Semi-Annual Financial Statements and Other Information
June 30, 2026
Classes ADV, I, R6, S and S2
Voya Variable Products Trust
| ◼ | Voya MidCap Opportunities Portfolio |
| ◼ | Voya SmallCap Opportunities Portfolio |
This report is submitted for general information to shareholders
of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus
which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information
should be read carefully.
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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.
STATEMENTS
OF ASSETS AND LIABILITIES as of June 30, 2026 (Unaudited)
| | |
Voya MidCap | |
|
Voya SmallCap | |
| | |
Opportunities | |
|
Opportunities | |
| | |
Portfolio | |
|
Portfolio | |
| ASSETS: | |
| | |
|
| | |
| Investments in securities at fair value+* | |
$ | 1,012,371,560 | |
|
$ | 210,298,527 | |
| Short-term investments at fair value† | |
| 6,310,749 | |
|
| 15,850,614 | |
| Cash | |
| 52,557 | |
|
| 1,147 | |
| Receivables: | |
| | |
|
| | |
| Investment securities sold | |
| – | |
|
| 413,759 | |
| Fund shares sold | |
| 82,100 | |
|
| 204,065 | |
| Dividends | |
| 202,804 | |
|
| 70,951 | |
| Interest | |
| 73 | |
|
| 197 | |
| Foreign tax reclaims | |
| 44,276 | |
|
| 1,012 | |
| Prepaid expenses | |
| 7,775 | |
|
| 1,503 | |
| Reimbursement due from Investment Adviser | |
| 203,981 | |
|
| 33,550 | |
| Other assets | |
| 74,345 | |
|
| 11,725 | |
| Total assets | |
| 1,019,350,220 | |
|
| 226,887,050 | |
| | |
| | |
|
| | |
| LIABILITIES: | |
| | |
|
| | |
| Payable for investment securities purchased | |
| – | |
|
| 38,394 | |
| Payable for fund shares redeemed | |
| 1,237,434 | |
|
| 1,062,103 | |
| Payable upon receipt of securities loaned | |
| 3,349,749 | |
|
| 9,826,614 | |
| Payable for investment management fees | |
| 639,184 | |
|
| 142,709 | |
| Payable for distribution and shareholder service fees | |
| 69,431 | |
|
| 27,624 | |
| Payable to trustees under the deferred compensation plan (Note
6) | |
| 74,345 | |
|
| 11,725 | |
| Payable for trustee fees | |
| 2,361 | |
|
| 468 | |
| Other accrued expenses and liabilities | |
| 397,327 | |
|
| 100,785 | |
| Total liabilities | |
| 5,769,831 | |
|
| 11,210,422 | |
| NET ASSETS | |
$ | 1,013,580,389 | |
|
$ | 215,676,628 | |
| | |
| | |
|
| | |
| NET ASSETS WERE COMPRISED OF: | |
| | |
|
| | |
| Paid-in capital | |
$ | 681,250,076 | |
|
$ | 120,421,836 | |
| Total distributable earnings | |
| 332,330,313 | |
|
| 95,254,792 | |
| NET ASSETS | |
$ | 1,013,580,389 | |
|
$ | 215,676,628 | |
| | |
| | |
|
| | |
| + Including securities
loaned at value | |
$ | 3,260,817 | |
|
$ | 9,550,970 | |
| * Cost of investments
in securities | |
$ | 827,133,270 | |
|
$ | 163,375,163 | |
| † Cost of short-term investments | |
$ | 6,310,749 | |
|
$ | 15,850,614 | |
See Accompanying Notes to Financial Statements
STATEMENTS
OF ASSETS AND LIABILITIES as of June 30, 2026 (Unaudited) (continued)
| | |
Voya MidCap | | |
Voya SmallCap | |
| | |
Opportunities | | |
Opportunities | |
| | |
Portfolio | | |
Portfolio | |
| Class ADV | |
| | | |
| | |
| Net assets | |
$ | 119,129,708 | | |
$ | 68,325,449 | |
| Shares authorized | |
| unlimited | | |
| unlimited | |
| Par value | |
$ | 0.010 | | |
$ | 0.010 | |
| Shares outstanding | |
| 38,987,725 | | |
| 2,652,879 | |
| Net asset value and redemption price per share | |
$ | 3.06 | | |
$ | 25.76 | |
| | |
| | | |
| | |
| Class I | |
| | | |
| | |
| Net assets | |
$ | 698,144,197 | | |
$ | 141,500,996 | |
| Shares authorized | |
| unlimited | | |
| unlimited | |
| Par value | |
$ | 0.010 | | |
$ | 0.010 | |
| Shares outstanding | |
| 112,166,677 | | |
| 4,281,482 | |
| Net asset value and redemption price per share | |
$ | 6.22 | | |
$ | 33.05 | |
| | |
| | | |
| | |
| Class R6 | |
| | | |
| | |
| Net assets | |
$ | 108,413,691 | | |
$ | 2,504,398 | |
| Shares authorized | |
| unlimited | | |
| unlimited | |
| Par value | |
$ | 0.010 | | |
$ | 0.010 | |
| Shares outstanding | |
| 17,468,162 | | |
| 75,477 | |
| Net asset value and redemption price per share | |
$ | 6.21 | | |
$ | 33.18 | |
| | |
| | | |
| | |
| Class S | |
| | | |
| | |
| Net assets | |
$ | 50,186,047 | | |
$ | 2,875,057 | |
| Shares authorized | |
| unlimited | | |
| unlimited | |
| Par value | |
$ | 0.010 | | |
$ | 0.010 | |
| Shares outstanding | |
| 12,240,145 | | |
| 101,075 | |
| Net asset value and redemption price per share | |
$ | 4.10 | | |
$ | 28.44 | |
| | |
| | | |
| | |
| Class S2 | |
| | | |
| | |
| Net assets | |
$ | 37,706,746 | | |
$ | 470,728 | |
| Shares authorized | |
| unlimited | | |
| unlimited | |
| Par value | |
$ | 0.010 | | |
$ | 0.010 | |
| Shares outstanding | |
| 10,305,380 | | |
| 17,647 | |
| Net asset value and redemption price per share | |
$ | 3.66 | | |
$ | 26.68 | |
See Accompanying Notes to Financial Statements
STATEMENTS
OF OPERATIONS for the six months ended June 30, 2026 (Unaudited)
| | |
Voya MidCap | | |
Voya SmallCap | |
| | |
Opportunities | | |
Opportunities | |
| | |
Portfolio | | |
Portfolio | |
| INVESTMENT INCOME: | |
| | | |
| | |
| Dividends, net of foreign taxes withheld* | |
$ | 2,429,096 | | |
$ | 444,333 | |
| Interest | |
| 936 | | |
| 1,546 | |
| Securities lending income, net | |
| 16,839 | | |
| 26,796 | |
| Other | |
| 2,883 | | |
| 561 | |
| Total investment income | |
| 2,449,754 | | |
| 473,236 | |
| | |
| | | |
| | |
| EXPENSES: | |
| | | |
| | |
| Investment management fees | |
| 3,736,090 | | |
| 788,782 | |
| Distribution and shareholder service fees: | |
| | | |
| | |
| Class ADV | |
| 277,945 | | |
| 150,388 | |
| Class S | |
| 58,935 | | |
| 3,063 | |
| Class S2 | |
| 70,398 | | |
| 778 | |
| Transfer agent fees: | |
| | | |
| | |
| Class ADV | |
| 125,779 | | |
| 69,804 | |
| Class I | |
| 727,020 | | |
| 140,298 | |
| Class R6 | |
| 35 | | |
| 34 | |
| Class S | |
| 53,300 | | |
| 2,845 | |
| Class S2 | |
| 39,861 | | |
| 452 | |
| Shareholder reporting expense | |
| 12,285 | | |
| 5,805 | |
| Professional fees | |
| 57,744 | | |
| 13,033 | |
| Custody and accounting expense | |
| 32,110 | | |
| 9,107 | |
| Trustee fees | |
| 11,806 | | |
| 2,339 | |
| Miscellaneous expense | |
| 34,564 | | |
| 8,167 | |
| Total expenses | |
| 5,237,872 | | |
| 1,194,895 | |
| Waived and reimbursed fees | |
| (1,177,107 | ) | |
| (181,437 | ) |
| Net expenses | |
| 4,060,765 | | |
| 1,013,458 | |
| Net investment loss | |
| (1,611,011 | ) | |
| (540,222 | ) |
| | |
| | | |
| | |
| REALIZED AND UNREALIZED GAIN (LOSS): | |
| | | |
| | |
| Net realized gain (loss) on: | |
| | | |
| | |
| Investments | |
| 13,151,387 | | |
| 24,754,764 | |
| Foreign currency related transactions | |
| (66 | ) | |
| — | |
| Net realized gain | |
| 13,151,321 | | |
| 24,754,764 | |
| Net change in unrealized appreciation (depreciation) on: | |
| | | |
| | |
| Investments | |
| 96,252,930 | | |
| 21,588,440 | |
| Net change in unrealized appreciation (depreciation) | |
| 96,252,930 | | |
| 21,588,440 | |
| Net realized and unrealized gain | |
| 109,404,251 | | |
| 46,343,204 | |
| Increase in net assets resulting from operations | |
$ | 107,793,240 | | |
$ | 45,802,982 | |
| * Foreign taxes withheld | |
$ | 10,559 | | |
$ | 665 | |
See Accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
| | |
Voya MidCap | | |
Voya SmallCap | |
| | |
Opportunities Portfolio | | |
Opportunities Portfolio | |
| | |
Six Months | | |
| | |
Six Months | | |
| |
| | |
Ended | | |
Year Ended | | |
Ended | | |
Year Ended | |
| | |
June 30, 2026 | | |
December 31, | | |
June 30, 2026 | | |
December 31, | |
| | |
(Unaudited) | | |
2025 | | |
(Unaudited) | | |
2025 | |
| FROM OPERATIONS: | |
| | | |
| | | |
| | | |
| | |
| Net investment loss | |
$ | (1,611,011 | ) | |
$ | (2,013,616 | ) | |
$ | (540,222 | ) | |
$ | (974,358 | ) |
| Net realized gain | |
| 13,151,321 | | |
| 146,236,398 | | |
| 24,754,764 | | |
| 29,275,932 | |
| Net change in unrealized appreciation (depreciation) | |
| 96,252,930 | | |
| (99,454,723 | ) | |
| 21,588,440 | | |
| (3,855,575 | ) |
| Increase in net assets resulting from operations | |
| 107,793,240 | | |
| 44,768,059 | | |
| 45,802,982 | | |
| 24,445,999 | |
| | |
| | | |
| | | |
| | | |
| | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | |
| | | |
| | | |
| | | |
| | |
| Total distributions (excluding return of capital): | |
| | | |
| | | |
| | | |
| | |
| Class ADV | |
| — | | |
| (21,128,787 | ) | |
| — | | |
| (1,448,563 | ) |
| Class I | |
| — | | |
| (63,322,634 | ) | |
| — | | |
| (2,699,485 | ) |
| Class R6 | |
| — | | |
| (10,717,324 | ) | |
| — | | |
| (29,077 | ) |
| Class S | |
| — | | |
| (7,203,638 | ) | |
| — | | |
| (476,381 | ) |
| Class S2 | |
| — | | |
| (5,855,728 | ) | |
| — | | |
| (10,113 | ) |
| Total distributions | |
| — | | |
| (108,228,111 | ) | |
| — | | |
| (4,663,619 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| FROM CAPITAL SHARE TRANSACTIONS: | |
| | | |
| | | |
| | | |
| | |
| Net proceeds from sale of shares | |
| 24,814,942 | | |
| 82,608,061 | | |
| 8,478,512 | | |
| 7,833,729 | |
| Reinvestment of distributions | |
| — | | |
| 108,228,111 | | |
| — | | |
| 4,663,619 | |
| | |
| 24,814,942 | | |
| 190,836,172 | | |
| 8,478,512 | | |
| 12,497,348 | |
| Cost of shares redeemed | |
| (83,126,285 | ) | |
| (270,578,921 | ) | |
| (11,888,718 | ) | |
| (79,161,930 | ) |
| Net decrease in net assets resulting from capital share transactions | |
| (58,311,343 | ) | |
| (79,742,749 | ) | |
| (3,410,206 | ) | |
| (66,664,582 | ) |
| Net increase (decrease) in net assets | |
| 49,481,897 | | |
| (143,202,801 | ) | |
| 42,392,776 | | |
| (46,882,202 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| NET ASSETS: | |
| | | |
| | | |
| | | |
| | |
| Beginning of year or period | |
| 964,098,492 | | |
| 1,107,301,293 | | |
| 173,283,852 | | |
| 220,166,054 | |
| End of year or period | |
$ | 1,013,580,389 | | |
$ | 964,098,492 | | |
$ | 215,676,628 | | |
$ | 173,283,852 | |
See Accompanying Notes to Financial Statements
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout
each year or period.
| |
|
|
|
|
|
Income
(loss)
from investment
operations |
|
|
|
|
|
|
Less
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets |
|
|
Supplemental
Data |
|
| |
|
|
Net
asset
value,
beginning
of year or
period |
|
|
Net
investment
income
(loss) |
|
|
|
Net
realized
and
unrealized
gain
(loss) |
|
|
Total
from
investment
operations |
|
|
|
From
net
investment
income |
|
|
From
net
realized
gains |
|
|
|
From
return
of
capital |
|
|
Total
distributions |
|
|
|
Payment
by
affiliate |
|
|
Net
asset
value,
end of
year
or
period |
|
|
|
Total
Return(1) |
|
|
Expenses
before
reductions/
additions(2)
(3)(4) |
|
|
|
Expenses
net of fee
waivers
and/or
recoupments
if any(2)(3)(4) |
|
|
Expenses
net of all
reductions/
additions(2)
(3)(4) |
|
|
|
Net
investment
income
(loss)(2)(3) |
|
|
Net
assets,
end of
year or
period |
|
|
|
Portfolio
turnover
rate |
|
Year
or
period ended |
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
(%) |
|
|
(%) |
|
|
|
(%) |
|
|
(%) |
|
|
|
(%) |
|
|
($000's) |
|
|
|
(%) |
|
| Voya MidCap Opportunities Portfolio |
| Class ADV |
| 06-30-26+ | |
| 2.74 | | |
(0.01)• | | |
|
0.33 | | |
0.32 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.06 | | |
|
11.68 | | |
1.56 | | |
|
1.28 | | |
1.28 | | |
|
(0.76 | ) | |
119,130 | | |
|
49 | |
| 12-31-25 | |
| 3.19 | | |
(0.02)• | | |
|
0.15 | | |
0.13 | | |
|
— | | |
0.58 | | |
|
— | | |
0.58 | | |
| — | | |
2.74 | | |
|
3.40 | | |
1.48 | | |
|
1.26 | | |
1.26 | | |
|
(0.61 | ) | |
115,784 | | |
|
79 | |
| 12-31-24 | |
| 2.77 | | |
(0.02)• | | |
|
0.44 | | |
0.42 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.19 | | |
|
15.16 | | |
1.45 | | |
|
1.22 | | |
1.22 | | |
|
(0.61 | ) | |
125,183 | | |
|
82 | |
| 12-31-23 | |
| 2.25 | | |
(0.01)• | | |
|
0.53 | | |
0.52 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
2.77 | | |
|
23.11 | | |
1.48 | | |
|
1.16 | | |
1.16 | | |
|
(0.44 | ) | |
125,989 | | |
|
74 | |
| 12-31-22 | |
| 15.67 | | |
(0.02)• | | |
|
(4.47 | ) | |
(4.49 | ) | |
|
— | | |
8.85 | | |
|
0.07 | | |
8.92 | | |
| — | | |
2.25 | | |
|
(25.49 | ) | |
1.47 | | |
|
1.16 | | |
1.16 | | |
|
(0.51 | ) | |
115,012 | | |
|
45 | |
| 12-31-21 | |
| 16.43 | | |
(0.13)• | | |
|
1.99 | | |
1.86 | | |
|
— | | |
2.62 | | |
|
— | | |
2.62 | | |
| — | | |
15.67 | | |
|
11.57 | | |
1.35 | | |
|
1.16 | | |
1.16 | | |
|
(0.79 | ) | |
180,187 | | |
|
66 | |
| Class I |
| 06-30-26+ | |
| 5.57 | | |
(0.01)• | | |
|
0.66 | | |
0.65 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
6.22 | | |
|
11.67 | | |
1.06 | | |
|
0.78 | | |
0.78 | | |
|
(0.26 | ) | |
698,144 | | |
|
49 | |
| 12-31-25 | |
| 5.90 | | |
(0.01)• | | |
|
0.26 | | |
0.25 | | |
|
— | | |
0.58 | | |
|
— | | |
0.58 | | |
| — | | |
5.57 | | |
|
3.90 | | |
0.98 | | |
|
0.76 | | |
0.76 | | |
|
(0.11 | ) | |
654,958 | | |
|
79 | |
| 12-31-24 | |
| 5.09 | | |
(0.01)• | | |
|
0.82 | | |
0.81 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
5.90 | | |
|
15.91 | | |
0.95 | | |
|
0.72 | | |
0.72 | | |
|
(0.11 | ) | |
752,092 | | |
|
82 | |
| 12-31-23 | |
| 4.12 | | |
0.00*• | | |
|
0.97 | | |
0.97 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
5.09 | | |
|
23.54 | | |
0.98 | | |
|
0.66 | | |
0.66 | | |
|
0.06 | | |
727,111 | | |
|
74 | |
| 12-31-22 | |
| 18.11 | | |
(0.00)* | | |
|
(5.06 | ) | |
(5.06 | ) | |
|
— | | |
8.85 | | |
|
0.07 | | |
8.92 | | |
| — | | |
4.12 | | |
|
(25.07 | ) | |
0.97 | | |
|
0.66 | | |
0.66 | | |
|
(0.01 | ) | |
633,556 | | |
|
45 | |
| 12-31-21 | |
| 18.54 | | |
(0.05)• | | |
|
2.24 | | |
2.19 | | |
|
— | | |
2.62 | | |
|
— | | |
2.62 | | |
| — | | |
18.11 | | |
|
12.07 | | |
0.85 | | |
|
0.66 | | |
0.66 | | |
|
(0.29 | ) | |
905,105 | | |
|
66 | |
| Class R6 |
| 06-30-26+ | |
| 5.56 | | |
(0.01)• | | |
|
0.66 | | |
0.65 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
6.21 | | |
|
11.69 | | |
0.83 | | |
|
0.78 | | |
0.78 | | |
|
(0.26 | ) | |
108,414 | | |
|
49 | |
| 12-31-25 | |
| 5.88 | | |
(0.01)• | | |
|
0.27 | | |
0.26 | | |
|
— | | |
0.58 | | |
|
— | | |
0.58 | | |
| — | | |
5.56 | | |
|
4.08 | | |
0.83 | | |
|
0.76 | | |
0.76 | | |
|
(0.10 | ) | |
106,935 | | |
|
79 | |
| 12-31-24 | |
| 5.08 | | |
(0.01)• | | |
|
0.81 | | |
0.80 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
5.88 | | |
|
15.75 | | |
0.81 | | |
|
0.72 | | |
0.72 | | |
|
(0.12 | ) | |
114,805 | | |
|
82 | |
| 12-31-23 | |
| 4.11 | | |
0.00*• | | |
|
0.97 | | |
0.97 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
5.08 | | |
|
23.60 | | |
0.82 | | |
|
0.66 | | |
0.66 | | |
|
0.07 | | |
112,281 | | |
|
74 | |
| 12-31-22 | |
| 18.11 | | |
(0.00)* | | |
|
(5.07 | ) | |
(5.07 | ) | |
|
— | | |
8.85 | | |
|
0.07 | | |
8.92 | | |
| — | | |
4.11 | | |
|
(25.12 | ) | |
0.83 | | |
|
0.66 | | |
0.66 | | |
|
(0.01 | ) | |
95,236 | | |
|
45 | |
| 12-31-21 | |
| 18.53 | | |
(0.05)• | | |
|
2.25 | | |
2.20 | | |
|
— | | |
2.62 | | |
|
— | | |
2.62 | | |
| — | | |
18.11 | | |
|
12.14 | | |
0.77 | | |
|
0.66 | | |
0.66 | | |
|
(0.29 | ) | |
135,451 | | |
|
66 | |
| Class S |
| 06-30-26+ | |
| 3.68 | | |
(0.01)• | | |
|
0.43 | | |
0.42 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
4.10 | | |
|
11.41 | | |
1.31 | | |
|
1.03 | | |
1.03 | | |
|
(0.51 | ) | |
50,186 | | |
|
49 | |
| 12-31-25 | |
| 4.09 | | |
(0.01)• | | |
|
0.18 | | |
0.17 | | |
|
— | | |
0.58 | | |
|
— | | |
0.58 | | |
| — | | |
3.68 | | |
|
3.68 | | |
1.23 | | |
|
1.01 | | |
1.01 | | |
|
(0.37 | ) | |
49,887 | | |
|
79 | |
| 12-31-24 | |
| 3.54 | | |
(0.01)• | | |
|
0.56 | | |
0.55 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
4.09 | | |
|
15.54 | | |
1.20 | | |
|
0.97 | | |
0.97 | | |
|
(0.37 | ) | |
74,792 | | |
|
82 | |
| 12-31-23 | |
| 2.87 | | |
(0.01)• | | |
|
0.68 | | |
0.67 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.54 | | |
|
23.35 | | |
1.23 | | |
|
0.91 | | |
0.91 | | |
|
(0.19 | ) | |
78,884 | | |
|
74 | |
| 12-31-22 | |
| 16.47 | | |
(0.01)• | | |
|
(4.66 | ) | |
(4.67 | ) | |
|
— | | |
8.85 | | |
|
0.07 | | |
8.92 | | |
| — | | |
2.87 | | |
|
(25.20 | ) | |
1.22 | | |
|
0.91 | | |
0.91 | | |
|
(0.27 | ) | |
81,784 | | |
|
45 | |
| 12-31-21 | |
| 17.11 | | |
(0.09)• | | |
|
2.07 | | |
1.98 | | |
|
— | | |
2.62 | | |
|
— | | |
2.62 | | |
| — | | |
16.47 | | |
|
11.83 | | |
1.10 | | |
|
0.91 | | |
0.91 | | |
|
(0.53 | ) | |
135,499 | | |
|
66 | |
| Class S2 |
| 06-30-26+ | |
| 3.28 | | |
(0.01)• | | |
|
0.39 | | |
0.38 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.66 | | |
|
11.59 | | |
1.46 | | |
|
1.18 | | |
1.18 | | |
|
(0.66 | ) | |
37,707 | | |
|
49 | |
| 12-31-25 | |
| 3.71 | | |
(0.02)• | | |
|
0.17 | | |
0.15 | | |
|
— | | |
0.58 | | |
|
— | | |
0.58 | | |
| — | | |
3.28 | | |
|
3.49 | | |
1.38 | | |
|
1.16 | | |
1.16 | | |
|
(0.51 | ) | |
36,534 | | |
|
79 | |
| 12-31-24 | |
| 3.22 | | |
(0.02)• | | |
|
0.51 | | |
0.49 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.71 | | |
|
15.22 | | |
1.35 | | |
|
1.12 | | |
1.12 | | |
|
(0.51 | ) | |
40,429 | | |
|
82 | |
| 12-31-23 | |
| 2.61 | | |
(0.01)• | | |
|
0.62 | | |
0.61 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
3.22 | | |
|
23.37 | | |
1.38 | | |
|
1.06 | | |
1.06 | | |
|
(0.34 | ) | |
39,205 | | |
|
74 | |
| 12-31-22 | |
| 16.14 | | |
(0.02)• | | |
|
(4.58 | ) | |
(4.60 | ) | |
|
— | | |
8.85 | | |
|
0.07 | | |
8.92 | | |
| — | | |
2.61 | | |
|
(25.41 | ) | |
1.37 | | |
|
1.06 | | |
1.06 | | |
|
(0.41 | ) | |
35,764 | | |
|
45 | |
| 12-31-21 | |
| 16.84 | | |
(0.12)• | | |
|
2.04 | | |
1.92 | | |
|
— | | |
2.62 | | |
|
— | | |
2.62 | | |
| — | | |
16.14 | | |
|
11.65 | | |
1.25 | | |
|
1.06 | | |
1.06 | | |
|
(0.69 | ) | |
55,765 | | |
|
66 | |
| Voya SmallCap Opportunities Portfolio |
| Class ADV |
| 06-30-26+ | |
| 20.35 | | |
(0.10)• | | |
|
5.51 | | |
5.41 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
25.76 | | |
|
26.59 | | |
1.62 | | |
|
1.43 | | |
1.43 | | |
|
(0.92 | ) | |
68,325 | | |
|
77 | |
| 12-31-25 | |
| 18.36 | | |
(0.16)• | | |
|
2.66 | | |
2.50 | | |
|
0.39 | | |
0.12 | | |
|
— | | |
0.51 | | |
| — | | |
20.35 | | |
|
14.18 | | |
1.59 | | |
|
1.40 | | |
1.40 | | |
|
(0.89 | ) | |
56,390 | | |
|
129 | |
| 12-31-24 | |
| 15.59 | | |
(0.14)• | | |
|
2.99 | | |
2.85 | | |
|
0.08 | | |
— | | |
|
— | | |
0.08 | | |
| — | | |
18.36 | | |
|
18.28 | | |
1.55 | | |
|
1.35 | | |
1.35 | | |
|
(0.79 | ) | |
53,956 | | |
|
115 | |
| 12-31-23 | |
| 12.95 | | |
(0.11)• | | |
|
2.75 | | |
2.64 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
15.59 | | |
|
20.39 | | |
1.56 | | |
|
1.35 | | |
1.35 | | |
|
(0.75 | ) | |
49,222 | | |
|
105 | |
| 12-31-22 | |
| 22.82 | | |
(0.14)• | | |
|
(5.37 | ) | |
(5.51 | ) | |
|
— | | |
4.34 | | |
|
0.02 | | |
4.36 | | |
| — | | |
12.95 | | |
|
(23.48 | ) | |
1.56 | | |
|
1.35 | | |
1.35 | | |
|
(0.91 | ) | |
44,505 | | |
|
179 | |
| 12-31-21 | |
| 24.47 | | |
(0.23)• | | |
|
1.33 | | |
1.10 | | |
|
— | | |
2.75 | | |
|
— | | |
2.75 | | |
| — | | |
22.82 | | |
|
4.14 | | |
1.52 | | |
|
1.35 | | |
1.35 | | |
|
(0.96 | ) | |
66,518 | | |
|
128 | |
| Class I |
| 06-30-26+ | |
| 26.05 | | |
(0.06)• | | |
|
7.06 | | |
7.00 | | |
|
— | | |
— | | |
|
— | | |
— | | |
| — | | |
33.05 | | |
|
26.87 | | |
1.12 | | |
|
0.93 | | |
0.93 | | |
|
(0.42 | ) | |
141,501 | | |
|
77 | |
| 12-31-25 | |
| 23.33 | | |
(0.09)• | | |
|
3.42 | | |
3.33 | | |
|
0.49 | | |
0.12 | | |
|
— | | |
0.61 | | |
| — | | |
26.05 | | |
|
14.80 | | |
1.09 | | |
|
0.90 | | |
0.90 | | |
|
(0.40 | ) | |
112,878 | | |
|
129 | |
See Accompanying Notes to
Financial Statements
FINANCIAL
HIGHLIGHTS (continued)
| |
|
|
|
|
|
Income
(loss)
from investment
operations |
|
|
|
|
|
|
Less
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets |
|
|
Supplemental
Data |
|
| |
|
|
Net
asset
value,
beginning
of year or
period |
|
|
Net
investment
income
(loss) |
|
|
|
Net
realized
and
unrealized
gain
(loss) |
|
|
Total
from
investment
operations |
|
|
|
From
net
investment
income |
|
|
From
net
realized
gains |
|
|
|
From
return
of
capital |
|
|
Total
distributions |
|
|
|
Payment
by
affiliate |
|
|
Net
asset
value,
end of
year
or
period |
|
|
|
Total
Return(1) |
|
|
Expenses
before
reductions/
additions(2)
(3)(4) |
|
|
|
Expenses
net of fee
waivers
and/or
recoupments
if any(2)(3)(4) |
|
|
Expenses
net of all
reductions/
additions(2)
(3)(4) |
|
|
|
Net
investment
income
(loss)(2)(3) |
|
|
Net
assets,
end of
year or
period |
|
|
|
Portfolio
turnover
rate |
|
Year
or
period ended |
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
($) |
|
|
($) |
|
|
|
(%) |
|
|
(%) |
|
|
|
(%) |
|
|
(%) |
|
|
|
(%) |
|
|
($000's) |
|
|
|
(%) |
|
| Voya SmallCap Opportunities Portfolio (continued) |
| Class I (continued) |
| 12-31-24 |
|
|
19.76 |
|
|
(0.07)• |
|
|
|
3.79 |
|
|
3.72 |
|
|
|
0.15 |
|
|
— |
|
|
|
— |
|
|
0.15 |
|
|
|
— |
|
|
23.33 |
|
|
|
18.90 |
|
|
1.05 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.29 |
) |
|
141,920 |
|
|
|
115 |
|
| 12-31-23 |
|
|
16.34 |
|
|
(0.05)• |
|
|
|
3.47 |
|
|
3.42 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
19.76 |
|
|
|
20.93 |
|
|
1.06 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.25 |
) |
|
128,606 |
|
|
|
105 |
|
| 12-31-22 |
|
|
27.13 |
|
|
(0.08)• |
|
|
|
(6.35 |
) |
|
(6.43 |
) |
|
|
— |
|
|
4.34 |
|
|
|
0.02 |
|
|
4.36 |
|
|
|
— |
|
|
16.34 |
|
|
|
(23.09 |
) |
|
1.06 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.41 |
) |
|
117,865 |
|
|
|
179 |
|
| 12-31-21 |
|
|
28.47 |
|
|
(0.13)• |
|
|
|
1.54 |
|
|
1.41 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
27.13 |
|
|
|
4.67 |
|
|
1.02 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.46 |
) |
|
167,668 |
|
|
|
128 |
|
| Class R6 |
| 06-30-26+ |
|
|
26.13 |
|
|
(0.05)• |
|
|
|
7.10 |
|
|
7.05 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
33.18 |
|
|
|
26.87 |
|
|
0.89 |
|
|
|
0.89 |
|
|
0.89 |
|
|
|
(0.38 |
) |
|
2,504 |
|
|
|
77 |
|
| 12-31-25 |
|
|
23.39 |
|
|
(0.09)• |
|
|
|
3.44 |
|
|
3.35 |
|
|
|
0.49 |
|
|
0.12 |
|
|
|
— |
|
|
0.61 |
|
|
|
— |
|
|
26.13 |
|
|
|
14.83 |
|
|
0.91 |
|
|
|
0.89 |
|
|
0.89 |
|
|
|
(0.38 |
) |
|
1,374 |
|
|
|
129 |
|
| 12-31-24 |
|
|
19.75 |
|
|
(0.07)• |
|
|
|
3.79 |
|
|
3.72 |
|
|
|
0.08 |
|
|
— |
|
|
|
— |
|
|
0.08 |
|
|
|
— |
|
|
23.39 |
|
|
|
18.88 |
|
|
0.90 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.30 |
) |
|
1,269 |
|
|
|
115 |
|
| 12-31-23 |
|
|
16.33 |
|
|
(0.05)• |
|
|
|
3.47 |
|
|
3.42 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
19.75 |
|
|
|
20.94 |
|
|
0.90 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.27 |
) |
|
1,038 |
|
|
|
105 |
|
| 12-31-22 |
|
|
27.12 |
|
|
(0.09)• |
|
|
|
(6.34 |
) |
|
(6.43 |
) |
|
|
— |
|
|
4.34 |
|
|
|
0.02 |
|
|
4.36 |
|
|
|
— |
|
|
16.33 |
|
|
|
(23.10 |
) |
|
0.90 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.43 |
) |
|
1,284 |
|
|
|
179 |
|
| 12-31-21 |
|
|
28.47 |
|
|
(0.14)• |
|
|
|
1.54 |
|
|
1.40 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
27.12 |
|
|
|
4.63 |
|
|
0.87 |
|
|
|
0.85 |
|
|
0.85 |
|
|
|
(0.47 |
) |
|
9,278 |
|
|
|
128 |
|
| Class S |
| 06-30-26+ |
|
|
22.45 |
|
|
(0.08)• |
|
|
|
6.07 |
|
|
5.99 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
28.44 |
|
|
|
26.68 |
|
|
1.37 |
|
|
|
1.18 |
|
|
1.18 |
|
|
|
(0.67 |
) |
|
2,875 |
|
|
|
77 |
|
| 12-31-25 |
|
|
20.19 |
|
|
(0.12)• |
|
|
|
2.92 |
|
|
2.80 |
|
|
|
0.42 |
|
|
0.12 |
|
|
|
— |
|
|
0.54 |
|
|
|
— |
|
|
22.45 |
|
|
|
14.40 |
|
|
1.34 |
|
|
|
1.14 |
|
|
1.14 |
|
|
|
(0.63 |
) |
|
2,288 |
|
|
|
129 |
|
| 12-31-24 |
|
|
17.12 |
|
|
(0.10)• |
|
|
|
3.28 |
|
|
3.18 |
|
|
|
0.11 |
|
|
— |
|
|
|
— |
|
|
0.11 |
|
|
|
— |
|
|
20.19 |
|
|
|
18.59 |
|
|
1.30 |
|
|
|
1.10 |
|
|
1.10 |
|
|
|
(0.55 |
) |
|
22,627 |
|
|
|
115 |
|
| 12-31-23 |
|
|
14.19 |
|
|
(0.08)• |
|
|
|
3.01 |
|
|
2.93 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
17.12 |
|
|
|
20.65 |
|
|
1.31 |
|
|
|
1.10 |
|
|
1.10 |
|
|
|
(0.51 |
) |
|
23,639 |
|
|
|
105 |
|
| 12-31-22 |
|
|
24.39 |
|
|
(0.11)• |
|
|
|
(5.73 |
) |
|
(5.84 |
) |
|
|
— |
|
|
4.34 |
|
|
|
0.02 |
|
|
4.36 |
|
|
|
— |
|
|
14.19 |
|
|
|
(23.30 |
) |
|
1.31 |
|
|
|
1.10 |
|
|
1.10 |
|
|
|
(0.66 |
) |
|
23,286 |
|
|
|
179 |
|
| 12-31-21 |
|
|
25.92 |
|
|
(0.19)• |
|
|
|
1.41 |
|
|
1.22 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
24.39 |
|
|
|
4.38 |
|
|
1.27 |
|
|
|
1.10 |
|
|
1.10 |
|
|
|
(0.72 |
) |
|
38,269 |
|
|
|
128 |
|
| Class S2 |
| 06-30-26+ |
|
|
21.07 |
|
|
(0.09)• |
|
|
|
5.70 |
|
|
5.61 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
26.68 |
|
|
|
26.58 |
|
|
1.52 |
|
|
|
1.33 |
|
|
1.33 |
|
|
|
(0.82 |
) |
|
471 |
|
|
|
77 |
|
| 12-31-25 |
|
|
18.96 |
|
|
(0.15)• |
|
|
|
2.77 |
|
|
2.62 |
|
|
|
0.39 |
|
|
0.12 |
|
|
|
— |
|
|
0.51 |
|
|
|
— |
|
|
21.07 |
|
|
|
14.39 |
|
|
1.49 |
|
|
|
1.30 |
|
|
1.30 |
|
|
|
(0.79 |
) |
|
354 |
|
|
|
129 |
|
| 12-31-24 |
|
|
16.16 |
|
|
(0.12)• |
|
|
|
3.08 |
|
|
2.96 |
|
|
|
0.16 |
|
|
— |
|
|
|
— |
|
|
0.16 |
|
|
|
— |
|
|
18.96 |
|
|
|
18.36 |
|
|
1.45 |
|
|
|
1.25 |
|
|
1.25 |
|
|
|
(0.69 |
) |
|
394 |
|
|
|
115 |
|
| 12-31-23 |
|
|
13.41 |
|
|
(0.10)• |
|
|
|
2.85 |
|
|
2.75 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
16.16 |
|
|
|
20.51 |
|
|
1.46 |
|
|
|
1.25 |
|
|
1.25 |
|
|
|
(0.66 |
) |
|
485 |
|
|
|
105 |
|
| 12-31-22 |
|
|
23.41 |
|
|
(0.14)• |
|
|
|
(5.50 |
) |
|
(5.64 |
) |
|
|
— |
|
|
4.34 |
|
|
|
0.02 |
|
|
4.36 |
|
|
|
— |
|
|
13.41 |
|
|
|
(23.43 |
) |
|
1.46 |
|
|
|
1.25 |
|
|
1.25 |
|
|
|
(0.81 |
) |
|
470 |
|
|
|
179 |
|
| 12-31-21 |
|
|
25.01 |
|
|
(0.22)• |
|
|
|
1.37 |
|
|
1.15 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
2.75 |
|
|
|
— |
|
|
23.41 |
|
|
|
4.25 |
|
|
1.42 |
|
|
|
1.25 |
|
|
1.25 |
|
|
|
(0.89 |
) |
|
1,487 |
|
|
|
128 |
|
| (1) | Total
return is calculated assuming reinvestment of all dividends, capital gain distributions and
return of capital distributions, if any, at net asset value and does not reflect the effect
of insurance contract charges. Total return for periods less than one year is not annualized. |
| (2) | Annualized
for periods less than one year. |
| (3) | Ratios
reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect
amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions
from brokerage service arrangements or other expense offset arrangements and do not represent
the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses
net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or
Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior
to reductions from brokerage service arrangements or other expense offset arrangements. Expenses
net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment
income (loss) is net of all such additions or reductions. |
| (4) | Ratios
do not include fees and expenses charged under the variable annuity contract or variable
life insurance policy. |
| * |
Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| + |
Unaudited. |
| • |
Calculated using average number of shares outstanding throughout the year or
period. |
See Accompanying Notes to Financial Statements
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Variable Products Trust (the “Trust”)
is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company and was organized as a Massachusetts business trust on December 17, 1993. There are two active separate investment series
(each a “Portfolio” and collectively the “Portfolios”) that comprise the Trust: Voya MidCap Opportunities Portfolio
(“MidCap Opportunities”) and Voya SmallCap Opportunities Portfolio (“SmallCap Opportunities”), each a diversified
series of the Trust. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.
The classes of shares included in this report are:
Adviser Class (“Class ADV”), Class I, Class R6, Class S, and Service 2 Class (“Class S2”).
With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals,
only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder
service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of
each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio
and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction
between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating
expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined
separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class
pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally
result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences
in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Voya Investments, LLC (“Voya Investments”
or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya
Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as
the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware
limited liability company, serves as the principal underwriter to the Portfolios.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The Portfolios are investment companies and accordingly
follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting
Standards Board Codification Topic 946 Financial Services - Investment Companies.
The following significant
accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered
an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting
guidance applicable to investment companies.
A. Security
Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading
(each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is
determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated
Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern
Time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of
each Portfolio’s assets attributable to that class, subtracting each Portfolio’s liabilities attributable to that class,
and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares
will not be priced and the Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded
in other markets on days when a Portfolio does not price its shares, the value of a Portfolio’s assets will likely change and you
will not be able to purchase or redeem shares of a Portfolio.
Portfolio securities
for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies
that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies
in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair
value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market
Close.
When a market quotation
for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected
market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining
the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation
designee, to make fair value determinations in good faith. In determining
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
(continued)
the fair value of each Portfolio’s assets,
the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or
each Portfolio’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on
disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a
good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close,
closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent
pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation,
the values used to determine each Portfolio’s NAV may materially differ from the value received upon actual sale of those investments.
Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio.
The Portfolios’ financial instruments are
valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used
to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs
used to measure fair value:
Level 1 — quoted prices (unadjusted) in active
markets for identical financial instruments that the portfolio can access at the reporting date.
Level 2 — inputs other than Level 1 quoted
prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments
in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves,
implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including
the portfolio’s own assumptions in determining fair value).
Observable inputs are developed using market data,
such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would
use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the
best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation
techniques to maximize the use of relevant
observable inputs and minimize the use of unobservable
inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy
based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an
indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining
those values.
A table summarizing each Portfolio’s investments
under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of the Portfolios
is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets
for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable
are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s
judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.”
The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term
securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing
the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning
to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases
and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio
of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition.
Securities transactions are accounted for on the
trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income, adjusted for the
accretion of discounts and amortization of premiums (if applicable), 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.
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:
| (1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing
at |
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Market Close.
| (2) | Purchases
and sales of investment securities, income and expenses — at the rates of exchange
prevailing on the respective dates of such transactions. |
Although the net
assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of
the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes
in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments.
For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and
Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or
losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or
losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolios’
books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S.
companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political
and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable
U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging
markets.
D. Distributions to Shareholders.
The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income are declared and
paid quarterly by each Portfolio. Each Portfolio distributes capital gains, if any, annually. The Portfolios may make distributions on
a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains
to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes. It is the
policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated
investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders.
Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’
tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions
shall be made until the capital loss carryforwards have been fully utilized.
The Portfolios may utilize equalization accounting
for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation
of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.
H. Securities Lending. Each Portfolio may temporarily loan up to 33% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
of the cash collateral
received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to
return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may
result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile.
The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.
I. Restricted
Securities. Each Portfolio may invest in restricted securities, which include those sold under Rule 144A of the Securities
Act of 1933, as amended (“1933 Act”) (“Rule 144A”) or securities offered pursuant to Section 4(a)(2) of
the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under
the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations,
the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that
are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and
Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred
to as “restricted securities.” Restricted securities may be sold in private placement transactions between issuers and their
purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market,
restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized
from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately
negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements
that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which
may involve greater risk.
J. Indemnifications.
In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum
exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated;
however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended June 30, 2026, the cost
of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:
| | |
Purchases | | |
Sales | |
| MidCap
Opportunities | |
$ | 463,903,385 | | |
$ | 513,622,383 | |
| SmallCap
Opportunities | |
| 141,122,876 | | |
| 147,593,954 | |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment
management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility
for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for
the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the
Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management
Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net
assets of each Portfolio, at the following annual rates:
| Portfolio |
|
Fee |
| MidCap
Opportunities |
|
0.85%
on the first $250 million; |
| |
|
0.80% on
the next $400 million; |
| |
|
0.75% on
the next $450 million; and |
| |
|
0.70% in
excess of $1.1 billion |
| SmallCap
Opportunities |
|
0.85% on
the first $250 million; |
| |
|
0.80% on
the next $250 million; |
| |
|
0.75% on
the next $250 million; |
| |
|
0.70% on
the next $250 million; and |
| |
|
0.65% in
excess of $1 billion |
The Investment Adviser has entered into a sub-advisory
agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment
Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser
may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies,
and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV and Class S2 shares of the
respective Portfolios are subject to a shareholder service and distribution plan (the “Plan”). Under the Plan, the Distributor
is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and
Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the average daily net assets
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)
attributable to its Class ADV shares and
the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2
shares.
Class S shares of the Portfolios are subject
to a shareholder services plan (the “Shareholder Services Plan”). Under the Shareholder Services Plan, each Portfolio pays
the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to its Class S shares as compensation
for services the Distributor provides and expenses it bears in connection with shareholder services rendered to Portfolio shareholders
and the maintenance of shareholders’ accounts.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At June 30, 2026, the following direct or indirect, wholly- owned
subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:
| Subsidiary |
|
Portfolio |
|
Percentage |
|
| ReliaStar
Life Insurance Company |
|
SmallCap
Opportunities |
|
7.22 |
% |
| Voya Institutional Trust
Company |
|
MidCap
Opportunities |
|
47.44 |
|
| |
|
SmallCap
Opportunities |
|
39.47 |
|
Voya
Retirement Insurance and Annuity Company
|
|
MidCap
Opportunities |
|
49.38 |
|
| |
SmallCap
Opportunities |
|
52.39 |
|
The Investment Adviser may direct the Portfolios’ Sub- Adviser to use its best efforts (subject to obtaining best execution of each
transaction) to allocate a Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer,
in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the
Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described
in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios.
For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds
selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised
by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation
liability. Such assets, if applicable, are included as a component of “Other assets”
on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets
of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts
will be deferred until distributed in accordance with the DC Plan.
The Portfolios may pay per account fees to affiliates
of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2026, the per account fees
for affiliated recordkeeping services paid by each Portfolio were as follows:
| Portfolio |
|
Amount |
| MidCap
Opportunities |
|
$ |
945,672 |
| SmallCap
Opportunities |
|
213,215 |
NOTE 7 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each
Portfolio whereby the Investment Adviser has agreed to limit the expenses excluding interest, taxes, investment- related costs, leverage
expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons
or services retained by the Portfolio’s Board members who are not “interested persons,” as that term is defined in the
1940 Act, and acquired fund fees and expenses to the levels listed below:
| | |
Class | | |
Class | | |
Class | | |
Class | | |
Class | |
| Portfolio | |
ADV | | |
I | | |
R6 | | |
S | | |
S2 | |
| MidCap Opportunities | |
| 1.32 | % | |
| 0.82 | % | |
| 0.82 | % | |
| 1.07 | % | |
| 1.22 | % |
| SmallCap Opportunities | |
| 1.42 | % | |
| 0.92 | % | |
| 0.92 | % | |
| 1.17 | % | |
| 1.32 | % |
Prior to May 1, 2026, the expense limits for
MidCap Opportunities were:
| | |
Class | | |
Class | | |
Class | | |
Class | | |
Class | |
| Portfolio | |
ADV | | |
I | | |
R6 | | |
S | | |
S2 | |
| MidCap Opportunities | |
| 1.25 | % | |
| 0.75 | % | |
| 0.75 | % | |
| 1.00 | % | |
| 1.15 | % |
The Expense Limitation Agreement is contractual
through May 1, 2027. Termination or modification of this obligation requires approval by the Board.
NOTE 8 — LINE OF CREDIT
Effective June 8, 2026, 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 $300,000,000
through June 7, 2027. 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 Portfolios 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%
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 8 — LINE OF CREDIT (continued)
per annum on the daily unused portion of the committed
line amount payable quarterly in arrears. Prior to June 8, 2026, the predecessor line of credit was for an aggregate amount of $400,000,000
and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of
the committed line amount through June 7, 2026.
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Borrowings under the Credit Agreement accrue interest
at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit
advance.
The Portfolios did not utilize the line of credit
during the period ended June 30, 2026.
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Proceeds | | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Net increase | | |
| | |
from | | |
| | |
| | |
| | |
| |
| | |
| | |
Shares | | |
Reinvestment | | |
| | |
| | |
(decrease) in | | |
| | |
shares | | |
Reinvestment | | |
| | |
| | |
| |
| | |
Shares | | |
issued in | | |
of | | |
Shares | | |
Shares | | |
shares | | |
Shares | | |
issued in | | |
of | | |
Shares | | |
Shares | | |
Net increase | |
| | |
sold | | |
merger | | |
distributions | | |
redeemed | | |
converted | | |
outstanding | | |
sold | | |
merger | | |
distributions | | |
redeemed | | |
converted | | |
(decrease) | |
| Year or | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| period ended | |
# | | |
# | | |
# | | |
# | | |
# | | |
# | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | |
| MidCap Opportunities |
| Class ADV |
| 6/30/2026 | |
716,803 | | |
— | | |
— | | |
(3,947,455 | ) | |
— | | |
(3,230,652 | ) | |
1,958,143 | | |
— | | |
— | | |
(10,958,527 | ) | |
— | | |
(9,000,384 | ) |
| 12/31/2025 | |
2,151,031 | | |
— | | |
7,361,946 | | |
(6,511,307 | ) | |
— | | |
3,001,670 | | |
6,626,961 | | |
— | | |
21,128,787 | | |
(20,331,335 | ) | |
— | | |
7,424,413 | |
| Class I |
| 6/30/2026 | |
3,288,569 | | |
— | | |
— | | |
(8,729,459 | ) | |
— | | |
(5,440,890 | ) | |
17,428,964 | | |
— | | |
— | | |
(48,995,430 | ) | |
— | | |
(31,566,466 | ) |
| 12/31/2025 | |
8,207,327 | | |
— | | |
10,880,178 | | |
(29,011,099 | ) | |
— | | |
(9,923,594 | ) | |
47,484,037 | | |
— | | |
63,322,634 | | |
(175,880,167 | ) | |
— | | |
(65,073,496 | ) |
| Class R6 |
| 6/30/2026 | |
600,150 | | |
— | | |
— | | |
(2,374,810 | ) | |
— | | |
(1,774,660 | ) | |
3,346,354 | | |
— | | |
— | | |
(13,338,874 | ) | |
— | | |
(9,992,520 | ) |
| 12/31/2025 | |
3,919,861 | | |
— | | |
1,844,634 | | |
(6,034,672 | ) | |
— | | |
(270,177 | ) | |
23,274,463 | | |
— | | |
10,717,324 | | |
(35,956,032 | ) | |
— | | |
(1,964,245 | ) |
| Class S |
| 6/30/2026 | |
496,592 | | |
— | | |
— | | |
(1,828,584 | ) | |
— | | |
(1,331,992 | ) | |
1,834,859 | | |
— | | |
— | | |
(6,825,805 | ) | |
— | | |
(4,990,946 | ) |
| 12/31/2025 | |
1,047,349 | | |
— | | |
1,875,947 | | |
(7,659,371 | ) | |
— | | |
(4,736,075 | ) | |
4,245,481 | | |
— | | |
7,203,638 | | |
(32,158,073 | ) | |
— | | |
(20,708,954 | ) |
| Class S2 |
| 6/30/2026 | |
75,746 | | |
— | | |
— | | |
(900,158 | ) | |
— | | |
(824,412 | ) | |
246,622 | | |
— | | |
— | | |
(3,007,649 | ) | |
— | | |
(2,761,027 | ) |
| 12/31/2025 | |
257,576 | | |
— | | |
1,707,210 | | |
(1,729,784 | ) | |
— | | |
235,002 | | |
977,119 | | |
— | | |
5,855,728 | | |
(6,253,314 | ) | |
— | | |
579,533 | |
| SmallCap Opportunities |
| Class ADV |
| 6/30/2026 | |
136,916 | | |
— | | |
— | | |
(254,387 | ) | |
— | | |
(117,471 | ) | |
3,013,620 | | |
— | | |
— | | |
(5,771,613 | ) | |
— | | |
(2,757,993 | ) |
| 12/31/2025 | |
155,925 | | |
— | | |
85,260 | | |
(410,143 | ) | |
— | | |
(168,958 | ) | |
2,840,698 | | |
— | | |
1,448,563 | | |
(7,572,402 | ) | |
— | | |
(3,283,141 | ) |
| Class I |
| 6/30/2026 | |
149,445 | | |
— | | |
— | | |
(201,004 | ) | |
— | | |
(51,559 | ) | |
4,329,353 | | |
— | | |
— | | |
(5,668,678 | ) | |
— | | |
(1,339,325 | ) |
| 12/31/2025 | |
176,474 | | |
— | | |
124,458 | | |
(2,051,447 | ) | |
— | | |
(1,750,515 | ) | |
4,199,806 | | |
— | | |
2,699,485 | | |
(49,232,549 | ) | |
— | | |
(42,333,258 | ) |
| Class R6 |
| 6/30/2026 | |
29,943 | | |
— | | |
— | | |
(7,054 | ) | |
— | | |
22,889 | | |
880,832 | | |
— | | |
— | | |
(199,128 | ) | |
— | | |
681,704 | |
| 12/31/2025 | |
12,152 | | |
— | | |
1,337 | | |
(15,173 | ) | |
— | | |
(1,684 | ) | |
270,958 | | |
— | | |
29,077 | | |
(336,754 | ) | |
— | | |
(36,719 | ) |
| Class S |
| 6/30/2026 | |
9,561 | | |
— | | |
— | | |
(10,399 | ) | |
— | | |
(838 | ) | |
234,232 | | |
— | | |
— | | |
(248,858 | ) | |
— | | |
(14,626 | ) |
| 12/31/2025 | |
25,860 | | |
— | | |
25,421 | | |
(1,070,060 | ) | |
— | | |
(1,018,779 | ) | |
508,310 | | |
— | | |
476,381 | | |
(21,921,288 | ) | |
— | | |
(20,936,597 | ) |
| Class S2 |
| 6/30/2026 | |
880 | | |
— | | |
— | | |
(19 | ) | |
— | | |
861 | | |
20,475 | | |
— | | |
— | | |
(441 | ) | |
— | | |
20,034 | |
| 12/31/2025 | |
765 | | |
— | | |
576 | | |
(5,349 | ) | |
— | | |
(4,008 | ) | |
13,957 | | |
— | | |
10,113 | | |
(98,937 | ) | |
— | | |
(74,867 | ) |
NOTE 10 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the
“Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions.
Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of
non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined
at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they
are traded and any additional collateral is
delivered to the Portfolios on the next business
day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk
of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss
with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities
lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized
with U.S. Government
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 10 — SECURITIES LENDING (continued)
securities, or certain short-term investments
that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities,
units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations,
certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables
and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity,
diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received
are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default,
the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the
event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss
to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. Engaging
in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing
in a Portfolio.
The following tables represent a summary of the
Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2026:
MidCap Opportunities
| Counterparty | |
Securities
Loaned at Value | | |
Cash
Collateral
Received(1) | | |
Net
Amount | |
| Barclays Bank PLC | |
$ | 3,086,149 | | |
$ | (3,086,149 | ) | |
$ | — | |
| Deutsche Bank Securities Inc. | |
| 174,668 | | |
| (174,668 | ) | |
| — | |
| Total | |
$ | 3,260,817 | | |
$ | (3,260,817 | ) | |
$ | — | |
| (1) | Cash collateral with a fair value of $3,349,749 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. |
SmallCap Opportunities
| Counterparty | |
Securities
Loaned at Value | | |
Cash
Collateral
Received(1) | | |
Net Amount | |
| Barclays Capital Inc. | |
$ | 627,597 | | |
$ | (627,597 | ) | |
$ | — | |
| BMO Capital Markets Corp. | |
| 281,867 | | |
| (281,867 | ) | |
| — | |
| BNP Paribas Prime Brokerage Intl Ltd | |
| 634,444 | | |
| (634,444 | ) | |
| — | |
| BNP Paribas Securities Corp. | |
| 10,962 | | |
| (10,962 | ) | |
| — | |
| BofA Securities Inc | |
| 209,699 | | |
| (209,699 | ) | |
| — | |
| Morgan Stanley & Co. LLC | |
| 25,734 | | |
| (25,734 | ) | |
| — | |
| Nomura Securities International, Inc. | |
| 158,131 | | |
| (158,131 | ) | |
| — | |
| Raymond James & Associates, Inc. | |
| 1,920,158 | | |
| (1,920,158 | ) | |
| — | |
| Scotia Capital (USA) INC | |
| 36,051 | | |
| (36,051 | ) | |
| — | |
| State Street Bank and Trust Company | |
| 18,952 | | |
| (18,952 | ) | |
| — | |
| TD Securities (USA) Inc. | |
| 637,982 | | |
| (637,982 | ) | |
| — | |
| UBS AG | |
| 1,233,235 | | |
| (1,233,235 | ) | |
| — | |
| Wells Fargo Securities LLC | |
| 3,756,158 | | |
| (3,756,158 | ) | |
| — | |
| Total | |
$ | 9,550,970 | | |
$ | (9,550,970 | ) | |
$ | — | |
| (1) | Cash collateral with a fair value of $9,826,614 has been pledged by the counterparty and received in
connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown
for financial reporting purposes. |
NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment
income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP
for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within
the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include
the treatment of income from passive foreign investment companies (PFICs) and wash sale deferrals.
Dividends paid by the Portfolios from net investment
income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income
to shareholders.
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 11 — FEDERAL INCOME TAXES (continued)
The tax composition of dividends and distributions to shareholders was
as follows:
| | |
| | | |
| | | |
Year
Ended | |
| | |
Year
Ended | | |
December 31, | |
| | |
December 31,
2025 | | |
2024 | |
| | |
Ordinary | | |
Long-term | | |
Ordinary | |
| | |
Income | | |
Capital
Gains | | |
Income | |
| MidCap Opportunities | |
$ | — | | |
$ | 108,228,111 | | |
$ | — | |
| SmallCap Opportunities | |
| 3,666,425 | | |
| 997,194 | | |
| 1,310,583 | |
The tax-basis components of distributable earnings as of December 31,
2025, were:
| | |
Undistributed | | |
Undistributed | | |
Unrealized | | |
| | |
Total | |
| | |
Ordinary | | |
Long-term | | |
Appreciation/ | | |
Capital Loss | | |
Distributable | |
| | |
Income | | |
Capital Gains | | |
(Depreciation) | | |
Carryforward | | |
Earnings/(Loss) | |
| MidCap Opportunities | |
$ | 80,615,891 | | |
$ | 59,023,781 | | |
$ | 84,897,401 | | |
$ | — | | |
$ | 224,537,073 | |
| SmallCap Opportunities | |
| 3,779,130 | | |
| 20,995,198 | | |
| 24,677,482 | | |
| — | | |
| 49,451,810 | |
The Portfolios’ major tax jurisdictions are U.S. federal, Arizona
state, and Massachusetts state.
As of June 30, 2026, no provision for income
tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns
for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable
statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally,
the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK
A Portfolio is subject to the risk that geopolitical
events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among
global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange
rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs, export
controls, industrial policy measures, natural and environmental disasters, disruptions to critical infrastructure, cybersecurity events,
sanctions, trade restrictions, and other market, economic, political, or regulatory developments, rapid technological developments (such
as artificial intelligence technologies), and other geopolitical events 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. Such events may result in market
volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, economic
downturns, capital controls or trading restrictions, and other adverse market or economic effects. Pandemics and other disruptions may
also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures,
among other consequences. Systemic market
dislocations and other changes in non−U.S.
and domestic economic, social, and political conditions 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.
Armed conflicts, military actions, political instability, civil unrest, regime changes, and other geopolitical events in various regions
of the world, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility
in global commodity markets, and disruptions to energy production, transportation, or supply through strategic waterways or other key
shipping routes, any of which could adversely affect the value of investments, including beyond direct exposure to issuers in the affected
regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty
and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions or governmental
action in response to these conflicts (such as capital controls or trading restrictions), and resulting market disruptions are impossible
to predict but could be substantial. Financial institutions, including U.S. domestic banks and non−U.S. banks, may experience financial
difficulties or failures, and there can be no certainty that regulatory or governmental actions taken to limit the effects of those difficulties
or failures on other financial institutions or on the U.S. or non−U.S. economies generally will be successful. Any of
NOTES
TO FINANCIAL STATEMENTS as of June 30, 2026 (Unaudited) (continued)
NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)
these occurrences could disrupt the operations
of a Portfolio and of a Portfolio's service providers, counterparties, or other organizations on which it relies. Recent technological
developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative
artificial intelligence (“AI”), may pose risks to a Portfolio. For instance, the economy may be significantly impacted by
the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Portfolio holdings
may be impacted, which could significantly impact the overall performance of a Portfolio. The legal and regulatory frameworks within which
AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.
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
Dividends: Subsequent to June 30, 2026, the following Portfolios
declared dividends and distributions of:
| | |
Type | |
Per Share Amount | | |
Payable Date | |
Record Date |
| MidCap Opportunities | |
| |
| | | |
| |
|
| All Classes | |
STCG | |
$ | 0.4210 | | |
July 1, 2026 | |
June 30, 2026 |
| All Classes | |
LTCG | |
$ | 0.3083 | | |
July 1, 2026 | |
June 30, 2026 |
| SmallCap Opportunities | |
| |
| | | |
| |
|
| All Classes | |
STCG | |
$ | 0.5283 | | |
July 1, 2026 | |
June 30, 2026 |
| All Classes | |
LTCG | |
$ | 2.9317 | | |
July 1, 2026 | |
June 30, 2026 |
STCG - Short-term capital gain
LTCG - Long-term capital gain
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.
