# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-25-119586
**Filing Date:** 2025-12
**Character Count:** 571680
**Document Hash:** fe6bab38928ac2c218d4c9d30dd07780
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-119586.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001104659-25-119586

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya Separate Portfolios Trust
- **CENTRAL INDEX KEY:** 0001392116

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22025
- **FILM NUMBER:** 251558315

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 EAST DOUBLETREE RANCH ROAD
- **STREET 2:** STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258-2034

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING Separate Portfolios Trust
- **DATE OF NAME CHANGE:** 20070306

## Series and Classes Contracts Data

### Voya Investment Grade Credit Fund (Series ID: S000017462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122004 | Class R6     | VIGTX           |
| C000172348 | Class A      | VACFX           |
| C000172349 | Class I      | VIGCX           |
| C000191190 | Class W      | VIGWX           |

### Voya Securitized Credit Fund (Series ID: S000046242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000159005 | Class A      | VCFAX           |
| C000159006 | Class I      | VCFIX           |
| C000191194 | Class W      | VSCWX           |
| C000221175 | Class R6     | VCFRX           |

### Voya VACS Series EMHCD Fund (Series ID: S000079625)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000240815 | Voya VACS Series EMHCD Fund | VVIQX           |

### Voya VACS Series SC Fund (Series ID: S000079626)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000240816 | Voya VACS Series SC Fund | VVIRX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: **811-22025**

**Voya Separate Portfolios Trust** 

(Exact name of registrant as specified in charter)

---

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

---

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

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-992-0180**

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

Date of reporting period: **April 1, 2025 to September 30, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Investment Grade Credit Fund](#classname547b13a7-b0b1-4195-8cb5-e467d32ee338)<br> **[Class A - VACFX](#classname547b13a7-b0b1-4195-8cb5-e467d32ee338)**  |
|  [Voya Investment Grade Credit Fund](#classname24e1b01c-c29b-4179-9d05-d3fa96990153)<br> **[Class I - VIGCX](#classname24e1b01c-c29b-4179-9d05-d3fa96990153)**  |
|  [Voya Investment Grade Credit Fund](#classname6c03c570-c5ad-4d87-a073-68c8b5cf3c3a)<br> **[Class R6 - VIGTX](#classname6c03c570-c5ad-4d87-a073-68c8b5cf3c3a)**  |
|  [Voya Investment Grade Credit Fund](#classnamee0026a77-079f-4578-8270-8be72577ff5b)<br> **[Class W - VIGWX](#classnamee0026a77-079f-4578-8270-8be72577ff5b)**  |
|  [Voya Securitized Credit Fund](#classname41c78e53-a3fd-4ee4-81a0-1335b7cc596a)<br> **[Class A - VCFAX](#classname41c78e53-a3fd-4ee4-81a0-1335b7cc596a)**  |
|  [Voya Securitized Credit Fund](#classname27644041-3fc2-401c-8592-e17b897b1fd7)<br> **[Class I - VCFIX](#classname27644041-3fc2-401c-8592-e17b897b1fd7)**  |
|  [Voya Securitized Credit Fund](#classname93f15bbc-fb5b-42b8-bdf0-638d2faeb112)<br> **[Class R6 - VCFRX](#classname93f15bbc-fb5b-42b8-bdf0-638d2faeb112)**  |
|  [Voya Securitized Credit Fund](#classname798bc050-fcba-48ad-b6bc-b62aafe695a5)<br> **[Class W - VSCWX](#classname798bc050-fcba-48ad-b6bc-b62aafe695a5)**  |
|  [Voya VACS Series EMHCD Fund](#classnamefb41925a-c80f-4f04-bee8-cbf331c510dc)<br> **[Portfolio - VVIQX](#classnamefb41925a-c80f-4f04-bee8-cbf331c510dc)**  |
|  [Voya VACS Series SC Fund](#classname5701d8e5-3d67-4f6c-bf02-f194ca5ed602)<br> **[Portfolio - VVIRX](#classname5701d8e5-3d67-4f6c-bf02-f194ca5ed602)**  |

---

# Class A: VACFX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Investment Grade Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $46 | 0.90% |

---

## Fund Statistics
* Total Net Assets$95,107,389

* # of Portfolio Holdings637

* Portfolio Turnover Rate278%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Bank of New York Mellon Corp., 5.316%, 06/06/36 | 1.1% |
| Morgan Stanley, 5.664%, 04/17/36 | 0.9% |
| Chubb INA Holdings LLC, 4.900%, 08/15/35 | 0.8% |
| United States Treasury Notes, 4.250%, 08/15/35 | 0.7% |
| Wells Fargo & Co., 5.605%, 04/23/36 | 0.6% |
| EOG Resources, Inc., 5.350%, 01/15/36 | 0.6% |
| Assurant, Inc., 5.550%, 02/15/36 | 0.6% |
| JPMorgan Chase & Co., 5.576%, 07/23/36 | 0.6% |
| Workday, Inc., 3.800%, 04/01/32 | 0.5% |
| Corebridge Financial, Inc., 6.050%, 09/15/33 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Preferred Stock | 0.4% |
| U.S. Treasury Obligations | 2.9% |
| Corporate Bonds/Notes | 95.1% |

---

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

# Class A: VACFX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Investment Grade Credit Fund
92913M484-SAR

# Class I: VIGCX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Investment Grade Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$95,107,389

* # of Portfolio Holdings637

* Portfolio Turnover Rate278%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Bank of New York Mellon Corp., 5.316%, 06/06/36 | 1.1% |
| Morgan Stanley, 5.664%, 04/17/36 | 0.9% |
| Chubb INA Holdings LLC, 4.900%, 08/15/35 | 0.8% |
| United States Treasury Notes, 4.250%, 08/15/35 | 0.7% |
| Wells Fargo & Co., 5.605%, 04/23/36 | 0.6% |
| EOG Resources, Inc., 5.350%, 01/15/36 | 0.6% |
| Assurant, Inc., 5.550%, 02/15/36 | 0.6% |
| JPMorgan Chase & Co., 5.576%, 07/23/36 | 0.6% |
| Workday, Inc., 3.800%, 04/01/32 | 0.5% |
| Corebridge Financial, Inc., 6.050%, 09/15/33 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Preferred Stock | 0.4% |
| U.S. Treasury Obligations | 2.9% |
| Corporate Bonds/Notes | 95.1% |

---

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

# Class I: VIGCX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Investment Grade Credit Fund
92913M476-SAR

# Class R6: VIGTX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Investment Grade Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $32 | 0.63% |

---

## Fund Statistics
* Total Net Assets$95,107,389

* # of Portfolio Holdings637

* Portfolio Turnover Rate278%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Bank of New York Mellon Corp., 5.316%, 06/06/36 | 1.1% |
| Morgan Stanley, 5.664%, 04/17/36 | 0.9% |
| Chubb INA Holdings LLC, 4.900%, 08/15/35 | 0.8% |
| United States Treasury Notes, 4.250%, 08/15/35 | 0.7% |
| Wells Fargo & Co., 5.605%, 04/23/36 | 0.6% |
| EOG Resources, Inc., 5.350%, 01/15/36 | 0.6% |
| Assurant, Inc., 5.550%, 02/15/36 | 0.6% |
| JPMorgan Chase & Co., 5.576%, 07/23/36 | 0.6% |
| Workday, Inc., 3.800%, 04/01/32 | 0.5% |
| Corebridge Financial, Inc., 6.050%, 09/15/33 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Preferred Stock | 0.4% |
| U.S. Treasury Obligations | 2.9% |
| Corporate Bonds/Notes | 95.1% |

---

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

# Class R6: VIGTX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Investment Grade Credit Fund
92913M864-SAR

# Class W: VIGWX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Investment Grade Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$95,107,389

* # of Portfolio Holdings637

* Portfolio Turnover Rate278%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Bank of New York Mellon Corp., 5.316%, 06/06/36 | 1.1% |
| Morgan Stanley, 5.664%, 04/17/36 | 0.9% |
| Chubb INA Holdings LLC, 4.900%, 08/15/35 | 0.8% |
| United States Treasury Notes, 4.250%, 08/15/35 | 0.7% |
| Wells Fargo & Co., 5.605%, 04/23/36 | 0.6% |
| EOG Resources, Inc., 5.350%, 01/15/36 | 0.6% |
| Assurant, Inc., 5.550%, 02/15/36 | 0.6% |
| JPMorgan Chase & Co., 5.576%, 07/23/36 | 0.6% |
| Workday, Inc., 3.800%, 04/01/32 | 0.5% |
| Corebridge Financial, Inc., 6.050%, 09/15/33 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.6% |
| Preferred Stock | 0.4% |
| U.S. Treasury Obligations | 2.9% |
| Corporate Bonds/Notes | 95.1% |

---

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

# Class W: VIGWX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Investment Grade Credit Fund
92913M286-SAR

# Class A: VCFAX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Securitized Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $51 | 1.00% |

---

## Fund Statistics
* Total Net Assets$866,590,463

* # of Portfolio Holdings605

* Portfolio Turnover Rate15%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Symphony CLO 43 Ltd. - Class C, 6.868%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.756%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.106%, 02/25/42 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 6.037%, 07/22/38 | 0.7% |
| RFM Reremic Trust - Class AB60, 2.337%, 11/08/49 | 0.6% |
| CBAM Ltd. - Class CR, 7.018%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.9% |
| Asset-Backed Securities | 23.6% |
| Commercial Mortgage-Backed Securities | 34.6% |
| Collateralized Mortgage Obligations | 34.9% |

---

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

# Class A: VCFAX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Securitized Credit Fund
92913M740-SAR

# Class I: VCFIX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Securitized Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $35 | 0.68% |

---

## Fund Statistics
* Total Net Assets$866,590,463

* # of Portfolio Holdings605

* Portfolio Turnover Rate15%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Symphony CLO 43 Ltd. - Class C, 6.868%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.756%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.106%, 02/25/42 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 6.037%, 07/22/38 | 0.7% |
| RFM Reremic Trust - Class AB60, 2.337%, 11/08/49 | 0.6% |
| CBAM Ltd. - Class CR, 7.018%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.9% |
| Asset-Backed Securities | 23.6% |
| Commercial Mortgage-Backed Securities | 34.6% |
| Collateralized Mortgage Obligations | 34.9% |

---

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

# Class I: VCFIX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Securitized Credit Fund
92913M732-SAR

# Class R6: VCFRX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Securitized Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$866,590,463

* # of Portfolio Holdings605

* Portfolio Turnover Rate15%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Symphony CLO 43 Ltd. - Class C, 6.868%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.756%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.106%, 02/25/42 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 6.037%, 07/22/38 | 0.7% |
| RFM Reremic Trust - Class AB60, 2.337%, 11/08/49 | 0.6% |
| CBAM Ltd. - Class CR, 7.018%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.9% |
| Asset-Backed Securities | 23.6% |
| Commercial Mortgage-Backed Securities | 34.6% |
| Collateralized Mortgage Obligations | 34.9% |

---

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

# Class R6: VCFRX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Securitized Credit Fund
92913M112-SAR

# Class W: VSCWX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya Securitized Credit Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $38 | 0.75% |

---

## Fund Statistics
* Total Net Assets$866,590,463

* # of Portfolio Holdings605

* Portfolio Turnover Rate15%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Symphony CLO 43 Ltd. - Class C, 6.868%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.756%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.106%, 02/25/42 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 6.037%, 07/22/38 | 0.7% |
| RFM Reremic Trust - Class AB60, 2.337%, 11/08/49 | 0.6% |
| CBAM Ltd. - Class CR, 7.018%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.9% |
| Asset-Backed Securities | 23.6% |
| Commercial Mortgage-Backed Securities | 34.6% |
| Collateralized Mortgage Obligations | 34.9% |

---

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

# Class W: VSCWX
![QR Code](tm2530932d2_tsrimg005.jpg)

# Voya Securitized Credit Fund
92913M310-SAR

# Portfolio: VVIQX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya VACS Series EMHCD Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya VACS Series EMHCD Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Series | $6 | 0.12% |

---

## Fund Statistics
* Total Net Assets$122,017,085

* # of Portfolio Holdings248

* Portfolio Turnover Rate73%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, 03/13/27 | 1.5% |
| Bahrain Government International Bond, 7.375%, 05/14/30 | 1.5% |
| Corp Nacional del Cobre de Chile, 6.330%, 01/13/35 | 1.2% |
| Indonesia Government International Bond, 8.500%, 10/12/35 | 1.1% |
| Mexico Government International Bond, 6.338%, 05/04/53 | 0.9% |
| Argentine Republic Government International Bond, 4.125%, 07/09/35 | 1.0% |
| Saudi Government International Bond, 3.450%, 02/02/61 | 0.9% |
| Romanian Government International Bond, 3.000%, 02/14/31 | 0.9% |
| OQ SAOC, 5.125%, 05/06/28 | 0.9% |
| Brazilian Government International Bond, 6.625%, 03/15/35 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 7.1% |
| U.S. Treasury Obligations | 0.4% |
| Corporate Bonds/Notes | 32.1% |
| Sovereign Bonds | 60.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/mutual-fund/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIQX
![QR Code](tm2530932d2_tsrimg003.jpg)

# Voya VACS Series EMHCD Fund
92919X104-SAR

# Portfolio: VVIRX
![Image](tm2530932d2_tsrimg010.jpg)

# Voya VACS Series SC Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025
This semi-annual shareholder report contains important information about Voya VACS Series SC Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Series | $4 | 0.08% |

---

## Fund Statistics
* Total Net Assets$186,351,164

* # of Portfolio Holdings243

* Portfolio Turnover Rate14%

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac STACR REMIC Trust - Class B1, 7.756%, 01/25/42 | 1.7% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.106%, 02/25/42 | 1.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 1.5% |
| GAM Re-REMIC Trust - Class 1D, 11/29/50 | 1.5% |
| BMD2 Re-Remic Trust - Class 6B10, 2.357%, 05/25/52 | 1.2% |
| GAM Re-REMIC Trust - Class 1C, 11/29/50 | 1.1% |
| RFM Reremic Trust - Class AB60, 2.337%, 11/08/49 | 1.0% |
| Fannie Mae Connecticut Avenue Securities - Class 1B1, 9.906%, 01/25/43 | 1.0% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 1.0% |
| Sunrun Jupiter Issuer LLC - Class A, 4.750%, 07/30/57 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2530932d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 8.0% |
| Asset-Backed Securities | 21.7% |
| Commercial Mortgage-Backed Securities | 32.9% |
| Collateralized Mortgage Obligations | 37.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/mutual-fund/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVIRX
![QR Code](tm2530932d2_tsrimg003.jpg)

# Voya VACS Series SC Fund
92919X203-SAR

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 2. Code of Ethics.** 

Not required for semi-annual filing.

**Item 3. Audit Committee Financial Expert.** 

Not required for semi-annual filing.

**Item 4. Principal Accountant Fees and Services.** 

Not required for semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not required for semi-annual filing.

**Item 6. Investments.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule is included as part of the report to shareholders filed under Item 7 of this Form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm2530932d2_invg-01img001.jpg)

Semi-Annual Financial Statements and Other Information

**September 30, 2025**

Classes A, I, R6 and W

**Fixed-Income Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 Investment Grade Credit Fund

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm2530932d2_invg-01img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2530932d2_invg-01img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#inv-01_001) | [1](#inv-01_001) |
| [Statement of Operations](#inv-01_002) | [3](#inv-01_002) |
| [Statements of Changes in Net Assets](#inv-01_003) | [4](#inv-01_003) |
| [Financial Highlights](#inv-01_004) | [5](#inv-01_004) |
| [Notes to Financial Statements](#inv-01_005) | [6](#inv-01_005) |
| [Portfolio of Investments](#inv-01_006) | [17](#inv-01_006) |

---

 &nbsp;&nbsp;**Go
Paperless with E-Delivery!**<br>Sign
up now for on-line prospectuses, tailored shareholder reports, and
proxy statements.<br>Just go to
individuals.voya.com/page/e-delivery, follow the directions and
complete the quick 5 Steps to Enroll.<br>You will
be notified by e-mail when these communications become available on
the internet.<br> <BORDER_TOP>
**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities at fair value+\* | $93569454 |
| Short-term investments at fair value† | 3659318 |
| Cash | 575511 |
| Cash collateral for futures contracts | 356356 |
| Cash pledged for centrally cleared swaps (Note 2) | 200000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 3475979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 141401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 5705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1014884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 7245 |
| Prepaid expenses | 31401 |
| Reimbursement due from Investment Adviser | 9252 |
| Other assets | 7315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 103053821 |
| **LIABILITIES:** |  |
| Payable for investment securities purchased | 3789259 |
| Payable for fund shares redeemed | 390730 |
| Payable upon receipt of securities loaned | 3659318 |
| Variation margin payable on centrally cleared swaps | 115 |
| Payable for investment management fees | 38741 |
| Payable for distribution and shareholder service fees | 196 |
| Payable to trustees under the deferred compensation plan (Note 6) | 7315 |
| Payable for trustee fees | 222 |
| Other accrued expenses and liabilities | 60536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7946432 |
| **NET ASSETS** | $95107389 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $136735720 |
| Total distributable loss | (41628331) |
| **NET ASSETS** | $95107389 |
| + Including securities loaned at value | $3547730 |
| \* Cost of investments in securities | $91622597 |
| † Cost of short-term investments | $3659318 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2025 (Unaudited)(continued)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $957309 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 102242 |
| Net asset value and redemption price per share† | $9.36 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.60 |
| **Class I** |  |
| Net assets | $93236456 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 9943163 |
| Net asset value and redemption price per share | $9.38 |
| **Class R6** |  |
| Net assets | $297104 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 31734 |
| Net asset value and redemption price per share | $9.36 |
| **Class W** |  |
| Net assets | $616520 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 66104 |
| Net asset value and redemption price per share | $9.33 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest, net of foreign taxes withheld\* | $2342958 |
| Securities lending income, net | 6005 |
| Other | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2349213 |
| **EXPENSES:** |  |
| Investment management fees | 222598 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1157 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 20708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 1149 |
| Shareholder reporting expense | 2404 |
| Registration fees | 31952 |
| Professional fees | 20078 |
| Custody and accounting expense | 34219 |
| Trustee fees | 1110 |
| Miscellaneous expense | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 344232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (51828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 292404 |
| Net investment income | 2056809 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 469684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (159005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (54870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 255809 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1642572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 37725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (2226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1678071 |
| Net realized and unrealized gain | 1933880 |
| **Increase in net assets resulting from operations** | $3990689 |
| \* Foreign taxes withheld | $260 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> September 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2056809 | $3301989 |
| Net realized gain | 255809 | 870354 |
| Net change in unrealized appreciation (depreciation) | 1678071 | (500704) |
| Increase in net assets resulting from operations | 3990689 | 3671639 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class A | (20122) | (39180) |
| &nbsp;&nbsp;Class I | (2003896) | (3344782) |
| &nbsp;&nbsp;Class R6 | (7151) | (16661) |
| &nbsp;&nbsp;Class W | (14062) | (44360) |
| Total distributions | (2045231) | (3444983) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 14550662 | 32402401 |
| Reinvestment of distributions | 2045160 | 3433165 |
|  | 16595822 | 35835566 |
| Cost of shares redeemed | (7386491) | (12477101) |
| Net increase in net assets resulting from capital share transactions | 9209331 | 23358465 |
| Net increase in net assets | 11154789 | 23585121 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 83952600 | 60367479 |
| End of year or period | $95107389 | $83952600 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.17 | 0.20 | • | 0.19 | 0.39 | 0.20 |  |  | 0.20 |  | 9.36 | **4.31** | 1.34 | 0.90 | 0.90 | 4.37 | 957 | 278 |
| 03-31-25 | 9.14 | 0.41 | • | 0.05 | 0.46 | 0.43 |  |  | 0.43 |  | 9.17 | **5.11** | 1.40 | 0.90 | 0.90 | 4.46 | 907 | 469 |
| 03-31-24 | 9.18 | 0.40 | • | (0.04) | 0.36 | 0.40 |  |  | 0.40 |  | 9.14 | **4.14** | 1.28 | 0.91 | 0.91 | 4.43 | 907 | 432 |
| 03-31-23 | 10.18 | 0.31 | • | (1.01) | (0.70) | 0.30 |  |  | 0.30 |  | 9.18 | **(6.83)** | 0.98 | 0.90 | 0.90 | 3.32 | 890 | 269 |
| 03-31-22 | 11.04 | 0.20 | • | (0.71) | (0.51) | 0.22 | 0.12 | 0.01 | 0.35 |  | 10.18 | **(4.85)** | 1.06 | 0.90 | 0.90 | 1.84 | 934 | 259 |
| 03-31-21 | 10.60 | 0.22 | • | 1.02 | 1.24 | 0.24 | 0.56 |  | 0.80 |  | 11.04 | **11.53** | 1.03 | 0.90 | 0.90 | 1.90 | 1329 | 349 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.19 | 0.21 | • | 0.19 | 0.40 | 0.21 |  |  | 0.21 |  | 9.38 | **4.43** | 0.77 | 0.65 | 0.65 | 4.62 | 93236 | 278 |
| 03-31-25 | 9.15 | 0.43 | • | 0.06 | 0.49 | 0.45 |  |  | 0.45 |  | 9.19 | **5.49** | 0.84 | 0.65 | 0.65 | 4.71 | 82161 | 469 |
| 03-31-24 | 9.20 | 0.42 | • | (0.04) | 0.38 | 0.43 |  |  | 0.43 |  | 9.15 | **4.28** | 0.92 | 0.66 | 0.66 | 4.68 | 57994 | 432 |
| 03-31-23 | 10.19 | 0.33 | • | (1.00) | (0.67) | 0.32 |  |  | 0.32 |  | 9.20 | **(6.48)** | 0.66 | 0.65 | 0.65 | 3.60 | 50092 | 269 |
| 03-31-22 | 11.05 | 0.23 | • | (0.72) | (0.49) | 0.24 | 0.12 | 0.01 | 0.37 |  | 10.19 | **(4.60)** | 0.66 | 0.65 | 0.65 | 2.11 | 35622 | 259 |
| 03-31-21 | 10.61 | 0.24 | • | 1.03 | 1.27 | 0.27 | 0.56 |  | 0.83 |  | 11.05 | **11.80** | 0.64 | 0.64 | 0.64 | 2.11 | 20147 | 349 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.17 | 0.21 | • | 0.19 | 0.40 | 0.21 |  |  | 0.21 |  | 9.36 | **4.45** | 0.72 | 0.63 | 0.63 | 4.65 | 297 | 278 |
| 03-31-25 | 9.14 | 0.43 | • | 0.05 | 0.48 | 0.45 |  |  | 0.45 |  | 9.17 | **5.39** | 0.82 | 0.63 | 0.63 | 4.74 | 274 | 469 |
| 03-31-24 | 9.18 | 0.42 | • | (0.03) | 0.39 | 0.43 |  |  | 0.43 |  | 9.14 | **4.41** | 0.83 | 0.64 | 0.64 | 4.68 | 485 | 432 |
| 03-31-23 | 10.18 | 0.34 | • | (1.02) | (0.68) | 0.32 |  |  | 0.32 |  | 9.18 | **(6.58)** | 0.66 | 0.63 | 0.63 | 3.70 | 12222 | 269 |
| 03-31-22 | 11.04 | 0.24 | • | (0.72) | (0.48) | 0.25 | 0.12 | 0.01 | 0.38 |  | 10.18 | **(4.59)** | 1.27 | 0.63 | 0.63 | 2.20 | 521 | 259 |
| 03-31-21 | 10.61 | 0.27 | • | 0.99 | 1.26 | 0.27 | 0.56 |  | 0.83 |  | 11.04 | **11.72** | 1.41 | 0.63 | 0.63 | 2.28 | 80 | 349 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.14 | 0.21 | • | 0.19 | 0.40 | 0.21 |  |  | 0.21 |  | 9.33 | **4.45** | 1.09 | 0.65 | 0.65 | 4.62 | 617 | 278 |
| 03-31-25 | 9.10 | 0.43 | • | 0.06 | 0.49 | 0.45 |  |  | 0.45 |  | 9.14 | **5.49** | 1.15 | 0.65 | 0.65 | 4.72 | 611 | 469 |
| 03-31-24 | 9.17 | 0.42 | • | (0.06) | 0.36 | 0.43 |  |  | 0.43 |  | 9.10 | **4.06** | 1.03 | 0.66 | 0.66 | 4.66 | 980 | 432 |
| 03-31-23 | 10.16 | 0.34 | • | (1.01) | (0.67) | 0.32 |  |  | 0.32 |  | 9.17 | **(6.52)** | 0.73 | 0.65 | 0.65 | 3.70 | 51301 | 269 |
| 03-31-22 | 11.02 | 0.23 | • | (0.72) | (0.49) | 0.24 | 0.12 | 0.01 | 0.37 |  | 10.16 | **(4.62)** | 0.81 | 0.65 | 0.65 | 2.10 | 386 | 259 |
| 03-31-21 | 10.59 | 0.25 | • | 1.01 | 1.26 | 0.27 | 0.56 |  | 0.83 |  | 11.02 | **11.72** | 0.78 | 0.65 | 0.65 | 2.16 | 327 | 349 |

---

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| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Separate Portfolios Trust (the "Trust") is a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fourteen separately managed series. This report is for Voya Investment Grade Credit Fund ("Investment Grade Credit" or the "Fund"), a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class I, Class R6 and Class W. The separate classes of shares differ principally in the type of shareholder permitted to invest in each class and in the applicable sales charges (if any), transfer agent fees, distribution fees and shareholder servicing fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/ losses from a fund pro rata based on the daily ending net assets of each class, without discrimination between share classes. Expenses that are specific to a fund or class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Dividends are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of the distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the share classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Risk Exposures and the Use of Derivative Instruments.*** The Fund pursues its investment objectives by purchasing derivative instruments, including, but not limited to, futures contracts. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Interest Rate Risk.*** A rise in market interest rates generally

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required

to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

The Fund's master agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and/or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund's Master Agreements.

D. ***Futures Contracts***. The Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund's Portfolio of Investments. Securities held in

collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended September 30, 2025, the Fund had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended September 30, 2025, the Fund had an average notional value of $18,867,143 and $17,062,190 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at September 30, 2025.

E. ***Distributions to Shareholders***. The Fund records distributions to its shareholders on the ex-dividend date. The Fund distributes capital gains, if any, annually. The Fund declares dividends daily and pays dividends monthly. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

F. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

G. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H. ***Restricted Securities.*** The Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

I. ***Swap Agreements.*** The Fund may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by the Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statement of Operations upon termination or maturity of the swap. The Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statement of Operations. Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

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

default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, the Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, the Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. The Fund may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

The Fund may sell credit default swaps which expose the Fund to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If the Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying

securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed following the Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that the Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

During the period ended September 30, 2025, the Fund had bought credit protection on credit default swap indices ("CDX") with an average notional amount of $2,819,256 to hedge the credit risk associated with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the table within the Portfolio of Investments for open credit default swaps to buy protection at September 30, 2025.

At September 30, 2025, the Fund had pledged $200,000 for open centrally cleared credit default swaps.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

J. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended September 30, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $126369425 | $111485007 |

---

U.S. government securities not included above were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $125533093 | $130594875 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, at an annual rate of 0.50% of the Fund's average daily net assets.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A shares of the Fund have a plan (the "Plan"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution and/or shareholder

servicing of the Fund's Class A shares ("Distribution and/ or Service Fees"). Pursuant to the Plan, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of the Fund's Class A shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any Distribution and/or Service Fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plan, Class A shares of the Fund pay the Distributor a Distribution and/or Service Fee based on average daily net assets at the rate of 0.25%.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Fund and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A shares. For the period ended September 30, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $9 |
| Contingent Deferred Sales Charges: | $— |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At September 30, 2025, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial Inc. or affiliated investment companies that owned more than 5% of the Fund.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2025, the

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class I** | **Class R6** | **Class W** |
| 0.90% | 0.65% | 0.63% | 0.65% |

---

The Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of September 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **September 30,** | **September 30,** | **September 30,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $&nbsp;&nbsp;&nbsp;&nbsp;48075 | $205539 | $88040 | $341654 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of September 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class A | $1297 | $1921 | $3106 | $6324 |
| Class I | 25650 | 21024 | 12250 | 58924 |
| Class R6 | 2269 | 10 | 15 | 2294 |
| Class W | 84401 | 1325 | 2569 | 88295 |

---

The Expense Limitation Agreement is contractual through August 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

The Fund did not utilize the line of credit during the period ended September 30, 2025.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger**  | **Reinvestment<br> of<br> distributions**  | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br>sold**  | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 4328 |  | 2184 | (3199) |  | 3313 | 39573 |  | 20113 | (29306) |  | 30380 |
| 3/31/2025 | 32818 |  | 4214 | (37393) |  | (361) | 303876 |  | 38635 | (340980) |  | 1531 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 1569439 |  | 217228 | (788636) |  | 998031 | 14405658 |  | 2003896 | (7239228) |  | 9170326 |
| 3/31/2025 | 3471859 |  | 362809 | (1226994) |  | 2607674 | 31838188 |  | 3334372 | (11229058) |  | 23943502 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 11516 |  | 770 | (10429) |  | 1857 | 105239 |  | 7089 | (96907) |  | 15421 |
| 3/31/2025 | 18575 |  | 1723 | (43536) |  | (23238) | 169951 |  | 15800 | (399394) |  | (213643) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 21 |  | 1533 | (2292) |  | (738) | 192 |  | 14062 | (21050) |  | (6796) |
| 3/31/2025 | 9790 |  | 4857 | (55517) |  | (40870) | 90386 |  | 44358 | (507669) |  | (372925) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with

cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following is a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral**<br> **Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas Prime Brokerage Int'l Ltd. | $1759 | $(1759) | $— |
| Citigroup Global Markets Inc. | 475250 | (475250) |  |
| Daiwa Capital Markets America Inc. | 267291 | (267291) |  |
| Deutsche Bank Securities Inc. | 1038433 | (1038433) |  |
| Goldman, Sachs & Co. LLC | 206354 | (206354) |  |
| HSBC Securities (USA) Inc. | 98509 | (98509) |  |
| J.P. Morgan Securities LLC | 180054 | (180054) |  |
| Jefferies LLC | 235068 | (235068) |  |
| Morgan Stanley & Co. LLC | 378994 | (378994) |  |

---

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Raymond James & Associates, Inc. | $98679 | $(98679) | $— |
| Scotia Capital (USA) INC | 116131 | (116131) |  |
| Truist Securities INC | 338646 | (338646) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| US Bancorp Investments | $112562 | $(112562) | $— |
| Total | $3547730 | $(3547730) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $3,659,318 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts, paydowns, straddle loss deferrals and wash sale deferrals.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | |
|:---|:---|
| **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| $3444983 | $4359061 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of March 31, 2025 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
| **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $1734 | $(863276) | $(11935341) | Short-term | $(43573789) |
|  |  | (30776906) | Long-term |  |
|  |  | $(42712247) |  |  |

---

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of September 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely

impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

 **NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to September 30, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share<br> Amount** | **Payable<br> Date** | **Record<br> Date** |
| Class A | $0.0342 | November 3, 2025 | Daily |
| Class I | $0.0363 | November 3, 2025 | Daily |
| Class R6 | $0.0363 | November 3, 2025 | Daily |
| Class W | $0.0360 | November 3, 2025 | Daily |

---

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 95.1%** | **CORPORATE BONDS/NOTES: 95.1%** |  |  |
|  | **Basic Materials: 2.5%** | **Basic Materials: 2.5%** | **Basic Materials: 2.5%** |
| 79000 | BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033 | $80783 | 0.1 |
| 230000 | BHP Billiton Finance USA Ltd., 5.000%, 02/21/2030 | 237187 | 0.2 |
| 148000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 154190 | 0.2 |
| 230000 | BHP Billiton Finance USA Ltd., 5.300%, 02/21/2035 | 239460 | 0.2 |
| 235000 | BHP Billiton Finance USA Ltd., 5.750%, 09/05/2055 | 244432 | 0.3 |
| 78000 | Dow Chemical Co., 4.375%, 11/15/2042 | 63631 | 0.1 |
| 136000 | Dow Chemical Co., 5.600%, 02/15/2054 | 123229 | 0.1 |
| 115000 <sup>(1)</sup> | Dow Chemical Co., 5.650%, 03/15/2036 | 115624 | 0.1 |
| 89000 <sup>(1)</sup> | Dow Chemical Co., 6.900%, 05/15/2053 | 95162 | 0.1 |
| 90000 | Ecolab, Inc., 5.000%, 09/01/2035 | 91836 | 0.1 |
| 158000 | Nucor Corp., 5.100%, 06/01/2035 | 160730 | 0.2 |
| 237000 | Nutrien Ltd., 2.950%, 05/13/2030 | 223449 | 0.2 |
| 39000 | Nutrien Ltd., 4.900%, 03/27/2028 | 39699 | 0.0 |
| 155000 | Rio Tinto Finance USA PLC, 5.250%, 03/14/2035 | 159790 | 0.2 |
| 161000 | Rio Tinto Finance USA PLC, 5.750%, 03/14/2055 | 165812 | 0.2 |
| 142000 | Sherwin-Williams Co., 4.800%, 09/01/2031 | 145079 | 0.2 |
|  |  | **2340093** | **2.5** |
|  | **Communications: 8.3%** | **Communications: 8.3%** | **Communications: 8.3%** |
| 195000 | Alphabet, Inc., 5.250%, 05/15/2055 | 195570 | 0.2 |
| 144000 | AT&T, Inc., 3.500%, 06/01/2041 | 115176 | 0.1 |
| 615000 | AT&T, Inc., 3.550%, 09/15/2055 | 424141 | 0.4 |
| 135000 | AT&T, Inc., 3.650%, 09/15/2059 | 92375 | 0.1 |
| 107000 | AT&T, Inc., 3.800%, 12/01/2057 | 76361 | 0.1 |
| 150000 | AT&T, Inc., 4.550%, 11/01/2032 | 149379 | 0.2 |
| 295000 | AT&T, Inc., 4.900%, 11/01/2035 | 292812 | 0.3 |
| 237000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | 205050 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 214000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | $145043 | 0.1 |
| 204000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 161679 | 0.2 |
| 184000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 153852 | 0.2 |
| 56000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.850%, 12/01/2035 | 56556 | 0.1 |
| 265000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.700%, 12/01/2055 | 268340 | 0.3 |
| 124000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 128389 | 0.1 |
| 89000 | Cisco Systems, Inc., 5.350%, 02/26/2064 | 87451 | 0.1 |
| 120000 | Cisco Systems, Inc., 5.500%, 02/24/2055 | 122206 | 0.1 |
| 109000 | Comcast Corp., 3.200%, 07/15/2036 | 93012 | 0.1 |
| 109000 | Comcast Corp., 3.250%, 11/01/2039 | 87082 | 0.1 |
| 87000 | Comcast Corp., 5.500%, 05/15/2064 | 82059 | 0.1 |
| 93000 | Comcast Corp., 5.650%, 06/01/2054 | 91335 | 0.1 |
| 142000 | Comcast Corp., 6.050%, 05/15/2055 | 146854 | 0.2 |
| 128000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 126562 | 0.1 |
| 114000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 113252 | 0.1 |
| 109000 <sup>(1)</sup> | Motorola Solutions, Inc., 4.850%, 08/15/2030 | 111123 | 0.1 |
| 168000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 175112 | 0.2 |
| 151000 <sup>(2)</sup> | Netflix, Inc., 4.875%, 06/15/2030 | 155250 | 0.2 |
| 210000 <sup>(2)</sup> | NTT Finance Corp., 4.876%, 07/16/2030 | 213441 | 0.2 |
| 363000 <sup>(2)</sup> | NTT Finance Corp., 5.171%, 07/16/2032 | 371878 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 134000 | Paramount Global, 3.700%, 06/01/2028 | $| 131134 | 0.1 |
| 75000 | Paramount Global, 5.250%, 04/01/2044 |  | 61897 | 0.1 |
| 202000 <sup>(2)</sup> | SoftBank Corp., 4.699%, 07/09/2030 |  | 203723 | 0.2 |
| 469000 <sup>(2)</sup> | SoftBank Corp., 5.332%, 07/09/2035 |  | 473312 | 0.5 |
| 244000 | Sprint Capital Corp., 6.875%, 11/15/2028 |  | 262506 | 0.3 |
| 259000 | Sprint Capital Corp., 8.750%, 03/15/2032 |  | 315616 | 0.3 |
| 63000 | Time Warner Cable LLC, 5.875%, 11/15/2040 |  | 60249 | 0.1 |
| 155000 | T-Mobile USA, Inc., 2.875%, 02/15/2031 |  | 142949 | 0.1 |
| 56000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 |  | 54384 | 0.1 |
| 58000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 |  | 55186 | 0.1 |
| 142000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 |  | 139285 | 0.1 |
| 99000 | T-Mobile USA, Inc., 5.125%, 05/15/2032 |  | 101914 | 0.1 |
| 54000 | T-Mobile USA, Inc., 5.250%, 06/15/2055 |  | 50310 | 0.0 |
| 72000 | T-Mobile USA, Inc., 5.750%, 01/15/2054 |  | 72048 | 0.1 |
| 311000 | T-Mobile USA, Inc., 6.700%, 12/15/2033 |  | 347921 | 0.4 |
| 80000 | Uber Technologies, Inc., 4.150%, 01/15/2031 |  | 79319 | 0.1 |
| 115000 | Uber Technologies, Inc., 4.300%, 01/15/2030 |  | 115418 | 0.1 |
| 408000 | Uber Technologies, Inc., 4.800%, 09/15/2035 |  | 404554 | 0.4 |
| 168000 | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 147374 | 0.2 |
| 38000 | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 34559 | 0.0 |
| 114000 | Verizon Communications, Inc., 3.875%, 03/01/2052 |  | 87572 | 0.1 |
| 104000 | Verizon Communications, Inc., 6.550%, 09/15/2043 |  | 116189 | 0.1 |
|  |  |  | **7898759** | **8.3** |
|  | **Consumer, Cyclical: 7.3%** | **Consumer, Cyclical: 7.3%** | **Consumer, Cyclical: 7.3%** |  |
| 231514 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 |  | 227089 | 0.2 |
| 321103 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 |  | 311300 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 22735 | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 | $21887 | 0.0 |
| 60251 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | 58190 | 0.1 |
| 160000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | 163288 | 0.2 |
| 165000 | Ferguson Enterprises, Inc., 4.350%, 03/15/2031 | 163991 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 4.000%, 11/13/2030 | 186622 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 5.730%, 09/05/2030 | 201731 | 0.2 |
| 55000 | General Motors Co., 6.250%, 10/02/2043 | 55961 | 0.1 |
| 142000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 125852 | 0.1 |
| 151000 <sup>(1)</sup> | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 155874 | 0.2 |
| 48000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 50480 | 0.1 |
| 68000 | Home Depot, Inc., 3.300%, 04/15/2040 | 55752 | 0.1 |
| 31000 | Home Depot, Inc., 3.625%, 04/15/2052 | 23244 | 0.0 |
| 175000 | Home Depot, Inc., 4.650%, 09/15/2035 | 173337 | 0.2 |
| 28000 <sup>(1)</sup> | Home Depot, Inc., 4.950%, 09/15/2052 | 26153 | 0.0 |
| 47000 | Home Depot, Inc., 5.300%, 06/25/2054 | 46032 | 0.1 |
| 209000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 210918 | 0.2 |
| 316000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 322115 | 0.3 |
| 115000 <sup>(2)</sup> | Hyundai Capital America, 4.500%, 09/18/2030 | 114503 | 0.1 |
| 121000 <sup>(2)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 123563 | 0.1 |
| 175000 <sup>(1)(2)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 180010 | 0.2 |
| 101000 <sup>(2)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 104303 | 0.1 |
| 159000 <sup>(2)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 166355 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 63000 | Lowe's Cos., Inc., 2.800%, 09/15/2041 | $45644 | 0.1 |
| 95000 | Lowe's Cos., Inc., 4.250%, 03/15/2031 | 94413 | 0.1 |
| 37000 | Lowe's Cos., Inc., 4.250%, 04/01/2052 | 29898 | 0.0 |
| 144000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 115088 | 0.1 |
| 255000 | Lowe's Cos., Inc., 4.500%, 10/15/2032 | 253012 | 0.3 |
| 40000 | Lowe's Cos., Inc., 4.650%, 04/15/2042 | 36861 | 0.0 |
| 63000 | Lowe's Cos., Inc., 5.800%, 09/15/2062 | 63218 | 0.1 |
| 27000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 27275 | 0.0 |
| 235000 <sup>(1)</sup> | Marriott International, Inc., 4.500%, 10/15/2031 | 234059 | 0.2 |
| 245000 | Marriott International, Inc., 5.250%, 10/15/2035 | 247298 | 0.3 |
| 182000 | MDC Holdings, Inc., 2.500%, 01/15/2031 | 160683 | 0.2 |
| 72000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 72701 | 0.1 |
| 130000 | Royal Caribbean Cruises Ltd., 5.375%, 01/15/2036 | 130644 | 0.1 |
| 168000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 5.500%, 04/01/2028 | 171304 | 0.2 |
| 28000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 | 28571 | 0.0 |
| 75000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 6.000%, 02/01/2033 | 76941 | 0.1 |
| 189000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 6.250%, 03/15/2032 | 195179 | 0.2 |
| 165000 | Toll Brothers Finance Corp., 5.600%, 06/15/2035 | 169171 | 0.2 |
| 112000 | Toyota Motor Corp., 5.053%, 06/30/2035 | 114711 | 0.1 |
| 169000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 173170 | 0.2 |
| 106000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 112258 | 0.1 |
| 110000 | Toyota Motor Credit Corp., MTN, 4.600%, 10/10/2031 | 111550 | 0.1 |
| 33559 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 34520 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 69065 | United Airlines Pass Through Trust 20-1, B, 4.875%, 07/15/2027 | $| 69076 | 0.1 |
| 76036 | United Airlines Pass Through Trust 2014-1, A, 4.000%, 10/11/2027 |  | 75895 | 0.1 |
| 121571 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 |  | 120579 | 0.1 |
| 42406 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 |  | 40449 | 0.0 |
| 160697 | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 |  | 154454 | 0.2 |
| 60000 | Walmart, Inc., 2.500%, 09/22/2041 |  | 43500 | 0.0 |
| 478000 | Walmart, Inc., 4.900%, 04/28/2035 |  | 492008 | 0.5 |
|  |  |  | **6962680** | **7.3** |
|  | **Consumer, Non-cyclical: 15.9%** | **Consumer, Non-cyclical: 15.9%** | **Consumer, Non-cyclical: 15.9%** |  |
| 125000 | AbbVie, Inc., 3.200%, 11/21/2029 |  | 120629 | 0.1 |
| 82000 | AbbVie, Inc., 4.050%, 11/21/2039 |  | 73425 | 0.1 |
| 126000 | AbbVie, Inc., 4.875%, 03/15/2030 |  | 129743 | 0.1 |
| 100000 | AbbVie, Inc., 5.050%, 03/15/2034 |  | 102937 | 0.1 |
| 61000 | AbbVie, Inc., 5.350%, 03/15/2044 |  | 61368 | 0.1 |
| 97000 | AbbVie, Inc., 5.500%, 03/15/2064 |  | 97026 | 0.1 |
| 173000 | AbbVie, Inc., 5.600%, 03/15/2055 |  | 177139 | 0.2 |
| 76000 | Altria Group, Inc., 6.200%, 11/01/2028 |  | 80327 | 0.1 |
| 47000 | Amgen, Inc., 2.450%, 02/21/2030 |  | 43548 | 0.0 |
| 110000 | Amgen, Inc., 3.150%, 02/21/2040 |  | 86628 | 0.1 |
| 56000 | Amgen, Inc., 5.250%, 03/02/2030 |  | 58062 | 0.1 |
| 171000 | Amgen, Inc., 5.250%, 03/02/2033 |  | 177181 | 0.2 |
| 193000 | Amgen, Inc., 5.750%, 03/02/2063 |  | 192689 | 0.2 |
| 165000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 |  | 162987 | 0.2 |
| 344000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 |  | 322511 | 0.3 |
| 44000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 |  | 41743 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 126000 | Anheuser-Busch InBev Worldwide, Inc., 4.950%, 01/15/2042 | $121192 | 0.1 |
| 83000 | BAT Capital Corp., 3.984%, 09/25/2050 | 62106 | 0.1 |
| 175000 | BAT Capital Corp., 4.625%, 03/22/2033 | 173255 | 0.2 |
| 65000 | BAT Capital Corp., 5.350%, 08/15/2032 | 67236 | 0.1 |
| 126000 | BAT Capital Corp., 7.079%, 08/02/2043 | 142691 | 0.1 |
| 83000 | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | 91713 | 0.1 |
| 31000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 30909 | 0.0 |
| 225000 | Bunge Ltd. Finance Corp., 4.650%, 09/17/2034 | 220718 | 0.2 |
| 160000 | Bunge Ltd. Finance Corp., 5.150%, 08/04/2035 | 161950 | 0.2 |
| 115000 <sup>(1)</sup> | Cardinal Health, Inc., 4.500%, 09/15/2030 | 115394 | 0.1 |
| 81000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | 83086 | 0.1 |
| 131000 | Cardinal Health, Inc., 5.125%, 02/15/2029 | 134792 | 0.1 |
| 115000 | Cardinal Health, Inc., 5.150%, 09/15/2035 | 115730 | 0.1 |
| 79000 | Cardinal Health, Inc., 5.750%, 11/15/2054 | 79287 | 0.1 |
| 122000 | Centene Corp., 2.500%, 03/01/2031 | 105169 | 0.1 |
| 458000 | Centene Corp., 3.000%, 10/15/2030 | 409526 | 0.4 |
| 143000 | Cigna Group, 4.800%, 08/15/2038 | 136521 | 0.1 |
| 115000 | Cigna Group, 5.250%, 01/15/2036 | 116511 | 0.1 |
| 60000 | Cigna Group, 5.600%, 02/15/2054 | 59043 | 0.1 |
| 41000 | CVS Health Corp., 1.750%, 08/21/2030 | 36001 | 0.0 |
| 95000 | CVS Health Corp., 5.050%, 03/25/2048 | 84600 | 0.1 |
| 63000 | CVS Health Corp., 5.125%, 02/21/2030 | 64595 | 0.1 |
| 109000 | CVS Health Corp., 6.200%, 09/15/2055 | 112263 | 0.1 |
| 160000 | CVS Health Corp., 6.250%, 09/15/2065 | 162858 | 0.2 |
| 64000 | Elevance Health, Inc., 2.875%, 09/15/2029 | 60851 | 0.1 |
| 165000 | Elevance Health, Inc., 4.600%, 09/15/2032 | 164046 | 0.2 |
| 108000 | Elevance Health, Inc., 5.850%, 11/01/2064 | 107574 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 140000 | Eli Lilly & Co., 4.750%, 02/12/2030 | $143669 | 0.1 |
| 180000 | Eli Lilly & Co., 4.900%, 10/15/2035 | 182414 | 0.2 |
| 90000 | Eli Lilly & Co., 5.000%, 02/09/2054 | 85217 | 0.1 |
| 125000 | Eli Lilly & Co., 5.050%, 08/14/2054 | 119342 | 0.1 |
| 65000 | Eli Lilly & Co., 5.550%, 03/15/2037 | 69739 | 0.1 |
| 180000 | Eli Lilly & Co., 5.550%, 10/15/2055 | 185312 | 0.2 |
| 190000 | Eli Lilly & Co., 5.650%, 10/15/2065 | 196340 | 0.2 |
| 353000 <sup>(2)</sup> | EMD Finance LLC, 5.000%, 10/15/2035 | 353258 | 0.4 |
| 196000 | Equifax, Inc., 5.100%, 06/01/2028 | 200425 | 0.2 |
| 227000 | GE HealthCare Technologies, Inc., 4.800%, 01/15/2031 | 230805 | 0.2 |
| 69000 | Gilead Sciences, Inc., 4.600%, 09/01/2035 | 68257 | 0.1 |
| 134000 | Gilead Sciences, Inc., 4.800%, 11/15/2029 | 137571 | 0.1 |
| 57000 | Gilead Sciences, Inc., 5.600%, 11/15/2064 | 57738 | 0.1 |
| 44000 | HCA, Inc., 2.375%, 07/15/2031 | 39045 | 0.0 |
| 40000 | HCA, Inc., 3.500%, 09/01/2030 | 38219 | 0.0 |
| 90000 | HCA, Inc., 4.125%, 06/15/2029 | 89244 | 0.1 |
| 95000 | HCA, Inc., 5.125%, 06/15/2039 | 91583 | 0.1 |
| 70000 | HCA, Inc., 5.500%, 03/01/2032 | 72960 | 0.1 |
| 128000 | HCA, Inc., 5.750%, 03/01/2035 | 133883 | 0.1 |
| 76000 | HCA, Inc., 6.000%, 04/01/2054 | 76200 | 0.1 |
| 240000 | HCA, Inc., 6.200%, 03/01/2055 | 247916 | 0.3 |
| 200000 <sup>(2)</sup> | Imperial Brands Finance PLC, 6.375%, 07/01/2055 | 207878 | 0.2 |
| 81000 | Johnson & Johnson, 3.625%, 03/03/2037 | 73605 | 0.1 |
| 50000 | Johnson & Johnson, 5.850%, 07/15/2038 | 55350 | 0.1 |
| 89000 | Kroger Co., 5.000%, 09/15/2034 | 89803 | 0.1 |
| 306000 | Kroger Co., 5.500%, 09/15/2054 | 298503 | 0.3 |
| 149000 | Kroger Co., 5.650%, 09/15/2064 | 145452 | 0.1 |
| 154000 | Laboratory Corp. of America Holdings, 4.350%, 04/01/2030 | 154083 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 56000 <sup>(2)</sup> | Mars, Inc., 2.375%,07/16/2040 | $40323 | 0.0 |
| 53000 <sup>(2)</sup> | Mars, Inc., 4.800%,03/01/2030 | 54015 | 0.1 |
| 152000 <sup>(2)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 155571 | 0.2 |
| 256000 <sup>(2)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 261800 | 0.3 |
| 55000 <sup>(2)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 55830 | 0.1 |
| 245000 <sup>(2)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 248348 | 0.3 |
| 223000 <sup>(2)</sup> | Mars, Inc., 5.800%, 05/01/2065 | 227608 | 0.2 |
| 81000 | McKesson Corp., 4.950%, 05/30/2032 | 82970 | 0.1 |
| 391000 | McKesson Corp., 5.250%, 05/30/2035 | 402900 | 0.4 |
| 164000 | PepsiCo, Inc., 4.650%, 07/23/2032 | 166534 | 0.2 |
| 255000 | PepsiCo, Inc., 5.000%, 07/23/2035 | 259854 | 0.3 |
| 117000 | Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043 | 113451 | 0.1 |
| 189000 | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | 179530 | 0.2 |
| 97000 | Philip Morris International, Inc., 4.375%, 04/30/2030 | 97480 | 0.1 |
| 104000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 105844 | 0.1 |
| 179000 <sup>(1)</sup> | Philip Morris International, Inc., 4.875%, 04/30/2035 | 179195 | 0.2 |
| 425000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 439021 | 0.5 |
| 79000 | Quanta Services, Inc., 4.500%, 01/15/2031 | 78990 | 0.1 |
| 169000 | Quanta Services, Inc., 5.100%, 08/09/2035 | 169531 | 0.2 |
| 200000 <sup>(2)</sup> | Rentokil Terminix Funding LLC, 5.625%, 04/28/2035 | 206442 | 0.2 |
| 48000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 47594 | 0.0 |
| 139000 | Rollins, Inc., 5.250%, 02/24/2035 | 141546 | 0.1 |
| 127000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 121375 | 0.1 |
| 65000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 58372 | 0.1 |
| 115000 | Royalty Pharma PLC, 5.200%, 09/25/2035 | 114947 | 0.1 |
| 159000 | Smith & Nephew PLC, 2.032%, 10/14/2030 | 142185 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 54000 | Solventum Corp., 5.400%, 03/01/2029 | $55739 | 0.1 |
| 141000 <sup>(1)</sup> | Solventum Corp., 5.900%, 04/30/2054 | 144948 | 0.1 |
| 200000 | Takeda US Financing, Inc., 5.200%, 07/07/2035 | 203370 | 0.2 |
| 208000 | Takeda US Financing, Inc., 5.900%, 07/07/2055 | 214446 | 0.2 |
| 89000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 66354 | 0.1 |
| 56000 | UnitedHealth Group, Inc., 2.875%, 08/15/2029 | 53497 | 0.0 |
| 71000 | UnitedHealth Group, Inc., 4.400%, 06/15/2028 | 71707 | 0.1 |
| 56000 | UnitedHealth Group, Inc., 4.650%, 01/15/2031 | 56773 | 0.1 |
| 120000 | UnitedHealth Group, Inc., 4.800%, 01/15/2030 | 122624 | 0.1 |
| 71000 | UnitedHealth Group, Inc., 5.200%, 04/15/2063 | 65062 | 0.1 |
| 123000 | UnitedHealth Group, Inc., 5.375%, 04/15/2054 | 118210 | 0.1 |
| 65000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 62355 | 0.1 |
| 349000 | UnitedHealth Group, Inc., 5.625%, 07/15/2054 | 347356 | 0.4 |
| 83000 | Verisk Analytics, Inc., 4.500%, 08/15/2030 | 83285 | 0.1 |
| 83000 <sup>(1)</sup> | Verisk Analytics, Inc., 5.125%, 02/15/2036 | 83817 | 0.1 |
| 79000 | Zimmer Biomet Holdings, Inc., 5.050%, 02/19/2030 | 81265 | 0.1 |
| 71000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | 73554 | 0.1 |
| 118000 | Zoetis, Inc., 5.000%, 08/17/2035 | 119223 | 0.1 |
|  |  | **15166212** | **15.9** |
|  | **Energy: 6.5%** |  |  |
| 73000 | BP Capital Markets America, Inc., 3.000%, 02/24/2050 | 48335 | 0.1 |
| 111000 <sup>(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 115111 | 0.1 |
| 109000 <sup>(2)</sup> | Cameron LNG LLC, 2.902%, 07/15/2031 | 99604 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** |  |
| 78000 <sup>(2)</sup> | Cheniere Energy Partners L.P., 5.550%,10/30/2035 | $79737 | 0.1 |
| 143000 | Chevron USA, Inc., 4.500%, 10/15/2032 | 144243 | 0.2 |
| 178000 | Chevron USA, Inc., 4.850%, 10/15/2035 | 180208 | 0.2 |
| 71000 | Energy Transfer L.P., 5.700%, 04/01/2035 | 73353 | 0.1 |
| 73000 | Energy Transfer L.P., 5.950%, 10/01/2043 | 72313 | 0.1 |
| 139000 | Energy Transfer L.P., 6.000%,06/15/2048 | 137074 | 0.1 |
| 175000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 171945 | 0.2 |
| 65000 <sup>(3)</sup> | Energy Transfer L.P. H, 6.500%, 12/31/2199 | 65475 | 0.1 |
| 124000 | Enterprise Products Operating LLC, 3.950%, 01/31/2060 | 92580 | 0.1 |
| 85000 | Enterprise Products Operating LLC, 4.300%, 06/20/2028 | 85677 | 0.1 |
| 132000 | Enterprise Products Operating LLC, 4.600%, 01/15/2031 | 133447 | 0.1 |
| 40000 <sup>(1)</sup> | Enterprise Products Operating LLC, 4.850%, 01/31/2034 | 40363 | 0.0 |
| 70000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 70614 | 0.1 |
| 113000 | Enterprise Products Operating LLC, 5.200%, 01/15/2036 | 114901 | 0.1 |
| 48000 | Enterprise Products Operating LLC, 5.550%, 02/16/2055 | 47480 | 0.1 |
| 557000 | EOG Resources, Inc., 5.350%, 01/15/2036 | 572125 | 0.6 |
| 142000 | Exxon Mobil Corp., 4.227%, 03/19/2040 | 130066 | 0.1 |
| 195000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 199069 | 0.2 |
| 85000 | Marathon Petroleum Corp., 5.000%, 09/15/2054 | 72582 | 0.1 |
| 144000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 148727 | 0.2 |
| 105000 | MPLX L.P., 2.650%, 08/15/2030 | 96441 | 0.1 |
| 136000 | MPLX L.P., 4.800%, 02/15/2031 | 136873 | 0.1 |
| 137000 | MPLX L.P., 5.400%, 09/15/2035 | 137362 | 0.1 |
| 55000 | MPLX L.P., 5.500%, 06/01/2034 | 56084 | 0.1 |
| 194000 | ONEOK, Inc., 5.700%, 11/01/2054 | 183275 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** | **Energy: (continued)** |  |
| 366000 | ONEOK, Inc., 6.250%, 10/15/2055 | $371932 | 0.4 |
| 155000 | Plains All American Pipeline L.P. / PAA Finance Corp., 5.600%, 01/15/2036 | 157028 | 0.2 |
| 88000 | Targa Resources Corp., 4.900%, 09/15/2030 | 89427 | 0.1 |
| 57000 | Targa Resources Corp., 5.500%, 02/15/2035 | 58036 | 0.1 |
| 110000 | Targa Resources Corp., 6.125%, 05/15/2055 | 110695 | 0.1 |
| 211000 | Targa Resources Corp., 6.250%, 07/01/2052 | 215409 | 0.2 |
| 38000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 38120 | 0.0 |
| 98000 | TotalEnergies Capital SA, 5.638%, 04/05/2064 | 97735 | 0.1 |
| 74000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 70601 | 0.1 |
| 176000 | Valero Energy Corp.,5.150%, 02/15/2030 | 181263 | 0.2 |
| 194000 | Viper Energy Partners LLC, 4.900%, 08/01/2030 | 195600 | 0.2 |
| 228000 | Viper Energy Partners LLC, 5.700%, 08/01/2035 | 231955 | 0.2 |
| 136000 | Williams Cos., Inc., 4.625%, 06/30/2030 | 137225 | 0.1 |
| 87000 | Williams Cos., Inc., 5.100%, 09/15/2045 | 80612 | 0.1 |
| 136000 | Williams Cos., Inc.,5.300%, 09/30/2035 | 138075 | 0.1 |
| 312000 | Woodside Finance Ltd., 5.400%, 05/19/2030 | 320468 | 0.3 |
| 170000 | Woodside Finance Ltd., 6.000%, 05/19/2035 | 177542 | 0.2 |
|  |  | **6176787** | **6.5** |
|  | **Financial: 29.1%** |  |  |
| 140000 | Alleghany Corp., 3.250%, 08/15/2051 | 97510 | 0.1 |
| 75000 | Alleghany Corp., 4.900%, 09/15/2044 | 70531 | 0.1 |
| 139000 <sup>(3)</sup> | American Express Co., 4.351%, 07/20/2029 | 139841 | 0.1 |
| 19000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 17801 | 0.0 |
| 23000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 22949 | 0.0 |
| 108000 | American Homes 4 Rent L.P., 4.950%, 06/15/2030 | 110013 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 200000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | $206543 | 0.2 |
| 46000 | American Homes 4 Rent L.P., 5.500%, 07/15/2034 | 47498 | 0.1 |
| 103000 | American International Group, Inc., 3.400%, 06/30/2030 | 98751 | 0.1 |
| 218000 | American International Group, Inc., 5.450%, 05/07/2035 | 227235 | 0.2 |
| 117000 | American Tower Corp., 5.350%, 03/15/2035 | 120246 | 0.1 |
| 564000 | Assurant, Inc., 5.550%, 02/15/2036 | 571959 | 0.6 |
| 277000 <sup>(2)</sup> | Aviation Capital Group LLC, 4.800%, 10/24/2030 | 276865 | 0.3 |
| 200000 | Banco Santander SA, 2.749%, 12/03/2030 | 181602 | 0.2 |
| 200000 | Banco Santander SA, 5.439%, 07/15/2031 | 210058 | 0.2 |
| 400000 <sup>(3)</sup> | Banco Santander SA, 9.625%, 12/31/2199 | 483009 | 0.5 |
| 161000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 142859 | 0.2 |
| 177000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 164075 | 0.2 |
| 350000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 318924 | 0.3 |
| 235000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 231455 | 0.2 |
| 107000 <sup>(3)</sup> | Bank of America Corp., 4.571%, 04/27/2033 | 107017 | 0.1 |
| 83000 <sup>(1)(3)</sup> | Bank of America Corp., 5.464%, 05/09/2036 | 86575 | 0.1 |
| 115000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 120261 | 0.1 |
| 170000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 174199 | 0.2 |
| 227000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 235933 | 0.3 |
| 141000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 151149 | 0.2 |
| 13000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 12316 | 0.0 |
| 17000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 15738 | 0.0 |
| 23000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.676%, 06/19/2041 | 16959 | 0.0 |
| 86000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 81651 | 0.1 |
| 304000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 276925 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 34000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | $32759 | 0.0 |
| 175000 <sup>(3)</sup> | Bank of Montreal, 4.350%, 09/22/2031 | 174216 | 0.2 |
| 1024000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 1059935 | 1.1 |
| 416000 <sup>(3)</sup> | Bank of Nova Scotia, 6.875%, 10/27/2085 | 415800 | 0.4 |
| 172000 | BlackRock Funding, Inc., 5.250%, 03/14/2054 | 167912 | 0.2 |
| 295000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 253525 | 0.3 |
| 381000 <sup>(1)</sup> | Broadstone Net Lease LLC, 5.000%, 11/01/2032 | 378892 | 0.4 |
| 191000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 193718 | 0.2 |
| 200000 <sup>(2)(3)</sup> | CaixaBank SA, 5.581%, 07/03/2036 | 204961 | 0.2 |
| 81000 <sup>(3)</sup> | Capital One Financial Corp., 5.197%, 09/11/2036 | 80140 | 0.1 |
| 195000 | Carlyle Secured 5.75 2/31, 5.750%, 02/15/2031 | 193996 | 0.2 |
| 709000 | Chubb INA Holdings LLC, 4.900%, 08/15/2035 | 713486 | 0.8 |
| 138000 <sup>(2)</sup> | Citadel L.P., 6.000%, 01/23/2030 | 143498 | 0.2 |
| 394000 <sup>(2)</sup> | Citadel L.P., 6.375%, 01/23/2032 | 417258 | 0.4 |
| 200000 <sup>(2)(3)</sup> | Commonwealth Bank of Australia, 5.929%, 03/14/2046 | 207614 | 0.2 |
| 218000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 208298 | 0.2 |
| 57000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | 59997 | 0.1 |
| 488000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 521144 | 0.6 |
| 200000 <sup>(2)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 201153 | 0.2 |
| 150000 <sup>(3)</sup> | Deutsche Bank AG/ New York NY, 4.950%, 08/04/2031 | 151451 | 0.2 |
| 150000 <sup>(3)</sup> | Deutsche Bank AG/ New York NY, 5.297%, 05/09/2031 | 153686 | 0.2 |
| 180000 <sup>(3)</sup> | Deutsche Bank AG/ New York NY, 7.079%, 02/10/2034 | 197921 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 200000 <sup>(2)</sup> | EQT AB, 5.850%, 05/08/2035 | $206792 | 0.2 |
| 358000 <sup>(2)</sup> | Equitable Holdings, Inc., 4.572%, 02/15/2029 | 359785 | 0.4 |
| 326000 <sup>(3)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 330581 | 0.3 |
| 314000 | First Industrial L.P., 5.250%, 01/15/2031 | 322257 | 0.3 |
| 393000 | GLP Capital L.P. / GLP Financing II, Inc., 5.750%, 11/01/2037 | 390572 | 0.4 |
| 73000 | Goldman Sachs Capital I, 6.345%, 02/15/2034 | 78026 | 0.1 |
| 144000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 145027 | 0.2 |
| 25000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 25631 | 0.0 |
| 224000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 230676 | 0.2 |
| 55000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 57556 | 0.1 |
| 198000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 205428 | 0.2 |
| 12000 | Goldman Sachs Group, Inc., 6.250%, 02/01/2041 | 13189 | 0.0 |
| 45000 | Hartford Financial Services Group, Inc., 2.800%, 08/19/2029 | 42604 | 0.0 |
| 77000 | Hartford Financial Services Group, Inc., 2.900%, 09/15/2051 | 50042 | 0.1 |
| 203000 <sup>(2)(3)</sup> | Hartford Financial Services Group, Inc. ICON, 6.598%, (TSFR3M + 2.387%), 02/12/2067 | 190058 | 0.2 |
| 152000 | Horace Mann Educators Corp., 4.700%, 10/01/2030 | 150575 | 0.2 |
| 200000 <sup>(3)</sup> | HSBC Holdings PLC, 5.741%, 09/10/2036 | 204207 | 0.2 |
| 205000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 213418 | 0.2 |
| 87000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 75232 | 0.1 |
| 304000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 287090 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 86000 | Invitation Homes Operating Partnership L.P., 5.500%, 08/15/2033 | $89429 | 0.1 |
| 39000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 36,840 | 36840 | 0.0 |
| 92000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 90798 | 0.1 |
| 322000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 324744 | 0.3 |
| 91000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 92090 | 0.1 |
| 90000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 92340 | 0.1 |
| 100000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 102462 | 0.1 |
| 51000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 52684 | 0.1 |
| 425000 <sup>(1)(3)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 448188 | 0.5 |
| 543000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.576%, 07/23/2036 | 563312 | 0.6 |
| 99000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 105519 | 0.1 |
| 63000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.254%, 10/23/2034 | 69446 | 0.1 |
| 224000 <sup>(2)(3)</sup> | KBC Group NV, 4.454%, 09/23/2031 | 222899 | 0.2 |
| 117000 | Kilroy Realty L.P., 5.875%, 10/15/2035 | 118662 | 0.1 |
| 255000 <sup>(1)</sup> | Kilroy Realty L.P., 6.250%, 01/15/2036 | 263983 | 0.3 |
| 155000 | KKR & Co., Inc., 5.100%, 08/07/2035 | 155340 | 0.2 |
| 220000 <sup>(3)</sup> | Lloyds Banking Group PLC, 6.068%, 06/13/2036 | 231047 | 0.2 |
| 80000 <sup>(2)</sup> | LPL Holdings, Inc., 4.625%, 11/15/2027 | 79867 | 0.1 |
| 158000 | LPL Holdings, Inc., 5.650%, 03/15/2035 | 161111 | 0.2 |
| 362000 <sup>(3)</sup> | M&T Bank Corp., 5.400%, 07/30/2035 | 364869 | 0.4 |
| 95000 <sup>(2)</sup> | Macquarie Airfinance Holdings Ltd., 8.125%, 03/30/2029 | 98916 | 0.1 |
| 366000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.615%, 04/24/2036 | 384240 | 0.4 |
| 232000 <sup>(3)</sup> | Morgan Stanley, 4.654%, 10/18/2030 | 234607 | 0.2 |
| 813000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 858150 | 0.9 |
| 116000 <sup>(3)</sup> | Morgan Stanley, 6.627%, 11/01/2034 | 129869 | 0.1 |
| 27000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.511%, 10/20/2032 | 24095 | 0.0 |
| 198000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.250%, 04/21/2034 | 204246 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 319000 <sup>(3)</sup> | Morgan Stanley Private Bank NA, 4.734%, 07/18/2031 | $323918 | 0.3 |
| 271000 | National Health Investors, Inc., 3.000%, 02/01/2031 | 245360 | 0.3 |
| 268000 | National Health Investors, Inc., 5.350%, 02/01/2033 | 265931 | 0.3 |
| 200000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 204342 | 0.2 |
| 200000 <sup>(3)</sup> | NatWest Group PLC,5.115%, 05/23/2031 | 205154 | 0.2 |
| 179000 | Phillips Edison Grocery Center Operating Partnership I L.P.,5.250%, 08/15/2032 | 183050 | 0.2 |
| 285000 <sup>(3)</sup> | PNC Bank NA, 4.429%,07/21/2028 | 286499 | 0.3 |
| 248000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 5.373%,07/21/2036 | 255306 | 0.3 |
| 120000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%,10/28/2033 | 129649 | 0.1 |
| 403000 | Raymond James Financial, Inc., 5.650%,09/11/2055 | 400286 | 0.4 |
| 315000 | Rexford Industrial Realty L.P., 2.125%,12/01/2030 | 280514 | 0.3 |
| 191000 | Rexford Industrial Realty L.P., 2.150%,09/01/2031 | 166193 | 0.2 |
| 160000 <sup>(3)</sup> | Royal Bank of Canada,4.696%, 08/06/2031 | 162179 | 0.2 |
| 218000 <sup>(3)</sup> | Royal Bank of Canada,6.500%, 11/24/2085 | 216078 | 0.2 |
| 168000 <sup>(3)</sup> | Royal Bank of Canada,GMTN, 4.650%,10/18/2030 | 170017 | 0.2 |
| 211000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 5.694%,04/15/2031 | 220255 | 0.2 |
| 174000 <sup>(3)</sup> | State Street Corp.,3.031%, 11/01/2034 | 163403 | 0.2 |
| 157000 <sup>(3)</sup> | State Street Corp.,4.675%, 10/22/2032 | 159109 | 0.2 |
| 393000 <sup>(2)</sup> | Symetra Life Insurance Co., 6.550%,10/01/2055 | 417315 | 0.4 |
| 267000 | TPG Operating Group II L.P., 5.375%,01/15/2036 | 267809 | 0.3 |
| 109000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%,06/08/2034 | 115524 | 0.1 |
| 60000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.123%,10/28/2033 | 64666 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** | **Financial: (continued)** |  |
| 200000 <sup>(2)(3)</sup> | UBS Group AG, 5.580%, 05/09/2036 | $208275 | 0.2 |
| 200000 <sup>(2)(3)</sup> | UBS Group AG, 5.959%, 01/12/2034 | 214006 | 0.2 |
| 200000 <sup>(2)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 238462 | 0.3 |
| 29000 <sup>(3)</sup> | Wells Fargo & Co., 3.068%, 04/30/2041 | 22525 | 0.0 |
| 290000 <sup>(1)(3)</sup> | Wells Fargo & Co., 4.892%, 09/15/2036 | 289533 | 0.3 |
| 78000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 81388 | 0.1 |
| 580000 <sup>(3)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 608907 | 0.6 |
| 38000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 42235 | 0.0 |
| 81000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 | 71212 | 0.1 |
| 59000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.013%, 04/04/2051 | 55135 | 0.1 |
| 53000 | Welltower OP LLC, 5.125%, 03/15/2043 | 50573 | 0.1 |
| 250000 <sup>(2)</sup> | Wynnton Funding Trust, 5.251%, 08/15/2035 | 252187 | 0.3 |
| 285000 <sup>(2)</sup> | Wynnton Funding Trust II, 5.991%, 08/15/2055 | 292743 | 0.3 |
|  |  | **27658044** | **29.1** |
|  | **Industrial: 5.7%** |  |  |
| 296000 | Boeing Co., 5.930%, 05/01/2060 | 295934 | 0.3 |
| 164000 | Boeing Co., 7.008%, 05/01/2064 | 189994 | 0.2 |
| 91000 | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | 74050 | 0.1 |
| 127000 | Burlington Northern Santa Fe LLC, 4.400%, 03/15/2042 | 114858 | 0.1 |
| 48000 | Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044 | 43375 | 0.0 |
| 81000 | Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054 | 77818 | 0.1 |
| 40000 | Burlington Northern Santa Fe LLC, 5.500%, 03/15/2055 | 40136 | 0.0 |
| 30000 | CSX Corp., 4.250%,11/01/2066 | 23666 | 0.0 |
| 119000 | CSX Corp., 4.650%, 03/01/2068 | 101042 | 0.1 |
| 305000 | Embraer Netherlands Finance BV, 5.400%, 01/09/2038 | 303856 | 0.3 |
| 148000 <sup>(2)</sup> | FedEx Corp., 4.550%, 04/01/2046 | 124431 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 38830 | FedEx Corp. Class AA Pass Through Trust 20-1, AA, 1.875%, 08/20/2035 | $33695 | 0.0 |
| 196000 | General Electric Co., 4.300%, 07/29/2030 | 197244 | 0.2 |
| 140000 <sup>(1)</sup> | General Electric Co., 4.900%, 01/29/2036 | 142007 | 0.2 |
| 208000 | Hexcel Corp., 5.875%, 02/26/2035 | 217642 | 0.2 |
| 161000 | Honeywell International,Inc., 4.750%, 02/01/2032 | 164044 | 0.2 |
| 60000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 61029 | 0.1 |
| 35000 | Howmet Aerospace, Inc., 5.950%, 02/01/2037 | 37924 | 0.0 |
| 113000 | Ingersoll Rand, Inc., 5.700%, 08/14/2033 | 120090 | 0.1 |
| 115000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 115863 | 0.1 |
| 133000 | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 137211 | 0.1 |
| 102000 | John Deere Capital Corp., MTN, 5.100%, 04/11/2034 | 105575 | 0.1 |
| 111000 | John Deere Capital Corp. I, 4.550%, 06/05/2030 | 112781 | 0.1 |
| 75000 <sup>(4)</sup> | Johnson Controls International PLC, 4.950%, 07/02/2064 | 65528 | 0.1 |
| 134000 | L3Harris Technologies, Inc., 5.350%, 06/01/2034 | 138944 | 0.1 |
| 143000 | L3Harris Technologies, Inc., 5.400%, 07/31/2033 | 149108 | 0.2 |
| 251000 | Lockheed Martin Corp., 5.000%, 08/15/2035 | 255086 | 0.3 |
| 86000 | Lockheed Martin Corp., 5.200%, 02/15/2064 | 81245 | 0.1 |
| 75000 <sup>(2)</sup> | Molex Electronic Technologies LLC, 5.250%, 04/30/2032 | 76359 | 0.1 |
| 110000 | Norfolk Southern Corp., 3.950%, 10/01/2042 | 92848 | 0.1 |
| 101000 | Packaging Corp. of America, 5.700%, 12/01/2033 | 107022 | 0.1 |
| 151000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 155821 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 87000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | $81928 | 0.1 |
| 7000 | Raytheon Technologies Corp., 4.800%, 12/15/2043 | 6520 | 0.0 |
| 42000 | Raytheon Technologies Corp., 5.375%, 02/27/2053 | 41119 | 0.0 |
| 166000 <sup>(1)</sup> | Republic Services, Inc., 2.375%, 03/15/2033 | 144875 | 0.2 |
| 22000 | RTX Corp., 3.125%, 07/01/2050 | 14975 | 0.0 |
| 58000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 59417 | 0.1 |
| 12000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 12437 | 0.0 |
| 93000 <sup>(1)</sup> | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 97076 | 0.1 |
| 250000 <sup>(2)</sup> | TTX Co., 5.050%, 11/15/2034 | 256480 | 0.3 |
| 111000 | Union Pacific Corp., 5.100%, 02/20/2035 | 114187 | 0.1 |
| 80000 | Union Pacific Corp., MTN, 3.550%, 08/15/2039 | 68129 | 0.1 |
| 84000 <sup>(1)</sup> | United Parcel Service, Inc., 5.250%, 05/14/2035 | 86962 | 0.1 |
| 73000 | United Parcel Service, Inc., 5.950%, 05/14/2055 | 76312 | 0.1 |
| 51000 | United Parcel Service, Inc., 6.050%, 05/14/2065 | 53434 | 0.1 |
| 317000 | Waste Management, Inc., 4.950%, 03/15/2035 | 321921 | 0.3 |
| 70000 | Waste Management, Inc., 5.350%, 10/15/2054 | 69034 | 0.1 |
|  |  | **5461032** | **5.7** |
|  | **Technology: 7.3%** |  |  |
| 326000 | Applied Materials, Inc., 4.600%, 01/15/2036 | 322756 | 0.3 |
| 403000 <sup>(2)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 344067 | 0.4 |
| 235000 | Broadcom, Inc., 4.800%, 02/15/2036 | 234378 | 0.2 |
| 125000 | Broadcom, Inc., 4.900%, 02/15/2038 | 124387 | 0.1 |
| 138000 <sup>(2)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 137690 | 0.1 |
| 137000 | Broadcom, Inc., 5.150%, 11/15/2031 | 142391 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** |  |  |
| 168000 | Broadcom, Inc., 5.200%, 07/15/2035 | $173206 | 0.2 |
| 270000 | Dell International LLC / EMC Corp., 4.750%, 10/06/2032 | 268872 | 0.3 |
| 155000 | Dell International LLC / EMC Corp., 5.100%, 02/15/2036 | 154197 | 0.2 |
| 198000 | Dell International LLC / EMC Corp., 5.300%, 04/01/2032 | 204479 | 0.2 |
| 200000 | Hewlett Packard Enterprise Co., 4.150%, 09/15/2028 | 199819 | 0.2 |
| 165000 | Hewlett Packard Enterprise Co., 4.400%, 10/15/2030 | 164052 | 0.2 |
| 106000 | Intel Corp., 2.000%, 08/12/2031 | 92750 | 0.1 |
| 80000 | Intel Corp., 2.450%, 11/15/2029 | 74304 | 0.1 |
| 184000 | Intel Corp., 2.800%, 08/12/2041 | 128779 | 0.1 |
| 130000 | Intel Corp., 5.700%, 02/10/2053 | 125805 | 0.1 |
| 90000 | Marvell Technology, Inc., 2.950%, 04/15/2031 | 83151 | 0.1 |
| 56000 | Marvell Technology, Inc., 4.750%, 07/15/2030 | 56749 | 0.1 |
| 151000 | Marvell Technology, Inc., 4.875%, 06/22/2028 | 153407 | 0.2 |
| 328000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 345224 | 0.4 |
| 137000 | Micron Technology, Inc., 6.050%, 11/01/2035 | 146457 | 0.1 |
| 197000 <sup>(2)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 188108 | 0.2 |
| 265000 <sup>(2)</sup> | MSCI, Inc., 3.625%, 11/01/2031 | 249026 | 0.3 |
| 293000 | MSCI, Inc., 5.250%, 09/01/2035 | 295537 | 0.3 |
| 80000 | Oracle Corp., 2.300%, 03/25/2028 | 76500 | 0.1 |
| 160000 | Oracle Corp., 2.875%, 03/25/2031 | 146954 | 0.1 |
| 119000 | Oracle Corp., 5.375%, 09/27/2054 | 109393 | 0.1 |
| 63000 | Oracle Corp., 5.500%, 08/03/2035 | 64856 | 0.1 |
| 306000 | Oracle Corp., 5.500%, 09/27/2064 | 280457 | 0.3 |
| 165000 | Oracle Corp., 5.875%, 09/26/2045 | 165543 | 0.2 |
| 305000 | Oracle Corp., 5.950%, 09/26/2055 | 304273 | 0.3 |
| 337000 | Oracle Corp., 6.000%, 08/03/2055 | 338549 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** |  |  |
| 165000 | Oracle Corp., 6.100%, 09/26/2065 | $164819 | 0.2 |
| 55000 | Oracle Corp., 6.125%, 08/03/2065 | 55254 | 0.1 |
| 191000 | Qualcomm, Inc., 4.750%, 05/20/2032 | 194674 | 0.2 |
| 113000 | Qualcomm, Inc., 6.000%, 05/20/2053 | 121553 | 0.1 |
| 546000 | Workday, Inc., 3.800%, 04/01/2032 | 521594 | 0.5 |
|  |  | **6954010** | **7.3** |
|  | **Utilities: 12.5%** |  |  |
| 165000 | AEP Texas, Inc., 5.850%, 10/15/2055 | 164518 | 0.2 |
| 77000 | AES Corp., 5.450%, 06/01/2028 | 78883 | 0.1 |
| 79000 | AES Corp., 5.800%, 03/15/2032 | 81831 | 0.1 |
| 30000 | Alabama Power Co., 3.450%, 10/01/2049 | 22017 | 0.0 |
| 45000 | Alabama Power Co., 3.750%, 03/01/2045 | 35796 | 0.0 |
| 164000 | Alabama Power Co., 5.100%, 04/02/2035 | 167687 | 0.2 |
| 46000 | Alabama Power Co., 5.850%, 11/15/2033 | 49391 | 0.1 |
| 48000 | Alabama Power Co. A, 4.300%, 07/15/2048 | 40990 | 0.0 |
| 62000 | Ameren Corp., 1.750%, 03/15/2028 | 58597 | 0.1 |
| 50000 | Ameren Corp., 5.000%, 01/15/2029 | 51142 | 0.1 |
| 27000 | American Electric Power Co., Inc., 5.625%, 03/01/2033 | 28397 | 0.0 |
| 430000 <sup>(3)</sup> | American Electric Power Co., Inc. C, 5.800%, 03/15/2056 | 429568 | 0.5 |
| 513000 <sup>(3)</sup> | American Electric Power Co., Inc. D, 6.050%, 03/15/2056 | 515004 | 0.5 |
| 8000 | American Water Capital Corp., 4.150%, 06/01/2049 | 6569 | 0.0 |
| 75000 | American Water Capital Corp., 5.250%, 03/01/2035 | 76974 | 0.1 |
| 174000 | American Water Capital Corp., 5.700%, 09/01/2055 | 176921 | 0.2 |
| 142000 | Atmos Energy Corp., 5.200%, 08/15/2035 | 145444 | 0.2 |
| 190000 | Atmos Energy Corp., 5.450%, 01/15/2056 | 188015 | 0.2 |
| 120000 <sup>(3)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 | 117234 | 0.1 |
| 72000 | Commonwealth Edison Co., 5.900%, 03/15/2036 | 77406 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 61000 | Commonwealth Edison Co., 5.950%, 06/01/2055 | $64925 | 0.1 |
| 84000 | Connecticut Light and Power Co., 4.950%, 08/15/2034 | 85185 | 0.1 |
| 37000 | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 | 32002 | 0.0 |
| 145000 | Consolidated Edison Co. of New York, Inc. 12-A, 4.200%, 03/15/2042 | 126844 | 0.1 |
| 30000 | Consolidated Edison Co. of New York, Inc. C, 4.000%, 11/15/2057 | 23161 | 0.0 |
| 85000 | DTE Electric Co., 5.250%, 05/15/2035 | 87530 | 0.1 |
| 99000 | DTE Electric Co., 5.850%, 05/15/2055 | 104175 | 0.1 |
| 86000 | DTE Energy Co., 5.850%, 06/01/2034 | 91427 | 0.1 |
| 7000 | Duke Energy Carolinas LLC, 3.750%, 06/01/2045 | 5564 | 0.0 |
| 39000 | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | 33218 | 0.0 |
| 22000 | Duke Energy Carolinas LLC, 4.250%, 12/15/2041 | 19492 | 0.0 |
| 45000 | Duke Energy Corp., 3.150%, 08/15/2027 | 44297 | 0.0 |
| 43000 <sup>(1)</sup> | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 38680 | 0.0 |
| 37000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 39954 | 0.0 |
| 53000 | Duke Energy Florida LLC, 5.950%, 11/15/2052 | 55941 | 0.1 |
| 62000 | Duke Energy Ohio, Inc., 3.700%, 06/15/2046 | 48258 | 0.1 |
| 66000 | Duke Energy Ohio, Inc., 4.300%, 02/01/2049 | 55452 | 0.1 |
| 25000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 25908 | 0.0 |
| 23000 | Entergy Texas, Inc., 5.800%, 09/01/2053 | 23397 | 0.0 |
| 155000 | Essential Utilities, Inc., 4.276%, 05/01/2049 | 125321 | 0.1 |
| 339000 | Essential Utilities, Inc., 5.250%, 08/15/2035 | 340872 | 0.4 |
| 117000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 119357 | 0.1 |
| 44000 | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | 44633 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 129000 | Evergy Metro, Inc., 5.125%, 08/15/2035 | $130441 | 0.1 |
| 42000 | Eversource Energy, 5.125%, 05/15/2033 | 42607 | 0.0 |
| 77000 | Eversource Energy, 5.450%, 03/01/2028 | 79111 | 0.1 |
| 54000 | Eversource Energy, 5.500%, 01/01/2034 | 55807 | 0.1 |
| 92000 | Eversource Energy, 5.950%, 02/01/2029 | 96403 | 0.1 |
| 124000 | Eversource Energy R, 1.650%, 08/15/2030 | 108928 | 0.1 |
| 156000 | Exelon Corp., 5.125%, 03/15/2031 | 160941 | 0.2 |
| 48000 | Exelon Corp., 5.150%, 03/15/2028 | 49124 | 0.1 |
| 40000 | Florida Power & Light Co., 5.400%, 09/01/2035 | 41824 | 0.0 |
| 23000 | Florida Power & Light Co., 5.650%, 02/01/2037 | 24445 | 0.0 |
| 26000 | Indiana Michigan Power Co., 3.850%, 05/15/2028 | 25871 | 0.0 |
| 31000 | Indiana Michigan Power Co., 6.050%, 03/15/2037 | 33666 | 0.0 |
| 108000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 105836 | 0.1 |
| 170000 | Jersey Central Power & Light Co., 5.100%, 01/15/2035 | 172394 | 0.2 |
| 148000 <sup>(2)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 153427 | 0.2 |
| 51000 <sup>(2)</sup> | Metropolitan Edison Co., 5.200%, 04/01/2028 | 52182 | 0.1 |
| 113000 | MidAmerican Energy Co., 4.400%, 10/15/2044 | 99237 | 0.1 |
| 23000 | MidAmerican Energy Co., 4.800%, 09/15/2043 | 21267 | 0.0 |
| 15000 | Mississippi Power Co., 4.750%, 10/15/2041 | 13519 | 0.0 |
| 81000 <sup>(2)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 85679 | 0.1 |
| 42000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 37961 | 0.0 |
| 68000 | National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032 | 66006 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 41000 | National Rural Utilities Cooperative Finance Corp., 4.120%, 09/16/2027 | $41171 | 0.0 |
| 59000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 57666 | 0.1 |
| 48000 | National Rural Utilities Cooperative Finance Corp., 4.950%, 02/07/2030 | 49478 | 0.1 |
| 120000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 122484 | 0.1 |
| 8000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 8587 | 0.0 |
| 62000 | National Rural Utilities Cooperative Finance Corp., MTN, 1.650%, 06/15/2031 | 53613 | 0.1 |
| 76000 <sup>(2)</sup> | New York State Electric & Gas Corp., 2.150%, 10/01/2031 | 66154 | 0.1 |
| 79000 <sup>(2)</sup> | New York State Electric & Gas Corp., 5.300%, 08/15/2034 | 80848 | 0.1 |
| 108000 | NextEra Energy Capital Holdings, Inc., 2.250%, 06/01/2030 | 98656 | 0.1 |
| 99000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 102876 | 0.1 |
| 49000 | NextEra Energy Capital Holdings, Inc., 5.450%, 03/15/2035 | 50708 | 0.1 |
| 97000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 100808 | 0.1 |
| 73000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 65769 | 0.1 |
| 70000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 69696 | 0.1 |
| 194000 | NiSource, Inc., 5.850%, 04/01/2055 | 196966 | 0.2 |
| 142000 | NSTAR Electric Co., 5.200%, 03/01/2035 | 144823 | 0.2 |
| 40000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 41670 | 0.0 |
| 101000 | NSTAR Electric Co., 5.500%, 03/15/2040 | 103979 | 0.1 |
| 71000 <sup>(2)</sup> | Oncor Electric Delivery Co. LLC, 5.350%, 04/01/2035 | 73480 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 115000 | Oncor Electric Delivery Co. LLC, 5.550%, 06/15/2054 | $114628 | 0.1 |
| 161000 <sup>(2)</sup> | Oncor Electric Delivery Co. LLC, 5.800%, 04/01/2055 | 166007 | 0.2 |
| 56000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 44989 | 0.0 |
| 100000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 84019 | 0.1 |
| 145000 | Pacific Gas and Electric Co., 6.150%, 03/01/2055 | 145970 | 0.2 |
| 32000 | PECO Energy Co., 4.900%, 06/15/2033 | 32722 | 0.0 |
| 75000 | PECO Energy Co., 5.250%, 09/15/2054 | 72737 | 0.1 |
| 120000 <sup>(2)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 123179 | 0.1 |
| 136000 <sup>(2)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 142393 | 0.2 |
| 377000 | Public Service Co. of Colorado, 5.850%, 05/15/2055 | 388344 | 0.4 |
| 76000 | Public Service Co. of New Hampshire, 3.600%, 07/01/2049 | 57680 | 0.1 |
| 28000 | Public Service Electric and Gas Co., 4.850%, 08/01/2034 | 28283 | 0.0 |
| 103000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 107031 | 0.1 |
| 12000 | Public Service Electric and Gas Co., MTN, 3.800%, 03/01/2046 | 9610 | 0.0 |
| 94000 | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 97524 | 0.1 |
| 55000 | Public Service Electric and Gas Co., MTN, 5.500%, 03/01/2040 | 56824 | 0.1 |
| 73000 | Public Service Electric and Gas Co. Q, 5.500%, 03/01/2055 | 73442 | 0.1 |
| 62000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 55042 | 0.1 |
| 123000 | San Diego Gas & Electric Co., 5.400%, 04/15/2035 | 127098 | 0.1 |
| 282000 <sup>(3)</sup> | Sempra, 4.875%, 12/31/2199 | 282305 | 0.3 |
| 330000 <sup>(3)</sup> | Sierra Pacific Power Co., 6.200%, 12/15/2055 | 330623 | 0.4 |
| 200000 <sup>(2)</sup> | Snam SpA, 5.000%, 05/28/2030 | 202943 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |  |
| 200000 <sup>(2)</sup> | Snam SpA, 5.750%, 05/28/2035 | $| 207552 | 0.2 |
| 44000 | Southern California Edison Co., 4.000%, 04/01/2047 |  | 33338 | 0.0 |
| 110000 | Southern California Edison Co., 4.050%, 03/15/2042 |  | 88347 | 0.1 |
| 108000 | Southern California Gas Co., 5.450%, 06/15/2035 |  | 112060 | 0.1 |
| 92000 | Southern California Gas Co., 6.000%, 06/15/2055 |  | 96479 | 0.1 |
| 40000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 |  | 40984 | 0.0 |
| 121000 | Southwestern Public Service Co., 5.300%, 05/15/2035 |  | 123607 | 0.1 |
| 40000 | Southwestern Public Service Co., 6.000%, 06/01/2054 |  | 41713 | 0.0 |
| 177000 <sup>(2)</sup> | Trans-Allegheny Interstate Line Co., 5.000%, 01/15/2031 |  | 181655 | 0.2 |
| 90000 | Tucson Electric Power Co., 5.200%, 09/15/2034 |  | 91643 | 0.1 |
| 304000 | Tucson Electric Power Co., 5.900%, 04/15/2055 |  | 310824 | 0.3 |
| 22000 | Virginia Electric and Power Co., 5.700%, 08/15/2053 |  | 22291 | 0.0 |
| 87000 | Virginia Electric and Power Co. D, 5.600%, 09/15/2055 |  | 86729 | 0.1 |
| 232000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.700%, 12/30/2034 |  | 240278 | 0.3 |
| 114000 | Xcel Energy, Inc., |  |  |  |
|  | 5.600%, 04/15/2035 |  | 118269 | 0.1 |
|  |  |  | **11873247** | **12.5** |
|  | Total Corporate Bonds/Notes |  |  |  |
|  | (Cost $88,550,455) |  | **90490864** | **95.1** |
| **U.S. TREASURY OBLIGATIONS: 2.9%** | **U.S. TREASURY OBLIGATIONS: 2.9%** |  |  |  |
|  | **United States Treasury Bonds: 0.6%** | **United States Treasury Bonds: 0.6%** | **United States Treasury Bonds: 0.6%** |  |
| 384100 | 4.750%, 05/15/2055 |  | 385420 | 0.4 |
| 183300 | 4.875%, 08/15/2045 |  | 187410 | 0.2 |
|  |  |  | **572830** | **0.6** |
|  | **United States Treasury Notes: 2.3%** | **United States Treasury Notes: 2.3%** | **United States Treasury Notes: 2.3%** |  |
| 466000 | 3.375%, 09/15/2028 |  | 462851 | 0.5 |
| 386500 | 3.500%, 09/30/2027 |  | 385685 | 0.4 |
| 467400 | 3.625%, 09/30/2030 |  | 465045 | 0.5 |
| 160300 | 3.875%, 09/30/2032 |  | 159786 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes (continued)** | **United States Treasury Notes (continued)** |  |
| 676500 | 4.250%, 08/15/2035 | $682049 | 0.7 |
|  |  | **2155416** | **2.3** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $2,725,267) | **2728246** | **2.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |
|  | **Financials: 0.4%** |  |  |
| 13875 <sup>(5)</sup> | Citizens Financial Group, Inc. | 350344 | 0.4 |
|  | Total Preferred Stock <br>(Cost $346,875) | **350344** | **0.4** |
|  | Total Long-Term Investments <br>(Cost $91,622,597) | **93569454** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** | **SHORT-TERM INVESTMENTS: 3.8%** |
|  | **Repurchase Agreements: 3.8%** | **Repurchase Agreements: 3.8%** |  |
| 55503 <sup>(6)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $55,509, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $56,613, due 11/15/41-05/15/54) | 55503 | 0.1 |
| 1000000 <sup>(6)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $1,000,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.500%, Market Value plus accrued interest $1,020,012, due 08/27/27-09/01/55) | 1000000 | 1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1000000 <sup>(6)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 09/30/2025, 4.220%, due 10/01/2025 (Repurchase Amount $1,000,116, collateralized by various U.S. Government Agency Obligations, 1.923%-6.500%, Market Value plus accrued interest $1,020,000, due 08/01/32-06/01/64) | $1000000 | 1 |
| 196322 <sup>(6)</sup> | J.P. Morgan Securities LLC, Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $196,345, collateralized by various U.S. Government Securities, 4.125%-4.500%, Market Value plus accrued interest $200,248, due 12/31/31-05/31/32) | 196322 | 0.2 |
| 48702 <sup>(6)</sup> | Mizuho Securities USA LLC, Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $48,708, collateralized by various U.S. Government Securities, 0.750%-4.375%, Market Value plus accrued interest $49,676, due 05/31/26-09/30/32) | 48702 | 0 |
| 271429 <sup>(6)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $271,460, collateralized by various U.S. Government Securities, 0.000%-6.625%, Market Value plus accrued interest $276,858, due 11/18/25-08/15/55) | 271429 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 87362 <sup>(6)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $87,372, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $89,109, due 10/23/25-08/15/55) | $87362 | 0.1 |
| 1000000 <sup>(6)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $1,000,115, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 08/01/42-09/01/55) | 1000000 | 1.1 |
|  | Total Repurchase Agreements <br>(Cost $3,659,318) | **3659318** | **3.8** |
|  | Total Short-Term Investments <br>(Cost $3,659,318) | **3659318** | **3.8** |
|  | **Total Investments in Securities**<br> **(Cost $95,281,915)** | $**97228772** | **102.2** |
|  | **Liabilities in Excess of Other Assets** | **(2121383)** | **(2.2)** |
|  | **Net Assets** | $**95107389** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of September 30, 2025. |
| <sup>(4)</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of September 30, 2025. |
| <sup>(5)</sup> | Preferred Stock may be called prior to convertible date. |
| <sup>(6)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

Reference Rate Abbreviations:

TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**September 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $90490864 | $— | $90490864 |
| U.S. Treasury Obligations |  | 2728246 |  | 2728246 |
| Preferred Stock |  | 350344 |  | 350344 |
| Short-Term Investments |  | 3659318 |  | 3659318 |
| Total Investments, at fair value | $— | $97228772 | $— | $97228772 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 63411 |  |  | 63411 |
| Total Assets | $63411 | $97228772 | $— | $97292183 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps | $— | $(2226) | $— | $(2226) |
| Futures | (114750) |  | $— | (114750) |
| Total Liabilities | $(114750) | $(2226) | $— | $(116976) |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At September 30, 2025, the following futures contracts were outstanding for Voya Investment Grade Credit Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 89 | 12/31/25 | $18547461 | $(5485) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 24 | 12/19/25 | 2700000 | (4494) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 1 | 12/19/25 | 116594 | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 15 | 12/19/25 | 1800937 | 52857 |
|  |  |  | $23164992 | $42720 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (57) | 12/31/25 | (6224133) | 10554 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (134) | 12/19/25 | (15420468) | (104613) |
|  |  |  | $(21644601) | $(94059) |

---

At September 30, 2025, the following centrally cleared credit default swaps were outstanding for Voya Investment Grade Credit Fund:

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection** **<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** | <br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX North American Investment Grade Series 44, Version 1 | Buy | (1.000) | 06/20/30 | USD | 1479511 | $(33653) | $(2226) |
|  |  |  |  |  |  | $(33653) | $(2226) |

---

<sup>(1)</sup> If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(2)</sup> Payments made quarterly.

See Accompanying Notes to Financial Statements

<u>Voya Investment Grade Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

 

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $63411 |
| **Total Asset Derivatives** |  | $63411 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $114750 |
| Credit contracts | Variation margin payable on centrally cleared swaps<sup>\*</sup> | 2226 |
| **Total Liability Derivatives** |  | $116976 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** | **Swaps** | **Total** |
| Credit contracts | $— | $(54870) | $(54870) |
| Interest rate contracts | (159005) |  | (159005) |
| **Total** | $(159005) | $(54870) | $(213875) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** | **Swaps** | **Total** |
| Credit contracts | $— | $(2226) | $(2226) |
| Interest rate contracts | 37725 |  | 37725 |
| **Total** | $37725 | $(2226) | $35499 |

---

At September 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $96,360,413.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2130811 |
| Gross Unrealized Depreciation | (1316017) |
| Net Unrealized Appreciation | $814794 |

---

See Accompanying Notes to Financial Statements

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.**

**163314 (0925)**

![](tm2530932d2_vosecdcrfins01.jpg)

Semi-Annual Financial Statements and Other Information

**September 30, 2025**

**Voya Securitized Credit Fund**

■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classes A, I, R6 and W

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm2530932d2_vosecdcrfins02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2530932d2_vosecdcrfins03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#vosecdcrfins01_001) | [1](#vosecdcrfins01_001) |
| [Statement of Operations](#vosecdcrfins01_002) | [3](#vosecdcrfins01_002) |
| [Statements of Changes in Net Assets](#vosecdcrfins01_003) | [4](#vosecdcrfins01_003) |
| [Financial Highlights](#vosecdcrfins01_004) | [5](#vosecdcrfins01_004) |
| [Notes to Financial Statements](#vosecdcrfins01_005) | [6](#vosecdcrfins01_005) |
| [Portfolio of Investments](#vosecdcrfins01_006) | [16](#vosecdcrfins01_006) |

---

 **Go
Paperless with E-Delivery!**<br>
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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2025 (UNAUDITED)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities at fair value\* | $806950577 |
| Short-term investments at fair value† | 64527604 |
| Cash | 3052217 |
| Cash collateral for futures contracts | 1463274 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 555220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 24451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4228221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 126498 |
| Prepaid expenses | 63080 |
| Reimbursement due from Investment Adviser | 12297 |
| Other assets | 24496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 881027935 |
| **LIABILITIES:** |  |
| Income distribution payable | 926541 |
| Payable for investment securities purchased | 11845426 |
| Payable for fund shares redeemed | 1035753 |
| Payable for investment management fees | 425554 |
| Payable for distribution and shareholder service fees | 1388 |
| Payable to trustees under the deferred compensation plan (Note 6) | 24496 |
| Payable for trustee fees | 2108 |
| Other accrued expenses and liabilities | 176206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14437472 |
| **NET ASSETS** | $866590463 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $930180266 |
| Total distributable loss | (63589803) |
| **NET ASSETS** | $866590463 |
| \* Cost of investments in securities | $822270267 |
| † Cost of short-term investments | $64535469 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)

---

| | |
|:---|:---|
| **Class A** | |
| Net assets | $6798016 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 704545 |
| Net asset value and redemption price per share† | $9.65 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.90 |
| **Class I** |  |
| Net assets | $827572622 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 85611437 |
| Net asset value and redemption price per share | $9.67 |
| **Class R6** |  |
| Net assets | $32056780 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 3315510 |
| Net asset value and redemption price per share | $9.67 |
| **Class W** |  |
| Net assets | $163045 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 16865 |
| Net asset value and redemption price per share | $9.67 |

---

(1) Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.

† Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends | $114245 |
| Interest | 25664132 |
| Other | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 25780799 |
| **EXPENSES:** |  |
| Investment management fees | 2537235 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8243 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 227191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 107 |
| Shareholder reporting expense | 12721 |
| Registration fees | 46841 |
| Professional fees | 44772 |
| Custody and accounting expense | 64718 |
| Trustee fees | 10541 |
| Miscellaneous expense | 30722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2987067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (85954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2901113 |
| Net investment income | 22879686 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1071658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1334442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 2406100 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5618879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1427404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4191475 |
| Net realized and unrealized gain | 6597575 |
| **Increase in net assets resulting from operations** | $29477261 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| **FROM OPERATIONS:** | **Six Months Ended**<br>**September 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**March 31, 2025** |
| Net investment income | $22879686 | $40243909 |
| Net realized gain | 2406100 | 1892267 |
| Net change in unrealized appreciation (depreciation) | 4191475 | 24983422 |
| Increase in net assets resulting from operations | 29477261 | 67119598 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class A | (165408) | (341949) |
| &nbsp;&nbsp;Class I | (21984568) | (40857461) |
| &nbsp;&nbsp;Class R6 | (407785) | (155903) |
| &nbsp;&nbsp;Class W | (4756) | (14656) |
| Total distributions | (22562517) | (41369969) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 118180959 | 246819137 |
| Reinvestment of distributions | 17161387 | 28575715 |
|  | 135342346 | 275394852 |
| Cost of shares redeemed | (126864568) | (199521296) |
| Net increase in net assets resulting from capital share transactions | 8477778 | 75873556 |
| Net increase in net assets | 15392522 | 101623185 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 851197941 | 749574756 |
| End of year or period | $866590463 | $851197941 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income<br> (loss) from<br> investment<br> operations** | **Income<br> (loss) from<br> investment<br> operations** | **Income<br> (loss) from<br> investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  |<br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or <br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.57 | 0.24 | <sup>·</sup> | 0.08 | 0.32 | 0.24 |  |  | 0.24 |  | 9.65 | **3.39** | 1.02 | 1.00 | 1.00 | 5.09 | 6798 | 15 |
| 03-31-25 | 9.27 | 0.44 | <sup>·</sup> | 0.31 | 0.75 | 0.45 |  |  | 0.45 |  | 9.57 | **8.25** | 1.02 | 1.00 | 1.00 | 4.63 | 7136 | 34 |
| 03-31-24 | 8.90 | 0.37 | <sup>·</sup> | 0.37 | 0.74 | 0.37 |  |  | 0.37 |  | 9.27 | **8.43** | 1.07 | 1.00 | 1.00 | 4.05 | 7381 | 28 |
| 03-31-23 | 9.51 | 0.27 | <sup>·</sup> | (0.59) | (0.32) | 0.29 |  |  | 0.29 |  | 8.90 | **(3.35)** | 1.07 | 1.00 | 1.00 | 2.98 | 8367 | 21 |
| 03-31-22 | 9.68 | 0.23 | <sup>·</sup> | (0.16) | 0.07 | 0.24 |  |  | 0.24 |  | 9.51 | **0.73** | 1.07 | 1.00 | 1.00 | 2.37 | 11621 | 57 |
| 03-31-21 | 8.79 | 0.25 | <sup>·</sup> | 0.94 | 1.19 | 0.26 |  | 0.04 | 0.30 |  | 9.68 | **13.74** | 1.02 | 1.00 | 1.00 | 2.69 | 20476 | 38 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.59 | 0.26 | <sup>·</sup> | 0.08 | 0.34 | 0.26 |  |  | 0.26 |  | 9.67 | **3.56** | 0.71 | 0.68 | 0.68 | 5.41 | 827573 | 15 |
| 03-31-25 | 9.29 | 0.47 | <sup>·</sup> | 0.31 | 0.78 | 0.48 |  |  | 0.48 |  | 9.59 | **8.59** | 0.70 | 0.68 | 0.68 | 4.95 | 840623 | 34 |
| 03-31-24 | 8.92 | 0.40 | <sup>·</sup> | 0.37 | 0.77 | 0.40 |  |  | 0.40 |  | 9.29 | **8.77** | 0.71 | 0.68 | 0.68 | 4.38 | 738913 | 28 |
| 03-31-23 | 9.53 | 0.30 | <sup>·</sup> | (0.59) | (0.29) | 0.32 |  |  | 0.32 |  | 8.92 | **(3.03)** | 0.72 | 0.68 | 0.68 | 3.29 | 647676 | 21 |
| 03-31-22 | 9.69 | 0.26 | <sup>·</sup> | (0.15) | 0.11 | 0.27 |  |  | 0.27 |  | 9.53 | **1.16** | 0.69 | 0.68 | 0.68 | 2.64 | 1075715 | 57 |
| 03-31-21 | 8.80 | 0.27 | <sup>·</sup> | 0.95 | 1.22 | 0.29 |  | 0.04 | 0.33 |  | 9.69 | **14.09** | 0.73 | 0.68 | 0.68 | 2.91 | 971282 | 38 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.59 | 0.26 | <sup>·</sup> | 0.08 | 0.34 | 0.26 |  |  | 0.26 |  | 9.67 | **3.56** | 0.65 | 0.65 | 0.65 | 5.42 | 32057 | 15 |
| 03-31-25 | 9.29 | 0.47 | <sup>·</sup> | 0.31 | 0.78 | 0.48 |  |  | 0.48 |  | 9.59 | **8.59** | 0.65 | 0.65 | 0.65 | 4.98 | 3187 | 34 |
| 03-31-24 | 8.92 | 0.40 | <sup>·</sup> | 0.37 | 0.77 | 0.40 |  |  | 0.40 |  | 9.29 | **8.77** | 0.67 | 0.67 | 0.67 | 4.38 | 2961 | 28 |
| 03-31-23 | 9.53 | (0.04) |)<sup>·</sup> | (0.25) | (0.29) | 0.32 |  |  | 0.32 |  | 8.92 | **(3.02)** | 1.15 | 0.68 | 0.68 | (0.53) | 5192 | 21 |
| 03-31-22 | 9.71 | 0.25 | <sup>·</sup> | (0.15) | 0.10 | 0.28 |  |  | 0.28 |  | 9.53 | **0.96** | 0.64 | 0.64 | 0.64 | 2.56 | 3 | 57 |
| 07-31-20<sup>(4)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-21 | 9.36 | 0.18 | <sup>·</sup> | 0.37 | 0.55 | 0.16 |  | 0.04 | 0.20 |  | 9.71 | **5.91** | 1.90 | 0.68 | 0.68 | 2.84 | 3 | 38 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+</sup> | 9.59 | 0.26 | <sup>··</sup> | 0.07 | 0.33 | 0.25 |  |  | 0.25 |  | 9.67 | **3.52** | 0.77 | 0.75 | 0.75 | 5.35 | 163 | 15 |
| 03-31-25 | 9.29 | 0.46 |  | 0.31 | 0.77 | 0.47 |  |  | 0.47 |  | 9.59 | **8.51** | 0.77 | 0.75 | 0.75 | 4.87 | 252 | 34 |
| 03-31-24 | 8.92 | 0.39 | <sup>·</sup> | 0.37 | 0.76 | 0.39 |  |  | 0.39 |  | 9.29 | **8.69** | 0.82 | 0.75 | 0.75 | 4.30 | 320 | 28 |
| 03-31-23 | 9.54 | 0.30 | <sup>·</sup> | (0.61) | (0.31) | 0.31 |  |  | 0.31 |  | 8.92 | **(3.20)** | 0.82 | 0.75 | 0.75 | 3.23 | 378 | 21 |
| 03-31-22 | 9.70 | 0.26 | <sup>·</sup> | (0.15) | 0.11 | 0.27 |  |  | 0.27 |  | 9.54 | **1.09** | 0.82 | 0.75 | 0.75 | 2.63 | 1043 | 57 |
| 03-31-21 | 8.81 | 0.28 | <sup>·</sup> | 0.94 | 1.22 | 0.29 |  | 0.04 | 0.33 |  | 9.70 | **14.00** | 0.77 | 0.75 | 0.75 | 2.98 | 3487 | 38 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Commencement of operations. <br> + Unaudited. <br> • Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited)

**NOTE 1** — **ORGANIZATION**

Voya Separate Portfolios Trust (the "Trust") is a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fourteen separately managed series. This report is for Voya Securitized Credit Fund ("Securitized Credit") or (the "Fund"), a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class I, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees and shareholder servicing fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without discrimination between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Dividends are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of the distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the share classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its

financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method. CLO equity investments and ABS residual equity investments recognize investment income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flow, as required by ASC Topic 325-40, Beneficial Interest in Securitized Financial Assets.

C. ***Foreign Currency Translation***. The books and records of the Fund is maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities' current market values. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Risk Exposures and the Use of Derivative Instruments.*** The Fund's investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Fund will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund

to pursue its objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Foreign Exchange Rate Risk.*** To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness

could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

The Fund's Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow their derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill their payment obligations to their counterparties. These triggering features include, but are not

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund's Master Agreements.

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** The Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Fund either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. The Fund intends to limit its use of futures contracts and futures options to "bona fide hedging" transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended September 30, 2025, the Fund had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve while maintaining overall duration. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended September 30, 2025, the Fund had an average notional value of $329,519,893 and $28,915,784 on futures contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investment for open futures contracts at September 30, 2025.

F. ***Distributions to Shareholders.*** The Fund records distributions to the shareholders on the ex-dividend date. The Fund distributes capital gains, if any, annually. The Fund declares dividends daily and pays dividends monthly. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

H. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

I. ***Restricted Securities.*** The Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

J. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended September 30, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $143220076 | $112107471 |

---

U.S. government securities not included above were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $2270219 | $3713789 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of the Fund, at the following annual rates:

---

| |
|:---|
| Fee |
| 0.60% on the first $1.5 billion, |
| 0.57% on the next $500 million and |
| 0.55% on assets thereafter |

---

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to the Fund. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A shares of the Fund have a plan (a "Plan"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution and/or shareholder servicing of the Fund's Class A shares ("Distribution and/or Service Fees"). Pursuant to the Plan, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of the Fund's Class A shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any Distribution and/or Service Fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plan, Class A shares of the Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the rate of 0.25%.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Fund and the contingent deferred sales charge paid by shareholders upon certain redemptions for

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

Class A. For the period ended September 30, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $134 |
| Contingent Deferred Sales Charges: | $— |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At September 30, 2025, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies that owned more than 5% of the Fund.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2025, the Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class I** | **Class R6** | **Class W** |
| 1.00% | 0.68% | 0.68% | 0.75% |

---

The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of September 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **September 30,** | **September 30,** | **September 30,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $56705 | $— | $— | $56705 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of September 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class A | $6501 | $2224 | $793 | $9518 |
| Class I | 311942 | 52471 | 160379 | 524792 |
| Class R6 | 1040 |  |  | 1040 |
| Class W | 327 | 103 | 25 | 455 |

---

The Expense Limitation Agreement is contractual through August 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

**NOTE 8 — LINE OF CREDIT (continued)**

on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund did not utilize the line of credit during the period ended September 30, 2025.

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 134607 |  | 17175 | (192922) |  | (41140) | 1284470 |  | 164848 | (1833901) |  | (384583) |
| 3/31/2025 | 64494 |  | 36165 | (151055) |  | (50396) | 609483 |  | 341461 | (1420355) |  | (469411) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 9256122 |  | 1724821 | (13050122) |  | (2069179) | 88748223 |  | 16587967 | (124937053) |  | (19600863) |
| 3/31/2025 | 26129441 |  | 2965593 | (20960976) |  | 8134058 | 246050363 |  | 28076710 | (197833932) |  | 76293141 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 2940985 |  | 42267 | (30) |  | 2983222 | 28145225 |  | 407785 | (286) |  | 28552724 |
| 3/31/2025 | 2665 |  | 16473 | (5560) |  | 13578 | 25001 |  | 155903 | (52704) |  | 128200 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 318 |  | 82 | (9803) |  | (9403) | 3041 |  | 787 | (93328) |  | (89500) |
| 3/31/2025 | 14437 |  | 174 | (22795) |  | (8184) | 134290 |  | 1641 | (214305) |  | (78374) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Fund bears the risk of loss with respect to the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment

funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The Fund did not engage in securities lending during the period ended September 30, 2025.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/ tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of ABS Residual securities, futures contracts, interest only securities and paydowns.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | |
|:---|:---|
| **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| $41369969 | $29341924 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of March 31, 2025, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
| **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $930324 | $(20927473) | $(13665552) | Short-term | $(832064) | $(70504547) |
|  |  | (36009782) | Long-term |  |  |
|  |  | $(49675334) |  |  |  |

---

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of September 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial

economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions,

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief

operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to September 30, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| Class A | $0.0426 | November 3, 2025 | Daily |
| Class I | $0.0453 | November 3, 2025 | Daily |
| Class R6 | $0.0453 | November 3, 2025 | Daily |
| Class W | $0.0448 | November 3, 2025 | Daily |

---

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.9%** |
| 979556 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.625%, 01/25/2045 | $788851 | 0.1 |
| 289750 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-3 B4, 3.443%, 04/25/2045 | 238738 | 0.0 |
| 509569 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-4 B3, 3.484%, 06/25/2045 | 413391 | 0.1 |
| 367917 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B3, 3.624%, 12/25/2045 | 315233 | 0.0 |
| 646000 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B4, 3.624%, 12/25/2045 | 498666 | 0.1 |
| 626706 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.753%, 03/25/2046 | 595900 | 0.1 |
| 998319 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B4, 3.753%, 03/25/2046 | 768161 | 0.1 |
| 2096556 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 1998296 | 0.2 |
| 1048278 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 1015561 | 0.1 |
| 207127 <sup>(2)</sup> | Alternative Loan Trust 2004-32CB 2A2, 4.672%, (TSFR1M + 0.514%), 02/25/2035 | 195239 | 0.0 |
| 273612 <sup>(2)</sup> | Alternative Loan Trust 2004-J7 M1, 4.597%, (TSFR1M + 1.134%), 10/25/2034 | 272773 | 0.0 |
| 206722 <sup>(2)</sup> | Alternative Loan Trust 2005-31 1A1, 4.832%, (TSFR1M + 0.674%), 08/25/2035 | 198806 | 0.0 |
| 176409 | Alternative Loan Trust 2005-65CB 1A3, 5.500%, 01/25/2036 | 115125 | 0.0 |
| 310395 <sup>(2)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.672%, (TSFR1M + 0.514%), 04/25/2035 | 238853 | 0.0 |
| 244339 <sup>(2)</sup> | Alternative Loan Trust 2006-19CB A12, 4.672%, (TSFR1M + 0.514%), 08/25/2036 | 104797 | 0.0 |
| 566428 | Alternative Loan Trust 2006-20CB A9, 6.000%, 07/25/2036 | 221827 | 0.0 |
| 359662 <sup>(2)</sup> | Alternative Loan Trust 2007-18CB 1A7, 4.742%, (TSFR1M + 0.584%), 08/25/2037 | 104282 | 0.0 |
| 723720 <sup>(2)</sup> | Alternative Loan Trust 2007-OA4 A1, 4.612%, (TSFR1M + 0.454%), 05/25/2047 | 654816 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 416193 <sup>(1)(2)</sup> | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | $400943 | 0.1 |
| 1273217 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021- 5 B3A, 3.481%, 11/25/2051 | 1097710 | 0.1 |
| 1338476 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022- 2 B3A, 3.395%, 12/25/2051 | 1124169 | 0.1 |
| 1633492 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.384%, 10/25/2051 | 1382876 | 0.2 |
| 48638 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-10 21A1, 4.236%, 01/25/2036 | 47040 | 0.0 |
| 66237 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.425%, 05/25/2035 | 63509 | 0.0 |
| 166376 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-7 21A1, 5.619%, 09/25/2035 | 129628 | 0.0 |
| 744405 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.217%, 11/25/2035 | 400222 | 0.1 |
| 955921 <sup>(1)</sup> | Brean Asset Backed Securities Trust 2024- RM9 A1, 5.000%, 09/25/2064 | 950180 | 0.1 |
| 986951 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 B3, 7.083%, 08/25/2055 | 1031271 | 0.1 |
| 1979543 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-11 B3, 6.596%, 11/25/2055 | 1994897 | 0.2 |
| 1952911 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B3, 6.164%, 03/25/2055 | 1920253 | 0.2 |
| 4437686 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-6 B3, 7.076%, 05/25/2055 | 4629070 | 0.5 |
| 77458 <sup>(2)</sup> | Chase Mortgage Finance Trust Series 2006-A1 2A3, 5.277%, 09/25/2036 | 69406 | 0.0 |
| 18932 <sup>(2)</sup> | Chase Mortgage Finance Trust Series 2007-A1 1A2, 6.522%, 02/25/2037 | 18805 | 0.0 |
| 404182 | CHL Mortgage Pass- Through Trust 2006-1 A2, 6.000%, 03/25/2036 | 201100 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 331958 | CHL Mortgage Pass- Through Trust 2007-7 A7, 5.750%, 06/25/2037 | $151607 | 0.0 |
| 317935 <sup>(1)(2)</sup> | CIM Trust 2018- INV1 A10, 4.000%, 08/25/2048 | 298679 | 0.0 |
| 26133 <sup>(1)(2)</sup> | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 25097 | 0.0 |
| 190829 <sup>(1)(2)</sup> | CIM Trust 2019- INV3 A15, 3.500%, 08/25/2049 | 174189 | 0.0 |
| 752921 <sup>(1)(2)</sup> | CIM Trust 2019-J1 B3, 3.921%, 08/25/2049 | 698662 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | CIM Trust 2019- R5 M2, 3.250%, 09/25/2059 | 936374 | 0.1 |
| 875116 <sup>(1)(2)</sup> | CIM Trust 2020-J1 B3, 3.440%, 10/25/2049 | 766347 | 0.1 |
| 866923 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B2, 2.752%, 01/25/2051 | 712738 | 0.1 |
| 1148921 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B3, 2.752%, 01/25/2051 | 932517 | 0.1 |
| 185760 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2006- AR2 1A1, 5.778%, 03/25/2036 | 138927 | 0.0 |
| 154810 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2007- 10 22AA, 4.487%, 09/25/2037 | 143308 | 0.0 |
| 442119 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2013- 7 2A2, 4.993%, 08/25/2036 | 415000 | 0.1 |
| 959207 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021- J3 B3W, 2.861%, 09/25/2051 | 791293 | 0.1 |
| 1966791 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-1 B3, 6.715%, 07/25/2054 | 2004183 | 0.2 |
| 195625 | Citigroup Mortgage Loan Trust, Inc. 2005- 9 22A2, 6.000%, 11/25/2035 | 199479 | 0.0 |
| 107296 | CitiMortgage Alternative Loan Trust Series 2007-A6 1A10, 6.000%, 06/25/2037 | 94375 | 0.0 |
| 691380 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2022-5 A1, 4.550%, 04/25/2067 | 689416 | 0.1 |
| 588570 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2019- R05 1B1, 8.571%, (SOFR30A + 4.214%), 07/25/2039 | 600216 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2026670 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020- SBT1 1M2, 8.121%, (SOFR30A + 3.764%), 02/25/2040 | $2101840 | 0.2 |
| 2445981 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022- R01 1B1, 7.506%, (SOFR30A + 3.150%), 12/25/2041 | 2506186 | 0.3 |
| 1048278 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022- R02 2B1, 8.856%, (SOFR30A + 4.500%), 01/25/2042 | 1087762 | 0.1 |
| 71350 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR3 B3, 3.397%, 05/25/2043 | 70226 | 0.0 |
| 133963 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR5 B3, 3.623%, 10/25/2043 | 130524 | 0.0 |
| 182394 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR1 B3, 3.606%, 11/25/2043 | 176761 | 0.0 |
| 130626 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR2 B3, 3.804%, 04/25/2044 | 126812 | 0.0 |
| 198198 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR3 B3, 3.995%, 07/25/2044 | 193143 | 0.0 |
| 386471 <sup>(1)(2)</sup> | CSMC Trust 2019- AFC1 A3, 3.877%, 07/25/2049 | 377793 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | CSMC Trust 2021- AFC1 M1, 2.193%, 03/25/2056 | 648317 | 0.1 |
| 1397704 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 1088604 | 0.1 |
| 240960 <sup>(1)(2)</sup> | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 4.316%, 06/27/2037 | 214649 | 0.0 |
| 3215188 <sup>(1)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 3134163 | 0.4 |
| 1397704 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.471%, (SOFR30A + 3.114%), 01/25/2040 | 1430293 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 7.456%, (SOFR30A + 3.100%), 10/25/2041 | 2038784 | 0.2 |
| 698852 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.656%, (SOFR30A + 3.300%), 11/25/2041 | 713070 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3900000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R05 2B2, 11.356%, (SOFR30A + 7.000%), 04/25/2042 | $4191305 | 0.5 |
| 700000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R09 2B1, 11.106%, (SOFR30A + 6.750%), 09/25/2042 | 769517 | 0.1 |
| 4088283 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.906%, (SOFR30A + 5.550%), 01/25/2043 | 4431710 | 0.5 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.106%, (SOFR30A + 4.750%), 06/25/2043 | 1612893 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.606%, (SOFR30A + 3.250%), 09/25/2043 | 1040642 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B1, 7.056%, (SOFR30A + 2.700%), 01/25/2044 | 1641320 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B2, 8.356%, (SOFR30A + 4.000%), 01/25/2044 | 523725 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1M2, 6.156%, (SOFR30A + 1.800%), 01/25/2044 | 1009677 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R02 1B2, 8.056%, (SOFR30A + 3.700%), 02/25/2044 | 882796 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2B1, 7.156%, (SOFR30A + 2.800%), 03/25/2044 | 4142688 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1B1, 6.556%, (SOFR30A + 2.200%), 05/25/2044 | 2020395 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 6.006%, (SOFR30A + 1.650%), 05/25/2044 | 1505158 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 4550000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R05 2B1, 6.356%, (SOFR30A + 2.000%), 07/25/2044 | $4561456 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.306%, (SOFR30A + 1.950%), 02/25/2045 | 2007974 | 0.2 |
| 428986 <sup>(1)(2)</sup> | Figure Line of Credit Trust 2020-1 A, 4.040%, 09/25/2049 | 418382 | 0.1 |
| 800039 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-2 B2, 3.999%, 04/25/2048 | 741710 | 0.1 |
| 875069 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.133%, 07/25/2048 | 809184 | 0.1 |
| 798767 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-6RR B1, 4.907%, 10/25/2048 | 786965 | 0.1 |
| 226017 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-1INV A15, 3.500%, 10/25/2049 | 203763 | 0.0 |
| 857469 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-2 B2, 4.000%, 12/25/2049 | 790297 | 0.1 |
| 3073064 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.173%, 03/25/2050 | 2838827 | 0.3 |
| 1531631 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.173%, 03/25/2050 | 1404292 | 0.2 |
| 1685068 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2021-11IN A18, 2.500%, 11/25/2051 | 1389406 | 0.2 |
| 281618 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021- DNA5 M2, 6.006%, (SOFR30A + 1.650%), 01/25/2034 | 282542 | 0.0 |
| 1825522 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021- DNA6 B1, 7.756%, (SOFR30A + 3.400%), 10/25/2041 | 1867513 | 0.2 |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021- DNA7 B1, 8.006%, (SOFR30A + 3.650%), 11/25/2041 | 2153292 | 0.3 |
| 3494259 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021- HQA4 B1, 8.106%, (SOFR30A + 3.750%), 12/25/2041 | 3587277 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 6988518 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022- DNA1 B1, 7.756%, (SOFR30A + 3.400%), 01/25/2042 | $7155237 | 0.8 |
| 6604150 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022- DNA2 B1, 9.106%, (SOFR30A + 4.750%), 02/25/2042 | 6884363 | 0.8 |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022- DNA4 M2, 9.606%, (SOFR30A + 5.250%), 05/25/2042 | 2231884 | 0.3 |
| 2500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2023- HQA3 M2, 7.706%, (SOFR30A + 3.350%), 11/25/2043 | 2639379 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024- HQA2 M2, 6.156%, (SOFR30A + 1.800%), 08/25/2044 | 1006179 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2025- HQA1 M2, 6.006%, (SOFR30A + 1.650%), 02/25/2045 | 2004088 | 0.2 |
| 253818 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 244687 | 0.0 |
| 25523 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 A21, 4.500%, 02/25/2059 | 24887 | 0.0 |
| 870962 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 | 845152 | 0.1 |
| 1105563 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.604%, 08/25/2052 | 1042582 | 0.1 |
| 2367381 <sup>(1)(2)</sup> | GCAT Trust 2024-INV2 B3, 7.301%, 06/25/2054 | 2506496 | 0.3 |
| 1740226 <sup>(1)(2)</sup> | GCAT Trust 2024-INV4 B4, 7.064%, 12/25/2054 | 1719907 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | GCAT Trust 2025-INV4 B3, 7.280%, 08/25/2055 | 1049899 | 0.1 |
| 125316 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A1, 3.500%, 05/25/2050 | 112716 | 0.0 |
| 213037 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A4, 3.500%, 05/25/2050 | 191617 | 0.0 |
| 501289 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A8, 3.500%, 05/25/2050 | 450886 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1367872 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 B3, 3.610%, 05/25/2050 | $1212116 | 0.1 |
| 802846 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.016%, 08/25/2049 | 724259 | 0.1 |
| 53800 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 50778 | 0.0 |
| 844104 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.364%, 11/25/2049 | 789927 | 0.1 |
| 37142 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 34866 | 0.0 |
| 806379 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.971%, 03/25/2050 | 749538 | 0.1 |
| 2135325 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.971%, 03/25/2050 | 1984807 | 0.2 |
| 1829493 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.971%, 03/25/2050 | 1696171 | 0.2 |
| 1147825 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.651%, 08/25/2051 | 920369 | 0.1 |
| 907794 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021- GR3 B3, 3.375%, 04/25/2052 | 765140 | 0.1 |
| 910111 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021- GR3 B4, 3.375%, 04/25/2052 | 752976 | 0.1 |
| 2777626 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022- PJ5 B3, 2.982%, 10/25/2052 | 2326684 | 0.3 |
| 3507706 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023- PJ5 B2, 6.703%, 02/25/2054 | 3610761 | 0.4 |
| 2145749 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024- PJ1 B2, 7.040%, 06/25/2054 | 2226214 | 0.3 |
| 1944968 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024- PJ2 B3, 6.202%, 07/25/2054 | 1924913 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1481545 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024- PJ4 B2, 6.063%, 08/25/2054 | $1486903 | 0.2 |
| 1945561 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024- PJ4 B3, 6.063%, 08/25/2054 | 1903058 | 0.2 |
| 2292000 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2025- PJ1 B3, 6.193%, 06/25/2055 | 2039218 | 0.2 |
| 87716 <sup>(2)</sup> | GSR Mortgage Loan Trust 2005-AR5 2A3, 4.722%, 10/25/2035 | 43837 | 0.0 |
| 132049 <sup>(2)</sup> | GSR Mortgage Loan Trust 2006-AR1 2A1, 4.668%, 01/25/2036 | 124792 | 0.0 |
| 520859 <sup>(2)</sup> | HarborView Mortgage Loan Trust 2007-5 A1A, 4.628%, (TSFR1M + 0.494%), 09/19/2037 | 452759 | 0.1 |
| 1904906 <sup>(1)</sup> | HTAP Issuer Trust 2025-1 A, 6.500%, 11/25/2042 | 1908641 | 0.2 |
| 1590981 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.319%, 12/25/2051 | 1358864 | 0.2 |
| 1048278 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 841303 | 0.1 |
| 1402075 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.692%, (TSFR1M + 0.534%), 02/25/2046 | 1070512 | 0.1 |
| 23475 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A15, 4.000%, 08/25/2049 | 22267 | 0.0 |
| 16139 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049 | 15308 | 0.0 |
| 829197 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B1, 4.449%, 08/25/2049 | 789619 | 0.1 |
| 829198 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B2, 4.449%, 08/25/2049 | 787461 | 0.1 |
| 454598 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.606%, 06/25/2049 | 437587 | 0.1 |
| 953801 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 782809 | 0.1 |
| 1091685 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.087%, 07/25/2052 | 888944 | 0.1 |
| 2587982 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.284%, 11/25/2052 | 2156141 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1759669 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.611%, 07/25/2053 | $1678353 | 0.2 |
| 3075224 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2024-1 B3, 6.451%, 06/25/2054 | 3038035 | 0.4 |
| 409141 | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 | 176472 | 0.0 |
| 74513 <sup>(2)</sup> | JP Morgan Mortgage Trust 2007-A3 1A1, 4.714%, 05/25/2037 | 62827 | 0.0 |
| 917272 | JP Morgan Mortgage Trust 2007-S1 2A22, 5.750%, 03/25/2037 | 318604 | 0.0 |
| 644358 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.687%, 01/25/2044 | 555868 | 0.1 |
| 786000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-5 B4, 2.597%, 10/25/2029 | 727755 | 0.1 |
| 1264067 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2015-4 B4, 3.507%, 06/25/2045 | 915321 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-1 B4, 3.790%, 05/25/2046 | 757430 | 0.1 |
| 1937162 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.446%, 01/25/2047 | 1738483 | 0.2 |
| 667974 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.790%, 08/25/2047 | 626785 | 0.1 |
| 795600 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.874%, 11/25/2048 | 736083 | 0.1 |
| 812096 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.778%, 12/25/2048 | 738750 | 0.1 |
| 862350 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.706%, 09/25/2048 | 787641 | 0.1 |
| 1221885 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.706%, 09/25/2048 | 1116023 | 0.1 |
| 858094 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B1, 3.715%, 10/25/2048 | 790964 | 0.1 |
| 1253877 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 1155773 | 0.1 |
| 219558 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 | 198400 | 0.0 |
| 1154281 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B1, 4.028%, 01/25/2049 | 1072390 | 0.1 |
| 825841 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B2, 4.028%, 01/25/2049 | 765080 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 821497 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-9 B2, 4.236%, 02/25/2049 | $774090 | 0.1 |
| 73529 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 68928 | 0.0 |
| 1190222 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 B2, 4.446%, 11/25/2049 | 1135403 | 0.1 |
| 832989 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B1, 4.261%, 12/25/2049 | 786780 | 0.1 |
| 1164273 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B2, 4.261%, 12/25/2049 | 1096616 | 0.1 |
| 312163 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 A15, 3.459%, 02/25/2050 | 282880 | 0.0 |
| 1766975 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.203%, 02/25/2050 | 1571261 | 0.2 |
| 275918 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 248610 | 0.0 |
| 1781193 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.393%, 03/25/2050 | 1594905 | 0.2 |
| 1862261 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 4.946%, 10/25/2049 | 1886252 | 0.2 |
| 1017490 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.925%, 09/25/2049 | 996555 | 0.1 |
| 295946 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 | 268485 | 0.0 |
| 128243 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A3, 3.500%, 02/25/2050 | 116344 | 0.0 |
| 2146718 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.351%, 05/25/2050 | 2001340 | 0.2 |
| 926949 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.678%, 12/25/2049 | 901851 | 0.1 |
| 926949 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.678%, 12/25/2049 | 899571 | 0.1 |
| <sub>1690</sub> <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A15, 3.488%, 03/25/2050 | 1671 | 0.0 |
| <sub>6870</sub> <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A5, 3.488%, 03/25/2050 | 6826 | 0.0 |
| 871919 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.335%, 03/25/2050 | 819879 | 0.1 |
| 1523356 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.335%, 03/25/2050 | 1423536 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1530432 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.574%, 12/25/2050 | $1371728 | 0.2 |
| 904712 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.488%, 03/25/2051 | 797572 | 0.1 |
| 17825 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 | 17664 | 0 |
| 1014499 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-10 B2, 2.802%, 12/25/2051 | 829444 | 0.1 |
| 4465494 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-6 B3, 2.833%, 10/25/2051 | 3603300 | 0.4 |
| 732758 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 602890 | 0.1 |
| 1663617 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 1688567 | 0.2 |
| 987465 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 B3, 6.546%, 04/25/2055 | 959758 | 0.1 |
| 3649000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-5MPR M1, 6.941%, 11/25/2055 | 3758870 | 0.4 |
| 1682780 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 B3, 6.101%, 06/25/2055 | 1601550 | 0.2 |
| 310920 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 A9, 6.500%, 10/25/2054 | 315443 | 0 |
| 1962544 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B2, 7.114%, 10/25/2054 | 2098092 | 0.2 |
| 3925089 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B3, 7.114%, 10/25/2054 | 4108826 | 0.5 |
| 1475503 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-6 B3, 6.911%, 12/25/2054 | 1526514 | 0.2 |
| 2240000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025- 3 M1, 6.783%, 09/25/2055 | 2282896 | 0.3 |
| 447043 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.662%, 12/25/2044 | 438419 | 0.1 |
| 304384 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B3, 3.570%, 05/25/2045 | 287237 | 0 |
| 866534 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B4, 3.570%, 05/25/2045 | 675035 | 0.1 |
| 9783 <sup>(2)</sup> | Lehman XS Trust Series 2005-5N 3A1B, 5.153%, (12MTA + 1.000%), 11/25/2035 | 9740 | 0 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1246189 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018- MTG2 B2, 4.251%, 10/25/2048 | $1195698 | 0.1 |
| 896656 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2021- MTG3 B3, 2.894%, 07/01/2051 | 732981 | 0.1 |
| 163511 <sup>(1)(2)</sup> | MFA Trust 2020-NQM3 A3, 1.632%, 01/26/2065 | 156424 | 0.0 |
| 2438294 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 1967088 | 0.2 |
| 900000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 880495 | 0.1 |
| 1257933 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.701%, 09/25/2057 | 1173263 | 0.1 |
| 107276 | Morgan Stanley Mortgage Loan Trust 2005-10 4A1, 5.500%, 12/25/2035 | 59317 | 0.0 |
| 3924554 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B2, 7.130%, 03/25/2054 | 4188995 | 0.5 |
| 3694968 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B3, 7.130%, 03/25/2054 | 3858550 | 0.5 |
| 985991 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4<br> B3, 6.991%, 09/25/2054 | 1020069 | 0.1 |
| 864287 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 846705 | 0.1 |
| 2655637 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.706%, (SOFR30A + 3.350%), 04/25/2034 | 2700668 | 0.3 |
| 7588 <sup>(1)(2)</sup> | OBX Trust 2019- EXP1 1A3, 4.000%, 01/25/2059 | 7529 | 0.0 |
| 93302 <sup>(1)(2)</sup> | OBX Trust 2019- EXP3 1A9, 3.500%, 10/25/2059 | 85293 | 0.0 |
| 101051 <sup>(1)(2)</sup> | OBX Trust 2019- INV2 A25, 4.000%, 05/27/2049 | 94789 | 0.0 |
| 212059 <sup>(1)(2)</sup> | OBX Trust 2020- EXP3 1A9, 3.000%, 01/25/2060 | 185003 | 0.0 |
| 259747 <sup>(1)(2)</sup> | OBX Trust 2020- INV1 A21, 3.500%, 12/25/2049 | 233969 | 0.0 |
| 865215 <sup>(1)(2)</sup> | OBX Trust 2022- J1 A14, 2.500%, 02/25/2052 | 714484 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2441410 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.968%, 10/25/2051 | $2012587 | 0.2 |
| 2623494 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 2543994 | 0.3 |
| 181125 <sup>(1)(2)</sup> | PSMC Trust 2019- 3 A12, 3.481%, 11/25/2049 | 169065 | 0.0 |
| 600000 <sup>(1)(2)</sup> | Radnor Re Ltd. 2024-1 B1, 9.506%, (SOFR30A + 5.150%), 09/25/2034 | 627560 | 0.1 |
| 85784 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 | 77835 | 0.0 |
| 815255 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B1A, 3.888%, 09/25/2049 | 754976 | 0.1 |
| 833259 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B2A, 3.888%, 09/25/2049 | 768785 | 0.1 |
| 1219775 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 1107839 | 0.1 |
| 3614876 <sup>(1)(2)</sup> | Redwood Funding Trust 2025-2 A, 7.112%, 10/25/2055 | 3648674 | 0.4 |
| 2459514 <sup>(1)</sup> | Redwood Funding Trust 2025-3 A, 6.231%, 12/27/2056 | 2465538 | 0.3 |
| 194247 <sup>(1)</sup> | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 | 187508 | 0.0 |
| 272951 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2015-3 B3, 3.726%, 07/25/2045 | 220617 | 0.0 |
| 1031537 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.551%, 02/25/2047 | 974169 | 0.1 |
| 651144 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-CH1 B2B, 4.492%, 08/25/2047 | 632607 | 0.1 |
| 797600 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.260%, 06/25/2049 | 749604 | 0.1 |
| 273211 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 248408 | 0.0 |
| 405385 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B2, 3.703%, 12/25/2049 | 373711 | 0.1 |
| 405385 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B3, 3.703%, 12/25/2049 | 371936 | 0.1 |
| 466666 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH1 B2B, 4.920%, 03/25/2049 | 458736 | 0.1 |
| 1022095 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.802%, 08/25/2049 | 1010958 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 558815 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 | $526511 | 0.1 |
| 1853710 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.500%, 09/25/2049 | 1783490 | 0.2 |
| 1091595 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.500%, 09/25/2049 | 1045795 | 0.1 |
| 869402 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B2, 3.633%, 03/25/2050 | 780442 | 0.1 |
| 1518007 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.633%, 03/25/2050 | 1358178 | 0.2 |
| 1221421 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.304%, 04/25/2050 | 1063955 | 0.1 |
| 1591191 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.864%, 11/25/2051 | 1332657 | 0.2 |
| 1396401 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.131%, 01/25/2053 | 1322895 | 0.2 |
| 985625 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-3 B3, 6.132%, 09/25/2053 | 980478 | 0.1 |
| 608274 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 6.000%, 03/25/2054 | 614005 | 0.1 |
| 1424427 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-6 B4, 6.572%, 07/27/2054 | 1325815 | 0.2 |
| 527407 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 526802 | 0.1 |
| 1748444 <sup>(1)</sup> | Sequoia Mortgage Trust 2025-1 A19, 6.000%, 01/25/2055 | 1764918 | 0.2 |
| 867257 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-2 A19, 6.000%, 03/25/2055 | 875428 | 0.1 |
| 3178126 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-7 B3, 6.252%, 08/25/2055 | 3114732 | 0.4 |
| 2266000 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-8 B4, 6.251%, 09/25/2055 | 1836233 | 0.2 |
| 725036 <sup>(1)(2)</sup> | Shellpoint Co.- Originator Trust 2017-2 B3, 3.618%, 10/25/2047 | 675175 | 0.1 |
| 462774 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 | 432917 | 0.1 |
| 2096556 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 1872979 | 0.2 |
| 1397704 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 | 1322488 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 34712 <sup>(2)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005- 4 3A1, 5.594%, 03/25/2035 | $31363 | 0 |
| 2486025 <sup>(2)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 | 527522 | 0.1 |
| 768737 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.905%, 11/25/2057 | 766154 | 0.1 |
| 962375 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.214%, 12/25/2051 | 791414 | 0.1 |
| 3146800 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.227%, 01/25/2052 | 2641071 | 0.3 |
| 566200 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 | 499067 | 0.1 |
| 338896 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-6 A1, 1.630%, 10/25/2066 | 298111 | 0 |
| 43948 <sup>(2)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A1, 7.177%, 10/20/2035 | 43069 | 0 |
| 57014 <sup>(2)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A2, 7.177%, 10/20/2035 | 55874 | 0 |
| 210927 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates 2007-HY2 1A1, 4.161%, 12/25/2036 | 191659 | 0 |
| 194160 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series 2004-AR7 A6, 5.197%, 07/25/2034 | 184087 | 0 |
| 224941 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2004-AR4 A6, 5.468%, 06/25/2034 | 220445 | 0 |
| 150951 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2005- AR13 A1C3, 5.252%, (TSFR1M + 1.094%), 10/25/2045 | 148272 | 0 |
| 137751 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2005- AR16 1A1, 4.640%, 12/25/2035 | 126695 | 0 |
| 168217 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2006- AR14 1A3, 4.208%, 11/25/2036 | 151808 | 0 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 532208 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2006- AR16 1A1, 4.357%, 12/25/2036 | $488790 | 0.1 |
| 222055 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2006- AR16 2A3, 4.470%, 12/25/2036 | 198271 | 0.0 |
| 160901 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2007- HY1 2A3, 4.387%, 02/25/2037 | 149168 | 0.0 |
| 290388 <sup>(2)</sup> | WaMu Mortgage Pass- Through Certificates Series Trust 2007- HY1 3A2, 4.108%, 02/25/2037 | 249902 | 0.0 |
| 250904 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005- 10 2A9, 6.000%, 11/25/2035 | 244646 | 0.0 |
| 82941 | Washington Mutual Mortgage Pass- Through Certificates WMALT Series Trust 2005-7 1A4, 5.500%, 09/25/2035 | 76800 | 0.0 |
| 307698 | Washington Mutual Mortgage Pass- Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | 266925 | 0.0 |
| 409366 <sup>(2)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2007-OC1 A3, 4.732%, (TSFR1M + 0.574%), 01/25/2047 | 370367 | 0.1 |
| 77900 | Wells Fargo Alternative Loan Trust 2007- PA3 3A1, 6.250%, 07/25/2037 | 68126 | 0.0 |
| 391859 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.647%, 07/25/2047 | 354378 | 0.0 |
| 35721 <sup>(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.085%, 04/25/2036 | 35438 | 0.0 |
| 251718 <sup>(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 6.481%, 12/28/2037 | 228993 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 140057 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2019-3 A17, 3.500%, 07/25/2049 | 127590 | 0.0 |
| 1291088 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.363%, 12/25/2049 | 1138729 | 0.1 |
| 936782 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-4 B2, 3.154%, 07/25/2050 | 843125 | 0.1 |
| 1135438 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 B3, 2.697%, 12/25/2050 | 863474 | 0.1 |
|  | Total Collateralized Mortgage Obligations (Cost $316,040,080) | **302871953** | **34.9** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.6%** |
| 4000000 <sup>(1)(2)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 B, 6.077%, (TSFR1M + 1.941%), 08/18/2042 | 4002968 | 0.5 |
| 1803038 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | 1444244 | 0.2 |
| 3947814 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054 | 3021926 | 0.4 |
| 2750000 <sup>(1)(2)</sup> | AREIT Ltd.2025- CRE10 C, 6.234%, (TSFR1M + 2.092%), 01/17/2030 | 2731868 | 0.3 |
| 2000000 <sup>(1)</sup> | ARZ Trust 2024-BILT F, 8.268%, 06/11/2039 | 2070147 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 6.098%, (TSFR1M + 1.947%), 12/15/2036 | 488453 | 0.1 |
| 1750000 <sup>(1)(2)</sup> | BAMLL Trust 2025- ASHF C, 7.151%, (TSFR1M + 3.000%), 02/15/2042 | 1761277 | 0.2 |
| 7060000 <sup>(1)(2)(3)</sup> | BANK 2017-BNK4 XE, 1.630%, 05/15/2050 | 129516 | 0.0 |
| 14780716 <sup>(1)(2)(3)</sup> | BANK 2017-BNK8 XE, 1.427%, 11/15/2050 | 365865 | 0.0 |
| 9363500 <sup>(1)(2)(3)</sup> | BANK 2018-BN12 XD, 1.534%, 05/15/2061 | 307020 | 0.0 |
| 2500000 <sup>(2)</sup> | BANK 2020-BN26 C, 3.414%, 03/15/2063 | 2139809 | 0.2 |
| 36649861 <sup>(2)(3)</sup> | BANK 2020-BN27 XA, 1.261%, 04/15/2063 | 1464193 | 0.2 |
| 11967361 <sup>(2)(3)</sup> | BANK 2020-BN30 XA, 1.366%, 12/15/2053 | 589739 | 0.1 |
| 2300000 <sup>(1)</sup> | BANK5 2024-5YR12 D, 4.000%, 12/15/2057 | 2029034 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u> <br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 | BANK5 2025-5YR17 C, 5.894%, 11/15/2058 | $1003347 | 0.1 |
| 29766724 <sup>(2)(3)</sup> | Barclays Commercial Mortgage Trust 2019- C4 XA, 1.661%, 08/15/2052 | 1333804 | 0.2 |
| 103000000 <sup>(1)(2)(3)</sup> | BBCCRE Trust 2015- GTP XB, 0.306%, 08/10/2033 | 3662 | 0.0 |
| 3000000 <sup>(1)</sup> | BBCMS Mortgage Trust 2024-5C27 D, 4.000%, 07/15/2057 | 2695793 | 0.3 |
| 2000000 <sup>(1)</sup> | BBCMS Mortgage Trust 2024-5C29 D, 4.000%, 09/15/2057 | 1766270 | 0.2 |
| 2500000 <sup>(1)</sup> | BBCMS Mortgage Trust 2024-5C31 D, 4.250%, 12/15/2057 | 2233509 | 0.3 |
| 1000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2025-5C34 C, 7.033%, 05/15/2058 | 1052341 | 0.1 |
| 2500000 <sup>(2)</sup> | BBCMS Mortgage Trust 2025-5C37 C, 6.002%, 09/15/2058 | 2540745 | 0.3 |
| 1750000 <sup>(1)</sup> | BBCMS Mortgage Trust 2025-C32 D, 4.500%, 02/15/2062 | 1411946 | 0.2 |
| 19981547 <sup>(2)(3)</sup> | BBCMS Mortgage Trust 2025-C32 XA, 1.356%, 02/15/2062 | 1685987 | 0.2 |
| 6087062 <sup>(2)(3)</sup> | BBCMS Trust 2021- C10 XA, 1.329%, 07/15/2054 | 310214 | 0.0 |
| 1500000 <sup>(1)(2)</sup> | BDS LLC 2025-FL15 C, 6.284%, (TSFR1M + 2.150%), 03/19/2043 | 1505567 | 0.2 |
| 8000000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B4 XD, 1.750%, 07/15/2051 | 318750 | 0.0 |
| 13253026 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051 | 468403 | 0.1 |
| 46633676 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2018-B7 XA, 0.561%, 05/15/2053 | 448847 | 0.1 |
| 11579822 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.380%, 03/15/2062 | 420382 | 0.1 |
| 1000000 <sup>(2)</sup> | Benchmark Mortgage Trust 2019-B13 C, 3.839%, 08/15/2057 | 835009 | 0.1 |
| 10418134 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B14 XD, 1.403%, 12/15/2062 | 501529 | 0.1 |
| 1350000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 896185 | 0.1 |
| 3220000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B9 XD, 2.157%, 03/15/2052 | 181059 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 10947699 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B17 XA, 1.494%, 03/15/2053 | $457792 | 0.1 |
| 12845189 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.853%, 07/15/2053 | 667523 | 0.1 |
| 6471926 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B20 XA, 1.635%, 10/15/2053 | 343310 | 0.0 |
| 11026012 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.613%, 01/15/2054 | 700131 | 0.1 |
| 23743270 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.190%, 04/15/2054 | 985713 | 0.1 |
| 4817334 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B28 XA, 1.351%, 08/15/2054 | 245901 | 0.0 |
| 3000000 <sup>(1)</sup> | Benchmark Mortgage Trust 2025-V16 D, 4.500%, 08/15/2058 | 2631441 | 0.3 |
| 3500000 <sup>(2)</sup> | Benchmark Mortgage Trust 2025-V17 C, 5.873%, 09/15/2058 | 3520933 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | BHMS Commercial Mortgage Trust 2025- ATLS B, 6.700%, (TSFR1M + 2.550%), 08/15/2042 | 1003334 | 0.1 |
| 4598445 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | 3963738 | 0.5 |
| 2341154 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052 | 1938408 | 0.2 |
| 5887827 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.357%, 05/25/2052 | 5008083 | 0.6 |
| 2000000 <sup>(1)</sup> | BMO Mortgage Trust 2024-5C6 D, 4.500%, 09/15/2057 | 1783661 | 0.2 |
| 1000000 <sup>(2)</sup> | BMO Mortgage Trust 2025-5C10 C, 6.485%, 05/15/2058 | 1027036 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2024- BOCA B, 6.490%, (TSFR1M + 2.340%), 08/15/2041 | 1006890 | 0.1 |
| 2163462 <sup>(1)(2)</sup> | BX 2024-PALM B, 5.941%, (TSFR1M + 1.791%), 06/15/2037 | 2157043 | 0.3 |
| 1679341 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019- IMC D, 6.096%, (TSFR1M + 1.946%), 04/15/2034 | 1655262 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 700000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.435%, (TSFR1M + 2.285%), 10/15/2036 | $699539 | 0.1 |
| 876738 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-SOAR G, 7.065%, (TSFR1M + 2.914%), 06/15/2038 | 877431 | 0.1 |
| 2831598 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.665%, (TSFR1M + 2.514%), 09/15/2036 | 2828150 | 0.3 |
| 3300000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2022-CSMO B, 7.291%, (TSFR1M + 3.141%), 06/15/2027 | 3340558 | 0.4 |
| 966612 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023-XL3 D, 7.739%, (TSFR1M + 3.589%), 12/09/2040 | 971068 | 0.1 |
| 1918360 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIR2 D, 6.941%, (TSFR1M + 2.790%), 10/15/2041 | 1927692 | 0.2 |
| 987006 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING D, 6.640%, (TSFR1M + 2.490%), 05/15/2034 | 991380 | 0.1 |
| 3158420 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING E, 7.838%, (TSFR1M + 3.688%), 05/15/2034 | 3180853 | 0.4 |
| 885455 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-MF D, 6.840%, (TSFR1M + 2.690%), 02/15/2039 | 889389 | 0.1 |
| 1392053 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-XL4 D, 7.290%, (TSFR1M + 3.140%), 02/15/2039 | 1399506 | 0.2 |
| 2395712 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2025-BCAT C, 6.050%, (TSFR1M + 1.900%), 08/15/2042 | 2406312 | 0.3 |
| 2800000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA F, 6.858%, (TSFR1M + 2.708%), 10/15/2036 | 2801849 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 5.964%, (TSFR1M + 1.814%), 10/15/2036 | 996790 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 1859724 <sup>(1)(2)</sup> | BX Trust 2021-RISE D, 6.014%, (TSFR1M + 1.864%), 11/15/2036 | $1859525 | 0.2 |
| 2231783 <sup>(1)(2)</sup> | BX Trust 2021-SDMF E, 5.851%, (TSFR1M + 1.701%), 09/15/2034 | 2223123 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BX Trust 2022-LBA6 E, 6.850%, (TSFR1M + 2.700%), 01/15/2039 | 2000354 | 0.2 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2022-VAMF F, 7.449%, (TSFR1M + 3.299%), 01/15/2039 | 496512 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | BX Trust 2023-DELC A, 6.840%, (TSFR1M + 2.690%), 05/15/2038 | 2268629 | 0.3 |
| 2580080 <sup>(1)(2)</sup> | BX Trust 2025-LUNR D, 6.650%, (TSFR1M + 2.500%), 06/15/2040 | 2593531 | 0.3 |
| 1668493 <sup>(1)(2)</sup> | BX Trust 2025-ROIC E, 7.091%, (TSFR1M + 2.941%), 03/15/2030 | 1674476 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | BX Trust 2025-TAIL D, 6.600%, (TSFR1M + 2.450%), 06/15/2035 | 2506884 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | BX Trust 2025-VLT6 E, 7.341%, (TSFR1M + 3.191%), 03/15/2042 | 2752254 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BXMT Ltd. 2025-FL5 A, 5.775%, (TSFR1M + 1.639%), 10/18/2042 | 2009242 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | BXSC Commercial Mortgage Trust 2022-WSS E, 8.285%, (TSFR1M + 4.134%), 03/15/2035 | 2010036 | 0.2 |
| 1000000 <sup>(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF1 B, 4.178%, 05/15/2052 | 920833 | 0.1 |
| 1148000 <sup>(1)</sup> | Cantor Commercial Real Estate Lending 2019-CF2 D, 2.500%, 11/15/2052 | 916676 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF3 D, 2.500%, 01/15/2053 | 860725 | 0.1 |
| 1000000 | CD Mortgage Trust 2017-CD3 A4, 3.631%, 02/10/2050 | 971404 | 0.1 |
| 11850594 <sup>(2)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.524%, 08/15/2057 | 481365 | 0.1 |
| 2000000 <sup>(1)</sup> | CFK Trust 2020-MF2 C, 2.995%, 03/15/2039 | 1810125 | 0.2 |
| 45735707 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2014-GC19 XD, 1.323%, 03/11/2047 | 536937 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2016-C2 D, 3.250%, 08/10/2049 | $938835 | 0.1 |
| 14434785 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.394%, 09/15/2050 | 299974 | 0 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2021-PRM2 D, 6.165%, (TSFR1M + 2.014%), 10/15/2038 | 994390 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-PRM3 C, 6.572%, 07/10/2028 | 2055321 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT D, 6.048%, 10/12/2040 | 998625 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM D, 8.190%, 12/10/2041 | 2809857 | 0.3 |
| 16406000 <sup>(1)(2)(3)</sup> | CSAIL Commercial Mortgage Trust 2017-CX10 XE, 1.065%, 11/15/2050 | 316463 | 0 |
| 2360000 <sup>(2)</sup> | CSAIL Commercial Mortgage Trust 2018-CX12 B, 4.614%, 08/15/2051 | 2257360 | 0.3 |
| 1000000 <sup>(2)</sup> | CSAIL Commercial Mortgage Trust 2020-C19 C, 3.734%, 03/15/2053 | 819358 | 0.1 |
| 1847000 | DBJPM Mortgage Trust 2016-C3 B, 3.264%, 08/10/2049 | 1754344 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | DBWF Mortgage Trust 2015-LCM D, 3.535%, 06/10/2034 | 922394 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 6.900%, (TSFR1M + 2.750%), 03/15/2034 | 3513700 | 0.4 |
| 1800000 <sup>(1)(2)</sup> | DK Trust 2025-LXP C, 6.392%, (TSFR1M + 2.242%), 08/15/2037 | 1805883 | 0.2 |
| 2529828 <sup>(1)(2)</sup> | Extended Stay America Trust 2021-ESH E, 7.114%, (TSFR1M + 2.964%), 07/15/2038 | 2534456 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH E, 7.500%, (TSFR1M + 3.350%), 10/15/2042 | 2012501 | 0.2 |
| 1600000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH F, 8.250%, (TSFR1M + 4.100%), 10/15/2042 | 1610003 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 2650000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU E, 7.300%, (TSFR1M + 3.150%), 12/15/2039 | $2662268 | 0.3 |
| 13162367 <sup>(1)(2)(3)</sup> | Freddie Mac Multifamily ML Certificates 2021-ML11 XUS, 0.769%, 03/25/2038 | 632237 | 0.1 |
| 3351118 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1515 X1, 1.632%, 02/25/2035 | 334398 | 0 |
| 9015702 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.093%, 08/25/2036 | 671070 | 0.1 |
| 43802054 <sup>(1)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2A, 0.100%, 08/25/2049 | 22946 | 0 |
| 12250292 <sup>(1)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2B, 0.100%, 08/25/2049 | 9669 | 0 |
| 5187577 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 4668960 | 0.5 |
| 4000000 <sup>(1)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.958%, 11/27/2050 | 3694169 | 0.4 |
| 2000000 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 1636840 | 0.2 |
| 68350 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 67361 | 0 |
| 4239306 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 4068608 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Great Wolf Trust 2024-WOLF D, 7.040%, (TSFR1M + 2.890%), 03/15/2039 | 2014141 | 0.2 |
| 1400000 <sup>(1)(2)</sup> | GS Mortgage Securities Corp. Trust 2023-FUN C, 7.540%, (TSFR1M + 3.389%), 03/15/2028 | 1412080 | 0.2 |
| 5372668 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2019-GC38 XA, 1.169%, 02/10/2052 | 145314 | 0 |
| 1516508 <sup>(1)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 1164723 | 0.1 |
| 11451383 <sup>(2)(3)</sup> | GS Mortgage Securities Trust 2019-GC40 XA, 1.256%, 07/10/2052 | 378805 | 0 |
| 1257933 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 764844 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 500000 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 E, 2.250%, 12/15/2054 | $261834 | 0.0 |
| 2000000 <sup>(1)(2)</sup> | GSAT Trust 2025-BMF E, 7.450%, (TSFR1M + 3.300%), 07/15/2040 | 2008739 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | GSMS Trustair 2024-FAIR C, 7.120%, 07/15/2029 | 2568430 | 0.3 |
| 2700000 <sup>(1)(2)</sup> | GWT 2024-WLF2 D, 7.090%, (TSFR1M + 2.939%), 05/15/2041 | 2719333 | 0.3 |
| 980000 <sup>(1)(2)</sup> | HIT Trust 2022-HI32 B, 7.339%, (TSFR1M + 3.189%), 07/15/2039 | 984214 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | HLTN Commercial Mortgage Trust 2024-DPLO D, 7.489%, (TSFR1M + 3.339%), 06/15/2041 | 2015062 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | ILPT Commercial Mortgage Trust 2025-LPF2 C, 6.023%, 07/13/2042 | 1018438 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY E, 8.000%, (TSFR1M + 3.850%), 03/15/2042 | 2254945 | 0.3 |
| 3064244 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON E, 5.394%, 01/05/2034 | 3016589 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI D, 5.990%, 10/05/2039 | 999463 | 0.1 |
| 250000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC E, 6.965%, (TSFR1M + 2.814%), 04/15/2038 | 250555 | 0.0 |
| 2143000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC F, 7.465%, (TSFR1M + 3.314%), 04/15/2038 | 2149418 | 0.3 |
| 22522263 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2013-C15 XC, 1.196%, 11/15/2045 | 121482 | 0.0 |
| 46979000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XD, 0.500%, 01/15/2048 | 451581 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 34428000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XE, 0.201%, 01/15/2048 | $57011 | 0.0 |
| 432640 <sup>(2)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C29 B, 4.118%, 05/15/2048 | 431696 | 0.1 |
| 1150000 <sup>(1)(2)</sup> | JW Trust 2024-BERY A, 5.743%, (TSFR1M + 1.593%), 11/15/2039 | 1153452 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 D, 7.440%, (TSFR1M + 3.290%), 12/15/2039 | 2503421 | 0.3 |
| 1445805 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 8.339%, (TSFR1M + 4.188%), 03/15/2036 | 1410927 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 6.284%, (TSFR1M + 2.141%), 08/17/2042 | 993515 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.754%, 10/15/2042 | 3494735 | 0.4 |
| 805692 <sup>(1)(2)</sup> | MCR Mortgage Trust 2024-HTL D, 8.056%, (TSFR1M + 3.905%), 02/15/2037 | 808922 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | MF1 LLC 2025-FL20 A, 5.586%, (TSFR1M + 1.450%), 02/18/2043 | 1507031 | 0.2 |
| 1600000 <sup>(1)(2)</sup> | MHC Commercial Mortgage Trust 2021-MHC F, 6.865%, (TSFR1M + 2.715%), 04/15/2038 | 1602523 | 0.2 |
| 800000 <sup>(1)(2)</sup> | MHC Trust 2021-MHC2 E, 6.214%, (TSFR1M + 2.064%), 05/15/2038 | 801469 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | MHP 2021-STOR G, 7.015%, (TSFR1M + 2.864%), 07/15/2038 | 2002340 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | MHP 2022-MHIL F, 7.409%, (TSFR1M + 3.259%), 01/15/2039 | 2001932 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | MHP Commercial Mortgage Trust 2025-MHIL2 E, 7.650%, (TSFR1M + 3.500%), 09/15/2040 | 3006791 | 0.4 |
| 3000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 B, 4.039%, 05/15/2049 | 2876025 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 2000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 AS, 3.175%, 09/15/2049 | $1928831 | 0.2 |
| 1270000 <sup>(2)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 B, 6.513%, 03/15/2058 | 1325173 | 0.2 |
| 2500000 <sup>(2)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 C, 6.859%, 03/15/2058 | 2599149 | 0.3 |
| 14067411 <sup>(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XA, 0.990%, 12/15/2050 | 211123 | 0.0 |
| 10870640 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XD, 1.729%, 12/15/2050 | 323470 | 0.0 |
| 2900000 | Morgan Stanley Capital I Trust 2016-BNK2 B, 3.485%, 11/15/2049 | 2658915 | 0.3 |
| 1171000 <sup>(2)</sup> | Morgan Stanley Capital I Trust 2018-H3 C, 4.995%, 07/15/2051 | 1090930 | 0.1 |
| 25653728 <sup>(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XA, 1.366%, 07/15/2052 | 984620 | 0.1 |
| 6586500 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XD, 1.512%, 07/15/2052 | 297976 | 0.0 |
| 1500000 | Morgan Stanley Capital I Trust 2020-HR8 A4, 2.041%, 07/15/2053 | 1345541 | 0.2 |
| 3500000 <sup>(1)(2)</sup> | NXPT Commercial Mortgage Trust 2024-STOR E, 6.927%, 11/05/2041 | 3550747 | 0.4 |
| 2750000 <sup>(1)(2)</sup> | NYC Commercial Mortgage Trust 2025-3BP D, 6.591%, (TSFR1M + 2.441%), 02/15/2042 | 2739552 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS E, 7.340%, (TSFR1M + 3.190%), 12/15/2039 | 2764504 | 0.3 |
| 2500000 <sup>(1)(2)</sup> | PENN Commercial Mortgage Trust 2025-P11 B, 6.125%, 08/10/2042 | 2548809 | 0.3 |
| 515143 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | 507908 | 0.1 |
| 6988518 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 6611636 | 0.8 |
| 2750000 <sup>(1)(2)</sup> | PRM Trust 2025-PRM6 E, 6.803%, 07/05/2033 | 2753265 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 2750000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 D, 5.812%, 03/10/2033 | $2744310 | 0.3 |
| 5550000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.337%, 11/08/2049 | 5332398 | 0.6 |
| 4402767 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 3963399 | 0.5 |
| 4000000 <sup>(1)(2)</sup> | SCG Commercial Mortgage Trust 2025-FLWR C, 5.900%, (TSFR1M + 1.750%), 08/15/2042 | 4009776 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | SDAL Trust 2025-DAL A, 6.591%, (TSFR1M + 2.441%), 04/15/2042 | 1010615 | 0.1 |
| 2320000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.852%, 03/15/2037 | 1937017 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | SMRT 2022-MINI F, 7.501%, (TSFR1M + 3.350%), 01/15/2039 | 2441311 | 0.3 |
| 3750000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA E, 7.490%, (TSFR1M + 3.340%), 02/15/2042 | 3745313 | 0.4 |
| 14348439 <sup>(2)(3)</sup> | UBS Commercial Mortgage Trust 2019-C16 XA, 1.684%, 04/15/2052 | 546782 | 0.1 |
| 1659000 <sup>(2)</sup> | UBS Commercial Mortgage Trust 2019-C18 B, 3.681%, 12/15/2052 | 1478630 | 0.2 |
| 2000000 <sup>(1)</sup> | VTR Commercial Mortgage Trust 2025-STEM C, 6.057%, 10/13/2041 | 2000639 | 0.2 |
| 1560000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE D, 7.090%, (TSFR1M + 2.940%), 11/15/2041 | 1568806 | 0.2 |
| 5642089 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C30 XE, 1.707%, 09/15/2058 | 196 | 0.0 |
| 16657000 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C30 XFG, 1.707%, 09/15/2058 | 576 | 0.0 |
| 3375000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.171%, 12/15/2059 | 3107736 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |  |
| 3488032 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2016-NXS6 XFG, 2.000%, 11/15/2049 | $| 83471 | 0.0 |
| 1000000 <sup>(2)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C38 B, 3.917%, 07/15/2050 |  | 947085 | 0.1 |
| 21320575 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.996%, 10/15/2050 |  | 248109 | 0.0 |
| 13475265 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2018-C45 XA, 0.920%, 06/15/2051 |  | 233045 | 0.0 |
| 1000000 | Wells Fargo Commercial Mortgage Trust 2019-C54 C, 3.810%, 12/15/2052 |  | 888089 | 0.1 |
| 1380000 | Wells Fargo Commercial Mortgage Trust 2021-C59 B, 3.034%, 04/15/2054 |  | 1178954 | 0.1 |
| 13958098 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.617%, 08/15/2054 |  | 879131 | 0.1 |
| 2500000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C61 D, 2.500%, 11/15/2054 |  | 1836052 | 0.2 |
| 2500000 | Wells Fargo Commercial Mortgage Trust 2025-5C5 A3, 5.590%, 07/15/2058 |  | 2616210 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-B33RP C, 6.150%, (TSFR1M + 2.000%), 08/15/2042 |  | 1001482 | 0.1 |
| 726373 <sup>(2)</sup> | WFRBS Commercial Mortgage Trust 2014-C21 B, 4.213%, 08/15/2047 |  | 709598 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $295,319,902) |  | **299673404** | **34.6** |
| **ASSET-BACKED SECURITIES: 23.6%** | **ASSET-BACKED SECURITIES: 23.6%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** |
| 1650 <sup>(1)(5)</sup> | Carvana Auto Receivables Trust 2023-P1 R, 03/11/2030 |  | 107912 | 0.0 |
| 3334 <sup>(1)(5)</sup> | Chase Auto Owner Trust 2024-3A R1, 09/25/2031 |  | 931212 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  | |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 2000 <sup>(1)(5)</sup> | Chase Auto Owner Trust 2024-4A R1, 11/25/2031 | 570687 | 0.1 |
|  |  | **1609811** | **0.2** |
|  | **Home Equity Asset-Backed Securities: 0.8%** | **Home Equity Asset-Backed Securities: 0.8%** | **Home Equity Asset-Backed Securities: 0.8%** |
| 480012 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 | 392173 | 0.1 |
| 656092 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038 | 499772 | 0.1 |
| 2204037 <sup>(2)</sup> | GSAA Home Equity Trust 2006-14 A3A, 4.772%, (TSFR1M + 0.614%), 09/25/2036 | 652835 | 0.1 |
| 853558 <sup>(2)</sup> | GSAA Home Equity Trust 2007-1 1A1, 4.432%, (TSFR1M + 0.274%), 02/25/2037 | 238441 | 0.0 |
| 2434882 <sup>(1)</sup> | Point Securitization Trust 2025-1 A1, 6.250%, 06/25/2055 | 2437076 | 0.3 |
| 128285 <sup>(2)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 | 128327 | 0.0 |
| 255807 <sup>(2)</sup> | Renaissance Home Equity Loan Trust 2005-4 A6, 5.749%, 02/25/2036 | 239408 | 0.0 |
| 1843973 <sup>(1)</sup> | Unlock HEA Trust 2024-2 A, 6.500%, 10/25/2039 | 1842002 | 0.2 |
|  |  | **6430034** | **0.8** |
|  | **Other Asset-Backed Securities: 20.4%** | **Other Asset-Backed Securities: 20.4%** | **Other Asset-Backed Securities: 20.4%** |
| 1550000 <sup>(1)(2)</sup> | AB BSL CLO 3 Ltd. 2021-3A D1R, 6.975%, (TSFR3M + 2.650%), 04/20/2038 | 1545307 | 0.2 |
| 1650000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 6.425%, (TSFR3M + 2.100%), 01/20/2038 | 1657103 | 0.2 |
| 2650000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.637%, (TSFR3M + 2.312%), 10/20/2030 | 2655128 | 0.3 |
| 1892400 <sup>(1)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 | 1829238 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-4A CR, 6.368%, (TSFR3M + 2.050%), 10/16/2037 | 1004002 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 4000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2024-2A C, 6.818%, (TSFR3M + 2.500%), 07/15/2037 | $4025860 | 0.5 |
| 2850000 <sup>(1)(2)</sup> | Balboa Bay Loan Funding Ltd. 2022-1A CR, 6.625%, (TSFR3M + 2.300%), 04/20/2037 | 2860565 | 0.3 |
| 87004 <sup>(2)</sup> | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 6.147%, 10/25/2036 | 87552 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Birch Grove Clo 11 Ltd. 2024-11A E, 10.132%, (TSFR3M + 5.800%), 01/22/2038 | 1015000 | 0.1 |
| 1700000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A D2, 8.093%, (TSFR3M + 3.750%), 04/22/2038 | 1706514 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A E, 9.293%, (TSFR3M + 4.950%), 04/22/2038 | 1252639 | 0.1 |
| 900000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.332%, (TSFR3M + 2.000%), 10/22/2037 | 904637 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR2, 0.010%, (TSFR3M + 1.850%), 04/15/2035 | 3007500 | 0.3 |
| 3250000 <sup>(1)(2)</sup> | BlueMountain CLO XXXIII Ltd. 2021-33A BR, 0.010%, (TSFR3M + 1.700%), 10/20/2038 | 3254063 | 0.4 |
| 1400000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 1421235 | 0.2 |
| 1700000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A CR2, 6.425%, (TSFR3M + 2.100%), 01/20/2038 | 1707575 | 0.2 |
| 5000000 <sup>(1)(2)</sup> | CBAM Ltd. 2019-9A CR, 7.018%, (TSFR3M + 2.700%), 07/15/2037 | 5031505 | 0.6 |
| 6450000 <sup>(1)(2)</sup> | Cedar Funding II CLO Ltd. 2013-1A CR3, 6.037%, (TSFR3M + 1.950%), 07/22/2038 | 6469492 | 0.7 |
| 2600000 <sup>(1)(2)</sup> | Cedar Funding V CLO Ltd. 2016-5A CR, 6.684%, (TSFR3M + 2.362%), 07/17/2031 | 2604537 | 0.3 |
| 2300000 <sup>(1)</sup> | Cherry Securitization Trust 2025-1A A, 6.130%, 11/15/2032 | 2339070 | 0.3 |
| 1500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 6.525%, (TSFR3M + 2.200%), 07/21/2037 | 1507748 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1247293 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | $1154081 | 0.1 |
| 3416875 <sup>(1)</sup> | DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051 | 3041794 | 0.3 |
| 905280 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 872649 | 0.1 |
| 1650000 <sup>(1)(2)</sup> | Elevation CLO Ltd. 2021-14A C2R, 6.475%, (TSFR3M + 2.150%), 01/20/2038 | 1640298 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 6.322%, (TSFR3M + 2.000%), 07/17/2037 | 3017607 | 0.3 |
| 1536630 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 1557344 | 0.2 |
| 10384 <sup>(1)(2)</sup> | HGI CRE CLO Ltd. 2021-FL2 A, 5.261%, (TSFR1M + 1.114%), 09/17/2036 | 10378 | 0.0 |
| 521107 <sup>(1)</sup> | J.G. Wentworth XLI LLC 2018-1A B, 4.700%, 10/15/2074 | 462601 | 0.1 |
| 1592000 <sup>(1)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 1625019 | 0.2 |
| 589051 <sup>(1)</sup> | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 | 537289 | 0.1 |
| 710914 <sup>(1)</sup> | LCSS Financing LLC 2018-A A, 4.700%, 12/15/2062 | 630917 | 0.1 |
| 976637 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 738287 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Magnetite Xlv Ltd. 2025-45A E, 8.785%, (TSFR3M + 4.500%), 04/15/2038 | 851847 | 0.1 |
| 777174 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 701582 | 0.1 |
| 472021 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 444055 | 0.1 |
| 649199 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044 | 608542 | 0.1 |
| 354923 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 322515 | 0.0 |
| 605972 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 527380 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>VOYA SECURITIZED CREDIT FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED) (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 671664 <sup>(1)</sup> | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | $538305 | 0.1 |
| 436681 <sup>(1)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 411590 | 0.0 |
| 1400000 <sup>(1)(2)</sup> | Neuberger Berman CLO XX Ltd. 2015-20A D2R3, 8.018%, (TSFR3M + 3.700%), 04/15/2039 | 1402838 | 0.2 |
| 1850000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 27 Ltd. 2018-27A CR, 6.418%, (TSFR3M + 2.100%), 07/15/2038 | 1860715 | 0.2 |
| 3135000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.595%, (TSFR3M + 2.270%), 07/20/2037 | 3149399 | 0.4 |
| 1100000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.825%, (TSFR3M + 2.500%), 04/20/2037 | 1105814 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2020-20A CR, 6.779%, (TSFR3M + 2.450%), 04/18/2037 | 3517014 | 0.4 |
| 2000000 <sup>(1)(2)</sup> | Octagon 75 Ltd. 2025-1A D1, 6.932%, (TSFR3M + 2.600%), 01/22/2038 | 2019088 | 0.2 |
| 2399795 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 2427603 | 0.3 |
| 3750000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.818%, (TSFR3M + 2.500%), 04/16/2037 | 3772549 | 0.4 |
| 1600000 <sup>(1)(2)</sup> | Palmer Square Loan Funding Ltd. 2025-1A D, 8.311%, (TSFR3M + 4.100%), 02/15/2033 | 1605310 | 0.2 |
| 3400000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A BR, 6.375%, (TSFR3M + 2.050%), 07/20/2036 | 3405729 | 0.4 |
| 6336000 <sup>(1)</sup> | Planet Fitness Master Issuer LLC 2024-1A A2II, 6.237%, 06/05/2054 | 6472524 | 0.7 |
| 4142328 <sup>(1)</sup> | Sabal Issuer 2025 1 LLC 2025-1A A, 6.280%, 11/01/2060 | 4246823 | 0.5 |
| 600000 <sup>(1)(2)</sup> | Sound Point CLO VII-R Ltd. 2014-3RA C, 6.831%, (TSFR3M + 2.512%), 10/23/2031 | 600854 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 4100000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.880%, (TSFR3M + 2.562%), 04/25/2034 | $4106638 | 0.5 |
| 7371 <sup>(2)</sup> | Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC5 A4, 4.612%, (TSFR1M + 0.454%), 12/25/2036 | 7355 | 0.0 |
| 7493375 <sup>(1)</sup> | Subway Funding LLC 2024-3A A2II, 5.566%, 07/30/2054 | 7534266 | 0.9 |
| 759623 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048 | 730679 | 0.1 |
| 1132611 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 1023731 | 0.1 |
| 4587513 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 3385783 | 0.4 |
| 2212627 <sup>(1)</sup> | SUNNOVA HELIOS II ISSUER LLC 2021-B A, 1.620%, 07/20/2048 | 1941006 | 0.2 |
| 863664 <sup>(1)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 770168 | 0.1 |
| 1540483 <sup>(1)</sup> | Sunnova Helios XII Issuer LLC 2023-B C, 6.000%, 08/22/2050 | 1146404 | 0.1 |
| 2410328 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 2029890 | 0.2 |
| 2083323 <sup>(1)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 1994503 | 0.2 |
| 2076746 <sup>(1)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 | 2048652 | 0.2 |
| 4341756 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 4171297 | 0.5 |
| 795794 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 755862 | 0.1 |
| 7500000 <sup>(1)(2)</sup> | Symphony CLO 43 Ltd. 2024-43A C, 6.868%, (TSFR3M + 2.550%), 04/15/2037 | 7540283 | 0.9 |
| 885000 <sup>(1)(2)</sup> | Symphony CLO XIX Ltd. 2018-19A C, 6.329%, (TSFR3M + 2.012%), 04/16/2031 | 886185 | 0.1 |
| 3930000 <sup>(1)</sup> | Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051 | 3445547 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | |
| 5000000 <sup>(1)(2)</sup> | THL Credit Wind River Clo Ltd. 2017-3A CR2, 6.488%, (TSFR3M + 2.200%), 04/15/2035 | 5008440 | 0.6 |
| 1001697 <sup>(1)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 | 915253 | 0.1 |
| 6800000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 | 6922937 | 0.8 |
| 1294898 <sup>(1)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 | 1195336 | 0.1 |
| 1266720 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.859%, (TSFR3M + 2.542%), 07/15/2031 | 1268514 | 0.1 |
| 1400000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 6.318%, (TSFR3M + 2.000%), 04/15/2032 | 1403627 | 0.2 |
| 1321699 <sup>(1)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 | 1222286 | 0.1 |
| 1583400 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.541%, (TSFR3M + 2.212%), 07/18/2031 | 1584592 | 0.2 |
| 3973266 <sup>(1)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 | 3840201 | 0.4 |
| 2821500 <sup>(1)</sup> | Zaxbys Funding LLC 2024-1A A2I, 6.594%, 04/30/2054 | 2914743 | 0.3 |
| 4394381 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 | 4150887 | 0.5 |
|  |  | **177111675** | **20.4** |
|  | **Student Loan Asset-Backed Securities: 2.2%** | **Student Loan Asset-Backed Securities: 2.2%** |  |
| 129376 <sup>(1)</sup> | Commonbond Student Loan Trust 2016-A B, 4.000%, 05/25/2040 | 120364 | 0.0 |
| 307032 <sup>(1)</sup> | Commonbond Student Loan Trust 2016-B B, 4.000%, 10/25/2040 | 287056 | 0.0 |
| 219054 <sup>(1)</sup> | Commonbond Student Loan Trust 2017-AGS C, 5.280%, 05/25/2041 | 202103 | 0.0 |
| 85953 <sup>(1)</sup> | Commonbond Student Loan Trust 2017-BGS C, 4.440%, 09/25/2042 | 73540 | 0.0 |
| 341219 <sup>(1)</sup> | Commonbond Student Loan Trust 2020-AGS B, 3.160%, 08/25/2050 | 282102 | 0.0 |
| 413902 <sup>(1)(2)</sup> | ELFI Graduate Loan Program LLC 2019-A B, 2.940%, 03/25/2044 | 355315 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |  |
| 174975 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 | $174070 | 0.0 |
| 688908 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 | 678514 | 0.1 |
| 132129 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-HA A, 1.310%, 01/15/2069 | 125120 | 0.0 |
| 1872456 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 | 1756834 | 0.2 |
| 2420 <sup>(1)(5)</sup> | Navient Private Education Refi Loan Trust 2021-DA R, 04/15/2060 | 1176643 | 0.1 |
| 850000 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-FA B, 2.120%, 02/18/2070 | 617483 | 0.1 |
| 1833000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 1583062 | 0.2 |
| 963266 <sup>(1)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 954225 | 0.1 |
| 2795000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | 2706035 | 0.3 |
| 1398000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 1355523 | 0.2 |
| 1468000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 1420868 | 0.2 |
| 3529000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 2929955 | 0.3 |
| 2865000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 2454888 | 0.3 |
|  |  | **19253700** | **2.2** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $210,910,285) | **204405220** | **23.6** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $822,270,267) | **806950577** | **93.1** |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 7.5%** | **SHORT-TERM INVESTMENTS: 7.5%** |  |  |
|  | **Commercial Paper: 7.1%** |  |  |
| 8000000 | Agilent Technologies, 4.290%, 10/02/2025 | $7998119 | 0.9 |
| 3500000 | Automatic Data Processing., 4.160%, 10/01/2025 | 3499601 | 0.4 |
| 3521000 | Barton Cap S.A, 4.180%, 10/01/2025 | 3520597 | 0.4 |
| 4000000 | Bekshire Hathway., 4.340%, 10/10/2025 | 3995253 | 0.5 |
| 5000000 | Concord Minutemen Capital Co. LLC, 4.180%, 10/01/2025 | 4999428 | 0.6 |
| 5000000 | Dominion Resources, Inc., 4.330%, 10/15/2025 | 4991123 | 0.6 |
| 3000000 | Dominion Resources, Inc., 4.330%, 10/16/2025 | 2994315 | 0.3 |
| 5000000 | Enterprise Products Operating LLC, 4.290%, 10/01/2025 | 4999413 | 0.6 |
| 7000000 | Fiserv, Inc., 4.310%, 10/02/2025 | 6998347 | 0.8 |
| 5000000 | Fiserv, Inc., 4.360%, 10/10/2025 | 4994039 | 0.6 |
| 6000000 | Kellanova, 4.370%, 10/24/2025 | 5982809 | 0.7 |
| 3500000 <sup>(1)</sup> | Sherwin-Williams Co., 4.240%, 10/01/2025 | 3499593 | 0.4 |
| 3000000 | Sherwin-Williams Co., 4.290%, 10/20/2025 | 2992967 | 0.3 |
|  | Total Commercial Paper |  |  |
|  | (Cost $61,473,469) | **61465604** | **7.1** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 0.4%** |  |  |
| 3062000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.050% |  |  |
|  | (Cost $3,062,000) | $**3062000** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $64,535,469) | **64527604** | **7.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $886,805,736)** | $**871478181** | **100.6** |
|  | **Liabilities in Excess of Other Assets** | **(4887718)** | **(0.6)** |
|  | **Net Assets** | $**866590463** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Variable rate security. Rate shown is the rate in effect as of September 30, 2025. |
| <sup>(3)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(4)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(5)</sup> | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of September 30, 2025. |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| 12MTA | 12-month Treasury Average |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**September 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $302871953 | $— | $302871953 |
| Commercial Mortgage-Backed Securities |  | 299673404 |  | 299673404 |
| Asset-Backed Securities |  | 204405220 |  | 204405220 |
| Short-Term Investments | 3062000 | 61465604 |  | 64527604 |
| Total Investments, at fair value | $3062000 | $868416181 | $— | $871478181 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 111264 |  |  | 111264 |
| Total Assets | $3173264 | $868416181 | $— | $871589445 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(142528) | $— | $— | $(142528) |
| Total Liabilities | $(142528) | $— | $— | $(142528) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At September 30, 2025, the following futures contracts were outstanding for Voya Securitized Credit Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 1097 | 12/31/25 | $228613086 | $(52712) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 76 | 12/19/25 | 8550000 | (16363) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 44 | 12/19/25 | 5130125 | 59500 |
|  |  |  | $242293211 | $(9575) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (29) | 12/31/25 | (3166664) | 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (109) | 12/19/25 | (12543516) | 31384 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (30) | 12/19/25 | (3601875) | (73453) |
|  |  |  | $(19312055) | $(21689) |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<u><br> of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $111264 |
| **Total Asset Derivatives** |  | $111264 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $142528 |
| **Total Liability Derivatives** |  | $142528 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $1334442 |
| **Total** | $1334442 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(1427404) |
| **Total** | $(1427404) |

---

At September 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $888,182,914. | Cost for U.S. federal income tax purposes was $888,182,914. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $13569932 |
| Gross Unrealized Depreciation | (30305929) |
| Net Unrealized Depreciation | $(16735997) |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.**

**166107 (0925)**

![](tm2530932d1_vacsserfinimg001.jpg)

Semi-Annual Financial Statements and Other Information

**September 30, 2025**

■ Voya VACS Series EMHCD Fund

■ Voya VACS Series HYB Fund

■ Voya VACS Series SC Fund

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm2530932d1_vacsserfinimg002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2530932d1_vacsserfinimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#v_001) | [1](#v_001) |
| [Statements of Operations](#v_002) | [2](#v_002) |
| [Statements of Changes in Net Assets](#v_003) | [3](#v_003) |
| [Financial Highlights](#v_004) | [5](#v_004) |
| [Notes to Financial Statements](#v_005) | [6](#v_005) |
| [Portfolios of Investments](#v_006) | [17](#v_006) |

---

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge and upon request, by calling 1-800-992-0180, or by accessing the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds' Forms NPORT-P are available on the SEC's website at www.sec.gov.

STATEMENTS OF ASSETS AND LIABILITIES as of September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $113401562 | $299368538 | $171376053 |
| Short-term investments at fair value† | 11666442 | 18884673 | 17072149 |
| Cash | 53794 | 1712139 | 17396 |
| Cash collateral for futures contracts | 108050 |  | 248095 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 2288601 | 4557260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | 1754767 | 738787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 5572 | 7735 | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1562055 | 4644428 | 764292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  | 32525 |
| Prepaid expenses | 7897 | 7830 | 8515 |
| Reimbursement due from Investment Adviser |  |  | 5622 |
| Other assets | 789 | 1054 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 129094762 | 330938424 | 190270337 |
| **LIABILITIES:** |  |  |  |
| Income distribution payable |  | 1752531 | 1064409 |
| Payable for investment securities purchased | 3565915 | 7724153 | 2747500 |
| Payable for fund shares redeemed | 2407 | 61941 | 23067 |
| Payable upon receipt of securities loaned | 3332597 | 11788605 |  |
| Variation margin payable on futures contracts | 2165 |  |  |
| Payable to custodian due to foreign currency overdraft§ | 78 |  |  |
| Payable to trustees under the deferred compensation plan (Note 5) | 789 | 1054 | 1319 |
| Payable for trustee fees | 289 | 618 | 496 |
| Payable for foreign capital gains tax | 116702 |  |  |
| Other accrued expenses and liabilities | 56735 | 61910 | 82382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7077677 | 21390812 | 3919173 |
| **NET ASSETS** | $122017085 | $309547612 | $186351164 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $112873604 | $303213615 | $173017738 |
| Total distributable earnings | 9143481 | 6333997 | 13333426 |
| **NET ASSETS** | $122017085 | $309547612 | $186351164 |
| + Including securities loaned at value | $3255046 | $11477292 | $— |
| \* Cost of investments in securities | $105154414 | $293387114 | $161398890 |
| † Cost of short-term investments | $11667325 | $18885429 | $17074293 |
| § Cost of foreign currency overdraft | $78 | $— | $— |
| Net assets | $122017085 | $309547612 | $186351164 |
| Shares authorized | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 11472710 | 29763194 | 17495231 |
| Net asset value and redemption price per share | $10.64 | $10.40 | $10.65 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $25145 | $41636 | $25056 |
| Interest | 4012005 | 8143575 | 6696680 |
| Securities lending income, net | 6667 | 21837 |  |
| Other | 329 | 641 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4044146 | 8207689 | 6722318 |
| **EXPENSES:** |  |  |  |
| Transfer agent fees | 201 | 247 | 96 |
| Shareholder reporting expense | 542 | 522 | 670 |
| Registration fees | 9955 | 18489 | 12361 |
| Professional fees | 29615 | 35758 | 49135 |
| Custody and accounting expense | 21574 | 18103 | 20718 |
| Shareholder notification costs (Note 5) | 701 | 1070 | 1305 |
| Trustee fees | 1336 | 3088 | 2478 |
| Miscellaneous expense | 6205 | 8238 | 33537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 70129 | 85515 | 120300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  |  | (40969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 70129 | 85515 | 79331 |
| Net investment income | 3974017 | 8122174 | 6642987 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 274353 | 549755 | 2408757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (3080) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (212386) |  | 293729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 58887 | 549755 | 2702486 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 5536535 | 4908506 | (1604559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 43057 |  | (396116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5579592 | 4908506 | (2000675) |
| Net realized and unrealized gain | 5638479 | 5458261 | 701811 |
| **Increase in net assets resulting from operations** | $9612496 | $13580435 | $7344798 |
| ^ Foreign capital gains taxes withheld | $790 | $— | $— |
| # Change in foreign capital gains taxes accrued | $49254 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** |
|  | **Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**March 31,**<br>**2025** | **Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3974017 | $8161619 | $8122174 | $10825490 |
| Net realized gain | 58887 | 3853603 | 549755 | 978232 |
| Net change in unrealized appreciation (depreciation) | 5579592 | (3216768) | 4908506 | (2106748) |
| Increase in net assets resulting from operations | 9612496 | 8798454 | 13580435 | 9696974 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (3803688) | (12678907) | (8993478) | (10876527) |
| Total distributions | (3803688) | (12678907) | (8993478) | (10876527) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 64922 | 8193590 | 126906960 | 86853420 |
| Reinvestment of distributions | 3803688 | 12678907 | 8993478 | 10863512 |
|  | 3868610 | 20872497 | 135900438 | 97716932 |
| Cost of shares redeemed | (285124) | (28221967) | (1552400) | (53768017) |
| Net increase (decrease) in net assets resulting from capital share transactions | 3583486 | (7349470) | 134348038 | 43948915 |
| Net increase (decrease) in net assets | 9392294 | (11229923) | 138934995 | 42769362 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 112624791 | 123854714 | 170612617 | 127843255 |
| End of year or period | $122017085 | $112624791 | $309547612 | $170612617 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** |
|  | **Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $6642987 | $12635413 |
| Net realized gain | 2702486 | 2102598 |
| Net change in unrealized appreciation (depreciation) | (2000675) | 3109796 |
| Increase in net assets resulting from operations | 7344798 | 17847807 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (6351972) | (12613918) |
| Total distributions | (6351972) | (12613918) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 729395 | 55669247 |
| Reinvestment of distributions | 4541601 | 8161756 |
|  | 5270996 | 63831003 |
| Cost of shares redeemed | (27047144) | (64445145) |
| Net decrease in net assets resulting from capital share transactions | (21776148) | (614142) |
| Net increase (decrease) in net assets | (20783322) | 4619747 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 207134486 | 202514739 |
| End of year or period | $186351164 | $207134486 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | **Income (loss)<br>from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br> <sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<br> <sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** |
| 09-30-25<sup>+</sup> | 10.12 | 0.35 | <sup>•</sup> | 0.51 | 0.86 | 0.34 |  |  | 0.34 |  | 10.64 | **8.73** | 0.12 | 0.12 | 0.12 | 6.86 | 122017 | 73 |
| 03-31-25 | 10.53 | 0.73 | <sup>•</sup> | 0.04 | 0.77 | 0.72 | 0.46 |  | 1.18 |  | 10.12 | **7.54** | 0.14 | 0.14 | 0.14 | 7.02 | 112625 | 107 |
| 03-31-24 | 10.03 | 0.67 | <sup>•</sup> | 0.58 | 1.25 | 0.67 | 0.08 |  | 0.75 |  | 10.53 | **12.98** | 0.13 | 0.13 | 0.13 | 6.68 | 123855 | 120 |
| 02-17-23<sup>(4)</sup>- |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.07 | <sup>•</sup> | 0.03 | 0.10 | 0.07 |  |  | 0.07 |  | 10.03 | **0.98** | 0.08 | 0.08 | 0.08 | 6.43 | 141703 | 14 |
| **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** |
| 09-30-25<sup>+</sup> | 10.20 | 0.34 | <sup>•</sup> | 0.24 | 0.58 | 0.38 |  |  | 0.38 |  | 10.40 | **5.72** | 0.07 | 0.07 | 0.07 | 6.56 | 309548 | 36 |
| 03-31-25 | 10.24 | 0.75 | <sup>•</sup> | (0.03) | 0.72 | 0.76 |  |  | 0.76 |  | 10.20 | **7.26** | 0.13 | 0.13 | 0.13 | 7.32 | 170613 | 86 |
| 03-31-24 | 10.11 | 0.82 | <sup>•</sup> | 0.13 | 0.95 | 0.82 |  |  | 0.82 |  | 10.24 | **9.85** | 0.12 | 0.12 | 0.12 | 8.18 | 127843 | 56 |
| 02-24-23<sup>(4)</sup>- |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.0 | <sup>•</sup> | 0.11 | 0.19 | 0.08 |  |  | 0.08 |  | 10.11 | **1.86** | 0.07 | 0.07 | 0.07 | 8.38 | 124241 | 2 |
| **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** |
| 09-30-25<sup>+</sup> | 10.59 | 0.35 | <sup>•</sup> | 0.05 | 0.40 | 0.34 |  |  | 0.34 |  | 10.65 | **3.83** | 0.12 | 0.08 | 0.08 | 6.68 | 186351 | 14 |
| 03-31-25 | 10.33 | 0.64 | <sup>•</sup> | 0.26 | 0.90 | 0.64 |  |  | 0.64 |  | 10.59 | **8.97** | 0.10 | 0.05 | 0.05 | 6.14 | 207134 | 28 |
| 03-31-24 | 10.00 | 0.54 | <sup>•</sup> | 0.36 | 0.90 | 0.50 | 0.07 |  | 0.57 |  | 10.33 | **9.21** | 0.08 | 0.05 | 0.05 | 5.32 | 202515 | 16 |
| 03-03-23<sup>(4)</sup>- |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.04 | <sup>•</sup> | (0.01) | 0.03 | 0.03 |  |  | 0.03 |  | 10.00 | **0.35** | 0.07 | 0.05 | 0.05 | 5.17 | 236463 |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Commencement of operations. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Funds Trust is a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). It was organized on August 6, 1998 and was established under a Trust Instrument dated July 30, 1998. It consists of nine separately managed series. This report is for Voya VACS Series HYB Fund ("HYB"), a diversified series of Voya Funds Trust.

Voya Separate Portfolios Trust is a Delaware statutory trust and is registered as an open-end management investment company under the 1940 Act. It was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fourteen separately managed series. This report is for Voya VACS Series EMHCD Fund ("EMHCD"), a non-diversified series of Voya Separate Portfolios Trust and Voya Series SC Fund ("SC"), a diversified series of Voya Separate Portfolios Trust.

Voya Funds Trust and Voya Separate Portfolios Trust are each a "Trust" and collectively referred to as the "Trusts." HYB, EMHCD and SC are each a "Fund" and collectively referred as the "Funds." The investment objective of the Funds is described in each Fund's Prospectus.

The Funds do not have a share class designation. All shareholders are allocated the common expenses of a fund and earn income and realized gains/ losses from a fund. Expenses that are specific to a fund are charged directly to that fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Funds. Voya Investments Distributor, LLC ("VID"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent each Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 – unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and

source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Funds classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities,
other assets and liabilities — at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment
securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

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

realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market values. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Risk Exposures and the Use of Derivative Instruments.*** Each Fund's investment objectives permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow each Fund to pursue its objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of their investment objectives, each Fund may seek to increase or decrease their exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Foreign Exchange Rate Risk.*** To the extent that each Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

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

rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** Each Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are

subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Each Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

Each Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

Each Fund's Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow their derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between a Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund's net assets and or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Fund's Master Agreements.

There were no open OTC derivatives for any Fund at September 30, 2025.

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** Each Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Fund

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

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

either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. The Funds intend to limit its use of futures contracts and futures options to "bona fide hedging" transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

Upon entering into a futures contract, each Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended September 30, 2025, EMHCD and SC had purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve while maintaining overall duration. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Fund is unable to liquidate the contract or enter into an

offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended September 30, 2025, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| EMHCD | $13550938 | $8106912 |
| SC | 71223864 | 4812281 |

---

Please refer to the tables within the Portfolio of Investments for open futures contracts at September 30, 2025. HYB did not enter into any futures contracts during the period ended September 30, 2025.

F. ***Distributions to Shareholders.*** Each Fund records distributions to the shareholders on the ex-dividend date. The Funds distribute capital gains, if any, annually. The Funds declare dividends daily and pay dividends monthly. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of a Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

Each Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

H. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

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

I. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

J. ***Indemnifications.*** In the normal course of business, the Trusts may enter into contracts that provide certain indemnifications. The Trusts' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended September 30, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| EMHCD | $76286089 | $75876218 |
| HYB | 213527594 | 85599167 |
| SC | 22364746 | 37041680 |

---

U.S. government securities not included above were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| EMHCD | $2486644 | $2002815 |
| SC | 2397813 | 1537032 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

Each Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services.

There is no management fee charged per the Management Agreement for EMHCD, HYB, and SC.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages each Fund's assets in accordance with each Fund's investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At September 30, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/ Affiliated Investment**<br>**Company** | <br>**Fund** |<br>**Percentage** |
| Voya Balanced Income Portfolio | EMHCD | 9.18% |
|  | HYB | 12.95 |
|  | SC | 6.02 |
| Voya Intermediate Bond Portfolio | EMHCD | 68.47 |
|  | HYB | 9.45 |
|  | SC | 30.45 |
| Voya Investment Management Co. LLC | EMHCD | 16.99 |
|  | HYB | 13.09 |
|  | SC | 44.74 |
| Voya Retirement Insurance and Annuity Company | HYB | 56.51 |

---

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2025, the Funds did not pay any amounts for affiliated recordkeeping services.

**NOTE 6 — EXPENSE LIMITATION AGREEMENTS**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trusts, on behalf of each Fund, the Investment Adviser has agreed to limit expenses of each Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons", as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | |
|:---|:---|
| **Fund** | **Expense Limit** |
| EMHCD | 0.15% |
| HYB | 0.15% |
| SC | 0.05% |

---

The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of September 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by

the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| SC | $29951 | $80012 | $108991 | $218954 |

---

The Expense Limitation Agreement is contractual through August 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective June 10, 2025, the Funds, in addition to certain other funds managed by the Investment Adviser, each Fund entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Funds did not utilize the line of credit during the period ended September 30, 2025.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 8 — CAPITAL SHARES**

Transactions in capital shares and dollars are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **EMHCD** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 6253 |  | 368962 | (27425) |  | 347790 | 64922 |  | 3803688 | (285124) |  | 3583486 |
| 3/31/2025 | 765918 |  | 1231864 | (2638253) |  | (640471) | 8193590 |  | 12678907 | (28221967) |  | (7349470) |
| **HYB** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 12312204 |  | 869828 | (150556) |  | 13031476 | 126906960 |  | 8993478 | (1552400) |  | 134348038 |
| 3/31/2025 | 8432276 |  | 1057901 | (5242381) |  | 4247796 | 86853420 |  | 10863512 | (53768017) |  | 43948915 |
| **SC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025 | 68678 |  | 427921 | (2555459) |  | (2058860) | 729395 |  | 4541601 | (27047144) |  | (21776148) |
| 3/31/2025 | 5293232 |  | 776201 | (6115427) |  | (45994) | 55669247 |  | 8161756 | (64445145) |  | (614142) |

---

**NOTE 9 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following tables represent a summary of each respective Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of September 30, 2025:

**EMHCD**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $1219393 | $(1219393) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Jefferies International Ltd | 502043 | (502043) |  |
| JP Morgan Securities Plc. | 360316 | (360316) |  |
| Merrill Lynch International | 451842 | (451842) |  |
| Standard Chartered Bank, London | 405374 | (405374) |  |
| Wells Fargo Securities LLC | 316078 | (316078) |  |
| Total | $3255046 | $(3255046) | $— |

---

(1) Cash collateral with a fair value
of $3,332,597 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 9 — SECURITIES LENDING (continued)**

**HYB**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $3002793 | $(3002793) | $— |
| Cantor Fitzgerald & Co | 92043 | (92043) |  |
| JP Morgan Securities Plc. | 825866 | (825866) |  |
| Scotia Capital (USA) INC | 5661257 | (5661257) |  |
| TD Prime Services LLC | 927260 | (927260) |  |
| TD Securities (USA) Inc. | 619889 | (619889) |  |
| Truist Securities INC | 160985 | (160985) |  |
| Wells Fargo Bank NA | 187199 | (187199) |  |
| Total | $11477292 | $(11477292) | $— |

---

(1) Cash collateral with a fair value
of $11,788,605 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts, paydowns, perpetual preferred securities, and wash sale deferrals.

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| EMHCD | $9810009 | $2868898 | $9795774 | $440410 |
| HYB | 10876527 |  | 9938067 |  |
| SC | 12613918 |  | 11312104 | 657342 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of March 31, 2025, were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| EMHCD | $— | $711097 | $2669997 | $— |  | $(46421) | $3334673 |
| HYB | 19036 | 666786 | 1061218 |  |  |  | 1747040 |
| SC | 1253328 |  | 11579578 | (62831) | Short-term | (286440) | 12340601 |
|  |  |  |  | (143034) | Long-term |  |  |
|  |  |  |  | $(205865) |  |  |  |

---

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

As of September 30, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties

and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 12 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS as of September 30, 2025 (Unaudited) (continued)

------

**NOTE 13 — SUBSEQUENT EVENTS**

Dividends: Subsequent to September 30, 2025, the Funds declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| EMHCD | $0.0639 | November 3, 2025 | Daily |
| HYB | $0.0587 | November 3, 2025 | Daily |
| SC | $0.0629 | November 3, 2025 | Daily |

---

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: 60.4%** | **SOVEREIGN BONDS: 60.4%** | **SOVEREIGN BONDS: 60.4%** | **SOVEREIGN BONDS: 60.4%** |
|  | **Angola: 0.9%** | **Angola: 0.9%** | **Angola: 0.9%** |
| 550000 <sup>(1)(2)</sup> | Angolan Government International Bond, 8.000%, 11/26/2029 | $536910 | 0.4 |
| 300000 | Angolan Government International Bond, 8.750%, 04/14/2032 | 287559 | 0.2 |
| 350000 | Angolan Government International Bond, 9.375%, 05/08/2048 | 300913 | 0.3 |
|  |  | **1125382** | **0.9** |
|  | **Argentina: 2.0%** | **Argentina: 2.0%** | **Argentina: 2.0%** |
| 947022 <sup>(3)</sup> | Argentine Republic Government International Bond, 0.750% (Step Rate @ 1.750% on 07/09/2027), 07/09/2030 | 641607 | 0.5 |
| 179289 | Argentine Republic Government International Bond, 1.000%, 07/09/2029 | 130164 | 0.1 |
| 550000 <sup>(3)</sup> | Argentine Republic Government International Bond, 3.500% (Step Rate @ 4.875% on 07/09/2029), 07/09/2041 | 267919 | 0.2 |
| 2156220 <sup>(3)</sup> | Argentine Republic Government International Bond, 4.125% (Step Rate @ 4.750% on 07/09/2027), 07/09/2035 | 1136597 | 1 |
| 451019 <sup>(4)</sup> | Argentine Republic Government International Bond, 5.000%, 01/09/2038 | 254375 | 0.2 |
|  |  | **2430662** | **2.0** |
|  | **Bahrain: 2.0%** | **Bahrain: 2.0%** | **Bahrain: 2.0%** |
| 1700000 | Bahrain Government International Bond, 7.375%, 05/14/2030 | 1833450 | 1.5 |
| 600000 <sup>(1)</sup> | Bahrain Government International Bond, 7.500%, 02/12/2036 | 658050 | 0.5 |
|  |  | **2491500** | **2.0** |
|  | **Benin: 0.2%** | **Benin: 0.2%** | **Benin: 0.2%** |
| 200000 | Benin Government International Bond, 8.375%, 01/23/2041 | 210000 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Brazil: 3.3%** | **Brazil: 3.3%** | **Brazil: 3.3%** |
| 400000 | Brazilian Government International Bond, 5.625%, 02/21/2047 | $343700 | 0.3 |
| 500000 <sup>(2)</sup> | Brazilian Government International Bond, 6.000%, 10/20/2033 | 512500 | 0.4 |
| 200000 | Brazilian Government International Bond, 6.125%, 03/15/2034 | 204754 | 0.2 |
| 945000 | Brazilian Government International Bond, 6.250%, 03/18/2031 | 998392 | 0.8 |
| 1025000 | Brazilian Government International Bond, 6.625%, 03/15/2035 | 1068050 | 0.9 |
| 900000 | Brazilian Government International Bond, 7.125%, 05/13/2054 | 914067 | 0.7 |
|  |  | **4041463** | **3.3** |
|  | **Colombia: 3.0%** | **Colombia: 3.0%** | **Colombia: 3.0%** |
| 500000 | Colombia Government International Bond, 3.250%, 04/22/2032 | 424875 | 0.4 |
| 550000 <sup>(2)</sup> | Colombia Government International Bond, 5.000%, 06/15/2045 | 414838 | 0.3 |
| 500000 | Colombia Government International Bond, 6.125%, 01/18/2041 | 449375 | 0.4 |
| 500000 | Colombia Government International Bond, 7.750%, 11/07/2036 | 525125 | 0.4 |
| 464000 | Colombia Government International Bond, 8.000%, 04/20/2033 | 507036 | 0.4 |
| 455000 | Colombia Government International Bond, 8.000%, 11/14/2035 | 490035 | 0.4 |
| 775000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 822662 | 0.7 |
|  |  | **3633946** | **3.0** |
|  | **Costa Rica: 0.9%** | **Costa Rica: 0.9%** | **Costa Rica: 0.9%** |
| 575000 | Costa Rica Government International Bond, 6.125%, 02/19/2031 | 600587 | 0.5 |
| 450000 <sup>(1)</sup> | Costa Rica Government International Bond, 7.300%, 11/13/2054 | 494100 | 0.4 |
|  |  | **1094687** | **0.9** |
|  | **Dominican Republic: 2.9%** | **Dominican Republic: 2.9%** | **Dominican Republic: 2.9%** |
| 200000 <sup>(1)</sup> | Dominican Republic International Bond, 4.875%, 09/23/2032 | 192100 | 0.1 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Dominican Republic: (continued)** | **Dominican Republic: (continued)** | **Dominican Republic: (continued)** | **Dominican Republic: (continued)** |
| 500000 <sup>(1)</sup> | Dominican Republic International Bond, 5.300%, 01/21/2041 | $| 453500 | 0.4 |
| 1050000 | Dominican Republic International Bond, 5.875%, 01/30/2060 |  | 938700 | 0.8 |
| 550000 | Dominican Republic International Bond, 6.000%, 07/19/2028 |  | 570419 | 0.5 |
| 350000 <sup>(1)</sup> | Dominican Republic International Bond, 6.000%, 02/22/2033 |  | 358400 | 0.3 |
| 825000 <sup>(1)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 |  | 883678 | 0.7 |
| 150000 <sup>(1)</sup> | Dominican Republic International Bond, 7.050%, 02/03/2031 |  | 162150 | 0.1 |
|  |  |  | **3558947** | **2.9** |
|  | **Ecuador: 1.3%** | **Ecuador: 1.3%** | **Ecuador: 1.3%** | **Ecuador: 1.3%** |
| 442550 <sup>(1)(3)</sup> | Ecuador Government International Bond, 5.000% (Step Rate @ 5.500% on 07/31/2026), 07/31/2040 |  | 293466 | 0.2 |
| 369817 <sup>(1)(4)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 |  | 329507 | 0.3 |
| 300000 <sup>(4)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 |  | 267300 | 0.2 |
| 882267 <sup>(1)(3)</sup> | Ecuador Government International Bond, 6.900% (Step Rate @ 6.900% on 07/31/2025), 07/31/2035 |  | 661259 | 0.6 |
|  |  |  | **1551532** | **1.3** |
|  | **Egypt: 2.4%** | **Egypt: 2.4%** | **Egypt: 2.4%** | **Egypt: 2.4%** |
| 800000 | Egypt Government International Bond, 5.800%, 09/30/2027 |  | 797840 | 0.7 |
| 500000 <sup>(1)</sup> | Egypt Government International Bond, 7.500%, 02/16/2061 |  | 393538 | 0.3 |
| 575000 <sup>(1)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 |  | 611909 | 0.5 |
| 875000 <sup>(1)</sup> | Egypt Government International Bond, 8.700%, 03/01/2049 |  | 781397 | 0.6 |
| 350000 <sup>(1)</sup> | Egypt Government International Bond, 8.875%, 05/29/2050 |  | 316400 | 0.3 |
|  |  |  | **2901084** | **2.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Ghana: 0.8%** | **Ghana: 0.8%** | **Ghana: 0.8%** |
| 116755 <sup>(5)</sup> | Ghana Government International Bond, 3.670%, 01/03/2030 | $100118 | 0.1 |
| 418700 <sup>(3)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2029 | 409279 | 0.3 |
| 592800 <sup>(3)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2035 | 499434 | 0.4 |
|  |  | **1008831** | **0.8** |
|  | **Guatemala: 1.5%** | **Guatemala: 1.5%** | **Guatemala: 1.5%** |
| 435000 <sup>(1)</sup> | Guatemala Government Bond, 5.250%, 08/10/2029 | 440220 | 0.4 |
| 600000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 626100 | 0.5 |
| 250000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 264610 | 0.2 |
| 500000 <sup>(1)</sup> | Guatemala Government Bond, 6.600%, 06/13/2036 | 531000 | 0.4 |
|  |  | **1861930** | **1.5** |
|  | **Honduras: 0.4%** | **Honduras: 0.4%** | **Honduras: 0.4%** |
| 250000 | Honduras Government International Bond, 5.625%, 06/24/2030 | 248657 | 0.2 |
| 200000 | Honduras Government International Bond, 6.250%, 01/19/2027 | 203463 | 0.2 |
|  |  | **452120** | **0.4** |
|  | **Hungary: 2.6%** | **Hungary: 2.6%** | **Hungary: 2.6%** |
| 500000 <sup>(1)</sup> | Hungary Government International Bond, 3.125%, 09/21/2051 | 317200 | 0.3 |
| 450000 <sup>(1)</sup> | Hungary Government International Bond, 5.500%, 06/16/2034 | 458719 | 0.4 |
| 500000 | Hungary Government International Bond, 5.500%, 03/26/2036 | 504948 | 0.4 |
| 525000 | Hungary Government International Bond, 6.750%, 09/23/2055 | 558075 | 0.5 |
| 500000 | Hungary Government International Bond 30Y, 7.625%, 03/29/2041 | 594250 | 0.5 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Hungary: (continued)** | **Hungary: (continued)** | **Hungary: (continued)** | **Hungary: (continued)** |
| 650000 <sup>(1)</sup> | Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 | $| 673793 | 0.5 |
|  |  |  | **3106985** | **2.6** |
|  | **India: 0.2%** | **India: 0.2%** | **India: 0.2%** | **India: 0.2%** |
| 300000 | Export-Import Bank of India, 2.250%, 01/13/2031 |  | 269142 | 0.2 |
|  | **Indonesia: 1.7%** | **Indonesia: 1.7%** | **Indonesia: 1.7%** | **Indonesia: 1.7%** |
| 350000 | Indonesia Government International Bond, 5.250%, 01/17/2042 |  | 352187 | 0.3 |
| 320000 <sup>(2)</sup> | Indonesia Government International Bond, 5.450%, 09/20/2052 |  | 316000 | 0.3 |
| 1050000 | Indonesia Government International Bond, 8.500%, 10/12/2035 |  | 1342824 | 1.1 |
|  |  |  | **2011011** | **1.7** |
|  | **Ivory Coast: 0.7%** | **Ivory Coast: 0.7%** | **Ivory Coast: 0.7%** | **Ivory Coast: 0.7%** |
| 300000 <sup>(1)</sup> | Ivory Coast Government International Bond, 7.625%, 01/30/2033 |  | 312975 | 0.3 |
| 375000 <sup>(1)</sup> | Ivory Coast Government International Bond, 8.250%, 01/30/2037 |  | 391708 | 0.3 |
| 159559 <sup>(3)</sup> | Ivory Coast Government International Bond REGs, 5.750%, 12/31/2032 |  | 157485 | 0.1 |
|  |  |  | **862168** | **0.7** |
|  | **Jamaica: 0.9%** | **Jamaica: 0.9%** | **Jamaica: 0.9%** | **Jamaica: 0.9%** |
| 400000 | Jamaica Government International Bond, 7.875%, 07/28/2045 |  | 483530 | 0.4 |
| 500000 | Jamaica Government International Bond, 8.000%, 03/15/2039 |  | 609375 | 0.5 |
|  |  |  | **1092905** | **0.9** |
|  | **Jordan: 0.8%** | **Jordan: 0.8%** | **Jordan: 0.8%** | **Jordan: 0.8%** |
| 1000000 <sup>(1)</sup> | Jordan Government International Bond, 5.850%, 07/07/2030 |  | 998832 | 0.8 |
|  | **Kenya: 1.0%** | **Kenya: 1.0%** | **Kenya: 1.0%** | **Kenya: 1.0%** |
| 250000 <sup>(2)</sup> | Republic of Kenya Government International Bond, 6.300%, 01/23/2034 |  | 220312 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Kenya: (continued)** | **Kenya: (continued)** | **Kenya: (continued)** | **Kenya: (continued)** |
| 500000 | Republic of Kenya Government International Bond, 7.250%, 02/28/2028 | $| 514811 | 0.4 |
| 225000 | Republic of Kenya Government International Bond, 8.000%, 05/22/2032 |  | 223846 | 0.2 |
| 250000 <sup>(2)</sup> | Republic of Kenya Government International Bond, 8.250%, 02/28/2048 |  | 227435 | 0.2 |
|  |  |  | **1186404** | **1.0** |
|  | **Lebanon: 0.7%** | **Lebanon: 0.7%** | **Lebanon: 0.7%** | **Lebanon: 0.7%** |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond, 6.100%, 10/04/2022 |  | 447000 | 0.4 |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond 10Y, 6.850%, 03/23/2027 |  | 447000 | 0.3 |
|  |  |  | **894000** | **0.7** |
|  | **Mexico: 3.9%** | **Mexico: 3.9%** | **Mexico: 3.9%** | **Mexico: 3.9%** |
| 740000 | Mexico Government International Bond, 3.250%, 04/16/2030 |  | 700040 | 0.6 |
| 950000 | Mexico Government International Bond, 4.875%, 05/19/2033 |  | 922688 | 0.8 |
| 586000 | Mexico Government International Bond, 5.850%, 07/02/2032 |  | 608415 | 0.5 |
| 1179000 | Mexico Government International Bond, 6.338%, 05/04/2053 |  | 1150244 | 0.9 |
| 477000 | Mexico Government International Bond, 6.625%, 01/29/2038 |  | 502758 | 0.4 |
| 600000 | Mexico Government International Bond, 6.875%, 05/13/2037 |  | 649200 | 0.5 |
| 227000 | Mexico Government International Bond, 7.375%, 05/13/2055 |  | 250494 | 0.2 |
|  |  |  | **4783839** | **3.9** |
|  | **Morocco: 0.3%** | **Morocco: 0.3%** | **Morocco: 0.3%** | **Morocco: 0.3%** |
| 500000 <sup>(1)</sup> | Morocco Government International Bond, 4.000%, 12/15/2050 |  | 369355 | 0.3 |
|  | **Nigeria: 2.1%** | **Nigeria: 2.1%** | **Nigeria: 2.1%** | **Nigeria: 2.1%** |
| 500000 | Nigeria Government International Bond, 6.500%, 11/28/2027 |  | 502875 | 0.4 |
| 550000 <sup>(1)</sup> | Nigeria Government International Bond, 7.375%, 09/28/2033 |  | 521472 | 0.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Nigeria: (continued)** | **Nigeria: (continued)** | **Nigeria: (continued)** | **Nigeria: (continued)** |
| 300000 | Nigeria Government International Bond, 7.625%, 11/28/2047 | $| 258120 | 0.2 |
| 500000 | Nigeria Government International Bond, 7.696%, 02/23/2038 |  | 464375 | 0.4 |
| 475000 | Nigeria Government International Bond, 7.875%, 02/16/2032 |  | 472672 | 0.4 |
| 300000 | Nigeria Government International Bond, 7.875%, 02/16/2032 |  | 298530 | 0.3 |
|  |  |  | **2518044** | **2.1** |
|  | **Oman: 0.8%** | **Oman: 0.8%** | **Oman: 0.8%** | **Oman: 0.8%** |
| 600000 | Oman Government International Bond, 6.000%, 08/01/2029 |  | 633300 | 0.5 |
| 350000 <sup>(1)</sup> | Oman Government International Bond, 6.500%, 03/08/2047 |  | 379015 | 0.3 |
|  |  |  | **1012315** | **0.8** |
|  | **Pakistan: 0.6%** | **Pakistan: 0.6%** | **Pakistan: 0.6%** | **Pakistan: 0.6%** |
| 200000 | Pakistan Global Sukuk Programme Co. Ltd., 7.950%, 01/31/2029 |  | 203470 | 0.2 |
| 200000 | Pakistan Government International Bond, 6.875%, 12/05/2027 |  | 200100 | 0.2 |
| 200000 | Pakistan Government International Bond, 7.375%, 04/08/2031 |  | 196375 | 0.1 |
| 200000 | Pakistan Government International Bond, 8.875%, 04/08/2051 |  | 185300 | 0.1 |
|  |  |  | **785245** | **0.6** |
|  | **Panama: 2.1%** | **Panama: 2.1%** | **Panama: 2.1%** | **Panama: 2.1%** |
| 300000 | Panama Government International Bond, 4.500%, 04/16/2050 |  | 227400 | 0.2 |
| 575000 | Panama Government International Bond, 4.500%, 04/01/2056 |  | 424206 | 0.3 |
| 550000 | Panama Government International Bond, 4.500%, 01/19/2063 |  | 402669 | 0.3 |
| 500000 | Panama Government International Bond, 6.400%, 02/14/2035 |  | 519500 | 0.4 |
| 550000 | Panama Government International Bond, 6.700%, 01/26/2036 |  | 583451 | 0.5 |
| 410000 | Panama Government International Bond, 7.500%, 03/01/2031 |  | 453460 | 0.4 |
|  |  |  | **2610686** | **2.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Paraguay: 1.4%** | **Paraguay: 1.4%** | **Paraguay: 1.4%** |
| 43000 | Paraguay Government International Bond, 5.000%, 04/15/2026 | $43182 | 0.0 |
| 650000 | Paraguay Government International Bond, 5.600%, 03/13/2048 | 618150 | 0.5 |
| 550000 <sup>(1)</sup> | Paraguay Government International Bond, 5.850%, 08/21/2033 | 581212 | 0.5 |
| 425000 <sup>(1)</sup> | Paraguay Government International Bond, 6.000%, 02/09/2036 | 452838 | 0.4 |
|  |  | **1695382** | **1.4** |
|  | **Peru: 0.2%** | **Peru: 0.2%** | **Peru: 0.2%** |
| 250000 | Peruvian Government International Bond, 5.625%, 11/18/2050 | 246938 | 0.2 |
|  | **Philippines: 0.9%** | **Philippines: 0.9%** | **Philippines: 0.9%** |
| 550000 | Philippine Government International Bond, 5.500%, 01/17/2048 | 563750 | 0.5 |
| 500000 | Philippine Government International Bond, 5.950%, 10/13/2047 | 539073 | 0.4 |
|  |  | **1102823** | **0.9** |
|  | **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** |
| 590000 | Republic of Poland Government International Bond 10Y, 5.375%, 02/12/2035 | 612658 | 0.5 |
| 800000 | Republic of Poland Government International Bond 30Y, 5.500%, 03/18/2054 | 775240 | 0.6 |
|  |  | **1387898** | **1.1** |
|  | **Qatar: 0.6%** | **Qatar: 0.6%** | **Qatar: 0.6%** |
| 550000 <sup>(1)</sup> | Qatar Government International Bond, 4.400%, 04/16/2050 | 493790 | 0.4 |
| 250000 <sup>(1)</sup> | Qatar Government International Bond, 4.817%, 03/14/2049 | 238850 | 0.2 |
|  |  | **732640** | **0.6** |
|  | **Romania: 3.1%** | **Romania: 3.1%** | **Romania: 3.1%** |
| 1250000 <sup>(1)</sup> | Romanian Government International Bond, 3.000%, 02/14/2031 | 1113318 | 0.9 |
| 500000 <sup>(1)</sup> | Romanian Government International Bond, 3.625%, 03/27/2032 | 446250 | 0.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Romania: (continued)** | **Romania: (continued)** | **Romania: (continued)** | **Romania: (continued)** |
| 200000 | Romanian Government International Bond, 4.000%, 02/14/2051 | $| 133924 | 0.1 |
| 300000 | Romanian Government International Bond, 5.125%, 06/15/2048 |  | 242112 | 0.2 |
| 684000 <sup>(1)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 |  | 660488 | 0.5 |
| 618000 <sup>(1)</sup> | Romanian Government International Bond, 6.375%, 01/30/2034 |  | 627909 | 0.5 |
| 300000 | Romanian Government International Bond, 6.375%, 01/30/2034 |  | 304810 | 0.3 |
| 200000 | Romanian Government International Bond, 7.625%, 01/17/2053 |  | 213686 | 0.2 |
|  |  |  | **3742497** | **3.1** |
|  | **Saudi Arabia: 3.1%** | **Saudi Arabia: 3.1%** | **Saudi Arabia: 3.1%** | **Saudi Arabia: 3.1%** |
| 1700000 | Saudi Government International Bond, 3.450%, 02/02/2061 |  | 1116934 | 0.9 |
| 600000 | Saudi Government International Bond, 3.750%, 01/21/2055 |  | 434146 | 0.4 |
| 850000 <sup>(1)</sup> | Saudi Government International Bond, 5.500%, 10/25/2032 |  | 901850 | 0.7 |
| 825000 | Saudi Government International Bond, 5.625%, 01/13/2035 |  | 881327 | 0.7 |
| 500000 | Saudi Government International Bond, 5.750%, 01/16/2054 |  | 502285 | 0.4 |
|  |  |  | **3836542** | **3.1** |
|  | **Senegal: 0.3%** | **Senegal: 0.3%** | **Senegal: 0.3%** | **Senegal: 0.3%** |
| 500000 | Senegal Government International Bond, 6.250%, 05/23/2033 |  | 363440 | 0.3 |
|  | **Serbia: 0.4%** | **Serbia: 0.4%** | **Serbia: 0.4%** | **Serbia: 0.4%** |
| 250000 | Serbia International Bond, 2.125%, 12/01/2030 |  | 218948 | 0.2 |
| 275000 <sup>(1)</sup> | Serbia International Bond, 6.500%, 09/26/2033 |  | 298423 | 0.2 |
|  |  |  | **517371** | **0.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **South Africa: 1.9%** | **South Africa: 1.9%** | **South Africa: 1.9%** |
| 250000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | $261312 | 0.2 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | 457981 | 0.4 |
| 300000 | Republic of South Africa Government International Bond 12Y, 4.300%, 10/12/2028 | 296025 | 0.3 |
| 500000 | Republic of South Africa Government International Bond 30Y, 5.750%, 09/30/2049 | 401730 | 0.3 |
| 600000 | Republic of South Africa Government International Bond 30Y, 6.300%, 06/22/2048 | 518436 | 0.4 |
| 350000 | Republic of South Africa Government International Bond 30Y, 7.300%, 04/20/2052 | 337400 | 0.3 |
|  |  | **2272884** | **1.9** |
|  | **Sri Lanka: 1.2%** | **Sri Lanka: 1.2%** | **Sri Lanka: 1.2%** |
| 202000 <sup>(1)(3)</sup> | Sri Lanka Government International Bond, 3.100% (Step Rate @ 3.350% on 07/15/2027), 01/15/2030 | 189981 | 0.2 |
| 396220 <sup>(1)(3)</sup> | Sri Lanka Government International Bond, 3.350% (Step Rate @ 3.600% on 09/15/2027), 03/15/2033 | 340947 | 0.3 |
| 371514 <sup>(1)(3)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 08/15/2027), 02/15/2038 | 331019 | 0.3 |
| 185679 <sup>(1)(3)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 11/15/2027), 05/15/2036 | 164512 | 0.1 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Sri Lanka: (continued)** | **Sri Lanka: (continued)** | **Sri Lanka: (continued)** | **Sri Lanka: (continued)** |
| 267540 <sup>(1)(3)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 5.100% on 12/15/2027), 06/15/2035 | $| 195839 | 0.2 |
| 185274 <sup>(1)</sup> | Sri Lanka Government International Bond, 4.000%, 04/15/2028 |  | 177840 | 0.1 |
|  |  |  | **1400138** | **1.2** |
|  | **Trinidad and Tobago: 0.3%** | **Trinidad and Tobago: 0.3%** | **Trinidad and Tobago: 0.3%** | **Trinidad and Tobago: 0.3%** |
| 400000 <sup>(1)</sup> | Trinidad & Tobago Government International Bond, 6.400%, 06/26/2034 |  | 408800 | 0.3 |
|  | **Turkey: 3.4%** | **Turkey: 3.4%** | **Turkey: 3.4%** | **Turkey: 3.4%** |
| 1000000 | Turkey Government International Bond, 7.250%, 05/29/2032 |  | 1043250 | 0.9 |
| 300000 | Turkey Government International Bond 10Y, 5.125%, 02/17/2028 |  | 299962 | 0.2 |
| 800000 | Turkey Government International Bond 10Y, 7.625%, 04/26/2029 |  | 851104 | 0.7 |
| 595000 | Turkey Government International Bond 12Y, 6.500%, 09/20/2033 |  | 590947 | 0.5 |
| 550000 | Turkey Government International Bond 30Y, 6.000%, 01/14/2041 |  | 481559 | 0.4 |
| 600000 | Turkey Government International Bond 5Y, 9.875%, 01/15/2028 |  | 659736 | 0.5 |
| 200000 <sup>(1)</sup> | Turkey Ihracat Kredi Bankasi AS, 9.000%, 01/28/2027 |  | 210528 | 0.2 |
|  |  |  | **4137086** | **3.4** |
|  | **Ukraine: 1.4%** | **Ukraine: 1.4%** | **Ukraine: 1.4%** | **Ukraine: 1.4%** |
| 110474 <sup>(1)(3)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 |  | 58275 | 0.1 |
| 412832 <sup>(1)(3)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 |  | 171841 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Ukraine: (continued)** | **Ukraine: (continued)** | **Ukraine: (continued)** | **Ukraine: (continued)** |
| 348869 <sup>(1)(3)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | $| 170074 | 0.1 |
| 290724 <sup>(1)(3)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 |  | 141437 | 0.1 |
| 299400 <sup>(1)(3)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2029 |  | 205089 | 0.2 |
| 618033 <sup>(1)(3)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2034 |  | 347026 | 0.3 |
| 569548 <sup>(1)(3)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2035 |  | 314675 | 0.3 |
| 535466 <sup>(1)(3)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2036 |  | 291829 | 0.2 |
|  |  |  | **1700246** | **1.4** |
|  | **United Arab Emirates: 0.2%** | **United Arab Emirates: 0.2%** | **United Arab Emirates: 0.2%** | **United Arab Emirates: 0.2%** |
| 250000 <sup>(1)</sup> | Finance Department Government of Sharjah, 6.500%, 11/23/2032 |  | 270000 | 0.2 |
|  | **Uruguay: 0.2%** | **Uruguay: 0.2%** | **Uruguay: 0.2%** | **Uruguay: 0.2%** |
| 123334 | Uruguay Government International Bond, 4.375%, 10/27/2027 |  | 124453 | 0.1 |
| 51825 | Uruguay Government International Bond, 4.375%, 01/23/2031 |  | 52577 | 0.1 |
|  |  |  | **177030** | **0.2** |
|  | **Venezuela: 0.4%** | **Venezuela: 0.4%** | **Venezuela: 0.4%** | **Venezuela: 0.4%** |
| 175000 | Venezuela Government International Bond, 7.000%, 03/31/2038 |  | 38762 | 0.0 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Venezuela: (continued)** | **Venezuela: (continued)** | **Venezuela: (continued)** | **Venezuela: (continued)** |
| 550000 <sup>(6)</sup> | Venezuela Government International Bond, 9.250%, 09/15/2027 | $| 135300 | 0.1 |
| 275000 | Venezuela Government International Bond, 9.250%, 05/07/2028 |  | 62975 | 0.1 |
| 200000 | Venezuela Government International Bond, 9.375%, 01/13/2034 |  | 54500 | 0.0 |
| 425000 | Venezuela Government International Bond, 11.750%, 10/21/2026 |  | 103063 | 0.1 |
| 575000 | Venezuela Government International Bond, 11.950%, 08/05/2031 |  | 138000 | 0.1 |
|  |  |  | **532600** | **0.4** |
|  | **Zambia: 0.3%** | **Zambia: 0.3%** | **Zambia: 0.3%** | **Zambia: 0.3%** |
| 189337 <sup>(1)</sup> | Zambia Government International Bond, 0.500%, 12/31/2053 |  | 128973 | 0.1 |
| 179056 <sup>(1)(3)</sup> | Zambia Government International Bond, 5.750% (Step Rate @ 7.500% on 06/30/2031), 06/30/2033 |  | 171641 | 0.2 |
|  |  |  | **300614** | **0.3** |
|  | Total Sovereign Bonds |  |  |  |
|  | (Cost $67,520,528) |  | **73687944** | **60.4** |
| **CORPORATE BONDS/NOTES: 32.1%** | **CORPORATE BONDS/NOTES: 32.1%** | **CORPORATE BONDS/NOTES: 32.1%** | **CORPORATE BONDS/NOTES: 32.1%** | **CORPORATE BONDS/NOTES: 32.1%** |
|  | **Brazil: 1.3%** | **Brazil: 1.3%** | **Brazil: 1.3%** | **Brazil: 1.3%** |
| 500000 <sup>(1)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 |  | 550625 | 0.5 |
| 275000 <sup>(1)</sup> | Nexa Resources SA, 6.600%, 04/08/2037 |  | 283697 | 0.2 |
| 500000 <sup>(1)</sup> | Raizen Fuels Finance SA, 6.250%, 07/08/2032 |  | 489750 | 0.4 |
| 250000 <sup>(1)</sup> | Raizen Fuels Finance SA, 6.700%, 02/25/2037 |  | 241905 | 0.2 |
|  |  |  | **1565977** | **1.3** |
|  | **Chile: 6.7%** | **Chile: 6.7%** | **Chile: 6.7%** | **Chile: 6.7%** |
| 416000 <sup>(1)(4)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 |  | 446420 | 0.4 |
| 708691 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 |  | 728623 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Chile: (continued)** | **Chile: (continued)** | **Chile: (continued)** | **Chile: (continued)** |
| 500000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047 | $| 407500 | 0.3 |
| 250000 | Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033 |  | 251067 | 0.2 |
| 725000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 |  | 761250 | 0.6 |
| 425000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053 |  | 436730 | 0.4 |
| 1350000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 |  | 1441800 | 1.2 |
| 906000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 |  | 973044 | 0.8 |
| 400000 <sup>(1)(2)</sup> | Empresa de Pasajeros Metro S.A., 3.693%, 09/13/2061 |  | 284000 | 0.2 |
| 300000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 4.500%, 09/14/2047 |  | 253200 | 0.2 |
| 900000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 5.950%, 07/30/2034 |  | 946615 | 0.8 |
| 725000 <sup>(1)</sup> | Engie Energia Chile SA, 6.375%, 04/17/2034 |  | 773510 | 0.6 |
| 475000 <sup>(1)(4)</sup> | Inversiones CMPC SA, 6.700%, 12/09/2057 |  | 487044 | 0.4 |
|  |  |  | **8190803** | **6.7** |
|  | **Dominican Republic: 0.3%** | **Dominican Republic: 0.3%** | **Dominican Republic: 0.3%** | **Dominican Republic: 0.3%** |
| 400000 <sup>(1)</sup> | Aeropuertos Dominicanos Siglo XXI SA, 7.000%, 06/30/2034 |  | 421500 | 0.3 |
|  | **Guatemala: 0.5%** | **Guatemala: 0.5%** | **Guatemala: 0.5%** | **Guatemala: 0.5%** |
| 600000 <sup>(1)</sup> | Energuate Trust 2 0, 6.350%, 09/15/2035 |  | 604950 | 0.5 |
|  | **India: 0.2%** | **India: 0.2%** | **India: 0.2%** | **India: 0.2%** |
| 200000 <sup>(1)</sup> | IRB Infrastructure Developers Ltd., 7.110%, 03/11/2032 |  | 207750 | 0.2 |
|  | **Indonesia: 2.7%** | **Indonesia: 2.7%** | **Indonesia: 2.7%** | **Indonesia: 2.7%** |
| 500000 <sup>(1)</sup> | Hutama Karya Persero PT, 3.750%, 05/11/2030 |  | 484668 | 0.4 |
| 300000 <sup>(1)</sup> | Pertamina Persero PT, 3.100%, 01/21/2030 |  | 283875 | 0.2 |
| 550000 | Pertamina Persero PT, 5.625%, 05/20/2043 |  | 542107 | 0.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Indonesia: (continued)** | **Indonesia: (continued)** | **Indonesia: (continued)** | **Indonesia: (continued)** |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030 | $| 514594 | 0.4 |
| 475000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 |  | 473748 | 0.4 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 |  | 548551 | 0.5 |
| 500000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.250%, 01/25/2049 |  | 518075 | 0.4 |
|  |  |  | **3365618** | **2.7** |
|  | **Kazakhstan: 0.4%** | **Kazakhstan: 0.4%** | **Kazakhstan: 0.4%** | **Kazakhstan: 0.4%** |
| 450000 <sup>(1)</sup> | Kaspi.KZ JSC, 6.250%, 03/26/2030 |  | 463028 | 0.4 |
|  | **Malaysia: 1.0%** | **Malaysia: 1.0%** | **Malaysia: 1.0%** | **Malaysia: 1.0%** |
| 300000 | Petronas Capital Ltd., 2.480%, 01/28/2032 |  | 270444 | 0.2 |
| 1050000 <sup>(1)</sup> | Petronas Capital Ltd., 4.800%, 04/21/2060 |  | 957075 | 0.8 |
|  |  |  | **1227519** | **1.0** |
|  | **Mexico: 7.5%** | **Mexico: 7.5%** | **Mexico: 7.5%** | **Mexico: 7.5%** |
| 550000 <sup>(1)</sup> | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025 |  | 550138 | 0.4 |
| 825000 <sup>(1)</sup> | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 5.875%, 05/07/2030 |  | 856523 | 0.7 |
| 650000 <sup>(1)(4)</sup> | Cemex SAB de CV, 7.200%, 12/31/2199 |  | 676260 | 0.6 |
| 575000 <sup>(1)</sup> | CFE Fibra E, 5.875%, 09/23/2040 |  | 578910 | 0.5 |
| 500000 <sup>(1)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 |  | 509375 | 0.4 |
| 700000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 |  | 716142 | 0.6 |
| 975000 <sup>(1)</sup> | Eagle Funding Luxco Sarl, 5.500%, 08/17/2030 |  | 991087 | 0.8 |
| 300000 | Petroleos Mexicanos, 5.500%, 06/27/2044 |  | 231795 | 0.2 |
| 1825000 | Petroleos Mexicanos, 6.500%, 03/13/2027 |  | 1851006 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Mexico: (continued)** | **Mexico: (continued)** | **Mexico: (continued)** | **Mexico: (continued)** |
| 425000 | Petroleos Mexicanos, 6.500%, 01/23/2029 | $| 433288 | 0.4 |
| 960000 | Petroleos Mexicanos, 6.700%, 02/16/2032 |  | 954000 | 0.8 |
| 425000 | Petroleos Mexicanos, 6.750%, 09/21/2047 |  | 352707 | 0.3 |
| 500000 | Petroleos Mexicanos, 6.950%, 01/28/2060 |  | 413475 | 0.3 |
|  |  |  | **9114706** | **7.5** |
|  | **Morocco: 0.8%** | **Morocco: 0.8%** | **Morocco: 0.8%** | **Morocco: 0.8%** |
| 650000 <sup>(1)</sup> | OCP SA, 6.700%, 03/01/2036 |  | 696150 | 0.6 |
| 300000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 |  | 327529 | 0.2 |
|  |  |  | **1023679** | **0.8** |
|  | **Oman: 0.9%** | **Oman: 0.9%** | **Oman: 0.9%** | **Oman: 0.9%** |
| 1100000 <sup>(1)(2)</sup> | OQ SAOC, 5.125%, 05/06/2028 |  | 1112782 | 0.9 |
|  | **Peru: 2.7%** | **Peru: 2.7%** | **Peru: 2.7%** | **Peru: 2.7%** |
| 790000 <sup>(1)(4)</sup> | Banco de Credito del Peru S.A., 6.450%, 07/30/2035 |  | 823575 | 0.6 |
| 400000 <sup>(1)</sup> | Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027 |  | 384632 | 0.3 |
| 650000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 7.750%, 11/05/2038 |  | 715000 | 0.6 |
| 250000 | Petroleos del Peru SA, 4.750%, 06/19/2032 |  | 217938 | 0.2 |
| 800000 <sup>(1)</sup> | Petroleos del Peru SA, 5.625%, 06/19/2047 |  | 593400 | 0.5 |
| 575000 <sup>(1)(2)(4)</sup> | Scotiabank Peru SAA, 6.100%, 10/01/2035 |  | 599115 | 0.5 |
|  |  |  | **3333660** | **2.7** |
|  | **Poland: 1.9%** | **Poland: 1.9%** | **Poland: 1.9%** | **Poland: 1.9%** |
| 675000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 |  | 698200 | 0.6 |
| 925000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | 974441 | 0.8 |
| 650000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 6.250%, 10/31/2028 |  | 689578 | 0.5 |
|  |  |  | **2362219** | **1.9** |
|  | **Qatar: 0.6%** | **Qatar: 0.6%** | **Qatar: 0.6%** | **Qatar: 0.6%** |
| 1000000 <sup>(1)</sup> | QatarEnergy, 3.300%, 07/12/2051 |  | 708189 | 0.6 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** |
| 550000 <sup>(1)</sup> | Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042 | $596811 | 0.5 |
|  | **South Africa: 1.1%** | **South Africa: 1.1%** | **South Africa: 1.1%** |
| 500000 <sup>(1)</sup> | Bidvest Group UK PLC, 6.200%, 09/17/2032 | 503500 | 0.4 |
| 800000 <sup>(1)(2)</sup> | Eskom Holdings SOC Ltd., 6.350%, 08/10/2028 | 825788 | 0.7 |
|  |  | **1329288** | **1.1** |
|  | **Thailand: 0.7%** | **Thailand: 0.7%** | **Thailand: 0.7%** |
| 400000 <sup>(1)(4)</sup> | GC Treasury Center Co. Ltd., 6.500%, 12/31/2199 | 407100 | 0.3 |
| 400000 <sup>(1)(4)</sup> | GC Treasury Center Co. Ltd., 7.125%, 12/31/2199 | 414800 | 0.4 |
|  |  | **821900** | **0.7** |
|  | **Turkey: 0.5%** | **Turkey: 0.5%** | **Turkey: 0.5%** |
| 600000 <sup>(1)</sup> | TC Ziraat Bankasi AS, 7.250%, 02/04/2030 | 615804 | 0.5 |
|  | **United Arab Emirates: 1.4%** | **United Arab Emirates: 1.4%** | **United Arab Emirates: 1.4%** |
| 550000 | DP World Crescent Ltd., 3.875%, 07/18/2029 | 539334 | 0.4 |
| 725000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 4.375%, 11/22/2033 | 717388 | 0.6 |
| 400000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 5.500%, 04/28/2033 | 426960 | 0.4 |
|  |  | **1683682** | **1.4** |
|  | **Venezuela: 0.4%** | **Venezuela: 0.4%** | **Venezuela: 0.4%** |
| 1000000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.000%, 11/17/2021 | 160500 | 0.1 |
| 1750000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.750%, 05/17/2035 | 314125 | 0.3 |
|  |  | **474625** | **0.4** |
|  | Total Corporate Bonds/Notes <br> (Cost $37,145,639) | **39224490** | **32.1** |
| **U.S. TREASURY OBLIGATIONS: 0.4%** | **U.S. TREASURY OBLIGATIONS: 0.4%** | **U.S. TREASURY OBLIGATIONS: 0.4%** | **U.S. TREASURY OBLIGATIONS: 0.4%** |
|  | **United States Treasury Notes: 0.4%** | **United States Treasury Notes: 0.4%** | **United States Treasury Notes: 0.4%** |
| 490700 | 3.875%, 09/30/2032 | 489128 | 0.4 |
|  | Total U.S. Treasury Obligations <br> (Cost $488,247) | **489128** | **0.4** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** | **United States Treasury Notes: (continued)** |
|  | Total Long-Term Investments <br> (Cost $105,154,414) | **$** | **113401562** | **92.9** |
| **SHORT-TERM INVESTMENTS: 9.6%** | **SHORT-TERM INVESTMENTS: 9.6%** | **SHORT-TERM INVESTMENTS: 9.6%** | **SHORT-TERM INVESTMENTS: 9.6%** | **SHORT-TERM INVESTMENTS: 9.6%** |
|  | **Commercial Paper: 6.0%** | **Commercial Paper: 6.0%** | **Commercial Paper: 6.0%** | **Commercial Paper: 6.0%** |
| 1500000 | Agilent Technologies, 4.290%, 10/02/2025 |  | 1499647 | 1.3 |
| 1200000 | Automatic Data Processing., 4.160%, 10/01/2025 |  | 1199863 | 1 |
| 1000000 | Bekshire Hathway., 4.340%, 10/10/2025 |  | 998813 | 0.8 |
| 1518000 | Concord Minutemen Capital Co. LLC, 4.180%, 10/02/2025 |  | 1517653 | 1.3 |
| 1000000 | Dominion Resources, Inc., 4.330%, 10/16/2025 |  | 998105 | 0.8 |
| 1000000 | Fiserv, Inc., 4.310%, 10/02/2025 |  | 999764 | 0.8 |
|  | Total Commercial Paper <br> (Cost $7,214,728) |  | **7213845** | **6.0** |
|  | **Repurchase Agreements: 2.7%** | **Repurchase Agreements: 2.7%** | **Repurchase Agreements: 2.7%** | **Repurchase Agreements: 2.7%** |
| 27998 <sup>(7)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $28,001, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $28,558, due 11/15/41-05/15/54) |  | 27998 | 0 |
| 1000000 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $1,000,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.500%, Market Value plus accrued interest $1,020,012, due 08/27/27-09/01/55) |  | 1000000 | 0.8 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(7)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 09/30/2025, 4.220%, due 10/01/2025 (Repurchase Amount $1,000,116, collateralized by various U.S. Government Agency Obligations, 1.923%-6.500%, Market Value plus accrued interest $1,020,000, due 08/01/32-06/01/64) | $1000000 | 0.8 |
| 99035 <sup>(7)</sup> | J.P. Morgan Securities LLC, Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $99,046, collateralized by various U.S. Government Securities, 4.125%-4.500%, Market Value plus accrued interest $101,016, due 12/31/31-05/31/32) | 99035 | 0.1 |
| 24570 <sup>(7)</sup> | Mizuho Securities USA LLC, Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $24,573, collateralized by various U.S. Government Securities, 0.750%-4.375%, Market Value plus accrued interest $25,061, due 05/31/26-09/30/32) | 24570 | 0.0 |
| 136924 <sup>(7)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $136,940, collateralized by various U.S. Government Securities, 0.000%-6.625%, Market Value plus accrued interest $139,663, due 11/18/25-08/15/55) | 136924 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1000000 <sup>(7)</sup> | Nomura Securities International, Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $1,000,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,020,000, due 11/01/25-09/01/55) | $1000000 | 0.8 |
| 44070 <sup>(7)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $44,075, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $44,951, due 10/23/25-08/15/55) | 44070 | 0.1 |
|  | Total Repurchase Agreements<br> (Cost $3,332,597) | **3332597** | **2.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.9%** | |  |
| 1120000 <sup>(8)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.050% <br> (Cost $1,120,000) | $**1120000** | **0.9** |
|  | Total Short-Term Investments<br> (Cost $11,667,325) | **11666442** | **9.6** |
|  | **Total Investments in Securities <br> (Cost $116,821,739)** | $**125068004** | **102.5** |
|  | **Liabilities in Excess of Other Assets** | **(3050919)** | **(2.5)** |
|  | **Net Assets** | $**122017085** | **100.0** |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of September 30, 2025. |
| <sup>(4)</sup> | Variable rate security. Rate shown is the rate in effect as of September 30, 2025. |
| <sup>(5)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of September 30, 2025. |
| <sup>(6)</sup> | Defaulted security. |
| <sup>(7)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(8)</sup> | Rate shown is the 7-day yield as of September 30, 2025. |

---

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Sovereign Bonds | 60.4% |
| Energy | 10.4 |
| Financial | 6.8 |
| Basic Materials | 5.6 |
| Utilities | 5.1 |
| Consumer, Non-cyclical | 2.1 |
| Industrial | 1.3 |
| Government | 0.8 |
| U.S. Treasury Obligations | 0.4 |
| Short-Term Investments | 9.6 |
| Liabilities in Excess of Other Assets | (2.5) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of September 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Fair Value**<br>**at**<br>**September 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Sovereign Bonds | $— | $73687944 | $— | $73687944 |
| Corporate Bonds/Notes |  | 39224490 |  | 39224490 |
| U.S. Treasury Obligations |  | 489128 |  | 489128 |
| Short-Term Investments | 1120000 | 10546442 |  | 11666442 |
| Total Investments, at fair value | $1120000 | $123948004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $125068004 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1374 |  |  | 1374 |
| Total Assets | $1121374 | $123948004 | $— | $125069378 |
| **Liabilities Table Other Financial Instruments+** |  |  |  |  |
| Futures | $(13197) | $— | $— | $(13197) |
| Total Liabilities | $(13197) | $— | $— | $(13197) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At September 30, 2025, the following futures contracts were outstanding for Voya VACS Series EMHCD Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 47 | 12/31/25 | $9794727 | $(3411) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 20 | 12/19/25 | 2250000 | (2275) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 13 | 12/19/25 | 1560812 | (451) |
|  |  |  | $13605539 | $(6137) |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (38) | 12/31/25 | (4149422) | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (25) | 12/19/25 | (2876953) | (7060) |
|  |  |  | $(7026375) | $(5686) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $1374 |
| **Total Asset Derivatives** |  | $1374 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $13197 |
| **Total Liability Derivatives** |  | $13197 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements.

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(212386) |
| **Total** | $(212386) |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $43057 |
| **Total** | $43057 |

---

At September 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $116,757,340.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $8708010 |
| Gross Unrealized Depreciation | (409169) |
| Net Unrealized Appreciation | $8298841 |

---

See Accompanying Notes to Financial Statements.

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 96.7%** | **CORPORATE BONDS/NOTES: 96.7%** | **CORPORATE BONDS/NOTES: 96.7%** | **CORPORATE BONDS/NOTES: 96.7%** |
|  | **Basic Materials: 4.9%** |  |  |
| 1300000 <sup>(1)</sup> | Avient Corp., 6.250%, 11/01/2031 | $1321155 | 0.4 |
| 600000 <sup>(1)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | 628482 | 0.2 |
| 765000 <sup>(1)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | 725430 | 0.2 |
| 750000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 773167 | 0.3 |
| 770000 | Celanese US Holdings LLC, 6.665%, 07/15/2027 | 790394 | 0.3 |
| 770000 <sup>(1)</sup> | Chemours Co., 5.750%, 11/15/2028 | 751751 | 0.2 |
| 900000 <sup>(1)</sup> | Chemours Co., 8.000%, 01/15/2033 | 895859 | 0.3 |
| 1455000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 1403047 | 0.5 |
| 925000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 7.625%, 01/15/2034 | 953731 | 0.3 |
| 1250000 <sup>(1)</sup> | Constellium SE, 5.625%, 06/15/2028 | 1249128 | 0.4 |
| 1995000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 2091235 | 0.7 |
| 510000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 537761 | 0.2 |
| 785000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 716327 | 0.2 |
| 455000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 439889 | 0.1 |
| 845000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 768819 | 0.2 |
| 700000 <sup>(1)</sup> | Olin Corp., 5.000%, 02/01/2030 | 684384 | 0.2 |
| 480000 <sup>(2)</sup> | SPCM SA, 3.125%, 03/15/2027 | 468382 | 0.2 |
|  |  | **15198941** | **4.9** |
|  | **Communications: 9.5%** |  |  |
| 1205000 <sup>(1)</sup> | Arches Buyer, Inc., 4.250%, 06/01/2028 | 1181877 | 0.4 |
| 225000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | 194667 | 0.1 |
| 2385000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | 2254051 | 0.7 |
| 2065000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 1880577 | 0.6 |
| 1940000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 1922919 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | |
|  | **Communications: (continued)** |  |  |
| 660000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | $656093 | 0.2 |
| 230000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 229876 | 0.1 |
| 555000 <sup>(1)</sup> | CommScope, Inc., 4.750%, 09/01/2029 | 552131 | 0.2 |
| 1010000 <sup>(1)</sup> | Connect Finco Sarl / Connect US Finco LLC, 9.000%, 09/15/2029 | 1063181 | 0.3 |
| 1500000 <sup>(1)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | 1483457 | 0.5 |
| 642000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | 641764 | 0.2 |
| 865000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 841365 | 0.3 |
| 950000 <sup>(1)</sup> | Gray Media, Inc., 9.625%, 07/15/2032 | 971387 | 0.3 |
| 1015000 | Lamar Media Corp., 4.000%, 02/15/2030 | 972620 | 0.3 |
| 1040000 <sup>(1)</sup> | Level 3 Financing, Inc., 4.000%, 04/15/2031 | 899350 | 0.3 |
| 365000 <sup>(1)</sup> | Level 3 Financing, Inc., 4.875%, 06/15/2029 | 344961 | 0.1 |
| 950000 <sup>(1)</sup> | Level 3 Financing, Inc., 6.875%, 06/30/2033 | 969014 | 0.3 |
| 1745000 <sup>(1)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | 1715752 | 0.6 |
| 1230000 <sup>(1)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 1183194 | 0.4 |
| 220000 <sup>(1)</sup> | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | 217179 | 0.1 |
| 2880000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | 2868503 | 0.9 |
| 1380000 <sup>(1)</sup> | Snap, Inc., 6.875%, 03/15/2034 | 1400191 | 0.5 |
| 1370000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 1331988 | 0.4 |
| 690000 <sup>(1)</sup> | Viavi Solutions, Inc., 3.750%, 10/01/2029 | 652947 | 0.2 |
| 1390000 <sup>(1)</sup> | Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028 | 1362777 | 0.4 |
| 400000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 | 376749 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** |  |  |
| 1285000 <sup>(1)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 | $1332097 | 0.4 |
|  |  | **29500667** | **9.5** |
|  | **Consumer, Cyclical: 18.7%** |  |  |
| 1300000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | 1330949 | 0.4 |
| 600000 <sup>(1)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 | 621741 | 0.2 |
| 540000 <sup>(1)(2)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | 566766 | 0.2 |
| 830000 <sup>(1)</sup> | Advance Auto Parts, Inc., 7.000%, 08/01/2030 | 854575 | 0.3 |
| 665000 <sup>(1)</sup> | Advance Auto Parts, Inc., 7.375%, 08/01/2033 | 686283 | 0.2 |
| 1215000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 | 1226029 | 0.4 |
| 995000 <sup>(1)(2)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 | 1020164 | 0.3 |
| 98750 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | 98877 | 0.0 |
| 975000 <sup>(1)</sup> | American Axle & Manufacturing, Inc., 7.750%, 10/15/2033 | 983210 | 0.3 |
| 1680000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 1731243 | 0.6 |
| 1035000 <sup>(1)(2)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | 990350 | 0.3 |
| 1635000 <sup>(1)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | 1682811 | 0.5 |
| 1300000 <sup>(1)</sup> | Carnival Corp., 5.750%, 08/01/2032 | 1324606 | 0.4 |
| 925000 <sup>(1)</sup> | Carnival Corp., 6.000%, 05/01/2029 | 939399 | 0.3 |
| 1055000 <sup>(1)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 1097409 | 0.4 |
| 1250000 <sup>(1)</sup> | Clarios Global L.P. / Clarios US Finance Co., 6.750%, 09/15/2032 | 1278481 | 0.4 |
| 735000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 808350 | 0.3 |
| 635000 <sup>(1)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 594939 | 0.2 |
| 835000 <sup>(1)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 762866 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 865000 <sup>(1)</sup> | Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032 | $908080 | 0.3 |
| 935000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 971372 | 0.3 |
| 1190000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 1208379 | 0.4 |
| 385000 <sup>(1)</sup> | Group 1 Automotive, Inc., 4.000%, 08/15/2028 | 374467 | 0.1 |
| 1155000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 1183770 | 0.4 |
| 1195000 <sup>(1)(2)</sup> | Hanesbrands, Inc., 9.000%, 02/15/2031 | 1266459 | 0.4 |
| 445000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.750%, 09/15/2033 | 451263 | 0.1 |
| 500000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | 510673 | 0.2 |
| 980000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 03/15/2033 | 1001081 | 0.3 |
| 796000 <sup>(1)</sup> | Installed Building Products, Inc., 5.750%, 02/01/2028 | 795382 | 0.3 |
| 990000 <sup>(1)</sup> | Interface, Inc., 5.500%, 12/01/2028 | 989224 | 0.3 |
| 1485000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 1479392 | 0.5 |
| 1025000 <sup>(1)</sup> | Light & Wonder International, Inc., 6.250%, 10/01/2033 | 1027429 | 0.3 |
| 580000 <sup>(1)</sup> | Light & Wonder International, Inc., 7.500%, 09/01/2031 | 603628 | 0.2 |
| 270000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 237055 | 0.1 |
| 119000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 5.875%, 03/15/2030 | 119062 | 0.0 |
| 765000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 766867 | 0.2 |
| 510000 | MGM Resorts International, 4.750%, 10/15/2028 | 506377 | 0.2 |
| 565000 | MGM Resorts International, 6.500%, 04/15/2032 | 575972 | 0.2 |
| 980000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 967686 | 0.3 |
| 160000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 160291 | 0.1 |
| 975000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 01/15/2031 | 975666 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 1370000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | $1409808 | 0.5 |
| 630000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 640559 | 0.2 |
| 740000 | Newell Brands, Inc., 6.625%, 05/15/2032 | 732162 | 0.2 |
| 550000 <sup>(1)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 583130 | 0.2 |
| 1040000 <sup>(2)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 1082572 | 0.4 |
| 1215000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 1130464 | 0.4 |
| 1245000 <sup>(1)</sup> | SeaWorld Parks & Entertainment, Inc., 5.250%, 08/15/2029 | 1225134 | 0.4 |
| 1560000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 | 1534845 | 0.5 |
| 845000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 775007 | 0.3 |
| 605000 <sup>(1)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 581482 | 0.2 |
| 760000 <sup>(1)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 761935 | 0.2 |
| 1145000 <sup>(1)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 1094612 | 0.4 |
| 1360000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 | 1361420 | 0.4 |
| 1220000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 10/15/2033 | 1222381 | 0.4 |
| 400000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 | 402285 | 0.1 |
| 1020000 <sup>(1)</sup> | Voyager Parent LLC, 9.250%, 07/01/2032 | 1079323 | 0.4 |
| 3500000 <sup>(2)</sup> | Warnermedia Holdings, Inc., 4.279%, 03/15/2032 | 3211250 | 1 |
| 555000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 | 556080 | 0.2 |
| 1195000 <sup>(1)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 | 1214329 | 0.4 |
| 1595000 | Yum! Brands, Inc., 3.625%, 03/15/2031 | 1491408 | 0.5 |
|  |  | **57768809** | **18.7** |
|  | **Consumer, Non-cyclical: 19.0%** |  |  |
| 1185000 <sup>(1)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | 1176020 | 0.4 |
| 660000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 626393 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 1365000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | $1366589 | 0.4 |
| 430000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.250%, 03/15/2033 | 440415 | 0.1 |
| 1315000 <sup>(1)</sup> | Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.000%, 05/21/2030 | 1363392 | 0.4 |
| 500000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | 490729 | 0.2 |
| 1155000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | 1133098 | 0.4 |
| 420000 <sup>(1)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 406367 | 0.1 |
| 450000 <sup>(1)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 441866 | 0.1 |
| 294000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.750%, 07/15/2027 | 293764 | 0.1 |
| 1325000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | 1371799 | 0.4 |
| 1115000 <sup>(1)</sup> | Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 | 1163433 | 0.4 |
| 1090000 <sup>(1)</sup> | BellRing Brands, Inc., 7.000%, 03/15/2030 | 1126849 | 0.4 |
| 935000 <sup>(1)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 948033 | 0.3 |
| 760000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 782780 | 0.3 |
| 285000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 296692 | 0.1 |
| 720000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 651995 | 0.2 |
| 360000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 6.000%, 01/15/2029 | 349765 | 0.1 |
| 850000 <sup>(1)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 848100 | 0.3 |
| 1185000 <sup>(1)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | 1231964 | 0.4 |
| 1090000 <sup>(1)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 1143820 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 875000 <sup>(1)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | $802032 | 0.3 |
| 1380000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 1323695 | 0.4 |
| 450000 <sup>(1)</sup> | DaVita, Inc., 6.750%, 07/15/2033 | 464417 | 0.1 |
| 1215000 <sup>(1)(2)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 1151722 | 0.4 |
| 1405000 <sup>(1)</sup> | EquipmentShare. com, Inc., 8.000%, 03/15/2033 | 1502854 | 0.5 |
| 1300000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 1373616 | 0.4 |
| 170000 <sup>(1)</sup> | Garda World Security Corp., 4.625%, 02/15/2027 | 168863 | 0.1 |
| 1025000 <sup>(1)</sup> | Global Medical Response, Inc., 7.375%, 10/01/2032 | 1055683 | 0.3 |
| 472000 <sup>(1)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 472346 | 0.2 |
| 1140000 <sup>(1)</sup> | Herc Holdings, Inc., 7.000%, 06/15/2030 | 1185077 | 0.4 |
| 590000 <sup>(1)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 | 616371 | 0.2 |
| 1205000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 1253841 | 0.4 |
| 1200000 <sup>(1)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | 1170092 | 0.4 |
| 405000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 431989 | 0.1 |
| 1565000 <sup>(1)</sup> | LifePoint Health, Inc., 9.875%, 08/15/2030 | 1696754 | 0.5 |
| 2815000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 2792742 | 0.9 |
| 1500000 <sup>(1)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 1315266 | 0.4 |
| 200000 <sup>(1)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 6.750%, 05/15/2034 | 192027 | 0.1 |
| 760000 | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 765727 | 0.2 |
| 1285000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 1240240 | 0.4 |
| 430000 <sup>(1)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 434654 | 0.1 |
| 660000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 667794 | 0.2 |
| 735000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.250%, 04/01/2029 | 735462 | 0.2 |
| 1300000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 1339218 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 1190000 <sup>(1)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | $1191605 | 0.4 |
| 610000 <sup>(2)</sup> | Service Corp. International, 5.125%, 06/01/2029 | 611483 | 0.2 |
| 680000 | Service Corp. International, 5.750%, 10/15/2032 | 689743 | 0.2 |
| 1245000 <sup>(1)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 | 1288085 | 0.4 |
| 1580000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029 | 1517098 | 0.5 |
| 1115000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 1172164 | 0.4 |
| 815000 <sup>(1)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | 862631 | 0.3 |
| 850000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 849163 | 0.3 |
| 1425000 | Tenet Healthcare Corp., 6.125%, 10/01/2028 | 1427036 | 0.5 |
| 1705000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 1728882 | 0.6 |
| 720000 <sup>(1)</sup> | United Natural Foods, Inc., 6.750%, 10/15/2028 | 722175 | 0.2 |
| 910000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 908009 | 0.3 |
| 160000 | United Rentals North America, Inc., 5.500%, 05/15/2027 | 160139 | 0.1 |
| 330000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 | 343554 | 0.1 |
| 760000 <sup>(1)</sup> | US Foods, Inc., 5.750%, 04/15/2033 | 765880 | 0.2 |
| 1050000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 1107120 | 0.4 |
| 410000 <sup>(1)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 403479 | 0.1 |
| 1095000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1128102 | 0.4 |
| 240000 <sup>(1)</sup> | Williams Scotsman, Inc., 7.375%, 10/01/2031 | 250792 | 0.1 |
|  |  | **58933485** | **19.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: 11.2%** | **Energy: 11.2%** | **Energy: 11.2%** |
| 770000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | $767744 | 0.3 |
| 965000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 967044 | 0.3 |
| 79000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | 79062 | 0.0 |
| 1640000 <sup>(1)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | 1637895 | 0.5 |
| 1380000 <sup>(1)(2)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 1419950 | 0.5 |
| 915000 <sup>(1)(2)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 | 938571 | 0.3 |
| 1270000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 1262098 | 0.4 |
| 745000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | 748455 | 0.2 |
| 955000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 996590 | 0.3 |
| 425000 <sup>(1)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | 431909 | 0.1 |
| 1250000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 | 1277095 | 0.4 |
| 1150000 <sup>(1)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 1213778 | 0.4 |
| 385000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 09/01/2028 | 389440 | 0.1 |
| 370000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 05/15/2032 | 379183 | 0.1 |
| 545000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.500%, 10/15/2030 | 549349 | 0.2 |
| 660000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.875%, 03/01/2028 | 673203 | 0.2 |
| 530000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | 522817 | 0.2 |
| 245000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | 236869 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 535000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.250%, 04/15/2032 | $513621 | 0.2 |
| 160000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.875%, 05/15/2034 | 154366 | 0.1 |
| 535000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 555755 | 0.2 |
| 1565000 <sup>(1)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 1575276 | 0.5 |
| 1205000 <sup>(1)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 1251254 | 0.4 |
| 1055000 <sup>(1)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 | 1091234 | 0.4 |
| 910000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 931181 | 0.3 |
| 895000 <sup>(1)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 | 899677 | 0.3 |
| 405000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 412845 | 0.1 |
| 415000 | SM Energy Co., 6.625%, 01/15/2027 | 415175 | 0.1 |
| 250000 <sup>(1)</sup> | SM Energy Co., 7.000%, 08/01/2032 | 250375 | 0.1 |
| 1625000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 1634282 | 0.5 |
| 1050000 <sup>(1)</sup> | Sunoco L.P., 5.875%, 03/15/2034 | 1041565 | 0.3 |
| 1015000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 | 978061 | 0.3 |
| 410000 <sup>(1)</sup> | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 6.000%, 03/01/2027 | 410160 | 0.1 |
| 975000 | Transocean International Ltd., 7.875%, 10/15/2032 | 983063 | 0.3 |
| 204750 <sup>(1)</sup> | Transocean Poseidon Ltd., 6.875%, 02/01/2027 | 205161 | 0.1 |
| 125476 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | 128902 | 0.0 |
| 1400000 <sup>(1)(2)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 | 1449686 | 0.5 |
| 1500000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 | 1553655 | 0.5 |
| 1565000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 1644307 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 1050000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.500%, 01/15/2034 | $1105947 | 0.4 |
| 1045000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.750%, 01/15/2036 | 1110628 | 0.4 |
|  |  | **34787228** | **11.2** |
|  | **Financial: 11.8%** |  |  |
| 300000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 6.750%, 07/01/2032 | 309151 | 0.1 |
| 1420000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 1480393 | 0.5 |
| 750000 <sup>(1)</sup> | AG Issuer LLC, 6.250%, 03/01/2028 | 752012 | 0.2 |
| 2235000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 2287931 | 0.7 |
| 295000 | Ally Financial, Inc., 5.750%, 11/20/2025 | 295183 | 0.1 |
| 670000 <sup>(2)</sup> | Ally Financial, Inc., 6.700%, 02/14/2033 | 698292 | 0.2 |
| 1400000 <sup>(1)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 1408496 | 0.5 |
| 1345000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 1378427 | 0.4 |
| 380000 <sup>(1)</sup> | Freedom Mortgage Corp., 6.625%, 01/15/2027 | 379477 | 0.1 |
| 750000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 837290 | 0.3 |
| 955000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 1001776 | 0.3 |
| 1760000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 1769975 | 0.6 |
| 2010000 <sup>(1)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 1989120 | 0.6 |
| 610000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 622667 | 0.2 |
| 410000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 4.500%, 11/15/2029 | 400597 | 0.1 |
| 1530000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | 1551893 | 0.5 |
| 825000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 778586 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 780000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | $775262 | 0.3 |
| 405000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 405000 | 0.1 |
| 1060000 | Navient Corp., 4.875%, 03/15/2028 | 1040103 | 0.3 |
| 1770000 | OneMain Finance Corp., 5.375%, 11/15/2029 | 1751402 | 0.6 |
| 945000 | OneMain Finance Corp., 6.500%, 03/15/2033 | 947674 | 0.3 |
| 100000 | OneMain Finance Corp., 7.125%, 03/15/2026 | 100977 | 0.0 |
| 1760000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 1831840 | 0.6 |
| 1480000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 1526907 | 0.5 |
| 955000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | 987338 | 0.3 |
| 955000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 | 1014202 | 0.3 |
| 1030000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 | 957371 | 0.3 |
| 550000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 04/01/2032 | 565859 | 0.2 |
| 530000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 06/15/2033 | 546199 | 0.2 |
| 955000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | 985913 | 0.3 |
| 220000 <sup>(1)</sup> | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | 217959 | 0.1 |
| 1350000 <sup>(1)</sup> | Rocket Cos., Inc., 6.125%, 08/01/2030 | 1386524 | 0.5 |
| 1700000 <sup>(1)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 | 1756719 | 0.6 |
| 640000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 662489 | 0.2 |
| 1090000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 1128056 | 0.4 |
|  |  | **36529060** | **11.8** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: 13.7%** |  |  |
| 840000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | $865317 | 0.3 |
| 1060000 <sup>(1)</sup> | AmeriTex HoldCo Intermediate LLC, 7.625%, 08/15/2033 | 1104238 | 0.4 |
| 710000 <sup>(1)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 | 729355 | 0.2 |
| 800000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 836254 | 0.3 |
| 950000 <sup>(1)</sup> | Bombardier, Inc., 6.750%, 06/15/2033 | 992568 | 0.3 |
| 855000 <sup>(1)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 | 892316 | 0.3 |
| 1185000 <sup>(1)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032 | 1198279 | 0.4 |
| 1765000 <sup>(1)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 | 1826018 | 0.6 |
| 1090000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 1084192 | 0.4 |
| 1380000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 1437939 | 0.5 |
| 1060000 <sup>(1)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 1086393 | 0.4 |
| 1580000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 1622020 | 0.5 |
| 730000 <sup>(1)</sup> | Crown Americas LLC, 5.875%, 06/01/2033 | 738016 | 0.2 |
| 1830000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 1883434 | 0.6 |
| 925000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.750%, 06/15/2028 | 910228 | 0.3 |
| 915000 <sup>(1)(2)</sup> | Energizer Holdings, Inc., 6.000%, 09/15/2033 | 896036 | 0.3 |
| 1330000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | 1331382 | 0.4 |
| 430000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | 433088 | 0.1 |
| 670000 <sup>(1)</sup> | GFL Environmental, Inc., 4.000%, 08/01/2028 | 654755 | 0.2 |
| 918000 <sup>(1)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 896417 | 0.3 |
| 475000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 467141 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 685000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | $725395 | 0.2 |
| 585000 <sup>(1)</sup> | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | 587049 | 0.2 |
| 1505000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 1465117 | 0.5 |
| 130000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, | 129870 | 0.0 |
| 1225000 <sup>(1)</sup> | 05/13/2027 Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 1248552 | 0.4 |
| 2095000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 2171727 | 0.7 |
| 685000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 | 672825 | 0.2 |
| 695000 <sup>(1)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | 705145 | 0.2 |
| 1305000 <sup>(1)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 1205538 | 0.4 |
| 1605000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 1696377 | 0.6 |
| 815000 <sup>(1)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 | 738747 | 0.2 |
| 1130000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 1084155 | 0.4 |
| 1205000 <sup>(1)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 | 1269898 | 0.4 |
| 765000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | 779930 | 0.3 |
| 745000 <sup>(1)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 | 753912 | 0.2 |
| 355000 <sup>(1)</sup> | TransDigm, Inc., 6.250%, 01/31/2034 | 365353 | 0.1 |
| 630000 <sup>(1)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 638658 | 0.2 |
| 1185000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 1221492 | 0.4 |
| 1035000 <sup>(1)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 1070888 | 0.3 |
| 935000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 970808 | 0.3 |
| 1050000 <sup>(1)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | 1029038 | 0.3 |
| 60000 <sup>(1)</sup> | WESCO Distribution, Inc., 6.375%, 03/15/2033 | 62240 | 0.0 |
|  |  | **42478100** | **13.7** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: 5.2%** | **Technology: 5.2%** | **Technology: 5.2%** |
| 995000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | $1033965 | 0.3 |
| 995000 <sup>(1)</sup> | CACI International, Inc., 6.375%, 06/15/2033 | 1027637 | 0.3 |
| 2265000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 2287923 | 0.7 |
| 1035000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.625%, 08/15/2033 | 1054654 | 0.4 |
| 1200000 <sup>(1)</sup> | CoreWeave, Inc., 9.250%, 06/01/2030 | 1240805 | 0.4 |
| 720000 <sup>(1)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 730969 | 0.2 |
| 625000 <sup>(1)</sup> | Entegris, Inc., 3.625%, 05/01/2029 | 594734 | 0.2 |
| 600000 <sup>(1)</sup> | Fair Isaac Corp., 6.000%, 05/15/2033 | 608966 | 0.2 |
| 1095000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 1147879 | 0.4 |
| 1025000 <sup>(1)</sup> | McAfee Corp., 7.375%, 02/15/2030 | 951975 | 0.3 |
| 1035000 <sup>(1)</sup> | NCR Atleos Escrow Corp., 9.500%, 04/01/2029 | 1121171 | 0.4 |
| 570000 <sup>(1)</sup> | Open Text Corp., 3.875%, 12/01/2029 | 539482 | 0.2 |
| 1145000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 1086086 | 0.4 |
| 1110000 <sup>(1)(2)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 1020129 | 0.3 |
| 1430000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 1476604 | 0.5 |
|  |  | **15922979** | **5.2** |
|  | **Utilities: 2.7%** |  |  |
| 995000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 1027835 | 0.3 |
| 360000 <sup>(1)</sup> | Calpine Corp., 4.500%, 02/15/2028 | 358721 | 0.1 |
| 771000 <sup>(1)</sup> | Calpine Corp., 5.000%, 02/01/2031 | 769228 | 0.3 |
| 675000 <sup>(1)</sup> | Calpine Corp., 5.125%, 03/15/2028 | 675844 | 0.2 |
| 1090000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 1154791 | 0.4 |
| 885000 <sup>(1)</sup> | NRG Energy, Inc., 3.625%, 02/15/2031 | 818943 | 0.3 |
| 300000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 304898 | 0.1 |
| 365000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 | 374386 | 0.1 |
| 690000 | TransAlta Corp., 7.750%, 11/15/2029 | 717973 | 0.2 |
| 345000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 | 338030 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |
| 435000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 | $434987 | 0.2 |
| 225000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | 225305 | 0.1 |
| 990000 <sup>(1)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 | 1048328 | 0.3 |
|  |  | **8249269** | **2.7** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $293,387,114) | **299368538** | **96.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $293,387,114) | **299368538** | **96.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 6.1%** | **SHORT-TERM INVESTMENTS: 6.1%** | **SHORT-TERM INVESTMENTS: 6.1%** | **SHORT-TERM INVESTMENTS: 6.1%** |
|  | **Commercial Paper: 2.1%** |  |  |
| 1000000 | Automatic Data Processing., 4.160%, 10/01/2025 | 999886 | 0.3 |
| 2000000 | Concord Minutemen Capital Co. LLC, 4.180%, 10/01/2025 | 1999771 | 0.7 |
| 2000000 | Entergy Corp., 4.270%, 10/01/2025 | 1999766 | 0.6 |
| 1500000 | Fiserv, Inc., 4.310%, 10/02/2025 | 1499645 | 0.5 |
|  | Total Commercial Paper |  |  |
|  | (Cost $6,499,824) | **6499068** | **2.1** |
|  | **Repurchase Agreements: 3.2%** |  |  |
| 2648428 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $2,648,733, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.500%, Market Value plus accrued interest $2,701,429, due 08/27/27-09/01/55) | 2648428 | 0.9 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 111996 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $112,009, collateralized by various U.S. Government Securities, 0.000%-4.000%, Market Value plus accrued interest $114,236, due 07/15/26-08/15/54) | $111996 | 0.0 |
| 2648428 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 09/30/2025, 4.220%, due 10/01/2025 (Repurchase Amount $2,648,734, collateralized by various U.S. Government Agency Obligations, 1.923%-6.500%, Market Value plus accrued interest $2,701,397, due 08/01/32-06/01/64) | 2648428 | 0.9 |
| 210998 <sup>(3)</sup> | J.P. Morgan Securities LLC, Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $211,022, collateralized by various U.S. Government Securities, 4.125%-4.500%, Market Value plus accrued interest $215,218, due 12/31/31-05/31/32) | 210998 | 0.1 |
| 291719 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $291,752, collateralized by various U.S. Government Securities, 0.000%-6.625%, Market Value plus accrued interest $297,553, due 11/18/25-08/15/55) | 291719 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1327623 <sup>(3)</sup> | Nomura Securities International, Inc., Repurchase Agreement dated 09/30/2025, 4.210%, due 10/01/2025 (Repurchase Amount $1,327,776, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,354,175, due 11/01/25-09/01/55) | $1327623 | 0.4 |
| 2545521 <sup>(3)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/2025, 4.200%, due 10/01/2025 (Repurchase Amount $2,545,814, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.625%-7.000%, Market Value plus accrued interest $2,596,432, due 01/15/29-10/01/55) | 2545521 | 0.8 |
| 93892 <sup>(3)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 09/30/2025, 4.190%, due 10/01/2025 (Repurchase Amount $93,903, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $95,770, due 10/23/25-08/15/55) | 93892 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $9,878,605) | **9878605** | **3.2** |
|  | **Time Deposits: 0.6%** |  |  |
| 280000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.090%, 10/01/2025 | 280000 | 0.1 |
| 260000 <sup>(3)</sup> | DZ Bank AG, 4.080%, 10/01/2025 | 260000 | 0.0 |
| 260000 <sup>(3)</sup> | HSBC BANK PLC, 4.130%, 10/01/2025 | 260000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Time Deposits (continued)** |  |  |
| 270000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.100%, 10/01/2025 | $270000 | 0.1 |
| 280000 <sup>(3)</sup> | Mizuho Bank Ltd., 4.100%, 10/01/2025 | 280000 | 0.1 |
| 280000 <sup>(3)</sup> | Royal Bank of Canada, 4.140%, 10/01/2025 | 280000 | 0.1 |
| 280000 <sup>(3)</sup> | Societe Generale S.A., 4.090%, 10/01/2025 | 280000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,910,000) | **1910000** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.2%** |  |  |
| 597000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.050% |  |  |
|  | (Cost $597,000) | $**597000** | **0.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $18,885,429) | **18884673** | **6.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $312,272,543)** | $**318253211** | **102.8** |
|  | **Liabilities in Excess of Other Assets** | **(8705599)** | **(2.8)** |
|  | **Net Assets** | $**309547612** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of September 30, 2025.

See Accompanying Notes to Financial Statements

Voya VACS SERIES HYB Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**September 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $299368538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $299368538 |
| Short-Term Investments | 597000 | 18287673 |  | 18884673 |
| Total Investments, at fair value | $597000 | $317656211 | $— | $318253211 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At September 30, 2025, the aggregate cost of securities and other investments for federal income tax purposes was the same as for financial statement purposes. The composition of unrealized appreciation and depreciation of securities and other investments was:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $312,283,487. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $6093314 |
| Gross Unrealized Depreciation | (123590) |
| Net Unrealized Appreciation | $5969724 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 37.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 37.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 37.4%** |  |
| 422109 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.625%, 01/25/2045 | $339930 | 0.2 |
| 270059 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.753%, 03/25/2046 | 256784 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 861102 | 0.5 |
| 451722 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 437624 | 0.2 |
| 548652 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.481%, 11/25/2051 | 473023 | 0.3 |
| 576774 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.395%, 12/25/2051 | 484425 | 0.3 |
| 703902 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.384%, 10/25/2051 | 595907 | 0.3 |
| 320778 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.217%, 11/25/2035 | 172463 | 0.1 |
| 1053181 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | 1051972 | 0.6 |
| 341017 <sup>(1)(2)</sup> | CIM Trust 2021-J1 A19, 2.500%, 03/25/2051 | 281289 | 0.1 |
| 413340 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.861%, 09/25/2051 | 340983 | 0.2 |
| 986420 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-CMI1 B2, 6.410%, 06/25/2054 | 998801 | 0.5 |
| 864767 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-1 A1, 0.910%, 06/25/2066 | 752235 | 0.4 |
| 873330 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.121%, (SOFR30A + 3.764%), 02/25/2040 | 905722 | 0.5 |
| 1054019 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.506%, (SOFR30A + 3.150%), 12/25/2041 | 1079963 | 0.6 |
| 602296 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 469099 | 0.3 |
| 974299 <sup>(1)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 949746 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 602296 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.471%, (SOFR30A + 3.114%), 01/25/2040 | $616339 | 0.3 |
| 301148 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.656%, (SOFR30A + 3.300%), 11/25/2041 | 307275 | 0.2 |
| 1761717 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.906%, (SOFR30A + 5.550%), 01/25/2043 | 1909706 | 1 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.106%, (SOFR30A + 4.750%), 06/25/2043 | 537631 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 6.006%, (SOFR30A + 1.650%), 05/25/2044 | 1003439 | 0.5 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.306%, (SOFR30A + 1.950%), 02/25/2045 | 501994 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R03 2M2, 6.606%, (SOFR30A + 2.250%), 03/25/2045 | 1018314 | 0.5 |
| 377084 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.133%, 07/25/2048 | 348693 | 0.2 |
| 1324240 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.173%, 03/25/2050 | 1223304 | 0.7 |
| 660008 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.173%, 03/25/2050 | 605135 | 0.3 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.106%, (SOFR30A + 3.750%), 12/25/2041 | 1545824 | 0.8 |
| 3011482 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.756%, (SOFR30A + 3.400%), 01/25/2042 | 3083325 | 1.7 |
| 2845850 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.106%, (SOFR30A + 4.750%), 02/25/2042 | 2966599 | 1.6 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 8.106%, (SOFR30A + 3.750%), 02/25/2042 | $1551188 | 0.8 |
| 400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.156%, (SOFR30A + 1.800%), 08/25/2044 | 402472 | 0.2 |
| 476407 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.604%, 08/25/2052 | 449267 | 0.2 |
| 589441 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.610%, 05/25/2050 | 522323 | 0.3 |
| 920150 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.971%, 03/25/2050 | 855289 | 0.5 |
| 788363 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.971%, 03/25/2050 | 730912 | 0.4 |
| 1196931 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022- PJ5 B3, 2.982%, 10/25/2052 | 1002611 | 0.5 |
| 722377 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054 | 732862 | 0.4 |
| 1404240 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024- INV1 B3, 6.612%, 02/25/2055 | 1428273 | 0.8 |
| 1100000 <sup>(1)</sup> | GS Mortgage-Backed Securities Trust 2025- PJ6 A14, 5.500%, 11/25/2055 | 1093104 | 0.6 |
| 685583 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.319%, 12/25/2051 | 585560 | 0.3 |
| 451722 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 362533 | 0.2 |
| 604180 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.692%, (TSFR1M + 0.534%), 02/25/2046 | 461304 | 0.2 |
| 195895 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.606%, 06/25/2049 | 188565 | 0.1 |
| 411010 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 337327 | 0.2 |
| 470428 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.087%, 07/25/2052 | 383063 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 1115209 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.284%, 11/25/2052 | $929120 | 0.5 |
| 758274 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.611%, 07/25/2053 | 723233 | 0.4 |
| 277666 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.687%, 01/25/2044 | 239534 | 0.1 |
| 834759 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.446%, 01/25/2047 | 749145 | 0.4 |
| 342839 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.874%, 11/25/2048 | 317192 | 0.2 |
| 349947 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.778%, 12/25/2048 | 318341 | 0.2 |
| 371603 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.706%, 09/25/2048 | 339409 | 0.2 |
| 526533 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.706%, 09/25/2048 | 480915 | 0.3 |
| 540319 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 498044 | 0.3 |
| 761422 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.203%, 02/25/2050 | 677086 | 0.4 |
| 767549 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.393%, 03/25/2050 | 687274 | 0.4 |
| 802482 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 4.946%, 10/25/2049 | 812821 | 0.4 |
| 438455 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.925%, 09/25/2049 | 429434 | 0.2 |
| 925061 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.351%, 05/25/2050 | 862415 | 0.5 |
| 399439 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.678%, 12/25/2049 | 388624 | 0.2 |
| 399439 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.678%, 12/25/2049 | 387642 | 0.2 |
| 656442 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.335%, 03/25/2050 | 613427 | 0.3 |
| 659491 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.574%, 12/25/2050 | 591102 | 0.3 |
| 389857 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.488%, 03/25/2051 | 343688 | 0.2 |
| 315759 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 259796 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 971526 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.294%, 05/25/2054 | $966080 | 0.5 |
| 831809 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 844283 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A5A, 5.500%, 04/25/2055 | 998786 | 0.5 |
| 459187 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 461679 | 0.2 |
| 1100000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 1121065 | 0.6 |
| 192639 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.662%, 12/25/2044 | 188923 | 0.1 |
| 537006 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.251%, 10/25/2048 | 515248 | 0.3 |
| 1050706 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 847655 | 0.5 |
| 542067 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.701%, 09/25/2057 | 505581 | 0.3 |
| 372437 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 364860 | 0.2 |
| 1144363 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.706%, (SOFR30A + 3.350%), 04/25/2034 | 1163768 | 0.6 |
| 372837 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 307884 | 0.2 |
| 1052049 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.968%, 10/25/2051 | 867261 | 0.5 |
| 948822 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 920070 | 0.5 |
| 525623 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 477388 | 0.3 |
| 444508 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.551%, 02/25/2047 | 419787 | 0.2 |
| 343700 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.260%, 06/25/2049 | 323018 | 0.2 |
| 440439 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.802%, 08/25/2049 | 435640 | 0.2 |
| 798798 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.500%, 09/25/2049 | 768539 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 470389 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.500%, 09/25/2049 | $450653 | 0.2 |
| 654137 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.633%, 03/25/2050 | 585264 | 0.3 |
| 526333 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.304%, 04/25/2050 | 458477 | 0.2 |
| 685673 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.864%, 11/25/2051 | 574266 | 0.3 |
| 601735 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.131%, 01/25/2053 | 570060 | 0.3 |
| 608274 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 6.000%, 03/25/2054 | 614005 | 0.3 |
| 997018 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-6 B3, 6.223%, 07/25/2055 | 976079 | 0.5 |
| 312431 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.618%, 10/25/2047 | 290945 | 0.2 |
| 199418 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 | 186552 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 807101 | 0.4 |
| 602296 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 | 569884 | 0.3 |
| 1071274 <sup>(2)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 | 227319 | 0.1 |
| 331263 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.905%, 11/25/2057 | 330150 | 0.2 |
| 546075 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV1 B1, 3.150%, 08/25/2051 | 466575 | 0.2 |
| 414705 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.214%, 12/25/2051 | 341035 | 0.2 |
| 1356015 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.227%, 01/25/2052 | 1138086 | 0.6 |
| 243986 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 | 215057 | 0.1 |
| 556354 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.363%, 12/25/2049 | 490700 | 0.3 |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $65,191,531) | **69643264** | **37.4** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.9%** |
| 1000000 <sup>(1)(2)</sup> | 1345T 2025-AOA A, 5.750%, (TSFR1M + 1.600%), 06/15/2042 | $1004076 | 0.5 |
| 776962 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | 622351 | 0.3 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 6.098%, (TSFR1M + 1.947%), 12/15/2036 | 488453 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR B, 7.069%, 12/10/2041 | 1043807 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF A, 6.001%, (TSFR1M + 1.850%), 02/15/2042 | 1003017 | 0.5 |
| 6369284 <sup>(1)(2)(3)</sup> | BANK 2017-BNK8 XE, 1.427%, 11/15/2050 | 157658 | 0.1 |
| 15793102 <sup>(2)(3)</sup> | BANK 2020-BN27 XA, 1.261%, 04/15/2063 | 630948 | 0.3 |
| 5156958 <sup>(2)(3)</sup> | BANK 2020-BN30 XA, 1.366%, 12/15/2053 | 254129 | 0.1 |
| 900000 <sup>(2)</sup> | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 C, 4.352%, 02/15/2050 | 875623 | 0.5 |
| 12827031 <sup>(2)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.661%, 08/15/2052 | 574761 | 0.3 |
| 5710974 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051 | 201844 | 0.1 |
| 4989959 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.380%, 03/15/2062 | 181151 | 0.1 |
| 4489366 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B14 XD, 1.403%, 12/15/2062 | 216118 | 0.1 |
| 5535229 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.853%, 07/15/2053 | 287648 | 0.2 |
| 4751313 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.613%, 01/15/2054 | 301699 | 0.2 |
| 10231413 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.190%, 04/15/2054 | 424762 | 0.2 |
| 1000000 | Benchmark Mortgage Trust 2025-V17 A3, 5.075%, 09/15/2058 | 1025369 | 0.6 |
| 1008846 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052 | 835295 | 0.5 |
| 2537173 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.357%, 05/25/2052 | 2158075 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2024-BOCA B, 6.490%, (TSFR1M + 2.340%), 08/15/2041 | $1006890 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BSPRT Issuer LLC 2025-FL12 A, 5.486%, (TSFR1M + 1.386%), 01/17/2043 | 998424 | 0.5 |
| 723659 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 6.096%, (TSFR1M + 1.946%), 04/15/2034 | 713283 | 0.4 |
| 728846 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.665%, (TSFR1M + 2.514%), 09/15/2036 | 727958 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2022-CSMO B, 7.291%, (TSFR1M + 3.141%), 06/15/2027 | 1012290 | 0.5 |
| 537007 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023-XL3 D, 7.739%, (TSFR1M + 3.589%), 12/09/2040 | 539482 | 0.3 |
| 1240459 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIRC B, 6.291%, (TSFR1M + 2.141%), 08/15/2039 | 1246160 | 0.7 |
| 872522 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-GPA3 A, 5.443%, (TSFR1M + 1.293%), 12/15/2039 | 875723 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA C, 5.910%, (TSFR1M + 1.760%), 10/15/2036 | 1000136 | 0.5 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 5.964%, (TSFR1M + 1.814%), 10/15/2036 | 498395 | 0.3 |
| 289103 <sup>(1)(2)</sup> | BX Trust 2021-RISE C, 5.714%, (TSFR1M + 1.564%), 11/15/2036 | 288872 | 0.2 |
| 1159970 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.651%, (TSFR1M + 1.501%), 09/15/2034 | 1155420 | 0.6 |
| 955585 <sup>(1)(2)</sup> | BX Trust 2025-LUNR A, 5.650%, (TSFR1M + 1.500%), 06/15/2040 | 958801 | 0.5 |
| 5106639 <sup>(2)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.524%, 08/15/2057 | 207429 | 0.1 |
| 6220215 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.394%, 09/15/2050 | 129264 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | $510124 | 0.3 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 508572 | 0.3 |
| 1250000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 6.900%, (TSFR1M + 2.750%), 03/15/2034 | 1254893 | 0.7 |
| 1250000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH A, 5.450%, (TSFR1M + 1.300%), 10/15/2042 | 1257031 | 0.7 |
| 1000000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU A, 5.600%, (TSFR1M + 1.450%), 12/15/2039 | 1001677 | 0.5 |
| 3885032 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.093%, 08/25/2036 | 289177 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.519%, (TSFR1M + 1.385%), 08/19/2042 | 1001778 | 0.5 |
| 2235423 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 2011942 | 1.1 |
| 3147000 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050 | 2801479 | 1.5 |
| 29453 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 29027 | 0 |
| 1178694 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 1131233 | 0.6 |
| 653492 <sup>(1)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 501901 | 0.3 |
| 542067 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 329586 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | GSAT Trust 2025-BMF A, 5.650%, (TSFR1M + 1.500%), 07/15/2040 | 1001500 | 0.5 |
| 600000 <sup>(1)(2)</sup> | HYT Commercial Mortgage Trust 2024-RGCY B, 6.491%, (TSFR1M + 2.341%), 09/15/2041 | 601953 | 0.3 |
| 881000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.400%, (TSFR1M + 2.250%), 03/15/2042 | 881262 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1315383 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019- ICON E, 5.394%, 01/05/2034 | $1294926 | 0.7 |
| 1145816 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024- HT2 A, 5.693%, (TSFR1M + 1.542%), 12/15/2039 | 1147134 | 0.6 |
| 289161 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 8.339%, (TSFR1M + 4.188%), 03/15/2036 | 282186 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 6.284%, (TSFR1M + 2.141%), 08/17/2042 | 993515 | 0.5 |
| 1250000 <sup>(1)(2)</sup> | MAD Commercial Mortgage Trust 2025- 11MD A, 4.754%, 10/15/2042 | 1248120 | 0.7 |
| 360000 <sup>(1)(2)</sup> | MHC Trust 2021-MHC2 E, 6.214%, (TSFR1M + 2.064%), 05/15/2038 | 360661 | 0.2 |
| 1000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 B, 4.039%, 05/15/2049 | 958675 | 0.5 |
| 4684360 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XD, 1.729%, 12/15/2050 | 139389 | 0.1 |
| 11054665 <sup>(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XA, 1.366%, 07/15/2052 | 424291 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS A, 5.643%, (TSFR1M + 1.493%), 12/15/2039 | 1001715 | 0.5 |
| 221985 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | 218867 | 0.1 |
| 3011482 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 2849077 | 1.5 |
| 1000000 <sup>(1)(2)</sup> | PRM Trust 2025-PRM6 A, 4.630%, 07/05/2033 | 997364 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 A, 4.620%, 03/10/2033 | 997863 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.337%, 11/08/2049 | 1921585 | 1 |
| 1897233 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 1707901 | 0.9 |
| 1000000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.852%, 03/15/2037 | 834921 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.593%, (TSFR1M + 1.443%), 02/15/2042 | $| 996223 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE B, 5.992%, (TSFR1M + 1.842%), 11/15/2041 |  | 1003223 | 0.5 |
| 861000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.171%, 12/15/2059 |  | 792818 | 0.4 |
| 9187429 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.996%, 10/15/2050 |  | 106915 | 0.1 |
| 6014802 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.617%, 08/15/2054 |  | 378834 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP A, 6.492%, (TSFR1M + 2.341%), 04/15/2038 |  | 1005152 | 0.5 |
| 850000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT B, 5.675%, 03/15/2038 |  | 854950 | 0.5 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $57,101,193) |  | **61274751** | **32.9** |
| **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** |
|  | **Other Asset-Backed Securities: 18.1%** | **Other Asset-Backed Securities: 18.1%** | **Other Asset-Backed Securities: 18.1%** | **Other Asset-Backed Securities: 18.1%** |
| 300000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 6.425%, (TSFR3M + 2.100%), 01/20/2038 |  | 301292 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | AMMC CLO 30 Ltd. 2024-30A C, 6.968%, (TSFR3M + 2.650%), 01/15/2037 |  | 1004348 | 0.5 |
| 730000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.637%, (TSFR3M + 2.312%), 10/20/2030 |  | 731413 | 0.4 |
| 815100 <sup>(1)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 |  | 787894 | 0.4 |
| 500000 <sup>(1)(2)</sup> | Balboa Bay Loan Funding Ltd. 2022-1A CR, 6.625%, (TSFR3M + 2.300%), 04/20/2037 |  | 501853 | 0.3 |
| 550000 <sup>(1)(2)</sup> | Birch Grove CLO 3 Ltd. 2021-3A CR, 6.125%, (TSFR3M + 1.800%), 01/19/2038 |  | 551626 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 500000 <sup>(1)(2)</sup> | BlueMountain CLO XXXIII Ltd. 2021-33A BR, 0.010%, (TSFR3M + 1.700%), 10/20/2038 | $500625 | 0.3 |
| 600000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 609101 | 0.3 |
| 800000 <sup>(1)(2)</sup> | Cedar Funding V CLO Ltd. 2016-5A CR, 6.684%, (TSFR3M + 2.362%), 07/17/2031 | 801396 | 0.4 |
| 750000 <sup>(1)</sup> | Cherry Securitization Trust 2025-1A A, 6.130%, 11/15/2032 | 762740 | 0.4 |
| 537427 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 497264 | 0.3 |
| 750000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 6.322%, (TSFR3M + 2.000%), 07/17/2037 | 754402 | 0.4 |
| 1050000 <sup>(1)(2)</sup> | Galaxy 31 Clo Ltd. 2023-31A CR, 6.311%, (TSFR3M + 2.000%), 07/15/2038 | 1055626 | 0.6 |
| 662745 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 671679 | 0.3 |
| 420851 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 318141 | 0.2 |
| 334899 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 302325 | 0.2 |
| 203270 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 191227 | 0.1 |
| 261132 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 227264 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.595%, (TSFR3M + 2.270%), 07/20/2037 | 1506889 | 0.8 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.825%, (TSFR3M + 2.500%), 04/20/2037 | 251321 | 0.1 |
| 450000 <sup>(1)(2)</sup> | Octagon Investment Partners XVI Ltd. 2013-1A CR, 6.434%, (TSFR3M + 2.112%), 07/17/2030 | 450595 | 0.2 |
| 592426 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2024-11 B, 5.637%, 07/15/2032 | 596851 | 0.3 |
| 649945 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 657476 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 800000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.818%, (TSFR3M + 2.500%), 04/16/2037 | $804810 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A BR, 6.375%, (TSFR3M + 2.050%), 07/20/2036 | 1001685 | 0.5 |
| 1050000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.880%, (TSFR3M + 2.562%), 04/25/2034 | 1051700 | 0.6 |
| 500000 <sup>(1)(2)</sup> | Sound Point CLO XXXII Ltd. 2021-4A C, 6.730%, (TSFR3M + 2.412%), 10/25/2034 | 500864 | 0.3 |
| 487720 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 440834 | 0.2 |
| 1976613 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 1458826 | 0.8 |
| 371907 <sup>(1)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 331646 | 0.2 |
| 1039157 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 875140 | 0.5 |
| 897519 <sup>(1)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 859255 | 0.5 |
| 707982 <sup>(1)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 | 698404 | 0.4 |
| 1870969 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 1797514 | 1 |
| 342567 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 325378 | 0.2 |
| 431970 <sup>(1)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 | 394692 | 0.2 |
| 1850000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 | 1883446 | 1 |
| 557603 <sup>(1)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 | 514730 | 0.3 |
| 333280 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.859%, (TSFR3M + 2.542%), 07/15/2031 | 333752 | 0.2 |
| 350000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 6.318%, (TSFR3M + 2.000%), 04/15/2032 | 350907 | 0.2 |
| 569751 <sup>(1)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 | 526897 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 416600 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.541%, (TSFR3M + 2.212%), 07/18/2031 | $| 416914 | 0.2 |
| 1712154 <sup>(1)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 |  | 1654813 | 0.9 |
| 1650000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 1711009 | 0.9 |
| 1893619 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 1788693 | 0.9 |
|  |  |  | **33755257** | **18.1** |
|  | **Student Loan Asset-Backed Securities: 3.6%** | **Student Loan Asset-Backed Securities: 3.6%** | **Student Loan Asset-Backed Securities: 3.6%** | **Student Loan Asset-Backed Securities: 3.6%** |
| 296337 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 |  | 291866 | 0.1 |
| 1080103 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |  | 1045545 | 0.6 |
| 790000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |  | 682280 | 0.4 |
| 1205000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 |  | 1166645 | 0.6 |
| 602000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 |  | 583709 | 0.3 |
| 632000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 |  | 611709 | 0.3 |
| 1521000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 |  | 1262812 | 0.7 |
| 1235000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 |  | 1058215 | 0.6 |
|  |  |  | **6702781** | **3.6** |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $39,106,166) |  | **40458038** | **21.7** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $161,398,890) |  | **171376053** | **92.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** |
|  | **Commercial Paper: 8.8%** | **Commercial Paper: 8.8%** | **Commercial Paper: 8.8%** |
| 1000000 | Agilent Technologies, 4.290%, 10/02/2025 | $999765 | 0.5 |
| 1000000 | Automatic Data Processing., 4.160%, 10/01/2025 | 999886 | 0.5 |
| 1000000 | Bekshire Hathway., 4.340%, 10/10/2025 | 998813 | 0.5 |
| 2000000 | Concord Minutemen Capital Co. LLC, 4.180%, 10/02/2025 | 1999542 | 1.1 |
| 1000000 | Dominion Resources, Inc., 4.330%, 10/15/2025 | 998224 | 0.5 |
| 1000000 | Dominion Resources, Inc., 4.330%, 10/16/2025 | 998105 | 0.5 |
| 2000000 | Entergy Corp., 4.270%, 10/01/2025 | 1999766 | 1.1 |
| 2000000 | Fiserv, Inc., 4.310%, 10/02/2025 | 1999528 | 1.1 |
| 1000000 | Fiserv, Inc., 4.360%, 10/10/2025 | 998808 | 0.5 |
| 2000000 | Kellanova, 4.370%, 10/24/2025 | 1994270 | 1.1 |
| 2000000 | Sherwin-Williams Co., 4.290%, 10/20/2025 | 1995311 | 1.1 |
| 545000 | Toyota Motor Credit Corp., 4.160%, 10/14/2025 | 544131 | 0.3 |
|  | Total Commercial Paper |  |  |
|  | (Cost $16,528,293) | **16526149** | **8.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.3%** |  |  |
| 546000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.050% |  |  |
|  | (Cost $546,000) | $**546000** | **0.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $17,074,293) | **17072149** | **9.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $178,473,183)** | $**188448202** | **101.1** |
|  | **Liabilities in Excess of Other Assets** | **(2097038)** | **(1.1)** |
|  | **Net Assets** | $**186351164** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualifiied institutional buyers. |
| <sup>(2)</sup> | Variable rate security. Rate shown is the rate in effect as of September 30, 2025. |
| <sup>(3)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(4)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of September 30, 2025. |

---

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate

TSFR1M 1-month CME Term Secured Overnight Financing Rate

TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**September 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $69643264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $69643264 |
| Commercial Mortgage-Backed Securities |  | 61274751 |  | 61274751 |
| Asset-Backed Securities |  | 40458038 |  | 40458038 |
| Short-Term Investments | 546000 | 16526149 |  | 17072149 |
| Total Investments, at fair value | $546000 | $187902202 | $— | $188448202 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 19068 |  |  | 19068 |
| Total Assets | $565068 | $187902202 | $— | $188467270 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(64282) | $— | $— | $(64282) |
| Total Liabilities | $(64282) | $— | $— | $(64282) |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At September 30, 2025, the following futures contracts were outstanding for Voya VACS Series SC Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized<br> Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 163 | 12/31/25 | $33968945 | $(6682) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 28 | 12/31/25 | 3057469 | (708) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 53 | 12/19/25 | 5962500 | 16929 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 1 | 12/19/25 | 116594 | 2139 |
|  |  |  | $43105508 | $11678 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (16) | 12/19/25 | (1841250) | (8776) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (17) | 12/19/25 | (2041063) | (48116) |
|  |  |  | $(3882313) | $(56892) |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $19068 |
| **Total Asset Derivatives** |  | $19068 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $64282 |
| **Total Liability Derivatives** |  | $64282 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of September 30, 2025 (Unaudited) (continued) <br>    

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $293729 |
| **Total** | $293729 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(396116) |
| **Total** | $(396116) |

---

At September 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $178,824,086. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $9899331 |
| Gross Unrealized Depreciation | (320429) |
| Net Unrealized Appreciation | $9578902 |

---

See Accompanying Notes to Financial Statements

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---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Placement Agent** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.**

**220646 (0925)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The Trustees' Fees and Expenses are included in the financial statements filed under item 7. Aggregate amount of $16,946 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibits.** 

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2530932d2_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm2530932d2_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2530932d2_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2530932d2_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Separate Portfolios Trust

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: December 9, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: December 9, 2025

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: December 9, 2025

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Separate Portfolios Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 9, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Separate Portfolios Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 9, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust

Date of Form N-CSR: September 30, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Separate Portfolios Trust and will be retained by Voya Separate Portfolios Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9<sup>th</sup> day of December, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust

Date of Form N-CSR: September 30, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Separate Portfolios Trust and will be retained by Voya Separate Portfolios Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9<sup>th</sup> day of December, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---