24034 | 48 |
| 12-31-23 | 12.34 | 0.26 | <sup>•</sup> | 1.63 | 1.89 | 0.36 | 0.22 |  | 0.58 |  | 13.65 | **15.56** | 0.57 | 0.49 | 0.49 | 2.01 | 18676 | 62 |
| 12-31-22 | 18.51 | 0.21 | <sup>•</sup> | (3.34) | (3.13) | 0.65 | 2.39 |  | 3.04 |  | 12.34 | **(17.87)** | 0.60 | 0.45 | 0.45 | 1.43 | 16853 | 83 |
| 12-31-21 | 16.89 | 0.24 | <sup>•</sup> | 1.86 | 2.10 | 0.31 | 0.17 |  | 0.48 |  | 18.51 | **12.49** | 0.65 | 0.42 | 0.42 | 1.35 | 18032 | 54 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 14.53 | 0.35 | <sup>•</sup> | 1.66 | 2.01 | 0.32 | 0.38 |  | 0.70 |  | 15.84 | **14.13** | 0.71 | 0.65 | 0.65 | 2.28 | 1443 | 35 |
| 12-31-24 | 13.43 | 0.30 | <sup>•</sup> | 1.05 | 1.35 | 0.25 |  |  | 0.25 |  | 14.53 | **10.11** | 0.72 | 0.66 | 0.66 | 2.14 | 1017 | 48 |
| 12-31-23 | 12.14 | 0.24 | <sup>•</sup> | 1.61 | 1.85 | 0.34 | 0.22 |  | 0.56 |  | 13.43 | **15.42** | 0.72 | 0.64 | 0.64 | 1.86 | 1023 | 62 |
| 12-31-22 | 18.22 | 0.15 | <sup>•</sup> | (3.25) | (3.10) | 0.59 | 2.39 |  | 2.98 |  | 12.14 | **(18.01)** | 0.75 | 0.60 | 0.60 | 1.01 | 677 | 83 |
| 12-31-21 | 16.66 | 0.27 | <sup>•</sup> | 1.77 | 2.04 | 0.31 | 0.17 |  | 0.48 |  | 18.22 | **12.35** | 0.80 | 0.57 | 0.57 | 1.53 | 1596 | 54 |
| **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** | **Voya Solution 2035 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 10.25 | 0.20 | <sup>•</sup> | 1.38 | 1.58 | 0.23 | 0.39 |  | 0.62 |  | 11.21 | **15.77** | 0.80 | 0.74 | 0.74 | 1.89 | 157496 | 29 |
| 12-31-24 | 9.33 | 0.17 | <sup>•</sup> | 0.90 | 1.07 | 0.15 |  |  | 0.15 |  | 10.25 | **11.50** | 0.80 | 0.75 | 0.75 | 1.71 | 154855 | 32 |
| 12-31-23 | 8.49 | 0.14 | <sup>•</sup> | 1.31 | 1.45 | 0.30 | 0.31 |  | 0.61 |  | 9.33 | **17.38** | 0.80 | 0.72 | 0.72 | 1.52 | 175986 | 33 |
| 12-31-22 | 13.07 | 0.12 | <sup>•</sup> | (2.45) | (2.33) | 0.44 | 1.81 |  | 2.25 |  | 8.49 | **(18.84)** | 0.81 | 0.68 | 0.68 | 1.12 | 163697 | 69 |
| 12-31-21 | 12.20 | 0.14 | <sup>•</sup> | 1.53 | 1.67 | 0.26 | 0.54 |  | 0.80 |  | 13.07 | **13.81** | 0.83 | 0.65 | 0.65 | 1.05 | 219940 | 42 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.73 | 0.27 | <sup>•</sup> | 1.44 | 1.71 | 0.29 | 0.39 |  | 0.68 |  | 11.76 | **16.37** | 0.30 | 0.24 | 0.24 | 2.39 | 54353 | 29 |
| 12-31-24 | 9.76 | 0.23 | <sup>•</sup> | 0.93 | 1.16 | 0.19 |  |  | 0.19 |  | 10.73 | **12.01** | 0.30 | 0.25 | 0.25 | 2.21 | 50131 | 32 |
| 12-31-23 | 8.86 | 0.19 | <sup>•</sup> | 1.37 | 1.56 | 0.35 | 0.31 |  | 0.66 |  | 9.76 | **17.98** | 0.30 | 0.22 | 0.22 | 2.02 | 55330 | 33 |
| 12-31-22 | 13.54 | 0.18 | <sup>•</sup> | (2.54) | (2.36) | 0.51 | 1.81 |  | 2.32 |  | 8.86 | **(18.39)** | 0.31 | 0.18 | 0.18 | 1.68 | 65455 | 69 |
| 12-31-21 | 12.59 | 0.20 | <sup>•</sup> | 1.59 | 1.79 | 0.30 | 0.54 |  | 0.84 |  | 13.54 | **14.35** | 0.33 | 0.15 | 0.15 | 1.48 | 78910 | 42 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.51 | 0.23 | <sup>•</sup> | 1.41 | 1.64 | 0.26 | 0.39 |  | 0.65 |  | 11.50 | **16.05** | 0.55 | 0.49 | 0.49 | 2.14 | 397021 | 29 |
| 12-31-24 | 9.56 | 0.20 | <sup>•</sup> | 0.92 | 1.12 | 0.17 |  |  | 0.17 |  | 10.51 | **11.79** | 0.55 | 0.50 | 0.50 | 1.96 | 350794 | 32 |
| 12-31-23 | 8.69 | 0.16 | <sup>•</sup> | 1.34 | 1.50 | 0.32 | 0.31 |  | 0.63 |  | 9.56 | **17.64** | 0.55 | 0.47 | 0.47 | 1.77 | 338635 | 33 |
| 12-31-22 | 13.33 | 0.15 | <sup>•</sup> | (2.51) | (2.36) | 0.47 | 1.81 |  | 2.28 |  | 8.69 | **(18.62)** | 0.56 | 0.43 | 0.43 | 1.41 | 297358 | 69 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** | **Voya Solution 2035 Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-21 | 12.43 | 0.18 | <sup>•</sup> | 1.55 | 1.73 | 0.29 | 0.54 |  | 0.83 |  | 13.33 | **14.08** | 0.58 | 0.40 | 0.40 | 1.35 | 369502 | 42 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 9.86 | 0.20 | <sup>•</sup> | 1.32 | 1.52 | 0.25 | 0.39 |  | 0.64 |  | 10.74 | **15.84** | 0.70 | 0.64 | 0.64 | 1.99 | 10770 | 29 |
| 12-31-24 | 8.97 | 0.17 | <sup>•</sup> | 0.87 | 1.04 | 0.15 |  |  | 0.15 |  | 9.86 | **11.68** | 0.70 | 0.65 | 0.65 | 1.81 | 9564 | 32 |
| 12-31-23 | 8.19 | 0.14 | <sup>•</sup> | 1.26 | 1.40 | 0.31 | 0.31 |  | 0.62 |  | 8.97 | **17.43** | 0.70 | 0.62 | 0.62 | 1.62 | 10884 | 33 |
| 12-31-22 | 12.70 | 0.12 | <sup>•</sup> | (2.37) | (2.25) | 0.45 | 1.81 |  | 2.26 |  | 8.19 | **(18.73)** | 0.71 | 0.58 | 0.58 | 1.20 | 9674 | 69 |
| 12-31-21 | 11.88 | 0.15 | <sup>•</sup> | 1.49 | 1.64 | 0.28 | 0.54 |  | 0.82 |  | 12.70 | **13.91** | 0.73 | 0.55 | 0.55 | 1.23 | 14062 | 42 |
| **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** | **Voya Solution 2040 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 15.44 | 0.28 | <sup>•</sup> | 2.38 | 2.66 | 0.28 | 0.63 |  | 0.91 |  | 17.19 | **17.65** | 0.85 | 0.71 | 0.71 | 1.70 | 21116 | 38 |
| 12-31-24 | 13.84 | 0.24 | <sup>•</sup> | 1.54 | 1.78 | 0.18 |  |  | 0.18 |  | 15.44 | **12.94** | 0.87 | 0.72 | 0.72 | 1.58 | 19490 | 39 |
| 12-31-23 | 12.34 | 0.17 | <sup>•</sup> | 2.13 | 2.30 | 0.44 | 0.36 |  | 0.80 |  | 13.84 | **18.98** | 0.91 | 0.71 | 0.71 | 1.31 | 15845 | 57 |
| 12-31-22 | 19.65 | 0.17 | <sup>•</sup> | (3.78) | (3.61) | 0.58 | 3.12 |  | 3.70 |  | 12.34 | **(19.48)** | 0.90 | 0.67 | 0.67 | 1.14 | 14290 | 92 |
| 12-31-21 | 17.38 | 0.18 | <sup>•</sup> | 2.55 | 2.73 | 0.24 | 0.22 |  | 0.46 |  | 19.65 | **15.78** | 0.93 | 0.64 | 0.64 | 0.95 | 17364 | 63 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 16.20 | 0.38 | <sup>•</sup> | 2.50 | 2.88 | 0.35 | 0.63 |  | 0.98 |  | 18.10 | **18.23** | 0.35 | 0.21 | 0.21 | 2.20 | 6419 | 38 |
| 12-31-24 | 14.50 | 0.33 | <sup>•</sup> | 1.62 | 1.95 | 0.25 |  |  | 0.25 |  | 16.20 | **13.55** | 0.37 | 0.22 | 0.22 | 2.08 | 5864 | 39 |
| 12-31-23 | 12.90 | 0.25 | <sup>•</sup> | 2.23 | 2.48 | 0.52 | 0.36 |  | 0.88 |  | 14.50 | **19.58** | 0.41 | 0.21 | 0.21 | 1.81 | 6338 | 57 |
| 12-31-22 | 20.38 | 0.25 | <sup>•</sup> | (3.93) | (3.68) | 0.68 | 3.12 |  | 3.80 |  | 12.90 | **(19.12)** | 0.40 | 0.17 | 0.17 | 1.61 | 10181 | 92 |
| 12-31-21 | 17.99 | 0.25 | <sup>•</sup> | 2.67 | 2.92 | 0.31 | 0.22 |  | 0.53 |  | 20.38 | **16.34** | 0.43 | 0.14 | 0.14 | 1.30 | 10092 | 63 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 15.95 | 0.33 | <sup>•</sup> | 2.46 | 2.79 | 0.32 | 0.63 |  | 0.95 |  | 17.79 | **17.92** | 0.60 | 0.46 | 0.46 | 1.95 | 30584 | 38 |
| 12-31-24 | 14.28 | 0.28 | <sup>•</sup> | 1.60 | 1.88 | 0.21 |  |  | 0.21 |  | 15.95 | **13.26** | 0.62 | 0.47 | 0.47 | 1.83 | 21659 | 39 |
| 12-31-23 | 12.71 | 0.21 | <sup>•</sup> | 2.19 | 2.40 | 0.47 | 0.36 |  | 0.83 |  | 14.28 | **19.27** | 0.66 | 0.46 | 0.46 | 1.56 | 15920 | 57 |
| 12-31-22 | 20.14 | 0.22 | <sup>•</sup> | (3.89) | (3.67) | 0.64 | 3.12 |  | 3.76 |  | 12.71 | **(19.29)** | 0.65 | 0.42 | 0.42 | 1.44 | 13309 | 92 |
| 12-31-21 | 17.80 | 0.25 | <sup>•</sup> | 2.60 | 2.85 | 0.29 | 0.22 |  | 0.51 |  | 20.14 | **16.10** | 0.68 | 0.39 | 0.39 | 1.28 | 13325 | 63 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 15.53 | 0.29 | <sup>•</sup> | 2.39 | 2.68 | 0.29 | 0.63 |  | 0.92 |  | 17.29 | **17.71** | 0.75 | 0.61 | 0.61 | 1.80 | 2315 | 38 |
| 12-31-24 | 13.90 | 0.25 | <sup>•</sup> | 1.56 | 1.81 | 0.18 |  |  | 0.18 |  | 15.53 | **13.12** | 0.77 | 0.62 | 0.62 | 1.68 | 1866 | 39 |
| 12-31-23 | 12.39 | 0.19 | <sup>•</sup> | 2.13 | 2.32 | 0.45 | 0.36 |  | 0.81 |  | 13.90 | **19.11** | 0.81 | 0.61 | 0.61 | 1.41 | 1632 | 57 |
| 12-31-22 | 19.74 | 0.18 | <sup>•</sup> | (3.79) | (3.61) | 0.62 | 3.12 |  | 3.74 |  | 12.39 | **(19.42)** | 0.80 | 0.57 | 0.57 | 1.19 | 1604 | 92 |
| 12-31-21 | 17.48 | 0.24 | <sup>•</sup> | 2.52 | 2.76 | 0.28 | 0.22 |  | 0.50 |  | 19.74 | **15.88** | 0.83 | 0.54 | 0.54 | 1.25 | 2051 | 63 |
| **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** | **Voya Solution 2045 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 10.25 | 0.16 | <sup>•</sup> | 1.72 | 1.88 | 0.18 | 0.47 |  | 0.65 |  | 11.48 | **18.84** | 0.81 | 0.72 | 0.72 | 1.49 | 121515 | 31 |
| 12-31-24 | 9.09 | 0.12 | <sup>•</sup> | 1.16 | 1.28 | 0.12 |  |  | 0.12 |  | 10.25 | **14.15** | 0.82 | 0.73 | 0.73 | 1.20 | 116887 | 32 |
| 12-31-23 | 8.24 | 0.11 | <sup>•</sup> | 1.48 | 1.59 | 0.28 | 0.46 |  | 0.74 |  | 9.09 | **19.73** | 0.82 | 0.71 | 0.71 | 1.23 | 129358 | 33 |
| 12-31-22 | 13.12 | 0.10 | <sup>•</sup> | (2.55) | (2.45) | 0.43 | 2.00 |  | 2.43 |  | 8.24 | **(19.72)** | 0.83 | 0.67 | 0.67 | 1.01 | 121395 | 75 |
| 12-31-21 | 12.29 | 0.11 | <sup>•</sup> | 1.94 | 2.05 | 0.23 | 0.99 |  | 1.22 |  | 13.12 | **16.95** | 0.85 | 0.65 | 0.65 | 0.86 | 162480 | 42 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.83 | 0.23 | <sup>•</sup> | 1.82 | 2.05 | 0.24 | 0.47 |  | 0.71 |  | 12.17 | **19.48** | 0.31 | 0.22 | 0.22 | 1.99 | 42154 | 31 |
| 12-31-24 | 9.60 | 0.18 | <sup>•</sup> | 1.22 | 1.40 | 0.17 |  |  | 0.17 |  | 10.83 | **14.65** | 0.32 | 0.23 | 0.23 | 1.70 | 38133 | 32 |
| 12-31-23 | 8.67 | 0.16 | <sup>•</sup> | 1.56 | 1.72 | 0.33 | 0.46 |  | 0.79 |  | 9.60 | **20.32** | 0.32 | 0.21 | 0.21 | 1.73 | 43480 | 33 |
| 12-31-22 | 13.67 | 0.16 | <sup>•</sup> | (2.66) | (2.50) | 0.50 | 2.00 |  | 2.50 |  | 8.67 | **(19.28)** | 0.33 | 0.17 | 0.17 | 1.55 | 54349 | 75 |
| 12-31-21 | 12.72 | 0.17 | <sup>•</sup> | 2.02 | 2.19 | 0.25 | 0.99 |  | 1.24 |  | 13.67 | **17.51** | 0.35 | 0.15 | 0.15 | 1.24 | 65611 | 42 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 10.50 | 0.19 | <sup>•</sup> | 1.77 | 1.96 | 0.22 | 0.47 |  | 0.69 |  | 11.77 | **19.15** | 0.56 | 0.47 | 0.47 | 1.74 | 333382 | 31 |
| 12-31-24 | 9.32 | 0.15 | <sup>•</sup> | 1.17 | 1.32 | 0.14 |  |  | 0.14 |  | 10.50 | **14.27** | 0.57 | 0.48 | 0.48 | 1.45 | 286493 | 32 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** | **Voya Solution 2045 Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-23 | 8.43 | 0.13 | <sup>•</sup> | 1.52 | 1.65 | 0.30 | 0.46 |  | 0.76 |  | 9.32 | **20.09** | 0.57 | 0.46 | 0.46 | 1.48 | 274907 | 33 |
| 12-31-22 | 13.37 | 0.13 | <sup>•</sup> | (2.60) | (2.47) | 0.47 | 2.00 |  | 2.47 |  | 8.43 | **(19.50)** | 0.58 | 0.42 | 0.42 | 1.31 | 237729 | 75 |
| 12-31-21 | 12.50 | 0.15 | <sup>•</sup> | 1.97 | 2.12 | 0.26 | 0.99 |  | 1.25 |  | 13.37 | **17.26** | 0.60 | 0.40 | 0.40 | 1.14 | 289193 | 42 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 10.05 | 0.17 | <sup>•</sup> | 1.69 | 1.86 | 0.19 | 0.47 |  | 0.66 |  | 11.25 | **19.06** | 0.71 | 0.62 | 0.62 | 1.59 | 5217 | 31 |
| 12-31-24 | 8.92 | 0.13 | <sup>•</sup> | 1.12 | 1.25 | 0.12 |  |  | 0.12 |  | 10.05 | **14.13** | 0.72 | 0.63 | 0.63 | 1.30 | 6105 | 32 |
| 12-31-23 | 8.09 | 0.11 | <sup>•</sup> | 1.47 | 1.58 | 0.29 | 0.46 |  | 0.75 |  | 8.92 | **19.96** | 0.72 | 0.61 | 0.61 | 1.33 | 6857 | 33 |
| 12-31-22 | 12.93 | 0.10 | <sup>•</sup> | (2.51) | (2.41) | 0.43 | 2.00 |  | 2.43 |  | 8.09 | **(19.70)** | 0.73 | 0.57 | 0.57 | 0.96 | 5964 | 75 |
| 12-31-21 | 12.14 | 0.14 | <sup>•</sup> | 1.90 | 2.04 | 0.26 | 0.99 |  | 1.25 |  | 12.93 | **17.10** | 0.75 | 0.55 | 0.55 | 1.12 | 10947 | 42 |
| **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** | **Voya Solution 2050 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 16.17 | 0.24 | <sup>•</sup> | 2.75 | 2.99 | 0.24 | 1.18 |  | 1.42 |  | 17.74 | **19.25** | 0.88 | 0.73 | 0.73 | 1.42 | 16660 | 36 |
| 12-31-24 | 14.25 | 0.18 | <sup>•</sup> | 1.90 | 2.08 | 0.16 |  |  | 0.16 |  | 16.17 | **14.64** | 0.91 | 0.74 | 0.74 | 1.16 | 15772 | 46 |
| 12-31-23 | 12.58 | 0.16 | <sup>•</sup> | 2.34 | 2.50 | 0.41 | 0.42 |  | 0.83 |  | 14.25 | **20.22** | 0.97 | 0.73 | 0.73 | 1.16 | 14397 | 57 |
| 12-31-22 | 20.45 | 0.16 | <sup>•</sup> | (3.98) | (3.82) | 0.62 | 3.43 |  | 4.05 |  | 12.58 | **(19.81)** | 0.96 | 0.68 | 0.68 | 1.06 | 12860 | 88 |
| 12-31-21 | 17.96 | 0.14 | <sup>•</sup> | 2.86 | 3.00 | 0.21 | 0.30 |  | 0.51 |  | 20.45 | **16.82** | 0.98 | 0.65 | 0.65 | 0.71 | 15352 | 60 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 17.07 | 0.34 | <sup>•</sup> | 2.93 | 3.27 | 0.33 | 1.18 |  | 1.51 |  | 18.83 | **19.90** | 0.38 | 0.23 | 0.23 | 1.92 | 7274 | 36 |
| 12-31-24 | 15.03 | 0.27 | <sup>•</sup> | 2.00 | 2.27 | 0.23 |  |  | 0.23 |  | 17.07 | **15.18** | 0.41 | 0.24 | 0.24 | 1.66 | 6710 | 46 |
| 12-31-23 | 13.23 | 0.23 | <sup>•</sup> | 2.48 | 2.71 | 0.49 | 0.42 |  | 0.91 |  | 15.03 | **20.88** | 0.47 | 0.23 | 0.23 | 1.66 | 6594 | 57 |
| 12-31-22 | 21.30 | 0.25 | <sup>•</sup> | (4.17) | (3.92) | 0.72 | 3.43 |  | 4.15 |  | 13.23 | **(19.46)** | 0.46 | 0.18 | 0.18 | 1.57 | 9196 | 88 |
| 12-31-21 | 18.66 | 0.22 | <sup>•</sup> | 3.01 | 3.23 | 0.29 | 0.30 |  | 0.59 |  | 21.30 | **17.42** | 0.48 | 0.15 | 0.15 | 1.09 | 9999 | 60 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 16.73 | 0.29 | <sup>•</sup> | 2.85 | 3.14 | 0.29 | 1.18 |  | 1.47 |  | 18.40 | **19.54** | 0.63 | 0.48 | 0.48 | 1.67 | 28104 | 36 |
| 12-31-24 | 14.73 | 0.23 | <sup>•</sup> | 1.96 | 2.19 | 0.19 |  |  | 0.19 |  | 16.73 | **14.97** | 0.66 | 0.49 | 0.49 | 1.41 | 18077 | 46 |
| 12-31-23 | 12.98 | 0.20 | <sup>•</sup> | 2.41 | 2.61 | 0.44 | 0.42 |  | 0.86 |  | 14.73 | **20.50** | 0.72 | 0.48 | 0.48 | 1.41 | 13936 | 57 |
| 12-31-22 | 20.99 | 0.23 | <sup>•</sup> | (4.12) | (3.89) | 0.69 | 3.43 |  | 4.12 |  | 12.98 | **(19.64)** | 0.71 | 0.43 | 0.43 | 1.49 | 10577 | 88 |
| 12-31-21 | 18.42 | 0.20 | <sup>•</sup> | 2.93 | 3.13 | 0.26 | 0.30 |  | 0.56 |  | 20.99 | **17.10** | 0.73 | 0.40 | 0.40 | 0.97 | 9740 | 60 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 16.38 | 0.26 | <sup>•</sup> | 2.80 | 3.06 | 0.26 | 1.18 |  | 1.44 |  | 18.00 | **19.44** | 0.78 | 0.63 | 0.63 | 1.52 | 1245 | 36 |
| 12-31-24 | 14.43 | 0.20 | <sup>•</sup> | 1.92 | 2.12 | 0.17 |  |  | 0.17 |  | 16.38 | **14.76** | 0.81 | 0.64 | 0.64 | 1.26 | 1004 | 46 |
| 12-31-23 | 12.73 | 0.17 | <sup>•</sup> | 2.37 | 2.54 | 0.42 | 0.42 |  | 0.84 |  | 14.43 | **20.36** | 0.87 | 0.63 | 0.63 | 1.26 | 958 | 57 |
| 12-31-22 | 20.63 | 0.15 | <sup>•</sup> | (4.00) | (3.85) | 0.62 | 3.43 |  | 4.05 |  | 12.73 | **(19.76)** | 0.86 | 0.58 | 0.58 | 0.95 | 601 | 88 |
| 12-31-21 | 18.16 | 0.20 | <sup>•</sup> | 2.85 | 3.05 | 0.28 | 0.30 |  | 0.58 |  | 20.63 | **16.91** | 0.88 | 0.55 | 0.55 | 0.99 | 1022 | 60 |
| **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** | **Voya Solution 2055 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 12.24 | 0.16 | <sup>•</sup> | 2.12 | 2.28 | 0.18 | 0.95 |  | 1.13 |  | 13.39 | **19.37** | 0.86 | 0.75 | 0.75 | 1.25 | 42954 | 31 |
| 12-31-24 | 10.80 | 0.12 | <sup>•</sup> | 1.47 | 1.59 | 0.12 | 0.03 |  | 0.15 |  | 12.24 | **14.77** | 0.88 | 0.76 | 0.76 | 0.99 | 41569 | 39 |
| 12-31-23 | 9.45 | 0.11 | <sup>•</sup> | 1.77 | 1.88 | 0.29 | 0.24 |  | 0.53 |  | 10.80 | **20.21** | 0.87 | 0.74 | 0.74 | 1.06 | 50945 | 37 |
| 12-31-22 | 15.14 | 0.12 | <sup>•</sup> | (2.98) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.45 | **(19.93)** | 0.88 | 0.69 | 0.69 | 1.00 | 45825 | 75 |
| 12-31-21 | 14.99 | 0.10 | <sup>•</sup> | 2.38 | 2.48 | 0.31 | 2.02 |  | 2.33 |  | 15.14 | **17.03** | 0.93 | 0.66 | 0.66 | 0.67 | 58046 | 51 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.88 | 0.23 | <sup>•</sup> | 2.23 | 2.46 | 0.26 | 0.95 |  | 1.21 |  | 14.13 | **19.92** | 0.36 | 0.25 | 0.25 | 1.72 | 23684 | 31 |
| 12-31-24 | 11.35 | 0.19 | <sup>•</sup> | 1.54 | 1.73 | 0.17 | 0.03 |  | 0.20 |  | 12.88 | **15.34** | 0.38 | 0.26 | 0.26 | 1.49 | 21906 | 39 |
| 12-31-23 | 9.90 | 0.17 | <sup>•</sup> | 1.87 | 2.04 | 0.35 | 0.24 |  | 0.59 |  | 11.35 | **20.90** | 0.37 | 0.24 | 0.24 | 1.56 | 20883 | 37 |
| 12-31-22 | 15.72 | 0.19 | <sup>•</sup> | (3.10) | (2.91) | 0.56 | 2.35 |  | 2.91 |  | 9.90 | **(19.53)** | 0.38 | 0.19 | 0.19 | 1.57 | 24944 | 75 |
| 12-31-21 | 15.37 | 0.18 | <sup>•</sup> | 2.45 | 2.63 | 0.26 | 2.02 |  | 2.28 |  | 15.72 | **17.53** | 0.43 | 0.16 | 0.16 | 1.10 | 27701 | 51 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** | **Voya Solution 2055 Portfolio (continued)** |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 12.44 | 0.21 | <sup>•</sup> | 2.13 | 2.34 | 0.23 | 0.95 |  | 1.18 |  | 13.60 | **19.64** | 0.61 | 0.50 | 0.50 | 1.59 | 121415 | 31 |
| 12-31-24 | 10.97 | 0.15 | <sup>•</sup> | 1.49 | 1.64 | 0.14 | 0.03 |  | 0.17 |  | 12.44 | **15.07** | 0.63 | 0.51 | 0.51 | 1.24 | 99675 | 39 |
| 12-31-23 | 9.58 | 0.13 | <sup>•</sup> | 1.82 | 1.95 | 0.32 | 0.24 |  | 0.56 |  | 10.97 | **20.66** | 0.62 | 0.49 | 0.49 | 1.31 | 87505 | 37 |
| 12-31-22 | 15.33 | 0.15 | <sup>•</sup> | (3.02) | (2.87) | 0.53 | 2.35 |  | 2.88 |  | 9.58 | **(19.80)** | 0.63 | 0.44 | 0.44 | 1.32 | 86020 | 75 |
| 12-31-21 | 15.15 | 0.15 | <sup>•</sup> | 2.40 | 2.55 | 0.35 | 2.02 |  | 2.37 |  | 15.33 | **17.32** | 0.68 | 0.41 | 0.41 | 0.96 | 86021 | 51 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 12.37 | 0.19 | <sup>•</sup> | 2.12 | 2.31 | 0.21 | 0.95 |  | 1.16 |  | 13.52 | **19.51** | 0.76 | 0.65 | 0.65 | 1.49 | 4806 | 31 |
| 12-31-24 | 10.91 | 0.13 | <sup>•</sup> | 1.49 | 1.62 | 0.13 | 0.03 |  | 0.16 |  | 12.37 | **14.90** | 0.78 | 0.66 | 0.66 | 1.09 | 3848 | 39 |
| 12-31-23 | 9.53 | 0.12 | <sup>•</sup> | 1.80 | 1.92 | 0.30 | 0.24 |  | 0.54 |  | 10.91 | **20.41** | 0.77 | 0.64 | 0.64 | 1.16 | 3428 | 37 |
| 12-31-22 | 15.22 | 0.11 | <sup>•</sup> | (2.97) | (2.86) | 0.48 | 2.35 |  | 2.83 |  | 9.53 | **(19.84)** | 0.78 | 0.59 | 0.59 | 0.93 | 3070 | 75 |
| 12-31-21 | 15.09 | 0.15 | <sup>•</sup> | 2.36 | 2.51 | 0.36 | 2.02 |  | 2.38 |  | 15.22 | **17.09** | 0.83 | 0.56 | 0.56 | 0.97 | 5377 | 51 |
| **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** | **Voya Solution 2060 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 11.99 | 0.16 | <sup>•</sup> | 2.06 | 2.22 | 0.18 | 0.92 |  | 1.10 |  | 13.11 | **19.30** | 0.95 | 0.76 | 0.76 | 1.29 | 13482 | 38 |
| 12-31-24 | 10.61 | 0.13 | <sup>•</sup> | 1.43 | 1.56 | 0.12 | 0.06 |  | 0.18 |  | 11.99 | **14.80** | 0.98 | 0.76 | 0.76 | 1.13 | 11876 | 43 |
| 12-31-23 | 9.27 | 0.12 | <sup>•</sup> | 1.73 | 1.85 | 0.28 | 0.23 |  | 0.51 |  | 10.61 | **20.29** | 1.08 | 0.74 | 0.74 | 1.17 | 10706 | 55 |
| 12-31-22 | 14.96 | 0.12 | <sup>•</sup> | (2.95) | (2.83) | 0.44 | 2.42 |  | 2.86 |  | 9.27 | **(19.99)** | 1.05 | 0.70 | 0.70 | 1.04 | 9384 | 85 |
| 12-31-21 | 13.16 | 0.10 | <sup>•</sup> | 2.11 | 2.21 | 0.16 | 0.25 |  | 0.41 |  | 14.96 | **16.63** | 1.08 | 0.68 | 0.68 | 0.73 | 10459 | 68 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.35 | 0.21 | <sup>•</sup> | 2.16 | 2.37 | 0.25 | 0.92 |  | 1.17 |  | 13.55 | **19.95** | 0.45 | 0.26 | 0.26 | 1.60 | 5530 | 38 |
| 12-31-24 | 10.92 | 0.19 | <sup>•</sup> | 1.47 | 1.66 | 0.17 | 0.06 |  | 0.23 |  | 12.35 | **15.34** | 0.48 | 0.26 | 0.26 | 1.63 | 6474 | 43 |
| 12-31-23 | 9.52 | 0.17 | <sup>•</sup> | 1.79 | 1.96 | 0.33 | 0.23 |  | 0.56 |  | 10.92 | **20.98** | 0.58 | 0.24 | 0.24 | 1.67 | 6336 | 55 |
| 12-31-22 | 15.29 | 0.19 | <sup>•</sup> | (3.03) | (2.84) | 0.51 | 2.42 |  | 2.93 |  | 9.52 | **(19.65)** | 0.55 | 0.20 | 0.20 | 1.64 | 6855 | 85 |
| 12-31-21 | 13.41 | 0.15 | <sup>•</sup> | 2.18 | 2.33 | 0.20 | 0.25 |  | 0.45 |  | 15.29 | **17.46** | 0.58 | 0.18 | 0.18 | 1.04 | 6685 | 68 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 12.06 | 0.21 | <sup>•</sup> | 2.06 | 2.27 | 0.22 | 0.92 |  | 1.14 |  | 13.19 | **19.61** | 0.70 | 0.51 | 0.51 | 1.70 | 20755 | 38 |
| 12-31-24 | 10.67 | 0.16 | <sup>•</sup> | 1.43 | 1.59 | 0.14 | 0.06 |  | 0.20 |  | 12.06 | **15.08** | 0.73 | 0.51 | 0.51 | 1.38 | 14782 | 43 |
| 12-31-23 | 9.32 | 0.14 | <sup>•</sup> | 1.74 | 1.88 | 0.30 | 0.23 |  | 0.53 |  | 10.67 | **20.59** | 0.83 | 0.49 | 0.49 | 1.42 | 10507 | 55 |
| 12-31-22 | 15.03 | 0.16 | <sup>•</sup> | (2.97) | (2.81) | 0.48 | 2.42 |  | 2.90 |  | 9.32 | **(19.78)** | 0.80 | 0.45 | 0.45 | 1.43 | 8466 | 85 |
| 12-31-21 | 13.21 | 0.13 | <sup>•</sup> | 2.12 | 2.25 | 0.18 | 0.25 |  | 0.43 |  | 15.03 | **17.15** | 0.83 | 0.43 | 0.43 | 0.93 | 8211 | 68 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 12.02 | 0.20 | <sup>•</sup> | 2.04 | 2.24 | 0.19 | 0.92 |  | 1.11 |  | 13.15 | **19.44** | 0.85 | 0.66 | 0.66 | 1.60 | 1151 | 38 |
| 12-31-24 | 10.63 | 0.14 | <sup>•</sup> | 1.43 | 1.57 | 0.12 | 0.06 |  | 0.18 |  | 12.02 | **14.90** | 0.88 | 0.66 | 0.66 | 1.23 | 909 | 43 |
| 12-31-23 | 9.28 | 0.13 | <sup>•</sup> | 1.73 | 1.86 | 0.28 | 0.23 |  | 0.51 |  | 10.63 | **20.45** | 0.98 | 0.64 | 0.64 | 1.27 | 947 | 55 |
| 12-31-22 | 14.96 | 0.11 | <sup>•</sup> | (2.93) | (2.82) | 0.44 | 2.42 |  | 2.86 |  | 9.28 | **(19.93)** | 0.95 | 0.60 | 0.60 | 0.91 | 729 | 85 |
| 12-31-21 | 13.19 | 0.16 | <sup>•</sup> | 2.06 | 2.22 | 0.20 | 0.25 |  | 0.45 |  | 14.96 | **16.93** | 0.98 | 0.58 | 0.58 | 1.08 | 1234 | 68 |
| **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** | **Voya Solution 2065 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 11.24 | 0.15 | <sup>•</sup> | 2.04 | 2.19 | 0.30 | 1.53 |  | 1.83 |  | 11.60 | **19.51** | 1.04 | 0.75 | 0.75 | 1.25 | 4246 | 51 |
| 12-31-24 | 10.69 | 0.14 | <sup>•</sup> | 1.46 | 1.60 | 0.18 | 0.87 |  | 1.05 |  | 11.24 | **14.92** | 1.02 | 0.75 | 0.75 | 1.20 | 3891 | 42 |
| 12-31-23 | 8.89 | 0.14 | <sup>•</sup> | 1.67 | 1.81 |  | 0.01 |  | 0.01 |  | 10.69 | **20.31** | 1.20 | 0.75 | 0.75 | 1.47 | 3614 | 33 |
| 12-31-22 | 11.94 | 0.11 | <sup>•</sup> | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.89 | **(19.98)** | 1.30 | 0.70 | 0.70 | 1.16 | 1988 | 89 |
| 12-31-21 | 11.55 | 0.11 | <sup>•</sup> | 1.86 | 1.97 | 0.41 | 1.17 |  | 1.58 |  | 11.94 | **17.05** | 1.61 | 0.67 | 0.67 | 0.90 | 1583 | 53 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 10.84 | 0.16 | <sup>•</sup> | 2.01 | 2.17 | 0.37 | 1.53 |  | 1.90 |  | 11.11 | **20.01** | 0.54 | 0.25 | 0.25 | 1.38 | 3129 | 51 |
| 12-31-24 | 10.35 | 0.19 | <sup>•</sup> | 1.41 | 1.60 | 0.24 | 0.87 |  | 1.11 |  | 10.84 | **15.47** | 0.52 | 0.25 | 0.25 | 1.70 | 4518 | 42 |
| 12-31-23 | 8.92 | 0.19 | <sup>•</sup> | 1.69 | 1.88 | 0.44 | 0.01 |  | 0.45 |  | 10.35 | **20.99** | 0.70 | 0.25 | 0.25 | 1.97 | 3247 | 33 |
| 12-31-22 | 11.97 | 0.18 | <sup>•</sup> | (2.51) | (2.33) | 0.28 | 0.44 |  | 0.72 |  | 8.92 | **(19.60)** | 0.80 | 0.20 | 0.20 | 1.77 | 2336 | 89 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** | **Voya Solution 2065 Portfolio (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |
| 12-31-21 | 11.56 | 0.18 | <sup>•</sup> | 1.86 | 2.04 | 0.46 | 1.17 |  | 1.63 |  | 11.97 | **17.64** | 1.11 | 0.17 | 0.17 | 1.38 | 1692 | 53 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 11.16 | 0.21 | <sup>•</sup> | 2.00 | 2.21 | 0.34 | 1.53 |  | 1.87 |  | 11.50 | **19.80** | 0.79 | 0.50 | 0.50 | 1.72 | 17585 | 51 |
| 12-31-24 | 10.64 | 0.17 | <sup>•</sup> | 1.44 | 1.61 | 0.22 | 0.87 |  | 1.09 |  | 11.16 | **15.09** | 0.77 | 0.50 | 0.50 | 1.45 | 11665 | 42 |
| 12-31-23 | 8.90 | 0.17 | <sup>•</sup> | 1.68 | 1.85 | 0.10 | 0.01 |  | 0.11 |  | 10.64 | **20.74** | 0.95 | 0.50 | 0.50 | 1.72 | 6958 | 33 |
| 12-31-22 | 11.95 | 0.17 | <sup>•</sup> | (2.53) | (2.36) | 0.25 | 0.44 |  | 0.69 |  | 8.90 | **(19.81)** | 1.05 | 0.45 | 0.45 | 1.70 | 3700 | 89 |
| 12-31-21 | 11.56 | 0.18 | <sup>•</sup> | 1.82 | 2.00 | 0.44 | 1.17 |  | 1.61 |  | 11.95 | **17.30** | 1.36 | 0.42 | 0.42 | 1.41 | 2431 | 53 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 11.26 | 0.19 | <sup>•</sup> | 2.01 | 2.20 | 0.32 | 1.53 |  | 1.85 |  | 11.61 | **19.55** | 0.94 | 0.65 | 0.65 | 1.57 | 430 | 51 |
| 12-31-24 | 10.72 | 0.15 | <sup>•</sup> | 1.46 | 1.61 | 0.20 | 0.87 |  | 1.07 |  | 11.26 | **14.99** | 0.92 | 0.65 | 0.65 | 1.30 | 301 | 42 |
| 12-31-23 | 8.90 | 0.15 | <sup>•</sup> | 1.68 | 1.83 |  | 0.01 |  | 0.01 |  | 10.72 | **20.52** | 1.10 | 0.65 | 0.65 | 1.57 | 230 | 33 |
| 12-31-22 | 11.95 | 0.11 | <sup>•</sup> | (2.48) | (2.37) | 0.24 | 0.44 |  | 0.68 |  | 8.90 | **(19.89)** | 1.20 | 0.60 | 0.60 | 1.13 | 133 | 89 |
| 12-31-21 | 11.56 | 0.16 | <sup>•</sup> | 1.82 | 1.98 | 0.42 | 1.17 |  | 1.59 |  | 11.95 | **17.11** | 1.51 | 0.57 | 0.57 | 1.26 | 114 | 53 |
| **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** | **Voya Solution 2070 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.16 | <sup>•</sup> | 0.57 | 0.73 | 0.23 | 0.02 |  | 0.25 |  | 10.48 | **7.30** | 1.47 | 0.75 | 0.75 | 3.94 | 827 | 10 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.18 | <sup>•</sup> | 0.57 | 0.75 | 0.25 | 0.02 |  | 0.27 |  | 10.48 | **7.50** | 0.97 | 0.25 | 0.25 | 4.44 | 823 | 10 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.17 | <sup>•</sup> | 0.57 | 0.74 | 0.24 | 0.02 |  | 0.26 |  | 10.48 | **7.36** | 1.22 | 0.50 | 0.50 | 4.16 | 1306 | 10 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.17 | <sup>•</sup> | 0.56 | 0.73 | 0.23 | 0.02 |  | 0.25 |  | 10.48 | **7.34** | 1.37 | 0.65 | 0.65 | 4.04 | 806 | 10 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>(5)</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income (loss) of any underlying mutual funds or ETFs is not included in a Portfolio net investment income (loss) ratio to average net assets.

<sup>(6)</sup> Commencement of operations.

<sup>●</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-five active separate investment series. The fourteen series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Solution Aggressive Portfolio ("Solution Aggressive"), Voya Solution Balanced Portfolio ("Solution Balanced"), Voya Solution Conservative Portfolio ("Solution Conservative"), Voya Solution Income Portfolio ("Solution Income"), Voya Solution Moderately Aggressive Portfolio ("Solution Moderately Aggressive"), Voya Solution 2030 Portfolio ("Solution 2030"), Voya Solution 2035 Portfolio ("Solution 2035"), Voya Solution 2040 Portfolio ("Solution 2040"), Voya Solution 2045 Portfolio ("Solution 2045"), Voya Solution 2050 Portfolio ("Solution 2050"), Voya Solution 2055 Portfolio ("Solution 2055"), Voya Solution 2060 Portfolio ("Solution 2060"), Voya Solution 2065 Portfolio ("Solution 2065") and Voya Solution 2070 ("Solution 2070"). Each Portfolio is a diversified series of the Company.

Solution 2030, Solution 2035, Solution 2040, Solution 2045, Solution 2050, Solution 2055, Solution 2060, Solution 2065 and Solution 2070 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Solution Income, without a vote of shareholders, if approved by the Portfolios' Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Class R6, Service ("Class S"), and Service 2 ("Class S2"); however, each Portfolio may not offer all share classes. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common

expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio's prospectus.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"),

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or

accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends from net investment income and capital gain distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

D. ***Federal Income Taxes***. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax

positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

E. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F. ***Risk Exposures and the Use of Derivative Instruments.*** Each Portfolio's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Risks of Investing in Derivatives.*** Each Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

G. ***Futures Contracts.*** Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized requirements on open futures accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2025, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Solution Aggressive | $912195 | $1035859 |
| Solution Balanced | 912195 | 828687 |
| Solution Conservative | 506775 | 414344 |
| Solution Income | 2003731 | 1949672 |
| Solution Moderately Aggressive | 2128455 | 2278891 |
| Solution 2030 | 304065 | 414344 |
| Solution 2035 | 2736585 | 2900406 |
| Solution 2040 | 1439521 | 1434506 |
| Solution 2045 | 12323426 | 12352579 |
| Solution 2050 | 1194443 | 1254012 |
| Solution 2055 | 4614234 | 4655660 |
| Solution 2060 | 976615 | 1013568 |
| Solution 2065 | 572651 | 508919 |

---

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of December 31, 2025.

H. ***Offering Costs.*** Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

I. ***Indemnifications.*** In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT IN UNDERLYING FUNDS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Solution Aggressive | $68801965 | $53787878 |
| Solution Balanced | 67858196 | 57462243 |
| Solution Conservative | 29234964 | 36586074 |
| Solution Income | 461919099 | 123321213 |
| Solution Moderately Aggressive | 125269763 | 513618081 |
| Solution 2030 | 36985090 | 23179923 |
| Solution 2035 | 194293004 | 172744502 |
| Solution 2040 | 29034489 | 21122375 |
| Solution 2045 | 166791731 | 145571001 |
| Solution 2050 | 25251397 | 16799992 |
| Solution 2055 | 68240132 | 55020507 |
| Solution 2060 | 18332999 | 13950353 |
| Solution 2065 | 14988228 | 11607300 |
| Solution 2070 | 4009751 | 336755 |

---

**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: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and 0.40% of each Portfolio's average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments for all Portfolios except Solution Aggressive, Solution Balanced, Solution Conservative and Solution Moderately Aggressive. For Solution Aggressive, Solution Balanced, Solution Conservative and Solution Moderately Aggressive, the component of the management fee attributable to affiliated Underlying Funds is 0.18% of each Portfolio's average daily net assets invested in affiliated Underlying Funds

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**

Classes ADV and S2 of the respective Portfolios have a plan of distribution (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio's average daily net assets attributable to its Class S2 shares.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S, and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S, and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each applicable Portfolio's average daily net assets attributable to its Classes ADV, S, and S2 shares.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| ReliaStar Life Insurance Company | Solution |  |
|  | Aggressive | 5.93% |
|  | Solution Balanced |  |
|  | Solution | 6.42 |
|  | Moderately |  |
|  | Aggressive | 7.04 |
| Voya Institutional Trust Company | Solution Balanced | 7.22 |
|  | Solution Income | 28.07 |
|  | Solution |  |
|  | Moderately |  |
|  | Aggressive | 26.33 |
|  | Solution 2030 | 14.60 |
|  | Solution 2035 | 18.51 |
|  | Solution 2040 | 8.28 |
|  | Solution 2045 | 16.25 |
|  | Solution 2050 | 10.22 |
|  | Solution 2055 | 6.13 |
|  | Solution 2060 | 8.74 |
|  | Solution 2065 | 6.48 |
| Voya Investment Management Co. LLC | Solution 2070 | 85.63 |
| Voya Retirement Insurance and Annuity Company | Solution |  |
|  | Aggressive | 89.00 |
|  | Solution Balanced | 85.39 |
|  | Solution |  |
|  | Conservative | 93.64 |
|  | Solution Income | 67.36 |
|  | Solution |  |
|  | Moderately |  |
|  | Aggressive | 62.55 |
|  | Solution 2030 | 85.40 |

---

---

| | |
|:---|:---|
| Solution 2035 | 78.4 |
| Solution 2040 | 91.72 |
| Solution 2045 | 82.31 |
| Solution 2050 | 89.78 |
| Solution 2055 | 93.87 |
| Solution 2060 | 91.26 |
| Solution 2065 | 93.52 |
| Solution 2070 | 14.17 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' 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** |
| Solution Aggressive | $289449 |
| Solution Balanced | 106290 |
| Solution Conservative | 66821 |
| Solution Income | 145342 |
| Solution Moderately Aggressive | 26824 |
| Solution 2030 | 32733 |
| Solution 2035 | 243195 |
| Solution 2040 | 41563 |
| Solution 2045 | 264469 |
| Solution 2050 | 54008 |
| Solution 2055 | 172305 |
| Solution 2060 | 62340 |
| Solution 2065 | 44669 |
| Solution 2070 | 50 |

---

**NOTE 7 —EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the following Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and other expenses not incurred in the ordinary

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**R6** | **Class**<br>**S** | **Class**<br>**S2** |
| Solution Aggressive | 1.27% | 0.77% | 0.77% | 1.02% | 1.17% |
| Solution Balanced | 1.25% | 0.75% | 0.75% | 1.00% | 1.15% |
| Solution Conservative | 1.16% | 0.66% | 0.66% | 0.91% | 1.06% |
| Solution Income | 1.18% | 0.68% | N/A | 0.93% | 1.08% |
| Solution Moderately Aggressive | 1.38% | 0.88% | 0.88% | 1.13% | 1.28% |
| Solution 2030 | 1.29% | 0.79% | N/A | 1.04% | 1.19% |
| Solution 2035 | 1.33% | 0.83% | N/A | 1.08% | 1.23% |
| Solution 2040 | 1.33% | 0.83% | N/A | 1.08% | 1.23% |
| Solution 2045 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2050 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2055 | 1.36% | 0.86% | N/A | 1.11% | 1.26% |
| Solution 2060 | 1.37% | 0.87% | N/A | 1.12% | 1.27% |
| Solution 2065 | 1.37% | 0.87% | N/A | 1.12% | 1.27% |
| Solution 2070 | 1.37% | 0.87% | N/A | 1.12% | 1.27% |

---

Pursuant to a side letter agreement, through May 1, 2026, the Investment Adviser has further lowered the expense limits for the following Portfolios. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreements 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**S** | **Class**<br>**S2** |
| Solution 2030 | 1.22% | 0.72% | 0.97% | 1.12% |
| Solution 2035 | 1.23% | 0.73% | 0.98% | 1.13% |
| Solution 2040 | 1.23% | 0.73% | 0.98% | 1.13% |
| Solution 2045 | 1.25% | 0.75% | 1.00% | 1.15% |
| Solution 2050 | 1.26% | 0.76% | 1.01% | 1.16% |
| Solution 2055 | 1.28% | 0.78% | 1.03% | 1.18% |
| Solution 2060 | 1.28% | 0.78% | 1.03% | 1.18% |
| Solution 2065 | 1.28% | 0.78% | 1.03% | 1.18% |
| Solution 2070 | 1.28% | 0.78% | 1.03% | 1.18% |

---

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio's allocation of assets to, and the net expenses of, a particular Underlying Fund.

Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered

Portfolios, the Investment Adviser may, until May 1, 2026, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser until May 1, 2026, and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Solution Aggressive | $— | $— | $2791 | $2791 |
| Solution Conservative | 24020 |  |  | 24020 |
| Solution Income | 13788 | 1618 | 4900 | 20306 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Solution Aggressive** |  |  |  |  |
| Class ADV | $4245 | $3949 | $7311 | $15505 |
| Class I | 1509 | 85225 | 272204 | 358938 |
| Class R6 |  |  | 235 | 235 |
| Class S | 2401 | 3390 | 7771 | 13562 |
| Class S2 | 2189 | 1998 | 3154 | 7341 |
| **Solution Conservative** |  |  |  |  |
| Class ADV | $2462 | $2974 | $4112 | $9548 |
| Class I | 350 | 22147 | 47394 | 69891 |
| Class R6 | 175 |  |  | 175 |
| Class S | 1480 | 5109 | 6821 | 13410 |
| Class S2 | 654 | 1055 | 1802 | 3511 |
| **Solution Income** |  |  |  |  |
| Class ADV | $46173 | $38937 | $39933 | $125043 |
| Class I | 10636 | 6804 | 8330 | 25770 |
| Class S | 31644 | 26373 | 40543 | 98560 |
| Class S2 | 1472 | 1227 | 1378 | 4077 |

---

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 8 — LINE OF CREDIT (continued)**

of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Portfolio** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Solution Moderately Aggressive | 2 | $1405000 | 5.33% |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br> **period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution Aggressive** | **Solution Aggressive** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 62151 |  | 22338 | (59302) |  | 25187 | 912719 |  | 322108 | (886146) |  | 348681 |
| 12/31/2024 | 62273 |  | 843 | (75855) |  | (12739) | 848510 |  | 11299 | (1032736) |  | (172927) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 548565 |  | 822995 | (1037853) |  | 333707 | 8511387 |  | 12353151 | (16016817) |  | 4847721 |
| 12/31/2024 | 259958 | 10103742 | 54840 | (683171) |  | 9735369 | 3827696 | 146758117 | 761722 | (10068066) |  | 141279469 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 418326 |  | 178735 | (313789) |  | 283272 | 6441072 |  | 2684597 | (4849732) |  | 4275937 |
| 12/31/2024 | 406779 |  | 10955 | (444287) |  | (26553) | 5758535 |  | 152380 | (6198216) |  | (287301) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 48002 |  | 22923 | (114819) |  | (43894) | 708323 |  | 338343 | (1744926) |  | (698260) |
| 12/31/2024 | 49823 | 169694 | 1184 | (46668) |  | 174033 | 714556 | 2426866 | 16206 | (661451) |  | 2496177 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 19266 |  | 8974 | (27828) |  | 412 | 281735 |  | 128333 | (412622) |  | (2554) |
| 12/31/2024 | 18117 |  | 462 | (46315) |  | (27736) | 241359 |  | 6134 | (633379) |  | (385886) |
| **Solution Balanced** | **Solution Balanced** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 102401 |  | 48744 | (262454) |  | (111309) | 978593 |  | 461604 | (2492983) |  | (1052786) |
| 12/31/2024 | 245134 |  |  | (203421) |  | 41713 | 2296815 |  |  | (1791436) |  | 505379 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1101775 |  | 712255 | (1864980) |  | (50950) | 11289103 |  | 7129673 | (18768736) |  | (349960) |
| 12/31/2024 | 523218 | 13800389 | 75090 | (871150) |  | 13527547 | 5043548 | 132484426 | 704345 | (8440718) |  | 129791601 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 941957 |  | 144115 | (487255) |  | 598817 | 9560993 |  | 1444032 | (4873397) |  | 6131628 |
| 12/31/2024 | 510393 |  | 13945 | (466559) |  | 57779 | 4743626 |  | 130801 | (4425231) |  | 449196 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 290600 |  | 76906 | (616015) |  | (248509) | 2848886 |  | 741375 | (6024211) |  | (2433950) |
| 12/31/2024 | 242252 | 150415 | 5054 | (454992) |  | (57271) | 2191771 | 1389322 | 45686 | (4150245) |  | (523466) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11964 |  | 6691 | (42087) |  | (23432) | 115541 |  | 64299 | (410263) |  | (230423) |
| 12/31/2024 | 17661 |  | 227 | (11745) |  | 6143 | 157562 |  | 2051 | (105690) |  | 53923 |

---

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution Conservative** | **Solution Conservative** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 78605 |  | 11550 | (98849) |  | (8694) | 824114 |  | 120356 | (1038851) |  | (94381) |
| 12/31/2024 | 39598 | 354630 | 1202 | (135467) |  | 259963 | 393967 | 3531806 | 12023 | (1336838) |  | 2600958 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 434158 |  | 157057 | (1222872) |  | (631657) | 4553710 |  | 1655381 | (12893526) |  | (6684435) |
| 12/31/2024 | 1113754 | 5550268 | 25229 | (400847) |  | 6288404 | 11230547 | 55966712 | 255062 | (4092724) |  | 63359597 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 301729 |  | 41015 | (408064) |  | (65320) | 3158929 |  | 431891 | (4312128) |  | (721308) |
| 12/31/2024 | 171128 | 1130615 | 7419 | (298580) |  | 1010582 | 1727424 | 11391466 | 74930 | (3020993) |  | 10172827 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69587 |  | 24739 | (478076) |  | (383750) | 723746 |  | 258023 | (4997789) |  | (4016020) |
| 12/31/2024 | 86643 | 1867293 | 4501 | (1039929) |  | 918508 | 867402 | 18698959 | 45141 | (10442943) |  | 9168559 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 33033 |  | 5801 | (32415) |  | 6419 | 333875 |  | 59749 | (332631) |  | 60993 |
| 12/31/2024 | 34498 | 126602 | 695 | (3406) |  | 158389 | 338605 | 1249185 | 6882 | (33940) |  | 1560732 |
| **Solution Income** | **Solution Income** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 319698 | 11976261 | 239074 | (2025193) |  | 10509840 | 3360014 | 125895688 | 2510281 | (21524271) |  | 110241712 |
| 12/31/2024 | 227514 |  | 232388 | (2858059) |  | (2398157) | 2295790 |  | 2344795 | (29212088) |  | (24571503) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 512932 | 2193589 | 52044 | (975682) |  | 1782883 | 5562667 | 23743708 | 562591 | (10679860) |  | 19189106 |
| 12/31/2024 | 109587 |  | 44560 | (667618) |  | (513471) | 1137595 |  | 462973 | (6894356) |  | (5293788) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 411960 | 19982870 | 193353 | (2099892) |  | 18488291 | 4448829 | 214410675 | 2070812 | (22826596) |  | 198103720 |
| 12/31/2024 | 335548 |  | 160210 | (1479863) |  | (984105) | 3458932 |  | 1650168 | (15421742) |  | (10312642) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 28338 | 686043 | 7321 | (117003) |  | 604699 | 297867 | 7128672 | 75920 | (1228413) |  | 6274046 |
| 12/31/2024 | 14968 |  | 7599 | (115042) |  | (92475) | 150145 |  | 75839 | (1156267) |  | (930283) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 175 |  |  | (6681) |  | (6506) | 1916 |  |  | (73284) |  | (71368) |
| **Solution Moderately Aggressive** | **Solution Moderately Aggressive** | **Solution Moderately Aggressive** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 93988 |  | 499733 | (233294) |  | 360427 | 1093924 |  | 5469894 | (2803508) |  | 3760310 |
| 12/31/2024 | 200761 |  | 42889 | (328432) |  | (84782) | 2318701 |  | 491509 | (3855492) |  | (1045282) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 80745 |  | 159385 | (89050) |  | 151080 | 925655 |  | 1807242 | (1133073) |  | 1599824 |
| 12/31/2024 | 145592 |  | 15908 | (67086) |  | 94414 | 1689063 |  | 187712 | (809303) |  | 1067472 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 750242 |  | 873352 | (654813) |  | 968781 | 9261114 |  | 9886490 | (8014561) |  | 11133043 |
| 12/31/2024 | 525253 |  | 71521 | (568131) |  | 28643 | 6327406 |  | 843234 | (6720273) |  | 450367 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 239977 |  | 8151549 | (39448051) |  | (31056525) | 3027250 |  | 90797394 | (426179229) |  | (332354585) |
| 12/31/2024 | 201196 |  | 799978 | (6035394) |  | (5034220) | 2421480 |  | 9295743 | (71736647) |  | (60019424) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17729 |  | 33305 | (15622) |  | 35412 | 213705 |  | 371275 | (195643) |  | 389337 |
| 12/31/2024 | 15346 |  | 2845 | (15137) |  | 3054 | 181326 |  | 33119 | (180926) |  | 33519 |
| **Solution 2030** | **Solution 2030** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 365491 |  | 72819 | (439624) |  | (1314) | 5453834 |  | 1073346 | (6528377) |  | (1197) |
| 12/31/2024 | 230110 |  | 27231 | (382300) |  | (124959) | 3202480 |  | 376602 | (5315855) |  | (1736773) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 347478 |  | 33957 | (168182) |  | 213253 | 5510298 |  | 524299 | (2615908) |  | 3418689 |
| 12/31/2024 | 265131 |  | 11941 | (432591) |  | (155519) | 3866075 |  | 172550 | (6139671) |  | (2101046) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 700222 |  | 94182 | (308047) |  | 486357 | 10767527 |  | 1436283 | (4817700) |  | 7386110 |
| 12/31/2024 | 624188 |  | 26849 | (392791) |  | 258246 | 8969770 |  | 383674 | (5766657) |  | 3586787 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 23408 |  | 3525 | (5819) |  | 21114 | 354182 |  | 52833 | (87490) |  | 319525 |
| 12/31/2024 | 20313 |  | 1362 | (27819) |  | (6144) | 287858 |  | 19147 | (400060) |  | (93055) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (302) |  | (302) |  |  |  | (4180) |  | (4180) |

---

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution 2035** | **Solution 2035** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 764088 |  | 824996 | (2651331) |  | (1062247) | 8191395 |  | 8687204 | (28216962) |  | (11338363) |
| 12/31/2024 | 1280272 |  | 274768 | (5303826) |  | (3748786) | 12643236 |  | 2703713 | (54025687) |  | (38678738) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 731467 |  | 276075 | (1058855) |  | (51313) | 8170371 |  | 3042352 | (11701997) |  | (489274) |
| 12/31/2024 | 867142 |  | 86616 | (1951537) |  | (997779) | 8917712 |  | 890415 | (19580736) |  | (9772609) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1938955 |  | 2021703 | (2827687) |  | 1132971 | 21342509 |  | 21814171 | (31221139) |  | 11935541 |
| 12/31/2024 | 1690799 |  | 572767 | (4296809) |  | (2033243) | 17189862 |  | 5773495 | (44174747) |  | (21211390) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 190922 |  | 62518 | (221355) |  | 32085 | 1927015 |  | 630807 | (2274413) |  | 283409 |
| 12/31/2024 | 78257 |  | 15163 | (335905) |  | (242485) | 748636 |  | 143445 | (3115082) |  | (2223001) |
| **Solution 2040** | **Solution 2040** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 224212 |  | 72030 | (329884) |  | (33642) | 3617952 |  | 1153206 | (5420687) |  | (649529) |
| 12/31/2024 | 303694 |  | 15208 | (201993) |  | 116909 | 4518584 |  | 223408 | (3021351) |  | 1720641 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 112714 |  | 21891 | (141885) |  | (7280) | 1917292 |  | 368427 | (2440579) |  | (154860) |
| 12/31/2024 | 129731 |  | 5474 | (210318) |  | (75113) | 2008681 |  | 84198 | (3072835) |  | (979956) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 552758 |  | 89066 | (280538) |  | 361286 | 9254458 |  | 1474930 | (4736037) |  | 5993351 |
| 12/31/2024 | 445267 |  | 17285 | (219656) |  | 242896 | 6893393 |  | 262034 | (3457000) |  | 3698427 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 23576 |  | 7509 | (17389) |  | 13696 | 385594 |  | 120897 | (294162) |  | 212329 |
| 12/31/2024 | 34580 |  | 1447 | (33267) |  | 2760 | 510797 |  | 21367 | (511919) |  | 20245 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (301) |  | (301) |  |  |  | (4373) |  | (4373) |
| **Solution 2045** | **Solution 2045** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 572974 |  | 643422 | (2034755) |  | (818359) | 6164526 |  | 6839573 | (21876577) |  | (8872478) |
| 12/31/2024 | 984610 |  | 170728 | (3972977) |  | (2817639) | 9635643 |  | 1652649 | (40299462) |  | (29011170) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 405800 |  | 219415 | (681047) |  | (55832) | 4624861 |  | 2468421 | (7784075) |  | (690793) |
| 12/31/2024 | 665862 |  | 55839 | (1729926) |  | (1008225) | 6827438 |  | 570115 | (17270889) |  | (9873336) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1418421 |  | 1716159 | (2092286) |  | 1042294 | 15631676 |  | 18706135 | (23399307) |  | 10938504 |
| 12/31/2024 | 1282085 |  | 397348 | (3910178) |  | (2230745) | 12945812 |  | 3937723 | (39182704) |  | (22299169) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 46889 |  | 31199 | (221356) |  | (143268) | 495579 |  | 324777 | (2315532) |  | (1495176) |
| 12/31/2024 | 63838 |  | 7800 | (233171) |  | (161533) | 616630 |  | 74022 | (2170911) |  | (1480259) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (6980) |  | (6980) |  |  |  | (71957) |  | (71957) |
| **Solution 2050** | **Solution 2050** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 186343 |  | 82252 | (305108) |  | (36513) | 3126978 |  | 1348110 | (5057309) |  | (582221) |
| 12/31/2024 | 184731 |  | 10513 | (230229) |  | (34985) | 2844424 |  | 160015 | (3648154) |  | (643715) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 90741 |  | 30444 | (127932) |  | (6747) | 1618932 |  | 528500 | (2213682) |  | (66250) |
| 12/31/2024 | 146747 |  | 5101 | (197603) |  | (45755) | 2386460 |  | 81815 | (3055084) |  | (586809) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 469889 |  | 114734 | (138155) |  | 446468 | 8172062 |  | 1948180 | (2429219) |  | 7691023 |
| 12/31/2024 | 334568 |  | 12952 | (212754) |  | 134766 | 5346913 |  | 203728 | (3513850) |  | 2036791 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15892 |  | 5815 | (13855) |  | 7852 | 273429 |  | 96637 | (240941) |  | 129125 |
| 12/31/2024 | 27431 |  | 621 | (33141) |  | (5089) | 428875 |  | 9575 | (534147) |  | (95697) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (302) |  | (302) |  |  |  | (4598) |  | (4598) |
| **Solution 2055** | **Solution 2055** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 403837 |  | 278585 | (870125) |  | (187703) | 5220646 |  | 3446092 | (11007627) |  | (2340889) |

---

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Solution 2055 (continued)** | **Solution 2055 (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 500117 |  | 58724 | (1879412) |  | (1320571) | 5814050 |  | 675917 | (22816537) |  | (16326570) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 252387 |  | 151164 | (428659) |  | (25108) | 3393478 |  | 1968157 | (5652535) |  | (290900) |
| 12/31/2024 | 403454 |  | 26310 | (568693) |  | (138929) | 4914917 |  | 318089 | (6647712) |  | (1414706) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 704027 |  | 777187 | (566347) |  | 914867 | 9101323 |  | 9745920 | (7407326) |  | 11439917 |
| 12/31/2024 | 780331 |  | 114769 | (857437) |  | 37663 | 9302753 |  | 1340499 | (10336758) |  | 306494 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 62604 |  | 29710 | (47820) |  | 44494 | 805079 |  | 370776 | (609480) |  | 566375 |
| 12/31/2024 | 69219 |  | 3945 | (76183) |  | (3019) | 817796 |  | 45878 | (905321) |  | (41647) |
| **Solution 2060** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 183151 |  | 88611 | (234189) |  | 37573 | 2291692 |  | 1073081 | (2898397) |  | 466376 |
| 12/31/2024 | 230050 |  | 16185 | (264421) |  | (18186) | 2640959 |  | 182401 | (3105843) |  | (282483) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 104622 |  | 36847 | (257401) |  | (115932) | 1344629 |  | 460219 | (3187356) |  | (1382508) |
| 12/31/2024 | 170577 |  | 9633 | (236218) |  | (56008) | 2011799 |  | 111643 | (2638557) |  | (515115) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 387719 |  | 127960 | (168104) |  | 347575 | 4866176 |  | 1557279 | (2110742) |  | 4312713 |
| 12/31/2024 | 388244 |  | 19532 | (166426) |  | 241350 | 4488479 |  | 221100 | (1971637) |  | 2737942 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25947 |  | 6721 | (20782) |  | 11886 | 325479 |  | 81594 | (253892) |  | 153181 |
| 12/31/2024 | 30096 |  | 1082 | (44664) |  | (13486) | 345180 |  | 12228 | (515816) |  | (158408) |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (509) |  | (509) |  |  |  | (5643) |  | (5643) |
| **Solution 2065** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 137874 |  | 49683 | (167741) |  | 19816 | 1674120 |  | 585325 | (2078112) |  | 181333 |
| 12/31/2024 | 141094 |  | 30167 | (162923) |  | 8338 | 1627507 |  | 343925 | (1967517) |  | 3915 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 137984 |  | 40977 | (314337) |  | (135376) | 1591481 |  | 462810 | (3631579) |  | (1577288) |
| 12/31/2024 | 152032 |  | 38838 | (87618) |  | 103252 | 1725752 |  | 426411 | (978410) |  | 1173753 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 491280 |  | 210123 | (217481) |  | 483922 | 5846577 |  | 2453998 | (2627342) |  | 5673233 |
| 12/31/2024 | 406826 |  | 91249 | (107134) |  | 390941 | 4739191 |  | 1031004 | (1235437) |  | 4534758 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14432 |  | 5062 | (9193) |  | 10301 | 175265 |  | 59677 | (113733) |  | 121209 |
| 12/31/2024 | 10496 |  | 2301 | (7470) |  | 5327 | 124113 |  | 26225 | (91896) |  | 58442 |
| **Class T<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  |  |  | (369) |  | (369) |  |  |  | (4130) |  | (4130) |
| **Solution 2070** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(2)</sup>-<br> 12/31/2025 | 77140 |  | 1840 | (2) |  | 78978 | 772461 |  | 19393 | (21) |  | 791833 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(2)</sup>-<br> 12/31/2025 | 76559 |  | 1973 | (21) |  | 78511 | 766392 |  | 20790 | (222) |  | 786960 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(2)</sup>-<br> 12/31/2025 | 126100 |  | 2925 | (4390) |  | 124635 | 1291074 |  | 30854 | (45568) |  | 1276360 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(2)</sup>-<br> 12/31/2025 | 75084 |  | 1821 |  |  | 76905 | 750884 |  | 19193 |  |  | 770077 |

---

<sup>(1)</sup> Class T was fully redeemed on close of business May 1, 2024.

<sup>(2)</sup> Commencement of operations.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| Solution 2065 | $(8928) | $8928 |

---

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, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Solution Aggressive | $4639230 | $11187302 | $— | $409816 | $537925 |
| Solution Balanced | 4737046 | 5103937 |  | 882883 |  |
| Solution Conservative | 2525400 |  |  | 394037 |  |
| Solution Income | 5219604 |  |  | 4533775 |  |
| Solution Moderately Aggressive | 19963548 | 80206035 | 8162712 | 7456325 | 3394992 |
| Solution 2030 | 1464425 | 1622336 |  | 951973 |  |
| Solution 2035 | 22303098 | 11871436 |  | 9511068 |  |
| Solution 2040 | 1009463 | 2107997 |  | 591007 |  |
| Solution 2045 | 11455088 | 16883818 |  | 6234509 |  |
| Solution 2050 | 750093 | 3171335 |  | 455133 |  |
| Solution 2055 | 5849780 | 9681165 |  | 1973920 | 406463 |
| Solution 2060 | 701816 | 2470357 |  | 363764 | 163608 |
| Solution 2065 | 653204 | 2908606 |  | 426969 | 1400596 |
| Solution 2070 | 90230 |  |  |  |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Solution Aggressive | $5460444 | $21109032 | $16034578 | $— |  | $42604054 |
| Solution Balanced | 5818657 | 17210756 | 4821069 |  |  | 27850482 |
| Solution Conservative | 3782595 | 2505990 | (4751015) | (11916) | Short-term | 1024737 |
|  |  |  |  | (500917 | Long-term |  |
|  |  |  |  | $(512833 |  |  |
| Solution Income | 11327947 | 476522 | (15162404) |  |  | (3357935) |
| Solution Moderately Aggressive |  |  | 761441 |  |  | 761441 |
| Solution 2030 | 2153512 | 4752476 | 57261 |  |  | 6963249 |
| Solution 2035 | 17958681 | 53092996 | 26558659 |  |  | 97610336 |
| Solution 2040 | 1606865 | 5915698 | 1641980 |  |  | 9164543 |
| Solution 2045 | 12948717 | 52761478 | 35783179 |  |  | 101493374 |
| Solution 2050 | 1323975 | 5378347 | 2265303 |  |  | 8967625 |
| Solution 2055 | 4797751 | 19489372 | 13063271 |  |  | 37350394 |
| Solution 2060 | 1001035 | 4219869 | 1473189 |  |  | 6694093 |
| Solution 2065 | 5519 | 439073 | 928411 |  |  | 1373003 |
| Solution 2070 | 5856 | 50747 | 80341 |  | _ | 136944 |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

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

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange 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

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally

will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 12 — REORGANIZATIONS**

On August 8, 2025, Solution Income Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Solution 2025 Portfolio ("Acquired Portfolio"), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2025, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $14882250 |
| Net realized and unrealized gain on investments | 31600558 |
| Net increase in net assets resulting from operations | $46482808 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since August 8, 2025. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Fund**<br>**(000s)** | **Total Net**<br>**Assets of**<br>**Acquiring**<br>**Fund**<br>**(000s)** | **Acquired**<br>**Fund's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired**<br>**Fund's**<br>**Unrealized**<br>**Appreciation**<br>**(000s)** |<br>**Funds'**<br>**Conversion**<br>**Ratio** |
| $371179 | $148148 | $— | $7555 | 0.8872 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $519,326,720.

On July 12, 2024, Solution Aggressive Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Growth Portfolio ("Acquired Portfolio") an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 12 — REORGANIZATIONS (continued)**

---

| | |
|:---|:---|
| Net investment income | $2712635 |
| Net realized and unrealized gain on investments | 47881913 |
| Net increase in net assets resulting from operations | $50594548 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** |<br>**Total Net Assets of**<br>**Acquiring Portfolio**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation (000s)** |<br>**Portfolio's**<br>**Conversion**<br>**Ratio** |
| $149185 | $38924 | $(2007) | $23705 | 0.9581 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $188,109,104.

On July 12, 2024, Solution Balanced Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Moderate Portfolio ("Acquired Portfolio") an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $4459585 |
| Net realized and unrealized gain on investments | 32957846 |
| Net increase in net assets resulting from operations | $37417431 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** |<br>**Total Net Assets of**<br>**Acquiring Portfolio**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation (000s)** |<br>**Portfolio's**<br>**Conversion**<br>**Ratio** |
| $133874 | $56646 | $(1590) | $15410 | 1.3812 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $190,519,808.

On July 12, 2024, Solution Conservative Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Strategic Allocation Conservative Portfolio ("Acquired Portfolio 1") and Voya Solution Moderately Conservative Portfolio ("Acquired Portfolio 2"), open-end investment companies that are not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 12 — REORGANIZATIONS (continued)**

Assuming the acquisition had been completed on January 1, 2024, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2024, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $3415439 |
| Net realized and unrealized gain on investments | 4871222 |
| Net increase in net assets resulting from operations | $8286661 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolios that have been included in the Acquiring Portfolio's statement of operations since July 12, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Acquired**<br>**Portfolios** | **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolios**<br>**(000s)** |<br>**Total Net Assets of**<br>**Acquiring Portfolios**<br>**(000s)** |<br>**Acquired Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired Portfolio's**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)**<br>**(000s)** |<br>**Portfolios'**<br>**Conversion**<br>**Ratio** |
| **Acquired Portfolio 1** | $58839 | $9662 | $— | $1029 | 1.1132 |
| **Acquired Portfolio 2** | $31999 | $9662 | $(895) | $(168) | 0.9032 |

---

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $100,500,474.

**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.

**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**

*Expense Limit Change:* On November 13, 2025, the Board approved a reduction to the Expense Limit Agreement for Solution Moderately Aggressive. Effective January 1, 2026, the expense limits are reduced to the following: Class A – 1.30%, Class I – 0.80%, Class R6 – 0.80%, Class S – 1.05% and Class S2 – 1.20%.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 (CONTINUED)

**NOTE 15 — SUBSEQUENT EVENTS (continued)**

*Reorganization*: On November 13, 2025, the Board approved a proposal to reorganize Solution Moderately Aggressive (the "Merging Portfolio") with and into Voya Solution Aggressive Portfolio (the "Reorganization"). The Reorganization does not require shareholder approval. The proposed Reorganization is scheduled to take place on or about July 10, 2026.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Solution Aggressive Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Shares** | |<br>**Value** | **Assets** | **Assets** |
| **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** |  |  |  |
| 10912 | Invesco S&P 500 Equal Weight ETF | $**2090303** |  | **1.0** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $2,104,816) | **2090303** |  | **1.0** |
| **MUTUAL FUNDS: 99.0%** | **MUTUAL FUNDS: 99.0%** |  |  |  |
|  | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** |  |
| 812738 | Voya Intermediate Bond Fund - Class R6 | 7200857 |  | 3.4 |
| 609954 | Voya International Index Portfolio - Class I | 8655247 |  | 4.1 |
| 2099407 | Voya Large Cap Value Portfolio - Class R6 | 12491470 |  | 5.9 |
| 136157 | Voya Large-Cap Growth Fund - Class R6 | 8430850 |  | 4 |
| 593582 | Voya MI Dynamic Small Cap Fund - Class R6 | 8529777 |  | 4 |
| 656399 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 8428163 |  | 4 |
| 1943722 | Voya Multi-Manager International Equity Fund - Class I | 22449984 |  | 10.6 |
| 1166233 | Voya Multi-Manager Mid Cap Value Fund - Class I | 10519421 |  | 5 |
| 123923 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 10719370 |  | 5 |
| 124019 | Voya Small Cap Growth Fund - Class R6 | 5771839 |  | 2.7 |
| 3548459 | Voya U.S. Stock Index Portfolio - Class I | 74730537 |  | 35.3 |
| 301627 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 6367337 |  | 3 |
| 573317 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 15353440 |  | 7.2 |
| 919027 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 10136865 |  | 4.8 |
|  | Total Mutual Funds |  |  |  |
|  | (Cost $188,863,223) | **209785157** |  | **99.0** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $190,968,039) | **211875460** |  | **100.0** |
|  | **Total Investments in Securities** |  |  |  |
|  | **(Cost $190,968,039)** | $**211875460** |  | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **18112** |  | **0.0** |
|  | **Net Assets** | $**211893572** |  | **100.0** |

---

See Accompanying Notes to Financial Statements

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

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $2090303 | $— | $— | $2090303 |
| Mutual Funds | 209785157 |  |  | 209785157 |
| Total Investments, at fair value | $211875460 | $— | $— | $211875460 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value <br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair <br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net <br> Capital<br> Gain<br> Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $11565395 | $2378264 | $(6970189) | $227387 | $7200857 | $330810 | $37584 | $— |
| Voya International Index Portfolio - Class I | 7596829 | 992554 | (1731873) | 1797737 | 8655247 | 182520 | 146392 |  |
| Voya Large Cap Value Portfolio - Class R6 | 9083915 | 5105784 | (879203) | (819026) | 12491470 | 163023 | 214446 | 1773179 |
| Voya Large-Cap Growth Fund - Class R6 |  | 9189042 | (1022333) | 264141 | 8430850 |  | 55375 | 947331 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 7667506 | 1948544 | (813125) | (273148) | 8529777 | 56695 | 64125 | 867806 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3708140 | 3653942 | (868417) | 1934498 | 8428163 | 476012 | 194874 |  |
| Voya Multi-Manager International Equity Fund - Class I | 14177085 | 9637794 | (3047466) | 1682571 | 22449984 | 522486 | 420144 | 1972669 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 11724142 | 3052639 | (3516158) | (741202) | 10519421 | 63842 | 212626 | 823116 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 11875313 | 3846365 | (5376883) | 374575 | 10719370 | 20879 | 540251 | 1167559 |
| Voya Small Cap Growth Fund - Class R6 | 4394052 | 1420138 | (446570) | 404219 | 5771839 |  | 92438 | 303864 |
| Voya U.S. Stock Index Portfolio - Class I | 65957636 | 15502645 | (6726193) | (3551) | 74730537 | 1070210 | 3195449 | 7470717 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 7297711 | 1309849 | (2502796) | 262573 | 6367337 | 97082 | (2567) | 690698 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 14263125 | 3648786 | (1786381) | (772090) | 15353440 | 339682 | 121223 | 2002300 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 11770866 | 2983701 | (4184657) | (433045) | 10136865 |  | 18567 | 1262223 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | 5830810 | 70629 | (4343441) | (1557998) |  |  | 1519946 |  |
|  | $186912525 | $64740676 | $(44215685) | $2347641 | $209785157 | $3323241 | $6830873 | $19281462 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(101679) |
| Interest rate contracts | (6249) |
| **Total** | $(107928) |

---

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 $195,840,882. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $22155361 |
| Gross Unrealized Depreciation | (6120783) |
| Net Unrealized Appreciation | $16034578 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution Balanced Portfolio</u> <u> PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** |  |  |  |
| 10606 | Invesco S&P 500 Equal Weight ETF | **$** | **2031686** | **1.0** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $2,045,791) |  | **2031686** | **1.0** |
| **MUTUAL FUNDS: 99.0%** | **MUTUAL FUNDS: 99.0%** |  |  |  |
|  | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** |  |
| 4006225 | Voya Intermediate Bond Fund - Class R6 |  | 35495154 | 17.3 |
| 149651 | Voya International Index Portfolio - Class I |  | 2123555 | 1 |
| 1719613 | Voya Large Cap Value Portfolio - Class R6 |  | 10231698 | 5 |
| 100309 | Voya Large-Cap Growth Fund - Class R6 |  | 6211150 | 3 |
| 182363 | Voya MI Dynamic Small Cap Fund - Class R6 |  | 2620563 | 1.3 |
| 907192 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 |  | 5043986 | 2.5 |
| 368200 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 4727687 | 2.3 |
| 1000484 | Voya Multi-Manager International Equity Fund - Class I |  | 11555591 | 5.6 |
| 594012 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 5357992 | 2.6 |
| 97329 | Voya Russell TM Large Cap Growth Index Portfolio - Class I |  | 8419002 | 4.1 |
| 1914557 | Voya Short Duration Bond Fund - Class R6 |  | 18035124 | 8.8 |
| 36548 | Voya Small Cap Growth Fund - Class R6 |  | 1700962 | 0.8 |
| 2641123 | Voya U.S. Stock Index Portfolio - Class I |  | 55622048 | 27 |
| 1288920 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I |  | 12141629 | 5.9 |
| 197641 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 4172201 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 751060 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | $20113389 | 9.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $190,418,631) | **203571731** | **99.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $192,464,422) | **205603417** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $192,464,422)** | $**205603417** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **1430** | **0.0** |
|  | **Net Assets** | $**205604847** | **100.0** |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup> Non-income producing security.

See Accompanying Notes to Financial Statements

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

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $2031686 | $— | $— | $2031686 |
| Mutual Funds | 203571731 |  |  | 203571731 |
| Total Investments, at fair value | $205603417 | $— | $— | $205603417 |

---

<sup>^</sup> &nbsp;&nbsp;&nbsp;&nbsp; See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning <br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales <br> at Cost** | **Change In<br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **Ending <br> Fair <br> Value at <br> 12/31/2025** | **Investment <br> Income** | **Realized <br> Gains/ <br> (Losses)** | **Net <br> Capital <br> Gain <br> Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $35684715 | $8184162 | $(10369658) | $1995935 | $&nbsp;&nbsp;&nbsp;&nbsp;35495154 | $1554747 | $(1036820) | $— |
| Voya International Index Portfolio - Class I |  | 2031672 | (15501) | 107384 | 2123555 |  | 448 |  |
| Voya Large Cap Value Portfolio - Class R6 | 9093305 | 2921904 | (1105167) | (678344) | 10231698 | 133536 | 267696 | 1446935 |
| Voya Large-Cap Growth Fund - Class R6 |  | 7206650 | (1176169) | 180669 | 6211150 |  | 45225 | 698442 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 3608676 | 680479 | (1495915) | (172677) | 2620563 | 17431 | 120275 | 266802 |
| Voya MidCap Opportunities Portfolio - Class R6 | 5451964 | 3658133 | (2530028) | (1536083) | 5043986 |  | 1067707 | 577927 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 3718244 | 621965 | (713605) | 1101083 | 4727687 | 267191 | 164846 |  |
| Voya Multi-Manager International Equity Fund - Class I | 10402305 | 2602066 | (2257568) | 808788 | 11555591 | 269136 | 497075 | 1016134 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5417268 | 3501027 | (3113506) | (446797) | 5357992 | 32542 | 107794 | 419569 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 7917441 | 3922796 | (3682232) | 260997 | 8419002 | 17432 | 491685 | 974808 |
| Voya Short Duration Bond Fund - Class R6 | 17502188 | 3732301 | (3328832) | 129467 | 18035124 | 817381 | 36853 |  |
| Voya Small Cap Growth Fund - Class R6 | 1759478 | 323218 | (430386) | 48652 | 1700962 |  | 75165 | 89610 |
| Voya U.S. Stock Index Portfolio - Class I | 48427008 | 15917566 | (7297402) | (1425124) | 55622048 | 796808 | 3764536 | 5587235 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 12465188 | 2525704 | (3650950) | 801687 | 12141629 | 436016 | (526758) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 3652576 | 1019365 | (591911) | 92171 | 4172201 | 63457 | 20456 | 446459 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 19030099 | 4972150 | (3104782) | (784078) | 20113389 | 444708 | (70250) | 2614297 |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | $5831438 | $40481 | $(4355093) | $(1516826) | $— | $— | $1478992 | $— |
|  | $189961893 | $63861639 | $(49218705) | $(1033096) | $203571731 | $4850385 | $6504925 | $14138218 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(101169) |
| Interest rate contracts | (4668) |
| **Total** | $(105837) |

---

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 $200,782,348. | Cost for U.S. federal income tax purposes was $200,782,348. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $14242722 |
| Gross Unrealized Depreciation | (9421653) |
| Net Unrealized Appreciation | $4821069 |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution Conservative Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 9.1%** | **EXCHANGE-TRADED FUNDS: 9.1%** |  |  |
| 4834 | Invesco S&P 500 Equal Weight ETF | $926001 | 1 |
| 168524 | Schwab U.S. TIPS ETF | 4464201 | 4.8 |
| 16371 | Vanguard Long-Term Treasury ETF | 913502 | 1 |
| 45373 | Vanguard Total International Bond ETF | 2192423 | 2.3 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $8,532,555) | **8496127** | **9.1** |
| **MUTUAL FUNDS: 90.8%** | **MUTUAL FUNDS: 90.8%** |  |  |
|  | **Affiliated Investment Companies: 90.8%** | **Affiliated Investment Companies: 90.8%** |  |
| 794073 | Voya High Yield Bond Fund - Class R6 | 5598216 | 6 |
| 2849428 | Voya Intermediate Bond Fund - Class R6 | 25245935 | 27.1 |
| 68416 | Voya International Index Portfolio - Class I | 970818 | 1.1 |
| 474509 | Voya Large Cap Value Portfolio - Class R6 | 2823330 | 3 |
| 46179 | Voya Large-Cap Growth Fund - Class R6 | 2859406 | 3.1 |
| 347409 <sup>(1)</sup> | Voya MidCap Opportunities Portfolio - Class R6 | 1931596 | 2.1 |
| 209464 | Voya Multi-Manager International Equity Fund - Class I | 2419314 | 2.6 |
| 225627 | Voya Multi-Manager Mid Cap Value Fund - Class I | 2035158 | 2.2 |
| 2071652 | Voya Short Duration Bond Fund - Class R6 | 19514958 | 21 |
| 162475 | Voya U.S. Stock Index Portfolio - Class I | 3421730 | 3.7 |
| 890785 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 8391193 | 9 |
| 345514 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9252875 | 9.9 |
|  | Total Mutual Funds |  |  |
|  | (Cost $83,647,245) | **84464529** | **90.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $92,179,800) | **92960656** | **99.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $92,179,800)** | $**92960656** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **103056** | **0.1** |
|  | **Net Assets** | $**93063712** | **100.0** |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

See Accompanying Notes to Financial Statements

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

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $8496127 | $— | $— | $8496127 |
| Mutual Funds | 84464529 |  |  | 84464529 |
| Total Investments, at fair value | $92960656 | $— | $— | $92960656 |

---

^ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning <br>Fair Value <br>at 12/31/2024** | **Purchases <br>at Cost** | **Sales <br>at Cost** | **Change In <br>Unrealized <br>Appreciation/ <br>(Depreciation)** | **Ending <br>Fair <br>Value at <br>12/31/2025** | **Investment <br>Income** | **Realized <br>Gains/ <br>(Losses)** | **Net <br>Capital <br>Gain <br>Distributions** |
| Voya High Yield Bond Fund - Class R6 | $5988695 | $809437 | $(1343633) | $143717 | $5598216 | $374910 | $(36148) | $— |
| Voya Intermediate Bond Fund - Class R6 | 27373253 | 4345687 | (7914504) | 1441499 | 25245935 | 1216913 | (716737) |  |
| Voya International Index Portfolio - Class I |  | 950837 | (29177) | 49158 | 970818 |  | 820 |  |
| Voya Large Cap Value Portfolio - Class R6 | 2820085 | 912909 | (628306) | (281358) | 2823330 | 36927 | 144336 | 454084 |
| Voya Large-Cap Growth Fund - Class R6 |  | 3715587 | (965818) | 109637 | 2859406 |  | 40800 | 326766 |
| Voya MidCap Opportunities Portfolio - Class R6 | 1409331 | 2074017 | (1163250) | (388502) | 1931596 |  | 244069 | 191972 |
| Voya Multi-Manager International Equity Fund - Class I | 1950756 | 873161 | (545556) | 140953 | 2419314 | 57250 | 153865 | 216148 |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 1399979 | 2037284 | (1207622) | (194483) | 2035158 | 12567 | 48528 | 162029 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 3071463 | 25179 | (2677404) | (419238) |  |  | 375786 |  |
| Voya Short Duration Bond Fund - Class R6 | 22119399 | 2999631 | (5744284) | 140212 | 19514958 | 974671 | 62346 |  |
| Voya U.S. Stock Index Portfolio - Class I | 5401899 | 3123513 | (4548322) | (555360) | 3421730 | 50610 | 846545 | 689194 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 9895681 | 1319288 | (3275542) | 451766 | 8391193 | 341879 | (251694) |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 9839069 | 2381696 | (2461324) | (506566) | 9252875 | 210533 | 68227 | 1367089 |
|  | $91269610 | $25568226 | $(32504742) | $131435 | $84464529 | $3276260 | $980743 | $3407282 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(55881) |
| Interest rate contracts | (2295) |
| **Total** | $(58176) |

---

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 $97,711,671. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1373585 |
| Gross Unrealized Depreciation | (6124600) |
| Net Unrealized Depreciation | $(4751015) |

---

See Accompanying Notes to Financial Statements

<u>Voya Solution Income Portfolio</u> <u>PORTFOLIO OF INVESTMENTS as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 19.0%** | **EXCHANGE-TRADED FUNDS: 19.0%** |  |  |
| 26188 | Invesco S&P 500 Equal Weight ETF | $5016573 | 1 |
| 1490553 | Schwab U.S. TIPS ETF | 39484749 | 7.8 |
| 435834 | Vanguard FTSE Developed Markets ETF | 27226550 | 5.4 |
| 51128 | Vanguard FTSE Emerging Markets ETF | 2748641 | 0.5 |
| 265686 | Vanguard Long-Term Treasury ETF | 14825279 | 2.9 |
| 146386 | Vanguard Total International Bond ETF | 7073372 | 1.4 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $92,226,221) | **96375164** | **19.0** |
| **MUTUAL FUNDS: 80.9%** | **MUTUAL FUNDS: 80.9%** |  |  |
|  | **Affiliated Investment Companies: 80.9%** | **Affiliated Investment Companies: 80.9%** |  |
| 2842988 | Voya High Yield Bond Fund - Class R6 | 20043064 | 4 |
| 1085012 | Voya Inflation Protected Bond Plus Portfolio - Class I | 10058065 | 2 |
| 14795369 | Voya Intermediate Bond Fund - Class R6 | 131086968 | 25.9 |
| 3398927 | Voya Large Cap Value Portfolio - Class R6 | 20223615 | 4 |
| 897259 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 11520802 | 2.3 |
| 2803804 | Voya Multi-Manager International Equity Fund - Class I | 32383942 | 6.4 |
| 238007 | Voya Russell TM Large Cap Growth Index Portfolio - Class I | 20587602 | 4.1 |
| 4205855 | Voya Short Duration Bond Fund - Class R6 | 39619151 | 7.8 |
| 1363020 | Voya U.S. Stock Index Portfolio - Class I | 28705199 | 5.7 |
| 4783003 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 45055887 | 8.9 |
| 1857022 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 49731037 | 9.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $399,781,139) | **409015332** | **80.9** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $492,007,360) | **505390496** | **99.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $492,007,360)** | $**505390496** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **299356** | **0.1** |
|  | **Net Assets** | $**505689852** | **100.0** |

---

See Accompanying Notes to Financial Statements

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

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $96375164 | $— | $— | $96375164 |
| Mutual Funds | 409015332 |  |  | 409015332 |
| Total Investments, at fair value | $505390496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $505390496 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 2106 |  |  | 2106 |
| Total Assets | $505392602 | $— | $— | $505392602 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(10506) | $— | $— | $(10506) |
| Total Liabilities | $(10506) | $— | $— | $(10506) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya High Yield Bond Fund - Class R6 | $5993106 | $15465090 | $(1548496) | $133364 | $20043064 | $737124 | $96663 | $— |
| Voya Inflation Protected Bond Plus |  |  |  |  |  |  |  |  |
| Portfolio - Class I |  | 10104339 | (13842) | (32432) | 10058065 | 35240 | 10 |  |
| Voya Intermediate Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 39321582 | 108306532 | (19367555) | 2826409 | 131086968 | 3749797 | (940908) |  |
| Voya Large Cap Value Portfolio - |  |  |  |  |  |  |  |  |
| Class R6 | 5642510 | 17228141 | (3195170) | 548134 | 20223615 | 258815 | (29101) | 907107 |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I | 2849063 | 6998487 | (13711) | 1686963 | 11520802 | 653483 | 297620 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 6497223 | 28235196 | (1287113) | (1061364) | 32383942 | 758430 | 740936 | 2863486 |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 2100716 | 6699872 | (9122021) | 321433 |  |  | (327230) |  |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | 3075129 | 21798172 | (2451077) | (1834622) | 20587602 | 8410 | 2382623 | 470299 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 13583386 | 31295629 | (5519370) | 259506 | 39619151 | 1127557 | (79522) |  |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 8107116 | 31881083 | (11542375) | 259375 | 28705199 | 402803 | 1776616 | 1192159 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 14747528 | 35920112 | (7732736) | 2120983 | 45055887 | 512157 | (961499) |  |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 14769032 | 42185050 | (7565514) | 342469 | 49731037 | 931887 | (466593) | 2048412 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | 2108893 | 2892673 | (4925408) | (76158) |  |  | 110256 |  |

---

See Accompanying Notes to Financial Statements

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | $3019435 | $7198606 | $(8213647) | $(2004394) | $— | $— | $2537856 | $555520 |
|  | $121814719 | $366208982 | $(82498035) | $3489666 | $409015332 | $9175703 | $5137727 | $8036983 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 3 | 03/20/26 | $354000 | $(10506) |
|  |  |  | $354000 | $(10506) |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (2) | 03/20/26 | (224875) | 2106 |
|  |  |  | $(224875) | $2106 |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts\* | $2106 |
| **Total Asset Derivatives** |  | $2106 |
| **Liability Derivatives** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts\* | $10506 |
| **Total Liability Derivatives** |  | $10506 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(78398) |
| Interest rate contracts | 35756 |
| **Total** | $(42642) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(66818) |
| **Total** | $(66818) |

---

See Accompanying Notes to Financial Statements

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

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $520,544,500. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $16124768 |
| Gross Unrealized Depreciation | (31287172) |
| Net Unrealized Depreciation | $(15162404) |

---

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 1.0%** | **EXCHANGE-TRADED FUNDS: 1.0%** |  |  |
| 4569 | Invesco S&P 500 Equal Weight ETF | **875238** | **1.0** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $881,315) | **875238** | **1.0** |
| **MUTUAL FUNDS: 99.0%** | **MUTUAL FUNDS: 99.0%** |  |  |
|  | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** | **Affiliated Investment Companies: 99.0%** |
| 854948 | Voya Intermediate Bond Fund - Class R6 | 7574837 | 8.6 |
| 256340 | Voya International Index Portfolio - Class I | 3637467 | 4.1 |
| 733474 | Voya Large Cap Value Portfolio - Class R6 | 4364171 | 4.9 |
| 57208 | Voya Large-Cap Growth Fund - Class R6 | 3542302 | 4 |
| 168029 | Voya MI Dynamic Small Cap Fund - Class R6 | 2414571 | 2.7 |
| 197972 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2541957 | 2.9 |
| 587878 | Voya Multi-Manager International Equity Fund - Class I | 6789985 | 7.7 |
| 542589 | Voya Multi-Manager Mid Cap Value Fund - Class I | 4894149 | 5.5 |
| 41405 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 3581517 | 4 |
| 369462 | Voya Short Duration Bond Fund - Class R6 | 3480331 | 3.9 |
| 35599 | Voya Small Cap Growth Fund - Class R6 | 1656760 | 1.9 |
| 1167138 | Voya U.S. Stock Index Portfolio - Class I | 24579919 | 27.7 |
| 286432 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 2698189 | 3 |
| 125406 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 2647328 | 3 |
| 320747 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 8589601 | 9.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 430367 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $4746949 | 5.4 |
|  | Total Mutual Funds |  |  |
|  | (Cost $83,752,725) | **87740033** | **99.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $84,634,040) | **88615271** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $84,634,040)** | $**88615271** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **901** | **0.0** |
|  | **Net Assets** | $**88616172** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** |  |  |  | |
| Exchange-Traded Funds | $875238 | $— | $— | $875238 |
| Mutual Funds | 87740033 |  |  | 87740033 |
| Total Investments, at fair value | $88615271 | $— | $— | $88615271 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning <br> Fair Value <br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales <br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending <br> Fair <br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net <br> Capital <br> Gain<br> Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $42671033 | $7679416 | $(44536824) | $1761212 | $7574837 | $1297605 | $(526556) | $— |
| Voya International Index Portfolio - Class I | 18683172 | 1812788 | (17864106) | 1005613 | 3637467 | 437430 | 2404161 |  |
| Voya Large Cap Value Portfolio - Class R6 | 22337343 | 4975787 | (19735074) | (3213885) | 4364171 | 64155 | 1627090 | 3461023 |
| Voya Large-Cap Growth Fund - Class R6 |  | 19941326 | (16554395) | 155371 | 3542302 |  | 1555913 | 400258 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 12205353 | 2047752 | (11103959) | (734575) | 2414571 | 16136 | 1346762 | 246979 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 9105114 | 2682555 | (9685885) | 440173 | 2541957 | 144294 | 2014908 |  |
| Voya Multi-Manager International Equity Fund - Class I | 25568928 | 11267596 | (30514919) | 468380 | 6789985 | 158885 | 4597121 | 599878 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 22176770 | 10143987 | (28352984) | 926376 | 4894149 | 29869 | (485866) | 385095 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 24342454 | 7685177 | (21502824) | (6943290) | 3581517 | 41703 | 7692979 | 2332065 |
| Voya Short Duration Bond Fund - Class R6 | 19118422 | 2637229 | (18210899) | (64421) | 3480331 | 650034 | 275185 |  |
| Voya Small Cap Growth Fund - Class R6 | 8643430 | 703330 | (6483321) | (1206679) | 1656760 |  | 1706859 | 87668 |
| Voya U.S. Stock Index Portfolio - Class I | 141212478 | 23261696 | (119153563) | (20740692) | 24579919 | 406991 | 21861383 | 13854464 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 18854035 | 2182521 | (20224719) | 1886352 | 2698189 | 521278 | (1608179) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 13458847 | 2298328 | (13227856) | 118009 | 2647328 | 75039 | (268334) | 1594177 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 46772794 | 8253974 | (46148063) | (289104) | 8589601 | 384221 | (2136936) | 6252567 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 22264872 | 12086404 | (27111999) | (2492328) | 4746949 |  | 2214041 | 3204740 |

---

See Accompanying Notes to Financial Statements

Voya Solution Moderately Aggressive Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ending** | | | |
| | | | | | **Fair** | | | |
| | | | | | **Value at** | | | |
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | $14342003 | $16371 | $(10185709) | $(4172665) | $— | $— | $4082466 | $— |
|  | $461757048 | $119676237 | $(460597099) | $(33096153) | $87740033 | $4227640 | $46352997 | $32418914 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $333471 |
| Interest rate contracts | (12938) |
| **Total** | $320533 |

---

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 $87,853,828. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4431300 |
| Gross Unrealized Depreciation | (3669857) |
| Net Unrealized Appreciation | $761443 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** | **EXCHANGE-TRADED FUNDS: 14.6%** |
| 3808 | Invesco S&P 500 Equal Weight ETF | $729460 | 1 |
| 79274 | Schwab U.S. TIPS ETF | 2099968 | 2.8 |
| 76413 | Vanguard FTSE Developed Markets ETF | 4773520 | 6.4 |
| 20106 | Vanguard FTSE Emerging Markets ETF | 1080899 | 1.5 |
| 38420 | Vanguard Long-Term Treasury ETF | 2143836 | 2.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $9,880,264) | **10827683** | **14.6** |
| **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** | **MUTUAL FUNDS: 85.4%** |
|  | **Affiliated Investment Companies: 85.4%** | **Affiliated Investment Companies: 85.4%** | **Affiliated Investment Companies: 85.4%** |
| 207120 | Voya High Yield Bond Fund - Class R6 | 1460194 | 2 |
| 1672384 | Voya Intermediate Bond Fund - Class R6 | 14817323 | 19.9 |
| 371609 | Voya Large Cap Value Portfolio - Class R6 | 2211071 | 3 |
| 65635 | Voya MI Dynamic Small Cap Fund - Class R6 | 943169 | 1.3 |
| 135405 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1738603 | 2.3 |
| 702662 | Voya Multi-Manager International Equity Fund - Class I | 8115750 | 10.9 |
| 135855 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1225413 | 1.7 |
| 43367 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 3751260 | 5 |
| 153298 | Voya Short Duration Bond Fund - Class R6 | 1444064 | 1.9 |
| 13119 | Voya Small Cap Growth Fund - Class R6 | 610562 | 0.8 |
| 628425 | Voya U.S. Stock Index Portfolio - Class I | 13234624 | 17.8 |
| 464293 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 4373643 | 5.9 |
| 71161 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1502217 | 2 |
| 270628 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 7247406 | 9.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 77017 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $849501 | 1.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $61,171,433) | **63524800** | **85.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $71,051,697) | **74352483** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $71,051,697)** | $**74352483** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **7283** | **0.0** |
|  | **Net Assets** | $**74359766** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** | | | | |
| Exchange-Traded Funds | $10827683 | $— | $— | $10827683 |
| Mutual Funds | 63524800 |  |  | 63524800 |
| Total Investments, at fair value | $74352483 | $— | $— | $74352483 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya High Yield Bond Fund - Class R6 | $1170126 | $510280 | $(232951) | $12739 | $1460194 | $83044 | $11908 | $— |
| Voya Intermediate Bond Fund - Class R6 | 11686415 | 6081409 | (3292203) | 341702 | 14817323 | 601157 | 6997 |  |
| Voya Large Cap Value Portfolio - Class R6 | 1653567 | 997365 | (349218) | (90643) | 2211071 | 28666 | 3443 | 299330 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 959125 | 422188 | (372247) | (65897) | 943169 | 6172 | 47181 | 94472 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1123972 | 746442 | (476563) | 344752 | 1738603 | 95713 | 89762 |  |
| Voya Multi-Manager International Equity Fund - Class I | 6009783 | 3733730 | (2069832) | 442069 | 8115750 | 184045 | 346013 | 694869 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1368245 | 1161377 | (1281624) | (22585) | 1225413 | 7313 | (51387) | 94287 |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | 1799887 | 3117196 | (957177) | (208646) | 3751260 | 4691 | 403070 | 262317 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 1466455 | 523965 | (555381) | 9025 | 1444064 | 63444 | 4402 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 401982 | 263835 | (89659) | 34404 | 610562 |  | 18894 | 31680 |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 10363009 | 6345398 | (3388013) | (85770) | 13234624 | 188713 | 676308 | 1365670 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 3485274 | 1626595 | (834564) | 96338 | 4373643 | 150315 | (10381) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 1106927 | 617725 | (255281) | 32846 | 1502217 | 22598 | 2595 | 155186 |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 5767491 | 2963477 | (1274346) | (209216) | 7247406 | 157988 | (93079) | 901336 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | 1373120 | 1079059 | (1491619) | (111059) | 849501 |  | 90138 | 106342 |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 1178490 | 620509 | (1536738) | (262261) |  |  | 248263 | 256155 |
|  | $50913868 | $30810550 | $(18457416) | $257798 | $63524800 | $1593859 | $1794127 | $4261644 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Solution 2030 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(33430) |
| Interest rate contracts | (2677) |
| **Total** | $(36107) |

---

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 $74,295,222. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3464528 |
| Gross Unrealized Depreciation | (3407267) |
| Net Unrealized Appreciation | $57261 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 12.8%** | **EXCHANGE-TRADED FUNDS: 12.8%** | **EXCHANGE-TRADED FUNDS: 12.8%** | **EXCHANGE-TRADED FUNDS: 12.8%** |
| 31957 | Invesco S&P 500 Equal Weight ETF | $6121683 | 1 |
| 728646 | Vanguard FTSE Developed Markets ETF | 45518516 | 7.3 |
| 179333 | Vanguard FTSE Emerging Markets ETF | 9640942 | 1.6 |
| 318234 | Vanguard Long-Term Treasury ETF | 17757457 | 2.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $67,233,615) | **79038598** | **12.8** |
| **MUTUAL FUNDS: 87.2%** | **MUTUAL FUNDS: 87.2%** | **MUTUAL FUNDS: 87.2%** | **MUTUAL FUNDS: 87.2%** |
|  | **Affiliated Investment Companies: 87.2%** | **Affiliated Investment Companies: 87.2%** | **Affiliated Investment Companies: 87.2%** |
| 1713538 | Voya High Yield Bond Fund - Class R6 | 12080446 | 1.9 |
| 11028960 | Voya Intermediate Bond Fund - Class R6 | 97716584 | 15.8 |
| 3073501 | Voya Large Cap Value Portfolio - Class R6 | 18287333 | 3 |
| 543683 | Voya MI Dynamic Small Cap Fund - Class R6 | 7812718 | 1.3 |
| 1620186 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 20803193 | 3.4 |
| 6941490 | Voya Multi-Manager International Equity Fund - Class I | 80174209 | 12.9 |
| 1120777 | Voya Multi-Manager Mid Cap Value Fund - Class I | 10109411 | 1.6 |
| 359526 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 31099003 | 5 |
| 109132 | Voya Small Cap Growth Fund - Class R6 | 5079021 | 0.8 |
| 7277665 | Voya U.S. Stock Index Portfolio - Class I | 153267630 | 24.7 |
| 2562144 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 24135399 | 3.9 |
| 588844 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 12430501 | 2 |
| 2261640 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 60566728 | 9.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 634340 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $6996774 | 1.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $501,698,895) | **540558950** | **87.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $568,932,510) | **619597548** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $568,932,510)** | $**619597548** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **41982** | **0.0** |
|  | **Net Assets** | $**619639530** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $79038598 | $— | $— | $79038598 |
| Mutual Funds | 540558950 |  |  | 540558950 |
| Total Investments, at fair value | $619597548 | $— | $— | $619597548 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya High Yield Bond Fund - Class R6 | $11522989 | $1950292 | $(1533304) | $140469 | $12080446 | $747774 | $75869 | $— |
| Voya Intermediate Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 91991315 | 22297950 | (19650221) | 3077540 | 97716584 | 4309838 | (559623) |  |
| Voya Large Cap Value Portfolio - |  |  |  |  |  |  |  |  |
| Class R6 | 16276038 | 4707112 | (1544309) | (1151508) | 18287333 | 238699 | 351301 | 2695229 |
| Voya MI Dynamic Small Cap Fund |  |  |  |  |  |  |  |  |
| - Class R6 | 9440644 | 1762015 | (2990507) | (399434) | 7812718 | 52035 | 249288 | 796474 |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I | 16513386 | 2502216 | (3157024) | 4944615 | 20803193 | 1177758 | 840527 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 67174600 | 20122879 | (13954600) | 6831330 | 80174209 | 1870800 | 1864566 | 7063282 |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 13466067 | 7380326 | (10656025) | (80957) | 10109411 | 61489 | (556635) | 792781 |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | 17733344 | 22359840 | (6459563) | (2534618) | 31099003 | 42708 | 4171707 | 2388272 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 2828936 | 19678 | (2845584) | (3030) |  | 19569 | 12082 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 5248950 | 776220 | (1133508) | 187359 | 5079021 |  | 208319 | 267901 |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 140321760 | 40077935 | (27251994) | 119929 | 153267630 | 2199718 | 6722427 | 16715590 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 22851995 | 4229913 | (3989627) | 1043118 | 24135399 | 902356 | (528387) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 10895551 | 2680673 | (1387406) | 241683 | 12430501 | 190220 | 83087 | 1379890 |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 56795154 | 13462422 | (7322019) | (2368829) | 60566728 | 1336544 | (292681) | 8115798 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | 13517832 | 7172869 | (12211175) | (1482752) | 6996774 |  | 1307557 | 945600 |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 11609362 | 3426311 | (11836622) | (3199051) |  |  | 3041332 | 2277723 |
|  | $508187923 | $154928651 | $(127923488) | $5365864 | $540558950 | $13149508 | $16990736 | $43438540 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Solution 2035 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(301613) |
| Interest rate contracts | (16766) |
| **Total** | $(318379) |

---

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 $593,038,889. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $53570692 |
| Gross Unrealized Depreciation | (27012033) |
| Net Unrealized Appreciation | $26558659 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 14.8%** | **EXCHANGE-TRADED FUNDS: 14.8%** | **EXCHANGE-TRADED FUNDS: 14.8%** | **EXCHANGE-TRADED FUNDS: 14.8%** |
| 3087 | Invesco S&P 500 Equal Weight ETF | $591346 | 1 |
| 91022 | Vanguard FTSE Developed Markets ETF | 5686144 | 9.4 |
| 17365 | Vanguard FTSE Emerging Markets ETF | 933543 | 1.6 |
| 30719 | Vanguard Long-Term Treasury ETF | 1714120 | 2.8 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $7,480,575) | **8925153** | **14.8** |
| **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** | **MUTUAL FUNDS: 85.2%** |
|  | **Affiliated Investment Companies: 85.2%** | **Affiliated Investment Companies: 85.2%** | **Affiliated Investment Companies: 85.2%** |
| 166182 | Voya High Yield Bond Fund - Class R6 | 1171586 | 1.9 |
| 470379 | Voya Intermediate Bond Fund - Class R6 | 4167557 | 6.9 |
| 397501 | Voya Large Cap Value Portfolio - Class R6 | 2365134 | 3.9 |
| 52724 | Voya MI Dynamic Small Cap Fund - Class R6 | 757640 | 1.3 |
| 210438 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2702025 | 4.5 |
| 781154 | Voya Multi-Manager International Equity Fund - Class I | 9022327 | 14.9 |
| 140267 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1265204 | 2.1 |
| 48831 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 4223916 | 7 |
| 10576 | Voya Small Cap Growth Fund - Class R6 | 492197 | 0.8 |
| 777900 | Voya U.S. Stock Index Portfolio - Class I | 16382569 | 27.1 |
| 186368 | VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio - Class I | 1755584 | 2.9 |
| 85632 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1807700 | 3 |
| 165487 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 4431737 | 7.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 86337 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $952300 | 1.6 |
|  | Total Mutual Funds |  |  |
|  | (Cost $48,729,010) | **51497476** | **85.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $56,209,585) | **60422629** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $56,209,585)** | $**60422629** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **11227** | **0.0** |
|  | **Net Assets** | $**60433856** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $8925153 | $— | $— | $8925153 |
| Mutual Funds | 51497476 |  |  | 51497476 |
| Total Investments, at fair value | $60422629 | $— | $— | $60422629 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(7329) | $— | $— | $(7329) |
| Total Liabilities | $(7329) | $— | $— | $(7329) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya High Yield Bond Fund - Class R6 | $999115 | $395087 | $(231560) | $8944 | $1171586 | $70195 | $12021 | $— |
| Voya Intermediate Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 3503474 | 2001404 | (1402170) | 64849 | 4167557 | 176131 | 35288 |  |
| Voya Large Cap Value Portfolio - |  |  |  |  |  |  |  |  |
| Class R6 | 1882791 | 995999 | (342643) | (171013) | 2365134 | 30708 | 63089 | 345859 |
| Voya MI Dynamic Small Cap Fund |  |  |  |  |  |  |  |  |
| - Class R6 | 1052612 | 303777 | (518546) | (80203) | 757640 | 4966 | 70695 | 76007 |
| Voya Multi-Manager Emerging |  |  |  |  |  |  |  |  |
| Markets Equity Fund - Class I | 1934090 | 816535 | (633033) | 584433 | 2702025 | 149824 | 150343 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 6899323 | 4360115 | (2717141) | 480030 | 9022327 | 203381 | 464749 | 767873 |
| Voya Multi-Manager Mid Cap Value |  |  |  |  |  |  |  |  |
| Fund - Class I | 1402139 | 1030916 | (1106946) | (60905) | 1265204 | 7563 | (9900) | 97511 |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | 2049193 | 3316890 | (873508) | (268659) | 4223916 | 4992 | 467677 | 279132 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 244736 | 9787 | (254260) | (263) |  | 1724 | 1067 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 571005 | 153403 | (220552) | (11659) | 492197 |  | 47574 | 25577 |
| Voya U.S. Stock Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 13519798 | 6731621 | (3684902) | (183948) | 16382569 | 233801 | 922109 | 1760349 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 1492000 | 625260 | (413680) | 52004 | 1755584 | 65147 | (15985) |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 1417988 | 667759 | (324592) | 46545 | 1807700 | 27501 | (3782) | 198889 |
| VY<sup>®</sup> T. Rowe Price Capital |  |  |  |  |  |  |  |  |
| Appreciation Portfolio - Class R6 | 3693724 | 1760454 | (895495) | (126946) | 4431737 | 96649 | (71291) | 585822 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ending** | | | |
| | | | | | **Fair** | | | |
| | | | | | **Value at** | | | |
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Diversified Mid |  |  |  |  |  |  |  |  |
| Cap Growth Portfolio - Class R6 | $1407173 | $974210 | $(1286998) | $(142085) | $952300 | $— | $117247 | $127209 |
| VY<sup>®</sup> T. Rowe Price Growth Equity |  |  |  |  |  |  |  |  |
| Portfolio - Class I | 1509336 | 732107 | (1897557) | (343886) |  |  | 326704 | 328299 |
|  | $43578497 | $24875324 | $(16803583) | $(152762) | $51497476 | $1072582 | $2577605 | $4592527 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2040 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 13 | 03/31/26 | $1420961 | $(6830) |
|  |  |  | $1420961 | $(6830) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (6) | 06/16/26 | (1447275) | (499) |
|  |  |  | $(1447275) | $(499) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $7329 |
| **Total Liability Derivatives** |  | $7329 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(21981) |
| Interest rate contracts | 41731 |
| **Total** | $19750 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(7329) |
| **Total** | $(7329) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2040 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued)

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 $58,773,320. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4369051 |
| Gross Unrealized Depreciation | (2727071) |
| Net Unrealized Appreciation | $1641980 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 13.9%** | **EXCHANGE-TRADED FUNDS: 13.9%** |  |  |  |
| 25847 | Invesco S&P 500 Equal Weight ETF | $| 4951251 | 1 |
| 756931 | Vanguard FTSE Developed Markets ETF |  | 47285480 | 9.4 |
| 144372 | Vanguard FTSE Emerging Markets ETF |  | 7761439 | 1.6 |
| 170390 | Vanguard Long-Term Treasury ETF |  | 9507762 | 1.9 |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $59,076,703) |  | **69505932** | **13.9** |
| **MUTUAL FUNDS: 86.1%** | **MUTUAL FUNDS: 86.1%** |  |  |  |
|  | **Affiliated Investment Companies: 86.1%** | **Affiliated Investment Companies: 86.1%** | **Affiliated Investment Companies: 86.1%** |  |
| 1375877 | Voya High Yield Bond Fund - Class R6 |  | 9699935 | 1.9 |
| 1638492 | Voya Intermediate Bond Fund - Class R6 |  | 14517042 | 2.9 |
| 3290808 | Voya Large Cap Value Portfolio - Class R6 |  | 19580309 | 3.9 |
| 436608 | Voya MI Dynamic Small Cap Fund - Class R6 |  | 6274056 | 1.2 |
| 2184216 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 28045330 | 5.6 |
| 6906220 | Voya Multi-Manager International Equity Fund - Class I |  | 79766839 | 15.9 |
| 1292116 | Voya Multi-Manager Mid Cap Value Fund - Class I |  | 11654890 | 2.3 |
| 404361 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I |  | 34977236 | 7 |
| 87664 | Voya Small Cap Growth Fund - Class R6 |  | 4079877 | 0.8 |
| 7750516 | Voya U.S. Stock Index Portfolio - Class I |  | 163225861 | 32.5 |
| 709295 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 14973217 | 3 |
| 1375611 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 36838861 | 7.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 816776 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $9009045 | 1.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $388,756,607) | **432642498** | **86.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $447,833,310) | **502148430** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $447,833,310)** | $**502148430** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **119199** | **0.0** |
|  | **Net Assets** | $**502267629** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $69505932 | $— | $— | $69505932 |
| Mutual Funds | 432642498 |  |  | 432642498 |
| Total Investments, at fair value | $502148430 | $— | $— | $502148430 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(63086) | $— | $— | $(63086) |
| Total Liabilities | $(63086) | $— | $— | $(63086) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya High Yield Bond Fund - Class R6 | $9160542 | $1712972 | $(1283324) | $109745 | $9699935 | $596606 | $63967 | $— |
| Voya Intermediate Bond Fund - Class R6 | 13685476 | 7070725 | (6490869) | 251710 | 14517042 | 627592 | 62702 |  |
| Voya Large Cap Value Portfolio - Class R6 | 17254940 | 5059806 | (1547942) | (1186495) | 19580309 | 255441 | 352039 | 2860339 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 9647052 | 1361551 | (4247231) | (487316) | 6274056 | 41714 | 397414 | 638495 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 21990849 | 2724739 | (4152966) | 7482708 | 28045330 | 1584023 | 253089 |  |
| Voya Multi-Manager International Equity Fund - Class I | 71480587 | 16624744 | (16311984) | 7973492 | 79766839 | 1837777 | 1390434 | 6938606 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 12848639 | 7846364 | (8297152) | (742961) | 11654890 | 70756 | 60514 | 912256 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 18796815 | 23595640 | (5462237) | (1952982) | 34977236 | 42124 | 3505743 | 2355645 |
| Voya Short Duration Bond Fund - Class R6 | 2240864 | 14993 | (2253456) | (2401) |  | 15490 | 9553 |  |
| Voya Small Cap Growth Fund - Class R6 | 6260812 | 581908 | (2554579) | (208264) | 4079877 |  | 438322 | 214843 |
| Voya U.S. Stock Index Portfolio - Class I | 145368445 | 40798204 | (24001056) | 1060268 | 163225861 | 2339687 | 6174080 | 17323710 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 12994947 | 3080482 | (1495572) | 393360 | 14973217 | 229126 | (11357) | 1663890 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 33864702 | 8840071 | (4314856) | (1551056) | 36838861 | 803187 | (30979) | 4844929 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 12898679 | 7464952 | (9919180) | (1435406) | 9009045 |  | 1172772 | 1216252 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $13844034 | $3897332 | $(13874858) | $(3866508) | $— | $— | $3664671 | $2746606 |
|  | $402337383 | $130674483 | $(106207262) | $5837894 | $432642498 | $8443523 | $17502964 | $41715571 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 112 | 03/31/26 | $12242125 | $(58843) |
|  |  |  | $12242125 | $(58843) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (51) | 06/16/26 | (12301838) | (4243) |
|  |  |  | $(12301838) | $(4243) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $63086 |
| **Total Liability Derivatives** |  | $63086 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(233408) |
| Interest rate contracts | 367488 |
| **Total** | $134080 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(63086) |
| **Total** | $(63086) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2045 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $466,302,165. | Cost for U.S. federal income tax purposes was $466,302,165. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $56717737 |
| Gross Unrealized Depreciation | (20934558) |
| Net Unrealized Appreciation | $35783179 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 12.4%** | **EXCHANGE-TRADED FUNDS: 12.4%** |  |  |  |
| 2710 | Invesco S&P 500 Equal Weight ETF | $| 519127 | 1 |
| 77085 | Vanguard FTSE Developed Markets ETF |  | 4815500 | 9 |
| 14679 | Vanguard FTSE Emerging Markets ETF |  | 789143 | 1.5 |
| 9026 | Vanguard Long-Term Treasury ETF |  | 503651 | 0.9 |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $5,491,592) |  | **6627421** | **12.4** |
| **MUTUAL FUNDS: 87.6%** | **MUTUAL FUNDS: 87.6%** |  |  |  |
|  | **Affiliated Investment Companies: 87.6%** | **Affiliated Investment Companies: 87.6%** | **Affiliated Investment Companies: 87.6%** |  |
| 86503 | Voya Intermediate Bond Fund - Class R6 |  | 766415 | 1.4 |
| 348961 | Voya Large Cap Value Portfolio - Class R6 |  | 2076320 | 3.9 |
| 74041 | Voya MI Dynamic Small Cap Fund - Class R6 |  | 1063968 | 2 |
| 233129 | Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 2993381 | 5.6 |
| 787421 | Voya Multi-Manager International Equity Fund - Class I |  | 9094709 | 17.1 |
| 137321<br>| Voya Multi-Manager Mid Cap Value Fund - Class I |  | 1238639 | 2.3 |
| 42802 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I |  | 3702379 | 7 |
| 12345 | Voya Small Cap Growth Fund - Class R6 |  | 574538 | 1.1 |
| 884056 | Voya U.S. Stock Index Portfolio - Class I |  | 18618223 | 34.9 |
| 75187 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 1587188 | 3 |
| 148308 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 3971688 | 7.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 86806 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | $957470 | 1.8 |
|  | Total Mutual Funds |  |  |
|  | (Cost $43,596,965) | **46644918** | **87.6** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $49,088,557) | **53272339** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $49,088,557)** | $**53272339** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **9850** | **0.0** |
|  | **Net Assets** | $**53282189** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $6627421 | $— | $— | $6627421 |
| Mutual Funds | 46644918 |  |  | 46644918 |
| Total Investments, at fair value | $53272339 | $— | $— | $53272339 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(6195) | $— | $— | $(6195) |
| Total Liabilities | $(6195) | $— | $— | $(6195) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $1276152 | $495097 | $(1022085) | $17251 | $766415 | $34723 | $5130 | $— |
| Voya Large Cap Value Portfolio - Class R6 | 1603244 | 864652 | (269066) | (122510) | 2076320 | 26974 | 34674 | 287901 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 896543 | 398944 | (183843) | (47676) | 1063968 | 6982 | 24018 | 106870 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2037771 | 850932 | (543178) | 647856 | 2993381 | 166421 | 118850 |  |
| Voya Multi-Manager International Equity Fund - Class I | 6613932 | 4127307 | (2070126) | 423596 | 9094709 | 207350 | 421911 | 782859 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1392645 | 842723 | (923392) | (73337) | 1238639 | 7414 | 5221 | 95591 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 1748271 | 2804684 | (662250) | (188326) | 3702379 | 4054 | 353138 | 226728 |
| Voya Short Duration Bond Fund - Class R6 | 208182 | 7434 | (215393) | (223) |  | 1465 | 908 |  |
| Voya Small Cap Growth Fund - Class R6 | 581716 | 171051 | (183285) | 5056 | 574538 |  | 37067 | 29891 |
| Voya U.S. Stock Index Portfolio - Class I | 14351354 | 7713879 | (3379290) | (67720) | 18618223 | 265636 | 830276 | 1869642 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1207384 | 576296 | (229485) | 32993 | 1587188 | 24056 | 250 | 169687 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 3147451 | 1641577 | (598864) | (218476) | 3971688 | 83987 | 49287 | 487676 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 1398574 | 764781 | (1069538) | (136347) | 957470 |  | 105033 | 124034 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $1287378 | $612851 | $(1602502) | $(297727) | $— | $— | $274753 | $280109 |
|  | $37750597 | $21872208 | $(12952297) | $(25590) | $46644918 | $829062 | $2260516 | $4460988 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2050 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 11 | 03/31/26 | $1202352 | $(5779) |
|  |  |  | $1202352 | $(5779) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (5) | 06/16/26 | (1206063) | (416) |
|  |  |  | $(1206063) | $(416) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $6195 |
| **Total Liability Derivatives** |  | $6195 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(21931) |
| Interest rate contracts | 34388 |
| **Total** | $12457 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(6195) |
| **Total** | $(6195) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2050 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $51,000,841. | Cost for U.S. federal income tax purposes was $51,000,841. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4328617 |
| Gross Unrealized Depreciation | (2063314) |
| Net Unrealized Appreciation | $2265303 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 13.7%** | **EXCHANGE-TRADED FUNDS: 13.7%** |  |  |
| 9884 | Invesco S&P 500 Equal Weight ETF | $1893379 | 1 |
| 302545 | Vanguard FTSE Developed Markets ETF | 18899986 | 9.8 |
| 71196 | Vanguard FTSE Emerging Markets ETF | 3827497 | 2 |
| 32640 | Vanguard Long-Term Treasury ETF | 1821312 | 0.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $21,663,128) | **26442174** | **13.7** |
| **MUTUAL FUNDS: 86.3%** | **MUTUAL FUNDS: 86.3%** |  |  |
|  | **Affiliated Investment Companies: 86.3%** | **Affiliated Investment Companies: 86.3%** |  |
| 1261887 | Voya Large Cap Value Portfolio - Class R6 | 7508225 | 3.9 |
| 267743 | Voya MI Dynamic Small Cap Fund - Class R6 | 3847470 | 2 |
| 839304 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 10776667 | 5.6 |
| 2828670 | Voya Multi-Manager International Equity Fund - Class I | 32671144 | 16.9 |
| 545966 | Voya Multi-Manager Mid Cap Value Fund - Class I | 4924612 | 2.6 |
| 154951 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 13403261 | 7 |
| 44749 | Voya Small Cap Growth Fund - Class R6 | 2082619 | 1.1 |
| 3198976 | Voya U.S. Stock Index Portfolio - Class I | 67370431 | 34.9 |
| 271940 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 5740654 | 3 |
| 528473 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 14152497 | 7.3 |
| 352703 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 3890312 | 2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $150,061,974) | **166367892** | **86.3** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $171,725,102) | **192810066** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $171,725,102)** | $**192810066** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **49193** | **0.0** |
|  | **Net Assets** | $**192859259** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **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** |  |  |  |  |
| Exchange-Traded Funds | $26442174 | $— | $— | $26442174 |
| Mutual Funds | 166367892 |  |  | 166367892 |
| Total Investments, at fair value | $192810066 | $— | $— | $192810066 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(23647) | $— | $— | $(23647) |
| Total Liabilities | $(23647) | $— | $— | $(23647) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $3417584 | $1011413 | $(4467359) | $38362 | $— | $45496 | $(2273) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 6443781 | 2193365 | (659886) | (469035) | 7508225 | 97840 | 144476 | 1079267 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 3602433 | 953972 | (574393) | (134542) | 3847470 | 25457 | 45565 | 389653 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 8230862 | 1452796 | (1477929) | 2570938 | 10776667 | 604773 | 333488 |  |
| Voya Multi-Manager International Equity Fund - Class I | 26785558 | 9851358 | (5969878) | 2004106 | 32671144 | 748150 | 1415764 | 2824672 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 5598116 | 2880958 | (3193024) | (361438) | 4924612 | 29741 | 84328 | 383446 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 7017178 | 9225991 | (2120589) | (719319) | 13403261 | 15673 | 1303221 | 876480 |
| Voya Short Duration Bond Fund - Class R6 | 836041 | 11341 | (846487) | (895) |  | 5797 | 3585 |  |
| Voya Small Cap Growth Fund - Class R6 | 2338152 | 360596 | (650131) | 34002 | 2082619 |  | 114693 | 109180 |
| Voya U.S. Stock Index Portfolio - Class I | 59326741 | 17793488 | (10176285) | 426487 | 67370431 | 964359 | 2428241 | 7009848 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 4852938 | 1359194 | (583605) | 112127 | 5740654 | 87555 | 25536 | 628795 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 12644348 | 3940309 | (1889771) | (542389) | 14152497 | 306678 | (70054) | 1828127 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 5619691 | 2677506 | (3785199) | (621686) | 3890312 |  | 496467 | 517085 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2024** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending<br> Fair<br> Value at<br> 12/31/2025** | **Investment<br> Income** | **Realized<br> Gains/<br> (Losses)** | **Net<br> Capital<br> Gain<br> Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $5168360 | $1618301 | $(5380415) | $(1406246) | $— | $— | $1320680 | $1037971 |
|  | $151881783 | $55330588 | $(41774951) | $930472 | $166367892 | $2931519 | $7643717 | $16684524 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 42 | 03/31/26 | $4590797 | $(22066) |
|  |  |  | $4590797 | $(22066) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (19) | 06/16/26 | (4583038) | (1581) |
|  |  |  | $(4583038) | $(1581) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $23647 |
| **Total Liability Derivatives** |  | $23647 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(89656) |
| Interest rate contracts | 138223 |
| **Total** | $48567 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(23647) |
| **Total** | $(23647) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2055 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $179,723,148. | Cost for U.S. federal income tax purposes was $179,723,148. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $21519851 |
| Gross Unrealized Depreciation | (8456580) |
| Net Unrealized Appreciation | $13063271 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 13.4%** | **EXCHANGE-TRADED FUNDS: 13.4%** |  |  |
| 2081 | Invesco S&P 500 Equal Weight ETF | $398636 | 1 |
| 62493 | Vanguard FTSE Developed Markets ETF | 3903938 | 9.5 |
| 14725 | Vanguard FTSE Emerging Markets ETF | 791616 | 1.9 |
| 6930 | Vanguard Long-Term Treasury ETF | 386694 | 1 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $4,595,281) | **5480884** | **13.4** |
| **MUTUAL FUNDS: 86.6%** | **MUTUAL FUNDS: 86.6%** |  |  |
|  | **Affiliated Investment Companies: 86.6%** | **Affiliated Investment Companies: 86.6%** | **Affiliated Investment Companies: 86.6%** |
| 268066 | Voya Large Cap Value Portfolio - Class R6 | 1594992 | 3.9 |
| 56820 | Voya MI Dynamic Small Cap Fund - Class R6 | 816498 | 2 |
| 179350 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 2302855 | 5.6 |
| 604803 | Voya Multi-Manager International Equity Fund - Class I | 6985473 | 17.1 |
| 116105 | Voya Multi-Manager Mid Cap Value Fund - Class I | 1047264 | 2.6 |
| 32875 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 2843664 | 6.9 |
| 9474 | Voya Small Cap Growth Fund - Class R6 | 440923 | 1.1 |
| 678963 | Voya U.S. Stock Index Portfolio - Class I | 14298963 | 34.9 |
| 57743 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 1218958 | 3 |
| 112674 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 3017417 | 7.4 |
| 79063 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 872062 | 2.1 |
|  | Total Mutual Funds<br> (Cost $33,055,470) | **35439069** | **86.6** |
|  | Total Long-Term Investments <br> (Cost $37,650,751) | **40919953** | **100.0** |
|  | **Total Investments in Securities<br> (Cost $37,650,751)** | $**40919953** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(2151)** | **0.0** |
|  | **Net Assets** | $**40917802** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $5480884 | $— | $— | $5480884 |
| Mutual Funds | 35439069 |  |  | 35439069 |
| Total Investments, at fair value | $40919953 | $— | $— | $40919953 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(5061) | $— | $— | $(5061) |
| Total Liabilities | $(5061) | $— | $— | $(5061) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $696997 | $229624 | $(934144) | $7524 | $— | $9396 | $(144) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 1314087 | 618881 | (236789) | (101188) | 1594992 | 20705 | 30977 | 222136 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 734707 | 282982 | (159716) | (41475) | 816498 | 5352 | 19186 | 81917 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1679104 | 584257 | (465708) | 505202 | 2302855 | 127682 | 88393 |  |
| Voya Multi-Manager International Equity Fund - Class I | 5465366 | 2946839 | (1747341) | 320609 | 6985473 | 158907 | 358927 | 599961 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 1141581 | 730017 | (760812) | (63522) | 1047264 | 6261 | 2106 | 80723 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 1431326 | 2125905 | (546389) | (167178) | 2843664 | 3158 | 284332 | 176627 |
| Voya Short Duration Bond Fund - Class R6 | 170564 | 4832 | (175213) | (183) |  | 1195 | 739 |  |
| Voya Small Cap Growth Fund - Class R6 | 476841 | 119009 | (154300) | (627) | 440923 |  | 29407 | 22915 |
| Voya U.S. Stock Index Portfolio - Class I | 12099614 | 5208390 | (2873085) | (135956) | 14298963 | 203862 | 679657 | 1442526 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 989629 | 405595 | (199602) | 23336 | 1218958 | 18438 | 2197 | 129418 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 2578681 | 1137366 | (512846) | (185784) | 3017417 | 64537 | 53871 | 376285 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 1146073 | 717489 | (873513) | (117987) | 872062 |  | 86022 | 106430 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $1054133 | $428026 | $(1240222) | $(241937) | $— | $— | $220434 | $213646 |
|  | $30978703 | $15539212 | $(10879680) | $(199166) | $35439069 | $619493 | $1856104 | $3452584 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2060 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 9 | 03/31/26 | $983742 | $(4728) |
|  |  |  | $983742 | $(4728) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (4) | 06/16/26 | (964850) | (333) |
|  |  |  | $(964850) | $(333) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $5061 |
| **Total Liability Derivatives** |  | $5061 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(21971) |
| Interest rate contracts | 28448 |
| **Total** | $6477 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(5061) |
| **Total** | $(5061) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $39,441,703. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3370698 |
| Gross Unrealized Depreciation | (1897509) |
| Net Unrealized Appreciation | $1473189 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 12.3%** | **EXCHANGE-TRADED FUNDS: 12.3%** | **EXCHANGE-TRADED FUNDS: 12.3%** | **EXCHANGE-TRADED FUNDS: 12.3%** |
| 1283 | Invesco S&P 500 Equal Weight ETF | $245771 | 1 |
| 36727 | Vanguard FTSE Developed Markets ETF | 2294336 | 9 |
| 8605 | Vanguard FTSE Emerging Markets ETF | 462605 | 1.8 |
| 2048 | Vanguard Long-Term Treasury ETF | 114278 | 0.5 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $2,603,172) | **3116990** | **12.3** |
| **MUTUAL FUNDS: 87.7%** | **MUTUAL FUNDS: 87.7%** | **MUTUAL FUNDS: 87.7%** | **MUTUAL FUNDS: 87.7%** |
|  | **Affiliated Investment Companies: 87.7%** | **Affiliated Investment Companies: 87.7%** | **Affiliated Investment Companies: 87.7%** |
| 172962 | Voya Large Cap Value Portfolio - Class R6 | 1029122 | 4.1 |
| 35201 | Voya MI Dynamic Small Cap Fund - Class R6 | 505845 | 2 |
| 113534 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1457776 | 5.7 |
| 400774 | Voya Multi-Manager International Equity Fund - Class I | 4628939 | 18.2 |
| 72186 | Voya Multi-Manager Mid Cap Value Fund - Class I | 651116 | 2.6 |
| 20343 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 1759667 | 6.9 |
| 5857 | Voya Small Cap Growth Fund - Class R6 | 272593 | 1.1 |
| 420735 | Voya U.S. Stock Index Portfolio - Class I | 8860670 | 34.9 |
| 35838 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 756543 | 3 |
| 68175 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 1825738 | 7.2 |
| 46638 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 514415 | 2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $21,326,984) | **22262424** | **87.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $23,930,156) | **25379414** | **100.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $23,930,156)** | $**25379414** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **10652** | **0.0** |
|  | **Net Assets** | $**25390066** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $3116990 | $— | $— | $3116990 |
| Mutual Funds | 22262424 |  |  | 22262424 |
| Total Investments, at fair value | $25379414 | $— | $— | $25379414 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(2793) | $— | $— | $(2793) |
| Total Liabilities | $(2793) | $— | $— | $(2793) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $208609 | $19860 | $(231719) | $3250 | $— | $2117 | $(1496) | $— |
| Voya Large Cap Value Portfolio - Class R6 | 786796 | 571688 | (256701) | (72661) | 1029122 | 13255 | 27617 | 143761 |
| Voya MI Dynamic Small Cap Fund - Class R6 | 439903 | 256959 | (164426) | (26591) | 505845 | 3302 | 14255 | 50537 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I | 1007824 | 618748 | (461833) | 293037 | 1457776 | 80466 | 80833 |  |
| Voya Multi-Manager International Equity Fund - Class I | 3387776 | 2756120 | (1723547) | 208590 | 4628939 | 104777 | 237927 | 395590 |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 683515 | 560013 | (571830) | (20582) | 651116 | 3875 | (13530) | 49966 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 856735 | 1505197 | (515662) | (86603) | 1759667 | 2048 | 164146 | 114505 |
| Voya Short Duration Bond Fund - Class R6 | 102087 | 5368 | (107345) | (110) |  | 726 | 451 |  |
| Voya Small Cap Growth Fund - Class R6 | 285535 | 116113 | (125340) | (3715) | 272593 |  | 22289 | 14112 |
| Voya U.S. Stock Index Portfolio - Class I | 7243440 | 4741156 | (2915779) | (208147) | 8860670 | 125465 | 554521 | 933959 |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 592527 | 366913 | (220862) | 17965 | 756543 | 11206 | 6536 | 74361 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 1543678 | 954603 | (550790) | (121753) | 1825738 | 40166 | 36633 | 243509 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 686166 | 519128 | (626551) | (64328) | 514415 |  | 57022 | 61144 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Class I | $630957 | $361488 | $(886222) | $(106223) | $— | $— | $107686 | $122675 |
|  | $18455548 | $13353354 | $(9358607) | $(187871) | $22262424 | $387403 | $1294890 | $2204119 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

At December 31, 2025, the following futures contracts were outstanding for Voya Solution 2065 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 5 | 03/31/26 | $546523 | $(2627) |
|  |  |  | $546523 | $(2627) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (2) | 06/16/26 | (482425) | (166) |
|  |  |  | $(482425) | $(166) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $2793 |
| **Total Liability Derivatives** |  | $2793 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(10693) |
| Interest rate contracts | 14399 |
| **Total** | $3706 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(2793) |
| **Total** | $(2793) |

---

See Accompanying Notes to Financial Statements

Voya Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $24,448,210. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $1561789 |
| Gross Unrealized Depreciation | (633378) |
| Net Unrealized Appreciation | $928411 |

---

See Accompanying Notes to Financial Statements

Voya Solution 2070 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 11.6%** | **EXCHANGE-TRADED FUNDS: 11.6%** |  |  |
| 192 | Invesco S&P 500 Equal Weight ETF | $36780 | 1 |
| 5086 | Vanguard FTSE Developed Markets ETF | 317722 | 8.4 |
| 1217 | Vanguard FTSE Emerging Markets ETF | 65426 | 1.7 |
| 304 | Vanguard Long-Term Treasury ETF | 16963 | 0.5 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $416,024) | **436891** | **11.6** |
| **MUTUAL FUNDS: 88.5%** | **MUTUAL FUNDS: 88.5%** |  |  |
|  | **Affiliated Investment Companies: 88.5%** |  |  |
| 25237 | Voya Large Cap Value Portfolio - Class R6 | 150160 | 4 |
| 5343 | Voya MI Dynamic Small Cap Fund - Class R6 | 76781 | 2 |
| 16993 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 218194 | 5.8 |
| 60858 | Voya Multi-Manager International Equity Fund - Class I | 702914 | 18.7 |
| 10944 | Voya Multi-Manager Mid Cap Value Fund - Class I | 98711 | 2.6 |
| 2997 | Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | 259283 | 6.9 |
| 873 | Voya Small Cap Growth Fund - Class R6 | 40615 | 1.1 |
| 62616 | Voya U.S. Stock Index Portfolio - Class I | 1318692 | 35.1 |
| 5426 | VY<sup>®</sup> Invesco Comstock Portfolio - Class I | 114540 | 3 |
| 10166 | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 | 272242 | 7.2 |
| 7090 | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 | 78202 | 2.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $3,270,713) | **3330334** | **88.5** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $3,686,737) | **3767225** | **100.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 2130 <sup>(1)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% | $2130 | 0.1 |
|  | Total Short-Term Investments |  |  |
|  | (Cost $2,130) | **2130** | **0.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $3,688,867)** | $**3769355** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(7181)** | **(0.2)** |
|  | **Net Assets** | $**3762174** | **100.0** |

---

<sup>(1)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

Voya Solution 2070 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $436891 | $— | $— | $436891 |
| Mutual Funds | 3330334 |  |  | 3330334 |
| Short-Term Investments | 2130 |  |  | 2130 |
| Total Investments, at fair value | $3769355 | $— | $— | $3769355 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 8/08/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Large Cap Value Portfolio - Class R6 | $— | $145015 | $(1712) | $6857 | $150160 | $1892 | $65 | $— |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 79821 | (861) | (2179) | 76781 | 506 | 28 | 7752 |
| Voya Multi-Manager Emerging Markets Equity Fund - Class I |  | 200401 | (2715) | 20508 | 218194 | 12201 | 388 |  |
| Voya Multi-Manager International Equity Fund - Class I |  | 752870 | (11846) | (38110) | 702914 | 16164 | 128 | 61028 |
| Voya Multi-Manager Mid Cap Value Fund - Class I |  | 122188 | (17151) | (6326) | 98711 | 594 | 121 | 7661 |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I |  | 287449 | (33557) | 5391 | 259283 |  | (278) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 37903 | (407) | 3119 | 40615 |  | 37 | 2123 |
| Voya U.S. Stock Index Portfolio - Class I |  | 1341644 | (84748) | 61796 | 1318692 | 18107 | 4517 |  |
| VY<sup>®</sup> Invesco Comstock Portfolio - Class I |  | 108748 | (1281) | 7073 | 114540 | 1406 | 52 |  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Class R6 |  | 273003 | (3266) | 2505 | 272242 | 4644 | 67 | 1 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 |  | 96063 | (16848) | (1013) | 78202 |  | 202 |  |
|  | $— | $3445105 | $(174392) | $59621 | $3330334 | $55514 | $5327 | $78565 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Solution 2070 Portfolio PORTFOLIO OF INVESTMENTS as of December 31, 2025 (continued) <br>    

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $3,689,014. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $128477 |
| Gross Unrealized Depreciation | (48136) |
| Net Unrealized Appreciation | $80341 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Solution Aggressive Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.3137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0707 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.9120 |
| Voya Solution Balanced Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0163 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.2746 |
| Voya Solution Conservative Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2553 |
| Voya Solution Income Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.4335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.3768 |
| Voya Solution Moderately Aggressive Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.4539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.4288 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $2.2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | ROC | $0.2198 |
| Voya Solution 2030 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0039 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.3782 |

---

---

| | | |
|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Solution 2040 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.6322 |
| <br> Voya Solution 2045 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.1913 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0661 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.4043 |
| <br> Voya Solution 2050 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2628 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.1816 |
| Voya Solution 2055 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.7316 |
| Voya Solution 2060 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0387 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.8800 |
| <br> Voya Solution 2065 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.3221 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0036 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.5295 |

---

TAX INFORMATION (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Voya Solution 2035 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.2244 |

---

---

| | | |
|:---|:---|:---|
| Voya Solution 2070 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0210 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

ROC – Return of capital

Of the ordinary distributions made during the year ended December 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Solution Aggressive Portfolio | 35.65% |
| Voya Solution Balanced Portfolio | 24.99% |
| Voya Solution Conservative Portfolio | 8.29% |
| Voya Solution Income Portfolio | 7.33% |
| Voya Solution Moderately Aggressive Portfolio | 26.33% |
| Voya Solution 2030 Portfolio | 19.03% |
| Voya Solution 2035 Portfolio | 14.86% |
| Voya Solution 2040 Portfolio | 31.13% |
| Voya Solution 2045 Portfolio | 28.19% |
| Voya Solution 2050 Portfolio | 40.96% |
| Voya Solution 2055 Portfolio | 22.21% |
| Voya Solution 2060 Portfolio | 36.45% |
| Voya Solution 2065 Portfolio | 27.8% |
| Voya Solution 2070 Portfolio | 20.83% |

---

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 Solution Aggressive Portfolio | $11187302 |
| Voya Solution Balanced Portfolio | $5103937 |
| Voya Solution Moderately Aggressive Portfolio | $80206035 |
| Voya Solution 2030 Portfolio | $1622336 |
| Voya Solution 2035 Portfolio | $11871436 |
| Voya Solution 2040 Portfolio | $2107997 |
| Voya Solution 2045 Portfolio | $16883818 |
| Voya Solution 2050 Portfolio | $3171335 |
| Voya Solution 2055 Portfolio | $9681165 |
| Voya Solution 2060 Portfolio | $2470357 |
| Voya Solution 2065 Portfolio | $2908606 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2025:

TAX INFORMATION (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Creditable Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary Income**<br>**Derived from**<br>**Foreign Sourced Income\*** |
| Voya Solution Aggressive Portfolio | $169854 | $0.0129 | 15.34% |
| Voya Solution Balanced Portfolio | $43958 | $0.0022 | 5.82% |
| Voya Solution Conservative Portfolio | $6413 | $0.0007 | 1.47% |
| Voya Solution Income Portfolio | $163046 | $0.0036 | 12.02% |
| Voya Solution Moderately Aggressive Portfolio | $233097 | $0.0292 | 7.44% |
| Voya Solution 2030 Portfolio | $36437 | $0.0078 | 14.24% |
| Voya Solution 2035 Portfolio | $376417 | $0.0069 | 17.27% |
| Voya Solution 2040 Portfolio | $43313 | $0.0126 | 22.03% |
| Voya Solution 2045 Portfolio | $393432 | $0.0092 | 24.28% |
| Voya Solution 2050 Portfolio | $42606 | $0.0146 | 25.52% |
| Voya Solution 2055 Portfolio | $159424 | $0.0113 | 26.36% |
| Voya Solution 2060 Portfolio | $33544 | $0.0108 | 26.35% |
| Voya Solution 2065 Portfolio | $21325 | $0.0096 | 26.13% |
| Voya Solution 2070 Portfolio | $2985 | $0.0083 | 26.44% |

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\* None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT AND SUB-ADVISORY CONTRACTS FOR VOYA SOLUTION 2070 PORTFOLIO**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Index Solution 2070 Portfolio (the "Portfolio"), a series of Voya Partners Inc. ("VPI"), can enter into a new investment management or sub-advisory contract only if the Board of Directors of VPI (the "Board"), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of the Portfolio, as such term is defined under the 1940 Act (the "Independent Directors"), determine whether to approve the new arrangements. Thus, at its meeting held on November 14, 2024, the Board considered the initial approval of the investment management contract (the "Management Contract") with Voya Investments, LLC ("VIL") and the sub-advisory contract (the "Sub-Advisory Contract") between VIL and Voya Investment Management Co. LLC ("Voya IM"), as the Portfolio's sub-adviser (together, the "Management and Sub-Advisory Contracts").

In determining whether to initially approve the Management and Sub-Advisory Contracts for the Portfolio, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts, and the proposed policies and procedures for the Portfolio, should be approved. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Directors that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the Management and Sub-Advisory Contracts.

The materials provided to the Board in support of the Portfolio and the Portfolio's Management Contract included the following: (1) presentation materials detailing management's rationale for proposing the launch of the Portfolio that discusses, among other things, the experience and expertise of VIL in the management of other portfolios within the Voya funds complex, including the existing Voya Solution Portfolios; (2) information about the Portfolio's proposed investment objective and strategies and anticipated portfolio characteristics; (3) Fund Analysis and Comparison Tables sheets for the Portfolio that compare the Portfolio's proposed fee structure to its comparable selected peer group ("SPG") and/or Morningstar category median and/or average; (4) supporting documentation, including

copies of the forms of Management and Sub-Advisory Contracts for the Portfolio; (5) a memorandum provided by counsel to the Independent Directors summarizing the guidelines relevant to the Board's consideration of the approval of the Management and Sub-Advisory Contracts; (6) written responses to the Section 15(c) requests to VIL and Voya IM by counsel to the Independent Directors on behalf of the Board; and (7) other information relevant to the Board's evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL's oversight and management of the other portfolios in the Voya funds complex.

The Board's consideration of whether to approve the Management Contract with VIL on behalf of the Portfolio took into account several factors, including, but not limited to, the following: (1) the nature, extent and quality of the services to be provided by VIL to the Portfolio under the proposed Management Contract; (2) VIL's experience as a manager-of-managers overseeing sub-advisers to other portfolios within the Voya funds complex, including similar funds-of-funds; (3) the fairness of the compensation under the proposed Management Contract in light of the services to be provided to the Portfolio; (4) the costs for the services to be provided by VIL, including that the proposed management fee would not be subject to breakpoint discounts; (5) the pricing structure (including the estimated expense ratio and other fees to be borne by shareholders) of the Portfolio, including that: (a) the proposed management fee for the Portfolio is above the average and above the median management fees of the portfolios in the Portfolio's SPG, and (b) the estimated expense ratio, inclusive of acquired fund fees and expenses, for Portfolio is above the average and median expense ratios of the portfolios in the Portfolio's SPG, and (c) the estimated net funds-of-funds annual operating expenses for the Portfolio is below the average and the median expense ratios of the portfolios in the Portfolio's SPG; (6) management's representations that the Portfolio's fee structure is consistent with the Voya Solution Portfolios suite; (7) the projected profitability of VIL with respect to its services to be rendered to the Portfolio; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIL, including its management team's expertise in the management of other Voya funds, including other funds-of-funds and asset allocation products; (9) VIL's compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with their oversight of other portfolios in the Voya funds complex; (10) the information that had been provided by VIL at regular Board meetings, and in anticipation of the

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

November 2024 meeting, with respect to its capabilities in overseeing similar asset allocation products; and (11) "fall-out benefits" to VIL and its affiliates that were anticipated to arise from VIL's management of the Portfolio.

In reviewing the proposed Sub-Advisory Contract with Voya IM, the Board considered a number of factors, including, but not limited to, the following: (1) VIL's view of Voya IM's experience and its sub-advisory services; (2) the information that had been provided by Voya IM in advance of the November 13, 2024, Investment Review Committee F meeting at which Voya IM presented with respect to its sub-advisory services; (3) the nature and quality of the services to be provided by Voya IM under the proposed Sub-Advisory Contract; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM; (5) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Voya IM as the Portfolio's Sub-Adviser; (6) Voya IM's operations and compliance program, including its policies and procedures designed to prevent violations of the Federal securities laws, which had been reviewed and evaluated by VPI's Chief Compliance Officer; (7) Voya IM's financial condition; (8) the appropriateness of the selection of Voya IM in light of the Portfolio's investment objective and prospective investor base; and (9) Voya IM's Code of Ethics, which was previously approved by the Board.

With respect to the nature and quality of services to be provided by VIL and Voya IM, the Board was mindful of the "manager-of-managers" platform that has been developed by VIL. The Board recognized that VIL would be responsible for monitoring the investment program, performance, and developments/on-going operations of Voya IM under this manager-of-managers arrangement. The Board also considered the techniques and resources that VIL has developed to provide ongoing oversight of the nature, extent and quality of the services Voya IM provides to the Portfolio and Voya IM's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, VIL has developed an oversight process formulated by its Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the Investment Review Committees ("IRCs") at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares

periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's services to a Voya fund and/ or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the portfolios in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that VIL regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and VIL consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Portfolio also can benefit from the services of VIL's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and VIL. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by VIL to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the Portfolio's shareholders, beyond investment

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

management services, from being part of the Voya family of funds.

Although the Portfolio is new and has no performance history, the Board requested and considered performance information for accounts managed by VIL and Voya IM with similar investment processes. Further, because the Portfolio is new, VIL does not currently receive, and may not receive prior to the time the Board next considers the approval of the Management Contract, any economies of scale with respect to the Portfolio. The Portfolio will, however, benefit from any breakpoints in the fee schedules of underlying funds in which the Portfolio invests.

After its deliberation, the Board concluded that, in its business judgment, the terms of the Management and Sub-Advisory Contracts are fair and reasonable to the Portfolio and that approval of the Management and Sub-Advisory Contracts is in the best interests of the Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Management and Sub-Advisory 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 the Portfolio's investment performance and the fees payable under the Management and Sub-Advisory Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for the Portfolio.

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution 2030 Portfolio, Voya Solution 2035 Portfolio, Voya Solution 2040 Portfolio, Voya Solution 2045 Portfolio, Voya Solution 2050 Portfolio, Voya Solution 2055 Portfolio, Voya Solution 2060 Portfolio, and Voya Solution 2065 Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved

the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending

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

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 policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance

data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's 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 Company's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could

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

be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services 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

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

expense ratio, as applicable.

**Voya Solution Aggressive Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year and five-year periods, the second quintile for the three-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution Balanced Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution Balanced Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual

management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution Conservative Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution Conservative Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, five-year and ten-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed and the one-year period in which it was equal to its performance benchmark.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the third quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution Income Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution Income 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 five-year and ten-year periods, the third quintile for the year-to-date and one-year periods, and the fourth quintile for

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

the three-year period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution Moderately Aggressive Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution Moderately Aggressive Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, second quintile for the one-year and three-year periods, the third quintile for the ten-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly

bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution 2030 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year, three-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile, and Portfolio's the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution 2035 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, the third quintile for the ten-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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

above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fifth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution 2040 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the three-year 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 second quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution 2045 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2045 Portfolio, the Board considered that, based on performance data for the

periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the fourth quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's all-in net expense ratio.

**Voya Solution 2050 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, and the fourth quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio,

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

not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution 2055 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the second quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution 2060 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, the third quintile for the year-to-date period, and the fourth quintile for the ten-year period; and (2) the Portfolio outperformed its performance benchmark for the one-year and five-year periods, equaled its performance for the year-to-date period and underperformed for the three-year and ten-year periods.

In considering the fees payable under the Contracts for the

Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Solution 2065 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for the year-to-date period and underperformed for the one-year and three-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the second quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is above the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to 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

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

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.

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VSOL (1225)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](tm263417d2_ind-01img01.jpg)

Annual Financial Statements and Other Information

**December 31, 2025**

Classes ADV, I, S, S2 and Z

**Voya Partners, Inc.**

**■** Voya
 Index Solution Income Portfolio **■** Voya
 Index Solution 2050 Portfolio

**■** Voya
 Index Solution 2030 Portfolio **■** Voya
 Index Solution 2055 Portfolio

**■** Voya
 Index Solution 2035 Portfolio **■** Voya
 Index Solution 2060 Portfolio

**■** Voya
 Index Solution 2040 Portfolio **■** Voya
 Index Solution 2065 Portfolio

**■** Voya
 Index Solution 2045 Portfolio **■** Voya
 Index Solution 2070 Portfolio

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| ![](tm263417d2_ind-01img02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT** <br>**voyainvestments.com** | ![](tm263417d2_ind-01img03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ss_001) | [1](#ss_001) |
| [Statements of Assets and Liabilities](#ss_002) | [3](#ss_002) |
| [Statements of Operations](#ss_003) | [9](#ss_003) |
| [Statements of Changes in Net Assets](#ss_004) | [12](#ss_004) |
| [Financial Highlights](#FH_001) | [17](#FH_001) |
| [Notes to Financial Statements](#NFS_002) | [24](#NFS_002) |
| [Portfolios of Investments](#XS-1) | [36](#XS-1) |
| [Tax Information](#XS-2) | [65](#XS-2) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#XS-3) | [67](#XS-3) |

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| |
|:---|
| &nbsp;&nbsp;**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. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/variable-portfolio/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Voya Index Solution Income Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, Voya Index Solution 2065 Portfolio, and Voya Index Solution 2070 Portfolio and the Board of Directors of Voya Partners, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Index Solution Income Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, Voya Index Solution 2065 Portfolio, and Voya Index Solution 2070 Portfolio (collectively referred to as the "Portfolios") (ten of the portfolios constituting Voya Partners, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (ten of the portfolios constituting Voya Partners, Inc.) at December 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| Individual portfolio constituting | Statement of | Statements of changes in net | Financial highlights |
| Voya Partners, Inc. | Operations | assets |  |
| Voya Index Solution Income Portfolio | For the year ended December 31, 2025 | For each of the two years in the period then ended December 31, 2025 | For each of the five years in the period then ended December 31, 2025 |
| Voya Index Solution 2030 Portfolio | For the year ended December 31, 2025 | For each of the two years in the period then ended December 31, 2025 | For each of the five years in the period then ended December 31, 2025 |
| Voya Index Solution 2035 Portfolio | For the year ended December 31, 2025 | For each of the two years in the period then ended December 31, 2025 | For each of the five years in the period then ended December 31, 2025 |
| Voya Index Solution 2040 Portfolio | For the year ended December 31, 2025 | For each of the two years in the period then ended December 31, 2025 | For each of the five years in the period then ended December 31, 2025 |
| Voya Index Solution 2045 Portfolio |  |  |  |
| Voya Index Solution 2050 Portfolio |  |  |  |
| Voya Index Solution 2055 Portfolio |  |  |  |
| Voya Index Solution 2060 Portfolio |  |  |  |
| Voya Index Solution 2065 Portfolio |  |  |  |
| Voya Index Solution 2070 Portfolio | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 | For the period from August 8, 2025 (commencement of operations) through December 31, 2025 |

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**Basis for Opinion**

These financial statements are the responsibility of the Company'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 Company 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 Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company'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.

![](tm263417d2_ind-01img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 25, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution Income**<br>**Portfolio** | **Voya Index**<br>**Solution 2030**<br>**Portfolio** | **Voya Index**<br>**Solution 2035**<br>**Portfolio** | **Voya Index**<br>**Solution 2040**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $1197822102 | $930931422 | $1638318543 | $1095795220 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 250430406 | 86945685 | 99492006 | 66108123 |
| Short-term investments at fair value† | 5208553 |  |  |  |
| Cash |  | 2300525 | 4554386 | 1473547 |
| Cash collateral for futures contracts |  |  |  | 293169 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 1272278 |  | 672148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  |  |  | 42869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 53587 | 2096258 | 1070458 | 766802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 614828 | 190589 | 314136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 2986 | 9593 | 3127 |
| Prepaid expenses | 1946 | 3202 | 5416 | 3500 |
| Reimbursement due from Investment Adviser | 310757 | 205951 | 342568 | 231751 |
| Other assets | 43058 | 11499 | 25780 | 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1455757515 | 1022688117 | 1744805034 | 1164728459 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 610207 | 2106245 | 314100 | 727880 |
| Payable for investments in unaffiliated underlying funds purchased | 56000 | 52288 | 14015 |  |
| Payable for fund shares redeemed | 1586452 | 14008 | 1777982 | 609 |
| Variation margin payable on futures contracts |  |  |  | 26798 |
| Payable for investment management fees | 292073 | 187495 | 312766 | 208467 |
| Payable for distribution and shareholder service fees | 84929 | 18928 | 77515 | 21565 |
| Payable to directors under the deferred compensation plan (Note 6) | 43058 | 11499 | 25780 | 10351 |
| Payable for directors fees | 2313 | 2422 | 4108 | 2690 |
| Other accrued expenses and liabilities | 73641 | 63636 | 110502 | 70544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2748673 | 2456521 | 2636768 | 1068904 |
| **NET ASSETS** | $1453008842 | $1020231596 | $1742168266 | $1163659555 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $1326607705 | $820765050 | $1332779131 | $851517177 |
| Total distributable earnings | 126401137 | 199466546 | 409389135 | 312142378 |
| **NET ASSETS** | $1453008842 | $1020231596 | $1742168266 | $1163659555 |
| \* Cost of investments in affiliated underlying funds | $1081757929 | $781488248 | $1321855179 | $852833254 |
| \*\* Cost of investments in unaffiliated underlying funds | $247106561 | $85247699 | $97322986 | $64898053 |
| † Cost of short-term investments | $5208553 | $— | $— | $— |

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See Accompanying Notes to Financial Statements

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution Income**<br>**Portfolio** | **Voya Index**<br>**Solution 2030**<br>**Portfolio** | **Voya Index**<br>**Solution 2035**<br>**Portfolio** | **Voya Index**<br>**Solution 2040**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $109740518 | $30692094 | $111642112 | $33384960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10609168 | 1719249 | 8308403 | 1573076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.34 | $17.85 | $13.44 | $21.22 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $49084931 | $19633562 | $73205636 | $22586027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4609484 | 1055154 | 5248985 | 1021640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.65 | $18.61 | $13.95 | $22.11 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $150572860 | $19309934 | $91848028 | $20286862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 14308092 | 1048274 | 6699886 | 921073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.52 | $18.42 | $13.71 | $22.03 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17911736 | $5264705 | $31066074 | $9596833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1741605 | 291452 | 2325634 | 446616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.28 | $18.06 | $13.36 | $21.49 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1125698797 | $945331301 | $1434406416 | $1077804873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 300000000 | 100000000 | 300000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 103795015 | 49905727 | 100613890 | 47895756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.85 | $18.94 | $14.26 | $22.50 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** | **Voya Index**<br>**Solution 2060**<br>**Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $1416957146 | $984015388 | $995625354 | $660337544 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 70349113 | 19367222 | 19563036 | 12967189 |
| Cash | 2171510 | 1829680 | 1666276 | 1089431 |
| Cash collateral for futures contracts | 379626 | 255174 | 256325 | 168717 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold |  | 187006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 483664 | 58730 | 624757 | 453624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 5093 | 5395 | 4993 | 3265 |
| Prepaid expenses | 4467 | 3004 | 2982 | 1907 |
| Reimbursement due from Investment Adviser | 292461 | 195890 | 194693 | 136535 |
| Other assets | 18745 | 8016 | 9361 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1490661825 | 1005925505 | 1017947777 | 675162441 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 447830 | 2 | 593985 | 417691 |
| Payable for investments in unaffiliated underlying funds purchased | 27843 | 5886 | 5437 | 14521 |
| Payable for fund shares redeemed | 17159 | 247624 | 24769 | 21455 |
| Variation margin payable on futures contracts | 34738 | 23307 | 23399 | 15368 |
| Payable for investment management fees | 264170 | 173900 | 175662 | 116312 |
| Payable for distribution and shareholder service fees | 67360 | 18210 | 44002 | 14043 |
| Payable to directors under the deferred compensation plan (Note 6) | 18745 | 8016 | 9361 | 4229 |
| Payable for directors fees | 3452 | 2321 | 2327 | 83 |
| Other accrued expenses and liabilities | 100273 | 57818 | 78550 | 46710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 981570 | 537084 | 957492 | 650412 |
| **NET ASSETS** | $1489680255 | $1005388421 | $1016990285 | $674512029 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $1041745495 | $699013708 | $701299461 | $480777326 |
| Total distributable earnings | 447934760 | 306374713 | 315690824 | 193734703 |
| **NET ASSETS** | $1489680255 | $1005388421 | $1016990285 | $674512029 |
| \* Cost of investments in affiliated underlying funds | $1074397872 | $748606364 | $756080133 | $510263285 |
| \*\* Cost of investments in unaffiliated underlying funds | $69220362 | $19391988 | $19587994 | $12985347 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** | **Voya Index**<br>**Solution 2060**<br>**Portfolio** |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $103590407 | $28228985 | $63701839 | $23600166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 6789939 | 1226785 | 3013719 | 1266496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.26 | $23.01 | $21.14 | $18.63 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $65938336 | $28164370 | $71745213 | $55515759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4113683 | 1179848 | 3265530 | 2887937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.03 | $23.87 | $21.97 | $19.22 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $66241176 | $14214600 | $45154428 | $10321617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4223130 | 597904 | 2091531 | 544418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.69 | $23.77 | $21.59 | $18.96 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $28243934 | $9492872 | $21830805 | $5730591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1855989 | 409758 | 1028632 | 305320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.22 | $23.17 | $21.22 | $18.77 |
| **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1225666402 | $925287594 | $814558000 | $579343896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 300000000 | 100000000 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 74856447 | 38143198 | 36346635 | 29640305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.37 | $24.26 | $22.41 | $19.55 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2065**<br>**Portfolio** | **Voya Index**<br>**Solution 2070**<br>**Portfolio** |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $215403045 | $5264955 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 4217089 | 101614 |
| Short-term investments at fair value† |  | 3821 |
| Cash | 307063 |  |
| Cash collateral for futures contracts | 50990 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 213830 | 8815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 922 |  |
| Prepaid expenses | 531 |  |
| Prepaid offering expense |  | 8059 |
| Reimbursement due from Investment Adviser | 44082 | 3945 |
| Other assets | 907 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 220238459 | 5391214 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 150743 | 8618 |
| Payable for investments in unaffiliated underlying funds purchased | 8741 | 151 |
| Payable for fund shares redeemed | 55843 |  |
| Variation margin payable on futures contracts | 4656 |  |
| Payable for investment management fees | 37709 | 876 |
| Payable for distribution and shareholder service fees | 5404 | 547 |
| Payable to directors under the deferred compensation plan (Note 6) | 907 | 5 |
| Payable for directors fees | 21 |  |
| Other accrued expenses and liabilities | 21008 | 15852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 285032 | 26049 |
| **NET ASSETS** | $219953427 | $5365165 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $165594343 | $5088851 |
| Total distributable earnings | 54359084 | 276314 |
| **NET ASSETS** | $219953427 | $5365165 |
| \* Cost of investments in affiliated underlying funds | $177953271 | $5011155 |
| \*\* Cost of investments in unaffiliated underlying funds | $4224362 | $102256 |
| † Cost of short-term investments | $— | $3821 |

---

See Accompanying Notes to Financial Statements

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

------

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2065**<br>**Portfolio** | **Voya Index**<br>**Solution 2070**<br>**Portfolio** |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7888047 | $606550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 493812 | 56401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.97 | $10.75 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $30833705 | $846851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1900823 | 78605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.22 | $10.77 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5634648 | $609227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 350191 | 56588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.09 | $10.77 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2699684 | $492032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 168632 | 45733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.01 | $10.76 |
| **Class Z** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $172897343 | $2810505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 10590945 | 260899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $16.33 | $10.77 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution Income**<br>**Portfolio** | **Voya Index**<br>**Solution 2030**<br>**Portfolio** | **Voya Index**<br>**Solution 2035**<br>**Portfolio** | **Voya Index**<br>**Solution 2040**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $25492337 | $24618762 | $37980518 | $21433617 |
| Dividends from unaffiliated underlying funds | 7538422 | 3617770 | 4175788 | 2737695 |
| Interest | 10385 | 66893 | 90710 | 70060 |
| Other | 6000 | 6509 | 11009 | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 33047144 | 28309934 | 42258025 | 24248560 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 2154158 | 2096650 | 3458101 | 2264401 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 304051 | 154999 | 547962 | 152825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 274034 | 44353 | 221150 | 45054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 34008 | 18191 | 111599 | 32537 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 21908 | 20158 | 49338 | 24152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 9335 | 10427 | 28628 | 14540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 39492 | 11536 | 39824 | 14239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 3062 | 2956 | 12560 | 6408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 210 | 263 | 247 | 292 |
| Shareholder reporting expense | 3407 | 4314 | 6880 | 3816 |
| Professional fees | 49850 | 77600 | 130015 | 86315 |
| Custody and accounting expense | 34078 | 55324 | 92630 | 56795 |
| Directors fees | 23130 | 24222 | 41084 | 26896 |
| Miscellaneous expense | 40378 | 63171 | 102457 | 74376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2991101 | 2584164 | 4842475 | 2802646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (2280575) | (2280856) | (3762710) | (2468344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 710526 | 303308 | 1079765 | 334302 |
| Net investment income | 32336618 | 28006626 | 41178260 | 23914258 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 35007927 | 39606848 | 72650551 | 49267426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (745490) | (1198664) | (1649184) | (1033349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 5818082 | 18044428 | 35174933 | 25260334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (317816) | (519120) | (885059) | 269487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 39762703 | 55933492 | 105291241 | 73763898 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 26693070 | 53809834 | 113132445 | 88972966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 2430842 | 1660648 | 1196030 | 757336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (142407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29123912 | 55470482 | 114328475 | 89587895 |
| Net realized and unrealized gain | 68886615 | 111403974 | 219619716 | 163351793 |
| **Increase in net assets resulting from operations** | $101223233 | $139410600 | $260797976 | $187266051 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2045**<br>**Portfolio** | **Voya Index**<br>**Solution 2050**<br>**Portfolio** | **Voya Index**<br>**Solution 2055**<br>**Portfolio** | **Voya Index**<br>**Solution 2060**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $24628415 | $16659528 | $16422802 | $10643211 |
| Dividends from unaffiliated underlying funds | 2901905 | 388108 | 390177 | 255367 |
| Interest | 89368 | 57106 | 53949 | 32355 |
| Other | 9204 | 6180 | 6185 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 27628892 | 17110922 | 16873113 | 10934921 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 2879065 | 1880498 | 1885219 | 1226200 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 486215 | 129026 | 289399 | 106391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 161462 | 33062 | 110452 | 24538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 98635 | 32364 | 74229 | 18904 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 52646 | 20658 | 45176 | 15553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 32065 | 19479 | 48822 | 34570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 35015 | 10587 | 34484 | 7174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 13293 | 6477 | 14484 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 207 | 438 | 382 | 476 |
| Shareholder reporting expense | 8022 | 7650 | 8338 | 5057 |
| Professional fees | 108115 | 76976 | 76980 | 53917 |
| Custody and accounting expense | 70864 | 52435 | 47615 | 34364 |
| Directors fees | 34525 | 23206 | 23265 | 25129 |
| Miscellaneous expense | 92016 | 67759 | 71065 | 42372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4072145 | 2360615 | 2729910 | 1598099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (3135559) | (2064109) | (2066456) | (1356533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 936586 | 296506 | 663454 | 241566 |
| Net investment income | 26692306 | 16814416 | 16209659 | 10693355 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 67579558 | 48173438 | 45062131 | 28394798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (1042768) | (751312) | (747423) | (474679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 35752264 | 25820167 | 26056356 | 16938393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 359700 | 246720 | 255421 | 153082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 102648754 | 73489013 | 70626485 | 45011594 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 125341168 | 85355015 | 90325686 | 60125691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 553554 | (24765) | (24958) | (18158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (184640) | (123821) | (124430) | (81589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 125710082 | 85206429 | 90176298 | 60025944 |
| Net realized and unrealized gain | 228358836 | 158695442 | 160802783 | 105037538 |
| **Increase in net assets resulting from operations** | $255051142 | $175509858 | $177012442 | $115730893 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya Index**<br>**Solution 2065**<br>**Portfolio** | **Voya Index**<br>**Solution 2070**<br>**Portfolio** |
|  | | **August 8, 2025<sup>(1)</sup>**<br>**to December 31,**<br>**2025** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $3125428 | $1992 |
| Dividends from unaffiliated underlying funds | 79015 | 1055 |
| Interest | 4190 | 11 |
| Other | 1162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3209795 | 3058 |
| **EXPENSES:** |  |  |
| Investment management fees | 369624 | 3266 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 31257 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 13870 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 7969 | 741 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 6264 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 23597 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 5560 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 1996 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 291 | 23 |
| Shareholder reporting expense | 4190 | 23 |
| Professional fees | 16148 | 2985 |
| Custody and accounting expense | 15296 | 1175 |
| Directors fees | 6825 | 36 |
| Offering expense |  | 5192 |
| Miscellaneous expense | 14671 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 517558 | 16267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (418171) | (13796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 99387 | 2471 |
| Net investment income | 3110408 | 587 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 8879052 | 23312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (128127) | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 5098655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 53173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 13902753 | 23936 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 18610354 | 253800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | (7273) | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (24781) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18578300 | 253158 |
| Net realized and unrealized gain | 32481053 | 277094 |
| **Increase in net assets resulting from operations** | $35591461 | $277681 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution Income Portfolio** | **Solution Income Portfolio** | **Solution 2030 Portfolio** | **Solution 2030 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $32336618 | $22083350 | $28006626 | $25754074 |
| Net realized gain | 39762703 | 25282275 | 55933492 | 43769068 |
| Net change in unrealized appreciation (depreciation) | 29123912 | (3415550) | 55470482 | 24792634 |
| Increase in net assets resulting from operations | 101223233 | 43950075 | 139410600 | 94315776 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (946571) | (1477410) | (738194) | (400420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (441534) | (357946) | (458125) | (173276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (3104998) | (2347383) | (470694) | (183318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (69988) | (590384) | (84219) | (274214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (17999315) | (13758043) | (25498700) | (12626860) |
| Total distributions | (22562406) | (18531166) | (27249932) | (13658088) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 28044606 | 27652427 | 77189317 | 75354103 |
| Proceeds from shares issued in merger (Note 13) | 934949568 |  |  |  |
| Reinvestment of distributions | 22562406 | 18531166 | 27249932 | 13658088 |
|  | 985556580 | 46183593 | 104439249 | 89012191 |
| Cost of shares redeemed | (187617772) | (178616214) | (129541838) | (150989030) |
| Net increase (decrease) in net assets resulting from capital share transactions | 797938808 | (132432621) | (25102589) | (61976839) |
| Net increase (decrease) in net assets | 876599635 | (107013712) | 87058079 | 18680849 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 576409207 | 683422919 | 933173517 | 914492668 |
| End of year or period | $1453008842 | $576409207 | $1020231596 | $933173517 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2035 Portfolio** | **Solution 2035 Portfolio** | **Solution 2040 Portfolio** | **Solution 2040 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $41178260 | $37863660 | $23914258 | $21331183 |
| Net realized gain | 105291241 | 73812011 | 73763898 | 43736653 |
| Net change in unrealized appreciation (depreciation) | 114328475 | 66617451 | 89587895 | 59368972 |
| Increase in net assets resulting from operations | 260797976 | 178293122 | 187266051 | 124436808 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (2233026) | (773280) | (540042) | (55147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1581285) | (612456) | (403842) | (86724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (2041289) | (764825) | (345025) | (66659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (608412) | (423046) | (159280) | (20331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (34230683) | (13388484) | (21919900) | (6261149) |
| Total distributions | (40694695) | (15962091) | (23368089) | (6490010) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 110544396 | 118541463 | 88521026 | 85508929 |
| Reinvestment of distributions | 40694695 | 15962091 | 23368089 | 6490010 |
|  | 151239091 | 134503554 | 111889115 | 91998939 |
| Cost of shares redeemed | (198483294) | (229055781) | (126795797) | (117000219) |
| Net decrease in net assets resulting from capital share transactions | (47244203) | (94552227) | (14906682) | (25001280) |
| Net increase in net assets | 172859078 | 67778804 | 148991280 | 92945518 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1569309188 | 1501530384 | 1014668275 | 921722757 |
| End of year or period | $1742168266 | $1569309188 | $1163659555 | $1014668275 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2045 Portfolio** | **Solution 2045 Portfolio** | **Solution 2050 Portfolio** | **Solution 2050 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $26692306 | $24560366 | $16814416 | $15053605 |
| Net realized gain | 102648754 | 65515477 | 73489013 | 34878253 |
| Net change in unrealized appreciation (depreciation) | 125710082 | 84027784 | 85206429 | 65030232 |
| Increase in net assets resulting from operations | 255051142 | 174103627 | 175509858 | 114962090 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (1539896) |  | (361025) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1203370) | (221823) | (440074) | (42367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (1149075) | (126638) | (199596) | (1522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (401347) | (49664) | (125574) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (23072247) | (4621941) | (15803179) | (2318693) |
| Total distributions | (27365935) | (5020066) | (16929448) | (2362582) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 92894920 | 107239813 | 77104549 | 82690445 |
| Reinvestment of distributions | 27365935 | 5020066 | 16929448 | 2362582 |
|  | 120260855 | 112259879 | 94033997 | 85053027 |
| Cost of shares redeemed | (149050628) | (183684499) | (115314976) | (76281225) |
| Net increase (decrease) in net assets resulting from capital share transactions | (28789773) | (71424620) | (21280979) | 8771802 |
| Net increase in net assets | 198895434 | 97658941 | 137299431 | 121371310 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1290784821 | 1193125880 | 868088990 | 746717680 |
| End of year or period | $1489680255 | $1290784821 | $1005388421 | $868088990 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | **Voya Index** | **Voya Index** |
|  | **Solution 2055 Portfolio** | **Solution 2055 Portfolio** | **Solution 2060 Portfolio** | **Solution 2060 Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $16209659 | $14686340 | $10693355 | $8973950 |
| Net realized gain | 70626485 | 42243172 | 45011594 | 21215219 |
| Net change in unrealized appreciation (depreciation) | 90176298 | 61537740 | 60025944 | 40252379 |
| Increase in net assets resulting from operations | 177012442 | 118467252 | 115730893 | 70441548 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (801844) |  | (271157) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1126260) | (96105) | (784481) | (58312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (690567) |  | (138997) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (251932) |  | (65129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (13763007) | (1711525) | (8878317) | (1050563) |
| Total distributions | (16633610) | (1807630) | (10138081) | (1108875) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 90624812 | 92567917 | 80817469 | 81224827 |
| Reinvestment of distributions | 16633610 | 1807630 | 10138081 | 1108875 |
|  | 107258422 | 94375547 | 90955550 | 82333702 |
| Cost of shares redeemed | (112187074) | (116869243) | (67408849) | (47815269) |
| Net increase (decrease) in net assets resulting from capital share transactions | (4928652) | (22493696) | 23546701 | 34518433 |
| Net increase in net assets | 155450180 | 94165926 | 129139513 | 103851106 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 861540105 | 767374179 | 545372516 | 441521410 |
| End of year or period | $1016990285 | $861540105 | $674512029 | $545372516 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Index** | **Voya Index** | |
|  | **Solution 2065 Portfolio** | **Solution 2065 Portfolio** | **Voya Index**<br>**Solution 2070** **Portfolio** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **August 8, 2025<sup>(1)</sup>**<br>**to December 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |
| Net investment income | $3110408 | $2066209 | $587 |
| Net realized gain | 13902753 | 4895058 | 23936 |
| Net change in unrealized appreciation (depreciation) | 18578300 | 9326871 | 253158 |
| Increase in net assets resulting from operations | 35591461 | 16288138 | 277681 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (71179) | (6233) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (332920) | (19848) | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (74469) | (5386) | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (22605) | (3462) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (2159430) | (145545) | (908) |
| Total distributions | (2660603) | (180474) | (1367) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| Net proceeds from sale of shares | 61374394 | 51601169 | 5345452 |
| Reinvestment of distributions | 2660603 | 180474 | 1367 |
|  | 64034997 | 51781643 | 5346819 |
| Cost of shares redeemed | (22235897) | (12887709) | (257968) |
| Net increase in net assets resulting from capital share transactions | 41799100 | 38893934 | 5088851 |
| Net increase in net assets | 74729958 | 55001598 | 5365165 |
| **NET ASSETS:** |  |  |  |
| Beginning of year or period | 145223469 | 90221871 |  |
| End of year or period | $219953427 | $145223469 | $5365165 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** | **Voya Index Solution Income Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
| 12-31-25 | 9.62 | 0.31 | • | 0.76 | 1.07 | 0.35 |  |  | 0.35 |  | 10.34 | **11.30** | 0.79 | 0.54 | 0.54 | 3.04 | 109741 | 40 |
| 12-31-24 | 9.28 | 0.29 | • | 0.29 | 0.58 | 0.24 |  |  | 0.24 |  | 9.62 | **6.34** | 0.80 | 0.54 | 0.54 | 3.00 | 30362 | 28 |
| 12-31-23 | 8.72 | 0.20 | • | 0.70 | 0.90 | 0.19 | 0.15 |  | 0.34 |  | 9.28 | **10.46** | 0.80 | 0.54 | 0.54 | 2.28 | 62868 | 128 |
| 12-31-22 | 11.45 | 0.16 | • | (1.77) | (1.61) | 0.26 | 0.86 |  | 1.12 |  | 8.72 | **(14.57)** | 0.78 | 0.71 | 0.71 | 1.67 | 69320 | 51 |
| 12-31-21 | 11.27 | 0.16 | • | 0.47 | 0.63 | 0.16 | 0.29 |  | 0.45 |  | 11.45 | **5.62** | 0.80 | 0.74 | 0.74 | 1.40 | 96649 | 30 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 9.93 | 0.37 | • | 0.78 | 1.15 | 0.43 |  |  | 0.43 |  | 10.65 | **11.83** | 0.29 | 0.04 | 0.04 | 3.54 | 49085 | 40 |
| 12-31-24 | 9.57 | 0.34 | • | 0.32 | 0.66 | 0.30 |  |  | 0.30 |  | 9.93 | **6.91** | 0.30 | 0.04 | 0.04 | 3.50 | 10828 | 28 |
| 12-31-23 | 8.99 | 0.26 | • | 0.71 | 0.97 | 0.24 | 0.15 |  | 0.39 |  | 9.57 | **11.04** | 0.30 | 0.04 | 0.04 | 2.78 | 13348 | 128 |
| 12-31-22 | 11.78 | 0.22 | • | (1.82) | (1.60) | 0.33 | 0.86 |  | 1.19 |  | 8.99 | **(14.13)** | 0.28 | 0.21 | 0.21 | 2.17 | 11434 | 51 |
| 12-31-21 | 11.58 | 0.22 | • | 0.48 | 0.70 | 0.21 | 0.29 |  | 0.50 |  | 11.78 | **6.09** | 0.30 | 0.24 | 0.24 | 1.87 | 15867 | 30 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 9.81 | 0.34 | • | 0.78 | 1.12 | 0.41 |  |  | 0.41 |  | 10.52 | **11.56** | 0.54 | 0.29 | 0.29 | 3.29 | 150573 | 40 |
| 12-31-24 | 9.46 | 0.32 | • | 0.30 | 0.62 | 0.27 |  |  | 0.27 |  | 9.81 | **6.62** | 0.55 | 0.29 | 0.29 | 3.25 | 81091 | 28 |
| 12-31-23 | 8.89 | 0.23 | • | 0.70 | 0.93 | 0.21 | 0.15 |  | 0.36 |  | 9.46 | **10.72** | 0.55 | 0.29 | 0.29 | 2.53 | 89413 | 128 |
| 12-31-22 | 11.65 | 0.19 | • | (1.80) | (1.61) | 0.29 | 0.86 |  | 1.15 |  | 8.89 | **(14.32)** | 0.53 | 0.46 | 0.46 | 1.92 | 94618 | 51 |
| 12-31-21 | 11.46 | 0.19 | • | 0.47 | 0.66 | 0.18 | 0.29 |  | 0.47 |  | 11.65 | **5.81** | 0.55 | 0.49 | 0.49 | 1.65 | 131694 | 30 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 9.50 | 0.31 | • | 0.76 | 1.07 | 0.29 |  |  | 0.29 |  | 10.28 | **11.36** | 0.69 | 0.44 | 0.44 | 3.14 | 17912 | 40 |
| 12-31-24 | 9.17 | 0.29 | • | 0.30 | 0.59 | 0.26 |  |  | 0.26 |  | 9.50 | **6.49** | 0.70 | 0.44 | 0.44 | 3.10 | 2618 | 28 |
| 12-31-23 | 8.63 | 0.21 | • | 0.69 | 0.90 | 0.21 | 0.15 |  | 0.36 |  | 9.17 | **10.59** | 0.70 | 0.44 | 0.44 | 2.38 | 18715 | 128 |
| 12-31-22 | 11.36 | 0.18 | • | (1.76) | (1.58) | 0.29 | 0.86 |  | 1.15 |  | 8.63 | **(14.47)** | 0.68 | 0.61 | 0.61 | 1.81 | 16493 | 51 |
| 12-31-21 | 11.20 | 0.17 | • | 0.47 | 0.64 | 0.19 | 0.29 |  | 0.48 |  | 11.36 | **5.69** | 0.70 | 0.64 | 0.64 | 1.50 | 18519 | 30 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 10.10 | 0.38 | • | 0.81 | 1.19 | 0.44 |  |  | 0.44 |  | 10.85 | **11.97** | 0.25 | 0.00 \* | 0.00 \* | 3.58 | 1125699 | 40 |
| 12-31-24 | 9.73 | 0.35 | • | 0.32 | 0.67 | 0.30 |  |  | 0.30 |  | 10.10 | **6.97** | 0.26 | 0.00 \* | 0.00 \* | 3.54 | 451511 | 28 |
| 12-31-23 | 9.16 | 0.27 | • | 0.71 | 0.98 | 0.26 | 0.15 |  | 0.41 |  | 9.73 | **10.98** | 0.26 | 0.00 \* | 0.00 \* | 2.82 | 499079 | 128 |
| 12-31-22 | 11.96 | 0.24 | • | (1.85) | (1.61) | 0.33 | 0.86 |  | 1.19 |  | 9.16 | **(13.94)** | 0.24 | 0.00 \* | 0.00 \* | 2.38 | 499006 | 51 |
| 12-31-21 | 11.72 | 0.25 | • | 0.50 | 0.75 | 0.22 | 0.29 |  | 0.51 |  | 11.96 | **6.41** | 0.26 | 0.00 \* | 0.00 \* | 2.14 | 669150 | 30 |
| **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** | **Voya Index Solution 2030 Portfolio <br> Class ADV** |
| 12-31-25 | 15.92 | 0.40 | • | 1.93 | 2.33 | 0.40 |  |  | 0.40 |  | 17.85 | **14.82** | 0.80 | 0.56 | 0.56 | 2.36 | 30692 | 26 |
| 12-31-24 | 14.64 | 0.34 | • | 1.10 | 1.44 | 0.16 |  |  | 0.16 |  | 15.92 | **9.87** | 0.80 | 0.56 | 0.56 | 2.21 | 30508 | 27 |
| 12-31-23 | 13.69 | 0.16 | • | 1.82 | 1.98 | 0.27 | 0.76 |  | 1.03 |  | 14.64 | **14.90** | 0.80 | 0.56 | 0.56 | 1.10 | 39018 | 131 |
| 12-31-22 | 18.37 | 0.22 | • | (3.23) | (3.01) | 0.26 | 1.41 |  | 1.67 |  | 13.69 | **(16.89)** | 0.79 | 0.70 | 0.70 | 1.46 | 38122 | 52 |
| 12-31-21 | 17.23 | 0.18 | • | 1.84 | 2.02 | 0.29 | 0.59 |  | 0.88 |  | 18.37 | **11.80** | 0.81 | 0.74 | 0.74 | 1.00 | 46915 | 41 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 16.59 | 0.50 | • | 2.02 | 2.52 | 0.50 |  |  | 0.50 |  | 18.61 | **15.35** | 0.30 | 0.06 | 0.06 | 2.86 | 19634 | 26 |
| 12-31-24 | 15.24 | 0.44 | • | 1.15 | 1.59 | 0.24 |  |  | 0.24 |  | 16.59 | **10.46** | 0.30 | 0.06 | 0.06 | 2.71 | 12909 | 27 |
| 12-31-23 | 14.21 | 0.23 | • | 1.91 | 2.14 | 0.35 | 0.76 |  | 1.11 |  | 15.24 | **15.52** | 0.30 | 0.06 | 0.06 | 1.59 | 12731 | 131 |
| 12-31-22 | 19.02 | 0.31 | • | (3.36) | (3.05) | 0.35 | 1.41 |  | 1.76 |  | 14.21 | **(16.51)** | 0.29 | 0.20 | 0.20 | 1.97 | 8703 | 52 |
| 12-31-21 | 17.78 | 0.28 | • | 1.90 | 2.18 | 0.35 | 0.59 |  | 0.94 |  | 19.02 | **12.40** | 0.31 | 0.24 | 0.24 | 1.51 | 10579 | 41 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 16.43 | 0.45 | • | 2.00 | 2.45 | 0.46 |  |  | 0.46 |  | 18.42 | **15.09** | 0.55 | 0.31 | 0.31 | 2.61 | 19310 | 26 |
| 12-31-24 | 15.10 | 0.39 | • | 1.14 | 1.53 | 0.20 |  |  | 0.20 |  | 16.43 | **10.17** | 0.55 | 0.31 | 0.31 | 2.46 | 16313 | 27 |
| 12-31-23 | 14.10 | 0.20 | • | 1.88 | 2.08 | 0.32 | 0.76 |  | 1.08 |  | 15.10 | **15.17** | 0.55 | 0.31 | 0.31 | 1.35 | 15761 | 131 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** | **Voya Index Solution 2030 Portfolio (continued)** |
| **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** | **Class S (continued)** |
| 12-31-22 | 18.85 | 0.27 | • | (3.33) | (3.06) | 0.28 | 1.41 |  | 1.69 |  | 14.10 | **(16.70)** | 0.54 | 0.45 | 0.45 | 1.68 | 12262 | 52 |
| 12-31-21 | 17.63 | 0.23 | • | 1.90 | 2.13 | 0.32 | 0.59 |  | 0.91 |  | 18.85 | **12.18** | 0.56 | 0.49 | 0.49 | 1.24 | 20843 | 41 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 16.01 | 0.42 | • | 1.95 | 2.37 | 0.32 |  |  | 0.32 |  | 18.06 | **14.92** | 0.70 | 0.46 | 0.46 | 2.46 | 5265 | 26 |
| 12-31-24 | 14.73 | 0.36 | • | 1.11 | 1.47 | 0.19 |  |  | 0.19 |  | 16.01 | **10.00** | 0.70 | 0.46 | 0.46 | 2.31 | 4479 | 27 |
| 12-31-23 | 13.78 | 0.17 | • | 1.84 | 2.01 | 0.30 | 0.76 |  | 1.06 |  | 14.73 | **15.03** | 0.70 | 0.46 | 0.46 | 1.19 | 19520 | 131 |
| 12-31-22 | 18.51 | 0.24 | • | (3.27) | (3.03) | 0.29 | 1.41 |  | 1.70 |  | 13.78 | **(16.87)** | 0.69 | 0.60 | 0.60 | 1.57 | 13090 | 52 |
| 12-31-21 | 17.35 | 0.20 | • | 1.87 | 2.07 | 0.32 | 0.59 |  | 0.91 |  | 18.51 | **12.01** | 0.71 | 0.64 | 0.64 | 1.12 | 14118 | 41 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 16.88 | 0.52 | • | 2.05 | 2.57 | 0.51 |  |  | 0.51 |  | 18.94 | **15.44** | 0.24 | 0.00 \* | 0.00 \* | 2.92 | 945331 | 26 |
| 12-31-24 | 15.50 | 0.45 | • | 1.17 | 1.62 | 0.24 |  |  | 0.24 |  | 16.88 | **10.54** | 0.24 | 0.00 \* | 0.00 \* | 2.77 | 868965 | 27 |
| 12-31-23 | 14.43 | 0.25 | • | 1.93 | 2.18 | 0.35 | 0.76 |  | 1.11 |  | 15.50 | **15.52** | 0.24 | 0.00 \* | 0.00 \* | 1.65 | 827463 | 131 |
| 12-31-22 | 19.25 | 0.35 | • | (3.40) | (3.05) | 0.36 | 1.41 |  | 1.77 |  | 14.43 | **(16.31)** | 0.23 | 0.00 \* | 0.00 \* | 2.16 | 725202 | 52 |
| 12-31-21 | 17.96 | 0.33 | • | 1.92 | 2.25 | 0.37 | 0.59 |  | 0.96 |  | 19.25 | **12.64** | 0.25 | 0.00 \* | 0.00 \* | 1.76 | 850871 | 41 |
| **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** | **Voya Index Solution 2035 Portfolio <br> Class ADV** |
| 12-31-25 | 11.77 | 0.25 | • | 1.68 | 1.93 | 0.26 |  |  | 0.26 |  | 13.44 | **16.59** | 0.78 | 0.55 | 0.55 | 2.02 | 111642 | 25 |
| 12-31-24 | 10.62 | 0.22 | • | 1.00 | 1.22 | 0.07 |  |  | 0.07 |  | 11.77 | **11.52** | 0.78 | 0.55 | 0.55 | 1.94 | 109095 | 23 |
| 12-31-23 | 9.86 | 0.07 | • | 1.53 | 1.60 | 0.16 | 0.68 |  | 0.84 |  | 10.62 | **16.70** | 0.78 | 0.55 | 0.55 | 0.70 | 128914 | 128 |
| 12-31-22 | 13.59 | 0.15 | • | (2.54) | (2.39) | 0.16 | 1.18 |  | 1.34 |  | 9.86 | **(18.14)** | 0.77 | 0.70 | 0.70 | 1.37 | 125263 | 41 |
| 12-31-21 | 12.69 | 0.12 | • | 1.58 | 1.70 | 0.19 | 0.61 |  | 0.80 |  | 13.59 | **13.56** | 0.80 | 0.74 | 0.74 | 0.89 | 169629 | 38 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 12.21 | 0.33 | • | 1.74 | 2.07 | 0.33 |  |  | 0.33 |  | 13.95 | **17.19** | 0.28 | 0.05 | 0.05 | 2.52 | 73206 | 25 |
| 12-31-24 | 11.01 | 0.29 | • | 1.04 | 1.33 | 0.13 |  |  | 0.13 |  | 12.21 | **12.12** | 0.28 | 0.05 | 0.05 | 2.44 | 59776 | 23 |
| 12-31-23 | 10.20 | 0.13 | • | 1.58 | 1.71 | 0.22 | 0.68 |  | 0.90 |  | 11.01 | **17.26** | 0.28 | 0.05 | 0.05 | 1.20 | 64960 | 128 |
| 12-31-22 | 14.03 | 0.22 | • | (2.64) | (2.42) | 0.23 | 1.18 |  | 1.41 |  | 10.20 | **(17.76)** | 0.27 | 0.20 | 0.20 | 1.89 | 50433 | 41 |
| 12-31-21 | 13.07 | 0.19 | • | 1.64 | 1.83 | 0.26 | 0.61 |  | 0.87 |  | 14.03 | **14.17** | 0.30 | 0.24 | 0.24 | 1.40 | 60969 | 38 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 12.01 | 0.29 | • | 1.71 | 2.00 | 0.30 |  |  | 0.30 |  | 13.71 | **16.85** | 0.53 | 0.30 | 0.30 | 2.27 | 91848 | 25 |
| 12-31-24 | 10.83 | 0.25 | • | 1.03 | 1.28 | 0.10 |  |  | 0.10 |  | 12.01 | **11.85** | 0.53 | 0.30 | 0.30 | 2.19 | 90844 | 23 |
| 12-31-23 | 10.05 | 0.10 | • | 1.55 | 1.65 | 0.19 | 0.68 |  | 0.87 |  | 10.83 | **16.92** | 0.53 | 0.30 | 0.30 | 0.95 | 94815 | 128 |
| 12-31-22 | 13.83 | 0.18 | • | (2.59) | (2.41) | 0.19 | 1.18 |  | 1.37 |  | 10.05 | **(17.95)** | 0.52 | 0.45 | 0.45 | 1.59 | 82072 | 41 |
| 12-31-21 | 12.90 | 0.16 | • | 1.61 | 1.77 | 0.23 | 0.61 |  | 0.84 |  | 13.83 | **13.87** | 0.55 | 0.49 | 0.49 | 1.16 | 114671 | 38 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 11.70 | 0.26 | • | 1.67 | 1.93 | 0.27 |  |  | 0.27 |  | 13.36 | **16.63** | 0.68 | 0.45 | 0.45 | 2.12 | 31066 | 25 |
| 12-31-24 | 10.55 | 0.23 | • | 1.01 | 1.24 | 0.09 |  |  | 0.09 |  | 11.70 | **11.77** | 0.68 | 0.45 | 0.45 | 2.04 | 25215 | 23 |
| 12-31-23 | 9.81 | 0.08 | • | 1.52 | 1.60 | 0.18 | 0.68 |  | 0.86 |  | 10.55 | **16.82** | 0.68 | 0.45 | 0.45 | 0.80 | 47748 | 128 |
| 12-31-22 | 13.54 | 0.17 | • | (2.55) | (2.38) | 0.17 | 1.18 |  | 1.35 |  | 9.81 | **(18.10)** | 0.67 | 0.60 | 0.60 | 1.54 | 36931 | 41 |
| 12-31-21 | 12.66 | 0.13 | • | 1.58 | 1.71 | 0.22 | 0.61 |  | 0.83 |  | 13.54 | **13.65** | 0.70 | 0.64 | 0.64 | 0.96 | 40801 | 38 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 12.48 | 0.34 | • | 1.78 | 2.12 | 0.34 |  |  | 0.34 |  | 14.26 | **17.18** | 0.23 | 0.00 \* | 0.00 \* | 2.57 | 1434406 | 25 |
| 12-31-24 | 11.25 | 0.30 | • | 1.06 | 1.36 | 0.13 |  |  | 0.13 |  | 12.48 | **12.15** | 0.23 | 0.00 \* | 0.00 \* | 2.49 | 1284380 | 23 |
| 12-31-23 | 10.41 | 0.14 | • | 1.62 | 1.76 | 0.24 | 0.68 |  | 0.92 |  | 11.25 | **17.41** | 0.23 | 0.00 \* | 0.00 \* | 1.26 | 1165093 | 128 |
| 12-31-22 | 14.27 | 0.25 | • | (2.69) | (2.44) | 0.24 | 1.18 |  | 1.42 |  | 10.41 | **(17.62)** | 0.23 | 0.00 \* | 0.00 \* | 2.11 | 954048 | 41 |
| 12-31-21 | 13.26 | 0.23 | • | 1.66 | 1.89 | 0.27 | 0.61 |  | 0.88 |  | 14.27 | **14.41** | 0.24 | 0.00 \* | 0.00 \* | 1.67 | 1084762 | 38 |
| **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** | **Voya Index Solution 2040 Portfolio <br> Class ADV** |
| 12-31-25 | 18.26 | 0.33 | • | 2.98 | 3.31 | 0.35 |  |  | 0.35 |  | 21.22 | **18.26** | 0.81 | 0.58 | 0.58 | 1.67 | 33385 | 25 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** | **Voya Index Solution 2040 Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-24 | 16.19 | 0.28 | • | 1.82 | 2.10 | 0.03 |  |  | 0.03 |  | 18.26 | **13.01** | 0.81 | 0.58 | 0.58 | 1.60 | 27535 | 22 |
| 12-31-23 | 14.86 | 0.04 | • | 2.60 | 2.64 | 0.24 | 1.07 |  | 1.31 |  | 16.19 | **18.24** | 0.81 | 0.58 | 0.58 | 0.25 | 28769 | 126 |
| 12-31-22 | 20.52 | 0.23 | • | (3.91) | (3.68) | 0.21 | 1.77 |  | 1.98 |  | 14.86 | **(18.48)** | 0.81 | 0.70 | 0.70 | 1.36 | 25195 | 40 |
| 12-31-21 | 18.49 | 0.16 | • | 2.76 | 2.92 | 0.25 | 0.64 |  | 0.89 |  | 20.52 | **15.95** | 0.84 | 0.74 | 0.74 | 0.83 | 28989 | 35 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 19.00 | 0.44 | • | 3.11 | 3.55 | 0.44 |  |  | 0.44 |  | 22.11 | **18.87** | 0.31 | 0.08 | 0.08 | 2.17 | 22586 | 25 |
| 12-31-24 | 16.84 | 0.38 | • | 1.90 | 2.28 | 0.12 |  |  | 0.12 |  | 19.00 | **13.56** | 0.31 | 0.08 | 0.08 | 2.10 | 14695 | 22 |
| 12-31-23 | 15.40 | 0.12 | • | 2.70 | 2.82 | 0.31 | 1.07 |  | 1.38 |  | 16.84 | **18.87** | 0.31 | 0.08 | 0.08 | 0.75 | 14792 | 126 |
| 12-31-22 | 21.19 | 0.32 | • | (4.04) | (3.72) | 0.30 | 1.77 |  | 2.07 |  | 15.40 | **(18.08)** | 0.31 | 0.20 | 0.20 | 1.87 | 9800 | 40 |
| 12-31-21 | 19.04 | 0.28 | • | 2.85 | 3.13 | 0.34 | 0.64 |  | 0.98 |  | 21.19 | **16.58** | 0.34 | 0.24 | 0.24 | 1.35 | 9660 | 35 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 18.94 | 0.39 | • | 3.10 | 3.49 | 0.40 |  |  | 0.40 |  | 22.03 | **18.58** | 0.56 | 0.33 | 0.33 | 1.92 | 20287 | 25 |
| 12-31-24 | 16.79 | 0.34 | • | 1.89 | 2.23 | 0.08 |  |  | 0.08 |  | 18.94 | **13.29** | 0.56 | 0.33 | 0.33 | 1.85 | 16932 | 22 |
| 12-31-23 | 15.36 | 0.08 | • | 2.69 | 2.77 | 0.27 | 1.07 |  | 1.34 |  | 16.79 | **18.56** | 0.56 | 0.33 | 0.33 | 0.50 | 14682 | 126 |
| 12-31-22 | 21.12 | 0.26 | • | (4.01) | (3.75) | 0.24 | 1.77 |  | 2.01 |  | 15.36 | **(18.30)** | 0.56 | 0.45 | 0.45 | 1.51 | 11600 | 40 |
| 12-31-21 | 18.99 | 0.23 | • | 2.84 | 3.07 | 0.30 | 0.64 |  | 0.94 |  | 21.12 | **16.30** | 0.59 | 0.49 | 0.49 | 1.12 | 16775 | 35 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 18.50 | 0.35 | • | 3.02 | 3.37 | 0.38 |  |  | 0.38 |  | 21.49 | **18.37** | 0.71 | 0.48 | 0.48 | 1.77 | 9597 | 25 |
| 12-31-24 | 16.41 | 0.30 | • | 1.85 | 2.15 | 0.06 |  |  | 0.06 |  | 18.50 | **13.11** | 0.71 | 0.48 | 0.48 | 1.70 | 6629 | 22 |
| 12-31-23 | 15.04 | 0.05 | • | 2.65 | 2.70 | 0.26 | 1.07 |  | 1.33 |  | 16.41 | **18.47** | 0.71 | 0.48 | 0.48 | 0.35 | 5657 | 126 |
| 12-31-22 | 20.73 | 0.25 | • | (3.96) | (3.71) | 0.21 | 1.77 |  | 1.98 |  | 15.04 | **(18.43)** | 0.71 | 0.60 | 0.60 | 1.49 | 4152 | 40 |
| 12-31-21 | 18.68 | 0.18 | • | 2.80 | 2.98 | 0.29 | 0.64 |  | 0.93 |  | 20.73 | **16.09** | 0.74 | 0.64 | 0.64 | 0.89 | 4354 | 35 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 19.34 | 0.47 | • | 3.15 | 3.62 | 0.46 |  |  | 0.46 |  | 22.50 | **18.91** | 0.23 | 0.00 \* | 0.00 \* | 2.25 | 1077805 | 25 |
| 12-31-24 | 17.13 | 0.41 | • | 1.93 | 2.34 | 0.13 |  |  | 0.13 |  | 19.34 | **13.68** | 0.23 | 0.00 \* | 0.00 \* | 2.19 | 948878 | 22 |
| 12-31-23 | 15.66 | 0.14 | • | 2.75 | 2.89 | 0.35 | 1.07 |  | 1.42 |  | 17.13 | **18.96** | 0.23 | 0.00 \* | 0.00 \* | 0.82 | 857824 | 126 |
| 12-31-22 | 21.49 | 0.36 | • | (4.10) | (3.74) | 0.32 | 1.77 |  | 2.09 |  | 15.66 | **(17.93)** | 0.23 | 0.00 \* | 0.00 \* | 2.06 | 679923 | 40 |
| 12-31-21 | 19.27 | 0.33 | • | 2.89 | 3.22 | 0.36 | 0.64 |  | 1.00 |  | 21.49 | **16.86** | 0.24 | 0.00 \* | 0.00 \* | 1.60 | 760148 | 35 |
| **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** | **Voya Index Solution 2045 Portfolio <br> Class ADV** |
| 12-31-25 | 12.97 | 0.20 | • | 2.31 | 2.51 | 0.22 |  |  | 0.22 |  | 15.26 | **19.53** | 0.79 | 0.56 | 0.56 | 1.44 | 103590 | 26 |
| 12-31-24 | 11.36 | 0.18 | • | 1.43 | 1.61 |  |  |  |  |  | 12.97 | **14.17** | 0.79 | 0.56 | 0.56 | 1.44 | 92650 | 22 |
| 12-31-23 | 10.46 | (0.00) |)\*• | 1.95 | 1.95 | 0.16 | 0.89 |  | 1.05 |  | 11.36 | **19.21** | 0.80 | 0.57 | 0.57 | (0.01) | 102369 | 127 |
| 12-31-22 | 14.77 | 0.15 | • | (2.81) | (2.66) | 0.13 | 1.52 |  | 1.65 |  | 10.46 | **(18.60)** | 0.79 | 0.70 | 0.70 | 1.26 | 93516 | 39 |
| 12-31-21 | 13.31 | 0.11 | • | 2.16 | 2.27 | 0.19 | 0.62 |  | 0.81 |  | 14.77 | **17.25** | 0.81 | 0.74 | 0.74 | 0.73 | 132543 | 38 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 13.62 | 0.29 | • | 2.42 | 2.71 | 0.30 |  |  | 0.30 |  | 16.03 | **20.07** | 0.29 | 0.06 | 0.06 | 1.94 | 65938 | 26 |
| 12-31-24 | 11.92 | 0.25 | • | 1.51 | 1.76 | 0.06 |  |  | 0.06 |  | 13.62 | **14.78** | 0.29 | 0.06 | 0.06 | 1.94 | 52822 | 22 |
| 12-31-23 | 10.93 | 0.06 | • | 2.04 | 2.10 | 0.22 | 0.89 |  | 1.11 |  | 11.92 | **19.83** | 0.30 | 0.07 | 0.07 | 0.49 | 60301 | 127 |
| 12-31-22 | 15.37 | 0.23 | • | (2.94) | (2.71) | 0.21 | 1.52 |  | 1.73 |  | 10.93 | **(18.19)** | 0.29 | 0.20 | 0.20 | 1.81 | 47575 | 39 |
| 12-31-21 | 13.81 | 0.19 | • | 2.24 | 2.43 | 0.25 | 0.62 |  | 0.87 |  | 15.37 | **17.86** | 0.31 | 0.24 | 0.24 | 1.25 | 54110 | 38 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 13.33 | 0.24 | • | 2.38 | 2.62 | 0.26 |  |  | 0.26 |  | 15.69 | **19.84** | 0.54 | 0.31 | 0.31 | 1.69 | 66241 | 26 |
| 12-31-24 | 11.67 | 0.22 | • | 1.47 | 1.69 | 0.03 |  |  | 0.03 |  | 13.33 | **14.45** | 0.54 | 0.31 | 0.31 | 1.69 | 65529 | 22 |
| 12-31-23 | 10.72 | 0.03 | • | 2.00 | 2.03 | 0.19 | 0.89 |  | 1.08 |  | 11.67 | **19.54** | 0.55 | 0.32 | 0.32 | 0.24 | 64053 | 127 |
| 12-31-22 | 15.09 | 0.18 | • | (2.87) | (2.69) | 0.16 | 1.52 |  | 1.68 |  | 10.72 | **(18.40)** | 0.54 | 0.45 | 0.45 | 1.46 | 54086 | 39 |
| 12-31-21 | 13.58 | 0.15 | • | 2.20 | 2.35 | 0.22 | 0.62 |  | 0.84 |  | 15.09 | **17.56** | 0.56 | 0.49 | 0.49 | 1.02 | 84023 | 38 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |  | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income |  | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions |  | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) |  | ($) | ($) | ($) |  | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** | **Voya Index Solution 2045 Portfolio (continued)** |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 12.93 | 0.22 | • | 2.30 | 2.52 | 0.23 |  |  |  | 0.23 |  |  | 15.22 | **19.61** | 0.69 | 0.46 | 0.46 | 1.54 | 28244 | 26 |
| 12-31-24 | 11.32 | 0.19 | • | 1.43 | 1.62 | 0.01 |  |  |  | 0.01 |  |  | 12.93 | **14.35** | 0.69 | 0.46 | 0.46 | 1.54 | 21929 | 22 |
| 12-31-23 | 10.44 | 0.01 | • | 1.94 | 1.95 | 0.18 |  | 0.89 |  | 1.07 |  |  | 11.32 | **19.29** | 0.70 | 0.47 | 0.47 | 0.09 | 37431 | 127 |
| 12-31-22 | 14.76 | 0.17 | • | (2.81) | (2.64) | 0.16 |  | 1.52 |  | 1.68 |  |  | 10.44 | **(18.49)** | 0.69 | 0.60 | 0.60 | 1.45 | 28510 | 39 |
| 12-31-21 | 13.32 | 0.12 | • | 2.15 | 2.27 | 0.21 |  | 0.62 |  | 0.83 |  |  | 14.76 | **17.28** | 0.71 | 0.64 | 0.64 | 0.85 | 29628 | 38 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 13.90 | 0.30 | • | 2.48 | 2.78 | 0.31 |  |  |  | 0.31 |  |  | 16.37 | **20.16** | 0.23 | 0.00 \* | 0.00 \* | 2.00 | 1225666 | 26 |
| 12-31-24 | 12.16 | 0.27 | • | 1.53 | 1.80 | 0.06 |  |  |  | 0.06 |  |  | 13.90 | **14.84** | 0.23 | 0.00 \* | 0.00 \* | 2.00 | 1057855 | 22 |
| 12-31-23 | 11.14 | 0.07 | • | 2.08 | 2.15 | 0.24 |  | 0.89 |  | 1.13 |  |  | 12.16 | **19.93** | 0.23 | 0.00 \* | 0.00 \* | 0.56 | 928971 | 127 |
| 12-31-22 | 15.62 | 0.25 | • | (2.99) | (2.74) | 0.22 |  | 1.52 |  | 1.74 |  |  | 11.14 | **(18.10)** | 0.23 | 0.00 \* | 0.00 \* | 2.01 | 733611 | 39 |
| 12-31-21 | 14.00 | 0.23 | • | 2.27 | 2.50 | 0.26 |  | 0.62 |  | 0.88 |  |  | 15.62 | **18.14** | 0.24 | 0.00 \* | 0.00 \* | 1.52 | 827504 | 38 |
| **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** | **Voya Index Solution 2050 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.45 | 0.26 | • | 3.60 | 3.86 | 0.30 |  |  |  | 0.30 |  |  | 23.01 | **19.97** | 0.81 | 0.58 | 0.58 | 1.26 | 28229 | 26 |
| 12-31-24 | 16.96 | 0.24 | • | 2.25 | 2.49 |  |  |  |  |  |  |  | 19.45 | **14.68** | 0.81 | 0.59 | 0.59 | 1.27 | 23714 | 22 |
| 12-31-23 | 15.39 | (0.04) |)• | 2.99 | 2.95 | 0.21 |  | 1.17 |  | 1.38 |  |  | 16.96 | **19.68** | 0.84 | 0.62 | 0.62 | (0.22) | 21757 | 122 |
| 12-31-22 | 21.29 | 0.22 | • | (4.10) | (3.88) | 0.16 |  | 1.86 |  | 2.02 |  |  | 15.39 | **(18.70)** | 0.85 | 0.72 | 0.72 | 1.25 | 17963 | 34 |
| 12-31-21 | 18.85 | 0.15 | • | 3.06 | 3.21 | 0.23 |  | 0.54 |  | 0.77 |  |  | 21.29 | **17.22** | 0.87 | 0.74 | 0.74 | 0.72 | 23791 | 38 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.15 | 0.38 | • | 3.73 | 4.11 | 0.39 |  |  |  | 0.39 |  |  | 23.87 | **20.58** | 0.31 | 0.08 | 0.08 | 1.76 | 28164 | 26 |
| 12-31-24 | 17.52 | 0.34 | • | 2.33 | 2.67 | 0.04 |  |  |  | 0.04 |  |  | 20.15 | **15.27** | 0.31 | 0.09 | 0.09 | 1.77 | 20968 | 22 |
| 12-31-23 | 15.86 | 0.05 | • | 3.08 | 3.13 | 0.30 |  | 1.17 |  | 1.47 |  |  | 17.52 | **20.23** | 0.34 | 0.12 | 0.12 | 0.28 | 18482 | 122 |
| 12-31-22 | 21.88 | 0.32 | • | (4.22) | (3.90) | 0.26 |  | 1.86 |  | 2.12 |  |  | 15.86 | **(18.29)** | 0.35 | 0.22 | 0.22 | 1.80 | 11849 | 34 |
| 12-31-21 | 19.33 | 0.26 | • | 3.15 | 3.41 | 0.32 |  | 0.54 |  | 0.86 |  |  | 21.88 | **17.81** | 0.37 | 0.24 | 0.24 | 1.23 | 11548 | 38 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.08 | 0.33 | • | 3.70 | 4.03 | 0.34 |  |  |  | 0.34 |  |  | 23.77 | **20.23** | 0.56 | 0.33 | 0.33 | 1.51 | 14215 | 26 |
| 12-31-24 | 17.46 | 0.29 | • | 2.33 | 2.62 | 0.00 | • |  |  | 0.00 | • |  | 20.08 | **15.02** | 0.56 | 0.34 | 0.34 | 1.52 | 12997 | 22 |
| 12-31-23 | 15.81 | 0.00 | \*• | 3.07 | 3.07 | 0.25 |  | 1.17 |  | 1.42 |  |  | 17.46 | **19.94** | 0.59 | 0.37 | 0.37 | 0.03 | 12363 | 122 |
| 12-31-22 | 21.78 | 0.25 | • | (4.18) | (3.93) | 0.18 |  | 1.86 |  | 2.04 |  |  | 15.81 | **(18.52)** | 0.60 | 0.47 | 0.47 | 1.40 | 9814 | 34 |
| 12-31-21 | 19.26 | 0.20 | • | 3.14 | 3.34 | 0.28 |  | 0.54 |  | 0.82 |  |  | 21.78 | **17.50** | 0.62 | 0.49 | 0.49 | 0.96 | 15698 | 38 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 19.59 | 0.29 | • | 3.62 | 3.91 | 0.33 |  |  |  | 0.33 |  |  | 23.17 | **20.09** | 0.71 | 0.48 | 0.48 | 1.36 | 9493 | 26 |
| 12-31-24 | 17.06 | 0.26 | • | 2.27 | 2.53 |  |  |  |  |  |  |  | 19.59 | **14.83** | 0.71 | 0.49 | 0.49 | 1.37 | 6957 | 22 |
| 12-31-23 | 15.48 | (0.02) |)• | 3.01 | 2.99 | 0.24 |  | 1.17 |  | 1.41 |  |  | 17.06 | **19.78** | 0.74 | 0.52 | 0.52 | (0.12) | 4841 | 122 |
| 12-31-22 | 21.41 | 0.25 | • | (4.13) | (3.88) | 0.19 |  | 1.86 |  | 2.05 |  |  | 15.48 | **(18.62)** | 0.75 | 0.62 | 0.62 | 1.44 | 4018 | 34 |
| 12-31-21 | 18.95 | 0.19 | • | 3.06 | 3.25 | 0.25 |  | 0.54 |  | 0.79 |  |  | 21.41 | **17.33** | 0.77 | 0.64 | 0.64 | 0.93 | 3918 | 38 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 20.47 | 0.41 | • | 3.79 | 4.20 | 0.41 |  |  |  | 0.41 |  |  | 24.26 | **20.70** | 0.23 | 0.00 \* | 0.00 \* | 1.84 | 925288 | 26 |
| 12-31-24 | 17.80 | 0.36 | • | 2.37 | 2.73 | 0.06 |  |  |  | 0.06 |  |  | 20.47 | **15.36** | 0.22 | 0.00 \* | 0.00 \* | 1.85 | 803453 | 22 |
| 12-31-23 | 16.10 | 0.07 | • | 3.13 | 3.20 | 0.33 |  | 1.17 |  | 1.50 |  |  | 17.80 | **20.38** | 0.22 | 0.00 \* | 0.00 \* | 0.40 | 689274 | 122 |
| 12-31-22 | 22.16 | 0.36 | • | (4.27) | (3.91) | 0.29 |  | 1.86 |  | 2.15 |  |  | 16.10 | **(18.14)** | 0.23 | 0.00 \* | 0.00 \* | 2.01 | 512919 | 34 |
| 12-31-21 | 19.54 | 0.32 | • | 3.18 | 3.50 | 0.34 |  | 0.54 |  | 0.88 |  |  | 22.16 | **18.12** | 0.24 | 0.00 \* | 0.00 \* | 1.48 | 539936 | 38 |
| **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** | **Voya Index Solution 2055 Portfolio** |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 17.84 | 0.24 | • | 3.33 | 3.57 | 0.27 |  |  |  | 0.27 |  |  | 21.14 | **20.14** | 0.81 | 0.58 | 0.58 | 1.23 | 63702 | 25 |
| 12-31-24 | 15.54 | 0.21 | • | 2.09 | 2.30 |  |  |  |  |  |  |  | 17.84 | **14.80** | 0.81 | 0.59 | 0.59 | 1.24 | 53751 | 25 |
| 12-31-23 | 14.08 | (0.04) |)• | 2.74 | 2.70 | 0.22 |  | 1.02 |  | 1.24 |  |  | 15.54 | **19.66** | 0.85 | 0.62 | 0.62 | (0.26) | 53819 | 120 |
| 12-31-22 | 19.61 | 0.20 | • | (3.77) | (3.57) | 0.14 |  | 1.82 |  | 1.96 |  |  | 14.08 | **(18.76)** | 0.84 | 0.72 | 0.72 | 1.22 | 45187 | 34 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** | **Voya Index Solution 2055 Portfolio (continued)** |
| **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** | **Class ADV (continued)** |
| 12-31-21 | 17.47 | 0.13 | • | 2.87 | 3.00 | 0.21 | 0.65 |  | 0.86 |  | 19.61 | **17.32** | 0.85 | 0.74 | 0.74 | 0.69 | 63321 | 38 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 18.53 | 0.35 | • | 3.45 | 3.80 | 0.36 |  |  | 0.36 |  | 21.97 | **20.69** | 0.31 | 0.08 | 0.08 | 1.73 | 71745 | 25 |
| 12-31-24 | 16.09 | 0.31 | • | 2.16 | 2.47 | 0.03 |  |  | 0.03 |  | 18.53 | **15.38** | 0.31 | 0.09 | 0.09 | 1.74 | 55341 | 25 |
| 12-31-23 | 14.53 | 0.04 | • | 2.84 | 2.88 | 0.30 | 1.02 |  | 1.32 |  | 16.09 | **20.33** | 0.35 | 0.12 | 0.12 | 0.24 | 52451 | 120 |
| 12-31-22 | 20.20 | 0.29 | • | (3.90) | (3.61) | 0.24 | 1.82 |  | 2.06 |  | 14.53 | **(18.38)** | 0.34 | 0.22 | 0.22 | 1.78 | 37659 | 34 |
| 12-31-21 | 17.95 | 0.24 | • | 2.95 | 3.19 | 0.29 | 0.65 |  | 0.94 |  | 20.20 | **17.95** | 0.35 | 0.24 | 0.24 | 1.22 | 42496 | 38 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 18.22 | 0.29 | • | 3.40 | 3.69 | 0.32 |  |  | 0.32 |  | 21.59 | **20.38** | 0.56 | 0.33 | 0.33 | 1.48 | 45154 | 25 |
| 12-31-24 | 15.83 | 0.26 | • | 2.13 | 2.39 |  |  |  |  |  | 18.22 | **15.10** | 0.56 | 0.34 | 0.34 | 1.49 | 44077 | 25 |
| 12-31-23 | 14.32 | (0.00) |)\*• | 2.79 | 2.79 | 0.26 | 1.02 |  | 1.28 |  | 15.83 | **20.00** | 0.60 | 0.37 | 0.37 | (0.01) | 38902 | 120 |
| 12-31-22 | 19.90 | 0.23 | • | (3.82) | (3.59) | 0.17 | 1.82 |  | 1.99 |  | 14.32 | **(18.56)** | 0.59 | 0.47 | 0.47 | 1.43 | 29007 | 34 |
| 12-31-21 | 17.71 | 0.18 | • | 2.91 | 3.09 | 0.25 | 0.65 |  | 0.90 |  | 19.90 | **17.64** | 0.60 | 0.49 | 0.49 | 0.93 | 43919 | 38 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 17.89 | 0.26 | • | 3.33 | 3.59 | 0.26 |  |  | 0.26 |  | 21.22 | **20.20** | 0.71 | 0.48 | 0.48 | 1.33 | 21831 | 25 |
| 12-31-24 | 15.57 | 0.23 | • | 2.09 | 2.32 |  |  |  |  |  | 17.89 | **14.90** | 0.71 | 0.49 | 0.49 | 1.34 | 15987 | 25 |
| 12-31-23 | 14.11 | (0.02) |)• | 2.75 | 2.73 | 0.25 | 1.02 |  | 1.27 |  | 15.57 | **19.84** | 0.75 | 0.52 | 0.52 | (0.16) | 27217 | 120 |
| 12-31-22 | 19.67 | 0.23 | • | (3.80) | (3.57) | 0.17 | 1.82 |  | 1.99 |  | 14.11 | **(18.69)** | 0.74 | 0.62 | 0.62 | 1.41 | 19070 | 34 |
| 12-31-21 | 17.54 | 0.15 | • | 2.88 | 3.03 | 0.25 | 0.65 |  | 0.90 |  | 19.67 | **17.43** | 0.75 | 0.64 | 0.64 | 0.78 | 20878 | 38 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 18.89 | 0.37 | • | 3.53 | 3.90 | 0.38 |  |  | 0.38 |  | 22.41 | **20.82** | 0.23 | 0.00 \* | 0.00 \* | 1.81 | 814558 | 25 |
| 12-31-24 | 16.40 | 0.33 | • | 2.21 | 2.54 | 0.05 |  |  | 0.05 |  | 18.89 | **15.49** | 0.22 | 0.00 \* | 0.00 \* | 1.83 | 692386 | 25 |
| 12-31-23 | 14.80 | 0.06 | • | 2.89 | 2.95 | 0.33 | 1.02 |  | 1.35 |  | 16.40 | **20.44** | 0.23 | 0.00 \* | 0.00 \* | 0.36 | 594985 | 120 |
| 12-31-22 | 20.51 | 0.33 | • | (3.96) | (3.63) | 0.26 | 1.82 |  | 2.08 |  | 14.80 | **(18.20)** | 0.23 | 0.00 \* | 0.00 \* | 2.00 | 439069 | 34 |
| 12-31-21 | 18.20 | 0.29 | • | 2.99 | 3.28 | 0.32 | 0.65 |  | 0.97 |  | 20.51 | **18.19** | 0.24 | 0.00 \* | 0.00 \* | 1.49 | 450163 | 38 |
| **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** | **Voya Index Solution 2060 Portfolio <br> Class ADV** |
| 12-31-25 | 15.71 | 0.21 | • | 2.93 | 3.14 | 0.22 |  |  | 0.22 |  | 18.63 | **20.10** | 0.80 | 0.58 | 0.58 | 1.23 | 23600 | 25 |
| 12-31-24 | 13.68 | 0.19 | • | 1.84 | 2.03 |  |  |  |  |  | 15.71 | **14.84** | 0.79 | 0.57 | 0.57 | 1.25 | 19038 | 22 |
| 12-31-23 | 12.27 | (0.04) |)• | 2.40 | 2.36 | 0.15 | 0.80 |  | 0.95 |  | 13.68 | **19.67** | 0.85 | 0.62 | 0.62 | (0.27) | 16902 | 117 |
| 12-31-22 | 16.89 | 0.17 | • | (3.27) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.27 | **(18.84)** | 0.88 | 0.72 | 0.72 | 1.25 | 12814 | 34 |
| 12-31-21 | 14.80 | 0.12 | • | 2.47 | 2.59 | 0.13 | 0.37 |  | 0.50 |  | 16.89 | **17.65** | 0.91 | 0.74 | 0.74 | 0.72 | 15085 | 37 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 16.19 | 0.30 | • | 3.02 | 3.32 | 0.29 |  |  | 0.29 |  | 19.22 | **20.67** | 0.30 | 0.08 | 0.08 | 1.73 | 55516 | 25 |
| 12-31-24 | 14.05 | 0.27 | • | 1.89 | 2.16 | 0.02 |  |  | 0.02 |  | 16.19 | **15.41** | 0.29 | 0.07 | 0.07 | 1.75 | 40482 | 22 |
| 12-31-23 | 12.56 | 0.03 | • | 2.47 | 2.50 | 0.21 | 0.80 |  | 1.01 |  | 14.05 | **20.37** | 0.35 | 0.12 | 0.12 | 0.23 | 31714 | 117 |
| 12-31-22 | 17.25 | 0.25 | • | (3.35) | (3.10) | 0.18 | 1.41 |  | 1.59 |  | 12.56 | **(18.44)** | 0.38 | 0.22 | 0.22 | 1.80 | 20763 | 34 |
| 12-31-21 | 15.10 | 0.21 | • | 2.51 | 2.72 | 0.20 | 0.37 |  | 0.57 |  | 17.25 | **18.18** | 0.41 | 0.24 | 0.24 | 1.26 | 20267 | 37 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 15.98 | 0.26 | • | 2.97 | 3.23 | 0.25 |  |  | 0.25 |  | 18.96 | **20.37** | 0.55 | 0.33 | 0.33 | 1.48 | 10322 | 25 |
| 12-31-24 | 13.88 | 0.23 | • | 1.87 | 2.10 |  |  |  |  |  | 15.98 | **15.13** | 0.54 | 0.32 | 0.32 | 1.50 | 9758 | 22 |
| 12-31-23 | 12.42 | (0.00) |)\*• | 2.44 | 2.44 | 0.18 | 0.80 |  | 0.98 |  | 13.88 | **20.08** | 0.60 | 0.37 | 0.37 | (0.02) | 8533 | 117 |
| 12-31-22 | 17.04 | 0.20 | • | (3.30) | (3.10) | 0.11 | 1.41 |  | 1.52 |  | 12.42 | **(18.65)** | 0.63 | 0.47 | 0.47 | 1.39 | 6050 | 34 |
| 12-31-21 | 14.92 | 0.15 | • | 2.51 | 2.66 | 0.17 | 0.37 |  | 0.54 |  | 17.04 | **17.96** | 0.66 | 0.49 | 0.49 | 0.95 | 9659 | 37 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 15.83 | 0.23 | • | 2.94 | 3.17 | 0.23 |  |  | 0.23 |  | 18.77 | **20.19** | 0.70 | 0.48 | 0.48 | 1.33 | 5731 | 25 |
| 12-31-24 | 13.77 | 0.20 | • | 1.86 | 2.06 |  |  |  |  |  | 15.83 | **14.96** | 0.69 | 0.47 | 0.47 | 1.35 | 4090 | 22 |
| 12-31-23 | 12.34 | (0.02) |)• | 2.42 | 2.40 | 0.17 | 0.80 |  | 0.97 |  | 13.77 | **19.86** | 0.75 | 0.52 | 0.52 | (0.17) | 3219 | 117 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |  | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income |  | From<br> net<br> realized<br> gains |  | From<br> return of<br> capital | <br>Total<br> distributions |  | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) |  | ($) |  | ($) | ($) |  | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** | **Voya Index Solution 2060 Portfolio (continued)** |
| **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** | **Class S2 (continued)** |
| 12-31-22 | 16.97 | 0.20 | • | (3.31) | (3.11) | 0.11 |  | 1.41 |  |  | 1.52 |  |  | 12.34 | **(18.77)** | 0.78 | 0.62 | 0.62 | 1.42 | 2381 | 34 |
| 12-31-21 | 14.87 | 0.13 | • | 2.49 | 2.62 | 0.15 |  | 0.37 |  |  | 0.52 |  |  | 16.97 | **17.78** | 0.81 | 0.64 | 0.64 | 0.80 | 2296 | 37 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 16.45 | 0.32 | • | 3.08 | 3.40 | 0.30 |  |  |  |  | 0.30 |  |  | 19.55 | **20.84** | 0.23 | 0.01 | 0.01 | 1.80 | 579344 | 25 |
| 12-31-24 | 14.28 | 0.28 | • | 1.93 | 2.21 | 0.04 |  |  |  |  | 0.04 |  |  | 16.45 | **15.48** | 0.23 | 0.00 \* | 0.00 \* | 1.81 | 472004 | 22 |
| 12-31-23 | 12.76 | 0.05 | • | 2.50 | 2.55 | 0.23 |  | 0.80 |  |  | 1.03 |  |  | 14.28 | **20.46** | 0.23 | 0.00 \* | 0.00 \* | 0.34 | 381153 | 117 |
| 12-31-22 | 17.48 | 0.29 | • | (3.40) | (3.11) | 0.20 |  | 1.41 |  |  | 1.61 |  |  | 12.76 | **(18.25)** | 0.24 | 0.00 \* | 0.00 \* | 2.02 | 260763 | 34 |
| 12-31-21 | 15.27 | 0.25 | • | 2.55 | 2.80 | 0.22 |  | 0.37 |  |  | 0.59 |  |  | 17.48 | **18.50** | 0.24 | 0.00 \* | 0.00 \* | 1.49 | 243777 | 37 |
| **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** | **Voya Index Solution 2065 Portfolio <br> Class ADV** |
| 12-31-25 | 13.43 | 0.17 | • | 2.53 | 2.70 | 0.13 |  | 0.03 |  |  | 0.16 |  |  | 15.97 | **20.20** | 0.83 | 0.60 | 0.60 | 1.16 | 7888 | 25 |
| 12-31-24 | 11.70 | 0.15 | • | 1.60 | 1.75 | 0.02 |  |  |  |  | 0.02 |  |  | 13.43 | **14.96** | 0.82 | 0.58 | 0.58 | 1.17 | 4834 | 21 |
| 12-31-23 | 9.76 | (0.03) |)• | 1.97 | 1.94 |  |  |  |  |  |  |  |  | 11.70 | **19.88** | 0.92 | 0.66 | 0.66 | (0.31) | 3585 | 108 |
| 12-31-22 | 12.79 | 0.12 | • | (2.52) | (2.40) | 0.12 |  | 0.51 |  |  | 0.63 |  |  | 9.76 | **(18.86)** | 1.00 | 0.73 | 0.73 | 1.16 | 3367 | 51 |
| 12-31-21 | 11.58 | 0.12 | • | 1.93 | 2.05 | 0.08 |  | 0.76 |  |  | 0.84 |  |  | 12.79 | **17.74** | 1.12 | 0.74 | 0.74 | 0.92 | 1684 | 42 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12-31-25 | 13.61 | 0.25 | • | 2.57 | 2.82 | 0.18 |  | 0.03 |  |  | 0.21 |  |  | 16.22 | **20.82** | 0.33 | 0.10 | 0.10 | 1.66 | 30834 | 25 |
| 12-31-24 | 11.80 | 0.22 | • | 1.61 | 1.83 | 0.02 |  |  |  |  | 0.02 |  |  | 13.61 | **15.51** | 0.32 | 0.08 | 0.08 | 1.68 | 17347 | 21 |
| 12-31-23 | 9.80 | 0.02 | • | 1.98 | 2.00 |  |  |  |  |  |  |  |  | 11.80 | **20.41** | 0.42 | 0.16 | 0.16 | 0.19 | 9140 | 108 |
| 12-31-22 | 12.82 | 0.21 | • | (2.57) | (2.36) | 0.15 |  | 0.51 |  |  | 0.66 |  |  | 9.80 | **(18.45)** | 0.50 | 0.23 | 0.23 | 1.97 | 3337 | 51 |
| 12-31-21 | 11.58 | 0.20 | • | 1.93 | 2.13 | 0.13 |  | 0.76 |  |  | 0.89 |  |  | 12.82 | **18.45** | 0.62 | 0.24 | 0.24 | 1.51 | 1419 | 42 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 12-31-25 | 13.51 | 0.21 | • | 2.56 | 2.77 | 0.16 |  | 0.03 |  |  | 0.19 |  |  | 16.09 | **20.57** | 0.58 | 0.35 | 0.35 | 1.41 | 5635 | 25 |
| 12-31-24 | 11.75 | 0.18 | • | 1.60 | 1.78 | 0.02 |  |  |  |  | 0.02 |  |  | 13.51 | **15.15** | 0.57 | 0.33 | 0.33 | 1.43 | 4623 | 21 |
| 12-31-23 | 9.77 | (0.01) |)• | 1.99 | 1.98 |  |  |  |  |  |  |  |  | 11.75 | **20.27** | 0.67 | 0.41 | 0.41 | (0.06) | 3649 | 108 |
| 12-31-22 | 12.80 | 0.17 | • | (2.56) | (2.39) | 0.13 |  | 0.51 |  |  | 0.64 |  |  | 9.77 | **(18.71)** | 0.75 | 0.48 | 0.48 | 1.55 | 2156 | 51 |
| 12-31-21 | 11.58 | 0.16 | • | 1.93 | 2.09 | 0.11 |  | 0.76 |  |  | 0.87 |  |  | 12.80 | **18.08** | 0.87 | 0.49 | 0.49 | 1.21 | 1626 | 42 |
| **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** | **Class S2** |
| 12-31-25 | 13.45 | 0.18 | • | 2.55 | 2.73 | 0.14 |  | 0.03 |  |  | 0.17 |  |  | 16.01 | **20.33** | 0.73 | 0.50 | 0.50 | 1.26 | 2700 | 25 |
| 12-31-24 | 11.71 | 0.16 | • | 1.60 | 1.76 | 0.02 |  |  |  |  | 0.02 |  |  | 13.45 | **15.03** | 0.72 | 0.48 | 0.48 | 1.28 | 1506 | 21 |
| 12-31-23 | 9.76 | (0.02) |)• | 1.97 | 1.95 |  |  |  |  |  |  |  |  | 11.71 | **19.98** | 0.82 | 0.56 | 0.56 | (0.21) | 1337 | 108 |
| 12-31-22 | 12.78 | 0.16 | • | (2.55) | (2.39) | 0.12 |  | 0.51 |  |  | 0.63 |  |  | 9.76 | **(18.74)** | 0.90 | 0.63 | 0.63 | 1.45 | 611 | 51 |
| 12-31-21 | 11.57 | 0.09 | • | 1.97 | 2.06 | 0.09 |  | 0.76 |  |  | 0.85 |  |  | 12.78 | **17.87** | 1.02 | 0.64 | 0.64 | 0.70 | 428 | 42 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 12-31-25 | 13.69 | 0.26 | • | 2.60 | 2.86 | 0.19 |  | 0.03 |  |  | 0.22 |  |  | 16.33 | **21.00** | 0.23 | 0.00 \* | 0.00 \* | 1.76 | 172897 | 25 |
| 12-31-24 | 11.86 | 0.23 | • | 1.62 | 1.85 | 0.02 |  |  |  |  | 0.02 |  |  | 13.69 | **15.60** | 0.24 | 0.00 \* | 0.00 \* | 1.76 | 116913 | 21 |
| 12-31-23 | 9.83 | 0.04 | • | 1.99 | 2.03 |  |  |  |  |  |  |  |  | 11.86 | **20.65** | 0.26 | 0.00 \* | 0.00 \* | 0.35 | 72511 | 108 |
| 12-31-22 | 12.85 | 0.23 | • | (2.57) | (2.34) | 0.17 |  | 0.51 |  |  | 0.68 |  |  | 9.83 | **(18.27)** | 0.30 | 0.00 \* | 0.00 \* | 2.13 | 34267 | 51 |
| 12-31-21 | 11.59 | 0.22 | • | 1.94 | 2.16 | 0.14 |  | 0.76 |  |  | 0.90 |  |  | 12.85 | **18.69** | 0.48 | 0.00 \* | 0.00 \* | 1.72 | 16030 | 42 |
| **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** | **Voya Index Solution 2070 Portfolio <br> Class ADV** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | (0.01) |)• | 0.76 | 0.75 |  |  | 0.00 | • |  | 0.00 | • |  | 10.75 | **7.51** | 1.38 | 0.52 | 0.52 | (0.33) | 607 | 12 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.01 | • | 0.76 | 0.77 | 0.00 | • | 0.00 | • |  | 0.00 | • |  | 10.77 | **7.73** | 0.88 | 0.02 | 0.02 | 0.17 | 847 | 12 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |  | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income |  | From<br> net<br> realized<br> gains |  | From<br> return of<br> capital | <br>Total<br> distributions |  | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) |  | ($) |  | ($) | ($) |  | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** | **Voya Index Solution 2070 Portfolio (continued)** |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | (0.00) | \*• | 0.77 | 0.77 | 0.00 | • | 0.00 | • |  | 0.00 | • |  | 10.77 | **7.72** | 1.13 | 0.27 | 0.27 | (0.08) | 609 | 12 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | (0.01) |)<sup>•</sup> | 0.77 | 0.76 |  |  | 0.00 | • |  | 0.00 | • |  | 10.76 | **7.61** | 1.28 | 0.42 | 0.42 | (0.23) | 492 | 12 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-25 | 10.00 | 0.01 | • | 0.76 | 0.77 | 0.00 | • | 0.00 | • |  | 0.00 | • |  | 10.77 | **7.73** | 0.87 | 0.01 | 0.01 | 0.19 | 2811 | 12 |

---

(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 expenses of underlying funds and do not include fees and expenses charged
 under the variable annuity contract or variable life insurance policy.

(5) Net
 investment income (loss) is affected by the timing of the declaration of dividends by any
 underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income
 (loss) of any underlying mutual funds or ETFs is not included in a Portfolio net investment
 income (loss) ratio to average net assets.

(6) Commencement
 of operations.

• 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 Partners, Inc. (the "Company") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). It was incorporated under the laws of Maryland on May 7, 1997. The Articles of Incorporation permit the Company to offer separate series, each of which has its own investment objective, policies and restrictions. The Company currently consists of thirty-five active separate investment series. The ten series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Index Solution Income Portfolio ("Index Solution Income"), Voya Index Solution 2030 Portfolio ("Index Solution 2030"), Voya Index Solution 2035 Portfolio ("Index Solution 2035"), Voya Index Solution 2040 Portfolio ("Index Solution 2040"), Voya Index Solution 2045 Portfolio ("Index Solution 2045"), Voya Index Solution 2050 Portfolio ("Index Solution 2050"), Voya Index Solution 2055 Portfolio ("Index Solution 2055"), Voya Index Solution 2060 Portfolio ("Index Solution 2060"), Voya Index Solution 2065 Portfolio ("Index Solution 2065") and Voya Index Solution 2070 Portfolio ("Index Solution 2070"), each a diversified series of the Company.

Index Solution 2030, Index Solution 2035, Index Solution 2040, Index Solution 2045, Index Solution 2050, Index Solution 2055, Index Solution 2060, Index Solution 2065, and Index Solution 2070 are structured and managed around a specific target retirement or financial goal date ("Target Date"). When these Portfolios reach their respective Target Date, they may be combined with Index Solution Income, without a vote of shareholders, if approved by the Board of Directors (the "Board").

The classes of shares included in this report are: Adviser ("Class ADV"), Initial ("Class I"), Service ("Class S"), Service 2 ("Class S2") and Class Z. Shares of the Portfolios may be offered to separate accounts ("Separate Accounts") of insurance companies as investment options in connection with variable annuity contracts and variable life insurance policies ("Variable Contracts") and to certain of the Portfolios' investment advisers and their affiliates. In the future, shares may also be offered to qualified pension and retirement plans ("Qualified Plans") outside the Separate Account context. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between

share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of each of the Portfolios is described in the respective Portfolio's prospectus.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of

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

------

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

each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks

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

------

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

associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.***

Security transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

D. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

E. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F. ***Risk Exposures and the Use of Derivative Instruments.*** Each Portfolio's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Risks of Investing in Derivatives.*** Each Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest

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

------

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

rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

G. ***Futures Contracts.*** Certain Portfolios may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract

value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2025, certain Portfolios used futures to enact tactical positions and to provide the Portfolios with greater liquidity. Certain Portfolios had purchased and sold futures contracts on various equity indices. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2025, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| Index Solution Income | $4583131 | $4819969 |
| Index Solution 2030 | 7041483 | 7369990 |
| Index Solution 2035 | 11876958 | 12296685 |
| Index Solution 2040 | 24433485 | 24406338 |
| Index Solution 2045 | 31483164 | 31497254 |
| Index Solution 2050 | 21074351 | 21002993 |
| Index Solution 2055 | 21112884 | 21108886 |
| Index Solution 2060 | 13659048 | 13623022 |
| Index Solution 2065 | 3989774 | 4018576 |

---

Please refer to the tables within each respective Portfolios

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

------

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

of Investments for open futures contracts as of December 31, 2025.

H. ***Offering Costs.*** Costs incurred with the offering of shares of a Portfolio are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

I. ***Indemnifications.*** In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company'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 — INVESTMENTS IN UNDERLYING FUNDS**

For the year ended December 31, 2025, the cost of purchases and the proceeds from sales of the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Index Solution Income | $1107110455 | $365858694 |
| Index Solution 2030 | 255105795 | 263763983 |
| Index Solution 2035 | 418669289 | 434811793 |
| Index Solution 2040 | 283765772 | 272463497 |
| Index Solution 2045 | 366058395 | 360011313 |
| Index Solution 2050 | 250050201 | 246395193 |
| Index Solution 2055 | 257854474 | 237839106 |
| Index Solution 2060 | 190607254 | 150065222 |
| Index Solution 2065 | 92355726 | 45161681 |
| Index Solution 2070 | 5605952 | 516478 |

---

**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: 0.20% of each Portfolio's average daily nets assets invested in affiliated Underlying Funds and/or Funding Agreements and 0.40% of each Portfolio's average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Classes ADV and S2 of the Portfolios have a plan of distribution (the "Plans"), whereby the Distributor is reimbursed or compensated by the Portfolios for expenses incurred in the distribution of each respective Portfolio's shares. The Distributor may pay, on behalf of each Portfolio, out of its distribution fee, compensation to certain financial institutions for providing distribution assistance pursuant to a Distribution Services Agreement. Under the Plans each Portfolio makes payments to the Distributor at an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV shares and each Portfolio makes payments to the Distributor at an annual rate of 0.15% of each Portfolio's average daily net assets attributable to its Class S2 shares.

The Company has a shareholder servicing plan ("Service Plan") for the Classes ADV, S and S2 shares of each respective Portfolio. The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Classes ADV, S and S2 shares and their shareholders including Variable Contract owners or Qualified Plan participants with interests in the Portfolios. Under the Service Plan, each Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of each Portfolio's average daily net assets attributable to its Classes ADV, S and S2 shares.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Portfolio** | **Percentage** |
| Voya Institutional Trust Company | Index Solution Income | 24.10% |
|  | Index Solution 2030 | 15.08 |
|  | Index Solution 2035 | 15.96 |
|  | Index Solution 2040 | 16.87 |
|  | Index Solution 2045 | 18.86 |
|  | Index Solution 2050 | 16.26 |
|  | Index Solution 2055 | 16.69 |
|  | Index Solution 2060 | 20.11 |

---

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

------

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

---

| | | |
|:---|:---|:---|
|  | Index Solution 2065 | 12.05 |
|  | Index Solution 2070 | 6.78 |
| Voya Investment Management Company LLC | Index Solution 2070 | 60.33 |
| Voya Retirement Insurance and Annuity Company | Index Solution Income | 75.9 |
|  | Index Solution 2030 | 84.87 |
|  | Index Solution 2035 | 84.03 |
|  | Index Solution 2040 | 83.05 |
|  | Index Solution 2045 | 81.14 |
|  | Index Solution 2050 | 83.73 |
|  | Index Solution 2055 | 83.31 |
|  | Index Solution 2060 | 79.89 |
|  | Index Solution 2065 | 87.95 |
|  | Index Solution 2070 | 32.89 |

---

The Portfolios have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (the "Notional Funds"). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors' 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** |
| Index Solution Income | $73740 |
| Index Solution 2030 | 45061 |
| Index Solution 2035 | 130297 |
| Index Solution 2040 | 59317 |
| Index Solution 2045 | 132976 |
| Index Solution 2050 | 57164 |
| Index Solution 2055 | 142872 |
| Index Solution 2060 | 60675 |
| Index Solution 2065 | 37341 |
| Index Solution 2070 | 21 |

---

**NOTE 7 —EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with

each Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Portfolio's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Class**<br>**ADV** | **Class**<br>**I** | **Class**<br>**S** | **Class**<br>**S2** | **Class**<br>**Z** |
| Index Solution Income | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2030 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2035 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2040 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2045 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2050 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2055 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2060 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2065 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |
| Index Solution 2070 | 0.74% | 0.24% | 0.49% | 0.64% | 0.00% |

---

Any fees waived pursuant to the Expense Limitation Agreement shall not be eligible for recoupment.

The Expense Limitation Agreement is contractual through May 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of 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.

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

------

**NOTE 8 — LINE OF CREDIT (continued)**

The Portfolios did not utilize the line of credit during the year ended December 31, 2025.

**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** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution Income** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 326230 | 8364064 | 95517 | (1331137) |  | 7454674 | 3264414 | 83159876 | 946571 | (13350685) |  | 74020176 |
| 12/31/2024 | 285315 |  | 155681 | (4062604) |  | (3621608) | 2702015 |  | 1477410 | (39383516) |  | (35204091) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 127141 | 3760103 | 43373 | (411914) |  | 3518703 | 1316340 | 38411616 | 441534 | (4293428) |  | 35876062 |
| 12/31/2024 | 203460 |  | 36637 | (544511) |  | (304414) | 2006908 |  | 357946 | (5345298) |  | (2980444) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 202393 | 7811087 | 308341 | (2278282) |  | 6043539 | 2064039 | 78934847 | 3104998 | (23399665) |  | 60704219 |
| 12/31/2024 | 174798 |  | 243000 | (1605335) |  | (1187537) | 1717714 |  | 2347383 | (15623283) |  | (11558186) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 64163 | 1502630 | 7105 | (107812) |  | 1466086 | 642477 | 14848915 | 69988 | (1069842) |  | 14491538 |
| 12/31/2024 | 514338 |  | 63075 | (2342795) |  | (1765382) | 4820614 |  | 590384 | (22524594) |  | (17113596) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1984112 | 69172536 | 1735710 | (13788667) |  | 59103691 | 20757336 | 719594314 | 17999315 | (145504152) |  | 612846813 |
| 12/31/2024 | 1640368 |  | 1384109 | (9604217) |  | (6579740) | 16405176 |  | 13758043 | (95739523) |  | (65576304) |
| **Index Solution 2030** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 277507 |  | 43888 | (517981) |  | (196586) | 4659074 |  | 738194 | (8791879) |  | (3394611) |
| 12/31/2024 | 379242 |  | 26001 | (1155223) |  | (749980) | 5925560 |  | 400420 | (18246741) |  | (11920761) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 420849 |  | 26179 | (170083) |  | 276945 | 7372473 |  | 458125 | (2991087) |  | 4839511 |
| 12/31/2024 | 235433 |  | 10823 | (303620) |  | (57364) | 3724958 |  | 173276 | (4837062) |  | (938828) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 340197 |  | 27145 | (311906) |  | 55436 | 5856327 |  | 470694 | (5422858) |  | 904163 |
| 12/31/2024 | 297552 |  | 11551 | (360321) |  | (51218) | 4786191 |  | 183318 | (5704738) |  | (735229) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 96998 |  | 4951 | (90226) |  | 11723 | 1645481 |  | 84219 | (1490536) |  | 239164 |
| 12/31/2024 | 337608 |  | 17714 | (1400925) |  | (1045603) | 5179446 |  | 274214 | (22547061) |  | (17093401) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3223902 |  | 1432511 | (6231010) |  | (1574597) | 57655962 |  | 25498700 | (110845478) |  | (27690816) |
| 12/31/2024 | 3407488 |  | 775606 | (6091549) |  | (1908455) | 55737948 |  | 12626860 | (99653428) |  | (31288620) |
| **Index Solution 2035** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 822581 |  | 177789 | (1959961) |  | (959591) | 10278775 |  | 2233026 | (24515880) |  | (12004079) |
| 12/31/2024 | 880445 |  | 68432 | (3819992) |  | (2871115) | 10081306 |  | 773280 | (44219925) |  | (33365339) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 945100 |  | 121544 | (712521) |  | 354123 | 12526119 |  | 1581285 | (9146541) |  | 4960863 |
| 12/31/2024 | 558807 |  | 52391 | (1614463) |  | (1003265) | 6586626 |  | 612456 | (18784497) |  | (11585415) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 585766 |  | 159476 | (1609730) |  | (864488) | 7446113 |  | 2041289 | (20471927) |  | (10984525) |
| 12/31/2024 | 471652 |  | 66449 | (1726136) |  | (1188035) | 5452247 |  | 764825 | (19935324) |  | (13718252) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 296685 |  | 48751 | (175788) |  | 169648 | 3707549 |  | 608412 | (2185341) |  | 2130620 |
| 12/31/2024 | 795712 |  | 37738 | (3201395) |  | (2367945) | 8778108 |  | 423046 | (37468320) |  | (28267166) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5814602 |  | 2573736 | (10721145) |  | (2332807) | 76585840 |  | 34230683 | (142163605) |  | (31347082) |
| 12/31/2024 | 7298980 |  | 1120375 | (9063238) |  | (643883) | 87643176 |  | 13388484 | (108647715) |  | (7616055) |
| **Index Solution 2040** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 358731 |  | 27413 | (320706) |  | 65438 | 6850368 |  | 540042 | (6206405) |  | 1184005 |
| 12/31/2024 | 308861 |  | 3173 | (580847) |  | (268813) | 5379020 |  | 55147 | (10373584) |  | (4939417) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 295314 |  | 19719 | (66804) |  | 248229 | 6016772 |  | 403842 | (1368605) |  | 5052009 |
| 12/31/2024 | 193905 |  | 4805 | (303718) |  | (105008) | 3505808 |  | 86724 | (5442315) |  | (1849783) |

---

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** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution 2040 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 182019 |  | 16896 | (171855) |  | 27060 | 3714834 |  | 345025 | (3482531) |  | 577328 |
| 12/31/2024 | 181961 |  | 3701 | (166002) |  | 19660 | 3320691 |  | 66659 | (2988304) |  | 399046 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 113197 |  | 7988 | (32972) |  | 88213 | 2192781 |  | 159280 | (636214) |  | 1715847 |
| 12/31/2024 | 79045 |  | 1155 | (66589) |  | 13611 | 1395619 |  | 20331 | (1182502) |  | 233448 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3386775 |  | 1051819 | (5612020) |  | (1173426) | 69746271 |  | 21919900 | (115102042) |  | (23435871) |
| 12/31/2024 | 3899031 |  | 341021 | (5244623) |  | (1004571) | 71907791 |  | 6261149 | (97013514) |  | (18844574) |
| **Index Solution 2045** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 516397 |  | 109290 | (978207) |  | (352520) | 7203804 |  | 1539896 | (13654246) |  | (4910546) |
| 12/31/2024 | 591250 |  |  | (2460795) |  | (1869545) | 7286325 |  |  | (31445231) |  | (24158906) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 457605 |  | 81474 | (304680) |  | 234399 | 6623486 |  | 1203370 | (4561453) |  | 3265403 |
| 12/31/2024 | 555179 |  | 17276 | (1753440) |  | (1180985) | 7125561 |  | 221823 | (22011444) |  | (14664060) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 304158 |  | 79411 | (1075541) |  | (691972) | 4343837 |  | 1149075 | (15436668) |  | (9943756) |
| 12/31/2024 | 419379 |  | 10059 | (1003821) |  | (574383) | 5359667 |  | 126638 | (12768267) |  | (7281962) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 237333 |  | 28566 | (106142) |  | 159757 | 3304046 |  | 401347 | (1468052) |  | 2237341 |
| 12/31/2024 | 541683 |  | 4064 | (2155278) |  | (1609531) | 6540923 |  | 49664 | (27878136) |  | (21287549) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4817032 |  | 1528976 | (7572159) |  | (1226151) | 71419747 |  | 23072247 | (113930209) |  | (19438215) |
| 12/31/2024 | 6102975 |  | 352551 | (6752754) |  | (297228) | 80927337 |  | 4621941 | (89581421) |  | (4032143) |
| **Index Solution 2050** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 211872 |  | 17046 | (221537) |  | 7381 | 4383107 |  | 361025 | (4685822) |  | 58310 |
| 12/31/2024 | 209523 |  |  | (273225) |  | (63702) | 3854392 |  |  | (5093721) |  | (1239329) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 187624 |  | 20067 | (68438) |  | 139253 | 4022619 |  | 440074 | (1505842) |  | 2956851 |
| 12/31/2024 | 252551 |  | 2236 | (269077) |  | (14290) | 4758237 |  | 42367 | (5072598) |  | (271994) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 134176 |  | 9126 | (192798) |  | (49496) | 2931373 |  | 199596 | (4175826) |  | (1044857) |
| 12/31/2024 | 173156 |  | 81 | (233837) |  | (60600) | 3226902 |  | 1522 | (4404254) |  | (1175830) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 89638 |  | 5890 | (40997) |  | 54531 | 1899269 |  | 125574 | (861001) |  | 1163842 |
| 12/31/2024 | 99555 |  |  | (28120) |  | 71435 | 1862776 |  |  | (523671) |  | 1339105 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2904822 |  | 709299 | (4716711) |  | (1102590) | 63868181 |  | 15803179 | (104086485) |  | (24415125) |
| 12/31/2024 | 3556023 |  | 120452 | (3152528) |  | 523947 | 68988138 |  | 2318693 | (61186981) |  | 10119850 |
| **Index Solution 2055** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 338811 |  | 41226 | (378472) |  | 1565 | 6501997 |  | 801844 | (7293252) |  | 10589 |
| 12/31/2024 | 388433 |  |  | (839251) |  | (450818) | 6586799 |  |  | (14394583) |  | (7807784) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 428961 |  | 55838 | (205999) |  | 278800 | 8534357 |  | 1126260 | (4114741) |  | 5545876 |
| 12/31/2024 | 464627 |  | 5520 | (743858) |  | (273711) | 8114629 |  | 96105 | (12730004) |  | (4519270) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 260145 |  | 34807 | (622891) |  | (327939) | 5049993 |  | 690567 | (12326433) |  | (6585873) |
| 12/31/2024 | 292382 |  |  | (331024) |  | (38642) | 5026608 |  |  | (5707088) |  | (680480) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 202135 |  | 12906 | (80009) |  | 135032 | 3912036 |  | 251932 | (1527078) |  | 2636890 |
| 12/31/2024 | 399474 |  |  | (1254269) |  | (854795) | 6688515 |  |  | (22492441) |  | (15803926) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3290822 |  | 669082 | (4258977) |  | (299073) | 66626429 |  | 13763007 | (86925570) |  | (6536134) |
| 12/31/2024 | 3699155 |  | 96424 | (3424895) |  | 370684 | 66151366 |  | 1711525 | (61545127) |  | 6317764 |
| **Index Solution 2060** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 245701 |  | 15811 | (206567) |  | 54945 | 4146310 |  | 271157 | (3559846) |  | 857621 |
| 12/31/2024 | 238072 |  |  | (261803) |  | (23731) | 3575375 |  |  | (3910373) |  | (334998) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 532322 |  | 44447 | (189550) |  | 387219 | 9248638 |  | 784481 | (3233194) |  | 6799925 |

---

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** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Index Solution 2060 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 | 605555 |  | 3834 | (366192) |  | 243197 | 9193221 |  | 58312 | (5634453) |  | 3617080 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 133046 |  | 7975 | (207380) |  | (66359) | 2281959 |  | 138997 | (3570376) |  | (1149420) |
| 12/31/2024 | 152691 |  |  | (156779) |  | (4088) | 2314097 |  |  | (2334781) |  | (20684) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 83146 |  | 3773 | (40051) |  | 46868 | 1411057 |  | 65129 | (660287) |  | 815899 |
| 12/31/2024 | 71451 |  |  | (46849) |  | 24602 | 1068758 |  |  | (723942) |  | 344816 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3606115 |  | 494889 | (3147458) |  | 953546 | 63729505 |  | 8878317 | (56385146) |  | 16222676 |
| 12/31/2024 | 4178746 |  | 67998 | (2249771) |  | 1996973 | 65073376 |  | 1050563 | (35211720) |  | 30912219 |
| **Index Solution 2065** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 212865 |  | 4845 | (83836) |  | 133874 | 3069577 |  | 71179 | (1219491) |  | 1921265 |
| 12/31/2024 | 172917 |  | 493 | (119848) |  | 53562 | 2214457 |  | 6233 | (1537332) |  | 683358 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 737719 |  | 22359 | (133837) |  | 626241 | 10871302 |  | 332920 | (1965154) |  | 9239068 |
| 12/31/2024 | 677723 |  | 1552 | (179210) |  | 500065 | 8767238 |  | 19848 | (2332415) |  | 6454671 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 287647 |  | 5035 | (284649) |  | 8033 | 4250847 |  | 74469 | (4286962) |  | 38354 |
| 12/31/2024 | 141393 |  | 424 | (110347) |  | 31470 | 1834000 |  | 5386 | (1391558) |  | 447828 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 80840 |  | 1536 | (25735) |  | 56641 | 1191113 |  | 22605 | (370167) |  | 843551 |
| 12/31/2024 | 123623 |  | 273 | (126115) |  | (2219) | 1571784 |  | 3462 | (1691889) |  | (116643) |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2845418 |  | 144154 | (938181) |  | 2051391 | 41991555 |  | 2159430 | (14394123) |  | 29756862 |
| 12/31/2024 | 2871420 |  | 11318 | (456633) |  | 2426105 | 37213690 |  | 145545 | (5934515) |  | 31424720 |
| **Index Solution 2070** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 56400 |  | 6 | (6) |  | 56400 | 571213 |  | 68 | (66) |  | 571215 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 78730 |  | 20 | (145) |  | 78605 | 809896 |  | 212 | (1543) |  | 808565 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 80430 |  | 11 | (23853) |  | 56588 | 823550 |  | 124 | (255463) |  | 568211 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 45730 |  | 5 | (2) |  | 45733 | 457767 |  | 55 | (22) |  | 457800 |
| **Class Z** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 260897 |  | 84 | (82) |  | 260899 | 2683026 |  | 908 | (874) |  | 2683060 |

---

<sup>(1)</sup> Commencement of operations.

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, futures contracts 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:

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

------

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | |
|  | **December 31, 2025** | **December 31, 2025** | **Year Ended** **<br> December 31,**<br>**2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** |
| Index Solution Income | $22562406 | $— | $18531166 |
| Index Solution 2030 | 27249932 |  | 13658088 |
| Index Solution 2035 | 40694695 |  | 15962091 |
| Index Solution 2040 | 23368089 |  | 6490010 |
| Index Solution 2045 | 27365935 |  | 5020066 |
| Index Solution 2050 | 16929448 |  | 2362582 |
| Index Solution 2055 | 16633610 |  | 1807630 |
| Index Solution 2060 | 10138081 |  | 1108875 |
| Index Solution 2065 | 2402370 | 258233 | 180474 |
| Index Solution 2070 | 1367 |  |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2025, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Index Solution Income | $33081344 | $— | $116518865 | $— |  | $126401137 |
|  |  |  |  | (23199072) | Long-term |  |
|  |  |  |  | $(23199072) |  |  |
| Index Solution 2030 | 30716496 | 19601121 | 149148929 |  |  | 199466546 |
| Index Solution 2035 | 46456379 | 46876520 | 316056236 |  |  | 409389135 |
| Index Solution 2040 | 27632246 | 41247108 | 243263024 |  |  | 312142378 |
| Index Solution 2045 | 32418586 | 72658904 | 342857270 |  |  | 447934760 |
| Index Solution 2050 | 21013453 | 50246756 | 235114504 |  |  | 306374713 |
| Index Solution 2055 | 20481800 | 55892506 | 239316518 |  |  | 315690824 |
| Index Solution 2060 | 13239187 | 30532079 | 149963437 |  |  | 193734703 |
| Index Solution 2065 | 3977305 | 12980251 | 37401528 |  |  | 54359084 |
| Index Solution 2070 | 23196 |  | 253118 |  |  | 276314 |

---

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

As of December 31, 2025, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism,

global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines

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

------

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio's service providers.

**NOTE 12 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic

280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Portfolio's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. Each Portfolio has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of a Portfolio holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and portfolio composition to make resource allocation decisions. Detailed financial information regarding each Portfolio is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Portfolio's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — REORGANIZATIONS**

On August 8, 2025, Index Solution Income Portfolio ("Acquiring Portfolio") acquired all of the net assets and assumed all liabilities of Voya Index Solution 2025 Portfolio ("Acquired Portfolio"), an open-end investment company, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2025, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $53821827 |
| Net realized and unrealized gain on investments | 110978662 |
| Net increase in net assets resulting from operations | $164800489 |

---

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

------

**NOTE 13 — REORGANIZATIONS (continued)**

Because the combined investment funds have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's statement of operations since August 8, 2025. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Portfolio**<br>**(000s)** | **Total Net**<br>**Assets of**<br>**Acquiring**<br>**Portfolio**<br>**(000s)** | **Acquired**<br>**Portfolio's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired**<br>**Portfolio's**<br>**Unrealized**<br>**Appreciation**<br>**(000s)** |<br>**Portfolios'**<br>**Conversion**<br>**Ratio** |
| $934950 | $565100 | $— | $67604 | 1.0758 |

---

The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $1,500,049,695.

**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 ("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 INDEX SOLUTION INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 53.8%** | **EXCHANGE-TRADED FUNDS: 53.8%** | **EXCHANGE-TRADED FUNDS: 53.8%** | **EXCHANGE-TRADED FUNDS: 53.8%** |
| 75483 | Invesco S&P 500 Equal Weight ETF | $14459523 | 1 |
| 5231483 | Schwab U.S. TIPS ETF | 138581985 | 9.5 |
| 756626 | Vanguard Long-Term Treasury ETF | 42219731 | 2.9 |
| 10831184 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 531289071 | 36.6 |
| 1497941 | Xtrackers USD High Yield Corporate Bond ETF | 55169167 | 3.8 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $784,792,380) | **781719477** | **53.8** |
| **MUTUAL FUNDS: 45.8%** | **MUTUAL FUNDS: 45.8%** | **MUTUAL FUNDS: 45.8%** | **MUTUAL FUNDS: 45.8%** |
|  | **Affiliated Investment Companies: 45.8%** | **Affiliated Investment Companies: 45.8%** | **Affiliated Investment Companies: 45.8%** |
| 12082374 | Voya Short Duration Bond Fund - Class R6 | 113815960 | 7.8 |
| 5387761 | Voya U.S. Bond Index Portfolio - Class I | 49405770 | 3.4 |
| 2623321 | Voya VACS Index Series EM Portfolio | 39035015 | 2.7 |
| 12356207 | Voya VACS Index Series I Portfolio | 172863340 | 11.9 |
| 17889070 | Voya VACS Index Series S Portfolio | 291412946 | 20 |
|  | Total Mutual Funds |  |  |
|  | (Cost $544,072,110) | **666533031** | **45.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,328,864,490) | **1448252508** | **99.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 5208553 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% | 5208553 | 0.4 |
|  | Total Short-Term Investments |  |  |
|  | (Cost $5,208,553) | **5208553** | **0.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,334,073,043)** | $**1453461061** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(452219**) | **0.0** |
|  | **Net Assets** | $**1453008842** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

<sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025(CONTINUED)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $781719477 | $— | $— | $781719477 |
| Mutual Funds | 666533031 |  |  | 666533031 |
| Short-Term Investments | 5208553 |  |  | 5208553 |
| Total Investments, at fair value | $1453461061 | $— | $— | $1453461061 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $14317572 | $(13236530) | $(1081042) | $— | $10664 | $1596263 | $596364 |
| Voya Short Duration Bond Fund - Class R6 | 52767903 | 81045498 | (20393394) | 395953 | 113815960 | 3568412 | 211382 |  |
| Voya U.S. Bond Index Portfolio - Class I | 26662001 | 101788039 | (79586179) | 541909 | 49405770 | 1290935 | 161348 |  |
| Voya VACS Index Series EM Portfolio | 17090876 | 20980529 | (4404114) | 5367724 | 39035015 | 305944 | 1835677 | 2525 |
| Voya VACS Index Series I Portfolio | 42968463 | 116744568 | (880026) | 14030335 | 172863340 | 1275196 | 4236277 |  |
| Voya VACS Index Series MC Portfolio | 16337341 | 25987494 | (40503510) | (1821325) |  | 180636 | 1945904 | 299003 |
| Voya VACS Index Series S Portfolio | 111660769 | 172993151 | 4744406 | 2014620 | 291412946 | 1443310 | 25975151 | 4920190 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 215552128 | 355492456 | (47000409) | 7244896 | 531289071 | 17417240 | (954075) |  |
|  | $483039481 | $889349307 | $(201259756) | $26693070 | $1197822102 | $25492337 | $35007927 | $5818082 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(301432) |
| Interest rate contracts | (16384) |
| **Total** | $(317816) |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025(CONTINUED)</u>

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,336,942,196. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $127452356 |
| Gross Unrealized Depreciation | (10933491) |
| Net Unrealized Appreciation | $116518865 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2030 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 34.1%** | **EXCHANGE-TRADED FUNDS: 34.1%** | **EXCHANGE-TRADED FUNDS: 34.1%** | **EXCHANGE-TRADED FUNDS: 34.1%** |
| 52514 | Invesco S&P 500 Equal Weight ETF | $10059582 | 1 |
| 1078276 | Schwab U.S. TIPS ETF | 28563531 | 2.8 |
| 523502 | Vanguard Long-Term Treasury ETF | 29211411 | 2.9 |
| 5309498 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 260440434 | 25.5 |
| 518902 | Xtrackers USD High Yield Corporate Bond ETF | 19111161 | 1.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $347,761,197) | **347386119** | **34.1** |
| **MUTUAL FUNDS: 65.7%** | **MUTUAL FUNDS: 65.7%** | **MUTUAL FUNDS: 65.7%** | **MUTUAL FUNDS: 65.7%** |
|  | **Affiliated Investment Companies: 65.7%** | **Affiliated Investment Companies: 65.7%** | **Affiliated Investment Companies: 65.7%** |
| 2090118 | Voya Short Duration Bond Fund - Class R6 | 19688911 | 1.9 |
| 3886447 | Voya U.S. Bond Index Portfolio - Class I | 35638718 | 3.5 |
| 2548890 | Voya VACS Index Series EM Portfolio | 37927482 | 3.7 |
| 12740244 | Voya VACS Index Series I Portfolio | 178236009 | 17.5 |
| 2247342 | Voya VACS Index Series MC Portfolio | 29417703 | 2.9 |
| 21384202 | Voya VACS Index Series S Portfolio | 348348646 | 34.1 |
| 1838400 | Voya VACS Index Series SC Portfolio | 21233519 | 2.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $518,974,750) | **670490988** | **65.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $866,735,947) | **1017877107** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $866,735,947)** | $**1017877107** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2354489** | **0.2** |
|  | **Net Assets** | $**1020231596** | **100.0** |

---

(1) Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2030 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $347386119 | $— | $— | $347386119 |
| Mutual Funds | 670490988 |  |  | 670490988 |
| Total Investments, at fair value | $1017877107 | $— | $— | $1017877107 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $10037552 | $(10037552) | $— | $— | $17748 | $1074944 | $992473 |
| Voya Short Duration Bond Fund - Class R6 | 23757170 | 3219735 | (7554574) | 266580 | 19688911 | 940104 | (66691) |  |
| Voya U.S. Bond Index Portfolio - Class I | 46160916 | 30747851 | (42575357) | 1305308 | 35638718 | 1561196 | (297528) |  |
| Voya VACS Index Series EM Portfolio | 32461074 | 2446819 | (5411304) | 8430893 | 37927482 | 593991 | 1098700 | 4902 |
| Voya VACS Index Series I Portfolio | 144588652 | 42306639 | (36639583) | 27980301 | 178236009 | 3961620 | 8057254 |  |
| Voya VACS Index Series MC Portfolio | 45681063 | 22388891 | (34803363) | (3848888) | 29417703 | 676430 | 4705964 | 1119681 |
| Voya VACS Index Series S Portfolio | 317043829 | 62635169 | (46272481) | 14942129 | 348348646 | 4054289 | 24658884 | 13820924 |
| Voya VACS Index Series SC Portfolio | 22846931 | 4987457 | (5853057) | (747812) | 21233519 | 487646 | 638996 | 2106448 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 234882147 | 27849364 | (7772400) | 5481323 | 260440434 | 12325738 | (263675) |  |
|  | $867421782 | $206619477 | $(196919671) | $53809834 | $930931422 | $24618762 | $39606848 | $18044428 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(519120) |
| **Total** | $(519120) |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2030 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $868,728,178. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $153284068 |
| Gross Unrealized Depreciation | (4135139) |
| Net Unrealized Appreciation | $149148929 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2035 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 23.3%** | **EXCHANGE-TRADED FUNDS: 23.3%** | **EXCHANGE-TRADED FUNDS: 23.3%** | **EXCHANGE-TRADED FUNDS: 23.3%** |
| 89865 | Invesco S&P 500 Equal Weight ETF | $17214539 | 1 |
| 891289 | Vanguard Long-Term Treasury ETF | 49733926 | 2.8 |
| 6243240 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 306242160 | 17.6 |
| 883615 | Xtrackers USD High Yield Corporate Bond ETF | 32543541 | 1.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $405,989,240) | **405734166** | **23.3** |
| **MUTUAL FUNDS: 76.4%** | **MUTUAL FUNDS: 76.4%** | **MUTUAL FUNDS: 76.4%** | **MUTUAL FUNDS: 76.4%** |
|  | **Affiliated Investment Companies: 76.4%** | **Affiliated Investment Companies: 76.4%** | **Affiliated Investment Companies: 76.4%** |
| 10369591 | Voya U.S. Bond Index Portfolio - Class I | 95089151 | 5.5 |
| 5566692 | Voya VACS Index Series EM Portfolio | 82832374 | 4.7 |
| 25466316 | Voya VACS Index Series I Portfolio | 356273758 | 20.4 |
| 3762337 | Voya VACS Index Series MC Portfolio | 49248985 | 2.8 |
| 43742305 | Voya VACS Index Series S Portfolio | 712562143 | 40.9 |
| 3122941 | Voya VACS Index Series SC Portfolio | 36069972 | 2.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $1,013,188,925) | **1332076383** | **76.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,419,178,165) | **1737810549** | **99.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,419,178,165)** | $**1737810549** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **4357717** | **0.3** |
|  | **Net Assets** | $**1742168266** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2035 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $405734166 | $— | $— | $405734166 |
| Mutual Funds | 1332076383 |  |  | 1332076383 |
| Total Investments, at fair value | $1737810549 | $— | $— | $1737810549 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $16801021 | $(16801021) | $— | $— | $29840 | $1821076 | $1668708 |
| Voya Short Duration Bond Fund - Class R6 | 7845276 | 100627 | (7937493) | (8410) |  | 54331 | 33541 |  |
| Voya U.S. Bond Index Portfolio - Class I | 111405848 | 37412448 | (55921249) | 2192104 | 95089151 | 3971837 | 417109 |  |
| Voya VACS Index Series EM Portfolio | 70299826 | 4399984 | (10529091) | 18661655 | 82832374 | 1284116 | 2118354 | 10598 |
| Voya VACS Index Series I Portfolio | 290659471 | 76917403 | (69134497) | 57831381 | 356273758 | 8088588 | 15268260 |  |
| Voya VACS Index Series MC Portfolio | 76043202 | 37159264 | (57460018) | (6493463) | 49248985 | 1137348 | 7943836 | 1882629 |
| Voya VACS Index Series S Portfolio | 640021132 | 118692505 | (82447275) | 36295781 | 712562143 | 8234554 | 43889962 | 28071296 |
| Voya VACS Index Series SC Portfolio | 41663323 | 8180641 | (12043567) | (1730425) | 36069972 | 819909 | 1508690 | 3541702 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 268344020 | 41850568 | (10336250) | 6383822 | 306242160 | 14359995 | (350277) |  |
|  | $1506282098 | $341514461 | $(322610461) | $113132445 | $1638318543 | $37980518 | $72650551 | $35174933 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(885059) |
| **Total** | $(885059) |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2035 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,421,754,313. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $321175998 |
| Gross Unrealized Depreciation | (5119762) |
| Net Unrealized Appreciation | $316056236 |

---

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2040 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 15.8%** | **EXCHANGE-TRADED FUNDS: 15.8%** | **EXCHANGE-TRADED FUNDS: 15.8%** | **EXCHANGE-TRADED FUNDS: 15.8%** |
| 59872 | Invesco S&P 500 Equal Weight ETF | $11469080 | 1 |
| 591781 | Vanguard Long-Term Treasury ETF | 33021380 | 2.8 |
| 2403968 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 117918958 | 10.1 |
| 586958 | Xtrackers USD High Yield Corporate Bond ETF | 21617663 | 1.9 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $183,081,574) | **184027081** | **15.8** |
| **MUTUAL FUNDS: 84.0%** | **MUTUAL FUNDS: 84.0%** | **MUTUAL FUNDS: 84.0%** | **MUTUAL FUNDS: 84.0%** |
|  | **Affiliated Investment Companies: 84.0%** | **Affiliated Investment Companies: 84.0%** | **Affiliated Investment Companies: 84.0%** |
| 2893552 | Voya U.S. Bond Index Portfolio - Class I | 26533870 | 2.3 |
| 4520327 | Voya VACS Index Series EM Portfolio | 67262466 | 5.8 |
| 20311251 | Voya VACS Index Series I Portfolio | 284154400 | 24.4 |
| 3401302 | Voya VACS Index Series MC Portfolio | 44523038 | 3.8 |
| 32623382 | Voya VACS Index Series S Portfolio | 531434892 | 45.7 |
| 2075117 | Voya VACS Index Series SC Portfolio | 23967596 | 2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $734,649,733) | **977876262** | **84.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $917,731,307) | **1161903343** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $917,731,307)** | $**1161903343** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1756212** | **0.2** |
|  | **Net Assets** | $**1163659555** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2040 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $184027081 | $— | $— | $184027081 |
| Mutual Funds | 977876262 |  |  | 977876262 |
| Total Investments, at fair value | $1161903343 | $— | $— | $1161903343 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(142407) | $— | $— | $(142407) |
| Total Liabilities | $(142407) | $— | $— | $(142407) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $10874976 | $(10874976) | $— | $— | $19214 | $1186644 | $1074526 |
| Voya Short Duration Bond Fund - Class R6 | 5072280 | 53814 | (5120660) | (5434) |  | 35009 | 21569 |  |
| Voya U.S. Bond Index Portfolio - Class I | 35205315 | 15186515 | (24350530) | 492570 | 26533870 | 1145852 | 230977 |  |
| Voya VACS Index Series EM Portfolio | 55674090 | 3967661 | (7536353) | 15157068 | 67262466 | 1010710 | 1446537 | 8341 |
| Voya VACS Index Series I Portfolio | 218885280 | 59143382 | (41800844) | 47926582 | 284154400 | 6434314 | 9335027 |  |
| Voya VACS Index Series MC Portfolio | 58072235 | 27998181 | (36629330) | (4918048) | 44523038 | 895146 | 6506418 | 1481717 |
| Voya VACS Index Series S Portfolio | 468129189 | 87438652 | (54349658) | 30216709 | 531434892 | 5988670 | 28681134 | 20415157 |
| Voya VACS Index Series SC Portfolio | 33584056 | 6228955 | (13602605) | (2242810) | 23967596 | 527960 | 1975964 | 2280593 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 97357813 | 21663066 | (3448250) | 2346329 | 117918958 | 5376742 | (116844) |  |
|  | $971980258 | $232555202 | $(197713206) | $88972966 | $1095795220 | $21433617 | $49267426 | $25260334 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

<u>VOYA INDEX SOLUTION 2040 PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 (CONTINUED)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2040 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 253 | 03/31/26 | $27654086 | $(132923) |
|  |  |  | $27654086 | $(132923) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3-month SOFR | (114) | 06/16/26 | (27498225) | (9484) |
|  |  |  | $(27498225) | $(9484) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $142407 |
| **Total Liability Derivatives** |  | $142407 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(557628) |
| Interest rate contracts | 827115 |
| **Total** | $269487 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(142407) |
| **Total** | $(142407) |

---

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 $918,497,912. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $244600431 |
| Gross Unrealized Depreciation | (1337407) |
| Net Unrealized Appreciation | $243263024 |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 9.5%** | **EXCHANGE-TRADED FUNDS: 9.5%** | **EXCHANGE-TRADED FUNDS: 9.5%** | **EXCHANGE-TRADED FUNDS: 9.5%** |
| 76551 | Invesco S&P 500 Equal Weight ETF | $14664109 | 1 |
| 503635 | Vanguard Long-Term Treasury ETF | 28102833 | 1.9 |
| 1463412 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 71782993 | 4.8 |
| 748905 | Xtrackers USD High Yield Corporate Bond ETF | 27582171 | 1.8 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $140,957,580) | **142132106** | **9.5** |
| **MUTUAL FUNDS: 90.3%** | **MUTUAL FUNDS: 90.3%** | **MUTUAL FUNDS: 90.3%** | **MUTUAL FUNDS: 90.3%** |
|  | **Affiliated Investment Companies: 90.3%** | **Affiliated Investment Companies: 90.3%** | **Affiliated Investment Companies: 90.3%** |
| 1350114 | Voya U.S. Bond Index Portfolio - Class I | 12380545 | 0.8 |
| 6820767 | Voya VACS Index Series EM Portfolio | 101493020 | 6.8 |
| 27073349 | Voya VACS Index Series I Portfolio | 378756149 | 25.4 |
| 4920693 | Voya VACS Index Series MC Portfolio | 64411877 | 4.3 |
| 46503052 | Voya VACS Index Series S Portfolio | 757534722 | 50.9 |
| 2649164 | Voya VACS Index Series SC Portfolio | 30597840 | 2.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $1,002,660,654) | **1345174153** | **90.3** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,143,618,234) | **1487306259** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,143,618,234)** | $**1487306259** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2373996** | **0.2** |
|  | **Net Assets** | $**1489680255** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $142132106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $142132106 |
| Mutual Funds | 1345174153 |  |  | 1345174153 |
| Total Investments, at fair value | $1487306259 | $— | $— | $1487306259 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(184640) | $— | $— | $(184640) |
| Total Liabilities | $(184640) | $— | $— | $(184640) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $13877767 | $(13877767) | $— | $— | $24625 | $1525738 | $1377061 |
| Voya Short Duration Bond Fund - Class R6 | 6452860 | 85497 | (6531447) | (6910) |  | 44843 | 27673 |  |
| Voya U.S. Bond Index Portfolio - Class I | 13125409 | 7136630 | (8264806) | 383312 | 12380545 | 520601 | (17532) |  |
| Voya VACS Index Series EM Portfolio | 83780053 | 5449940 | (10808191) | 23071218 | 101493020 | 1530671 | 2165094 | 12633 |
| Voya VACS Index Series I Portfolio | 304606880 | 79343394 | (68015420) | 62821295 | 378756149 | 8638442 | 15196210 |  |
| Voya VACS Index Series MC Portfolio | 73950302 | 42988672 | (46696177) | (5830920) | 64411877 | 1251460 | 8273312 | 2071516 |
| Voya VACS Index Series S Portfolio | 657601622 | 125356397 | (71562459) | 46139162 | 757534722 | 8615027 | 38306533 | 29368315 |
| Voya VACS Index Series SC Portfolio | 45766576 | 6685761 | (18773187) | (3081310) | 30597840 | 676618 | 2730987 | 2922739 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 64847265 | 21192176 | (16101769) | 1845321 | 71782993 | 3326128 | (628457) |  |
|  | $1250130967 | $302116234 | $(260631223) | $125341168 | $1416957146 | $24628415 | $67579558 | $35752264 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2045 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2045 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 328 | 03/31/26 | $35851938 | $(172327) |
|  |  |  | $35851938 | $(172327) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (148) | 06/16/26 | (35699450) | (12313) |
|  |  |  | $(35699450) | $(12313) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $184640 |
| **Total Liability Derivatives** |  | $184640 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(704155) |
| Interest rate contracts | 1063855 |
| **Total** | $359700 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(184640) |
| **Total** | $(184640) |

---

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,144,264,349. | Cost for U.S. federal income tax purposes was $1,144,264,349. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $344294263 |
| Gross Unrealized Depreciation | (1436993) |
| Net Unrealized Appreciation | $342857270 |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 5.3%** | **EXCHANGE-TRADED FUNDS: 5.3%** | **EXCHANGE-TRADED FUNDS: 5.3%** | **EXCHANGE-TRADED FUNDS: 5.3%** |
| 51677 | Invesco S&P 500 Equal Weight ETF | $9899246 | 1 |
| 169677 | Vanguard Long-Term Treasury ETF | 9467976 | 0.9 |
| 687217 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 33709231 | 3.4 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $52,939,228) | **53076453** | **5.3** |
| **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** | **MUTUAL FUNDS: 94.5%** |
|  | **Affiliated Investment Companies: 94.5%** | **Affiliated Investment Companies: 94.5%** | **Affiliated Investment Companies: 94.5%** |
| 962383 | Voya U.S. Bond Index Portfolio - Class I | 8825053 | 0.9 |
| 4593702 | Voya VACS Index Series EM Portfolio | 68354285 | 6.8 |
| 18915339 | Voya VACS Index Series I Portfolio | 264625588 | 26.3 |
| 3237513 | Voya VACS Index Series MC Portfolio | 42379047 | 4.2 |
| 32855131 | Voya VACS Index Series S Portfolio | 535210077 | 53.2 |
| 2676373 | Voya VACS Index Series SC Portfolio | 30912107 | 3.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $715,059,124) | **950306157** | **94.5** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $767,998,352) | **1003382610** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $767,998,352)** | $**1003382610** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2005811** | **0.2** |
|  | **Net Assets** | $**1005388421** | **100.0** |

---

(1) Investment
in affiliate.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $53076453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $53076453 |
| Mutual Funds | 950306157 |  |  | 950306157 |
| Total Investments, at fair value | $1003382610 | $— | $— | $1003382610 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(123822) | $— | $— | $(123822) |
| Total Liabilities | $(123822) | $— | $— | $(123822) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $9326002 | $(9326002) | $— | $— | $16441 | $1018344 | $919452 |
| Voya Short Duration Bond Fund - Class R6 | 4339527 | 56196 | (4391071) | (4652) |  | 30131 | 18582 |  |
| Voya U.S. Bond Index Portfolio - Class I | 8955026 | 4173324 | (4524380) | 221083 | 8825053 | 356487 | 23548 |  |
| Voya VACS Index Series EM Portfolio | 56380771 | 4751086 | (8073444) | 15295872 | 68354285 | 1022090 | 1636822 | 8435 |
| Voya VACS Index Series I Portfolio | 204975525 | 58144272 | (42476820) | 43982611 | 264625588 | 6030242 | 9886797 |  |
| Voya VACS Index Series MC Portfolio | 58054479 | 20174911 | (30929012) | (4921331) | 42379047 | 835602 | 6629121 | 1383154 |
| Voya VACS Index Series S Portfolio | 459961335 | 99321467 | (54335956) | 30263231 | 535210077 | 6037587 | 28752202 | 20581915 |
| Voya VACS Index Series SC Portfolio | 30794904 | 7163407 | (6324076) | (722128) | 30912107 | 677654 | 751225 | 2927211 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 43513659 | 7797668 | (18842425) | 1240329 | 33709231 | 1653294 | (543203) |  |
|  | $866975226 | $210908333 | $(179223186) | $85355015 | $984015388 | $16659528 | $48173438 | $25820167 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2050 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2050 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 220 | 03/31/26 | $24047031 | $(115585) |
|  |  |  | $24047031 | $(115585) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (99) | 06/16/26 | (23880037) | (8237) |
|  |  |  | $(23880037) | $(8237) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $123822 |
| **Total Liability Derivatives** |  | $123822 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(470660) |
| Interest rate contracts | 717380 |
| **Total** | $246720 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(123821) |
| **Total** | $(123821) |

---

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 $768,144,284. | Cost for U.S. federal income tax purposes was $768,144,284. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $235452988 |
| Gross Unrealized Depreciation | (338484) |
| Net Unrealized Appreciation | $235114504 |

---

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2055 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 4.3%** | **EXCHANGE-TRADED FUNDS: 4.3%** | **EXCHANGE-TRADED FUNDS: 4.3%** |  |
| 52174 | Invesco S&P 500 Equal Weight ETF | $9994452 | 1 |
| 171480 | Vanguard Long-Term Treasury ETF | 9568584 | 0.9 |
| 492690 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 24167331 | 2.4 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $43,642,380) | **43730367** | **4.3** |
| **MUTUAL FUNDS: 95.5%** | **MUTUAL FUNDS: 95.5%** | **MUTUAL FUNDS: 95.5%** |  |
|  | **Affiliated Investment Companies: 95.5%** | **Affiliated Investment Companies: 95.5%** |  |
| 476136 | Voya U.S. Bond Index Portfolio - Class I | 4366171 | 0.4 |
| 4985504 | Voya VACS Index Series EM Portfolio | 74184307 | 7.3 |
| 19495309 | Voya VACS Index Series I Portfolio | 272739368 | 26.8 |
| 3641912 | Voya VACS Index Series MC Portfolio | 47672627 | 4.7 |
| 33225445 | Voya VACS Index Series S Portfolio | 541242500 | 53.2 |
| 2705892 | Voya VACS Index Series SC Portfolio | 31253050 | 3.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $732,025,747) | **971458023** | **95.5** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $775,668,127) | **1015188390** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $775,668,127)** | $**1015188390** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1801895** | **0.2** |
|  | **Net Assets** | $**1016990285** | **100.0** |

---

(1) Investment
in affiliate.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2055 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $43730367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $43730367 |
| Mutual Funds | 971458023 |  |  | 971458023 |
| Total Investments, at fair value | $1015188390 | $— | $— | $1015188390 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(124430) | $— | $— | $(124430) |
| Total Liabilities | $(124430) | $— | $— | $(124430) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth Index Portfolio - Class I | $— | $9323949 | $(9323949) | $— | $— | $16448 | $1024171 | $919760 |
| Voya Short Duration Bond Fund - Class R6 | 4307011 | 64350 | (4366745) | (4616) |  | 29923 | 18448 |  |
| Voya U.S. Bond Index Portfolio - Class I | 8813153 | 3721346 | (8358592) | 190264 | 4366171 | 338286 | 59049 |  |
| Voya VACS Index Series EM Portfolio | 55963564 | 10229506 | (7618799) | 15610036 | 74184307 | 1022433 | 1527452 | 8438 |
| Voya VACS Index Series I Portfolio | 203461645 | 60858272 | (37493463) | 45912914 | 272739368 | 6163411 | 8753200 |  |
| Voya VACS Index Series MC Portfolio | 57627596 | 25592231 | (31216908) | (4330292) | 47672627 | 905542 | 6315107 | 1498926 |
| Voya VACS Index Series S Portfolio | 465213079 | 94463315 | (51019599) | 32585705 | 541242500 | 6072529 | 27146221 | 20701029 |
| Voya VACS Index Series SC Portfolio | 30569713 | 7404336 | (6058492) | (662507) | 31253050 | 677883 | 742441 | 2928203 |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 34601819 | 6877663 | (18336333) | 1024182 | 24167331 | 1196347 | (523958) |  |
|  | $860557580 | $218534968 | $(173792880) | $90325686 | $995625354 | $16422802 | $45062131 | $26056356 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

<u>Voya Index Solution 2055 Portfolio</u> PORTFOLIO OF INVESTMENTS <br> <u>as of December 31, 2025 (continued)</u>

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2055 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 221 | 03/31/26 | $24156336 | $(116111) |
|  |  |  | $24156336 | $(116111) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (100) | 06/16/26 | (24121250) | (8319) |
|  |  |  | $(24121250) | $(8319) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $124430 |
| **Total Liability Derivatives** |  | $124430 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(457852) |
| Interest rate contracts | 713273 |
| **Total** | $255421 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(124430) |
| **Total** | $(124430) |

---

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 $775,747,442. | Cost for U.S. federal income tax purposes was $775,747,442. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $239589654 |
| Gross Unrealized Depreciation | (273136) |
| Net Unrealized Appreciation | $239316518 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>                

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 4.3%** | **EXCHANGE-TRADED FUNDS: 4.3%** | **EXCHANGE-TRADED FUNDS: 4.3%** | **EXCHANGE-TRADED FUNDS: 4.3%** |
| 34563 | Invesco S&P 500 Equal Weight ETF | $6620888 | 1 |
| 113733 | Vanguard Long-Term Treasury ETF | 6346301 | 0.9 |
| 322217 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 15805324 | 2.4 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $28,728,724) | **28772513** | **4.3** |
| **MUTUAL FUNDS: 95.5%** | **MUTUAL FUNDS: 95.5%** | **MUTUAL FUNDS: 95.5%** | **MUTUAL FUNDS: 95.5%** |
|  | **Affiliated Investment Companies: 95.5%** | **Affiliated Investment Companies: 95.5%** | **Affiliated Investment Companies: 95.5%** |
| 341131 | Voya U.S. Bond Index Portfolio - Class I | 3128167 | 0.4 |
| 3305287 | Voya VACS Index Series EM Portfolio | 49182672 | 7.3 |
| 12928770 | Voya VACS Index Series I Portfolio | 180873498 | 26.8 |
| 2416691 | Voya VACS Index Series MC Portfolio | 31634481 | 4.7 |
| 22037632 | Voya VACS Index Series S Portfolio | 358993018 | 53.2 |
| 1793973 | Voya VACS Index Series SC Portfolio | 20720384 | 3.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $494,519,908) | **644532220** | **95.5** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $523,248,632) | **673304733** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $523,248,632)** | $**673304733** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1207296** | **0.2** |
|  | **Net Assets** | $**674512029** | **100** **.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (Continued) <br>                

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $28772513 | $— | $— | $28772513 |
| Mutual Funds | 644532220 |  |  | 644532220 |
| Total Investments, at fair value | $673304733 | $— | $— | $673304733 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(81589) | $— | $— | $(81589) |
| Total Liabilities | $(81589) | $— | $— | $(81589) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>Issuer |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | $— | $6070157 | $(6070157) | $— | $— | $10625 | $665501 | $594210 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 2726356 | 56723 | (2780156) | (2923) |  | 19044 | 11771 |  |
| Voya U.S. Bond Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 5736169 | 3063480 | (5786870) | 115388 | 3128167 | 223688 | 53006 |  |
| Voya VACS Index Series EM |  |  |  |  |  |  |  |  |
| Portfolio | 35423731 | 8225090 | (4671367) | 10205218 | 49182672 | 660507 | 961442 | 5451 |
| Voya VACS Index Series I Portfolio | 128787950 | 45415286 | (23270860) | 29941122 | 180873498 | 3981746 | 5507503 |  |
| Voya VACS Index Series MC |  |  |  |  |  |  |  |  |
| Portfolio | 36484991 | 17963492 | (20227627) | (2586375) | 31634481 | 585016 | 3914561 | 968365 |
| Voya VACS Index Series S |  |  |  |  |  |  |  |  |
| Portfolio | 294473099 | 73886450 | (31610985) | 22244454 | 358993018 | 3953869 | 17053578 | 13478596 |
| Voya VACS Index Series SC |  |  |  |  |  |  |  |  |
| Portfolio | 19355068 | 5453674 | (3739214) | (349144) | 20720384 | 437948 | 466266 | 1891771 |
| WisdomTree Voya Yield Enhanced |  |  |  |  |  |  |  |  |
| USD Universal Bond Fund | 21747682 | 4664725 | (11165034) | 557951 | 15805324 | 770768 | (238830) |  |
|  | $544735046 | $164799077 | $(109322270) | $60125691 | $660337544 | $10643211 | $28394798 | $16938393 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Index Solution 2060 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (Continued) <br>                

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2060 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 145 | 03/31/26 | $15849180 | $(76181) |
|  |  |  | $15849180 | $(76181) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (65) | 06/16/26 | (15678813) | (5408) |
|  |  |  | $(15678813) | $(5408) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $81589 |
| **Total Liability Derivatives** |  | $81589 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(305287) |
| Interest rate contracts | 458369 |
| **Total** | $153082 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(81589) |
| **Total** | $(81589) |

---

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 $523,259,707. | Cost for U.S. federal income tax purposes was $523,259,707. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $150102070 |
| Gross Unrealized Depreciation | (138633) |
| Net Unrealized Appreciation | $149963437 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>                

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** |
| 11211 | Invesco S&P 500 Equal Weight ETF | $2147579 | 1 |
| 37088 | Vanguard Long-Term Treasury ETF | 2069510 | 0.9 |
| 79360 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 3892751 | 1.8 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $8,107,268) | **8109840** | **3.7** |
| **MUTUAL FUNDS: 96.1%** | **MUTUAL FUNDS: 96.1%** | **MUTUAL FUNDS: 96.1%** | **MUTUAL FUNDS: 96.1%** |
|  | **Affiliated Investment Companies: 96.1%** | **Affiliated Investment Companies: 96.1%** | **Affiliated Investment Companies: 96.1%** |
| 137172 | Voya U.S. Bond Index Portfolio - Class I | 1257870 | 0.6 |
| 1076352 | Voya VACS Index Series EM Portfolio | 16016111 | 7.3 |
| 4293767 | Voya VACS Index Series I Portfolio | 60069798 | 27.3 |
| 789407 | Voya VACS Index Series MC Portfolio | 10333337 | 4.7 |
| 7187511 | Voya VACS Index Series S Portfolio | 117084549 | 53.2 |
| 584297 | Voya VACS Index Series SC Portfolio | 6748629 | 3 |
|  | Total Mutual Funds |  |  |
|  | (Cost $174,070,365) | **211510294** | **96.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $182,177,633) | **219620134** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $182,177,633)** | $**219620134** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **333293** | **0.2** |
|  | **Net Assets** | $**219953427** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate.

See Accompanying Notes to Financial Statements

Voya Index Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (Continued) <br>                

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $8109840 | $— | $— | $8109840 |
| Mutual Funds | 211510294 |  |  | 211510294 |
| Total Investments, at fair value | $219620134 | $— | $— | $219620134 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(24781) | $— | $— | $(24781) |
| Total Liabilities | $(24781) | $— | $— | $(24781) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 12/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Russell <sup>TM</sup> Large Cap Growth |  |  |  |  |  |  |  |  |
| Index Portfolio - Class I | $— | $1892018 | $(1892018) | $— | $— | $3090 | $199017 | $172766 |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 | 726051 | 35828 | (761096) | (783) |  | 5174 | 3219 |  |
| Voya U.S. Bond Index Portfolio - |  |  |  |  |  |  |  |  |
| Class I | 1600905 | 1741189 | (2116483) | 32259 | 1257870 | 70795 | 20939 |  |
| Voya VACS Index Series EM |  |  |  |  |  |  |  |  |
| Portfolio | 9434548 | 4838614 | (1334618) | 3077567 | 16016111 | 192034 | 317087 | 1585 |
| Voya VACS Index Series I Portfolio | 35755773 | 22802755 | (7437417) | 8948687 | 60069798 | 1182319 | 1874296 |  |
| Voya VACS Index Series MC |  |  |  |  |  |  |  |  |
| Portfolio | 9721436 | 7400769 | (6267415) | (521453) | 10333337 | 170092 | 974345 | 281550 |
| Voya VACS Index Series S |  |  |  |  |  |  |  |  |
| Portfolio | 78416319 | 41264910 | (9594310) | 6997630 | 117084549 | 1200575 | 5380907 | 4092717 |
| Voya VACS Index Series SC |  |  |  |  |  |  |  |  |
| Portfolio | 5157340 | 2724458 | (1101359) | (31810) | 6748629 | 127334 | 156250 | 550037 |
| WisdomTree Voya Yield Enhanced |  |  |  |  |  |  |  |  |
| USD Universal Bond Fund | 4259710 | 1500383 | (1975599) | 108257 | 3892751 | 174015 | (47008) |  |
|  | $145072082 | $84200924 | $(32480315) | $18610354 | $215403045 | $3125428 | $8879052 | $5098655 |

---

The financial statements for the above mutual fund[s] and ETF can be found at www.sec.gov.

See Accompanying Notes to Financial Statements

Voya Index Solution 2065 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (Continued) <br>                

At December 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2065 Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 44 | 03/31/26 | $4809406 | $(23117) |
|  |  |  | $4809406 | $(23117) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (20) | 06/16/26 | (4824250) | (1664) |
|  |  |  | $(4824250) | $(1664) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $24781 |
| **Total Liability Derivatives** |  | $24781 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(78162) |
| Interest rate contracts | 131335 |
| **Total** | $53173 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(24781) |
| **Total** | $(24781) |

---

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 $182,193,825. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $37457412 |
| Gross Unrealized Depreciation | (55884) |
| Net Unrealized Appreciation | $37401528 |

---

See Accompanying Notes to Financial Statements

Voya Index Solution 2070 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 <br>                

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 3.6%** | **EXCHANGE-TRADED FUNDS: 3.6%** | **EXCHANGE-TRADED FUNDS: 3.6%** | **EXCHANGE-TRADED FUNDS: 3.6%** |
| 268 | Invesco S&P 500 Equal Weight ETF | $51338 | 1 |
| 901 | Vanguard Long-Term Treasury ETF | 50276 | 0.9 |
| 1888 <sup>(1)</sup> | WisdomTree Voya Yield Enhanced USD Universal Bond Fund | 92610 | 1.7 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $194,611) | **194224** | **3.6** |
| **MUTUAL FUNDS: 96.4%** | **MUTUAL FUNDS: 96.4%** | **MUTUAL FUNDS: 96.4%** | **MUTUAL FUNDS: 96.4%** |
|  | **Affiliated Investment Companies: 96.4%** | **Affiliated Investment Companies: 96.4%** | **Affiliated Investment Companies: 96.4%** |
| 3698 | Voya U.S. Bond Index Portfolio - Class I | 33912 | 0.6 |
| 25941 | Voya VACS Index Series EM Portfolio | 386007 | 7.2 |
| 104199 | Voya VACS Index Series I Portfolio | 1457741 | 27.2 |
| 19874 | Voya VACS Index Series MC Portfolio | 260148 | 4.8 |
| 176153 | Voya VACS Index Series S Portfolio | 2869531 | 53.5 |
| 14286 | Voya VACS Index Series SC Portfolio | 165006 | 3.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $4,918,800) | **5172345** | **96.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $5,113,411) | **5366569** | **100.0** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** | **SHORT-TERM INVESTMENTS: 0.1%** |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 3821 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.650% | 3821 | 0.1 |
|  | Total Short-Term Investments |  |  |
|  | (Cost $3,821) | **3821** | **0.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $5,117,232)** | $**5370390** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(5225)** | **(0.1)** |
|  | **Net Assets** | $**5365165** | **100.0** |

---

<sup>(1)</sup> Investment in affiliate. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of December 31, 2025.

See Accompanying Notes to Financial Statements

Voya Index Solution 2070 Portfolio PORTFOLIO OF INVESTMENTS <br> as of December 31, 2025 (Continued) <br>                

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**December 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $194224 | $— | $— | $194224 |
| Mutual Funds | 5172345 |  |  | 5172345 |
| Short-Term Investments | 3821 |  |  | 3821 |
| Total Investments, at fair value | $5370390 | $— | $— | $5370390 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 8/08/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**12/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya U.S. Bond Index Portfolio - Class I | $— | $97110 | $(63131) | $(67) | $33912 | $675 | $299 | $— |
| Voya VACS Index Series EM Portfolio |  | 374137 | (15787) | 27657 | 386007 |  | 1600 |  |
| Voya VACS Index Series I Portfolio |  | 1444770 | (63360) | 76331 | 1457741 |  | 3707 |  |
| Voya VACS Index Series MC Portfolio |  | 305696 | (51251) | 5703 | 260148 |  | 1738 |  |
| Voya VACS Index Series S Portfolio |  | 2956286 | (219231) | 132476 | 2869531 |  | 15018 |  |
| Voya VACS Index Series SC Portfolio |  | 160065 | (6504) | 11445 | 165006 |  | 950 |  |
| WisdomTree Voya Yield Enhanced USD Universal Bond Fund |  | 92355 |  | 255 | 92610 | 1317 |  |  |
|  | $— | $5430419 | $(419264) | $253800 | $5264955 | $1992 | $23312 | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At December 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $5,117,272. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $253867 |
| Gross Unrealized Depreciation | (749) |
| Net Unrealized Appreciation | $253118 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| <br>**Portfolio Name** | **Per Share**<br>**Amount** |
| Voya Index Solution Income Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.4345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z NII | $0.4388 |
| Voya Index Solution 2030 Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.4048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.4959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z NII | $0.5130 |
| Voya Index Solution 2035 Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.3346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z NII | $0.3395 |
| Voya Index Solution 2040 Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.3971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z NII | $0.4608 |
| Voya Index Solution 2045 Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV NII | $0.2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I NII | $0.2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S NII | $0.2629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 NII | $0.2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z NII | $0.3065 |

---

---

| | | |
|:---|:---|:---|
| <br>**Portfolio Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya Index Solution 2050 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z | NII | $0.4112 |
| Voya Index Solution 2055 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z | NII | $0.3780 |
| Voya Index Solution 2060 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z | NII | $0.3017 |
| Voya Index Solution 2065 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $0.1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z | NII | $0.1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0046 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.0204 |
| Voya Index Solution 2070 Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.0015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.0010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | NII | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z | NII | $0.0023 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0012 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

TAX INFORMATION (Unaudited) (continued)

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 Index Solution Income Portfolio | 7.85% |
| Voya Index Solution 2030 Portfolio | 17.98% |
| Voya Index Solution 2035 Portfolio | 23.0% |
| Voya Index Solution 2040 Portfolio | 28.15% |
| Voya Index Solution 2045 Portfolio | 33.22% |
| Voya Index Solution 2050 Portfolio | 35.93% |
| Voya Index Solution 2055 Portfolio | 37.98% |
| Voya Index Solution 2060 Portfolio | 37.22% |
| Voya Index Solution 2065 Portfolio | 37.37% |
| Voya Index Solution 2070 Portfolio | 0.73% |

---

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 Index Solution 2065 Portfolio | $258233 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Creditable Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary Income**<br>**Derived from Foreign**<br>**Sourced Income\*** |
| Voya Index Solution Income Portfolio | $194230 | $0.0014 | 3.83% |
| Voya Index Solution 2030 Portfolio | $525673 | $0.0097 | 11.77% |
| Voya Index Solution 2035 Portfolio | $1088843 | $0.0088 | 15.73% |
| Voya Index Solution 2040 Portfolio | $863803 | $0.0167 | 21.07% |
| Voya Index Solution 2045 Portfolio | $1197592 | $0.0130 | 24.08% |
| Voya Index Solution 2050 Portfolio | $825879 | $0.0199 | 26.04% |
| Voya Index Solution 2055 Portfolio | $839270 | $0.0183 | 26.70% |
| Voya Index Solution 2060 Portfolio | $542189 | $0.0157 | 27.04% |
| Voya Index Solution 2065 Portfolio | $160102 | $0.0119 | 26.48% |

---

\* None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT AND SUB-ADVISORY CONTRACTS FOR VOYA INDEX SOLUTION 2070 PORTFOLIO**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Index Solution 2070 Portfolio (the "Portfolio"), a series of Voya Partners Inc. ("VPI"), can enter into a new investment management or sub-advisory contract only if the Board of Directors of VPI (the "Board"), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of the Portfolio, as such term is defined under the 1940 Act (the "Independent Directors"), determine whether to approve the new arrangements. Thus, at its meeting held on November 14, 2024, the Board considered the initial approval of the investment management contract (the "Management Contract") with Voya Investments, LLC ("VIL") and the sub-advisory contract (the "Sub-Advisory Contract") between VIL and Voya Investment Management Co. LLC ("Voya IM"), as the Portfolio's sub-adviser (together, the "Management and Sub-Advisory Contracts").

In determining whether to initially approve the Management and Sub-Advisory Contracts for the Portfolio, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts, and the proposed policies and procedures for the Portfolio, should be approved. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Directors that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the Management and Sub-Advisory Contracts.

The materials provided to the Board in support of the Portfolio and the Portfolio's Management Contract included the following: (1) presentation materials detailing management's rationale for proposing the launch of the Portfolio that discusses, among other things, the experience and expertise of VIL in the management of other portfolios within the Voya funds complex, including the existing Voya Index Solution Portfolios; (2) information about the Portfolio's proposed investment objective and strategies and anticipated portfolio characteristics; (3) Fund Analysis and Comparison Tables sheets for the Portfolio that compare the Portfolio's proposed fee structure to its comparable selected peer group ("SPG") and/or Morningstar category median and/or average;

(4) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Portfolio; (5) a memorandum provided by counsel to the Independent Directors summarizing the guidelines relevant to the Board's consideration of the approval of the Management and Sub-Advisory Contracts; (6) written responses to the Section 15(c) requests to VIL and Voya IM by counsel to the Independent Directors on behalf of the Board; and (7) other information relevant to the Board's evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL's oversight and management of the other portfolios in the Voya funds complex.

The Board's consideration of whether to approve the Management Contract with VIL on behalf of the Portfolio took into account several factors, including, but not limited to, the following: (1) the nature, extent and quality of the services to be provided by VIL to the Portfolio under the proposed Management Contract; (2) VIL's experience as a manager-of-managers overseeing sub-advisers to other portfolios within the Voya funds complex, including similar funds-of-funds; (3) the fairness of the compensation under the proposed Management Contract in light of the services to be provided to the Portfolio; (4) the costs for the services to be provided by VIL, including that the proposed management fee would not be subject to breakpoint discounts; (5) the pricing structure (including the estimated expense ratio and other fees to be borne by shareholders) of the Portfolio, including that: (a) the proposed management fee for the Portfolio is below the average and the median management fees of the portfolios in the Portfolio's SPG, and (b) the estimated expense ratio, inclusive of acquired fund fees and expenses, for the Portfolio is below the average and median expense ratios of the portfolios in the Portfolio's SPG, and (c) the estimated net funds-of-funds annual operating expenses for the Portfolio is below the average and the median expense ratios of the portfolios in the Portfolio's SPG; (6) management's representations that the Portfolio's fee structure is consistent with the Voya Index Solution Portfolios suite; (7) the projected profitability of VIL with respect to its services to be rendered to the Portfolio; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIL, including its management team's expertise in the management of other Voya funds, including other funds-of-funds and asset allocation products; (9) VIL's compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with their oversight of other portfolios in the Voya funds complex; (10) the information that had been provided by

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

VIL at regular Board meetings, and in anticipation of the November 2024 meeting, with respect to its capabilities in overseeing similar asset allocation products; and (11) "fall-out benefits" to VIL and its affiliates that were anticipated to arise from VIL's management of the Portfolio.

In reviewing the proposed Sub-Advisory Contract with Voya IM, the Board considered a number of factors, including, but not limited to, the following: (1) VIL's view of Voya IM's experience and its sub-advisory services; (2) the information that had been provided by Voya IM in advance of the November 13, 2024, Investment Review Committee F meeting at which Voya IM presented with respect to its sub-advisory services; (3) the nature and quality of the services to be provided by Voya IM under the proposed Sub-Advisory Contract; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM; (5) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Voya IM as the Portfolio's sub-adviser; (6) Voya IM's operations and compliance program, including its policies and procedures designed to prevent violations of the Federal securities laws, which had been reviewed and evaluated by VPI's Chief Compliance Officer; (7) Voya IM's financial condition; (8) the appropriateness of the selection of Voya IM in light of the Portfolio's investment objective and prospective investor base; and (9) Voya IM's Code of Ethics, which was previously approved by the Board.

With respect to the nature and quality of services to be provided by VIL and Voya IM, the Board was mindful of the "manager-of-managers" platform that has been developed by VIL. The Board recognized that VIL would be responsible for monitoring the investment program, performance, and developments/on-going operations of Voya IM under this manager-of-managers arrangement. The Board also considered the techniques and resources that VIL has developed to provide ongoing oversight of the nature, extent and quality of the services Voya IM provides to the Portfolio and Voya IM's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, VIL has developed an oversight process formulated by its Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the Investment Review Committees ("IRCs") at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares

periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's services to a Voya fund and/ or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the portfolios in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that VIL regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and VIL consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Portfolio also can benefit from the services of VIL's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and VIL. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by VIL to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the Portfolio's shareholders, beyond investment management services, from being part of the Voya family

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

of funds.

Although the Portfolio is new and has no performance history, the Board requested and considered performance information for accounts managed by VIL and Voya IM with similar investment processes. Further, because the Portfolio is new, VIL does not currently receive, and may not receive prior to the time the Board next considers the approval of the Management Contract, any economies of scale with respect to the Portfolio. The Portfolio will, however, benefit from any breakpoints in the fee schedules of underlying funds in which the Portfolio invests.

After its deliberation, the Board concluded that, in its business judgment, the terms of the Management and Sub-Advisory Contracts are fair and reasonable to the Portfolio and that approval of the Management and Sub-Advisory Contracts is in the best interests of the Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Management and Sub-Advisory 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 the Portfolio's investment performance and the fees payable under the Management and Sub-Advisory Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for the Portfolio.

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Directors ("Board") of Voya Partners, Inc. (the "Company"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Index Solution Income Portfolio, Voya Index Solution 2030 Portfolio, Voya Index Solution 2035 Portfolio, Voya Index Solution 2040 Portfolio, Voya Index Solution 2045 Portfolio, Voya Index Solution 2050 Portfolio, Voya Index Solution 2055 Portfolio, Voya Index Solution 2060 Portfolio, and Voya Index Solution 2065 Portfolio, each a series of the Company (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the

Company, on behalf of the Portfolios, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Portfolio (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Directors also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Directors as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Directors request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors 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

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

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 policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings

with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Company's 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 Company's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager proposed any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services 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 Index Solution Income Portfolio**

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

In considering whether to approve the renewal of the Contracts for Voya Index Solution Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and ten-year periods and the third quintile for the year-to-date and five-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 all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile , and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2030 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2030 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year, and ten-year periods and the fourth quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the one-year period, during which it outperformed and the ten-year period which was equal to its performance benchmark. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that,

as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2035 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2035 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year and three-year periods and the third quintile for the year-to-date, five-year, and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the third quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2040 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2040 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods and the third quintile for the year-to-date period; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate

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

is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2045 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2045 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period and the second quintile for the year-to-date, three-year, five-year and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for all periods presented, with the exception of the thee-year 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 fourth quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2050 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2050 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, and five-year periods and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2055 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2055 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, and five-year periods and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its performance benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2060 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2060 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked

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

in the first quintile of its Morningstar category for the one-year period, the second quintile for the three-year and five-year periods, and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio outperformed its performance benchmark for the year-to-date and one-year periods, was equal to the performance benchmark for the five-year period, and underperformed for the three-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the Portfolio's net management fee rate is ranked in the first quintile; (b) the Portfolio's contractual management fee rate is ranked in the second quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests.

**Voya Index Solution 2065 Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Index Solution 2065 Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the three-year period, and the third quintile for the year-to-date period; and (2) the Portfolio outperformed its performance benchmark for the year-to-date and one-year periods and underperformed for the three-year period.

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 second quintile; and (c) the Portfolio's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Portfolio's net expense ratio, not inclusive of AFFE, is below the median.

In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Portfolio indirectly bears the

fees payable by the underlying funds in which the Portfolio invests.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

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**Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.**

**VPAR-VINDSOL (1225)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 October 23, 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.\*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND/REGISTRANT** |  | **Shares Voted<br> FOR** | **Shares Voted<br> Against** | **Shares Voted<br> Abstain /<br> Withhold** | **Total Shares<br> Voted** |
| **VOYA PARTNERS, INC.** | **Colleen D. Baldwin** | 526986184.871 | 11610173.954 | 88755924.870 | 627352283.695 |
| **Election of Directors/Trustees** | **John V. Boyer** | 519444859.225 | 14740314.110 | 93167110.360 | 627352283.695 |
|  | **Jody T. Foster** | 523155870.003 | 14041329.661 | 90155084.031 | 627352283.695 |
|  | **Martin J. Gavin** | 517315492.431 | 17834379.444 | 92202411.820 | 627352283.695 |
|  | **Dennis Johnson, CFA** | 518078638.848 | 16304511.262 | 92969133.585 | 627352283.695 |
|  | **Joseph E. Obermeyer** | 521174635.173 | 13112858.221 | 93064790.301 | 627352283.695 |
|  | **Sheryl K. Pressler** | 524229551.930 | 12820654.633 | 90302077.132 | 627352283.695 |
|  | **Christopher P. Sullivan** | 521996246.392 | 12373752.086 | 92982285.217 | 627352283.695 |
|  | **Mark R. Wetzel** | 519069915.479 | 14204545.378 | 94077822.838 | 627352283.695 |
|  | **Christian G. Wilson** | 523638379.829 | 11930371.172 | 91783532.694 | 627352283.695 |

---

\*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 $551,014 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)](tm263417d2_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.](tm263417d2_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm263417d2_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.](tm263417d2_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm263417d2_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm263417d2_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 Partners, Inc.

---

| | |
|:---|:---|
| 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 N-CSR of Voya Partners, Inc.;

&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 Partners, Inc.;

&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 Partners, Inc.

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 Partners, Inc. and will be retained by Voya Partners, Inc. 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 Partners, Inc.

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 Partners, Inc. and will be retained by Voya Partners, Inc. 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 |

---