As filed with the U.S. Securities and Exchange Commission on April 24, 2024
Securities Act File No. [ ]
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
Pre-Effective Amendment No.
Post-Effective Amendment No.
VOYA PARTNERS, INC.
(Exact Name of Registrant as Specified in Charter)
7337 East Doubletree Ranch Road, Scottsdale, Suite 100
Scottsdale, Arizona 85258-2034
(Address of Principal Executive Offices) (Zip Code)
1-800-992-0180
(Registrant's Area Code and Telephone Number)
Huey P. Falgout, Jr., Esq.
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258-2034
(Name and Address of Agent for Service)
With copies to:
Elizabeth J. Reza, Esq.
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199-3600
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
As soon as practicable after this Registration Statement becomes effective.
It is proposed that this filing will become effective on June 5, 2024, pursuant to Rule 488
under the Securities Act of 1933, as amended.
No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the
Investment Company Act of 1940, as amended.
Title of Securities Being Registered: Class ADV, Class I, Class R6, Class S, and Class S2 shares, as applicable, of capital stock in the
series of the registrant designated as Voya Solution Aggressive Portfolio and Voya Solution Conservative Portfolio.
Voya Solution Moderately Conservative Portfolio
Voya Strategic Allocation Conservative Portfolio
Voya Strategic Allocation Growth Portfolio
(each, a “Target Portfolio” and collectively, the “Target Portfolios”)
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180
President
Reorganization | Current Blended Management Fee – Target Portfolio | Current Blended Management Fee – Acquiring Portfolio | Expected Blended Management Fee – Combined Portfolio |
Balanced into Balanced Income | 0.60% | 0.55% | 0.55% |
Solution Moderately Conservative into Solution Conservative | 0.21% | 0.22% | 0.19%1 |
Strategic Allocation Conservative into Solution Conservative | 0.19% | 0.22% | 0.19%1 |
Strategic Allocation Growth into Solution Aggressive | 0.18% | 0.21% | 0.18%1 |
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-366-0066 (for Voya Investors Trust)
1-800-262-3862 (for Voya Partners, Inc.)
1-800-992-0180 (for Voya Strategic Allocation Portfolios, Inc.)
June 20, 2024
ACQUISITION OF THE ASSETS OF: | BY AND IN EXCHANGE FOR SHARES OF: |
Voya Balanced Portfolio (A series of Voya Balanced Portfolio, Inc.) | Voya Balanced Income Portfolio (A series of Voya Investors Trust) |
Voya Solution Moderately Conservative Portfolio (A series of Voya Partners, Inc.) Voya Strategic Allocation Conservative Portfolio (A series of Voya Strategic Allocation Portfolios, Inc.) | Voya Solution Conservative Portfolio (A series of Voya Partners, Inc.) |
Voya Strategic Allocation Growth Portfolio (A series of Voya Strategic Allocation Portfolios, Inc.) | Voya Solution Aggressive Portfolio (A series of Voya Partners, Inc.) |
(each, a “Target Portfolio” and collectively, the “Target Portfolios”) | (each, an “Acquiring Portfolio” and collectively, the “Acquiring Portfolios”) |
By Phone: | 1-800-992-0180 |
By Mail: | Voya Investment Management 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258-2034 |
By Internet: | https://individuals.voya.com/literature |
Balanced | Balanced Income |
Removal of Directors: At any meeting of Shareholders duly called for the purpose, any Director may by the vote of a majority of all of the Shares entitled to vote be removed from office. | Removal of Trustees: A Trustee may be removed at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective. Trustees may also be removed at any meeting of shareholders of the Trust by a vote of two-thirds of the outstanding shares or by a written declaration executed, without a meeting, by the holders of not less than two-thirds of the outstanding shares. |
Special Meetings of Shareholders: Special Meetings of Shareholders may be called by the President or by the Board of Directors; or shall be called by the President, Secretary or any Director at the request in writing of the holders of not less than 10% of the outstanding voting shares of the capital stock of the Corporation. | Special Meetings of Shareholders: Special Meetings of the Trustees shall be held upon the call of the Chairman, if any, the President, the Vice President, or any two Trustees, at such time, on such day, and at such place, as shall be designated in the notice of the meeting. |
Strategic Allocation Conservative and Strategic Allocation Growth | Solution Aggressive, Solution Conservative, and Solution Moderately Conservative |
Special Meetings of Shareholders: Special Meetings of shareholders may be called by the President or by the Board of Directors; or shall be called by the President, Secretary or any Director at the request in writing of holders of not less than 10% of the outstanding voting shares of the capital stock of the Corporation. | Special Meetings of Shareholders: Special Meetings of shareholders may be called by the President or by the Board of Directors; and shall be called by the President, Secretary or any Director at the request in writing of holders of the outstanding voting shares of capital stock of the corporation entitled to cast not less than 50% of the votes entitled to be cast at such meeting. |
Reorganization | Target Portfolio Investment Objectives | Acquiring Portfolio Investment Objectives |
Balanced into Balanced Income | The Portfolio seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. | The Portfolio seeks to maximize income while maintaining prospects for capital appreciation. |
Solution Moderately Conservative into Solution Conservative | The Portfolio seeks to provide a combination of total return and stability of principal through a diversified asset allocation strategy. | The Portfolio seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Strategic Allocation Conservative into Solution Conservative | The Portfolio seeks to provide total return (i.e., income and capital growth, both realized and unrealized) consistent with preservation of capital. | The Portfolio seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Strategic Allocation Growth into Solution Aggressive | The Portfolio seeks to provide capital appreciation. | The Portfolio seeks growth of capital. |
Balanced | Balanced Income | |
Investment Strategies | The Portfolio seeks to achieve its investment objectives by investing in a diversified portfolio of various asset classes and investment strategies managed by the sub-adviser (the “Sub-Adviser”). The Portfolio may invest in domestic and international securities, including emerging markets securities, which may be denominated in foreign currencies or in the U.S. dollar. The Portfolio may invest in sovereign debt, which is debt issued or guaranteed by foreign (non-U.S.) government entities. The Portfolio may also invest in derivative instruments including futures, swaps (including interest rate swaps, total return swaps, and credit default swaps) and options, among others for different purposes, including hedging (to seek to offset risks associated with an investment, currency exposure or market conditions), to seek to enhance returns, to earn | Under normal market conditions, the Portfolio intends to invest approximately 60% of its assets in debt instruments and approximately 40% of its assets in equity securities (the “Target Allocation”). The sub-adviser (the “Sub-Adviser”) may deviate from the Target Allocation within the range of +/- 15% relative to the Target Allocation to adjust portfolio exposures and risk in response to changing market conditions. The Portfolio may be rebalanced periodically to return to the Target Allocation. Debt Portion The debt portion of the Portfolio (the “Debt Portion”) is not managed relative to an index, instead the Sub-Adviser seeks to produce positive returns across varying market conditions. To seek this goal, the Portfolio has flexibility to invest across a broad range of debt instruments and derivatives without |
Balanced | Balanced Income | |
income, or as a substitute for a position in an underlying asset. The Portfolio may also invest in other investment companies, including up to 30% of its net assets in exchange-traded funds (“ETFs”) to gain exposure to high yield bonds (“junk bonds”), emerging markets debt, and other securities to make tactical asset allocations, minimize risk, and assist in managing cash. At least fifteen underlying investment companies (including ETFs) will be available for the Portfolio’s investment at all times and such underlying investment companies may be changed at the Sub-Adviser’s discretion without notice to shareholders. The underlying investment companies may or may not be affiliated with the Investment Adviser. Equity Portion Equity securities in which the Portfolio may invest include, but are not limited to: common stocks, preferred stocks, securities convertible into common stocks, and depositary receipts. The Portfolio may invest in securities of companies of any market capitalization. The Portfolio may invest in real estate-related securities, including real estate investment trusts (“REITs”), and natural resource/commodity securities. The Portfolio is a core product and may invest in either “growth” securities, “value” securities, or both. Debt Portion The debt instruments in which the Portfolio may invest include, but are not limited to, short-, intermediate-, and long-term bonds rated investment grade; international bonds; high-yield bonds rated below investment grade, commonly known as “junk bonds;” and money market instruments. The Portfolio may also invest in treasury inflation protected securities, asset-backed securities, commercial and residential mortgage-backed securities, other securitized and structured debt instruments (such as collateralized mortgage obligations), and private placements. While the mix of equity and debt instruments will vary depending on the Sub-Adviser’s outlook on the markets, under normal circumstances no more than 75% (and no less than 25%) of the Portfolio’s total assets will be invested in equity securities. The Sub-Adviser uses a proprietary asset allocation strategy to determine the percentage of the Portfolio’s net assets to invest in each of the investment strategies and asset classes (the “Target Allocation”). The Target Allocation may be changed by the Sub-Adviser at any time and actual allocations of the Portfolio’s assets may deviate from the Target Allocation. The Portfolio may be rebalanced periodically to return to the Target Allocation. In evaluating investments for the Portfolio, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. | regard to a benchmark. The Debt Portion generally maintains a dollar-weighted average duration profile between 0 and 8 years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of the debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. The Debt Portion may include investment grade securities and below investment grade securities, commonly referred to as “junk bonds.” Investment grade securities would be rated at least BBB- by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. or BBB- by Fitch Ratings or have an equivalent rating by a nationally recognized statistical rating organization, or if unrated, would be determined by the Sub-Adviser to be of comparable quality. The Debt Portion may also invest in floating rate loans, and other floating rate debt instruments. Debt instruments may be issued by various U.S. and non-U.S. public or private sector entities (including those located in emerging market countries). Debt instruments may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, corporate debt, asset- and mortgage-backed securities, preferred stock, bank certificates of deposit, fixed time deposits, bankers’ acceptances and money market instruments, including money market funds denominated in U.S. dollars or other currencies. Floating rate loans and other floating rate debt instruments include floating rate bonds, floating rate notes, floating rate debentures, and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities. The Portfolio may also invest in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies and instrumentalities, and U.S. and non-U.S. corporations. Equity Portion The equity portion of the Portfolio (the “Equity Portion”) includes securities of U.S. and non-U.S. issuers. The Sub-Adviser seeks to maximize total return of the Equity Portion by investing in U.S. and non-U.S. equity securities with dividend yields the Sub-Adviser believes are attractive and in companies that the Sub-Adviser believes have above-average growth prospects. The Portfolio may invest in real estate-related securities, including real estate investment trusts (“REITs”). In managing both the Debt and Equity Portions, the Portfolio may also invest up to 35% of its net assets in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The Portfolio may invest up to 25% of its assets in foreign (non-U.S.) securities, including companies located in countries with emerging securities markets, either directly or through depositary receipts. The Portfolio may also invest in derivatives, including options, futures, index futures, swaps (including interest rate swaps, |
Balanced | Balanced Income | |
total return swaps, and credit default swaps), and currency forwards, as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns, and/or to assist in managing cash. In evaluating investments for the Portfolio, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. |
Solution Moderately Conservative | Solution Conservative | |
Investment Strategies | The Portfolio invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Portfolio uses an asset allocation strategy designed for investors saving for retirement. The Portfolio's current approximate target investment allocation (expressed as a percentage of its net assets) (the “Target Allocation”) among the Underlying Funds is: 38% in equity securities and 62% in debt instruments. Although this is the Target Allocation, the actual allocation of the Portfolio's assets may deviate from the percentages shown. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the sub-adviser (the “Sub-Adviser”) may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Portfolio will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to the following: real estate, commodities, and floating rate loans. | The Portfolio invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Portfolio uses an asset allocation strategy designed for investors saving for retirement. The Portfolio’s current approximate target investment allocation (expressed as a percentage of its net assets) (the “Target Allocation”) among the Underlying Funds is: 23% in equity securities and 77% in debt instruments. Although this is the Target Allocation, the actual allocation of the Portfolio’s assets may deviate from the percentages shown. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the sub-adviser (the “Sub-Adviser”) may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Portfolio will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to the following: real estate, commodities, and floating rate loans. |
Solution Moderately Conservative | Solution Conservative | |
Equity securities in which the Underlying Funds invest include, but are not limited to the following: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity securities. Debt instruments in which the Underlying Funds invest include, but are not limited to the following: domestic and international long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation-Protected Securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Portfolio may also invest in derivatives, including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, to seek to minimize risk, and to assist in managing cash. The Portfolio may also allocate in the future to the following asset class: emerging markets debt instruments. There can be no assurance that this allocation will occur. The Target Allocation may be changed at any time by the Sub-Adviser. | Equity securities in which the Underlying Funds invest include, but are not limited to the following: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity securities. Debt instruments in which the Underlying Funds invest include, but are not limited to the following: domestic and international long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation-Protected Securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Portfolio may also invest in derivatives, including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, to seek to minimize risk, and to assist in managing cash. The Portfolio may also allocate in the future to the following asset class: emerging markets debt instruments. There can be no assurance that this allocation will occur. The Target Allocation may be changed at any time by the Sub-Adviser. |
Strategic Allocation Conservative | Solution Conservative | |
Investment Strategies | Under normal market conditions, the sub-adviser (the “Sub-Adviser”) invests the assets of the Portfolio primarily in a combination of other funds (collectively, the “Underlying Funds”) that, in turn invest, in varying degrees, among several classes of equities, debt instruments, emerging markets debt, and money market instruments. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the Sub-Adviser may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Portfolio invests in a combination of Underlying Funds that reflects a target allocation of approximately 38% of its net assets in equity securities and 62% of its net assets in debt instruments (the “Target Allocation”). The Portfolio’s assets normally will be invested in accordance with its Target Allocation. As this is a Target Allocation, the actual allocations of the Portfolio’s assets may deviate from the percentages shown. The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to these asset classes will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategies. The Portfolio may be rebalanced periodically to return to the Target Allocation. The Portfolio’s Target Allocation may be changed, at any time, in accordance with the Portfolio’s asset allocation process. The Portfolio may periodically deviate from the Target Allocation based on an assessment of the current market conditions or other factors. | The Portfolio invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Portfolio uses an asset allocation strategy designed for investors saving for retirement. The Portfolio’s current approximate target investment allocation (expressed as a percentage of its net assets) (the “Target Allocation”) among the Underlying Funds is: 23% in equity securities and 77% in debt instruments. Although this is the Target Allocation, the actual allocation of the Portfolio’s assets may deviate from the percentages shown. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the sub-adviser (the “Sub-Adviser”) may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Portfolio will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% relative to the current Target Allocation. The Sub-Adviser |
Strategic Allocation Conservative | Solution Conservative | |
Generally, the deviations fall in the range of +/- 10% relative to the current Target Allocation. The Investment Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which includes stocks, bonds, and cash; and non-traditional asset classes (also known as alternative strategies) which includes real estate, commodities, and floating rate loans. The equity securities in which the Underlying Funds may invest include, but are not limited to, the following: domestic and international large-, mid-, and small-capitalization stocks; emerging market securities; and real estate-related securities, including real estate investment trusts (“REITs”). The debt instruments in which the Underlying Funds may invest include, but are not limited to, the following: domestic and international debt instruments including high-yield (high-risk) securities commonly referred to as “junk bonds” and debt instruments without limitation on maturity. The Sub-Adviser may change the Portfolio’s asset allocations, investments in particular Underlying Funds (including Underlying Funds organized in the future), Target Allocation, or other investment policies without the approval of shareholders as it determines necessary to pursue the Portfolio’s investment objective. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an Underlying Fund’s investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an Underlying Fund’s investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The current group of Underlying Funds in which the Portfolio may invest includes “index plus” funds. Generally these funds seek to outperform a designated index of equity securities by investing in a portion of the securities included in the index. Also, some Underlying Funds may use growth or value investment strategies. The Portfolio may invest in derivative instruments including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps) to make tactical allocations, as a substitute for taking a position in the underlying asset, and to assist in managing cash. The Investment Adviser will oversee the Target Allocation and the selection of Underlying Funds by the Sub-Adviser. | may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to the following: real estate, commodities, and floating rate loans. Equity securities in which the Underlying Funds invest include, but are not limited to the following: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity securities. Debt instruments in which the Underlying Funds invest include, but are not limited to the following: domestic and international long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation-Protected Securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Portfolio may also invest in derivatives, including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, to seek to minimize risk, and to assist in managing cash. The Portfolio may also allocate in the future to the following asset class: emerging markets debt instruments. There can be no assurance that this allocation will occur. The Target Allocation may be changed at any time by the Sub-Adviser. |
Strategic Allocation Growth | Solution Aggressive | |
Investment Strategies | Under normal market conditions, the sub-adviser (the “Sub-Adviser”) invests the assets of the Portfolio primarily in a combination of other funds (collectively, the “Underlying Funds”) that, in turn invest, in varying degrees, among several classes of equities, debt instruments, emerging markets debt, and money market instruments. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the Sub-Adviser may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, | The Portfolio invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Portfolio uses an asset allocation strategy designed for investors saving for retirement. The Portfolio’s current approximate target investment allocation (expressed as a percentage of its net assets) (the “Target Allocation”) among |
Strategic Allocation Growth | Solution Aggressive | |
including exchange-traded funds (“ETFs”). The Portfolio invests in a combination of Underlying Funds that reflects a target allocation of approximately 78% of its net assets in equity securities and 22% of its net assets in debt instruments (the “Target Allocation”). The Portfolio’s assets normally will be invested in accordance with its Target Allocation. As this is a Target Allocation, the actual allocations of the Portfolio’s assets may deviate from the percentages shown. The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to these asset classes will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategies. The Portfolio may be rebalanced periodically to return to the Target Allocation. The Portfolio’s Target Allocation may be changed, at any time, in accordance with the Portfolio’s asset allocation process. The Portfolio may periodically deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall in the range of +/- 10% relative to the current Target Allocation. The Investment Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which includes stocks, bonds, and cash; and non-traditional asset classes (also known as alternative strategies) which includes real estate, commodities, and floating rate loans. The equity securities in which the Underlying Funds may invest include, but are not limited to, the following: domestic and international large-, mid-, and small-capitalization stocks; emerging market securities; and real estate-related securities, including real estate investment trusts (“REITs”). The debt instruments in which the Underlying Funds may invest include, but are not limited to, the following: domestic and international debt instruments including high-yield (high-risk) securities commonly referred to as “junk bonds” and debt instruments without limitation on maturity. The Sub-Adviser may change the Portfolio’s asset allocations, investments in particular Underlying Funds (including Underlying Funds organized in the future), Target Allocation, or other investment policies without the approval of shareholders as it determines necessary to pursue the Portfolio’s investment objective. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an Underlying Fund’s investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an Underlying Fund’s investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The current group of Underlying Funds in which the Portfolio may invest includes “index plus” funds. Generally these funds seek to outperform a designated index of equity securities by investing in a portion of the securities included in the index. Also, some Underlying Funds may use growth or value investment strategies. The Portfolio may invest in derivative instruments including futures and swaps (including interest rate swaps, total return | the Underlying Funds is: 91% in equity securities and 9% in debt instruments. Although this is the Target Allocation, the actual allocation of the Portfolio’s assets may deviate from the percentages shown. The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although the sub-adviser (the “Sub-Adviser”) may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Portfolio will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to the following: real estate, commodities, and floating rate loans. Equity securities in which the Underlying Funds invest include, but are not limited to the following: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity securities. Debt instruments in which the Underlying Funds invest include, but are not limited to the following: domestic and international long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation-Protected Securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Portfolio may also invest in derivatives, including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, to seek to minimize risk, and to assist in managing cash. The Portfolio may also allocate in the future to the following asset class: emerging markets debt instruments. There can be no assurance that this allocation will occur. The Target Allocation may be changed at any time by the Sub-Adviser. |
Strategic Allocation Growth | Solution Aggressive | |
swaps, and credit default swaps) to make tactical allocations, as a substitute for taking a position in the underlying asset, and to assist in managing cash. The Investment Adviser will oversee the Target Allocation and the selection of Underlying Funds by the Sub-Adviser. |
Risks | Balanced | Balanced Income |
Asset Allocation: Investment performance depends on the manager’s skill in allocating assets among the asset classes in which the Portfolio invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Portfolio may underperform funds that allocate their assets differently than the Portfolio, due to differences in the relative performance of asset classes and subsets of asset classes. | ✔ | |
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Portfolio. In the event of a bank insolvency or failure, the Portfolio may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Portfolio might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. | ✔ | ✔ |
Risks | Balanced | Balanced Income |
China Investing Risks: The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. Political, regulatory and diplomatic events, such as the U.S.-China “trade war” that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on related investments. In addition, U.S. or foreign government restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments or causing the Portfolio to sell investments at disadvantageous times. Investing through Bond Connect: Chinese debt instruments trade on the China Interbank Bond Market (the “CIBM”) and may be purchased through a market access program, known as “Bond Connect,” that is designed to, among other things, enable foreign (non-U.S.) investment in the People’s Republic of China. There are significant risks inherent in investing in Chinese debt instruments, similar to the risks of investing in debt instruments in other emerging markets. The prices of debt instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access debt instruments that trade on the CIBM through Bond Connect are relatively new and subject to change, which may adversely affect the Portfolio’s ability to invest in these instruments and to enforce its rights as a beneficial owner of these instruments. Trading through Bond Connect is subject to a number of restrictions that may affect the Portfolio’s investments and returns. | ✔ | ✔ |
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless. | ✔ | ✔ |
Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. | ✔ | ✔ |
Covenant-Lite Loans: Loans in which the Portfolio may invest or to which the Portfolio may gain exposure indirectly through its investments in collateralized debt obligations, CLOs or other types of structured securities may be considered “covenant-lite” loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, the Portfolio may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants. | ✔ | |
Credit: The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests, or the counterparty to a derivative contract the Portfolio entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. | ✔ | ✔ |
Risks | Balanced | Balanced Income |
Credit Default Swaps: The Portfolio may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that it will achieve that result, and, in the meantime, central clearing and related requirements expose the Portfolio to new kinds of costs and risks. In addition, credit default swaps expose the Portfolio to the risk of improper valuation. | ✔ | ✔ |
Currency: To the extent that the Portfolio invests directly or indirectly 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 the Portfolio through foreign currency exchange transactions. | ✔ | ✔ |
Deflation: Deflation occurs when prices throughout the economy decline over time—the opposite of inflation. Unless repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and income of an inflation-protected bond will decline and could result in losses. | ✔ | ✔ |
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Portfolio and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the 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 asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment. | ✔ | ✔ |
Dividend: Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future. As a result, the Portfolio’s ability to execute its investment strategy may be limited. | ✔ | |
Environmental, Social, and Governance (Equity): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Portfolio is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of a company may rely on third party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Portfolio’s assets that will be invested in companies that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in companies that compare favorably to other companies on the basis of ESG factors. It is possible that the Portfolio will have less exposure to certain companies due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. | ✔ |
Risks | Balanced | Balanced Income |
Environmental, Social, and Governance (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Portfolio is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Portfolio’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Portfolio will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. | ✔ | ✔ |
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Portfolio will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Portfolio through another financial institution, or the Portfolio relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Portfolio may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Portfolio to meet its redemption obligations, and may limit the ability of the Portfolio to repay debt, pay dividends, or to take advantage of new investment opportunities. | ✔ | |
Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing, and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country, or region may adversely impact investments or issuers in another market, country, or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. | ✔ | ✔ |
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period. | ✔ | |
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers’ long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility. | ✔ | ✔ |
Risks | Balanced | Balanced Income |
Inflation-Indexed Bonds: If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. | ✔ | ✔ |
Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. | ✔ | |
Interest Rate: 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. As of the date of this Information Statement/Prospectus, the U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Portfolio 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 the Portfolio 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. Further, recent and potential future changes in government policy may affect 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 the Portfolio’s operations and return potential. | ✔ | ✔ |
Investment Model: The Sub-Adviser’s proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors, and there is no guarantee that the use of the investment model will result in effective investment decisions for the Portfolio. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit the Portfolio’s participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. The Portfolio’s volatility may not be lower than that of the Portfolio’s Index during all market cycles due to market factors. Portfolios that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. | ✔ | |
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Portfolio to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Portfolio, which could cause the Portfolio to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. | ✔ | ✔ |
Risks | Balanced | Balanced Income |
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory, or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Portfolio to achieve its investment objectives. | ✔ | ✔ |
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns. | ✔ | ✔ |
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, 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 has resulted, and may continue to result, 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 the Portfolio’s investments, including beyond the Portfolio’s direct exposure to Russian issuers or nearby geographic regions. 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 recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers. | ✔ | ✔ |
Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. | ✔ | ✔ |
Natural Resources/Commodity Securities: The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity. | ✔ |
Risks | Balanced | Balanced Income |
Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Portfolio’s expenses. The investment policies of the other investment companies may not be the same as those of the Portfolio; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Portfolio is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. | ✔ | ✔ |
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Portfolio may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. | ✔ | ✔ |
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Portfolio to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Portfolio will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests. | ✔ | ✔ |
Securities Lending: Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolio will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Portfolio to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolio’s other risks. | ✔ | ✔ |
Sovereign Debt: Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt that a government does not pay. | ✔ | ✔ |
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate risk, and may be subject to varying degrees of credit risk. | ✔ | ✔ |
Risks | Balanced | Balanced Income |
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Portfolio holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Portfolio’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly. | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Affiliated Underlying Funds: The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Portfolio, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Portfolio. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Portfolio in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Portfolio may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds. | ✔ | ✔ | ✔ |
Asset Allocation: Investment performance depends on the manager’s skill in allocating assets among the asset classes in which the Portfolio invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Portfolio may underperform funds that allocate their assets differently than the Portfolio, due to differences in the relative performance of asset classes and subsets of asset classes. | ✔ | ✔ | ✔ |
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Portfolio. In the event of a bank insolvency or failure, the Portfolio may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Portfolio might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Cash/Cash Equivalents: Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Portfolio’s performance and ability to achieve its investment objective. | ✔ | ✔ | ✔ |
China Investing Risks: The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. Political, regulatory and diplomatic events, such as the U.S.-China “trade war” that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on related investments. In addition, U.S. or foreign government restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments or causing the Portfolio to sell investments at disadvantageous times. Investing through Stock Connect: Shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (“China A-Shares”) may be purchased directly or indirectly through the Shanghai-Hong Kong Stock Connect (“Stock Connect”), a mutual market access program designed to, among other things, enable foreign investment in the People’s Republic of China (“PRC”) via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC’s investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Portfolio may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Portfolio’s performance. | ✔ | ✔ | ✔ |
Commodities: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Portfolio’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity-related investments, which may make it difficult for the Portfolio to sell them at a desirable price or time. | ✔ | ✔ | ✔ |
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless. | ✔ | ✔ | ✔ |
Credit: The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests, or the counterparty to a derivative contract the Portfolio entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Credit Default Swaps: The Portfolio may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that it will achieve that result, and, in the meantime, central clearing and related requirements expose the Portfolio to new kinds of costs and risks. In addition, credit default swaps expose the Portfolio to the risk of improper valuation. | ✔ | ✔ | ✔ |
Currency: To the extent that the Portfolio invests directly or indirectly 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 the Portfolio through foreign currency exchange transactions. | ✔ | ✔ | ✔ |
Deflation: Deflation occurs when prices throughout the economy decline over time—the opposite of inflation. Unless repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and income of an inflation-protected bond will decline and could result in losses. | ✔ | ✔ | |
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Portfolio and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the 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 asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Environmental, Social, and Governance (Funds-of-Funds): The Sub-Adviser’s consideration of ESG factors in selecting Underlying Funds for investment by the Portfolio is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Portfolio’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Portfolio will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds. | ✔ | ✔ | ✔ |
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Portfolio will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Portfolio through another financial institution, or the Portfolio relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Portfolio may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Portfolio to meet its redemption obligations, and may limit the ability of the Portfolio to repay debt, pay dividends, or to take advantage of new investment opportunities. | ✔ | ✔ | ✔ |
Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing, and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country, or region may adversely impact investments or issuers in another market, country, or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period. | ✔ | ✔ | ✔ |
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers’ long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility. | ✔ | ✔ | ✔ |
Index Strategy (Funds-of-Funds): An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an “Underlying Index Fund”). To the extent an Underlying Index Fund’s investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Portfolio. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund’s shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. In particular, when deciding between Underlying Index Funds benchmarked to the same index, the manager will generally select an affiliated Underlying Index Fund, even when the affiliated Underlying Index Fund has higher expenses than an unaffiliated Underlying Index Fund. When the Portfolio invests in an affiliated Underlying Index Fund with higher expenses, the Portfolio’s performance will be lower than if the Portfolio had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). The manager may select an unaffiliated Underlying Index Fund, including an ETF, over an affiliated Underlying Index Fund benchmarked to the same index when the manager believes making an investment in the affiliated Underlying Index Fund would be disadvantageous to the affiliated Underlying Index Fund, such as when the Portfolio is investing on a short-term basis. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Inflation-Indexed Bonds: If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. | ✔ | ✔ | |
Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. | ✔ | ||
Interest Rate: 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. As of the date of this Information Statement/Prospectus, the U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Portfolio 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 the Portfolio 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. Further, recent and potential future changes in government policy may affect 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 the Portfolio’s operations and return potential. | ✔ | ✔ | ✔ |
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Portfolio to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Portfolio, which could cause the Portfolio to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory, or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Portfolio to achieve its investment objectives. | ✔ | ✔ | ✔ |
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, 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 has resulted, and may continue to result, 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 the Portfolio’s investments, including beyond the Portfolio’s direct exposure to Russian issuers or nearby geographic regions. 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 recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers. | ✔ | ✔ | ✔ |
Natural Resources/Commodity Securities: The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity. | ✔ | ✔ | |
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Portfolio may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. | ✔ | ✔ | ✔ |
Risks | Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative |
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Portfolio to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Portfolio will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests. | ✔ | ✔ | ✔ |
Underlying Funds: Because the Portfolio invests primarily in Underlying Funds, the investment performance of the Portfolio is directly related to the investment performance of the Underlying Funds in which it invests. When the Portfolio invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Portfolio invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Portfolio’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Portfolio’s shareholders will indirectly bear their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Portfolio itself. | ✔ | ✔ | ✔ |
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Portfolio holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Portfolio’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly. | ✔ | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
Affiliated Underlying Funds: The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Portfolio, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Portfolio. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Portfolio in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Portfolio may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds. | ✔ | ✔ |
Asset Allocation: Investment performance depends on the manager’s skill in allocating assets among the asset classes in which the Portfolio invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Portfolio may underperform funds that allocate their assets differently than the Portfolio, due to differences in the relative performance of asset classes and subsets of asset classes. | ✔ | ✔ |
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Portfolio. In the event of a bank insolvency or failure, the Portfolio may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Portfolio might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. | ✔ | |
Cash/Cash Equivalents: Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Portfolio’s performance and ability to achieve its investment objective. | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
China Investing Risks: The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. Political, regulatory and diplomatic events, such as the U.S.-China “trade war” that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on related investments. In addition, U.S. or foreign government restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments or causing the Portfolio to sell investments at disadvantageous times. Investing through Stock Connect: Shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (“China A-Shares”) may be purchased directly or indirectly through the Shanghai-Hong Kong Stock Connect (“Stock Connect”), a mutual market access program designed to, among other things, enable foreign investment in the People’s Republic of China (“PRC”) via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC’s investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Portfolio may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Portfolio’s performance. | ✔ | ✔ |
Commodities: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Portfolio’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity-related investments, which may make it difficult for the Portfolio to sell them at a desirable price or time. | ✔ | ✔ |
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless. | ✔ | ✔ |
Credit: The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests, or the counterparty to a derivative contract the Portfolio entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. | ✔ | ✔ |
Credit Default Swaps: The Portfolio may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that it will achieve that result, and, in the meantime, central clearing and related requirements expose the Portfolio to new kinds of costs and risks. In addition, credit default swaps expose the Portfolio to the risk of improper valuation. | ✔ | ✔ |
Currency: To the extent that the Portfolio invests directly or indirectly 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 the Portfolio through foreign currency exchange transactions. | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
Deflation: Deflation occurs when prices throughout the economy decline over time—the opposite of inflation. Unless repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and income of an inflation-protected bond will decline and could result in losses. | ✔ | |
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Portfolio and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the 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 asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment. | ✔ | ✔ |
Environmental, Social, and Governance (Funds-of-Funds): The Sub-Adviser’s consideration of ESG factors in selecting Underlying Funds for investment by the Portfolio is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Portfolio’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Portfolio will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds. | ✔ | ✔ |
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Portfolio will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Portfolio through another financial institution, or the Portfolio relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Portfolio may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Portfolio to meet its redemption obligations, and may limit the ability of the Portfolio to repay debt, pay dividends, or to take advantage of new investment opportunities. | ✔ | ✔ |
Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing, and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country, or region may adversely impact investments or issuers in another market, country, or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. | ✔ | ✔ |
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period. | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers’ long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility. | ✔ | ✔ |
Index Strategy (Funds-of-Funds): An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an “Underlying Index Fund”). To the extent an Underlying Index Fund’s investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Portfolio. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund’s shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. In particular, when deciding between Underlying Index Funds benchmarked to the same index, the manager will generally select an affiliated Underlying Index Fund, even when the affiliated Underlying Index Fund has higher expenses than an unaffiliated Underlying Index Fund. When the Portfolio invests in an affiliated Underlying Index Fund with higher expenses, the Portfolio’s performance will be lower than if the Portfolio had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). The manager may select an unaffiliated Underlying Index Fund, including an ETF, over an affiliated Underlying Index Fund benchmarked to the same index when the manager believes making an investment in the affiliated Underlying Index Fund would be disadvantageous to the affiliated Underlying Index Fund, such as when the Portfolio is investing on a short-term basis. | ✔ | ✔ |
Inflation-Indexed Bonds: If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. | ✔ | |
Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
Interest Rate: 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. As of the date of this Information Statement/Prospectus, the U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Portfolio 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 the Portfolio 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. Further, recent and potential future changes in government policy may affect 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 the Portfolio’s operations and return potential. | ✔ | ✔ |
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Portfolio to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Portfolio, which could cause the Portfolio to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. | ✔ | ✔ |
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory, or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Portfolio to achieve its investment objectives. | ✔ | ✔ |
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns. | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, 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 has resulted, and may continue to result, 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 the Portfolio’s investments, including beyond the Portfolio’s direct exposure to Russian issuers or nearby geographic regions. 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 recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers. | ✔ | ✔ |
Natural Resources/Commodity Securities: The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity. | ✔ | |
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Portfolio may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. | ✔ | ✔ |
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Portfolio to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Portfolio will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests. | ✔ | ✔ |
Risks | Strategic Allocation Growth | Solution Aggressive |
Underlying Funds: Because the Portfolio invests primarily in Underlying Funds, the investment performance of the Portfolio is directly related to the investment performance of the Underlying Funds in which it invests. When the Portfolio invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Portfolio invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Portfolio’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Portfolio’s shareholders will indirectly bear their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Portfolio itself. | ✔ | ✔ |
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Portfolio holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Portfolio’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly. | ✔ | ✔ |
Balanced | Balanced Income |
Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other registered management investment companies. | Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies. For purposes of the Portfolio’s fundamental policy, with respect to the exception for “securities of other investment companies”, the Portfolio will apply that exception as applying only to the securities of other investment companies that are registered under the Investment Company Act of 1940, as amended. |
Balanced | Balanced Income |
Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more registered management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, including the rules and regulations thereunder, and any exemptive relief obtained by the Portfolio. For purposes the Portfolio’s fundamental policy number (ii), with respect to the exception for “securities of one or more management investment companies”, the Portfolio will apply that exception as applying only to the securities of one or more management investment companies that are registered under the Investment Company Act of 1940, as amended. |
Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Portfolio. | Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations, and any exemptive relief obtained by the Portfolio. For purposes of this limitation, entering into repurchase agreements, lending securities, and acquiring debt securities are not deemed to be making of loans. |
Issuing Senior Securities: The Portfolio may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Issuing Senior Securities: Same. |
Purchasing or Selling Real Estate: The Portfolio may not purchase or sell real estate, except that the Portfolio may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Portfolio as a result of the ownership of securities | Purchasing or Selling Real Estate: Same. |
Purchasing or Selling Commodities: The Portfolio may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Portfolio from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | Purchasing or Selling Commodities: Same. |
Borrowing: The Portfolio may not borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive relief obtained by the Portfolio. | Borrowing: Same. |
Balanced | Balanced Income |
Underwriting Securities: The Portfolio may not underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Portfolio’s ability to invest in securities issued by other registered management investment companies. | Underwriting Securities: Same. |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative |
Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies, and instrumentalities, or investments in securities of other registered management investment companies. | Diversification: The Portfolio may not with respect to 75% of the Portfolio’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or securities of other investment companies), if as a result: (a) more than 5% of the Portfolio’s total assets would be invested in the securities of that issuer; or (b) the Portfolio would hold more than 10% of the outstanding voting securities of that issuer. | Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies. For purposes of the Portfolio’s fundamental policy, with respect to the exception for “securities of other investment companies”, the Portfolio will apply that exception as applying only to the securities of other investment companies that are registered under the Investment Company Act of 1940, as amended. |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative |
Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or tax exempt securities issued by any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more registered management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Concentration: The Portfolio may not “concentrate” its investments in a particular industry, as that term is used in the 1940 Act and as interpreted, modified or otherwise permitted by any regulatory authority having jurisdiction from time to time. This limitation will not apply to the Portfolio’s investments in: (i) securities of other investment companies; (ii) securities issued or guaranteed as to principal and/or interest by the U.S. government, its agencies or instrumentalities; or (iii) repurchase agreements (collateralized by securities issued by the U.S. government, its agencies, or instrumentalities). | Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax exempt securities issued by any state or territory of the U.S., or any of their agencies, instrumentalities, or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. For purposes of the Portfolio’s fundamental policy, the Portfolio will apply the stated policy as if it applies to tax exempt securities issued by any state or territory of the U.S. unless such securities are otherwise excepted from the stated limitation (e.g., because they are obligations issued or guaranteed by the U.S. government or any of its agencies, instrumentalities, or political subdivisions). For purposes of the Portfolio’s fundamental policy (b), with respect to the exception for “securities of one or more management investment companies”, the Portfolio will apply that exception as applying only to the securities of one or more management investment companies that are registered under the Investment Company Act of 1940, as amended. |
Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Portfolio. | Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans. | Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Portfolio. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans. |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative |
Issuing Senior Securities: The Portfolio may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Issuing Senior Securities: The Portfolio may not issue any senior security (as defined in the 1940 Act), except that: (i) the Portfolio may enter into commitments to purchase securities in accordance with the Portfolio’s investment program, including reverse repurchase agreements, delayed delivery and when-issued securities, which may be considered the issuance of senior securities; (ii) the Portfolio may engage in transactions that may result in the issuance of a senior security to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any orders obtained thereunder; (iii) the Portfolio may engage in short sales of securities to the extent permitted in its investment program and other restrictions; and (iv) the purchase of sale of futures contracts and related options shall not be considered to involve the issuance of senior securities. | Issuing Senior Securities: Same as Strategic Allocation Conservative. |
Purchasing or Selling Real Estate: The Portfolio may not purchase or sell real estate, except that the Portfolio may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Portfolio as a result of the ownership of securities. | Purchasing or Selling Real Estate: Same. | Purchasing or Selling Real Estate: Same. |
Purchasing or Selling Commodities: The Portfolio may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Portfolio from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | Purchasing or Selling Commodities: The Portfolio may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Portfolio from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). | Purchasing or Selling Commodities: Same as Strategic Allocation Conservative. |
Borrowing: The Portfolio may not borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Portfolio. | Borrowing: The Portfolio may not borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any orders obtained thereunder. | Borrowing: Same as Strategic Allocation Conservative. |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative |
Underwriting Securities: The Portfolio may not underwrite any issue of securities within the meaning of the under the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Portfolio’s ability to invest in securities issued by other registered management investment companies. | Underwriting Securities: The Portfolio may not act as an underwriter of securities except to the extent that, in connection with the disposition of securities by the Portfolio for its portfolio, the Portfolio may be deemed to be an underwriter under applicable law. | Underwriting Securities: Same as Strategic Allocation Conservative. |
Other: In implementing its fundamental objectives and policies, the Portfolio will look through to the investments of the Underlying Funds. | No corresponding fundamental policy | No corresponding fundamental policy |
Strategic Allocation Growth | Solution Aggressive |
Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies, and instrumentalities, or investments in securities of other registered management investment companies. | Diversification: The Portfolio may not purchase securities of any issuer if, as a result, with respect to 75% of the Portfolio’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Portfolio’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies. For purposes of the Portfolio’s fundamental policy, with respect to the exception for “securities of other investment companies”, the Portfolio will apply that exception as applying only to the securities of other investment companies that are registered under the Investment Company Act of 1940, as amended. |
Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or tax exempt securities issued by any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more registered management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Concentration: The Portfolio may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax exempt securities issued by any state or territory of the U.S., or any of their agencies, instrumentalities, or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. For purposes of the Portfolio’s fundamental policy (b), with respect to the exception for “securities of one or more management investment companies”, the Portfolio will apply that exception as applying only to the securities of one or more management investment companies that are registered under the Investment Company Act of 1940, as amended. |
Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Portfolio. | Making Loans: The Portfolio may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Portfolio. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans. |
Strategic Allocation Growth | Solution Aggressive |
Issuing Senior Securities: The Portfolio may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Portfolio. | Issuing Senior Securities: Same. |
Purchasing or Selling Real Estate: The Portfolio may not purchase or sell real estate, except that the Portfolio may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Portfolio as a result of the ownership of securities. | Purchasing or Selling Real Estate: Same. |
Purchasing or Selling Commodities: The Portfolio may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Portfolio from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | Purchasing or Selling Commodities: Same. |
Borrowing: The Portfolio may not borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Portfolio. | Borrowing: Same. |
Underwriting Securities: The Portfolio may not underwrite any issue of securities within the meaning of the under the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Portfolio’s ability to invest in securities issued by other registered management investment companies. | Underwriting Securities: Same. |
Other: In implementing its fundamental objectives and policies, the Portfolio will look through to the investments of the Underlying Funds. | No corresponding fundamental policy |
Annual Portfolio Operating Expenses Expenses you pay each year as a % of the value of your investment |
Before the Reorganization – Balanced | Before the Reorganization – Balanced Income | After the Reorganization – Balanced Income (Pro Forma) | ||
Class I | ||||
Management Fees | % | 0.60 | 0.55 | 0.55 |
Distribution and/or Shareholder Services (12b-1) Fees | % | None | None | None |
Other Expenses | % | 0.18 | 0.09 | 0.09 |
Acquired Fund Fees and Expenses | % | 0.091 | 0.011 | 0.011 |
Total Annual Portfolio Operating Expenses | % | 0.87 | 0.65 | 0.65 |
Waivers and Reimbursements | % | (0.09)2 | (0.04)3 | (0.04)3 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 0.78 | 0.61 | 0.61 |
Class S | ||||
Management Fees | % | 0.60 | 0.55 | 0.55 |
Distribution and/or Shareholder Services (12b-1) Fees | % | 0.25 | 0.25 | 0.25 |
Other Expenses | % | 0.18 | 0.09 | 0.09 |
Acquired Fund Fees and Expenses | % | 0.091 | 0.011 | 0.011 |
Total Annual Portfolio Operating Expenses | % | 1.12 | 0.90 | 0.90 |
Waivers and Reimbursements | % | (0.09)2 | (0.04)3 | (0.04)3 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 1.03 | 0.86 | 0.86 |
Balanced | Balanced Income | Balanced Income Pro Forma | |||||||||||
Class | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | |
Class I | $ | 80 | 269 | 473 | 1,064 | 62 | 204 | 358 | 807 | 62 | 204 | 358 | 807 |
Class S | $ | 105 | 347 | 608 | 1,355 | 88 | 283 | 495 | 1,104 | 88 | 283 | 495 | 1,104 |
Annual Portfolio Operating Expenses Expenses you pay each year as a % of the value of your investment |
Before the Reorganization – Solution Moderately Conservative | Before the Reorganization – Strategic Allocation Conservative | Before the Reorganization – Solution Conservative | After the Reorganization – Solution Conservative (Pro Forma) | ||
Class ADV | |||||
Management Fees | % | 0.21 | N/A | 0.22 | 0.19 |
Distribution and/or Shareholder Services (12b-1) Fees | % | 0.50 | N/A | 0.50 | 0.50 |
Other Expenses | % | 0.20 | N/A | 0.27 | 0.17 |
Acquired Fund Fees and Expenses | % | 0.471 | N/A | 0.421 | 0.421 |
Total Annual Portfolio Operating Expenses | % | 1.38 | N/A | 1.41 | 1.28 |
Waivers and Reimbursements | % | (0.14)2 | N/A | (0.25)4 | (0.12)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 1.24 | N/A | 1.16 | 1.16 |
Class I | |||||
Management Fees | % | 0.21 | 0.19 | 0.22 | 0.19 |
Distribution and/or Shareholder Services (12b-1) Fees | % | None | None | None | None |
Other Expenses | % | 0.20 | 0.17 | 0.27 | 0.17 |
Acquired Fund Fees and Expenses | % | 0.471 | 0.421 | 0.421 | 0.421 |
Total Annual Portfolio Operating Expenses | % | 0.88 | 0.78 | 0.91 | 0.78 |
Waivers and Reimbursements | % | (0.14)2 | (0.07)3 | (0.25)4 | (0.12)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 0.74 | 0.71 | 0.66 | 0.66 |
Class R6 | |||||
Management Fees | % | 0.21 | N/A | 0.22 | 0.19 |
Distribution and/or Shareholder Services (12b-1) Fees | % | None | N/A | None | None |
Other Expenses | % | 0.11 | N/A | 0.19 | 0.07 |
Acquired Fund Fees and Expenses | % | 0.471 | N/A | 0.421 | 0.421 |
Total Annual Portfolio Operating Expenses | % | 0.79 | N/A | 0.83 | 0.68 |
Waivers and Reimbursements | % | (0.05)2 | N/A | (0.17)4 | (0.02)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 0.74 | N/A | 0.66 | 0.66 |
Class S | |||||
Management Fees | % | 0.21 | 0.19 | 0.22 | 0.19 |
Distribution and/or Shareholder Services (12b-1) Fees | % | 0.25 | 0.25 | 0.25 | 0.25 |
Other Expenses | % | 0.20 | 0.17 | 0.27 | 0.17 |
Acquired Fund Fees and Expenses | % | 0.471 | 0.421 | 0.421 | 0.421 |
Total Annual Portfolio Operating Expenses | % | 1.13 | 1.03 | 1.16 | 1.03 |
Waivers and Reimbursements | % | (0.14)2 | (0.07)3 | (0.25)4 | (0.12)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 0.99 | 0.96 | 0.91 | 0.91 |
Class S2 | |||||
Management Fees | % | 0.21 | N/A | 0.22 | 0.19 |
Distribution and/or Shareholder Services (12b-1) Fees | % | 0.40 | N/A | 0.40 | 0.40 |
Other Expenses | % | 0.20 | N/A | 0.27 | 0.17 |
Acquired Fund Fees and Expenses | % | 0.471 | N/A | 0.421 | 0.421 |
Total Annual Portfolio Operating Expenses | % | 1.28 | N/A | 1.31 | 1.18 |
Waivers and Reimbursements | % | (0.14)2 | N/A | (0.25)4 | (0.12)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 1.14 | N/A | 1.06 | 1.06 |
Solution Moderately Conservative | Strategic Allocation Conservative | Solution Conservative | Solution Conservative Pro Forma | ||||||||||||||
Class | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | |
Class ADV | $ | 126 | 409 | 728 | 1,632 | N/A | N/A | N/A | N/A | 118 | 396 | 722 | 1,646 | 118 | 382 | 679 | 1,542 |
Class I | $ | 76 | 252 | 459 | 1,058 | 73 | 242 | 426 | 960 | 67 | 239 | 454 | 1,072 | 67 | 225 | 409 | 943 |
Class R6 | $ | 76 | 242 | 429 | 968 | N/A | N/A | N/A | N/A | 67 | 230 | 426 | 993 | 67 | 213 | 375 | 843 |
Class S | $ | 101 | 331 | 595 | 1,349 | 98 | 321 | 562 | 1,253 | 93 | 318 | 589 | 1,363 | 93 | 303 | 545 | 1,237 |
Class S2 | $ | 116 | 378 | 675 | 1,520 | N/A | N/A | N/A | N/A | 108 | 365 | 669 | 1,534 | 108 | 350 | 625 | 1,410 |
Annual Portfolio Operating Expenses Expenses you pay each year as a % of the value of your investment |
Before the Reorganization – Strategic Allocation Growth | Before the Reorganization – Solution Aggressive | After the Reorganization – Solution Aggressive (Pro Forma) | ||
Class I | ||||
Management Fees | % | 0.18 | 0.21 | 0.18 |
Distribution and/or Shareholder Services (12b-1) Fees | % | None | None | None |
Other Expenses | % | 0.16 | 0.29 | 0.13 |
Acquired Fund Fees and Expenses | % | 0.481 | 0.521 | 0.521 |
Total Annual Portfolio Operating Expenses | % | 0.82 | 1.02 | 0.83 |
Waivers and Reimbursements | % | (0.05)2 | (0.13)3 | (0.06)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 0.77 | 0.89 | 0.77 |
Class S | ||||
Management Fees | % | 0.18 | 0.21 | 0.18 |
Distribution and/or Shareholder Services (12b-1) Fees | % | 0.25 | 0.25 | 0.25 |
Other Expenses | % | 0.16 | 0.29 | 0.13 |
Acquired Fund Fees and Expenses | % | 0.481 | 0.521 | 0.521 |
Before the Reorganization – Strategic Allocation Growth | Before the Reorganization – Solution Aggressive | After the Reorganization – Solution Aggressive (Pro Forma) | ||
Total Annual Portfolio Operating Expenses | % | 1.07 | 1.27 | 1.08 |
Waivers and Reimbursements | % | (0.05)2 | (0.13)3 | (0.06)4 |
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements | % | 1.02 | 1.14 | 1.02 |
Strategic Allocation Growth | Solution Aggressive | Solution Aggressive Pro Forma | |||||||||||
Class | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | |
Class I | $ | 79 | 257 | 450 | 1,009 | 91 | 298 | 537 | 1,224 | 85 | 261 | 443 | 969 |
Class S | $ | 104 | 335 | 585 | 1,301 | 116 | 376 | 671 | 1,510 | 104 | 331 | 584 | 1,306 |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class I | % | 15.92 | 7.98 | 5.84 | N/A | 04/03/89 |
S&P Target Risk® Growth Index1 | % | 15.38 | 7.73 | 5.96 | N/A | |
Bloomberg U.S. Aggregate Bond Index2 | % | 5.53 | 1.10 | 1.81 | N/A | |
MSCI EAFE® Index1 | % | 18.24 | 8.16 | 4.28 | N/A | |
Russell 3000® Index2 | % | 25.96 | 15.16 | 11.48 | N/A | |
Class S | % | 15.71 | 7.72 | 5.58 | N/A | 05/29/03 |
S&P Target Risk® Growth Index1 | % | 15.38 | 7.73 | 5.96 | N/A | |
Bloomberg U.S. Aggregate Bond Index2 | % | 5.53 | 1.10 | 1.81 | N/A | |
MSCI EAFE® Index1 | % | 18.24 | 8.16 | 4.28 | N/A | |
Russell 3000® Index2 | % | 25.96 | 15.16 | 11.48 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class I | % | 11.68 | 5.27 | 4.52 | N/A | 04/28/06 |
60% Bloomberg U.S. Aggregate Bond Index; 30% Russell 1000® Index; 10% MSCI EAFE® Index1 | % | 12.86 | 6.31 | 5.24 | N/A | |
Bloomberg U.S. Aggregate Bond Index1 | % | 5.53 | 1.10 | 1.81 | N/A | |
Russell 1000® Index1 | % | 26.53 | 15.52 | 11.80 | N/A | |
MSCI EAFE® Index1 | % | 18.24 | 8.16 | 4.28 | N/A | |
Class S | % | 11.42 | 4.99 | 4.28 | N/A | 04/28/06 |
60% Bloomberg U.S. Aggregate Bond Index; 30% Russell 1000® Index; 10% MSCI EAFE® Index1 | % | 12.86 | 6.31 | 5.24 | N/A | |
Bloomberg U.S. Aggregate Bond Index1 | % | 5.53 | 1.10 | 1.81 | N/A | |
Russell 1000® Index1 | % | 26.53 | 15.52 | 11.80 | N/A | |
MSCI EAFE® Index1 | % | 18.24 | 8.16 | 4.28 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class I | % | 11.92 | 5.29 | 4.44 | N/A | 07/05/95 |
Bloomberg U.S. Aggregate Bond Index1 | % | 5.53 | 1.10 | 1.81 | N/A | |
Class S | % | 11.57 | 5.01 | 4.17 | N/A | 08/05/05 |
Bloomberg U.S. Aggregate Bond Index1 | % | 5.53 | 1.10 | 1.81 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class ADV | % | 11.40 | 5.39 | 4.20 | N/A | 07/02/07 |
S&P Target Risk® Moderate Index1 | % | 12.41 | 5.66 | 4.48 | N/A | |
Class I | % | 12.08 | 5.90 | 4.72 | N/A | 07/02/07 |
S&P Target Risk® Moderate Index1 | % | 12.41 | 5.66 | 4.48 | N/A | |
Class R6 | % | 12.07 | 5.92 | 4.72 | N/A | 05/02/16 |
S&P Target Risk® Moderate Index1 | % | 12.41 | 5.66 | 4.48 | N/A | |
Class S | % | 11.86 | 5.67 | 4.48 | N/A | 07/02/07 |
S&P Target Risk® Moderate Index1 | % | 12.41 | 5.66 | 4.48 | N/A | |
Class S2 | % | 11.66 | 5.49 | 4.31 | N/A | 04/30/10 |
S&P Target Risk® Moderate Index1 | % | 12.41 | 5.66 | 4.48 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class ADV | % | 8.79 | 3.73 | 3.22 | N/A | 04/30/10 |
S&P Target Risk® Conservative Index1 | % | 10.94 | 4.60 | 3.76 | N/A | |
Class I | % | 9.32 | 4.25 | 3.72 | N/A | 04/30/10 |
S&P Target Risk® Conservative Index1 | % | 10.94 | 4.60 | 3.76 | N/A |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class R6 | % | 9.26 | 4.24 | 3.72 | N/A | 05/02/16 |
S&P Target Risk® Conservative Index1 | % | 10.94 | 4.60 | 3.76 | N/A | |
Class S | % | 9.12 | 3.99 | 3.47 | N/A | 04/30/10 |
S&P Target Risk® Conservative Index1 | % | 10.94 | 4.60 | 3.76 | N/A | |
Class S2 | % | 8.88 | 3.83 | 3.32 | N/A | 04/30/10 |
S&P Target Risk® Conservative Index1 | % | 10.94 | 4.60 | 3.76 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class I | % | 18.65 | 9.55 | 6.74 | N/A | 07/05/95 |
Russell 3000® Index1 | % | 25.96 | 15.16 | 11.48 | N/A | |
Class S | % | 18.40 | 9.27 | 6.47 | N/A | 08/05/05 |
Russell 3000® Index1 | % | 25.96 | 15.16 | 11.48 | N/A |
(as of December 31 of each year)
Average Annual Total Returns % (for the periods ended December 31, 2023) |
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
1 Year | 5 Years | 10 Years | Since Inception | Inception Date | ||
Class I | % | 21.21 | 11.21 | 7.69 | N/A | 05/01/13 |
S&P Target Risk Aggressive® Index1 | % | 18.40 | 9.78 | 7.20 | N/A | |
Class S | % | 20.90 | 10.94 | 7.43 | N/A | 05/01/13 |
S&P Target Risk Aggressive® Index1 | % | 18.40 | 9.78 | 7.20 | N/A |
Target Portfolios | Acquiring Portfolios | |
Investment Adviser | Voya Investments, LLC | Same |
Management Fee (as a percentage of average daily net assets) | Balanced 0.60% Solution Moderately Conservative 0.400% on assets in Direct Investments1 0.200% on assets in Underlying Funds2 Strategic Allocation Conservative 0.70% on assets in Direct Investments3 0.40% on assets in Other Investments4 0.18% on assets in Underlying Funds2 Strategic Allocation Growth 0.70% on assets in Direct Investments3 0.40% on assets in Other Investments4 0.18% on assets in Underlying Funds2 | Balanced Income 0.550% Solution Conservative 0.400% on assets in Direct Investments1 0.200% on assets in Underlying Funds2, 5 Solution Aggressive 0.400% on assets in Direct Investments1 0.200% on assets in Underlying Funds2, 5 |
Sub-Adviser | Voya Investment Management Co. LLC | Same |
Sub-Advisory Fee (as a percentage of average daily net assets) | Balanced 0.225% Solution Moderately Conservative 0.13500% on assets in Direct Investments1 0.04500% on assets in Underlying Funds2 Strategic Allocation Conservative 0.27% on assets in Direct Investments3 0.14% on assets in Other Investments4 0.02% on assets in Underlying Funds2 Strategic Allocation Growth 0.27% on assets in Direct Investments3 0.14% on assets in Other Investments4 0.02% on assets in Underlying Funds2 | Balanced Income 0.2480% Solution Conservative 0.13500% on assets in Direct Investments1 0.04500% on assets in Underlying Funds2 Solution Aggressive 0.13500% on assets in Direct Investments1 0.04500% on assets in Underlying Funds2 |
Portfolio Managers | Balanced Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 05/18) Solution Moderately Conservative Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 09/19) Strategic Allocation Conservative Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 05/18) Strategic Allocation Growth Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 05/18) | Balanced Income Vincent Costa, CFA (since 05/19) Barbara Reinhard, CFA (since 05/23) Brian Timberlake, Ph.D., CFA (since 05/19) Leigh Todd, CFA (since 10/22) Solution Conservative Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 09/19) Solution Aggressive Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 09/19) |
Distributor | Voya Investments Distributor, LLC | Same |
Class | Shares Outstanding |
I | 19,978,197.22 |
S | 116,763.56 |
Total | 20,094,960.78 |
Class | Shares Outstanding |
I | 4,862,206.17 |
S | 308,512.84 |
Total | 5,170,719.01 |
Class | Shares Outstanding |
ADV | 404,934.02 |
I | 33,268.21 |
R6 | 1,221,031.23 |
S | 1,687,975.75 |
Class | Shares Outstanding |
S2 | 134,838.95 |
Total | 3,482,048.16 |
Class | Shares Outstanding |
I | 10,463,350.00 |
S | 181,903.12 |
Total | 10,645,253.12 |
Balanced Portfolio | Balanced Income Portfolio | Pro Forma Adjustments | Balanced Income Pro Forma Combined | ||
Class ADV | |||||
Net Assets | $ | N/A | 46,210,568 | - | 46,210,568 |
Shares Outstanding | N/A | 5,194,622 | - | 5,194,622 | |
Net Asset Value Per Share | $ | N/A | 8.90 | - | 8.90 |
Class I | |||||
Net Assets | $ | 305,054,720 | 6,060,617 | (190,093)(A) | 310,925,244 |
Shares Outstanding | 19,864,513 | 639,469 | 12,294,203(B) | 32,798,185 | |
Net Asset Value Per Share | $ | 15.36 | 9.48 | - | 9.48 |
Class S | |||||
Net Assets | $ | 1,775,892 | 170,983,587 | (1,107)(A) | 172,758,372 |
Shares Outstanding | 116,316 | 18,150,521 | 72,090(B) | 18,338,927 | |
Net Asset Value Per Share | $ | 15.27 | 9.42 | - | 9.42 |
Class S2 | |||||
Net Assets | $ | N/A | 2,455,007 | - | 2,455,007 |
Shares Outstanding | N/A | 261,113 | - | 261,113 | |
Net Asset Value Per Share | $ | N/A | 9.40 | - | 9.40 |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative | Pro Forma Adjustments | Solution Conservative Pro Forma Combined | ||
Class ADV | ||||||
Net Assets | $ | N/A | 3,530,542 | 2,573,170 | (2,490)(A) | 6,101,222 |
Shares Outstanding | N/A | 405,668 | 268,468 | (37,395) (B) | 636,741 | |
Net Asset Value Per Share | $ | N/A | 8.70 | 9.58 | - | 9.58 |
Class I | ||||||
Net Assets | $ | 54,588,734 | 316,671 | 457,321 | (24,691)(A) | 55,338,035 |
Shares Outstanding | 4,859,609 | 34,448 | 47,189 | 769,587(B) | 5,710,833 | |
Net Asset Value Per Share | $ | 11.23 | 9.19 | 9.69 | - | 9.69 |
Class R6 |
Strategic Allocation Conservative | Solution Moderately Conservative | Solution Conservative | Pro Forma Adjustments | Solution Conservative Pro Forma Combined | ||
Net Assets | $ | N/A | 11,025,571 | 4,202,512 | (7,776)(A) | 15,220,307 |
Shares Outstanding | N/A | 1,200,110 | 434,002 | (61,908) (B) | 1,572,204 | |
Net Asset Value Per Share | $ | N/A | 9.19 | 9.68 | - | 9.68 |
Class S | ||||||
Net Assets | $ | 3,419,840 | 15,133,589 | 1,702,960 | (12,207)(A) | 20,244,182 |
Shares Outstanding | 308,316 | 1,699,230 | 176,839 | (82,185) (B) | 2,102,200 | |
Net Asset Value Per Share | $ | 11.09 | 8.91 | 9.63 | - | 9.63 |
Class S2 | ||||||
Net Assets | $ | N/A | 1,185,485 | 679,540 | (836)(A) | 1,864,189 |
Shares Outstanding | N/A | 135,098 | 71,586 | (10,267)(B) | 196,417 | |
Net Asset Value Per Share | $ | N/A | 8.77 | 9.49 | - | 9.49 |
Strategic Allocation Growth Portfolio | Solution Aggressive Portfolio | Pro Forma Adjustments | Solution Aggressive Pro Forma Combined | ||
Class ADV | |||||
Net Assets | $ | N/A | 3,611,112 | - | 3,611,112 |
Shares Outstanding | N/A | 273,792 | - | 273,792 | |
Net Asset Value Per Share | $ | N/A | 13.19 | - | 13.19 |
Class I | |||||
Net Assets | $ | 141,166,722 | 1,482,428 | - | 142,649,150 |
Shares Outstanding | 10,450,858 | 108,373 | (131,653)(A) | 10,427,578 | |
Net Asset Value Per Share | $ | 13.51 | 13.68 | - | 13.68 |
Class R6 | |||||
Net Assets | $ | N/A | 27,935,328 | - | 27,935,328 |
Shares Outstanding | N/A | 2,040,114 | - | 2,040,114 | |
Net Asset Value Per Share | $ | N/A | 13.69 | - | 13.69 |
Class S | |||||
Net Assets | $ | 2,336,179 | 1,762,659 | - | 4,098,838 |
Shares Outstanding | 175,378 | 130,792 | (2,071) (A) | 304,099 | |
Net Asset Value Per Share | $ | 13.32 | 13.48 | - | 13.48 |
Class S2 | |||||
Net Assets | $ | N/A | 1,942,062 | - | 1,942,062 |
Shares Outstanding | N/A | 148,601 | - | 148,601 | |
Net Asset Value Per Share | $ | N/A | 13.07 | - | 13.07 |
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg
Ropes & Gray LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza
Portfolio | Class ADV | Class S | Class S2 |
Balanced Income | 0.60% | 0.25% | 0.40% |
Solution Conservative | 0.50% | 0.25% | 0.40% |
Solution Aggressive | 0.50% | 0.25% | 0.40% |
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 from affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses, net of fee waivers and/or recoupments, if any(2)(3) | Expenses, net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | |
Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
Voya Balanced Income Portfolio | |||||||||||||||||
Class I | |||||||||||||||||
12-31-23 | 8.43 | 0.31• | 0.66 | 0.97 | 0.27 | — | — | 0.27 | — | 9.13 | 11.68 | 0.64 | 0.60 | 0.60 | 3.56 | 6,009 | 142 |
12-31-22 | 10.99 | 0.26• | (1.77) | (1.51) | 0.25 | 0.80 | — | 1.05 | — | 8.43 | (13.78) | 0.64 | 0.60 | 0.60 | 2.73 | 6,024 | 104 |
12-31-21 | 10.31 | 0.25• | 0.71 | 0.96 | 0.28 | — | — | 0.28 | — | 10.99 | 9.42 | 0.62 | 0.60 | 0.60 | 2.29 | 7,878 | 133 |
12-31-20 | 11.19 | 0.29• | (0.03) | 0.26 | 0.42 | 0.72 | — | 1.14 | — | 10.31 | 3.33 | 0.62 | 0.60 | 0.60 | 2.79 | 7,943 | 69 |
12-31-19 | 10.50 | 0.38• | 1.55 | 1.93 | 0.57 | 0.67 | — | 1.24 | — | 11.19 | 18.73 | 0.66 | 0.62 | 0.62 | 3.38 | 8,836 | 231 |
Income (loss) from investment operations | Less distributions | Ratios to average net assets | Supplemental data | ||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payment from affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses, net of fee waivers and/or recoupments, if any(2)(3) | Expenses, net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | |
Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
Class S | |||||||||||||||||
12-31-23 | 8.38 | 0.29• | 0.66 | 0.95 | 0.25 | — | — | 0.25 | — | 9.08 | 11.42 | 0.89 | 0.85 | 0.85 | 3.30 | 173,258 | 142 |
12-31-22 | 10.92 | 0.23• | (1.75) | (1.52) | 0.22 | 0.80 | — | 1.02 | — | 8.38 | (13.97) | 0.89 | 0.85 | 0.85 | 2.47 | 184,513 | 104 |
12-31-21 | 10.25 | 0.22• | 0.70 | 0.92 | 0.25 | — | — | 0.25 | — | 10.92 | 9.09 | 0.87 | 0.85 | 0.85 | 2.04 | 256,146 | 133 |
12-31-20 | 11.13 | 0.26• | (0.03) | 0.23 | 0.39 | 0.72 | — | 1.11 | — | 10.25 | 3.03 | 0.87 | 0.85 | 0.85 | 2.55 | 266,536 | 69 |
12-31-19 | 10.45 | 0.36• | 1.52 | 1.88 | 0.53 | 0.67 | — | 1.20 | — | 11.13 | 18.40 | 0.91 | 0.87 | 0.87 | 3.18 | 295,942 | 231 |
Voya Solution Aggressive Portfolio | |||||||||||||||||
Class I | |||||||||||||||||
12-31-23 | 11.33 | 0.16• | 2.19 | 2.35 | 0.32 | 0.53 | — | 0.85 | — | 12.83 | 21.21 | 0.50 | 0.37 | 0.37 | 1.35 | 1,379 | 41 |
12-31-22 | 16.92 | 0.17• | (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• | 2.70 | 2.83 | 0.20 | — | — | 0.20 | — | 16.92 | 19.87 | 0.43 | 0.31 | 0.31 | 0.82 | 488 | 58 |
12-31-20 | 13.42 | 0.12• | 1.85 | 1.97 | 0.22 | 0.88 | — | 1.10 | — | 14.29 | 16.09 | 0.50 | 0.31 | 0.31 | 0.94 | 294 | 85 |
12-31-19 | 11.74 | 0.22• | 2.67 | 2.89 | 0.22 | 0.99 | — | 1.21 | — | 13.42 | 25.54 | 0.42 | 0.25 | 0.25 | 1.73 | 600 | 85 |
Class S | |||||||||||||||||
12-31-23 | 11.15 | 0.13• | 2.16 | 2.29 | 0.26 | 0.53 | — | 0.79 | — | 12.65 | 20.90 | 0.75 | 0.62 | 0.62 | 1.10 | 1,658 | 41 |
12-31-22 | 16.69 | 0.08• | (3.25) | (3.17) | 0.35 | 2.02 | — | 2.37 | — | 11.15 | (19.89) | 0.69 | 0.61 | 0.61 | 0.57 | 2,590 | 93 |
12-31-21 | 14.10 | 0.10• | 2.66 | 2.76 | 0.17 | — | — | 0.17 | — | 16.69 | 19.62 | 0.68 | 0.56 | 0.56 | 0.64 | 4,426 | 58 |
12-31-20 | 13.25 | 0.10• | 1.82 | 1.92 | 0.19 | 0.88 | — | 1.07 | — | 14.10 | 15.83 | 0.75 | 0.56 | 0.56 | 0.80 | 3,666 | 85 |
12-31-19 | 11.60 | 0.15 | 2.67 | 2.82 | 0.18 | 0.99 | — | 1.17 | — | 13.25 | 25.21 | 0.67 | 0.50 | 0.50 | 1.27 | 3,925 | 85 |
Voya Solution Conservative Portfolio | |||||||||||||||||
Class ADV | |||||||||||||||||
12-31-23 | 9.19 | 0.22• | 0.57 | 0.79 | 0.27 | 0.13 | — | 0.40 | — | 9.58 | 8.79 | 0.99 | 0.74 | 0.74 | 2.40 | 2,751 | 58 |
12-31-22 | 11.96 | 0.13• | (1.72) | (1.59) | 0.35 | 0.83 | — | 1.18 | — | 9.19 | (13.78) | 0.97 | 0.74 | 0.74 | 1.31 | 3,388 | 80 |
12-31-21 | 11.80 | 0.17• | 0.45 | 0.62 | 0.27 | 0.19 | — | 0.46 | — | 11.96 | 5.26 | 0.95 | 0.69 | 0.69 | 1.42 | 4,030 | 54 |
12-31-20 | 11.24 | 0.21• | 0.84 | 1.05 | 0.28 | 0.21 | — | 0.49 | — | 11.80 | 9.59 | 0.95 | 0.70 | 0.70 | 1.90 | 4,658 | 91 |
12-31-19 | 10.40 | 0.24 | 0.90 | 1.14 | 0.21 | 0.09 | — | 0.30 | — | 11.24 | 10.99 | 0.92 | 0.67 | 0.67 | 2.10 | 8,336 | 75 |
Class I | |||||||||||||||||
12-31-23 | 9.28 | 0.27• | 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• | (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• | 0.42 | 0.69 | 0.35 | 0.19 | — | 0.54 | — | 12.07 | 5.85 | 0.45 | 0.19 | 0.19 | 2.24 | 913 | 54 |
12-31-20 | 11.41 | 0.24• | 0.86 | 1.10 | 0.38 | 0.21 | — | 0.59 | — | 11.92 | 9.99 | 0.45 | 0.20 | 0.20 | 2.17 | 238 | 91 |
12-31-19 | 10.54 | 0.31• | 0.91 | 1.22 | 0.26 | 0.09 | — | 0.35 | — | 11.41 | 11.65 | 0.42 | 0.17 | 0.17 | 2.82 | 658 | 75 |
Class R6 | |||||||||||||||||
12-31-23 | 9.28 | 0.27• | 0.56 | 0.83 | 0.32 | 0.13 | — | 0.45 | — | 9.66 | 9.26 | 0.41 | 0.24 | 0.24 | 2.90 | 4,641 | 58 |
12-31-22 | 12.07 | 0.19• | (1.74) | (1.55) | 0.41 | 0.83 | — | 1.24 | — | 9.28 | (13.34) | 0.39 | 0.24 | 0.24 | 1.84 | 9,008 | 80 |
12-31-21 | 11.93 | 0.24• | 0.44 | 0.68 | 0.35 | 0.19 | — | 0.54 | — | 12.07 | 5.77 | 0.37 | 0.19 | 0.19 | 1.95 | 9,365 | 54 |
12-31-20 | 11.41 | 0.28• | 0.83 | 1.11 | 0.38 | 0.21 | — | 0.59 | — | 11.93 | 10.09 | 0.39 | 0.20 | 0.20 | 2.46 | 7,547 | 91 |
12-31-19 | 10.54 | 0.30 | 0.92 | 1.22 | 0.26 | 0.09 | — | 0.35 | — | 11.41 | 11.65 | 0.42 | 0.17 | 0.17 | 2.61 | 5,365 | 75 |
Class S | |||||||||||||||||
12-31-23 | 9.23 | 0.25• | 0.57 | 0.82 | 0.30 | 0.13 | — | 0.43 | — | 9.62 | 9.12 | 0.74 | 0.49 | 0.49 | 2.65 | 1,654 | 58 |
12-31-22 | 12.01 | 0.16• | (1.74) | (1.58) | 0.37 | 0.83 | — | 1.20 | — | 9.23 | (13.60) | 0.72 | 0.49 | 0.49 | 1.57 | 1,782 | 80 |
12-31-21 | 11.87 | 0.20• | 0.45 | 0.65 | 0.32 | 0.19 | — | 0.51 | — | 12.01 | 5.52 | 0.70 | 0.44 | 0.44 | 1.67 | 2,203 | 54 |
12-31-20 | 11.34 | 0.24• | 0.84 | 1.08 | 0.34 | 0.21 | — | 0.55 | — | 11.87 | 9.83 | 0.70 | 0.45 | 0.45 | 2.14 | 2,215 | 91 |
12-31-19 | 10.48 | 0.25• | 0.93 | 1.18 | 0.23 | 0.09 | — | 0.32 | — | 11.34 | 11.31 | 0.67 | 0.42 | 0.42 | 2.30 | 2,839 | 75 |
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 from affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses, net of fee waivers and/or recoupments, if any(2)(3) | Expenses, net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | |
Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
Class S2 | |||||||||||||||||
12-31-23 | 9.09 | 0.23• | 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• | (1.72) | (1.57) | 0.36 | 0.83 | — | 1.19 | — | 9.09 | (13.75) | 0.87 | 0.64 | 0.64 | 1.47 | 1,241 | 80 |
12-31-21 | 11.73 | 0.18• | 0.44 | 0.62 | 0.31 | 0.19 | — | 0.50 | — | 11.85 | 5.34 | 0.85 | 0.59 | 0.59 | 1.53 | 1,237 | 54 |
12-31-20 | 11.25 | 0.24• | 0.82 | 1.06 | 0.37 | 0.21 | — | 0.58 | — | 11.73 | 9.69 | 0.85 | 0.60 | 0.60 | 2.19 | 1,438 | 91 |
12-31-19 | 10.39 | 0.23• | 0.93 | 1.16 | 0.21 | 0.09 | — | 0.30 | — | 11.25 | 11.21 | 0.82 | 0.57 | 0.57 | 2.14 | 393 | 75 |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Venerable Insurance and Annuity Company 1475 Dunwoody Drive West Chester, PA 19380-1478 | 95.3% Class S; Beneficial | 0.6% | 39.8% |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 68.7% Class I; Beneficial | 68.3% | 30.7% |
Voya Retirement Insurance and Annuity Company RESL Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 15.7% Class I; Beneficial | 15.6% | 7.0% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095-4773 | 97.5% Class A; 5.6% Class I; Beneficial | 20.9% | 11.5% |
Voya Retirement Insurance and Annuity Company RESL Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 28.9% Class I; Beneficial | 0.8% | 0.4% |
ReliaStar Life Insurance Company of New York RESL 1 Orange Way Windsor, CT 06095 | 65.5% Class I; Beneficial | 1.7% | 0.9% |
Venerable Insurance and Annuity Company 1475 Dunwoody Drive West Chester, PA 19380-1478 | 94.5% Class S; 99.8% Class S2; Beneficial | 72.0% | 39.8% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095-4773 | 8.2% Class S; Beneficial | 0.5% | 1.0% |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 83.3% Class I; Beneficial | 78.4% | 41.9% |
Venerable Insurance and Annuity Company 1475 W Dunwoody Dr. West Chester, PA 19830-1478 | 70.7% Class S; Beneficial | 4.2% | 2.3% |
ReliaStar Life Insurance Company of New York II 1 Orange Way Windsor, CT 06095 | 21.1% Class S; Beneficial | 1.3% | 0.7% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
ReliaStar Life Insurance Co FBO SVUL I Attn Jill Barth Conveyor TN41 1 Orange Way Windsor, CT 06095 | 7.1% Class I; Beneficial | 6.6% | 3.6% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 100% Class A; 98.4% Class R6; 100% Class S; 100% Class S2; Beneficial | 98.5% | 45.4% |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095-4773 | 100% Class I; Beneficial | 1.0% | 1.0% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 99.9% Class A; 20.3% Class I; 96.7% Class R6; 100% Class S; 100% Class S2; Beneficial | 94.8% | 45.4% |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095 | 21.1% Class I; Beneficial | 3.8% | 0.7% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Venerable Insurance and Annuity Company 1475 Dunwoody Drive West Chester, PA 19380-1478 | 18.2% Class S; Beneficial | 0.3% | 0.3% |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 83.8% Class I; Beneficial | 82.4% | 66.0% |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095-4773 | 81.8% Class S; Beneficial | 1.4% | 1.9% |
ReliaStar Life Insurance Co FBO SVUL I Attn Jill Barth Conveyor TN41 1 Orange Way Windsor, CT 06095 | 7.9% Class I; Beneficial | 7.7% | 6.2% |
Name and Address of Shareholder | Percent of Class of Shares and Type of Ownership | Percentage of Fund | Percentage of Combined Fund After the Reorganization* |
Voya Institutional Trust Company 1 Orange Way Windsor, CT 06095-4773 | 100% Class I; Beneficial | 4.1% | 1.9% |
Voya Retirement Insurance and Annuity Company Attn Valuation Unit-TN41 One Orange Way B3N Windsor, CT 06095 | 99.7% Class A; 98.3% Class R6; 99.7% Class S; 100% Class S2; Beneficial | 94.6% | 18.8% |
PART B
STATEMENT OF ADDITIONAL INFORMATION
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258-2034
1-800-992-0180
June 20, 2024
ACQUISITION OF THE ASSETS AND | BY AND IN EXCHANGE FOR SHARES |
LIABILITIES OF: | OF: |
Voya Balanced Portfolio | Voya Balanced Income Portfolio |
(A series of Voya Balanced Portfolio, Inc.) | (A series of Voya Investors Trust) |
|
|
Voya Solution Moderately Conservative | Voya Solution Conservative Portfolio |
Portfolio | (A series of Voya Partners, Inc.) |
(A series of Voya Partners, Inc.) |
|
Voya Strategic Allocation Conservative |
|
Portfolio |
|
(A series of Voya Strategic Allocation |
|
Portfolios, Inc.) |
|
Voya Strategic Allocation Growth Portfolio | Voya Solution Aggressive Portfolio |
(A series of Voya Strategic Allocation | (A series of Voya Partners, Inc.) |
Portfolios, Inc.) |
|
|
|
(each, a "Target Portfolio" and collectively, | (each, an "Acquiring Portfolio" and |
the "Target Portfolios") | collectively, the "Acquiring Portfolios") |
This Statement of Additional Information ("SAI") of the Acquiring Portfolios is available to the shareholders of each Target Portfolio, in connection with transactions whereby all of the assets and liabilities of each Target Portfolio will be transferred to the corresponding Acquiring Portfolio in exchange for shares of beneficial interest or capital stock, as applicable, in the corresponding Acquiring Portfolio.
This SAI consists of the cover page, the information set forth below and the following described documents, each of which is incorporated by reference herein and accompanies this SAI:
1.The Statement of Additional Information dated May 1, 2023, as supplemented, for Voya Balanced Portfolio (File No. 811-05773);
2.The Statement of Additional Information dated May 1, 2023, as supplemented, for Voya Balanced Income Portfolio (File No. 811-05629);
3.The Statement of Additional Information dated May 1, 2023, as supplemented, for Voya Solution Aggressive Portfolio, Voya Solution Conservative Portfolio, and Voya Solution Moderately Conservative Portfolio (File No. 811-08319);
4.The Statement of Additional Information dated May 1, 2023, as supplemented, for Voya Strategic Allocation Conservative Portfolio and Voya Strategic Allocation Growth Portfolio (File No. 811-08934);
5.The audited financial statements contained in the Annual Report of Voya Balanced Portfolio dated December 31, 2023, as filed on March 8, 2024 (File No. 811-05773);
6.The audited financial statements contained in the Annual Report of Voya Balanced Income Portfolio dated December 31, 2023, as filed on March 8, 2024 (File No. 811-05629);
7.The audited financial statements contained in the Annual Report of Voya Solution Aggressive Portfolio, Voya Solution Conservative Portfolio, and Voya Solution Moderately Conservative Portfolio dated December 31, 2023, as filed on March 8, 2024 (File No. 811-08319); and
8.The audited financial statements contained in the Annual Report of Voya Strategic Allocation Conservative Portfolio and Voya Strategic Allocation Growth Portfolio dated December 31, 2023, as filed on March 8, 2024 (File No. 811-08934).
This SAI is not a prospectus. An Information Statement/Prospectus dated June 20, 2024, relating to the reorganizations described above (each, a "Reorganization" and collectively, the "Reorganizations") may be obtained, without charge, by writing to Voya Investment Management at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034 or by calling 1- 800-992-0180. This SAI should be read in conjunction with the Information Statement/Prospectus.
Supplemental Financial Information
Rule 6-11(d)(2) under Regulation S-X requires that, with respect to any fund acquisition, registered investment companies must provide certain supplemental financial information in lieu of pro forma financial statements required by Regulation S-X. For this reason, pro forma financial statements of the Acquiring Portfolios are not included in this SAI.
Tables showing the fees and expenses of the Target Portfolios and the Acquiring Portfolios, and the fees and expenses of the Acquiring Portfolios on a pro forma basis after giving effect to the Reorganizations, are included in the section entitled "Comparison of the Portfolios – Comparison of the Annual Portfolio Operating Expenses of the Portfolios" of the Information Statement/Prospectus.
Following each Reorganization, the applicable Acquiring Portfolio will be the accounting and performance survivor.
None of the Reorganizations will result in a material change to the applicable Target Portfolio's investment portfolio due to the investment restrictions of the corresponding Acquiring Portfolio. As a result, a schedule of investments modified to show the effects of a Reorganization is not required and is not included for any Target Portfolio. Notwithstanding the foregoing, changes may be made to a Target Portfolio's portfolio in advance of a Reorganization and/or an Acquiring Portfolio's portfolio following a Reorganization.
There are no material differences in the accounting policies of the Target Portfolios as compared to those of the Acquiring Portfolios.
Voya Partners, Inc.
(the "Registrant")
PART C:
OTHER INFORMATION
ITEM 15. INDEMNIFICATION
Article Ninth, Section (d) of the Registrant's Articles of Incorporation provides for indemnification of directors and officers. In addition, the Registrant's officers and directors will be covered under a directors and officers errors and omissions liability insurance policy issued by ICI Mutual Insurance Company.
Reference is also made to Section 2-418 of the Corporations and Associations Article of the Annotated Code of Maryland which provides generally that (1) a corporation may (but is not required to) indemnify its directors for judgments, fines and expenses in proceedings in which the director is named a party solely by reason of being a director, provided the director has not acted in bad faith, dishonestly or unlawfully, and provided further that the director has not received any "improper personal benefit"; and (2) that a corporation must (unless otherwise provided in the corporation's charter or articles of incorporation) indemnify a director if he or she is successful on the merits in defending a suit against him or her by reason of being a director. The statutory provisions are not exclusive; a corporation may provide greater indemnification rights than those provided by statute.
ITEM 16. EXHIBITS
1.a. Articles of Incorporation of Portfolio Partners, Inc., dated May 6, 1997 ("Articles of Incorporation") – Filed as an Exhibit to Registrant's initial Form N-1A Registration Statement on July 31, 1997 and incorporated herein by reference.
b.Articles of Amendment, dated August 29, 2001, to Articles of Incorporation (re-designation of MFS Capital Opportunities Portfolio to PPI MFS Capital Opportunities Portfolio, MFS Emerging Equities Portfolio to PPI MFS Emerging Equities, MFS Research Growth Portfolio to PPI MFS Research Growth Portfolio, Scudder International Growth Portfolio to PPI Scudder International Growth Portfolio, and T. Rowe Price Growth Equity Portfolio to PPI T. Rowe Price Growth Equity Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 6 to Registrant's Registration Statement on August 30, 2001 and incorporated herein by reference.
c.Articles Supplementary, dated August 29, 2001, to Articles of Incorporation (increasing of authorized capital of the Corporation by five billion shares) – Filed as an Exhibit to Post-Effective Amendment No. 6 to Registrant's Registration Statement on August 30, 2001 and incorporated herein by reference.
d.Articles Supplementary, dated February 11, 2002, to Articles of Incorporation (increasing of authorized Capital Stock of the Corporation for ING American Century Small Cap Value Portfolio, ING MFS Global Growth Portfolio, ING JPMorgan Mid Cap Value Portfolio, ING PIMCO Total Return Portfolio, ING Van Kampen Comstock Portfolio and ING Baron Small Cap Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 8 to Registrant's Form N-1A Registration Statement on February 13, 2002 and incorporated herein by reference.
e.Articles of Amendment, effective May 1, 2002, to Articles of Incorporation (re-designation of Portfolio Partners Inc. to ING Partners, Inc. with corresponding name changes to Portfolios) – Filed as an Exhibit to Post-Effective Amendment No. 9 to Registrant's Form N-1A Registration Statement on April 30, 2002 and incorporated herein by reference.
f.Articles of Amendment, effective December 16, 2002, to Articles of Incorporation (re-designation of ING MFS Emerging Equities Portfolio to ING Salomon Brothers Aggressive Growth Portfolio and ING Scudder International Growth Portfolio to ING JPMorgan Fleming International Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 17 to Registrant's Form N-1A Registration Statement on October 29, 2004 and incorporated herein by reference.
g.Articles Supplementary, dated January 17, 2003, to Articles of Incorporation (increasing the number of shares of Capital Stock for ING Alger Capital Appreciation Portfolio and ING Goldman Sachs® Core Equity Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 10 to Registrant's Form N-1A Registration Statement on February 3, 2003 and incorporated herein by reference.
h.Articles of Amendment, effective May 1, 2003, to Articles of Incorporation (re-designation of ING MFS Research Portfolio to ING MFS Research Equity Portfolio and ING Salomon Brothers Capital Portfolio to ING Salomon Brothers Fundamental Value Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 11 to Registrant's Form N-1A Registration Statement on April 30, 2003 and incorporated herein by reference.
i.Articles of Amendment, effective January 23, 2004, to Articles of Incorporation (re-designation of ING DSI Enhanced Index Portfolio to ING Aeltus Enhanced Index Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 12 to Registrant's Form N-1A Registration Statement on February 24, 2004 and incorporated herein by reference.
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j.Articles of Amendment, effective May 1, 2004, to Articles of Incorporation (re-designation of ING UBS Tactical Asset Allocation Portfolio to ING UBS U.S. Allocation Portfolio and ING MFS Research Equity Portfolio to ING IBS U.S. Large Cap Equity Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 13 to Registrant's Form N-1A Registration Statement on April 27, 2004 and incorporated herein by reference.
k.Articles Supplementary, dated June 10, 2004, to Articles of Incorporation (increasing the authorized Capital Stock of the Corporation of ING Fidelity® VIP Contrafund® Portfolio, ING Fidelity® VIP Growth Portfolio, ING Fidelity® VIP Equity Income Portfolio and ING Fidelity® VIP Mid Cap Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 14 to Registrant's Form N-1A Registration Statement on July 2, 2004 and incorporated herein by reference.
l.Articles Supplementary, effective November 1, 2004, to Articles of Incorporation (creation of ING Oppenheimer Strategic Income Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 17 to Registrant's Form N-1A Registration Statement on October 29, 2004 and incorporated herein by reference.
m.Articles of Amendment, effective November 8, 2004, to Articles of Incorporation (re-designation of ING UBS U.S. Allocation Portfolio to ING Van Kampen Equity and Income Portfolio, ING MFS Global Growth Portfolio to ING Oppenheimer Global Portfolio, ING Alger Aggressive Growth Portfolio to ING T. Rowe Price Diversified Mid cap Growth Portfolio, ING Alger Growth Portfolio to ING American Century Select Portfolio, and ING Alger Capital Appreciations Portfolio to ING Salomon Brothers Large Cap Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 17 to Registrant's Form N-1A Registration Statement on October 29, 2004 and incorporated herein by reference.
n.Articles Supplementary, dated August 20, 2001, to Articles of Incorporation (PPI MFS Emerging Equities Portfolio, PPI MFS Research Growth Portfolio, PPI MFS Capital Opportunities Portfolio, PPI Scudder International Growth Portfolio and PPI T. Rowe Price Growth Equity Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 17 to Registrant's Form N-1A Registration Statement on October 29, 2004 and incorporated herein by reference.
o.Articles of Amendment, effective May 2, 2005, to Articles of Incorporation (re-designation of ING Salomon Brothers Investors Value Portfolio to ING American Century Large Company Value Portfolio and ING Aeltus Enhanced Index Portfolio to ING Fundamental Research Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 20 to Registrant's Form N-1A Registration Statement on April 1, 2005 and incorporated herein by reference.
p.Articles Supplementary, dated March 30, 2005, to Articles of Incorporation (creation of Initial Class Shares and Adviser Class Shares of INGS Solution 2015 Portfolio, ING Solution 2025 Portfolio, ING Solution 2035 Portfolio, ING Solution 2045 Portfolio and ING Solution Income Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 21 to Registrant's Form N-1A Registration Statement on April 28, 2004 and incorporated herein by reference.
q.Articles Supplementary, dated August 8, 2005, to Articles of Incorporation (creation of Class T Shares of ING Solution 2015 Portfolio, ING Solution 2025 Portfolio, ING Solution 2035 Portfolio, ING Solution 2045 Portfolio and ING Solution Income Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 23 to Registrant's Form N-1A Registration Statement on August 12, 2005 and incorporated herein by reference.
r.Articles Supplementary, dated November 23, 2005, to Articles of Incorporation (creation of Initial Class, Adviser Class and Service Class Shares of ING Baron Asset Portfolio, ING Lord Abbett U.S. Government Securities Portfolio, ING Neuberger Berman Partners Portfolio, ING Neuberger Berman Regency Portfolio and ING Pioneer High Yield Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 25 to Registrant's Form N-1A Registration Statement on December 6, 2005 and incorporated herein by reference.
s.Articles Supplementary, dated January 31, 2006, to Articles of Incorporation (creation of Initial Class, Adviser Class and Service Class shares of ING UBS U.S. Small Cap Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 28 to Registrant's Form N-1A Registration Statement on April 27, 2006 and incorporated herein by reference.
t.Articles of Amendment, effective April 28, 2006, to Articles of Incorporation (re-designation of ING American Century Small Cap Value Portfolio to ING American Century Small-Mid Cap Value Portfolio, ING Columbia Small Cap Value Portfolio to ING Columbia Small Cap Value II Portfolio, ING Goldman Sachs® Core Equity Portfolio to ING Goldman Sachs® Structured Equity Portfolio, ING JPMorgan Fleming International Portfolio to ING JPMorgan International Portfolio, ING Salomon Brothers Aggressive Growth Portfolio to ING Legg Mason Partners Aggressive Growth Portfolio, and ING Salomon Brothers Large Cap Growth Portfolio to ING Legg Mason Partners Large Cap Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 28 to Registrant's Form N-1A Registration Statement on April 27, 2006 and incorporated herein by reference.
u.Articles of Amendment, effective August 7, 2006, to Articles of Incorporation (re-designation of ING MFS Capital Opportunities Portfolio to ING Thornburg Value Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 29 to Registrant's Form N-1A Registration Statement on February 1, 2007 and incorporated herein by reference.
v.Articles of Amendment, dated January 30, 2007, to Articles of Incorporation (dissolution of ING Goldman Sachs® Capital Growth Portfolio and ING Goldman Sachs® Structured Equity Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 32 to Registrant's Form N-1A Registration Statement on April 27, 2007 and incorporated herein by reference.
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w.Articles Supplementary, dated June 8, 2007, to Articles of Incorporation (creation of Initial Class, Adviser Class and Service Class shares of ING Solution Growth and Income Portfolio and ING Solution Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 33 to Registrant's Form N-1A Registration Statement on June 28, 2007 and incorporated herein by reference.
x.Articles of Amendment, effective August 20, 2007, to Articles of Incorporation (re-designation of ING Davis Venture Value Portfolio to ING Davis New York Venture Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 36 to Registrant's Form N-1A Registration Statement on March 3, 2008 and incorporated herein by reference.
y.Articles of Amendment, dated November 29, 2007, to Articles of Incorporation (dissolution of ING Fundamental Research Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 36 to Registrant's Form N-1A Registration Statement on March 3, 2008 and incorporated herein by reference.
z.Articles Supplementary, dated February 27, 2008, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class and Class T shares of ING Index Solution 2015 Portfolio, ING Index Solution 2025 Portfolio, ING Index Solution 2035 Portfolio, ING Index Solution 2045 Portfolio and ING Index Solution Income Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 36 to Registrant's Form N-1A Registration Statement on March 3, 2008 and incorporated herein by reference.
aa.Articles Supplementary, dated January 16, 2009, to Articles of Incorporation (creation of Service 2 Class shares of ING Partners, Inc.'s funds) – Filed as an exhibit to Post-Effective Amendment No. 41 to Registrant's Form N-1A Registration Statement on February 20, 2009 and incorporated herein by reference.
bb.Articles Supplementary, dated March 18, 2009, to Articles of Incorporation (creation of Service 2 Class shares for addition ING Partners, Inc.'s funds) – Filed as an exhibit to Post-Effective Amendment No. 42 to Registrant's Form N- 1A Registration Statement on April 30, 2009 and incorporated herein by reference.
cc.Articles of Amendment, effective May 1, 2009, to Articles of Incorporation (re-designation of ING Columbia Small Cap Value II Portfolio to ING Columbia Small Cap Value Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 42 to Registrant's Form N-1A Registration Statement on April 30, 2009 and incorporated herein by reference.
dd.Articles Supplementary, dated June 22, 2009, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class, Service 2 Class and T Class shares of ING Index Solution 2055 Portfolio and ING Solution 2055 Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 47 to Registrant's Form N-1A Registration Statement on December 3, 2009 and incorporated herein by reference.
ee.Articles of Amendment, dated July 29, 2009, to Articles of Incorporation (dissolution of ING American Century Large Company Value Portfolio and ING Neuberger Berman Partners Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 49 to Registrant's Form N-1A Registration Statement on April 29, 2010 and incorporated herein by reference.
ff.Articles Supplementary, dated March 19, 2010, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class and Service 2 Class shares of ING Solution Aggressive Growth Portfolio and ING Solution Conservative Portfolio, and Service 2 Class shares of ING Solution Growth and Income Portfolio and ING Solution Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 49 to Registrant's Form N-1A Registration Statement on April 29, 2010 and incorporated herein by reference.
gg.Articles of Amendment, effective April 30, 2010, to Articles of Incorporation (re-designation of ING Legg Mason Partners Aggressive Growth Portfolio to ING Legg Mason ClearBridge Aggressive Growth Portfolio, ING Oppenheimer Strategic Income Portfolio to ING Oppenheimer Global Strategic Income Portfolio, and ING Solution Growth and Income Portfolio to ING Solution Moderate Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 49 to Registrant's Form N-1A Registration Statement on April 29, 2010 and incorporated herein by reference.
hh.Articles of Amendment, dated September 8, 2010, to Articles of Incorporation (dissolution of ING Baron Asset Portfolio and ING Fidelity® VIP Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 51 to Registrant's Form N-1A Registration Statement on April 26, 2011 and incorporated herein by reference.
ii.Articles of Amendment, effective January 21, 2011, to Articles of Incorporation (re-designation of ING Oppenheimer Global Strategic Income Portfolio to ING Global Bond Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 51 to Registrant's Form N-1A Registration Statement on April 26, 2011 and incorporated herein by reference.
jj.Articles of Amendment, dated February 17, 2011, to Articles of Incorporation (dissolution of ING Legg Mason ClearBridge Aggressive Growth Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 51 to Registrant's Form N-1A Registration Statement on April 26, 2011 and incorporated herein by reference.
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kk.Articles of Amendment, effective April 29, 2011, to Articles of Incorporation (re-designation of ING Columbia Small Cap Value Portfolio to ING Columbia Small Cp Value II Portfolio, ING Van Kampen Comstock Portfolio to ING Invesco Van Kampen Comstock Portfolio, and ING Van Kampen Equity and Income Portfolio to ING Invesco Van Kampen Equity and Income Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 51 to Registrant's Form N-1A Registration Statement on April 26, 2011 and incorporated herein by reference.
ll.Articles Supplementary, dated August 19, 2011, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class, Service 2 Class and Class T shares of ING Index Solution 2020 Portfolio, ING Index Solution 2030 Portfolio, ING Index Solution 2040 Portfolio, ING Index Solution 2050 Portfolio, ING Solution 2020 Portfolio, ING Solution 2030 Portfolio, ING Solution 2040 Portfolio, and ING Solution 2050 Portfolio) – Filed as an Exhibit to Post- Effective Amendment No. 54 to Registrant's Form N-1A Registration Statement on September 27, 2011 and incorporated herein by reference.
mm.Articles of Amendment, dated September 23, 2011, to Articles of Incorporation (dissolution of Adviser Class shares of ING Pioneer High Yield Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 56 to Registrant's Form N-1A Registration Statement on February 10, 2012 and incorporated herein by reference.
nn.Articles of Amendment, dated January 27, 2012, to Articles of Incorporation (dissolution of Service 2 Class shares of ING Global Bond Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 57 to Registrant's Form N-1A Registration Statement on April 23, 2012 and incorporated herein by reference.
oo.Articles of Amendment, effective April 30, 2012, to Articles of Incorporation (re-designation of ING Baron Small Cap Growth Portfolio to ING Baron Growth Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 59 to Registrant's Form N-1A Registration Statement on February 7, 2013 and incorporated herein by reference.
pp.Articles of Amendment, effective November 17, 2012, to Articles of Incorporation (re-designation of ING Thornburg Value Portfolio to ING Growth and Income Core Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 59 to Registrant's Form N-1A Registration Statement on February 7, 2013 and incorporated herein by reference.
qq.Articles Supplementary, dated February 28, 2013, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class and Service 2 Class shares of ING Solution Aggressive Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 60 to Registrant's Form N-1A Registration Statement on April 29, 2013 and incorporated herein by reference.
rr.Articles of Amendment, dated April 22, 2013, to Articles of Incorporation (dissolution of ING Growth and Income Core Portfolio and ING UBS U.S. Large Cap Equity Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 60 to Registrant's Form N-1A Registration Statement on April 29, 2013 and incorporated herein by reference.
ss.Articles of Amendment, effective April 30, 2013, to Articles of Incorporation (re-designation of ING Davis New York Venture Portfolio to ING Columbia Contrarian Core Portfolio, ING Invesco Van Kampen Comstock Portfolio to ING Invesco Comstock Portfolio, ING Invesco Van Kampen Equity and Income Portfolio to ING Invesco Equity and Income Portfolio, ING Solution Aggressive Growth Portfolio to ING Solution Moderately Aggressive Portfolio, ING Solution Growth Portfolio to ING Solution Balanced Portfolio, and ING Solution Moderate Portfolio to ING Solution Moderately Conservative Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 60 to Registrant's Form N-1A Registration Statement on April 29, 2013 and incorporated herein by reference.
tt.Articles of Amendment, dated June 7, 2013, to Articles of Incorporation (dissolution of Service 2 Class shares of ING Fidelity® VIP Contrafund® Portfolio and ING Fidelity® VIP Equity-Income Portfolio) – Filed as an exhibit to Post- Effective Amendment No. 64 to Registrant's Form N-1A Registration Statement on April 25, 2014 and incorporated herein by reference.
uu.Articles of Amendment, effective May 1, 2014, to Articles of Incorporation (re-designation of ING Partners, Inc. to Voya Partners, Inc. with corresponding name changes for all ING Partners Portfolios and ING PIMCO Total Return Portfolio to VY® PIMCO Bond Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 64 to Registrant's Form N-1A Registration Statement on April 25, 2014 and incorporated herein by reference.
vv.Articles of Amendment, effective December 12, 2014, to Articles of Incorporation (re-designation of VY® PIMCO Bond Portfolio to Voya Aggregate Bond Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 67 to Registrant's Form N-1A Registration Statement on February 5, 2015 and incorporated herein by reference.
ww.Articles Supplementary, dated January 14, 2015, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class and Service 2 Class of Voya Index Solution 2060 Portfolio and Adviser Class, Initial Class, Service Class, Service 2 Class and Class T shares of Voya Solution 2060 Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 67 to Registrant's Form N-1A Registration Statement on February 5, 2015 and incorporated herein by reference.
xx.Articles Supplementary, dated April 7, 2015, to Articles of Incorporation (designation of Class Z shares for Voya Index Solution Portfolios) – Filed as an exhibit to Post-Effective Amendment No. 70 to Registrant's Form N-1A Registration Statement on April 24, 2015 and incorporated herein by reference.
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yy.Articles of Amendment, dated June 26, 2015, to Articles of Incorporation (dissolution of Service 2 Class shares of VY® Fidelity® VIP Mid Cap Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 72 to Registrant's Form N-1A Registration Statement on February 12, 2016 and incorporated herein by reference.
zz.Articles Supplementary, dated June 26, 2015, to Articles of Incorporation (increasing the aggregate number of authorized shares of Service Class shares of Voya Solution Moderately Aggressive Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 72 to Registrant's Form N-1A Registration Statement on February 12, 2016 and incorporated herein by reference.
aaa.Articles of Amendment, dated October 7, 2015, to Articles of Incorporation (dissolution of Voya Aggregate Bond Portfolio, Voya Index Solution 2015 Portfolio and Voya Solution 2015 Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 72 to Registrant's Form N-1A Registration Statement on February 12, 2016 and incorporated herein by reference.
bbb.Articles Supplementary, dated April 12, 2016, to Articles of Incorporation (creation of Class R6 shares of certain Voya Partners, Inc.'s. Portfolios) – Filed as an exhibit to Post-Effective Amendment No. 73 to Registrant's Form N-1A Registration Statement on April 27, 2016 and incorporated herein by reference.
ccc.Certificate of Correction, dated May 16, 2016, of Articles Supplementary dated April 12, 2016 to Articles of Incorporation (correction of typographical error with respect to the number of shares of Capital Stock of Class R6 shares and including Class R6 shares of VY® JPMorgan Mid Cap Value Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
ddd.Articles of Amendment, dated September 26, 2016, to Articles of Incorporation (dissolution of VY® Fidelity® VIP Contrafund® Portfolio, VY® Fidelity® VIP Equity-Income Portfolio and VY® Fidelity® VIP Mid Cap Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
eee.Articles Supplementary, dated September 28, 2016, to Articles of Incorporation (re-classification of unissued shares of classified Capital Stock of Class T shares of Voya Index Solution Portfolios) – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
fff.Article Supplementary, dated November 26, 2018, to Articles of Incorporation (liquidation of Service 2 Class shares of VY® Pioneer High Yield Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 82 to Registrant's Form N-1A Registration Statement on February 13, 2019 and incorporated herein by reference.
ggg.Articles of Amendment, effective May 1, 2019, to Articles of Incorporation (re-designation of VY® Templeton Foreign Equity Portfolio to Voya International High Dividend Low Volatility Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
hhh.Articles of Amendment, dated May 3, 2007, to Articles of Incorporation (dissolution of ING American Century Select Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
iii.Articles of Amendment, dated April 28, 2008, to Articles of Incorporation (dissolution of ING JPMorgan International Portfolio, ING Legg Mason Partners Large Cap Growth Portfolio, ING Lord Abbett U.S. Government Securities Portfolio and ING Neuberger Berman Regency Portfolio – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
jjj.Articles of Amendment, dated September 12, 2008, to Articles of Incorporation (dissolution of ING UBS U.S. Small Cap Growth Portfolio – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
kkk.Articles of Amendment, dated December 4, 2008, to Articles of Incorporation (dissolution of ING OpCap Balanced Value Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
lll.Articles of Amendment, effective June 27, 2019, to Articles of Incorporation (VY® Oppenheimer Global Portfolio name change to VY® Invesco Oppenheimer Global Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
mmm.Articles of Amendment, dated September 4, 2019, to Articles of Incorporation (dissolution of VY® Pioneer High Yield Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
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nnn.Articles Supplementary, dated September 27, 2019, to Articles of Incorporation (increase Class Z shares of Capital Stock for Voya Index Solution 2025 Portfolio and Voya Index Solution 2035 Portfolio) – Filed as an exhibit to Post- Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
ooo.Articles Supplementary, dated April 3, 2020, to Articles of Incorporation (creation of Adviser Class, Initial Class, Service Class, Service 2 Class, and Class Z shares of Voya Index Solution 2065 Portfolio and Adviser Class, Initial Class, Service Class, Service 2 Class and Class T shares of Voya Solution 2065 Portfolio) – Filed as an exhibit to Post- Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
ppp.Articles of Amendment, dated October 12, 2020, to Articles of Incorporation (dissolution of Voya Index Solution 2020 Portfolio and Voya Solution 2020 Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
qqqArticles of Amendment, effective May 1, 2021, to Articles of Incorporation (VY® Invesco Oppenheimer Global Portfolio name change to VY® Invesco Global Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
rrr.Articles Supplementary, dated April 26, 2021, to Articles of Incorporation (increase Class Z shares of Capital Stock of Voya Index Solution Income Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
sss.Articles Supplementary, dated June 9, 2022, to Articles of Incorporation (increase Class Z shares of Capital Stock of Voya Index Solution 2045 Portfolio) – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
2.Voya Partners, Inc. By-laws dated March 18, 2018 – Filed as an exhibit to Post-Effective Amendment No. 83 to
Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
3.Not applicable.
4.a. Agreement and Plan of Reorganization between Voya Solution Moderately Conservative Portfolio, a series of Voya Partners, Inc., and Voya Solution Conservative Portfolio, a series of Voya Partners, Inc. – Attached as Appendix B to the Information Statement/Prospectus.
b.Agreement and Plan of Reorganization between Voya Strategic Allocation Conservative Portfolio, a series of Voya Strategic Allocation Portfolios, Inc., and Voya Solution Conservative Portfolio, a series of Voya Partners, Inc. – Attached as Appendix C to the Information Statement/Prospectus.
c.Agreement and Plan of Reorganization between Voya Strategic Allocation Growth Portfolio, a series of Voya Strategic Allocation Portfolios, Inc., and Voya Solution Aggressive Portfolio, a series of Voya Partners, Inc. – Attached as Appendix D to the Information Statement/Prospectus.
5.Instruments Defining Rights of Security Holders (set forth in the Articles of incorporation which are incorporated by reference) – Filed as an Exhibit to Registrant's initial Form N-1A Registration Statement on July 31, 1997 and incorporated herein by reference.
6.a. Investment Management Agreement, dated May 1, 2017, between Voya Partners, Inc. and Voya Investments, LLC – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.Letter agreement, dated December 1, 2022, between Voya Investments, LLC and Voya Partners, Inc. regarding the waiver of a portion of the investment management fee for VY® Columbia Contrarian Core Portfolio for the period from December 1, 2022 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Letter agreement, dated December 1, 2022, between Voya Investments, LLC and Voya Partners, Inc. regarding the waiver of a portion of the investment management fee for VY® JPMorgan Mid Cap Value Portfolio for the period from December 1, 2022 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
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iii.Letter agreement, dated January 1, 2023, between Voya Investments, LLC and Voya Partners, Inc. regarding the waiver of a portion of the investment management fee for VY® T. Rowe Price Growth Equity Portfolio for the period from January 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
iv.Letter agreement, dated May 1, 2023, between Voya Investments, LLC and Voya Partners, Inc. regarding the waiver of a portion of the investment management fee for Voya Global Bond Portfolio, VY® Columbia Small Cap Value II Portfolio, and VY® T. Rowe Price Diversified Mid Cap Growth Portfolio for the period from May 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
v.Letter agreement, dated May 1, 2023, between Voya Investments, LLC and Voya Partners, Inc. regarding the waiver of a portion of the investment management fee for VY® Invesco Equity and Income Portfolio for the period from May 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
vi.Amended Schedule A, effective February 6, 2023, to Investment Management Agreement, dated May 1, 2017, between Voya Partners, Inc. and Voya Investments, LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
vii.Amended Schedule B and Amended Schedule C, effective September 2020, to Investment Management Agreement, dated May 1, 2017, between Voya Partners, Inc. and Voya Investments, LLC – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
b.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and American Century Investment Management, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N- 1A Registration Statement on April 26, 2017 and incorporated herein by reference.
c.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and BAMCO, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
d.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Columbia Management Investment Advisers, LLC – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.First Amendment, dated August 24, 2018, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Columbia Management Investment Advisers, LLC – Filed as an exhibit to Post- Effective Amendment No. 82 to Registrant's Form N-1A Registration Statement on February 13, 2019 and incorporated herein by reference.
ii.Second Amendment, dated December 1, 2022, to the Sub-Advisory Agreement, effective May 1, 2017, as amended August 24, 2018, between Voya Investments, LLC and Columbia Management Investment Advisers, LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
e.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and INVESCO Advisers, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.Amended schedule A, effective January 1, 2021, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and INVESCO Advisers, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
f.Sub-Advisory Agreement, effective May 24, 2019, between Voya Investments, LLC and INVESCO Advisers, Inc. (VY Invesco Oppenheimer Global Portfolio) – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
i.Amended Schedule A, effective October 7, 2021, to the Sub-Advisory Agreement, effective May 24, 2019, between Voya Investments, LLC and INVESCO Advisers, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
g.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and J.P. Morgan Investment Management, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
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i.Amended Schedule A, effective December 1, 2022, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and J.P. Morgan Investment Management Inc. – Filed as an Exhibit to Post-
Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
h.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and T. Rowe Price Associates, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.First Amendment, effective January 1, 2018, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and T. Rowe Price Associates, Inc. – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
ii.Amended Schedule A, effective July 8, 2022, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and T. Rowe Price Associates, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Investment Management Co. LLC regarding Voya Global Bond Portfolio, certain Voya Solution Portfolios and certain Voya Index Solution Portfolios – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.Amended Schedule A, effective February 6, 2023, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Investment Management Co. LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
j.Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Investment Management Co. LLC regarding certain Voya Solution Portfolios and certain Voya Index Solution Portfolios – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.Amended Schedule A, effective February 6, 2023, to the Sub-Advisory Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Investment Management Co. LLC regarding certain Voya Solution Portfolios and certain Voya Index Solution Portfolios – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
k.Expense Limitation Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
i.Amended Schedule A, effective January 1, 2023, to the Expense Limitation Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Letter Agreement dated May 1, 2018 regarding expense limitation recoupment for Voya Global Bond Portfolio, and VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
l.Expense Limitation Agreement, effective May 1, 2017, between Voya Investments, LLC and Voya Partners, Inc. (Voya Solution Portfolios) – Filed as an exhibit to Post-Effective Amendment No. 76 to Registrant's Form N-1A Registration Statement on April 26, 2017 and incorporated herein by reference.
ii.Letter Agreement, dated May 1, 2023, between Voya Investments, LLC and Voya Partners, Inc. regarding a waiver of the investment management fee for certain Voya Solution Portfolios for the period from May 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
m.Expense Limitation Agreement, effective October 1, 2022, between Voya Investments, LLC and Voya Partners, Inc. (Voya Index Solution Portfolios) – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N- 1A Registration Statement on April 26, 2023 and incorporated herein by reference.
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Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
o.Letter agreement, dated May 1, 2023, between Voya Investments, LLC and Voya Partners, Inc. regarding expense limitation for VY® Columbia Contrarian Core Portfolio from May 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
7.a. Distribution Agreement, effective November 18, 2014, between Voya Partners, Inc. and Voya Investments Distributor, LLC – Filed as an exhibit to Post-Effective Amendment No. 67 to the Registrant's Form N-1A Registration Statement on February 5, 2015 and incorporated herein by reference.
i.Amended Schedule A, dated October 7, 2021, to Distribution Agreement, effective November 18, 2014, between Voya Partners, Inc. and Voya Investments Distributor, LLC – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
8.Deferred Compensation Plan for Independent Directors as amended and restated January 11, 2023 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
9.a. Custody Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon (formerly, The Bank of New York) – Filed as an exhibit to Post-Effective Amendment No. 37 to Registrant's Form N-1A Registration Statement on April 25, 2008 and incorporated herein by reference.
i.Amendment, dated January 1, 2019, to the Custody Agreement, dated January 6, 2003, as amended January 1, 2019, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
ii.Amendment, effective November 21, 2022, to the Custody Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
iii.Amended Exhibit A, effective February 9, 2023, to the Custody Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
b.Foreign Custody Manager Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an exhibit to Post-Effective Amendment No. 37 to Registrant's Form N-1A Registration Statement on April 25, 2008 and incorporated herein by reference.
i.Amended Exhibit A, effective February 9, 2023, to the Foreign Custody Manager Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Amendment, dated July 21, 2021, to the Foreign Custody Manager Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
iii.Amendment, dated July 13, 2021, to the Foreign Custody Manager Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
iv.Amendment, dated September 6, 2012, to Foreign Custody Manager Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
c.Fund Accounting Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an exhibit to Post-Effective Amendment No. 37 to Registrant's Form N-1A Registration Statement on April 25, 2008 and incorporated herein by reference.
i.Amended Exhibit A, effective February 9, 2023, to the Fund Accounting Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Amendment, effective November 21, 2022, to the Fund Accounting Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to
9
the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
iii.Amendment, dated January 1, 2019, to the Fund Accounting Agreement, dated January 6, 2003, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
iv.Investment Company Reporting Modernization Services Amendment, dated February 1, 2018, to the Fund Accounting Agreement, dated January 6, 2003 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
10.a. Third Amended and Restated Plan of Distribution pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Adviser Class shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
i.Amended Schedule A, dated October 7, 2021, to Third Amended and Restated Plan of Distribution pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Adviser Class shares, effective November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
b.Fourth Amended and Restated Distribution Plan pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Service 2 Class shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
i.Letter Agreement, dated May 1, 2023, between Voya Investments Distributor, LLC and Voya Partners, Inc. regarding waiver of distribution fees for Service 2 Class Shares of VY® Invesco Equity and Income Portfolio for the period from May 1, 2023 through May 1, 2024 – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Amended Schedule A, dated October 7, 2021, to the Fourth Amended and Restated Distribution Plan pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Service 2 Class shares effective November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
c.Fourth Amended and Restated Distribution Plan pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Class T shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
i.Amended Schedule A, dated November 19, 2020, to the Fourth Amended and Restated Distribution Plan pursuant to Rule 12b-1 of Voya Partners, Inc. regarding Class T shares effective November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
d.Third Amended and Restated Shareholder Servicing Plan of Voya Partners, Inc. for Adviser Class Shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N- 1A Registration Statement on April 25, 2018 and incorporated herein by reference.
Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
e.Third Amended and Restated Shareholder Servicing Plan of Voya Partners, Inc. for Service Class Shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N- 1A Registration Statement on April 25, 2018 and incorporated herein by reference.
Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
f.Third Amended and Restated Shareholder Servicing Plan of Voya Partners, Inc. for Class T Shares, effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
i.Amended Schedule A, dated November 19, 2020, to the Third Amended and Restated Shareholder Servicing Plan of Voya Partners, Inc. for Class T shares effective November 16, 2017 – Filed as an Exhibit to Post- Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
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effective November 16, 2017 – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N- 1A Registration Statement on April 25, 2018 and incorporated herein by reference.
i.Amended Schedule A, dated October 7, 2021, to the Third Amended and Restated Shareholder Servicing Plan of Voya Partners, Inc. for Service 2 Class shares effective November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
h.Sixth Amended and Restated Plan Pursuant to Rule 18f-3 for Operation of a Multi-Class System amended as of September 11, 2020 – Filed as an Exhibit to Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on April 26, 2021 and incorporated herein by reference.
11.a. Opinion and Consent of Counsel (Ropes & Gray LLP) – Filed herein.
b.Opinion and Consent of Counsel (Venable LLP) – Filed herein.
12.Opinion and Consent of Counsel Supporting Tax Matters and Consequences – To be filed by subsequent post- effective amendment.
13.a. License Agreement between Aetna and T. Rowe Price Associates, Inc. – Filed as an Exhibit to Registrant's initial Form N-1A Registration Statement on July 31, 1997 and incorporated herein by reference.
b.Transfer Agency Services Agreement, dated February 25, 2009, by and between BNY Mellon Investment Servicing (US) Inc. (formerly, PNC Global Investment Servicing (U.S.) Inc.) and Voya Partners, Inc. – Filed as an exhibit to Post- Effective Amendment No. 42 to Registrant's Form N-1A Registration Statement on April 30, 2009 and incorporated herein by reference.
i.Amendment, effective February 8, 2011, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 51 to Registrant's Form N-1A Registration Statement on April 26, 2011 and incorporated herein by reference.
ii.Amendment, dated January 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
iii.Amendment, dated May 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
iv.Amendment, dated November 5, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
v.Amendment, dated May 1, 2020, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 86 to Registrant's Form N-1A Registration Statement on April 29, 2020 and incorporated herein by reference.
vi.Amendment, dated April 4, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
vii.Amendment, effective October 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
viii.Amendment, effective November 18, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ix.Amendment, effective November 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
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x.Amendment, effective February 9, 2023, to the Transfer Agency Services Agreement, dated February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
c.Securities Lending Agreement and Guaranty, dated August 7, 2003, between The Bank of New York Mellon and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on December 6, 2005 and incorporated herein by reference.
i.Amendment, effective October 1, 2011, to the Securities Lending Agreement and Guaranty, dated August 7, 2003, between The Bank of New York Mellon and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 79 to Registrant's Form N-1A Registration Statement on April 25, 2018 and incorporated herein by reference.
ii.Amendment, effective March 21, 2019, to the Securities Lending Agreement and Guaranty, dated August 7, 2003, between The Bank of New York Mellon and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
iii.Amendment, effective March 26, 2019, to the Securities Lending Agreement and Guaranty, dated August 7, 2003, between The Bank of New York Mellon and Voya Partners, Inc. – Filed as an exhibit to Post-Effective Amendment No. 83 to Registrant's Form N-1A Registration Statement on April 25, 2019 and incorporated herein by reference.
iv.Amendment, effective March 30, 2023, to the Securities Lending Agreement and Guaranty, dated August 7, 2003, between The Bank of New York Mellon and Voya Partners, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
d.Allocation Agreement (Fidelity Bond) dated May 24, 2002 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
i.Amended Schedule A, dated July 2021, to Allocation Agreement (Fidelity Bond) dated May 24, 2002 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
e.Allocation Agreement (Directors and Officers Liability) dated May 24, 2002 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
i.Amended Schedule A, dated July 2021, to Allocation Agreement (Directors and Officers Liability) dated May 24, 2002 – Filed as an Exhibit to Post-Effective Amendment No. 91 to Registrant's Form N-1A Registration Statement on April 27, 2022 and incorporated herein by reference.
f.BlackRock Rule 12d1-4 Fund of Funds Investment Agreement, effective January 19, 2022, between Voya Partners, Inc. and BlackRock, Inc., – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Amended and Restated Schedule A, dated April 4, 2022, to BlackRock Rule 12d1-4 Fund of Funds Investment Agreement, effective January 19, 2022, between Voya Partners, Inc. and BlackRock, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
g.Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and Schwab Strategic Trust – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Amendment, dated April 5, 2022, to Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and Schwab Strategic Trust – Filed as an Exhibit to Post- Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
h.Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and Teachers Advisors, LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.First Amendment, dated April 5, 2022, to Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and Teachers Advisors, LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
ii.Second Amendment, dated February 3, 2023, to Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and Teachers Advisors, LLC – Filed as an Exhibit to Post-Effective
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Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, as amended April 1, 2022, between Voya Partners, Inc. and The Vanguard Group, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Schedule A, dated September 26, 2022, to Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, as amended April 1, 2022, between Voya Partners, Inc. and The Vanguard Group, Inc. – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
j.Fund of Funds Investment Agreement, effective as of October 5, 2022, between Voya Partners, Inc. and the SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
k.Fund of Funds Investment Agreement, effective as of January 25, 2023, between Voya Partners, Inc. and BNY Mellon ETF Investment Adviser, LLC – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
l.DBX ETFs Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and DBX ETF Trust – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
i.Schedule A, amended April 1, 2022, to the DBX ETFs Fund of Funds Investment Agreement, dated January 19, 2022, between Voya Partners, Inc. and DBX ETF Trust – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
m.Fund Administration Support Services Agreement (with redaction), effective July 29, 2022, between Voya Partners, Inc. and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 93 to the Registrant's Form N-1A Registration Statement on April 26, 2023 and incorporated herein by reference.
14.Consent of Independent Registered Public Accounting Firm – Filed herein.
15.Not applicable.
16.Powers of Attorney – Filed herein.
17.Not applicable.
ITEM 17. UNDERTAKINGS
1.The Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act (17 CFR 230.145(c)), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
2.The Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
3.The Registrant agrees to file an executed copy of the opinion of counsel supporting the tax consequences of the proposed reorganization as an amendment to this Registration Statement within a reasonable time after receipt of such opinion.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), the Registrant certifies that it has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale and the State of Arizona on the 24th day of April, 2024.
VOYA PARTNERS, INC.
By: | /s/ Joanne F. Osberg |
| Joanne F. Osberg |
| Secretary |
Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Signature | Title | Date |
Andy Simonoff* | President and Chief Executive Officer | April 24, 2024 |
Todd Modic* | Senior Vice President, Chief/Principal | April 24, 2024 |
| Financial Officer, and Assistant Secretary |
|
Fred Bedoya* | Vice President, Treasurer, and Principal | April 24, 2024 |
| Accounting Officer |
|
Colleen D. Baldwin* | Director | April 24, 2024 |
John V. Boyer* | Director | April 24, 2024 |
Martin J. Gavin* | Director | April 24, 2024 |
Joseph E. Obermeyer* | Director | April 24, 2024 |
Sheryl K. Pressler* | Director | April 24, 2024 |
Christopher P. Sullivan* | Director | April 24, 2024 |
*By: /s/ Joanne F. Osberg |
|
|
Joanne F. Osberg |
|
|
as Attorney-in-Fact** |
|
|
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