# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-26-070991
**Filing Date:** 2026-6
**Character Count:** 610169
**Document Hash:** 623d1761c2006f50c04b61cc2a1ce749
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-070991.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001104659-26-070991

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22025
- **FILM NUMBER:** 261069418

**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 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: **March 31, 2026**

**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 Securitized Credit Fund](#classname607993cc-d577-4341-949c-c25edf456a04)<br> **[Class A - VCFAX](#classname607993cc-d577-4341-949c-c25edf456a04)**  |
|  [Voya Securitized Credit Fund](#classnamefd8a931f-36ed-4dc5-ac8f-3b57186f2ab6)<br> **[Class I - VCFIX](#classnamefd8a931f-36ed-4dc5-ac8f-3b57186f2ab6)**  |
|  [Voya Securitized Credit Fund](#classname42b96512-2138-4f6a-8564-fc6b54867744)<br> **[Class R6 - VCFRX](#classname42b96512-2138-4f6a-8564-fc6b54867744)**  |
|  [Voya Securitized Credit Fund](#classname4368381e-1dce-49a1-90a6-7b4106673425)<br> **[Class W - VSCWX](#classname4368381e-1dce-49a1-90a6-7b4106673425)**  |
|  [Voya VACS Series EMHCD Fund](#classname93f72dec-8940-4124-bd45-77ec06d1708f)<br> **[Portfolio - VVIQX](#classname93f72dec-8940-4124-bd45-77ec06d1708f)**  |
|  [Voya VACS Series SC Fund](#classname07d6f4f8-8654-46ed-9c4a-6941a92a8924)<br> **[Portfolio - VVIRX](#classname07d6f4f8-8654-46ed-9c4a-6941a92a8924)**  |

---

#### Class A: VCFAX
![Image](tm269275d2_tsrimg011.jpg)

# Voya Securitized Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to March 31, 2026. 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $103 | 1.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund underperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to sector allocation. Security selection and duration positioning contributed to return over the period.

↑ Top contributors to performance: Security selection was the primary contributor, led by the Fund's exposure to below investment-grade tranches of commercial mortgage-backed securities (CMBS). Security selection within asset-backed securities (ABS) also added value, driven by allocations to collateralized loan obligations (CLOs). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest positive contributor from a sector-allocation perspective. Lastly, the Fund maintained an underweight in duration, which proved beneficial given elevated interest-rate volatility during the period.

↓ Top detractors from performance: Sector allocation detracted from performance, reflecting the underweight in Agency mortgage-backed securities (MBS) & overweight to securitized credit sectors. Agency MBS were the leading contributor to excess returns within the Bloomberg Securitized Index. On a stand-alone basis, all sectors detracted from returns except non-agency RMBS.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **2016** | $9755 | $10000 | $10000 | $10000 |
| **2017** | $10334 | $10594 | $10044 | $10022 |
| **2018** | $10984 | $11260 | $10165 | $10101 |
| **2019** | $11496 | $11786 | $10620 | $10554 |
| **2020** | $10371 | $10632 | $11568 | $11281 |
| **2021** | $11796 | $12092 | $11650 | $11315 |
| **2022** | $11882 | $12181 | $11167 | $10765 |
| **2023** | $11484 | $11773 | $10633 | $10256 |
| **2024** | $12452 | $12765 | $10814 | $10421 |
| **2025** | $13479 | $13818 | $11341 | $10990 |
| **2026** | $14188 | $14545 | $11835 | $11622 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.58% | 3.23% | 3.56% |
| Class A - Excluding Sales Charge | 5.25% | 3.76% | 3.82% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.75% | 0.54% | 1.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$945,636,849

* # of Portfolio Holdings607

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$5,002,713

## 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, 6.222%, 04/15/37 | 0.8% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.062%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.7% |
| Freddie Mac STACR REMIC Trust - Class B1, 8.412%, 02/25/42 | 0.7% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 5.619%, 07/22/38 | 0.7% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Palmetto Issuer LLC - Class A, 5.980%, 04/30/61 | 0.7% |
| TruPS Financials Note Securitization - Class A1, 5.423%, 01/15/38 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.9% |
| Asset-Backed Securities | 24.9% |
| Commercial Mortgage-Backed Securities | 33.5% |
| Collateralized Mortgage Obligations | 35.7% |

---

## 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](tm269275d2_tsrimg009.jpg)

# Voya Securitized Credit Fund
92913M740-AR

#### Class I: VCFIX
![Image](tm269275d2_tsrimg011.jpg)

# Voya Securitized Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to March 31, 2026. 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $70 | 0.68% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund underperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to sector allocation. Security selection and duration positioning contributed to return over the period.

↑ Top contributors to performance: Security selection was the primary contributor, led by the Fund's exposure to below investment-grade tranches of commercial mortgage-backed securities (CMBS). Security selection within asset-backed securities (ABS) also added value, driven by allocations to collateralized loan obligations (CLOs). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest positive contributor from a sector-allocation perspective. Lastly, the Fund maintained an underweight in duration, which proved beneficial given elevated interest-rate volatility during the period.

↓ Top detractors from performance: Sector allocation detracted from performance, reflecting the underweight in Agency mortgage-backed securities (MBS) & overweight to securitized credit sectors. Agency MBS were the leading contributor to excess returns within the Bloomberg Securitized Index. On a stand-alone basis, all sectors detracted from returns except non-agency RMBS.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **2016** | $250000 | $250000 | $250000 |
| **2017** | $265731 | $251100 | $250550 |
| **2018** | $283136 | $254113 | $252529 |
| **2019** | $296924 | $265497 | $263843 |
| **2020** | $268762 | $289206 | $282021 |
| **2021** | $306624 | $291260 | $282867 |
| **2022** | $310188 | $279172 | $269120 |
| **2023** | $300801 | $265828 | $256391 |
| **2024** | $327176 | $270342 | $260518 |
| **2025** | $355268 | $283533 | $274745 |
| **2026** | $375123 | $295863 | $290540 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.59% | 4.12% | 4.14% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.75% | 0.54% | 1.51% |

---

## Fund Statistics
* Total Net Assets$945,636,849

* # of Portfolio Holdings607

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$5,002,713

## 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, 6.222%, 04/15/37 | 0.8% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.062%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.7% |
| Freddie Mac STACR REMIC Trust - Class B1, 8.412%, 02/25/42 | 0.7% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 5.619%, 07/22/38 | 0.7% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Palmetto Issuer LLC - Class A, 5.980%, 04/30/61 | 0.7% |
| TruPS Financials Note Securitization - Class A1, 5.423%, 01/15/38 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.9% |
| Asset-Backed Securities | 24.9% |
| Commercial Mortgage-Backed Securities | 33.5% |
| Collateralized Mortgage Obligations | 35.7% |

---

## 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](tm269275d2_tsrimg009.jpg)

# Voya Securitized Credit Fund
92913M732-AR

#### Class R6: VCFRX
![Image](tm269275d2_tsrimg011.jpg)

# Voya Securitized Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to March 31, 2026. 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $68 | 0.66% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund underperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to sector allocation. Security selection and duration positioning contributed to return over the period.

↑ Top contributors to performance: Security selection was the primary contributor, led by the Fund's exposure to below investment-grade tranches of commercial mortgage-backed securities (CMBS). Security selection within asset-backed securities (ABS) also added value, driven by allocations to collateralized loan obligations (CLOs). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest positive contributor from a sector-allocation perspective. Lastly, the Fund maintained an underweight in duration, which proved beneficial given elevated interest-rate volatility during the period.

↓ Top detractors from performance: Sector allocation detracted from performance, reflecting the underweight in Agency mortgage-backed securities (MBS) & overweight to securitized credit sectors. Agency MBS were the leading contributor to excess returns within the Bloomberg Securitized Index. On a stand-alone basis, all sectors detracted from returns except non-agency RMBS.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **7/31/2020** | $1000000 | $1000000 | $1000000 |
| **2021** | $1059110 | $964357 | $991019 |
| **2022** | $1069246 | $924336 | $942855 |
| **2023** | $1036958 | $880153 | $898258 |
| **2024** | $1127917 | $895097 | $912717 |
| **2025** | $1224782 | $938774 | $962561 |
| **2026** | $1293238 | $979597 | $1017898 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (7/31/2020)** |
| Class R6 | 5.59% | 4.08% | 4.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | -0.36% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.75% | 0.54% | 0.31% |

---

## Fund Statistics
* Total Net Assets$945,636,849

* # of Portfolio Holdings607

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$5,002,713

## 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, 6.222%, 04/15/37 | 0.8% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.062%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.7% |
| Freddie Mac STACR REMIC Trust - Class B1, 8.412%, 02/25/42 | 0.7% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 5.619%, 07/22/38 | 0.7% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Palmetto Issuer LLC - Class A, 5.980%, 04/30/61 | 0.7% |
| TruPS Financials Note Securitization - Class A1, 5.423%, 01/15/38 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.9% |
| Asset-Backed Securities | 24.9% |
| Commercial Mortgage-Backed Securities | 33.5% |
| Collateralized Mortgage Obligations | 35.7% |

---

## 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](tm269275d2_tsrimg009.jpg)

# Voya Securitized Credit Fund
92913M112-AR

#### Class W: VSCWX
![Image](tm269275d2_tsrimg011.jpg)

# Voya Securitized Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2025 to March 31, 2026. 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $77 | 0.75% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund underperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to sector allocation. Security selection and duration positioning contributed to return over the period.

↑ Top contributors to performance: Security selection was the primary contributor, led by the Fund's exposure to below investment-grade tranches of commercial mortgage-backed securities (CMBS). Security selection within asset-backed securities (ABS) also added value, driven by allocations to collateralized loan obligations (CLOs). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest positive contributor from a sector-allocation perspective. Lastly, the Fund maintained an underweight in duration, which proved beneficial given elevated interest-rate volatility during the period.

↓ Top detractors from performance: Sector allocation detracted from performance, reflecting the underweight in Agency mortgage-backed securities (MBS) & overweight to securitized credit sectors. Agency MBS were the leading contributor to excess returns within the Bloomberg Securitized Index. On a stand-alone basis, all sectors detracted from returns except non-agency RMBS.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **8/1/2017** | $10000 | $10000 | $10000 |
| **2018** | $10309 | $9910 | $9928 |
| **2019** | $10804 | $10354 | $10373 |
| **2020** | $9774 | $11279 | $11087 |
| **2021** | $11143 | $11359 | $11120 |
| **2022** | $11264 | $10887 | $10580 |
| **2023** | $10904 | $10367 | $10080 |
| **2024** | $11852 | $10543 | $10242 |
| **2025** | $12861 | $11058 | $10801 |
| **2026** | $13570 | $11538 | $11422 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (8/1/2017)** |
| Class W | 5.52% | 4.02% | 3.59% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.67% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.75% | 0.54% | 1.54% |

---

## Fund Statistics
* Total Net Assets$945,636,849

* # of Portfolio Holdings607

* Portfolio Turnover Rate27%

* Investment Advisory Fees Paid$5,002,713

## 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, 6.222%, 04/15/37 | 0.8% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.062%, 01/25/42 | 0.8% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.7% |
| Freddie Mac STACR REMIC Trust - Class B1, 8.412%, 02/25/42 | 0.7% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| Cedar Funding II CLO Ltd. - Class CR3, 5.619%, 07/22/38 | 0.7% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.7% |
| Palmetto Issuer LLC - Class A, 5.980%, 04/30/61 | 0.7% |
| TruPS Financials Note Securitization - Class A1, 5.423%, 01/15/38 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.9% |
| Asset-Backed Securities | 24.9% |
| Commercial Mortgage-Backed Securities | 33.5% |
| Collateralized Mortgage Obligations | 35.7% |

---

## 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](tm269275d2_tsrimg009.jpg)

# Voya Securitized Credit Fund
92913M310-AR

#### Portfolio: VVIQX
![Image](tm269275d2_tsrimg011.jpg)

# Voya VACS Series EMHCD Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya VACS Series EMHCD Fund for the period of April 1, 2025 to March 31, 2026. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $11 | 0.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund outperformed the JP Morgan EMBI Global Diversified Index.

↑ Top contributors to performance: Country & security selection were the main drivers of outperformance. Regionally, overweight to Latin America versus underweight in Asia and the Middle East contributed. Top performing country positions included overweight's to Venezuela, Angola, Lebanon, Peru, and Colombia, as well as underweights in China, UAE, Saudi Arabia, Philippines, and Bahrain. From a quality standpoint, the Fund's overweight to BB rated issuers and underweight in single-A and AA rated issuers contributed to outperformance.

↓ Top detractors from performance: Sector allocation detracted driven by the Fund's underweight in sovereigns and overweight to cash. Security selection detracted in Latin America, largely due to a BBB-rated position in a Brazilian oil and gas producer. Other detractions included overweight's to Chile, Cote D'Ivoire, and Mexico, and underweights in Bolivia, Pakistan, and Nigeria.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya VACS Series EMHCD Fund** | **Bloomberg Global Aggregate Index** | **JP Morgan Emerging Markets Bond Index - Global Diversified Index** |
| **2/17/2023** | $10000 | $10000 | $10000 |
| **2023** | $10098 | $10216 | $10080 |
| **2024** | $11408 | $10266 | $11217 |
| **2025** | $12268 | $10579 | $11974 |
| **2026** | $13589 | $11030 | $13217 |

---

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

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/17/2023)** |
| Voya VACS Series EMHCD Fund | 10.77% | 10.35% |
| Bloomberg Global Aggregate Index | 4.26% | 3.20% |
| JP Morgan Emerging Markets Bond Index - Global Diversified Index | 10.38% | 9.36% |

---

## Fund Statistics
* Total Net Assets$115,416,652

* # of Portfolio Holdings245

* Portfolio Turnover Rate121%

* Investment Advisory Fees PaidN/A

## 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

---

| | |
|:---|:---|
| Argentine Republic Government International Bond, 4.125%, 07/09/35 | 1.3% |
| Bahrain Government International Bond, 7.375%, 05/14/30 | 1.3% |
| 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 | 1.0% |
| OQ SAOC, 5.125%, 05/06/28 | 0.9% |
| Saudi Government International Bond, 3.450%, 02/02/61 | 0.9% |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/27 | 0.9% |
| Brazilian Government International Bond, 6.250%, 03/18/31 | 0.9% |
| Jordan Government International Bond, 5.850%, 07/07/30 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.8% |
| Corporate Bonds/Notes | 30.6% |
| Sovereign Bonds | 59.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2026. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2026 at https://individuals.voya.com/production/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling Voya at 1-800-992-0180.

Effective August 26, 2025, the Fund amended its investment policies in accordance with the investment focus that the name suggests. Additionally, effective February 17, 2026, the Fund's classification changed from a non-diversified fund to a diversified fund as a result of being managed as diversified for a period of three years.

## 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.

# Portfolio: VVIQX
![QR Code](tm269275d2_tsrimg009.jpg)

# Voya VACS Series EMHCD Fund
92919X104-AR

#### Portfolio: VVIRX
![Image](tm269275d2_tsrimg011.jpg)

# Voya VACS Series SC Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
This annual shareholder report contains important information about Voya VACS Series SC Fund for the period of April 1, 2025 to March 31, 2026. 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $7 | 0.07% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2026, the Fund outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & duration positioning. Sector allocation decisions detracted from return over the period.

↑ Top contributors to performance: Security selection was the primary contributor, led by the Fund's exposure to below investment-grade (IG) tranches of commercial mortgage-backed securities (CMBS). Security selection within asset-backed securities (ABS) also added value, driven by allocations to collateralized loan obligations (CLOs). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor from a sector-allocation perspective. Lastly, the Fund maintained an underweight in duration, which proved beneficial given elevated interest-rate volatility during the period.

↓ Top detractors from performance: Sector allocation detracted, reflecting the portfolio's structural underweight to agency mortgage-backed securities (MBS) and overweight to securitized credit sectors. Agency MBS were the leading contributor to excess returns within the Bloomberg Securitized Index, benefiting from U.S. Federal Reserve rate cuts, lower interest-rate volatility, a steeper yield curve, and speculation around renewed quantitative easing. On a stand-alone basis, all sectors detracted from returns except non-agency RMBS.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm269275d2_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya VACS Series SC Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **3/3/2023** | $10000 | $10000 | $10000 |
| **2023** | $10035 | $10095 | $10226 |
| **2024** | $10959 | $10267 | $10391 |
| **2025** | $11941 | $10768 | $10958 |
| **2026** | $12684 | $11236 | $11588 |

---

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

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (3/3/2023)** |
| Voya VACS Series SC Fund | 6.22% | 8.03% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 4.43% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.75% | 4.91% |

---

## Fund Statistics
* Total Net Assets$169,618,571

* # of Portfolio Holdings231

* Portfolio Turnover Rate26%

* Investment Advisory Fees PaidN/A

## 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, 8.412%, 02/25/42 | 1.7% |
| GAM Re-REMIC Trust - Class 1D, 11/29/50 | 1.7% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 1.7% |
| GAM Re-REMIC Trust - Class 1C, 11/29/50 | 1.2% |
| RFM Reremic Trust - Class AB60, 2.316%, 11/08/49 | 1.2% |
| Fannie Mae Connecticut Avenue Securities - Class 1B1, 9.212%, 01/25/43 | 1.1% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 1.1% |
| Zaxby's Funding LLC - Class A2, 3.238%, 07/30/51 | 1.1% |
| Sunrun Jupiter Issuer LLC - Class A, 4.750%, 07/30/57 | 1.0% |
| Wingstop Funding LLC - Class A2, 5.858%, 12/05/54 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm269275d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.9% |
| Asset-Backed Securities | 22.3% |
| Collateralized Mortgage Obligations | 35.7% |
| Commercial Mortgage-Backed Securities | 36.1% |

---

## 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.

# Portfolio: VVIRX
![QR Code](tm269275d2_tsrimg009.jpg)

# Voya VACS Series SC Fund
92919X203-AR

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

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

The Board of Trustees has determined that Colleen D. Baldwin, Christopher P. Sullivan, Jody Foster and Mark Wetzel are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Sullivan, Ms. Foster and Mr. Wetzel are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal years ended March 31, 2026 and March 31, 2025.

(a) <u>Audit Fees</u>: The aggregate fees billed and paid for each of the last two fiscal years for professional
services rendered by EY , the principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements
for those fiscal years were $73,116 for the year ended March 31 , 2026 and $90,425 for the year
ended March 31 , 2025.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for
assurance and related services by EY that are reasonably related to the performance of the audit of the registrant's financial statements
and are not reported under paragraph (a) of this Item were $0 for the year ended March 31 ,
2026 and $0 for the year ended March 31 , 2025.

(c) <u>Tax Fees</u>: The
aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice,
and tax planning were $30,690 for the year ended March 31 , 2026 and $40,922 for the year ended March 31 , 2025. Such services included review of excise distribution calculations (if applicable),
international tax compliance services, preparation of the Registrants' federal, state, and excise tax returns, tax services related
to mergers and routine consulting.

(d) <u>All Other Fees</u>: The
aggregate fees billed and paid in each of the last two fiscal years for products and services provided by EY, other than the services
reported in paragraphs (a) through (c) of this Item were $0 for the year ended March 31 ,
2026 and $0 for the year ended March 31 , 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommend a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent withPCAOB Rule 3526, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 13, 2025

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2026 through December 31, 2026

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Statutory audits or financial audits (including tax services associated with audit services) | &nbsp;&nbsp;√ | &nbsp;&nbsp;As presented to Audit Committee<sup>1</sup> |
| &nbsp;&nbsp;Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $9,750 per filing |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $8,000 during the Pre-Approval Period |
| &nbsp;&nbsp;Seed capital audit and related review and issuance of consent on the N-2 registration statement | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $14,750 per audit |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2026 through December 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $10,000 per merger |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Review of the Funds' semi-annual and quarterly financial statements | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $2,700 per set of financial statements per fund |
| &nbsp;&nbsp;Reports to regulatory or government agencies related to the annual engagement | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Up to $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Regulatory compliance assistance | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per quarter |
| &nbsp;&nbsp;Training courses |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2026 through December 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund<br> Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Tax assistance and advice regarding statutory, regulatory or administrative developments | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2026 through December 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund<br> Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Tax and technology training sessions |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course during the Pre-Approval Period |
| &nbsp;&nbsp;Tax services associated with Fund mergers | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| &nbsp;&nbsp; <br> Tax compliance services related to return preparation for the Funds (Adviser Fees)<br>|  | &nbsp;&nbsp;√ | &nbsp;&nbsp;As presented to Audit Committee<sup>3</sup> |
| &nbsp;&nbsp;Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $300,000 during the Pre-Approval Period |
| &nbsp;&nbsp;EU Reclaims IRS Closing Agreement Filings | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;$20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| &nbsp;&nbsp;German Tax Treaty Reclaims | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2026 through December 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Agreed-upon procedures for Class B share 12b-1 programs |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $60,000 during the Pre-Approval Period |
| &nbsp;&nbsp; Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br>Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.<br>| &nbsp;&nbsp; √<br>| &nbsp;&nbsp; √<br>| &nbsp;&nbsp;Not to exceed $5,700 per Fund during the Pre-Approval Period |
| &nbsp;&nbsp;Agreed upon procedures for 15 (c) FACT Books | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2026 to December 31, 2026

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax,
and other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's
fiscal years ended March 31, 2026 and March 31, 2025; and (ii) the aggregate non-audit fees billed to the investment adviser,
or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the
same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2026** | **2025** |
| Voya Separate Portfolios Trust | $30690 | $40922 |
| Voya Investments, LLC <sup>(1)</sup> | $11720445 | $15080826 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of
Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

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

![](tm269275d2_voyafun01img001.jpg)

Annual Financial Statements and Other Information

**March 31, 2026**

**Voya Securitized Credit Fund**

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

&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.

---

| | |
|:---|:---|
| ![](tm269275d2_voyafun01img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>voyainvestments.com | ![](tm269275d2_voyafun01img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#fnd_001) | [1](#fnd_001) |
| [Statement of Assets and Liabilities](#fnd_002) | [2](#fnd_002) |
| [Statement of Operations](#fnd_003) | [4](#fnd_003) |
| [Statements of Changes in Net Assets](#fnd_004) | [5](#fnd_004) |
| [Financial Highlights](#fnd_005) | [6](#fnd_005) |
| [Notes to Financial Statements](#fnd_006) | [7](#fnd_006) |
| [Portfolio of Investments](#fnd_007) | [17](#fnd_007) |
| [Tax Information](#fnd_008) | [38](#fnd_008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#fnd_009) | [39](#fnd_009) |

---

 &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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Securitized Credit Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Securitized Credit Fund (the "Fund") (one of the funds constituting Voya Separate Portfolios Trust (the "Trust")), including the portfolio of investments, as of March 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Separate Portfolios Trust) at March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm269275d2_voyafun01img004.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

May 27, 2026

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2026

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities at fair value\* | $890036651 |
| Short-term investments at fair value† | 60108824 |
| Cash | 51041 |
| Cash collateral for futures contracts | 2977177 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 266534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 28150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4477079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 278364 |
| Prepaid expenses | 36409 |
| Reimbursement due from Investment Adviser | 166393 |
| Other assets | 14780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 958441402 |
| **LIABILITIES:** |  |
| Income distribution payable | 1330403 |
| Payable for investment securities purchased | 8909632 |
| Payable for fund shares redeemed | 1763999 |
| Payable for investment management fees | 481775 |
| Payable for distribution and shareholder service fees | 1451 |
| Payable to trustees under the deferred compensation plan (Note 6) | 14780 |
| Payable for trustee fees | 2203 |
| Other accrued expenses and liabilities | 300310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 12804553 |
| **NET ASSETS** | $945636849 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $1014874722 |
| Total distributable loss | (69237873) |
| **NET ASSETS** | $945636849 |
| \* Cost of investments in securities | $906679008 |
| † Cost of short-term investments | $60114157 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2026 (continued)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $6859516 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 715101 |
| Net asset value and redemption price per share† | $9.59 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.84 |
| **Class I** |  |
| Net assets | $924006125 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 96151163 |
| Net asset value and redemption price per share | $9.61 |
| **Class R6** |  |
| Net assets | $14608425 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 1520136 |
| Net asset value and redemption price per share | $9.61 |
| **Class W** |  |
| Net assets | $162783 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 16937 |
| Net asset value and redemption price per share | $9.61 |

---

---

| | |
|:---|:---|
| <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 year ended March 31, 2026

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $261257 |
| Interest | 51197724 |
| Other | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 51464180 |
| **EXPENSES:** |  |
| Investment management fees | 5287725 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16717 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 533041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 190 |
| Shareholder reporting expense | 59818 |
| Registration fees | 92707 |
| Professional fees | 109203 |
| Custody and accounting expense | 134982 |
| Trustee fees | 22030 |
| Miscellaneous expense | 72800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 6336617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (285012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 6051605 |
| Net investment income | 45412575 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 163111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1385628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1548739 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4298744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (3841598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 457146 |
| Net realized and unrealized gain | 2005885 |
| **Increase in net assets resulting from operations** | $47418460 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $45412575 | $40243909 |
| Net realized gain | 1548739 | 1892267 |
| Net change in unrealized appreciation (depreciation) | 457146 | 24983422 |
| Increase in net assets resulting from operations | 47418460 | 67119598 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (329571) | (341949) |
| &nbsp;&nbsp;&nbsp;Class I | (44868377) | (40857461) |
| &nbsp;&nbsp;&nbsp;Class R6 | (984440) | (155903) |
| &nbsp;&nbsp;&nbsp;Class W | (8935) | (14656) |
| Total distributions | (46191323) | (41369969) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 289328016 | 246819137 |
| Reinvestment of distributions | 34908882 | 28575715 |
|  | 324236898 | 275394852 |
| Cost of shares redeemed | (231025127) | (199521296) |
| Net increase in net assets resulting from capital share transactions | 93211771 | 75873556 |
| Net increase in net assets | 94438908 | 101623185 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 851197941 | 749574756 |
| End of year or period | $945636849 | $851197941 |

---

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 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-26 | 9.57 | 0.47<sup>•</sup> |  | 0.02 | 0.49 | 0.47 |  |  | 0.47 |  | 9.59 | **5.25** | 1.01 | 1.00 | 1.00 | 4.83 | 6860 | 27 |
| 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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-26 | 9.59 | 0.50<sup>•</sup> |  | 0.03 | 0.53 | 0.51 |  |  | 0.51 |  | 9.61 | **5.59** | 0.72 | 0.68 | 0.68 | 5.16 | 924006 | 27 |
| 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 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-26 | 9.59 | 0.50<sup>•</sup> |  | 0.03 | 0.53 | 0.51 |  |  | 0.51 |  | 9.61 | **5.59** | 0.66 | 0.66 | 0.66 | 5.16 | 14608 | 27 |
| 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 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-26 | 9.59 | 0.49<sup>•</sup> |  | 0.03 | 0.52 | 0.50 |  |  | 0.50 |  | 9.61 | **5.52** | 0.76 | 0.75 | 0.75 | 5.09 | 163 | 27 |
| 03-31-25 | 9.29 | 0.46<sup>•</sup> |  | 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 |

---

---

| | |
|:---|:---|
| <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> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026

**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 March 31, 2026 (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 are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (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 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 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. 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

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 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

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 year ended March 31, 2026, 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 year ended March 31, 2026, the Fund had an average notional value of $339,514,572 and $41,043,511 on futures contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investments for open futures contracts at March 31, 2026.

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 March 31, 2026 (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 year ended March 31, 2026, 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** |
| $327813540 | $218718788 |

---

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $9170219 | $3841567 |

---

**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 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

Class A. For the year ended March 31, 2026, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $137 |
| Contingent Deferred Sales Charges: | $— |

---

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

At March 31, 2026, 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 year ended March 31, 2026, 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 until August 1, 2026 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 March 31, 2026, the Fund did not have any amounts of fund level reimbursed fees that would be subject to possible recoupment. The amount of class specific fees waived that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of March 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2027** | **2028** | **2029** |<br>**Total** |
| Class A | $5226 | $1021 | $682 | $6929 |
| Class I | 178422 | 127369 | 284313 | 590104 |
| Class W | 225 | 48 | 17 | 290 |

---

The Expense Limitation Agreement is contractual through August 1, 2026. 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 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 year ended March 31, 2026.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

**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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 187247 |  | 34117 | (251948) |  | (30584) | 1793622 |  | 328674 | (2404850) |  | (282554) |
| 3/31/2025 | 64494 |  | 36165 | (151055) |  | (50396) | 609483 |  | 341461 | (1420355) |  | (469411) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 26864535 |  | 3479487 | (21873475) |  | 8470547 | 259383093 |  | 33594319 | (210512848) |  | 82464564 |
| 3/31/2025 | 26129441 |  | 2965593 | (20960976) |  | 8134058 | 246050363 |  | 28076710 | (197833932) |  | 76293141 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 2940985 |  | 101770 | (1854907) |  | 1187848 | 28145225 |  | 984440 | (18011101) |  | 11118564 |
| 3/31/2025 | 2665 |  | 16473 | (5560) |  | 13578 | 25001 |  | 155903 | (52704) |  | 128200 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 631 |  | 150 | (10113) |  | (9332) | 6076 |  | 1449 | (96328) |  | (88803) |
| 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 year ended March 31, 2026.

**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 and paydowns.

The following permanent tax differences have been reclassified as of March 31, 2026:

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

---

| | |
|:---|:---|
| **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| $(39538) | $39538 |

---

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, 2026** | **Year Ended**<br>**March 31, 2025** |
| **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| $46191323 | $41369969 |

---

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, 2026, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
| **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $(16647690) | $(14809995) | Short-term | $(1330405) | $(69237873) |
|  | (36449783) | Long-term |  |  |
|  | $(51259778) |  |  |  |

---

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

As of March 31, 2026, 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. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

impossible to predict but 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**NOTE 13 — SEGMENT REPORTING**

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

The Fund has adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 15 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to March 31, 2026, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| Class A | $0.0374 | April 30, 2026 | Daily |
| Class I | $0.0401 | April 30, 2026 | Daily |
| Class R6 | $0.0401 | April 30, 2026 | Daily |
| Class W | $0.0395 | April 30, 2026 | 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.

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** |
| 979556 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.610%, 01/25/2045 | $788620 | 0.1 |
| 272425 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-3 B4, 3.439%, 04/25/2045 | 220781 | 0.0 |
| 509569 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-4 B3, 3.465%, 06/25/2045 | 412807 | 0.0 |
| 336430 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B3, 3.609%, 12/25/2045 | 284893 | 0.0 |
| 646000 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B4, 3.609%, 12/25/2045 | 496871 | 0.1 |
| 582575 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.757%, 03/25/2046 | 552499 | 0.1 |
| 998319 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B4, 3.757%, 03/25/2046 | 762974 | 0.1 |
| 2096556 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 1983837 | 0.2 |
| 1048278 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 1011715 | 0.1 |
| 185101 <sup>(1)</sup> | Alternative Loan Trust 2004-32CB 2A2, 4.193%, (TSFR1M + 0.514%), 02/25/2035 | 174270 | 0.0 |
| 248906 <sup>(1)</sup> | Alternative Loan Trust 2004-J7 M1, 4.813%, (TSFR1M + 1.134%), 10/25/2034 | 247993 | 0.0 |
| 198711 <sup>(1)</sup> | Alternative Loan Trust 2005-31 1A1, 4.353%, (TSFR1M + 0.674%), 08/25/2035 | 193652 | 0.0 |
| 170889 | Alternative Loan Trust 2005-65CB 1A3, 5.500%, 01/25/2036 | 108081 | 0.0 |
| 293476 <sup>(1)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.193%, (TSFR1M + 0.514%), 04/25/2035 | 229802 | 0.0 |
| 240350 <sup>(1)</sup> | Alternative Loan Trust 2006-19CB A12, 4.193%, (TSFR1M + 0.514%), 08/25/2036 | 99299 | 0.0 |
| 566868 | Alternative Loan Trust 2006-20CB A9, 6.000%, 07/25/2036 | 214139 | 0.0 |
| 354160 <sup>(1)</sup> | Alternative Loan Trust 2007-18CB 1A7, 4.263%, (TSFR1M + 0.584%), 08/25/2037 | 97115 | 0.0 |
| 670051 <sup>(1)</sup> | Alternative Loan Trust 2007-OA4 A1, 4.133%, (TSFR1M + 0.454%), 05/25/2047 | 615806 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 359325 <sup>(1)(2)</sup> | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | $345988 | 0.0 |
| 1255810 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.480%, 11/25/2051 | 1078015 | 0.1 |
| 1320861 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.395%, 12/25/2051 | 1109283 | 0.1 |
| 1612184 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.381%, 10/25/2051 | 1365297 | 0.2 |
| 45033 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-10 21A1, 4.085%, 01/25/2036 | 43783 | 0.0 |
| 58881 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.158%, 05/25/2035 | 56962 | 0.0 |
| 156273 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-7 21A1, 5.504%, 09/25/2035 | 121277 | 0.0 |
| 692169 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.055%, 11/25/2035 | 357966 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Bellemeade Re Ltd. 2025-1 M1B, 6.162%, (SOFR30A + 2.500%), 10/25/2035 | 1005388 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Bellemeade Re Ltd. 2025-1 M1C, 6.912%, (SOFR30A + 3.250%), 10/25/2035 | 1010335 | 0.1 |
| 3471000 <sup>(1)(2)</sup> | BOFAS Re-REMIC Trust 2026-FRR8 D746, 1.415%, 04/27/2054 | 2960167 | 0.3 |
| 845944 <sup>(2)</sup> | Brean Asset Backed Securities Trust 2024-RM9 A1, 5.000%, 09/25/2064 | 837747 | 0.1 |
| 979573 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 B3, 7.033%, 08/25/2055 | 1022868 | 0.1 |
| 1963857 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-11 B3, 6.564%, 11/25/2055 | 2007890 | 0.2 |
| 1935009 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B3, 6.119%, 03/25/2055 | 1928344 | 0.2 |
| 4404255 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-6 B3, 7.054%, 05/25/2055 | 4644965 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 2489505 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2025-12 B3, 6.586%, 09/25/2056 | $2548595 | 0.3 |
| 73351 <sup>(1)</sup> | Chase Mortgage Finance Trust Series 2006-A1 2A3, 5.204%, 09/25/2036 | 65242 | 0.0 |
| 13596 <sup>(1)</sup> | Chase Mortgage Finance Trust Series 2007-A1 1A2, 6.447%, 02/25/2037 | 13621 | 0.0 |
| 401173 | CHL Mortgage Pass-Through Trust 2006-1 A2, 6.000%, 03/25/2036 | 191534 | 0.0 |
| 330370 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 145903 | 0.0 |
| 294818 <sup>(1)(2)</sup> | CIM Trust 2018-INV1 A10, 4.000%, 08/25/2048 | 279112 | 0.0 |
| 22386 <sup>(1)(2)</sup> | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 21429 | 0.0 |
| 179562 <sup>(1)(2)</sup> | CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049 | 163440 | 0.0 |
| 737757 <sup>(1)(2)</sup> | CIM Trust 2019-J1 B3, 3.936%, 08/25/2049 | 684909 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | CIM Trust 2019-R5 M2, 3.250%, 09/25/2059 | 934031 | 0.1 |
| 854728 <sup>(1)(2)</sup> | CIM Trust 2020-J1 B3, 3.435%, 10/25/2049 | 746857 | 0.1 |
| 847057 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B2, 2.753%, 01/25/2051 | 696809 | 0.1 |
| 1122593 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B3, 2.753%, 01/25/2051 | 914779 | 0.1 |
| 182503 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 5.372%, 03/25/2036 | 135315 | 0.0 |
| 147841 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.451%, 09/25/2037 | 140544 | 0.0 |
| 422114 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2013-7 2A2, 4.863%, 08/25/2036 | 398712 | 0.0 |
| 941443 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.860%, 09/25/2051 | 778255 | 0.1 |
| 1951608 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2024-1 B3, 6.645%, 07/25/2054 | 2007936 | 0.2 |
| 158038 | Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035 | 160811 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 102739 | CitiMortgage Alternative Loan Trust Series 2007-A6 1A10, 6.000%, 06/25/2037 | $94282 | 0.0 |
| 550553 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2019-R05 1B1, 7.876%, (SOFR30A + 4.214%), 07/25/2039 | 555126 | 0.1 |
| 2026670 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 7.426%, (SOFR30A + 3.764%), 02/25/2040 | 2073157 | 0.2 |
| 2445981 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 6.812%, (SOFR30A + 3.150%), 12/25/2041 | 2469338 | 0.3 |
| 1048278 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R02 2B1, 8.162%, (SOFR30A + 4.500%), 01/25/2042 | 1075752 | 0.1 |
| 53577 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR3 B3, 3.392%, 05/25/2043 | 52779 | 0.0 |
| 122585 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR5 B3, 3.622%, 10/25/2043 | 119535 | 0.0 |
| 171652 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR1 B3, 3.606%, 11/25/2043 | 166355 | 0.0 |
| 102734 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR2 B3, 3.822%, 04/25/2044 | 100986 | 0.0 |
| 174299 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR3 B3, 3.999%, 07/25/2044 | 170075 | 0.0 |
| 301696 <sup>(1)(2)</sup> | CSMC Trust 2019-AFC1 A3, 3.877%, 07/25/2049 | 291716 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | CSMC Trust 2021-AFC1 M1, 2.193%, 03/25/2056 | 638182 | 0.1 |
| 1397704 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 1114234 | 0.1 |
| 230685 <sup>(1)(2)</sup> | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 4.170%, 06/27/2037 | 205830 | 0.0 |
| 6000000 <sup>(2)</sup> | DLIC Re-REMIC Trust 2025-FRR1 BC20, 1.403%, 09/27/2053 | 4686542 | 0.5 |
| 2910034 <sup>(2)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 2844900 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | EFMT 2025-RM4 A1, 4.750%, 11/25/2055 | 1913944 | 0.2 |
| 1397704 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 6.776%, (SOFR30A + 3.114%), 01/25/2040 | 1415932 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 6.762%, (SOFR30A + 3.100%), 10/25/2041 | $2019560 | 0.2 |
| 698852 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 6.962%, (SOFR30A + 3.300%), 11/25/2041 | 708946 | 0.1 |
| 3900000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R05 2B2, 10.662%, (SOFR30A + 7.000%), 04/25/2042 | 4112902 | 0.4 |
| 700000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R09 2B1, 10.412%, (SOFR30A + 6.750%), 09/25/2042 | 751574 | 0.1 |
| 4088283 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.212%, (SOFR30A + 5.550%), 01/25/2043 | 4347560 | 0.5 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 8.412%, (SOFR30A + 4.750%), 06/25/2043 | 1589975 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 6.912%, (SOFR30A + 3.250%), 09/25/2043 | 1028526 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B1, 6.362%, (SOFR30A + 2.700%), 01/25/2044 | 1629592 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B2, 7.662%, (SOFR30A + 4.000%), 01/25/2044 | 528308 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1M2, 5.462%, (SOFR30A + 1.800%), 01/25/2044 | 1009017 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R02 1B2, 7.362%, (SOFR30A + 3.700%), 02/25/2044 | 888653 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2B1, 6.462%, (SOFR30A + 2.800%), 03/25/2044 | 4130982 | 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)** |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1B1, 5.862%, (SOFR30A + 2.200%), 05/25/2044 | $2023683 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 5.312%, (SOFR30A + 1.650%), 05/25/2044 | 1499968 | 0.2 |
| 4550000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R05 2B1, 5.662%, (SOFR30A + 2.000%), 07/25/2044 | 4562709 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 5.612%, (SOFR30A + 1.950%), 02/25/2045 | 2004303 | 0.2 |
| 353217 <sup>(1)(2)</sup> | Figure Line of Credit Trust 2020-1 A, 4.040%, 09/25/2049 | 342326 | 0.0 |
| 775243 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-2 B2, 4.004%, 04/25/2048 | 715344 | 0.1 |
| 839101 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.124%, 07/25/2048 | 772842 | 0.1 |
| 760699 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-6RR B1, 4.903%, 10/25/2048 | 745345 | 0.1 |
| 210463 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-1INV A15, 3.500%, 10/25/2049 | 189784 | 0.0 |
| 843226 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-2 B2, 4.004%, 12/25/2049 | 774279 | 0.1 |
| 3016770 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.177%, 03/25/2050 | 2774966 | 0.3 |
| 1503574 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.177%, 03/25/2050 | 1373055 | 0.2 |
| 1622441 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2021-11IN A18, 2.500%, 11/25/2051 | 1341714 | 0.1 |
| 191857 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 5.312%, (SOFR30A + 1.650%), 01/25/2034 | 191893 | 0.0 |
| 1825522 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.062%, (SOFR30A + 3.400%), 10/25/2041 | 1845804 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 7.312%, (SOFR30A + 3.650%), 11/25/2041 | $2129995 | 0.2 |
| 3494259 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 7.412%, (SOFR30A + 3.750%), 12/25/2041 | 3551104 | 0.4 |
| 6988518 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.062%, (SOFR30A + 3.400%), 01/25/2042 | 7118395 | 0.8 |
| 6604150 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 8.412%, (SOFR30A + 4.750%), 02/25/2042 | 6763293 | 0.7 |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA4 M2, 8.912%, (SOFR30A + 5.250%), 05/25/2042 | 2189528 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2023-HQA3 M2, 7.012%, (SOFR30A + 3.350%), 11/25/2043 | 2609569 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 5.462%, (SOFR30A + 1.800%), 08/25/2044 | 1003144 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2025-HQA1 M2, 5.312%, (SOFR30A + 1.650%), 02/25/2045 | 2004387 | 0.2 |
| 4500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2026-DNA2 B1, 5.772%, (SOFR30A + 2.100%), 03/25/2046 | 4510905 | 0.5 |
| 2400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2026-DNA2 M2, 5.272%, (SOFR30A + 1.600%), 03/25/2046 | 2404877 | 0.3 |
| 209935 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 204145 | 0.0 |
| 19321 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 A21, 4.500%, 02/25/2059 | 18799 | 0.0 |
| 823937 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 | 800275 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 1094649 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.597%, 08/25/2052 | $1027902 | 0.1 |
| 2347504 <sup>(1)(2)</sup> | GCAT Trust 2024-INV2 B3, 7.243%, 06/25/2054 | 2503210 | 0.3 |
| 1727523 <sup>(1)(2)</sup> | GCAT Trust 2024-INV4 B4, 7.022%, 12/25/2054 | 1756683 | 0.2 |
| 995412 <sup>(1)(2)</sup> | GCAT Trust 2025-INV4 B3, 7.265%, 08/25/2055 | 1067095 | 0.1 |
| 2618353 <sup>(1)(2)</sup> | GCAT Trust 2025-INV5 B3, 6.608%, 12/25/2055 | 2688060 | 0.3 |
| 120149 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050 | 108795 | 0.0 |
| 204254 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050 | 183869 | 0.0 |
| 480621 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050 | 433917 | 0.1 |
| 1336309 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.602%, 05/25/2050 | 1180672 | 0.1 |
| 802846 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.009%, 08/25/2049 | 721118 | 0.1 |
| 48418 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 45594 | 0.0 |
| 817389 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.355%, 11/25/2049 | 761351 | 0.1 |
| 33718 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 31787 | 0.0 |
| 785624 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.965%, 03/25/2050 | 732953 | 0.1 |
| 2080365 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.965%, 03/25/2050 | 1940889 | 0.2 |
| 1782405 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.965%, 03/25/2050 | 1654714 | 0.2 |
| 1129671 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.647%, 08/25/2051 | 908638 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 893956 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B3, 3.374%, 04/25/2052 | $753489 | 0.1 |
| 896238 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.374%, 04/25/2052 | 748580 | 0.1 |
| 2733544 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ5 B3, 2.979%, 10/25/2052 | 2292703 | 0.2 |
| 3474947 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ5 B2, 6.680%, 02/25/2054 | 3594970 | 0.4 |
| 2127412 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ1 B2, 6.926%, 06/25/2054 | 2237721 | 0.2 |
| 1924648 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ2 B3, 5.918%, 07/25/2054 | 1895164 | 0.2 |
| 1465094 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B2, 5.774%, 08/25/2054 | 1463157 | 0.2 |
| 1923958 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B3, 5.774%, 08/25/2054 | 1897709 | 0.2 |
| 2730901 <sup>(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ9 B3, 6.276%, 02/25/2055 | 2577607 | 0.3 |
| 2292000 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2025-PJ1 B3, 6.155%, 06/25/2055 | 2086247 | 0.2 |
| 1228000 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2026-PJ3 B3, 5.868%, 08/25/2056 | 1188820 | 0.1 |
| 87723 <sup>(1)</sup> | GSR Mortgage Loan Trust 2005-AR5 2A3, 4.627%, 10/25/2035 | 43052 | 0.0 |
| 125561 <sup>(1)</sup> | GSR Mortgage Loan Trust 2006-AR1 2A1, 4.478%, 01/25/2036 | 119200 | 0.0 |
| 482841 <sup>(1)</sup> | HarborView Mortgage Loan Trust 2007-5 A1A, 4.171%, (TSFR1M + 0.494%), 09/19/2037 | 427557 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Home Re Ltd. 2026-1 M1C, 6.262%, (SOFR30A + 2.600%), 01/25/2036 | 2005939 | 0.2 |
| 1797182 <sup>(2)</sup> | HTAP Issuer Trust 2025-1 A, 6.500%, 11/25/2042 | 1791424 | 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)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1564383 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.321%, 12/25/2051 | $1336410 | 0.1 |
| 1048278 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 831520 | 0.1 |
| 1366649 <sup>(1)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.213%, (TSFR1M + 0.534%), 02/25/2046 | 1061447 | 0.1 |
| <sub>21523</sub> (1)(2) | J.P. Morgan Mortgage Trust 2019-2 A15, 3.994%, 08/25/2049 | 20319 | 0.0 |
| 14797 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A3, 3.994%, 08/25/2049 | 13969 | 0.0 |
| 808198 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B1, 4.443%, 08/25/2049 | 765528 | 0.1 |
| 808198 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B2, 4.443%, 08/25/2049 | 763493 | 0.1 |
| 420741 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.600%, 06/25/2049 | 403076 | 0.0 |
| 941315 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.146%, 05/25/2052 | 777231 | 0.1 |
| 1077781 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.083%, 07/25/2052 | 879225 | 0.1 |
| 2546927 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.283%, 11/25/2052 | 2121320 | 0.2 |
| 1738405 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.559%, 07/25/2053 | 1658024 | 0.2 |
| 3048702 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2024-1 B3, 6.230%, 06/25/2054 | 3022485 | 0.3 |
| 406342 | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 | 165594 | 0.0 |
| 67436 <sup>(1)</sup> | JP Morgan Mortgage Trust 2007-A3 1A1, 4.494%, 05/25/2037 | 56590 | 0.0 |
| 911934 | JP Morgan Mortgage Trust 2007-S1 2A22, 5.750%, 03/25/2037 | 313375 | 0.0 |
| 597465 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.685%, 01/25/2044 | 508211 | 0.1 |
| 786000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-5 B4, 2.526%, 10/25/2029 | 735745 | 0.1 |
| 1264067 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2015-4 B4, 3.507%, 06/25/2045 | 910248 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-1 B4, 3.771%, 05/25/2046 | $753382 | 0.1 |
| 1839354 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.446%, 01/25/2047 | 1647654 | 0.2 |
| 642021 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.798%, 08/25/2047 | 595572 | 0.1 |
| 765789 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.871%, 11/25/2048 | 708483 | 0.1 |
| 797153 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.778%, 12/25/2048 | 723531 | 0.1 |
| 1172746 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.698%, 09/25/2048 | 1077197 | 0.1 |
| 831721 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B1, 3.711%, 10/25/2048 | 763859 | 0.1 |
| 1215340 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.711%, 10/25/2048 | 1116167 | 0.1 |
| 207075 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 | 188950 | 0.0 |
| 1122219 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B1, 4.042%, 01/25/2049 | 1037416 | 0.1 |
| 802902 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B2, 4.042%, 01/25/2049 | 740191 | 0.1 |
| 794280 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-9 B2, 4.235%, 02/25/2049 | 748249 | 0.1 |
| 66290 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 62024 | 0.0 |
| 1162458 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 B2, 4.444%, 11/25/2049 | 1102423 | 0.1 |
| 810222 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B1, 4.240%, 12/25/2049 | 762011 | 0.1 |
| 1132451 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B2, 4.240%, 12/25/2049 | 1062215 | 0.1 |
| 293914 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 A15, 3.472%, 02/25/2050 | 265505 | 0.0 |
| 1710213 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.218%, 02/25/2050 | 1521544 | 0.2 |
| 249216 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 225828 | 0.0 |
| 1707517 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.385%, 03/25/2050 | 1525953 | 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)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1837343 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 5.095%, 10/25/2049 | $1816075 | 0.2 |
| 284276 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 | 258036 | 0.0 |
| 123186 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A3, 3.500%, 02/25/2050 | 112134 | 0.0 |
| 2079430 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.339%, 05/25/2050 | 1928867 | 0.2 |
| 894580 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.672%, 12/25/2049 | 864932 | 0.1 |
| 894580 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.672%, 12/25/2049 | 862794 | 0.1 |
| 831766 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.360%, 03/25/2050 | 780269 | 0.1 |
| 1453203 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.360%, 03/25/2050 | 1355219 | 0.1 |
| 1502063 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.568%, 12/25/2050 | 1326444 | 0.1 |
| 882495 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.487%, 03/25/2051 | 779746 | 0.1 |
| <sub>5622</sub> (1)(2) | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 | 5598 | 0.0 |
| 999565 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-10 B2, 2.799%, 12/25/2051 | 818415 | 0.1 |
| 4399782 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-6 B3, 2.830%, 10/25/2051 | 3555040 | 0.4 |
| 697712 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 577406 | 0.1 |
| 1289374 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 1299591 | 0.1 |
| 979425 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 B3, 6.512%, 04/25/2055 | 969730 | 0.1 |
| 3649000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-5MPR M1, 6.941%, 11/25/2055 | 3722619 | 0.4 |
| 1668928 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 B3, 6.083%, 06/25/2055 | 1622653 | 0.2 |
| 3715252 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2026-2 A9B, 5.000%, 07/25/2056 | 3623156 | 0.4 |
| 237849 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 A9, 6.500%, 10/25/2054 | 241614 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 1947110 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B2, 7.049%, 10/25/2054 $| $2061256 | 0.2 |
| 3894220 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B3, 7.049%, 10/25/2054 | 4051971 | 0.4 |
| 1464835 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-6 B3, 6.889%, 12/25/2054 | 1527813 | 0.2 |
| 2240000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 2269321 | 0.2 |
| 413903 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.013%, 12/25/2044 | 406857 | 0.0 |
| 289425 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B3, 3.566%, 05/25/2045 | 272163 | 0.0 |
| 866534 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B4, 3.566%, 05/25/2045 | 670996 | 0.1 |
| 1225339 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.312%, 10/25/2048 | 1166219 | 0.1 |
| 883487 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2021-MTG3 B3, 2.899%, 07/01/2051 | 723398 | 0.1 |
| 132233 <sup>(1)(2)</sup> | MFA Trust 2020-NQM3 A3, 1.632%, 01/26/2065 | 127562 | 0.0 |
| 2438294 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 1982631 | 0.2 |
| 900000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 881004 | 0.1 |
| 1257933 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.680%, 09/25/2057 | 1165033 | 0.1 |
| 106344 | Morgan Stanley Mortgage Loan Trust 2005-10 4A1, 5.500%, 12/25/2035 | 57280 | 0.0 |
| 3900647 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B2, 7.100%, 03/25/2054 | 4033790 | 0.4 |
| 3672459 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B3, 7.100%, 03/25/2054 | 3763397 | 0.4 |
| 978504 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4 B3, 6.943%, 09/25/2054 | 1011616 | 0.1 |
| 772553 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 755303 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 2655637 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.012%, (SOFR30A + 3.350%), 04/25/2034 | $2682543 | 0.3 |
| 87696 <sup>(1)(2)</sup> | OBX Trust 2019-EXP3 1A9, 3.500%, 10/25/2059 | 82809 | 0.0 |
| 94874 <sup>(1)(2)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 88623 | 0.0 |
| 195015 <sup>(1)(2)</sup> | OBX Trust 2020-EXP3 1A9, 3.000%, 01/25/2060 | 171118 | 0.0 |
| 246246 <sup>(1)(2)</sup> | OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049 | 221844 | 0.0 |
| 830353 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 681522 | 0.1 |
| 2400412 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.967%, 10/25/2051 | 1996143 | 0.2 |
| 2430631 <sup>(1)(2)</sup> | PMT Loan Trust 2025-INV12 A29, 5.500%, 12/25/2056 | 2412800 | 0.3 |
| 2507873 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 2435918 | 0.3 |
| 3730228 <sup>(1)(2)</sup> | Provident Funding Mortgage Trust 2025-6 B3, 5.868%, 12/25/2055 | 3644201 | 0.4 |
| 177437 <sup>(1)(2)</sup> | PSMC Trust 2019-3 A12, 3.500%, 11/25/2049 | 164085 | 0.0 |
| 600000 <sup>(1)(2)</sup> | Radnor Re Ltd. 2024-1 B1, 8.812%, (SOFR30A + 5.150%), 09/25/2034 | 623959 | 0.1 |
| 77379 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 | 70298 | 0.0 |
| 778720 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B1A, 3.898%, 09/25/2049 | 718561 | 0.1 |
| 795917 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B2A, 3.898%, 09/25/2049 | 731812 | 0.1 |
| 1194170 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.470%, 02/25/2050 | 1079827 | 0.1 |
| 3236573 <sup>(1)(2)</sup> | Redwood Funding Trust 2025-2 A, 7.112%, 10/25/2055 | 3254736 | 0.4 |
| 2225196 <sup>(2)</sup> | Redwood Funding Trust 2025-3 A, 6.231%, 12/27/2056 | 2246338 | 0.2 |
| 184584 <sup>(2)</sup> | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 | 178118 | 0.0 |
| 272951 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2015-3 B3, 3.726%, 07/25/2045 | 220301 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 952291 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.547%, 02/25/2047 | $899205 | 0.1 |
| 596802 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-CH1 B2B, 4.486%, 08/25/2047 | 578209 | 0.1 |
| 254232 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 230718 | 0.0 |
| 394213 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B2, 3.707%, 12/25/2049 | 362909 | 0.0 |
| 394213 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B3, 3.707%, 12/25/2049 | 361263 | 0.0 |
| 448745 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH1 B2B, 4.912%, 03/25/2049 | 440132 | 0.1 |
| 971525 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.796%, 08/25/2049 | 959332 | 0.1 |
| 460625 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 | 433654 | 0.1 |
| 1764099 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.499%, 09/25/2049 | 1690999 | 0.2 |
| 1038826 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.499%, 09/25/2049 | 1005288 | 0.1 |
| 845589 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B2, 3.626%, 03/25/2050 | 757248 | 0.1 |
| 1476428 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.626%, 03/25/2050 | 1317981 | 0.1 |
| 1199703 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.303%, 04/25/2050 | 1047216 | 0.1 |
| 1564329 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.862%, 11/25/2051 | 1312731 | 0.1 |
| 1392934 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.101%, 01/25/2053 | 1320805 | 0.1 |
| 985625 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-3 B3, 6.080%, 09/25/2053 | 976658 | 0.1 |
| 485581 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 5.983%, 03/25/2054 | 488980 | 0.1 |
| 1419396 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-6 B4, 6.546%, 07/27/2054 | 1375534 | 0.2 |
| 362482 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 359985 | 0.0 |
| 1361300 <sup>(2)</sup> | Sequoia Mortgage Trust 2025-1 A19, 6.000%, 01/25/2055 | 1370829 | 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)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1940186 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-13 A19, 5.500%, 12/25/2055 | $1925120 | 0.2 |
| 617553 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-2 A19, 6.000%, 03/25/2055 | 619236 | 0.1 |
| 3155166 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-7 B3, 6.221%, 08/25/2055 | 3150964 | 0.3 |
| 2266000 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-8 B4, 6.235%, 09/25/2055 | 1917202 | 0.2 |
| 1982009 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2026-3 A19, 5.000%, 03/25/2056 | 1937646 | 0.2 |
| 704581 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.615%, 10/25/2047 | 654087 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Splitero Trust 2025-1 A1, 5.750%, 12/25/2055 | 3932718 | 0.4 |
| 391577 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 | 367500 | 0.0 |
| 2096556 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 1898927 | 0.2 |
| 1397704 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 | 1336369 | 0.1 |
| 30633 <sup>(1)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 3A1, 5.238%, 03/25/2035 | 28021 | 0.0 |
| 2450435 <sup>(1)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 | 519012 | 0.1 |
| 762640 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.831%, 11/25/2057 | 760735 | 0.1 |
| 950190 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.213%, 12/25/2051 | 782706 | 0.1 |
| 3107217 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.224%, 01/25/2052 | 2610360 | 0.3 |
| 314217 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-6 A1, 1.630%, 10/25/2066 | 275055 | 0.0 |
| 42037 <sup>(1)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A1, 6.710%, 10/20/2035 | 41371 | 0.0 |
| 54536 <sup>(1)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A2, 6.710%, 10/20/2035 | 53671 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 202601 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.108%, 12/25/2036 | $187357 | 0 |
| 186373 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 5.239%, 07/25/2034 | 177701 | 0 |
| 198624 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 5.373%, 06/25/2034 | 195012 | 0 |
| 139039 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 4.773%, (TSFR1M + 1.094%), 10/25/2045 | 134763 | 0 |
| 121494 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR16 1A1, 4.431%, 12/25/2035 | 112530 | 0 |
| 163034 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR14 1A3, 3.988%, 11/25/2036 | 148470 | 0 |
| 501770 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR16 1A1, 4.260%, 12/25/2036 | 464679 | 0.1 |
| 218168 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR16 2A3, 4.118%, 12/25/2036 | 195228 | 0 |
| 152382 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2007-HY1 2A3, 4.205%, 02/25/2037 | 142620 | 0 |
| 285761 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2007-HY1 3A2, 3.996%, 02/25/2037 | 248943 | 0 |
| 245320 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-10 2A9, 6.000%, 11/25/2035 | 235356 | 0 |
| 81307 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-7 1A4, 5.500%, 09/25/2035 | 72616 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 286877 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | $| 249541 | 0.0 |
| 399605 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2007-OC1 A3, 4.253%, (TSFR1M + 0.574%), 01/25/2047 |  | 367317 | 0.0 |
| 64183 | Wells Fargo Alternative Loan Trust 2007-PA3 3A1, 6.250%, 07/25/2037 |  | 56729 | 0.0 |
| 31608 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 5.715%, 04/25/2036 |  | 31511 | 0.0 |
| 213024 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 6.024%, 12/28/2037 |  | 194166 | 0.0 |
| 136499 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2019-3 A17, 3.500%, 07/25/2049 |  | 124232 | 0.0 |
| 1264712 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.362%, 12/25/2049 |  | 1114460 | 0.1 |
| 914503 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-4 B2, 3.140%, 07/25/2050 |  | 825980 | 0.1 |
| 1114438 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 B3, 2.700%, 12/25/2050 |  | 847094 | 0.1 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $350,971,480) |  | **337842689** | **35.7** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 33.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 33.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 33.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 33.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 33.5%** |
| 4000000 <sup>(1)(2)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 B, 5.621%, (TSFR1M + 1.941%), 08/18/2042 |  | 4013607 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | ACREC LLC 2026-FL4 A, 5.130%, (TSFR1M + 1.450%), 01/18/2043 |  | 1001896 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | ACRES Commercial Realty Issuer LLC 2026-FL4 A, 5.110%, (TSFR1M + 1.450%), 08/18/2044 |  | 1001685 | 0.1 |
| 1803038 <sup>(2)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 |  | 1447579 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 3947814 <sup>(2)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054 | $3051670 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2026-FL1 B, 5.670%, (TSFR1M + 2.000%), 09/20/2043 | 2001874 | 0.2 |
| 2750000 <sup>(1)(2)</sup> | AREIT Ltd. 2025-CRE10 C, 5.770%, (TSFR1M + 2.092%), 01/17/2030 | 2750553 | 0.3 |
| 2000000 <sup>(2)</sup> | ARZ Trust 2024-BILT F, 8.268%, 06/11/2039 | 2048902 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 5.620%, (TSFR1M + 1.947%), 12/15/2036 | 486625 | 0.1 |
| 1750000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF C, 6.673%, (TSFR1M + 3.000%), 02/15/2042 | 1748652 | 0.2 |
| 1500000 | BANK 2017-BNK4 B, 3.999%, 05/15/2050 | 1431501 | 0.2 |
| 2000000 | BANK 2017-BNK7 B, 3.949%, 09/15/2060 | 1858437 | 0.2 |
| 2500000 <sup>(1)</sup> | BANK 2020-BN26 C, 3.414%, 03/15/2063 | 2103102 | 0.2 |
| 36608748 <sup>(1)(3)</sup> | BANK 2020-BN27 XA, 1.154%, 04/15/2063 | 1291311 | 0.1 |
| 11778029 <sup>(1)(3)</sup> | BANK 2020-BN30 XA, 1.248%, 12/15/2053 | 524848 | 0.1 |
| 2000000 <sup>(1)</sup> | BANK 2022-BNK43 B, 5.151%, 08/15/2055 | 1930807 | 0.2 |
| 2300000 <sup>(2)</sup> | BANK5 2024-5YR12 D, 4.000%, 12/15/2057 | 2022340 | 0.2 |
| 1500000 <sup>(2)</sup> | BANK5 2026-5YR20 D, 4.500%, 02/15/2059 | 1283482 | 0.1 |
| 2000000 <sup>(1)</sup> | BANK5 2026-5YR21 B, 6.160%, 04/15/2059 | 2065012 | 0.2 |
| 29543881 <sup>(1)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.514%, 08/15/2052 | 1134475 | 0.1 |
| 3000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C27 D, 4.000%, 07/15/2057 | 2725636 | 0.3 |
| 2000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C29 D, 4.000%, 09/15/2057 | 1764071 | 0.2 |
| 2500000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C31 D, 4.250%, 12/15/2057 | 2209143 | 0.2 |
| 1000000 <sup>(1)</sup> | BBCMS Mortgage Trust 2025-5C34 C, 6.806%, 05/15/2058 | 1041811 | 0.1 |
| 2500000 <sup>(1)</sup> | BBCMS Mortgage Trust 2025-5C37 C, 6.002%, 09/15/2058 | 2518624 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 19964623 <sup>(1)(3)</sup> | BBCMS Mortgage Trust 2025-C32 XA, 1.128%, 02/15/2062 | $1604691 | 0.2 |
| 3500000 <sup>(2)</sup> | BBCMS Mortgage Trust 2026-5C40 D, 4.250%, 02/15/2059 | 2944841 | 0.3 |
| 5902041 <sup>(1)(3)</sup> | BBCMS Trust 2021-C10 XA, 1.194%, 07/15/2054 | 274950 | 0 |
| 1500000 <sup>(1)(2)</sup> | BDS LLC 2025-FL15 C, 5.827%, (TSFR1M + 2.150%), 03/19/2043 | 1505096 | 0.2 |
| 45352155 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2018-B7 XA, 0.392%, 05/15/2053 | 340241 | 0 |
| 11528837 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.208%, 03/15/2062 | 352367 | 0 |
| 1765000 | Benchmark Mortgage Trust 2019-B11 AS, 3.784%, 05/15/2052 | 1614319 | 0.2 |
| 1350000 <sup>(2)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 925241 | 0.1 |
| 10152911 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B17 XA, 1.393%, 03/15/2053 | 424694 | 0 |
| 6274396 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B20 XA, 1.521%, 10/15/2053 | 292941 | 0 |
| 10935352 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.489%, 01/15/2054 | 628534 | 0.1 |
| 23179126 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.063%, 04/15/2054 | 947184 | 0.1 |
| 4698603 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B28 XA, 1.236%, 08/15/2054 | 219497 | 0 |
| 3000000 <sup>(2)</sup> | Benchmark Mortgage Trust 2025-V16 D, 4.500%, 08/15/2058 | 2581632 | 0.3 |
| 3500000 <sup>(1)</sup> | Benchmark Mortgage Trust 2025-V17 C, 5.873%, 09/15/2058 | 3512586 | 0.4 |
| 2500000 <sup>(1)</sup> | Benchmark Mortgage Trust 2025-V19 C, 5.751%, 01/15/2058 | 2486308 | 0.3 |
| 3500000 <sup>(2)</sup> | Benchmark Mortgage Trust 2026-V20 D, 4.500%, 02/15/2059 | 2969652 | 0.3 |
| 2000000 | Benchmark Mortgage Trust 2026-V21 C, 6.006%, 03/15/2031 | 1978976 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | BHMS Commercial Mortgage Trust 2025-ATLS B, 6.223%, (TSFR1M + 2.550%), 08/15/2042 | 1002486 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 4598445 <sup>(2)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | $4076143 | 0.4 |
| 5887827 <sup>(2)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.344%, 05/25/2052 | 5144640 | 0.5 |
| 2000000 <sup>(2)</sup> | BMO Mortgage Trust 2024-5C6 D, 4.500%, 09/15/2057 | 1783652 | 0.2 |
| 1000000 <sup>(1)</sup> | BMO Mortgage Trust 2025-5C10 C, 6.485%, 05/15/2058 | 1015536 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2025-BOCA A, 5.273%, (TSFR1M + 1.600%), 12/15/2042 | 1002268 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Brspl3 Ltd. 2026-FL3 B, 5.627%, (TSFR1M + 1.950%), 08/19/2043 | 1252224 | 0.1 |
| 2163462 <sup>(1)(2)</sup> | BX 2024-PALM B, 5.464%, (TSFR1M + 1.791%), 06/15/2037 | 2163647 | 0.2 |
| 1679341 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 5.619%, (TSFR1M + 1.946%), 04/15/2034 | 1663098 | 0.2 |
| 1400000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 5.958%, (TSFR1M + 2.285%), 10/15/2036 | 1399990 | 0.1 |
| 1918360 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIR2 D, 6.463%, (TSFR1M + 2.790%), 10/15/2041 | 1922469 | 0.2 |
| 987006 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING D, 6.162%, (TSFR1M + 2.490%), 05/15/2034 | 988710 | 0.1 |
| 3158420 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING E, 7.360%, (TSFR1M + 3.688%), 05/15/2034 | 3166177 | 0.3 |
| 885455 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-MF D, 6.362%, (TSFR1M + 2.690%), 02/15/2039 | 887173 | 0.1 |
| 1198775 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-XL4 D, 6.812%, (TSFR1M + 3.140%), 02/15/2039 | 1204802 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 2395712 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2025-BCAT C, 5.573%, (TSFR1M + 1.900%), 08/15/2042 | $2397157 | 0.3 |
| 2350000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-ALOHA E, 6.650%, (TSFR1M + 2.950%), 04/15/2043 | 2352937 | 0.3 |
| 3600000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-CSMO C, 5.673%, (TSFR1M + 2.000%), 02/15/2043 | 3610910 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 5.487%, (TSFR1M + 1.814%), 10/15/2036 | 999325 | 0.1 |
| 2231783 <sup>(1)(2)</sup> | BX Trust 2021-SDMF E, 5.374%, (TSFR1M + 1.701%), 09/15/2034 | 2229487 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | BX Trust 2022-LBA6 E, 6.373%, (TSFR1M + 2.700%), 01/15/2039 | 2002131 | 0.2 |
| 380513 <sup>(1)(2)</sup> | BX Trust 2022-VAMF F, 6.972%, (TSFR1M + 3.299%), 01/15/2039 | 379482 | 0.0 |
| 3000000 <sup>(1)(2)</sup> | BX Trust 2025-ARIA C, 5.517%, 12/13/2042 | 2994227 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BX Trust 2025-DELC A, 5.223%, (TSFR1M + 1.550%), 12/15/2042 | 2004861 | 0.2 |
| 2101302 <sup>(1)(2)</sup> | BX Trust 2025-LUNR D, 6.173%, (TSFR1M + 2.500%), 06/15/2040 | 2104760 | 0.2 |
| 1634826 <sup>(1)(2)</sup> | BX Trust 2025-ROIC E, 6.614%, (TSFR1M + 2.941%), 03/15/2030 | 1631965 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | BX Trust 2025-TAIL D, 6.123%, (TSFR1M + 2.450%), 06/15/2035 | 2505537 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | BX Trust 2025-VLT6 E, 6.863%, (TSFR1M + 3.191%), 03/15/2042 | 2732904 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | BX Trust 2025-VOLT D, 6.423%, (TSFR1M + 2.750%), 12/15/2044 | 2738062 | 0.3 |
| 3000000 <sup>(1)(2)</sup> | BX Trust 2026-CART D, 5.573%, (TSFR1M + 1.900%), 02/15/2036 | 2977733 | 0.3 |
| 2500000 <sup>(1)(2)</sup> | BX Trust 2026-RISE E, 6.470%, (TSFR1M + 2.800%), 04/15/2041 | 2503125 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BXMT Ltd. 2025-FL5 A, 5.318%, (TSFR1M + 1.639%), 10/18/2042 | 2002631 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | BXMT Ltd. 2026-FL6 B, 5.627%, (TSFR1M + 1.950%), 08/19/2043 | 1997505 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 1934428 <sup>(1)(2)</sup> | BXSC Commercial Mortgage Trust 2022-WSS E, 7.807%, (TSFR1M + 4.134%), 03/15/2035 | $1934543 | 0.2 |
| 1000000 <sup>(1)</sup> | Cantor Commercial Real Estate Lending 2019-CF1 B, 4.178%, 05/15/2052 | 905526 | 0.1 |
| 1510000 <sup>(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF2 D, 2.500%, 11/15/2052 | 1168027 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF3 D, 2.500%, 01/15/2053 | 884285 | 0.1 |
| 1000000 | CD Mortgage Trust 2017-CD3 A4, 3.631%, 02/10/2050 | 978843 | 0.1 |
| 11817411 <sup>(1)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.376%, 08/15/2057 | 415451 | 0.0 |
| 2000000 <sup>(2)</sup> | CFK Trust 2020-MF2 C, 2.995%, 03/15/2039 | 1854478 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2016-C2 D, 3.250%, 08/10/2049 | 964477 | 0.1 |
| 2500000 <sup>(1)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 AS, 3.789%, 09/15/2050 | 2370114 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-PRM3 C, 6.360%, 07/10/2028 | 2037398 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT D, 5.852%, 10/12/2040 | 995837 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM D, 7.926%, 12/10/2041 | 2834763 | 0.3 |
| 1000000 <sup>(1)</sup> | CSAIL Commercial Mortgage Trust 2020-C19 C, 3.612%, 03/15/2053 | 628404 | 0.1 |
| 3250000 <sup>(1)(2)</sup> | CSTL Commercial Mortgage Trust 2025-GATE2 E, 6.355%, 11/10/2042 | 3217595 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | CSTL Commercial Mortgage Trust 2026-GATE3 E, 6.343%, 02/10/2043 | 1981098 | 0.2 |
| 1847000 | DBJPM Mortgage Trust 2016-C3 B, 3.264%, 08/10/2049 | 1776503 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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> | DBWF Mortgage Trust 2015-LCM D, 3.422%, 06/10/2034 | $905000 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 6.423%, (TSFR1M + 2.750%), 03/15/2034 | 3507091 | 0.4 |
| 1800000 <sup>(1)(2)</sup> | DK Trust 2025-LXP C, 5.920%, (TSFR1M + 2.242%), 08/15/2037 | 1803828 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH E, 7.023%, (TSFR1M + 3.350%), 10/15/2042 | 2008708 | 0.2 |
| 1600000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH F, 7.773%, (TSFR1M + 4.100%), 10/15/2042 | 1607930 | 0.2 |
| 990679 <sup>(1)(2)</sup> | Extended Stay America Trust 2026-ESH2 F, 7.423%, (TSFR1M + 3.750%), 02/15/2043 | 994291 | 0.1 |
| 2650000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU E, 6.823%, (TSFR1M + 3.150%), 12/15/2039 | 2663893 | 0.3 |
| 13055195 <sup>(1)(2)(3)</sup> | Freddie Mac Multifamily ML Certificates 2021-ML11 XUS, 0.666%, 03/25/2038 | 597389 | 0.1 |
| 3340894 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1515 X1, 1.505%, 02/25/2035 | 313572 | 0.0 |
| 8996765 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.978%, 08/25/2036 | 635112 | 0.1 |
| 38600598 <sup>(2)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2A, 0.100%, 08/25/2049 | 4132 | 0.0 |
| 12250292 <sup>(2)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2B, 0.100%, 08/25/2049 | 3344 | 0.0 |
| 2750000 <sup>(1)(2)</sup> | FS 2026-ORL C, 5.523%, (TSFR1M + 1.850%), 02/15/2041 | 2750428 | 0.3 |
| 5187577 <sup>(2)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 4832379 | 0.5 |
| 4000000 <sup>(2)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.938%, 11/27/2050 | 3728439 | 0.4 |
| 2000000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 1682796 | 0.2 |
| 482136 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 473528 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 2000000 <sup>(1)(2)</sup> | Great Wolf Trust 2024-WOLF D, 6.563%, (TSFR1M + 2.890%), 03/15/2039 | $2008138 | 0.2 |
| 1400000 <sup>(1)(2)</sup> | GS Mortgage Securities Corp. Trust 2023-FUN C, 7.062%, (TSFR1M + 3.389%), 03/15/2028 | 1408648 | 0.2 |
| 1516508 <sup>(2)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 1190761 | 0.1 |
| 10655026 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GC40 XA, 1.098%, 07/10/2052 | 301749 | 0 |
| 1257933 <sup>(2)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 755922 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | GSAT Trust 2025-BMF E, 6.973%, (TSFR1M + 3.300%), 07/15/2040 | 2005114 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | GSMS Trustair 2024-FAIR C, 6.431%, 07/15/2029 | 2550575 | 0.3 |
| 2700000 <sup>(1)(2)</sup> | GWT 2024-WLF2 D, 6.612%, (TSFR1M + 2.939%), 05/15/2041 | 2713670 | 0.3 |
| 391928 <sup>(1)(2)</sup> | HIT Trust 2022-HI32 B, 6.862%, (TSFR1M + 3.189%), 07/15/2039 | 394980 | 0 |
| 2000000 <sup>(1)(2)</sup> | HLTN Commercial Mortgage Trust 2024-DPLO D, 7.012%, (TSFR1M + 3.339%), 06/15/2041 | 2004601 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | ILPT Commercial Mortgage Trust 2025-LPF2 C, 5.829%, 07/13/2042 | 1002552 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY E, 7.523%, (TSFR1M + 3.850%), 03/15/2042 | 2247892 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI D, 5.797%, 10/05/2039 | 994056 | 0.1 |
| 22522263 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2013-C15 XC, 0.736%, 11/15/2045 | 359226 | 0 |
| 46979000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XD, 0.500%, 01/15/2048 | 506591 | 0.1 |
| 34428000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XE, 0.071%, 01/15/2048 | 59893 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 1150000 <sup>(1)(2)</sup> | JW Trust 2024-BERY A, 5.266%, (TSFR1M + 1.593%), 11/15/2039 | $1151501 | 0.1 |
| 2228024 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 D, 6.962%, (TSFR1M + 3.290%), 12/15/2039 | 2219444 | 0.2 |
| 500000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2025-MH C, 5.865%, (TSFR1M + 2.193%), 12/15/2042 | 497577 | 0.1 |
| 868040 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 7.861%, (TSFR1M + 4.188%), 03/15/2036 | 843141 | 0.1 |
| 1650000 <sup>(1)(2)</sup> | LMNT CRE LLC 2025-FL3 A, 5.225%, (TSFR1M + 1.550%), 07/21/2043 | 1655788 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 5.820%, (TSFR1M + 2.141%), 08/17/2042 | 1000264 | 0.1 |
| 1000000 <sup>(1)</sup> | LQR Trust 2025-CALI A, 5.273%, (TSFR1M + 1.600%), 01/15/2043 | 994991 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | LSTR Trust 2026-HTL6 A, 5.173%, (TSFR1M + 1.500%), 12/15/2040 | 997584 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.437%, 10/15/2042 | 2242035 | 0.2 |
| 805692 <sup>(1)(2)</sup> | MCR Mortgage Trust 2024-HTL D, 7.578%, (TSFR1M + 3.905%), 02/15/2037 | 804708 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | MF1 LLC 2025-FL20 A, 5.130%, (TSFR1M + 1.450%), 02/18/2043 | 1503023 | 0.2 |
| 1600000 <sup>(1)(2)</sup> | MHC Commercial Mortgage Trust 2021-MHC F, 6.388%, (TSFR1M + 2.715%), 04/15/2038 | 1600081 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | MHP 2021-STOR G, 6.537%, (TSFR1M + 2.864%), 07/15/2038 | 2000488 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | MHP 2022-MHIL F, 6.932%, (TSFR1M + 3.259%), 01/15/2039 | 2001411 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | MHP Commercial Mortgage Trust 2025-MHIL2 E, 7.173%, (TSFR1M + 3.500%), 09/15/2040 | 2994690 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 3000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 B, 4.039%, 05/15/2049 | $2856032 | 0.3 |
| 13986773 <sup>(1)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XA, 0.846%, 12/15/2050 | 185172 | 0.0 |
| 2900000 | Morgan Stanley Capital I Trust 2016-BNK2 B, 3.485%, 11/15/2049 | 2711876 | 0.3 |
| 1171000 <sup>(1)</sup> | Morgan Stanley Capital I Trust 2018-H3 C, 4.858%, 07/15/2051 | 1121954 | 0.1 |
| 1710000 | Morgan Stanley Capital I Trust 2019-H7 AS, 3.524%, 07/15/2052 | 1625083 | 0.2 |
| 3000000 <sup>(1)</sup> | Morgan Stanley Capital I Trust 2022-L8 B, 3.791%, 04/15/2055 | 2633068 | 0.3 |
| 3500000 <sup>(1)(2)</sup> | NXPT Commercial Mortgage Trust 2024-STOR E, 6.703%, 11/05/2041 | 3509813 | 0.4 |
| 2750000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS E, 6.863%, (TSFR1M + 3.190%), 12/15/2039 | 2764483 | 0.3 |
| 4000000 <sup>(1)(2)</sup> | PFP Ltd. 2026-13 B, 5.530%, (TSFR1M + 1.850%), 08/18/2043 | 4012642 | 0.4 |
| 2000000 <sup>(1)(2)</sup> | PLYM Commercial Mortgage Trust 2026-IND D, 5.823%, (TSFR1M + 2.150%), 03/15/2043 | 1985041 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | PNW Trust 2026-ARTE B, 5.886%, (TSFR1M + 2.211%), 04/15/2029 | 1998657 | 0.2 |
| 509612 <sup>(2)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | 499444 | 0.1 |
| 6988518 <sup>(2)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 6716253 | 0.7 |
| 2750000 <sup>(1)(2)</sup> | PRM Trust 2025-PRM6 E, 6.583%, 07/05/2033 | 2741765 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 D, 5.250%, 03/10/2033 | 2729895 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | PRM7 Trust 2025-PRM7 D, 5.661%, 11/10/2042 | 984774 | 0.1 |
| 5550000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.316%, 11/08/2049 | 5432396 | 0.6 |
| 2690000 <sup>(2)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 2567033 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 4000000 <sup>(1)(2)</sup> | SCG Commercial Mortgage Trust 2025-FLWR C, 5.423%, (TSFR1M + 1.750%), 08/15/2042 | $4005532 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | SDAL Trust 2025-DAL A, 6.114%, (TSFR1M + 2.441%), 04/15/2042 | 1004312 | 0.1 |
| 2320000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037 | 2150413 | 0.2 |
| 2790000 <sup>(1)(2)</sup> | SMRT 2022-MINI F, 7.023%, (TSFR1M + 3.350%), 01/15/2039 | 2723534 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | STWD LLC 2025-FL4 B, 5.627%, (TSFR1M + 1.950%), 11/19/2042 | 2000496 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA E, 7.013%, (TSFR1M + 3.340%), 02/15/2042 | 1970506 | 0.2 |
| 14022940 <sup>(1)(3)</sup> | UBS Commercial Mortgage Trust 2019-C16 XA, 1.518%, 04/15/2052 | 484512 | 0.1 |
| 1659000 <sup>(1)</sup> | UBS Commercial Mortgage Trust 2019-C18 B, 3.681%, 12/15/2052 | 1442861 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | VTR Commercial Mortgage Trust 2025-STEM C, 5.471%, 10/13/2039 | 1976213 | 0.2 |
| 1560000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE D, 6.613%, (TSFR1M + 2.940%), 11/15/2041 | 1564047 | 0.2 |
| 12929960 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C30 XFG, 1.085%, 09/15/2058 | 216018 | 0 |
| 3375000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.012%, 12/15/2059 | 3139714 | 0.3 |
| 3488032 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2016-NXS6 XFG, 2.000%, 11/15/2049 | 50862 | 0 |
| 1000000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C38 B, 3.917%, 07/15/2050 | 947664 | 0.1 |
| 21044204 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.849%, 10/15/2050 | 165059 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 13327398 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2018-C45 XA, 0.764%, 06/15/2051 | $| 185937 | 0.0 |
| 1000000 | Wells Fargo Commercial Mortgage Trust 2019-C54 C, 3.810%, 12/15/2052 |  | 870574 | 0.1 |
| 1380000 | Wells Fargo Commercial Mortgage Trust 2021-C59 B, 3.034%, 04/15/2054 |  | 1176980 | 0.1 |
| 13896922 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.491%, 08/15/2054 |  | 794876 | 0.1 |
| 2500000 <sup>(2)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C61 D, 2.500%, 11/15/2054 |  | 1851846 | 0.2 |
| 3750000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2025-5C7 C, 5.798%, 12/15/2058 |  | 3688718 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-B33RP C, 5.673%, (TSFR1M + 2.000%), 08/15/2042 |  | 1001308 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $312,649,756) |  | **316856806** | **33.5** |
| **ASSET-BACKED SECURITIES: 24.9%** | **ASSET-BACKED SECURITIES: 24.9%** |  |  |  |
|  | **Home Equity Asset-Backed Securities: 0.9%** | **Home Equity Asset-Backed Securities: 0.9%** | **Home Equity Asset-Backed Securities: 0.9%** |  |
| 432814 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 355456 | 0.0 |
| 656092 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038 |  | 494293 | 0.1 |
| 2167811 <sup>(1)</sup> | GSAA Home Equity Trust 2006-14 A3A, 4.293%, (TSFR1M + 0.614%), 09/25/2036 |  | 625777 | 0.1 |
| 838876 <sup>(1)</sup> | GSAA Home Equity Trust 2007-1 1A1, 3.953%, (TSFR1M + 0.274%), 02/25/2037 |  | 229751 | 0.0 |
| 2332662 <sup>(2)</sup> | Point Securitization Trust 2025-1 A1, 6.250%, 06/25/2055 |  | 2334037 | 0.3 |
| 84825 <sup>(1)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 84859 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <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)** |
|  | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** |
| 233904 <sup>(1)</sup> | Renaissance Home Equity Loan Trust 2005-4 A6, 6.249%, 02/25/2036 | $| 218304 | 0.0 |
| 1769066 <sup>(2)</sup> | Unlock HEA Trust 2024-2 A, 6.500%, 10/25/2039 |  | 1765630 | 0.2 |
| 1963488 <sup>(2)</sup> | Unlock HEA Trust 2025-2 A, 6.000%, 11/25/2041 |  | 1945830 | 0.2 |
|  |  |  | **8053937** | **0.9** |
|  | **Other Asset-Backed Securities: 22.3%** | **Other Asset-Backed Securities: 22.3%** | **Other Asset-Backed Securities: 22.3%** | **Other Asset-Backed Securities: 22.3%** |
| 1550000 <sup>(1)(2)</sup> | AB BSL CLO 3 Ltd. 2021-3A D1R, 6.318%, (TSFR3M + 2.650%), 04/20/2038 |  | 1500956 | 0.2 |
| 1650000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 5.768%, (TSFR3M + 2.100%), 01/20/2038 |  | 1652881 | 0.2 |
| 2650000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 5.979%, (TSFR3M + 2.312%), 10/20/2030 |  | 2653305 | 0.3 |
| 1882440 <sup>(2)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 |  | 1837858 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-4A CR, 5.721%, (TSFR3M + 2.050%), 10/16/2037 |  | 1000799 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2024-2A C, 6.172%, (TSFR3M + 2.500%), 07/15/2037 |  | 4005612 | 0.4 |
| 2850000 <sup>(1)(2)</sup> | Balboa Bay Loan Funding Ltd. 2022-1A CR, 5.968%, (TSFR3M + 2.300%), 04/20/2037 |  | 2851938 | 0.3 |
| 84399 <sup>(1)</sup> | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 5.833%, 10/25/2036 |  | 84364 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Birch Grove Clo 11 Ltd. 2024-11A E, 9.469%, (TSFR3M + 5.800%), 01/22/2038 |  | 980156 | 0.1 |
| 1700000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A D2, 7.419%, (TSFR3M + 3.750%), 04/22/2038 |  | 1640327 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A E, 8.619%, (TSFR3M + 4.950%), 04/22/2038 |  | 1216876 | 0.1 |
| 900000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 5.669%, (TSFR3M + 2.000%), 10/22/2037 |  | 901058 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 3000000 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR2, 5.522%, (TSFR3M + 1.850%), 04/15/2035 | $2975658 | 0.3 |
| 3250000 <sup>(1)(2)</sup> | BlueMountain CLO XXXIII Ltd. 2021-33A BR, 5.368%, (TSFR3M + 1.700%), 10/20/2038 | 3244530 | 0.3 |
| 4900000 <sup>(1)(2)</sup> | BlueMountain CLO XXXIV Ltd. 2022-34A CR, 5.568%, (TSFR3M + 1.900%), 04/20/2035 | 4859967 | 0.5 |
| 1393000 <sup>(2)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 1402565 | 0.1 |
| 1700000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A CR2, 5.768%, (TSFR3M + 2.100%), 01/20/2038 | 1706657 | 0.2 |
| 5000000 <sup>(1)(2)</sup> | CBAM Ltd. 2019-9A CR, 6.372%, (TSFR3M + 2.700%), 07/15/2037 | 5009240 | 0.5 |
| 6450000 <sup>(1)(2)</sup> | Cedar Funding II CLO Ltd. 2013-1A CR3, 5.619%, (TSFR3M + 1.950%), 07/22/2038 | 6444782 | 0.7 |
| 2300000 <sup>(2)</sup> | Cherry Securitization Trust 2025-1A A, 6.130%, 11/15/2032 | 2323796 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 5.870%, (TSFR3M + 2.200%), 07/21/2037 | 1503769 | 0.2 |
| 1111547 <sup>(2)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 1031787 | 0.1 |
| 3399125 <sup>(2)</sup> | DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051 | 3013378 | 0.3 |
| 905280 <sup>(2)</sup> | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 870927 | 0.1 |
| 1650000 <sup>(1)(2)</sup> | Elevation CLO Ltd. 2021-14A C2R, 5.818%, (TSFR3M + 2.150%), 01/20/2038 | 1646433 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 5.668%, (TSFR3M + 2.000%), 07/17/2037 | 3006615 | 0.3 |
| 5000000 <sup>(1)(2)</sup> | Flatiron CLO 24 Ltd. 2023-2A ER, 7.993%, (TSFR3M + 4.400%), 01/15/2039 | 4880200 | 0.5 |
| 1500000 <sup>(1)(2)</sup> | Galaxy XXII CLO Ltd. 2016-22A ER4, 10.163%, (TSFR3M + 5.250%), 04/16/2034 | 1426293 | 0.2 |
| 1528770 <sup>(2)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 1538537 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 502597 <sup>(2)</sup> | J.G. Wentworth XLI LLC 2018-1A B, 4.700%, 10/15/2074 | $443442 | 0.0 |
| 1584000 <sup>(2)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 1604299 | 0.2 |
| 562863 <sup>(2)</sup> | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 | 511176 | 0.1 |
| 693568 <sup>(2)</sup> | LCSS Financing LLC 2018-A A, 4.700%, 12/15/2062 | 610933 | 0.1 |
| 930748 <sup>(2)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 653319 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Magnetite Xlv Ltd. 2025-45A E, 8.172%, (TSFR3M + 4.500%), 04/15/2038 | 842748 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Market Street CLO Ltd. II 2025-2A C, 5.784%, (TSFR3M + 1.900%), 03/20/2038 | 1496386 | 0.2 |
| 728296 <sup>(2)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 660606 | 0.1 |
| 430989 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 406631 | 0.0 |
| 587661 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044 | 549788 | 0.1 |
| 321280 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 291915 | 0.0 |
| 554760 <sup>(2)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 477286 | 0.1 |
| 627290 <sup>(2)</sup> | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | 491719 | 0.1 |
| 398390 <sup>(2)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 376954 | 0.0 |
| 2200000 <sup>(1)(2)</sup> | Navesink CLO 2 Ltd. 2024-2A CR, 5.722%, (TSFR3M + 2.050%), 01/15/2036 | 2181302 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Navesink Clo 5 Ltd. 2026-5A D1, 6.757%, (TSFR3M + 3.050%), 03/31/2039 | 998085 | 0.1 |
| 1400000 <sup>(1)(2)</sup> | Neuberger Berman CLO XX Ltd. 2015-20A D2R3, 7.372%, (TSFR3M + 3.700%), 04/15/2039 | 1349085 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
| 1850000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 27 Ltd. 2018-27A CR, 5.772%, (TSFR3M + 2.100%), 07/15/2038 | $1852331 | 0.2 |
| 3135000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 5.938%, (TSFR3M + 2.270%), 07/20/2037 | 3137379 | 0.3 |
| 1100000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.168%, (TSFR3M + 2.500%), 04/20/2037 | 1101882 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2020-20A CR, 6.118%, (TSFR3M + 2.450%), 04/18/2037 | 3503948 | 0.4 |
| 2000000 <sup>(1)(2)</sup> | Octagon 75 Ltd. 2025-1A D1, 6.269%, (TSFR3M + 2.600%), 01/22/2038 | 1966036 | 0.2 |
| 3750000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.171%, (TSFR3M + 2.500%), 04/16/2037 | 3754661 | 0.4 |
| 5000000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2021-3A ER, 9.122%, (TSFR3M + 5.450%), 10/15/2038 | 4843660 | 0.5 |
| 1600000 <sup>(1)(2)</sup> | Palmer Square Loan Funding Ltd. 2025-1A D, 7.753%, (TSFR3M + 4.100%), 02/15/2033 | 1512430 | 0.2 |
| 6343603 <sup>(2)</sup> | Palmetto Issuer LLC 2025-2A A, 5.980%, 04/30/2061 | 6242580 | 0.7 |
| 3400000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A BR, 5.718%, (TSFR3M + 2.050%), 07/20/2036 | 3370515 | 0.4 |
| 4000000 <sup>(1)(2)</sup> | Park Blue CLO Ltd. 2023-4A ER, 9.162%, (TSFR3M + 5.500%), 01/25/2039 | 3910952 | 0.4 |
| 6304000 <sup>(2)</sup> | Planet Fitness Master Issuer LLC 2024-1A A2II, 6.237%, 06/05/2054 | 6427215 | 0.7 |
| 1850000 <sup>(2)</sup> | Planet Fitness Master Issuer LLC 2025-1A A2I, 5.274%, 12/06/2055 | 1851952 | 0.2 |
| 3952769 <sup>(2)</sup> | Sabal Issuer 2025 1 LLC 2025-1A A, 6.280%, 11/01/2060 | 3975664 | 0.4 |
| 4200000 <sup>(2)</sup> | Sabal Issuer LLC 2026-1A A1, 6.000%, 05/02/2061 | 4216103 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |  |
| 600000 <sup>(1)(2)</sup> | Sound Point CLO VII-R Ltd. 2014-3RA C, 6.183%, (TSFR3M + 2.512%), 10/23/2031 | $600820 | 0.1 |
| 4100000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A CR, 5.518%, (TSFR3M + 1.850%), 04/25/2034 | 4079976 | 0.4 |
| 7455625 <sup>(2)</sup> | Subway Funding LLC 2024-3A A2II, 5.566%, 07/30/2054 | 7363622 | 0.8 |
| 738727 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048 | 714009 | 0.1 |
| 1049413 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 939112 | 0.1 |
| 2123781 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2021-B A, 1.620%, 07/20/2048 | 1733719 | 0.2 |
| 4403305 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 2942742 | 0.3 |
| 826344 <sup>(2)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 728149 | 0.1 |
| 1499055 <sup>(2)</sup> | Sunnova Helios XII Issuer LLC 2023-B C, 6.000%, 08/22/2050 | 1013137 | 0.1 |
| 2355350 <sup>(2)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 2046994 | 0.2 |
| 2025380 <sup>(2)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 1955586 | 0.2 |
| 2043393 <sup>(2)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 | 2000597 | 0.2 |
| 4281609 <sup>(2)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 4111578 | 0.4 |
| 732315 <sup>(2)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 704394 | 0.1 |
| 7500000 <sup>(1)(2)</sup> | Symphony CLO 43 Ltd. 2024-43A C, 6.222%, (TSFR3M + 2.550%), 04/15/2037 | 7510605 | 0.8 |
| 885000 <sup>(1)(2)</sup> | Symphony CLO XIX Ltd. 2018-19A C, 5.683%, (TSFR3M + 2.012%), 04/16/2031 | 883893 | 0.1 |
| 3930000 <sup>(2)</sup> | Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051 | 3424746 | 0.4 |
| 890000 <sup>(2)</sup> | Textainer Marine Containers VII Ltd. 2021-1A A, 1.680%, 02/20/2046 | 837303 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |  |
|  | **Other 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, 5.872%, (TSFR3M + 2.200%), 04/15/2035 | $| 4979210 | 0.5 |
| 933399 <sup>(2)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 |  | 852848 | 0.1 |
| 6800000 <sup>(2)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 |  | 6816966 | 0.7 |
| 1205775 <sup>(2)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 |  | 1110099 | 0.1 |
| 6000000 <sup>(1)(2)</sup> | TruPS Financials Note Securitization 2026-1A A1, 5.423%, (TSFR3M + 1.750%), 01/15/2038 |  | 6030150 | 0.6 |
| 1266720 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.214%, (TSFR3M + 2.542%), 07/15/2031 |  | 1268479 | 0.1 |
| 1400000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 5.672%, (TSFR3M + 2.000%), 04/15/2032 |  | 1401623 | 0.1 |
| 1270290 <sup>(2)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 |  | 1169813 | 0.1 |
| 3973266 <sup>(2)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 |  | 3849399 | 0.4 |
| 2807250 <sup>(2)</sup> | Zaxbys Funding LLC 2024-1A A2I, 6.594%, 04/30/2054 |  | 2850263 | 0.3 |
| 4371493 <sup>(2)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 4152220 | 0.4 |
|  |  |  | **210896298** | **22.3** |
|  | **Student Loan Asset-Backed Securities: 1.7%** | **Student Loan Asset-Backed Securities: 1.7%** | **Student Loan Asset-Backed Securities: 1.7%** | **Student Loan Asset-Backed Securities: 1.7%** |
| 129376 <sup>(2)</sup> | Commonbond Student Loan Trust 2016-A B, 4.000%, 05/25/2040 |  | 119019 | 0.0 |
| 307032 <sup>(2)</sup> | Commonbond Student Loan Trust 2016-B B, 4.000%, 10/25/2040 |  | 289417 | 0.0 |
| 219054 <sup>(2)</sup> | Commonbond Student Loan Trust 2017-AGS C, 5.280%, 05/25/2041 |  | 202209 | 0.0 |
| 85953 <sup>(2)</sup> | Commonbond Student Loan Trust 2017-BGS C, 4.440%, 09/25/2042 |  | 73547 | 0.0 |
| 311187 <sup>(2)</sup> | Commonbond Student Loan Trust 2020-AGS B, 3.160%, 08/25/2050 |  | 261894 | 0.0 |
| 413902 <sup>(1)(2)</sup> | ELFI Graduate Loan Program LLC 2019-A B, 2.940%, 03/25/2044 |  | 354632 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 90911 <sup>(2)</sup> | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 | $90660 | 0.0 |
| 404707 <sup>(2)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 | 401173 | 0.0 |
| 110544 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2020-HA A, 1.310%, 01/15/2069 | 105095 | 0.0 |
| 1745184 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 | 1628737 | 0.2 |
| 850000 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-FA B, 2.120%, 02/18/2070 | 608054 | 0.1 |
| 1833000 <sup>(2)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 1659947 | 0.2 |
| 641003 <sup>(2)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 637063 | 0.1 |
| 1737922 <sup>(2)</sup> | SMB Private Education Loan Trust 2025-A A1A, 5.130%, 04/15/2054 | 1752052 | 0.2 |
| 1398000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 1354569 | 0.1 |
| 1468000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 1420087 | 0.2 |
| 3529000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 2950905 | 0.3 |
| 2865000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 2477861 | 0.3 |
|  |  | **16386921** | **1.7** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $243,057,772) | **235337156** | **24.9** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $906,679,008) | **890036651** | **94.1** |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 6.4%** | **SHORT-TERM INVESTMENTS: 6.4%** |  |  |
|  | **Commercial Paper: 5.0%** |  |  |
| 8600000 | AutoZone, Inc., 3.970%, 04/06/2026 | $8594385 | 0.9 |
| 7000000 | Consolidated Edison Co. of New York, Inc., 4.000%, 04/07/2026 | 6994637 | 0.8 |
| 1300000 | Constellation Energy Generation LLC, 4.420%, 04/01/2026 | 1299842 | 0.1 |
| 3300000 | Constellation Energy Generation LLC, 4.430%, 04/02/2026 | 3299200 | 0.4 |
| 5000000 | Eaton Corp., 4.010%, 04/01/2026 | 4999451 | 0.5 |
| 5000000 | Enterprise Products Operating LLC, 4.010%, 04/01/2026 | 4999451 | 0.5 |
| 5000000 | General Mills, Inc., 3.910%, 04/01/2026 | 4999465 | 0.5 |
| 7000000 | PPL Electric Utilities Corp., 4.040%, 04/10/2026 | 6992252 | 0.8 |
| 5000000 | Southern Power Co., 4.030%, 04/07/2026 | 4996141 | 0.5 |
|  | Total Commercial Paper |  |  |
|  | (Cost $47,180,157) | **47174824** | **5.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 1.4%** |  |  |
| 12934000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.570% |  |  |
|  | (Cost $12,934,000) | $**12934000** | **1.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $60,114,157) | **60108824** | **6.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $966,793,165)** | $**950145475** | **100.5** |
|  | **Liabilities in Excess of Other Assets** | **(4508626)** | **(0.5)** |
|  | **Net Assets** | $**945636849** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2026. |
| <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> | 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 March 31, 2026. |

---

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate <br> TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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>**March 31, 2026** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $337842689 | $— | $337842689 |
| Commercial Mortgage-Backed Securities |  | 316856806 |  | 316856806 |
| Asset-Backed Securities |  | 235337156 |  | 235337156 |
| Short-Term Investments | 12934000 | 47174824 |  | 60108824 |
| Total Investments, at fair value | $12934000 | $937211475 | $— | $950145475 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 491261 |  |  | 491261 |
| Total Assets | $13425261 | $937211475 | $— | $950636736 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(2936719) | $— | $— | $(2936719) |
| Total Liabilities | $(2936719) | $— | $— | $(2936719) |

---

^ 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 March 31, 2026, 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 | 1319 | 06/30/26 | $273620367 | $(1835815) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 15 | 06/30/26 | 1622695 | (19037) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 272 | 06/18/26 | 30974000 | (657895) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 393 | 06/18/26 | 44611641 | (392712) |
|  |  |  | $350828703 | $(2905459) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (3) | 06/18/26 | (333140) | (31260) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (180) | 06/18/26 | (20981250) | 491261 |
|  |  |  | $(21314390) | $460001 |

---

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

The fair value of derivative instruments as of March 31, 2026 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> | $491261 |
| **Total Asset Derivatives** |  | $491261 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $2936719 |
| **Total Liability Derivatives** |  | $2936719 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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 year ended March 31, 2026 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 | $1385628 |
| **Total** | $1385628 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(3841598) |
| **Total** | $(3841598) |

---

At March 31, 2026, 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 $964,347,707. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $13724242 |
| Gross Unrealized Depreciation | (30371932) |
| Net Unrealized Depreciation | $(16647690) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Per Share Amount** |
| Voya Securitized Credit Fund |  |
| Class A NII | $0.4743 |
| Class I NII | $0.5060 |
| Class R6 NII | $0.5060 |
| Class W NII | $0.4993 |

---

NII — Net investment income

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Securitized Credit Fund designates 85.86% of net investment income distributions as interest-related dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Separate Portfolios Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Securitized Credit Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under

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

this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate if and when the Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund.

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

In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Fund and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also

considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2025:

(1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods and the second quintile for the five-year period; and (2) the Fund outperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the fifth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the fourth quintile. In analyzing this fee data, the Board took into account management's representations regarding its belief that the Fund's pricing is competitive.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the

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

year ending November 30, 2026.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**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.**

**167539 (0326)**

![](tm269275d1_vasimg01.jpg)

Annual Financial Statements and Other Information

**March 31, 2026**

■ Voya VACS Series CB Fund

■ 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.

---

| | |
|:---|:---|
| ![](tm269275d1_vasimg02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm269275d1_vasimg03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statements of Assets and Liabilities](#a_002) | [3](#a_002) |
| [Statements of Operations](#a_003) | [5](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [6](#a_004) |
| [Financial Highlights](#a_005) | [8](#a_005) |
| [Notes to Financial Statements](#a_006) | [9](#a_006) |
| [Portfolios of Investments](#va_001) | [21](#va_001) |
| [Tax Information](#va_002) | [74](#va_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#va_003) | [75](#va_003) |

---

 **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 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 on the Funds' website at https://individuals.voya.com and on 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. Each 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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya VACS Series EMHCD Fund, Voya VACS Series SC Fund, Voya VACS Series HYB Fund and Voya VACS Series CB Fund and the Board of Trustees of Voya Separate Portfolios Trust and Voya Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya VACS Series EMHCD Fund and Voya VACS Series SC Fund (two of the funds constituting Voya Separate Portfolios Trust) and Voya VACS Series HYB Fund and Voya VACS Series CB Fund (two of the funds constituting Voya Funds Trust, collectively, with Voya Separate Portfolios Trust, referred to as the "Trusts") (collectively, with Voya VACS Series EMHCD Fund and Voya VACS Series SC Fund, referred to as the "Funds"), including the portfolios of investments, as of March 31, 2026, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds at March 31, 2026 and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual fund constituting | Statement of | Statements of changes in | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;the Trusts | Operations | net assets |  |
| &nbsp;&nbsp;Voya VACS Series EMHCD Fund | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026 | &nbsp;&nbsp;For each of the three years in the period ended March 31, 2026 and the period from February 17, 2023 (commencement of operations) through March 31, 2023 |
| &nbsp;&nbsp;Voya VACS Series SC Fund | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026 | &nbsp;&nbsp;For each of the three years in the period ended March 31, 2026 and the period from March 03, 2023 (commencement of operations) through March 31, 2023 |
| &nbsp;&nbsp;Voya VACS Series HYB Fund | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026 | &nbsp;&nbsp;For each of the three years in the period ended March 31, 2026 and the period from February 24, 2023 (commencement of operations) through March 31, 2023 |
| &nbsp;&nbsp;Voya VACS Series CB Fund | For the period from January 22, 2026 (commencement of operations) through March 31, 2026 | For the period from January 22, 2026 (commencement of operations) through March 31, 2026 | For the period from January 22, 2026 (commencement of operations) through March 31, 2026 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trusts' management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm269275d1_vas01img03.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

May 27, 2026

STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series**<br>**CB Fund** | **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+\* | $80694714 | $104118317 | $299387901 | $159513421 |
| Investments in affiliated underlying funds at fair value<sup>\*\*</sup> | 2374193 |  |  |  |
| Short-term investments at fair value† |  | 14159055 | 28286211 | 9200357 |
| Cash | 316152 |  | 98646 | 18545 |
| Cash collateral for futures contracts | 172300 | 174603 |  | 580810 |
| Cash pledged for centrally cleared swaps (Note 2) | 200000 |  |  |  |
| Foreign currencies at value‡ Receivables: |  | 215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1836953 | 671625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 12539 | 9808 | 8201 | 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 476273 | 1458725 | 4560091 | 665079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 8479 | 7300 |  | 58375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 24378 |  |  |  |
| Prepaid expenses | 1109 | 13568 | 15401 | 13657 |
| Prepaid offering expense | 60822 |  |  |  |
| Reimbursement due from Investment Adviser | 4526 |  |  |  |
| Other assets | 33 | 843 | 1482 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 86182471 | 120614059 | 332357933 | 170059866 |
| **LIABILITIES:** |  |  |  |  |
| Income distribution payable |  | 379 | 1435 | 329843 |
| Payable for investment securities purchased | 1834642 | 2244459 | 10181939 | 44063 |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 4318829 |  |  |  |
| Payable for fund shares redeemed |  | 67 | 82782 | 292 |
| Payable upon receipt of securities loaned |  | 1765005 | 14054022 |  |
| Payable to custodian due to bank overdraft |  | 999310 |  |  |
| Payable to trustees under the deferred compensation plan (Note 5) | 33 | 843 | 1482 | 1394 |
| Payable for trustee fees | 201 | 291 | 687 | 469 |
| Payable for foreign capital gains tax |  | 138695 |  |  |
| Other accrued expenses and liabilities | 51269 | 48358 | 79777 | 65234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6204974 | 5197407 | 24402124 | 441295 |
| **NET ASSETS** | $79977497 | $115416652 | $307955809 | $169618571 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $80698483 | $108654713 | $308534433 | $160702496 |
| Total distributable earnings (loss) | (720986) | 6761939 | (578624) | 8916075 |
| **NET ASSETS** | $79977497 | $115416652 | $307955809 | $169618571 |
| + Including securities loaned at value | $— | $1695660 | $13674946 | $— |
| \* Cost of investments in securities | $81425608 | $98361564 | $300532553 | $151848811 |
| \*\* Cost of investments in affiliated underlying funds | $2426885 | $— | $— | $— |
| † Cost of short-term investments | $— | $14159857 | $28287325 | $9201079 |
| ‡ Cost of foreign currencies | $— | $220 | $— | $— |
| Net assets | $79977497 | $115416652 | $307955809 | $169618571 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 8069756 | 11082308 | 30280421 | 16309813 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2026 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net asset value and redemption price per share | $9.91 | $10.41 | $10.17 | $10.4 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series**<br>**CB Fund** | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
|  | **January 22, 2026<sup>(1)</sup>**<br>**to March 31, 2026** | | | |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $— | $64177 | $106428 | $54527 |
| Dividends from affiliated underlying funds | 23887 |  |  |  |
| Interest, net of foreign taxes withheld\* | 660411 | 7821366 | 17694659 | 11864322 |
| Securities lending income, net |  | 13843 | 58785 |  |
| Other |  | 691 | 1571 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 684298 | 7900077 | 17861443 | 11919980 |
| **EXPENSES:** |  |  |  |  |
| Transfer agent fees | 152 | 248 | 324 | 145 |
| Shareholder reporting expense | 342 | 5138 | 1761 | 2509 |
| Registration fees | 38 | 19922 | 29163 | 22391 |
| Professional fees | 16212 | 30332 | 60527 | 43545 |
| Custody and accounting expense | 2077 | 43458 | 38407 | 43141 |
| Trustee fees | 640 | 2910 | 6875 | 4686 |
| Offering expense | 14178 |  |  |  |
| Miscellaneous expense | 480 | 11438 | 19832 | 42910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 34119 | 113446 | 156889 | 159327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (10897) |  |  | (29451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 23222 | 113446 | 156889 | 129876 |
| Net investment income | 661076 | 7786631 | 17704554 | 11790104 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 75959 | 1557099 | 2350583 | 4063436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (3079) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 73467 | (308249) |  | 227345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 4985 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 154411 | 1245771 | 2350583 | 4290781 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | (730894) | 3084054 | (2217928) | (3915690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (52692) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (57345) | (64615) |  | (750465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (1459) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (842390) | 3019434 | (2217928) | (4666155) |
| Net realized and unrealized gain (loss) | (687979) | 4265205 | 132655 | (375374) |
| **Increase (decrease) in net assets resulting from operations** | $(26903) | $12051836 | $17837209 | $11414730 |
| \* Foreign taxes withheld | $976 | $— | $— | $— |
| ^ Foreign capital gains taxes withheld | $— | $60617 | $— | $— |
| # Increase in foreign capital gains taxes accrued | $— | $11420 | $— | $— |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya VACS Series**<br>**CB Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** |
|  | **January 22,**<br>**2026 <sup>(1)</sup>**<br>**to March 31, 2026** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |
| Net investment income | $661076 | $7786631 | $8161619 |
| Net realized gain | 154411 | 1245771 | 3853603 |
| Net change in unrealized appreciation (depreciation) | (842390) | 3019434 | (3216768) |
| Increase (decrease) in net assets resulting from operations | (26903) | 12051836 | 8798454 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Total distributions (excluding return of capital) | (694083) | (8624570) | (12678907) |
| Total distributions | (694083) | (8624570) | (12678907) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| Net proceeds from sale of shares | 80004410 | 2946537 | 8193590 |
| Reinvestment of distributions | 694083 | 8597998 | 12678907 |
|  | 80698493 | 11544535 | 20872497 |
| Cost of shares redeemed | (10) | (12179940) | (28221967) |
| Net increase (decrease) in net assets resulting from capital share transactions | 80698483 | (635405) | (7349470) |
| Net increase (decrease) in net assets | 79977497 | 2791861 | (11229923) |
| **NET ASSETS:** |  |  |  |
| Beginning of year or period |  | 112624791 | 123854714 |
| End of year or period | $79977497 | $115416652 | $112624791 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $17704554 | $10825490 | $11790104 | $12635413 |
| Net realized gain | 2350583 | 978232 | 4290781 | 2102598 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) | (2217928) | (2106748) | (4666155) | 3109796 |
| Increase in net assets resulting from operations | 17837209 | 9696974 | 11414730 | 17847807 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (20162873) | (10876527) | (14558442) | (12613918) |
| Total distributions | (20162873) | (10876527) | (14558442) | (12613918) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 162978972 | 86853420 | 950392 | 55669247 |
| Reinvestment of distributions | 20068451 | 10863512 | 10079284 | 8161756 |
|  | 183047423 | 97716932 | 11029676 | 63831003 |
| Cost of shares redeemed | (43378567) | (53768017) | (45401879) | (64445145) |
| Net increase (decrease) in net assets resulting from capital share transactions | 139668856 | 43948915 | (34372203) | (614142) |
| Net increase (decrease) in net assets | 137343192 | 42769362 | (37515915) | 4619747 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 170612617 | 127843255 | 207134486 | 202514739 |
| End of year or period | $307955809 | $170612617 | $169618571 | $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 CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** | **Voya VACS Series CB Fund** |
| 01-22-26<sup>(4)_</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-26 | 10.00 | 0.08 | <sup>•</sup> | (0.08) | 0.00 | 0.09 |  |  | 0.09 |  | 9.91 | **(0.04**) | 0.22 | 0.15 | 0.15 | 4.36 | 79977 | 79 |
| **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** |
| 03-31-26 | 10.12 | 0.70 | <sup>•</sup> | 0.37 | 1.07 | 0.68 | 0.10 |  | 0.78 |  | 10.41 | **10.77** | 0.10 | 0.10 | 0.10 | 6.69 | 115417 | 121 |
| 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** |
| 03-31-26 | 10.20 | 0.67 | <sup>•</sup> | 0.06 | 0.73 | 0.69 | 0.07 |  | 0.76 |  | 10.17 | **7.28** | 0.06 | 0.06 | 0.06 | 6.44 | 307956 | 64 |
| 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 | 0.08 | <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** |
| 03-31-26 | 10.59 | 0.67 | <sup>•</sup> | (0.02) | 0.65 | 0.71 | 0.13 |  | 0.84 |  | 10.40 | **6.22** | 0.09 | 0.07 | 0.07 | 6.29 | 169619 | 26 |
| 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> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026

------

**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"), and Voya VACS Series CB Fund ("CB"), each 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 thirteen separately managed series. This report is for Voya VACS Series EMHCD Fund ("EMHCD"), a diversified series of Voya Separate Portfolios Trust, and Voya Series SC Fund ("SC"), a diversified series of Voya Separate Portfolios Trust. Effective February 17, 2026, EMHCD's classification changed from a non-diversified fund to a diversified fund as a result of being managed as diversified for a period of three years.

Voya Funds Trust and Voya Separate Portfolios Trust are each a "Trust" and collectively referred to as the "Trusts." CB, HYB, EMHCD and SC are each a "Fund" and collectively referred to 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 Fund 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

------

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

Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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.*** 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 March 31, 2026.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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 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 year ended March 31, 2026, CB, 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 year ended March 31, 2026, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| CB | $21726289 | $1562062 |
| EMHCD | 13884656 | 7138064 |
| SC | 64676127 | 4453313 |

---

Please refer to the tables within the Portfolio of Investments for open futures contracts at March 31, 2026. HYB did not enter into any futures contracts during the year ended March 31, 2026.

F. ***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a 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.

A 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, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Funds may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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

The maximum amount of future payments (undiscounted) that a 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 a Fund for the same referenced entity or entities.

During the year ended March 31, 2026, CB had no open credit default swaps to buy protection.

During the year ended March 31, 2026, CB sold credit protection on credit default swap indices ("CDX") with an average notional amount of $2,695,781 to gain exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the tables within the Portfolio of Investments for open credit default swaps to sell protection at March 31, 2026.

G. ***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.

H. ***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.

I. ***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.

J. ***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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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.

K. ***Offering Costs.*** Costs incurred with the offering of shares of a Fund are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

L. ***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 year ended March 31, 2026, 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** |
| CB | $49028582 | $3915587 |
| EMHCD | 123673135 | 131451636 |
| HYB | 299243353 | 166339771 |
| SC | 43628318 | 64800842 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| CB | $93940720 | $56579468 |
| EMHCD | 4397873 | 4400427 |
| SC | 2397813 | 6569722 |

---

**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 CB, 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 March 31, 2026, 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 Investment Trust Co. | CB | 99.99% |
| Voya Intermediate Bond Portfolio | EMHCD | 73.87 |
|  | HYB | 9.64 |
|  | SC | 32.67 |
| Voya Investment Management Co. LLC | EMHCD | 20.04 |
|  | HYB | 23.39 |
|  | SC | 50.24 |
| Voya Retirement Insurance and Annuity Company | HYB | 57.63 |

---

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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 year ended March 31, 2026, 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** |
| CB | 0.15% |
| EMHCD | 0.15% |
| HYB | 0.15% |
| SC | 0.05% |

---

The Investment Adviser may until August 1, 2026 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 March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2027** | **2028** | **2029** | <br>**Total** |
| CB | $— | $— | $10897 | $10897 |
| SC | 67007 | 107814 | 29451 | 204272 |

---

The Expense Limitation Agreement is contractual through August 1, 2026. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective June 10, 2025, EMHCD, HYB and SC, 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 year ended March 31, 2026.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

**NOTE 8 — CAPITAL SHARES**

Transactions in capital shares and dollars are 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>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **CB** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/22/2026<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 8000441 |  | 69316 | (1) |  | 8069756 | 80004410 |  | 694083 | (10) |  | 80698483 |
| **EMHCD** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 273717 |  | 816625 | (1132953) |  | (42611) | 2946537 |  | 8597998 | (12179940) |  | (635405) |
| 3/31/2025 | 765918 |  | 1231864 | (2638253) |  | (640471) | 8193590 |  | 12678907 | (28221967) |  | (7349470) |
| **HYB** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 15795220 |  | 1941577 | (4188094) |  | 13548703 | 162978972 |  | 20068451 | (43378567) |  | 139668856 |
| 3/31/2025 | 8432276 |  | 1057901 | (5242381) |  | 4247796 | 86853420 |  | 10863512 | (53768017) |  | 43948915 |
| **SC** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 89519 |  | 952989 | (4286784) |  | (3244276) | 950392 |  | 10079284 | (45401879) |  | (34372203) |
| 3/31/2025 | 5293232 |  | 776201 | (6115427) |  | (45994) | 55669247 |  | 8161756 | (64445145) |  | (614142) |

---

<sup>(1)</sup> Commencement of operations.

**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 March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **EMHCD**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $329955 | $(329955) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank PLC | 286209 | (286209) |  |
| Jefferies International Ltd | 788057 | (788057) |  |
| JP Morgan Securities Plc. | 40658 | (40658) |  |
| Merrill Lynch International | 250781 | (250781) |  |
| Total | $1695660 | $(1695660) | $— |

---

(1) Cash collateral with a fair value
of $1,765,005 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 March 31, 2026 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **HYB**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $1798832 | $(1798832) | $— |
| Jefferies LLC | 280560 | (280560) |  |
| JP Morgan Securities Plc. | 1421639 | (1421639) |  |
| Mizuho Securities USA LLC. | 2654488 | (2654488) |  |
| Scotia Capital (USA) INC | 1626423 | (1626423) |  |
| State Street Bank and Trust Company | 297284 | (297284) |  |
| TD Securities (USA) Inc. | 1435466 | (1435466) |  |
| Truist Securities INC | 1281694 | (1281694) |  |
| Wells Fargo Bank NA | 1056364 | (1056364) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Wells Fargo Securities LLC | $1822196 | $(1822196) | $— |
| Total | $13674946 | $(13674946) | $— |

---

(1) Cash
 collateral with a fair value of $14,054,022 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, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| CB | $694083 | $— | $— | $— |
| EMHCD | 7662757 | 961813 | 9810009 | 2868898 |
| HYB | 18145075 | 2017798 | 10876527 |  |
| SC | 12475577 | 2082865 | 12613918 |  |

---

The tax-basis components of distributable earnings as of March 31, 2026, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| CB | $107412 | $— | $(828398) | $— | $(720986) |
| EMHCD | 290240 | 745932 | 5783985 | (58218) | 6761939 |
| HYB |  | 773112 | (1350300) | (1436) | (578624) |
| SC | 330444 | 1251585 | 7663888 | (329842) | 8916075 |

---

At March 31, 2026, the Funds did not have any capital loss carryforwards for U.S. federal income tax purposes.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

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

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

As of March 31, 2026, 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. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of investments, including beyond the direct exposure to issuers in the affected regions. The escalation or expansion of hostilities including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but 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 Fund and of a Fund's service providers. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to a Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of a Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**NOTE 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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2026 (continued)

**NOTE 12 — SEGMENT REPORTING (continued)**

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.

**NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENT**

The Funds have adopted the provisions of Financial Accounting Standards Board Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including providing specific categories in rate reconciliation and income taxes paid. Upon evaluation, the adoption of the new accounting standard does not materially impact the financial statement amounts or disclosures.

**NOTE 14 — SUBSEQUENT EVENTS**

Dividends: Subsequent to March 31, 2026, the Funds declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| CB | $0.0363 | April 30, 2026 | Daily |
| EMHCD | $0.0531 | April 30, 2026 | Daily |
| HYB | $0.0518 | April 30, 2026 | Daily |
| SC | $0.0594 | April 30, 2026 | 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 CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 30.9%** | **CORPORATE BONDS/NOTES: 30.9%** | | |
|  | **Basic Materials: 0.3%** | **Basic Materials: 0.3%** | **Basic Materials: 0.3%** |
| 43000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | $43926 | 0.1 |
| 32000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 32948 | 0.0 |
| 53000 | Nucor Corp., 5.100%, 06/01/2035 | 53576 | 0.1 |
| 3000 | Nutrien Ltd., 5.875%, 12/01/2036 | 3092 | 0.0 |
| 43000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 43897 | 0.1 |
| 34000 | Steel Dynamics, Inc., 1.650%, 10/15/2027 | 32639 | 0.0 |
|  |  | **210078** | **0.3** |
|  | **Communications: 3.7%** |  |  |
| 65000 | Alphabet, Inc., 4.400%, 02/15/2033 | 64209 | 0.1 |
| 58000 | Alphabet, Inc., 4.700%, 11/15/2035 | 57326 | 0.1 |
| 50000 | Alphabet, Inc., 4.800%, 02/15/2036 | 49805 | 0.1 |
| 16000 | Alphabet, Inc., 5.300%, 05/15/2065 | 14822 | 0.0 |
| 58000 | Alphabet, Inc., 5.450%, 11/15/2055 | 56196 | 0.1 |
| 37000 | Alphabet, Inc., 5.700%, 11/15/2075 | 35888 | 0.0 |
| 31000 | Alphabet, Inc., 5.750%, 02/15/2066 | 30724 | 0.0 |
| 30000 | Amazon.com, Inc., 2.100%, 05/12/2031 | 26896 | 0.0 |
| 45000 | Amazon.com, Inc., 4.250%, 03/13/2031 | 44678 | 0.1 |
| 41000 | Amazon.com, Inc., 4.350%, 03/20/2033 | 40270 | 0.0 |
| 67000 | Amazon.com, Inc., 4.550%, 03/13/2033 | 66375 | 0.1 |
| 55000 | Amazon.com, Inc., 4.650%, 11/20/2035 | 53951 | 0.1 |
| 38000 | Amazon.com, Inc., 5.450%, 11/20/2055 | 36328 | 0.0 |
| 79000 | Amazon.com, Inc., 5.550%, 11/20/2065 | 74700 | 0.1 |
| 45000 | Amazon.com, Inc., 5.650%, 03/13/2046 | 44871 | 0.1 |
| 50000 | Amazon.com, Inc., 5.800%, 03/13/2056 | 49995 | 0.1 |
| 33000 | Amazon.com, Inc., 6.050%, 03/13/2076 | 32832 | 0.0 |
| 66000 | AppLovin Corp., 5.125%, 12/01/2029 | 66398 | 0.1 |
| 54000 | AppLovin Corp., 5.375%, 12/01/2031 | 54549 | 0.1 |
| 13000 | AT&T, Inc., 3.800%, 12/01/2057 | 8798 | 0.0 |
| 5000 | AT&T, Inc., 4.500%, 05/15/2035 | 4742 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 36000 | AT&T, Inc., 4.550%, 11/01/2032 | $35399 | 0.0 |
| 72000 | AT&T, Inc., 4.900%, 11/01/2035 | 70266 | 0.1 |
| 24000 | AT&T, Inc., 4.900%, 08/15/2037 | 23106 | 0.0 |
| 36000 | AT&T, Inc., 6.050%, 08/15/2056 | 35481 | 0.0 |
| 37000<sup>(1)</sup> | Beignet Investor LLC, 6.581%, 05/30/2049 | 38070 | 0.0 |
| 18000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031 | 16165 | 0.0 |
| 54000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052 | 34410 | 0.0 |
| 12000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | 7714 | 0.0 |
| 22000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 16277 | 0.0 |
| 32000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 25120 | 0.0 |
| 59000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 61127 | 0.1 |
| 31000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 32201 | 0.0 |
| 50000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.700%, 12/01/2055 | 47819 | 0.1 |
| 42000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 43042 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 61000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | $62271 | 0.1 |
| 22000 | Comcast Corp., 1.500%, 02/15/2031 | 19072 | 0.0 |
| 20000 | Comcast Corp., 1.950%, 01/15/2031 | 17749 | 0.0 |
| 46000 | Comcast Corp., 2.650%, 02/01/2030 | 43089 | 0.1 |
| 21000 | Comcast Corp., 3.200%, 07/15/2036 | 17616 | 0.0 |
| 22000 | Comcast Corp., 3.900%, 03/01/2038 | 18905 | 0.0 |
| 15000 | Comcast Corp., 5.300%, 06/01/2034 | 15232 | 0.0 |
| 57000 | Meta Platforms, Inc., 4.200%, 11/15/2030 | 56460 | 0.1 |
| 42000 | Meta Platforms, Inc., 4.600%, 11/15/2032 | 41602 | 0.1 |
| 56000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | 54961 | 0.1 |
| 47000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 42604 | 0.1 |
| 73000 | Meta Platforms, Inc., 5.500%, 11/15/2045 | 69128 | 0.1 |
| 50000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 44979 | 0.1 |
| 44000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 41275 | 0.1 |
| 44000 | Meta Platforms, Inc., 5.750%, 11/15/2065 | 40899 | 0.1 |
| 27000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 27371 | 0.0 |
| 34000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 34774 | 0.0 |
| 43000 | Netflix, Inc., 5.875%, 11/15/2028 | 44745 | 0.1 |
| 44000 | Omnicom Group, Inc., 5.000%, 06/02/2033 | 42991 | 0.1 |
| 82000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 86716 | 0.1 |
| 54000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 64237 | 0.1 |
| 20000 | Time Warner Cable LLC, 5.500%, 09/01/2041 | 17254 | 0.0 |
| 7000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | 6350 | 0.0 |
| 13000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 12474 | 0.0 |
| 21000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 | 19978 | 0.0 |
| 2000 | T-Mobile USA, Inc., 3.000%, 02/15/2041 | 1463 | 0.0 |
| 10000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 9693 | 0.0 |
| 74000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 | 70012 | 0.1 |
| 60000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 58449 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 14000 | T-Mobile USA, Inc., 5.000%, 02/15/2036 | $13794 | 0.0 |
| 41000 | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 41357 | 0.1 |
| 36000 | T-Mobile USA, Inc., 5.850%, 02/15/2056 | 34962 | 0.0 |
| 35000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 34723 | 0.0 |
| 27000<sup>(1)</sup> | Uber Technologies, Inc., 4.500%, 08/15/2029 | 26786 | 0.0 |
| 78000 | Uber Technologies, Inc., 5.350%, 09/15/2054 | 71863 | 0.1 |
| 3000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 2631 | 0.0 |
| 28000 | Verizon Communications, Inc., 2.355%, 03/15/2032 | 24450 | 0.0 |
| 3000 | Verizon Communications, Inc., 2.550%, 03/21/2031 | 2724 | 0.0 |
| 9000 | Verizon Communications, Inc., 4.400%, 11/01/2034 | 8572 | 0.0 |
| 33000 | Verizon Communications, Inc., 4.812%, 03/15/2039 | 30782 | 0.0 |
| 51000 | Verizon Communications, Inc., 5.000%, 01/15/2036 | 49963 | 0.1 |
| 78000 | Verizon Communications, Inc., 5.875%, 11/30/2055 | 75924 | 0.1 |
| 59000 | Verizon Communications, Inc., 6.000%, 11/30/2065 | 57216 | 0.1 |
|  |  | **2958646** | **3.7** |
|  | **Consumer, Cyclical: 2.1%** |  |  |
| 3157 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 | 3121 | 0.0 |
| 17542 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | 17311 | 0.0 |
| 26887 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 | 26220 | 0.0 |
| 52279 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | 50602 | 0.1 |
| 43000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 43095 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 23000 | American Honda Finance Corp., 5.650%, 11/15/2028 | $23565 | 0.0 |
| 52000 | American Honda Finance Corp., GMTN, 4.850%, 10/23/2031 | 51564 | 0.1 |
| 15000 | AutoZone, Inc., 6.250%, 11/01/2028 | 15665 | 0.0 |
| 25000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 25286 | 0.0 |
| 16000 | BorgWarner, Inc., 5.400%, 08/15/2034 | 16210 | 0.0 |
| 10296 | Delta Air Lines Pass Through Trust 2015-1, AA, 3.625%, 01/30/2029 | 10177 | 0.0 |
| 6417 <sup>(1)</sup> | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | 6410 | 0.0 |
| 35000 | Ford Motor Co., 3.250%, 02/12/2032 | 30412 | 0.0 |
| 35000 | General Motors Co., 6.250%, 04/15/2035 | 36415 | 0.0 |
| 8000 | General Motors Co., 6.250%, 10/02/2043 | 7864 | 0.0 |
| 52000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 46344 | 0.1 |
| 57000 | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 57298 | 0.1 |
| 93000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 95166 | 0.1 |
| 49000 | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 49899 | 0.1 |
| 14000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 14549 | 0.0 |
| 39000 | General Motors Financial Co., Inc., 6.150%, 07/15/2035 | 40349 | 0.1 |
| 80000 | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 79424 | 0.1 |
| 43000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 42560 | 0.1 |
| 17000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 17270 | 0.0 |
| 43000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 43475 | 0.1 |
| 39000 <sup>(1)</sup> | Hyundai Capital America, 5.300%, 06/24/2029 | 39620 | 0.1 |
| 61000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 62058 | 0.1 |
| 32000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 32635 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 83000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | $85732 | 0.1 |
| 37000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 38636 | 0.0 |
| 2000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 1515 | 0.0 |
| 72000 | Lowe's Cos., Inc., 4.500%, 10/15/2032 | 70786 | 0.1 |
| 3000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 2874 | 0.0 |
| 72000 | Marriott International, Inc., 4.500%, 10/15/2031 | 71190 | 0.1 |
| 65000 | Marriott International, Inc., 5.250%, 10/15/2035 | 64691 | 0.1 |
| 24000 | Marriott International, Inc., 5.350%, 03/15/2035 | 24166 | 0.0 |
| 30000 | Marriott International, Inc. HH, 2.850%, 04/15/2031 | 27480 | 0.0 |
| 73000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 73090 | 0.1 |
| 34000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 34213 | 0.0 |
| 58000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 58666 | 0.1 |
| 24000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 25000 | 0.0 |
| 42000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 42141 | 0.1 |
| 5535 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 5631 | 0.0 |
| 49394 | United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028 | 49284 | 0.1 |
| 34928 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | 33728 | 0.0 |
| 27000 <sup>(1)</sup> | United Airlines, Inc., 4.625%, 04/15/2029 | 26508 | 0.0 |
|  |  | **1719895** | **2.1** |
|  | **Consumer, Non-cyclical: 4.5%** |  |  |
| 35000 | Abbott Laboratories, 5.500%, 03/15/2056 | 34343 | 0.0 |
| 20000 | Abbott Laboratories, 5.600%, 03/15/2066 | 19510 | 0.0 |
| 16000 | AbbVie, Inc., 3.200%, 11/21/2029 | 15428 | 0.0 |
| 39000 | AbbVie, Inc., 4.500%, 05/14/2035 | 37734 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 22000 | AbbVie, Inc., 4.650%, 03/15/2028 | $22208 | 0.0 |
| 61000 | AbbVie, Inc., 4.950%, 03/15/2031 | 62327 | 0.1 |
| 42000 | AbbVie, Inc., 5.600%, 03/15/2055 | 41412 | 0.1 |
| 45000 | AbbVie, Inc., 5.650%, 03/15/2066 | 43857 | 0.1 |
| 16000 | Aetna, Inc., 6.625%, 06/15/2036 | 17252 | 0.0 |
| 32000 | Altria Group, Inc., 6.200%, 11/01/2028 | 33388 | 0.0 |
| 61000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 | 62326 | 0.1 |
| 46000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 | 46490 | 0.1 |
| 3000 | BAT Capital Corp., 3.557%, 08/15/2027 | 2968 | 0.0 |
| 45000 | BAT Capital Corp., 4.390%, 08/15/2037 | 40910 | 0.1 |
| 17000 | BAT Capital Corp., 5.834%, 02/20/2031 | 17796 | 0.0 |
| 9000 | BAT Capital Corp., 7.079%, 08/02/2043 | 9900 | 0.0 |
| 46000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 46240 | 0.1 |
| 26000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 26733 | 0.0 |
| 42000 | Bristol-Myers Squibb Co., 5.550%, 02/22/2054 | 40470 | 0.1 |
| 37000 | Campbell Soup Co., 5.200%, 03/21/2029 | 37361 | 0.1 |
| 52000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 52099 | 0.1 |
| 7000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 7151 | 0.0 |
| 27000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 23752 | 0.0 |
| 23000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 20983 | 0.0 |
| 28000 | Cencora, Inc., 5.125%, 02/15/2034 | 28244 | 0.0 |
| 148000 | Centene Corp., 3.000%, 10/15/2030 | 129789 | 0.2 |
| 34000 | Centene Corp., 4.625%, 12/15/2029 | 32298 | 0.0 |
| 56000 | Cigna Group, 2.375%, 03/15/2031 | 50329 | 0.1 |
| 52000 | Cigna Group, 4.800%, 08/15/2038 | 48917 | 0.1 |
| 94000 | Cigna Group, 5.250%, 01/15/2036 | 94157 | 0.1 |
| 68000 | Cigna Group, 5.600%, 02/15/2054 | 64440 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 37000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | $37828 | 0.1 |
| 14000 | CVS Health Corp., 4.125%, 04/01/2040 | 11696 | 0.0 |
| 28000 | CVS Health Corp., 4.780%, 03/25/2038 | 25818 | 0.0 |
| 6000 | CVS Health Corp., 5.050%, 03/25/2048 | 5151 | 0.0 |
| 20000 | CVS Health Corp., 5.125%, 02/21/2030 | 20286 | 0.0 |
| 54000 | CVS Health Corp., 5.450%, 09/15/2035 | 54229 | 0.1 |
| 2000 | CVS Health Corp., 6.000%, 06/01/2063 | 1899 | 0.0 |
| 5000 | CVS Health Corp., 6.250%, 09/15/2065 | 4889 | 0.0 |
| 64000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 64542 | 0.1 |
| 36000 | Elevance Health, Inc., 4.600%, 09/15/2032 | 35466 | 0.0 |
| 43000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 43282 | 0.1 |
| 20000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 19975 | 0.0 |
| 34000 | Eli Lilly & Co., 5.500%, 02/12/2055 | 33350 | 0.0 |
| 29000 | Equifax, Inc., 3.100%, 05/15/2030 | 27176 | 0.0 |
| 47000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 46836 | 0.1 |
| 12000 | HCA, Inc., 2.375%, 07/15/2031 | 10610 | 0.0 |
| 59000 | HCA, Inc., 3.500%, 09/01/2030 | 56047 | 0.1 |
| 89000 | HCA, Inc., 4.125%, 06/15/2029 | 87790 | 0.1 |
| 13000 | HCA, Inc., 4.375%, 03/15/2042 | 10944 | 0.0 |
| 60000 | HCA, Inc., 4.500%, 02/15/2027 | 60007 | 0.1 |
| 25000 | HCA, Inc., 5.125%, 06/15/2039 | 23574 | 0.0 |
| 35000 | HCA, Inc., 5.450%, 04/01/2031 | 35882 | 0.0 |
| 6000 | HCA, Inc., 6.100%, 04/01/2064 | 5798 | 0.0 |
| 52000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 52756 | 0.1 |
| 79000 | Hershey Co., 4.950%, 02/24/2032 | 80929 | 0.1 |
| 36000 | Humana, Inc., 5.375%, 04/15/2031 | 36397 | 0.1 |
| 18000 | Johnson & Johnson, 4.900%, 06/01/2031 | 18604 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 32000 | Kenvue, Inc., 4.850%, 05/22/2032 | $32354 | 0.0 |
| 22000 | Kenvue, Inc., 5.050%, 03/22/2028 | 22341 | 0.0 |
| 30000 | Kroger Co., 5.500%, 09/15/2054 | 27881 | 0.0 |
| 39000 | Kroger Co., 5.650%, 09/15/2064 | 36187 | 0.1 |
| 32000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 31620 | 0.0 |
| 25000 | Laboratory Corp. of America Holdings, 4.800%, 10/01/2034 | 24352 | 0.0 |
| 34000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 34413 | 0.0 |
| 59000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 59583 | 0.1 |
| 29000 <sup>(1)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 28654 | 0.0 |
| 42000 <sup>(1)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 40982 | 0.1 |
| 31000 | McKesson Corp., 4.250%, 09/15/2029 | 30927 | 0.0 |
| 49000 | McKesson Corp., 4.950%, 05/30/2032 | 49789 | 0.1 |
| 39000 | McKesson Corp., 5.250%, 05/30/2035 | 39758 | 0.1 |
| 39000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 37749 | 0.1 |
| 72000 | Merck & Co., Inc., 4.450%, 12/04/2032 | 71532 | 0.1 |
| 50000 | Novartis Capital Corp., 4.600%, 03/18/2033 | 49802 | 0.1 |
| 31000 | Novartis Capital Corp., 5.600%, 03/18/2046 | 31070 | 0.0 |
| 35000 | Novartis Capital Corp., 5.700%, 03/18/2056 | 35275 | 0.0 |
| 24000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | 24188 | 0.0 |
| 24000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 23916 | 0.0 |
| 37000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 37182 | 0.1 |
| 43000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 43648 | 0.1 |
| 10000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 9136 | 0.0 |
| 10000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 9375 | 0.0 |
| 57000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 57420 | 0.1 |
| 17000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 18514 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 15000 | Reynolds American, Inc., 5.850%, 08/15/2045 | $14536 | 0.0 |
| 22000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 21215 | 0.0 |
| 53000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 47750 | 0.1 |
| 18000 | S&P Global, Inc., 1.250%, 08/15/2030 | 15700 | 0.0 |
| 43000 | S&P Global, Inc., 2.950%, 03/01/2029 | 41430 | 0.1 |
| 36000 | Solventum Corp., 5.450%, 03/13/2031 | 36945 | 0.1 |
| 21000 | Solventum Corp., 5.600%, 03/23/2034 | 21475 | 0.0 |
| 45000 | Stryker Corp., 4.850%, 02/10/2030 | 45623 | 0.1 |
| 30000 | Thermo Fisher Scientific, Inc., 4.550%, 06/15/2033 | 29652 | 0.0 |
| 50000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 51108 | 0.1 |
| 25000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 25657 | 0.0 |
| 6000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 4367 | 0.0 |
| 15000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 12143 | 0.0 |
| 57000 | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 57653 | 0.1 |
| 20000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 20178 | 0.0 |
| 7000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 6415 | 0.0 |
| 31000 | UnitedHealth Group, Inc., 5.750%, 07/15/2064 | 29541 | 0.0 |
| 21000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 20761 | 0.0 |
| 36000 | Viatris, Inc., 2.700%, 06/22/2030 | 32626 | 0.0 |
| 21000 | Viatris, Inc., 4.000%, 06/22/2050 | 13775 | 0.0 |
| 22000 | Zimmer Biomet Holdings, Inc., 3.550%, 03/20/2030 | 21160 | 0.0 |
|  |  | **3599931** | **4.5** |
|  | **Energy: 1.9%** |  |  |
| 59000 | APA Corp., 6.750%, 02/15/2055 | 59184 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 13000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | $13073 | 0.0 |
| 7000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 7051 | 0.0 |
| 37000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 37774 | 0.1 |
| 33000 <sup>(2)</sup> | BP Capital Markets PLC, 4.875%, 12/31/2199 | 32600 | 0.0 |
| 28000 | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 28338 | 0.0 |
| 6000 | Cenovus Energy, Inc., 5.400%, 06/15/2047 | 5451 | 0.0 |
| 28000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 27886 | 0.0 |
| 29000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 29179 | 0.0 |
| 46000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 47502 | 0.1 |
| 44000 | Devon Energy Corp., 5.200%, 09/15/2034 | 44127 | 0.1 |
| 14000 | Diamondback Energy, Inc., 4.250%, 03/15/2052 | 10845 | 0.0 |
| 10000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 | 9471 | 0.0 |
| 56000 <sup>(2)</sup> | Enbridge (US) Inc. 20- A, 5.750%, 07/15/2080 | 55928 | 0.1 |
| 29000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 28043 | 0.0 |
| 66000 | Energy Transfer L.P., 4.550%, 01/15/2031 | 65426 | 0.1 |
| 3000 | Energy Transfer L.P., 4.900%, 03/15/2035 | 2903 | 0.0 |
| 30000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 30679 | 0.0 |
| 18000 | Energy Transfer L.P., 5.300%, 04/01/2044 | 16147 | 0.0 |
| 55000 | Energy Transfer L.P., 5.350%, 01/15/2036 | 54639 | 0.1 |
| 3000 | Energy Transfer L.P., 5.350%, 05/15/2045 | 2685 | 0.0 |
| 12000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 11436 | 0.0 |
| 20000 | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | 20280 | 0.0 |
| 28000 <sup>(2)</sup> | Enterprise Products Operating LLC D, 6.900%, (TSFR3M + 3.248%), 08/16/2077 | 27990 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 73000 | EOG Resources, Inc., 5.000%, 07/15/2032 | $73936 | 0.1 |
| 36000 | EOG Resources, Inc., 5.350%, 01/15/2036 | 36547 | 0.1 |
| 54000 | Hess Corp., 4.300%, 04/01/2027 | 54042 | 0.1 |
| 8000 | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | 7178 | 0.0 |
| 52000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 52429 | 0.1 |
| 41000 | Marathon Petroleum Corp., 5.125%, 12/15/2026 | 41141 | 0.1 |
| 36000 | MPLX L.P., 5.000%, 01/15/2033 | 35749 | 0.0 |
| 26000 | MPLX L.P., 5.300%, 04/01/2036 | 25638 | 0.0 |
| 21000 | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 21327 | 0.0 |
| 13000 | Occidental Petroleum Corp., 6.050%, 10/01/2054 | 12650 | 0.0 |
| 24000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 24529 | 0.0 |
| 7000 | Occidental Petroleum Corp., 6.600%, 03/15/2046 | 7256 | 0.0 |
| 10000 | ONEOK Partners L.P., 6.200%, 09/15/2043 | 10020 | 0.0 |
| 39000 <sup>(1)</sup> | ONEOK, Inc., 6.500%, 09/01/2030 | 41297 | 0.1 |
| 13000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 13352 | 0.0 |
| 12000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 11955 | 0.0 |
| 46000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 46092 | 0.1 |
| 24000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 22289 | 0.0 |
| 34000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 34429 | 0.0 |
| 51000 | Targa Resources Corp., 5.400%, 07/30/2036 | 50649 | 0.1 |
| 10000 | Targa Resources Corp., 5.500%, 02/15/2035 | 10093 | 0.0 |
| 6000 | Targa Resources Corp., 6.250%, 07/01/2052 | 5998 | 0.0 |
| 36000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 35957 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 48000 <sup>(2)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | $48765 | 0.1 |
| 12000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 11411 | 0.0 |
| 58000 | Viper Energy Partners LLC, 5.700%, 08/01/2035 | 58488 | 0.1 |
| 29000 | Western Midstream Operating L.P., 5.300%, 03/01/2048 | 24535 | 0.0 |
| 45000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 44583 | 0.1 |
| 14000 | Williams Cos., Inc., 4.900%, 03/15/2029 | 14167 | 0.0 |
|  |  | **1545139** | **1.9** |
|  | **Financial: 9.1%** |  |  |
| 36000 | Air Lease Corp., MTN, 5.200%, 07/15/2031 | 36091 | 0.1 |
| 47000 <sup>(2)</sup> | American Express Co., 4.351%, 07/20/2029 | 46973 | 0.1 |
| 15000 <sup>(2)</sup> | American Express Co., 4.456%, 02/10/2032 | 14848 | 0.0 |
| 2000 <sup>(2)</sup> | American Express Co., 5.016%, 04/25/2031 | 2034 | 0.0 |
| 21000 <sup>(2)</sup> | American Express Co., 5.085%, 01/30/2031 | 21360 | 0.0 |
| 36000 <sup>(2)</sup> | American Express Co., 5.098%, 02/16/2028 | 36201 | 0.1 |
| 20000 <sup>(2)</sup> | American Express Co., 5.282%, 07/27/2029 | 20344 | 0.0 |
| 9000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 8313 | 0.0 |
| 16000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 15920 | 0.0 |
| 49000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 49473 | 0.1 |
| 44000 | American International Group, Inc., 3.400%, 06/30/2030 | 42002 | 0.1 |
| 30000 | American Tower Corp., 3.650%, 03/15/2027 | 29791 | 0.0 |
| 13000 | American Tower Corp., 5.250%, 07/15/2028 | 13228 | 0.0 |
| 10000 | American Tower Corp., 5.500%, 03/15/2028 | 10178 | 0.0 |
| 27000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 27918 | 0.0 |
| 16000 | Aon North America, Inc., 5.125%, 03/01/2027 | 16086 | 0.0 |
| 35000 | Aon North America, Inc., 5.150%, 03/01/2029 | 35756 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 32000 | Aon North America, Inc., 5.750%, 03/01/2054 | $30857 | 0.0 |
| 34000 | Arthur J Gallagher & Co., 5.550%, 02/15/2055 | 31762 | 0.0 |
| 91000 | Assurant, Inc., 5.550%, 02/15/2036 | 91282 | 0.1 |
| 64000 | Athene Holding Ltd., 6.250%, 04/01/2054 | 58790 | 0.1 |
| 46000 | Athene Holding Ltd., 6.625%, 05/19/2055 | 44363 | 0.1 |
| 79000 <sup>(2)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 78344 | 0.1 |
| 13000 <sup>(2)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 11480 | 0.0 |
| 46000 <sup>(2)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 40942 | 0.1 |
| 55000 <sup>(2)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 50825 | 0.1 |
| 32000 <sup>(2)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 29009 | 0.0 |
| 109000 <sup>(2)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 107117 | 0.1 |
| 35000 <sup>(2)</sup> | Bank of America Corp., 4.456%, 02/06/2032 | 34569 | 0.0 |
| 35000 <sup>(2)</sup> | Bank of America Corp., 5.045%, 02/06/2037 | 34548 | 0.0 |
| 25000 <sup>(2)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 25503 | 0.0 |
| 47000 <sup>(2)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 47015 | 0.1 |
| 42000 <sup>(2)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 42741 | 0.1 |
| 54000 <sup>(2)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 56564 | 0.1 |
| 44000 <sup>(2)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 43538 | 0.1 |
| 52000 <sup>(2)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 49482 | 0.1 |
| 19000 <sup>(2)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 17567 | 0.0 |
| 24000 <sup>(2)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 23637 | 0.0 |
| 93000 <sup>(2)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 87983 | 0.1 |
| 74000 <sup>(2)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 67005 | 0.1 |
| 9000 <sup>(2)</sup> | Bank of America Corp., MTN, 3.970%, 03/05/2029 | 8921 | 0.0 |
| 84000 <sup>(2)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 84185 | 0.1 |
| 78000 <sup>(2)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 77892 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 17000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | $15937 | 0.0 |
| 46000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 39045 | 0.1 |
| 7000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 6494 | 0.0 |
| 51000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 50966 | 0.1 |
| 38000 | Camden Property Trust, 5.850%, 11/03/2026 | 38298 | 0.1 |
| 35000 <sup>(2)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 34425 | 0.0 |
| 19000 <sup>(2)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 19863 | 0.0 |
| 61000 | Chubb INA Holdings LLC, 4.900%, 08/15/2035 | 60087 | 0.1 |
| 72000 | CME Group, Inc., 4.400%, 03/15/2030 | 72248 | 0.1 |
| 52000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 52730 | 0.1 |
| 15000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 14078 | 0.0 |
| 34000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 35607 | 0.0 |
| 21000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 18302 | 0.0 |
| 3000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 2644 | 0.0 |
| 27000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 26604 | 0.0 |
| 29000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 27182 | 0.0 |
| 47000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 47259 | 0.1 |
| 57000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 57334 | 0.1 |
| 8000 | Crown Castle, Inc., 5.100%, 05/01/2033 | 7891 | 0.0 |
| 24000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 24574 | 0.0 |
| 14000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 14345 | 0.0 |
| 38000 | CubeSmart L.P., 2.250%, 12/15/2028 | 35879 | 0.0 |
| 74000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 74642 | 0.1 |
| 24000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 23508 | 0.0 |
| 17000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 16740 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 22000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | $22134 | 0.0 |
| 47000 <sup>(2)</sup> | Fifth Third Bancorp, 5.141%, 01/29/2037 | 45804 | 0.1 |
| 72000 | First Industrial L.P., 5.250%, 01/15/2031 | 72789 | 0.1 |
| 34000 <sup>(1)</sup> | Gabx Leasing LLC, 5.300%, 04/15/2036 | 33389 | 0.0 |
| 93000 | GLP Capital L.P. / GLP Financing II, Inc., 5.250%, 02/15/2033 | 91246 | 0.1 |
| 10000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 4.516%, 01/21/2032 | 9851 | 0.0 |
| 52000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.065%, 01/21/2037 | 50858 | 0.1 |
| 23000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 23086 | 0.0 |
| 32000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 32541 | 0.0 |
| 21000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 21669 | 0.0 |
| 40000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 39080 | 0.1 |
| 1000 <sup>(2)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 1046 | 0.0 |
| 69000 <sup>(1)(2)</sup> | Hartford Financial Services Group, Inc. ICON, 6.039%, (TSFR3M + 2.387%), 02/12/2067 | 66221 | 0.1 |
| 144000 <sup>(2)</sup> | Huntington Bancshares, Inc., 5.605%, 01/28/2041 | 140598 | 0.2 |
| 53000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 48201 | 0.1 |
| 44000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 43354 | 0.1 |
| 34000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 29117 | 0.0 |
| 59000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 55542 | 0.1 |
| 21000 | Invitation Homes Operating Partnership L.P., 5.500%, 08/15/2033 | 21036 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 37000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | $36497 | 0.1 |
| 90000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 89856 | 0.1 |
| 20000 <sup>(2)</sup> | JPMorgan Chase & Co., 1.953%, 02/04/2032 | 17615 | 0.0 |
| 53000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 50437 | 0.1 |
| 22000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 21450 | 0.0 |
| 14000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 13189 | 0.0 |
| 68000 <sup>(2)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 67154 | 0.1 |
| 14000 <sup>(2)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 13779 | 0.0 |
| 78000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 78108 | 0.1 |
| 45000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 45104 | 0.1 |
| 107000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.810%, 10/22/2036 | 103933 | 0.1 |
| 68000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.898%, 01/22/2037 | 66564 | 0.1 |
| 32000 <sup>(2)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 32473 | 0.0 |
| 13000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 13184 | 0.0 |
| 129000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.193%, 02/05/2037 | 126812 | 0.2 |
| 29000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 29360 | 0.0 |
| 49000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 50513 | 0.1 |
| 29000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 29893 | 0.0 |
| 21000 <sup>(2)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 21880 | 0.0 |
| 14000 | Kite Realty Group L.P., 4.000%, 10/01/2026 | 13963 | 0.0 |
| 40000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 38793 | 0.1 |
| 57000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 57312 | 0.1 |
| 45000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 45352 | 0.1 |
| 28000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 28265 | 0.0 |
| 208000 <sup>(2)</sup> | M&T Bank Corp., 5.400%, 07/30/2035 | 207393 | 0.3 |
| 38000 | Main Street Capital Corp., 6.950%, 03/01/2029 | 39109 | 0.1 |
| 26000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 26738 | 0.0 |
| 42000 <sup>(2)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 41884 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 81000 <sup>(2)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | $79741 | 0.1 |
| 25000 <sup>(2)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 21519 | 0.0 |
| 18000 <sup>(2)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 17792 | 0.0 |
| 17000 <sup>(2)</sup> | Morgan Stanley, 4.457%, 04/22/2039 | 15595 | 0.0 |
| 23000 <sup>(2)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 23271 | 0.0 |
| 211000 <sup>(2)</sup> | Morgan Stanley, 5.073%, 01/30/2037 | 206800 | 0.3 |
| 15000 <sup>(2)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 15213 | 0.0 |
| 59000 <sup>(2)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 60453 | 0.1 |
| 27000 <sup>(2)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 27714 | 0.0 |
| 118000 <sup>(2)</sup> | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | 116929 | 0.2 |
| 10000 | Morgan Stanley, MTN, 3.125%, 07/27/2026 | 9966 | 0.0 |
| 25000 <sup>(2)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 25292 | 0.0 |
| 16000 <sup>(2)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 15818 | 0.0 |
| 46000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 45745 | 0.1 |
| 145000 <sup>(2)</sup> | Northern Trust Corp., 5.117%, 11/19/2040 | 141244 | 0.2 |
| 28000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 28787 | 0.0 |
| 35000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 35916 | 0.1 |
| 41000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 41183 | 0.1 |
| 14000 | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | 11770 | 0.0 |
| 2000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 5.373%, 07/21/2036 | 2010 | 0.0 |
| 37000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 5.423%, 01/25/2041 | 36263 | 0.1 |
| 38000 <sup>(2)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 40210 | 0.1 |
| 53000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 54030 | 0.1 |
| 12000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 12198 | 0.0 |
| 96000 | Raymond James Financial, Inc., 5.650%, 09/11/2055 | 90960 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series CB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 8000 | Realty Income Corp., 3.950%, 08/15/2027 | $7963 | 0.0 |
| 96000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 83296 | 0.1 |
| 10000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 10247 | 0.0 |
| 26000 | RLI Corp., 5.375%, 06/01/2036 | 25043 | 0.0 |
| 37000 <sup>(2)</sup> | Royal Bank of Canada, 4.696%, 08/06/2031 | 36932 | 0.1 |
| 53000 <sup>(2)</sup> | Royal Bank of Canada, GMTN, 4.650%, 10/18/2030 | 53143 | 0.1 |
| 28000 <sup>(2)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 28361 | 0.0 |
| 33000 <sup>(2)</sup> | Royal Bank of Canada, GMTN, 5.153%, 02/04/2031 | 33550 | 0.0 |
| 19000 | Sabra Health Care L.P., 3.200%, 12/01/2031 | 17164 | 0.0 |
| 98000 <sup>(2)</sup> | State Street Corp., 3.031%, 11/01/2034 | 92278 | 0.1 |
| 50000 <sup>(2)</sup> | State Street Corp., 4.675%, 10/22/2032 | 49968 | 0.1 |
| 27000 | State Street Corp., 4.729%, 02/28/2030 | 27335 | 0.0 |
| 43000 <sup>(2)</sup> | Sumitomo Mitsui Financial Group, Inc., 5.334%, 03/03/2041 | 41720 | 0.1 |
| 22000 <sup>(1)</sup> | Symetra Life Insurance Co., 6.550%, 10/01/2055 | 22066 | 0.0 |
| 43000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 44222 | 0.1 |
| 40000 | TPG Operating Group II L.P., 4.875%, 05/15/2031 | 39251 | 0.1 |
| 56000 <sup>(2)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 57327 | 0.1 |
| 29000 <sup>(2)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | 30229 | 0.0 |
| 17000 <sup>(2)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 | 18006 | 0.0 |
| 113000 <sup>(2)</sup> | Wells Fargo & Co., 4.960%, 01/23/2037 | 110120 | 0.1 |
| 110000 <sup>(2)</sup> | Wells Fargo & Co., 5.433%, 01/23/2047 | 104309 | 0.1 |
| 6000 <sup>(2)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 6110 | 0.0 |
| 98000 <sup>(2)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 100322 | 0.1 |
| 8000 <sup>(2)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 8665 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 24000 <sup>(2)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | $23778 | 0.0 |
| 44000 <sup>(2)</sup> | Wells Fargo & Co. GG, 6.125%, 12/31/2199 | 44177 | 0.1 |
| 6000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | 6002 | 0.0 |
| 109000 <sup>(1)</sup> | Wynnton Funding Trust, 5.251%, 08/15/2035 | 107204 | 0.1 |
| 115000 <sup>(1)</sup> | Wynnton Funding Trust II, 5.991%, 08/15/2055 | 113742 | 0.1 |
|  |  | **7292240** | **9.1** |
|  | **Industrial: 2.2%** |  |  |
| 28000 | 3M Co., 5.150%, 03/15/2035 | 28199 | 0.0 |
| 30000 | AGCO Corp., 5.450%, 03/21/2027 | 30210 | 0.0 |
| 19000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 19473 | 0.0 |
| 57000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 57641 | 0.1 |
| 47000 | Berry Global, Inc., 1.650%, 01/15/2027 | 46027 | 0.1 |
| 18000 | Boeing Co., 5.930%, 05/01/2060 | 17293 | 0.0 |
| 5000 | Boeing Co., 6.858%, 05/01/2054 | 5507 | 0.0 |
| 31000 | Boeing Co., 7.008%, 05/01/2064 | 34303 | 0.1 |
| 89000 | Canadian National Railway Co., 4.200%, 03/12/2031 | 87810 | 0.1 |
| 19000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 18051 | 0.0 |
| 8000 | Carrier Global Corp., 2.722%, 02/15/2030 | 7474 | 0.0 |
| 27000 | Caterpillar Financial Services Corp., 4.700%, 11/15/2029 | 27382 | 0.0 |
| 51000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 51627 | 0.1 |
| 49000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 50242 | 0.1 |
| 3000 | FedEx Corp., 4.550%, 04/01/2046 | 2506 | 0.0 |
| 21883 | FedEx Corp. Class AA Pass Through Trust 20-1, AA, 1.875%, 08/20/2035 | 18887 | 0.0 |
| 57000 | Flex Ltd., 5.250%, 01/15/2032 | 57366 | 0.1 |
| 29000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 27661 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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: (continued)** |  |  |
| 17000 | Fortune Brands Innovations, Inc., 4.000%, 03/25/2032 | $16014 | 0.0 |
| 16000 | GATX Corp., 4.000%, 06/30/2030 | 15584 | 0.0 |
| 9000 | GATX Corp., 6.050%, 06/05/2054 | 8944 | 0.0 |
| 14000 | GXO Logistics, Inc., 6.250%, 05/06/2029 | 14525 | 0.0 |
| 51000 | HEICO Corp., 5.250%, 08/01/2028 | 51992 | 0.1 |
| 38000 <sup>(1)</sup> | Honeywell Aerospace, Inc., 5.732%, 03/16/2056 | 37588 | 0.1 |
| 5000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 5013 | 0.0 |
| 29000 | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 28463 | 0.0 |
| 15000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 15360 | 0.0 |
| 17000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 17396 | 0.0 |
| 9000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 9193 | 0.0 |
| 20000 | Jacobs Solutions, Inc., 4.750%, 03/03/2031 | 19728 | 0.0 |
| 20000 | Jacobs Solutions, Inc., 5.375%, 03/03/2036 | 19518 | 0.0 |
| 43000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 42962 | 0.1 |
| 79000 | John Deere Capital Corp., MTN, 4.700%, 06/10/2030 | 80082 | 0.1 |
| 34000 | John Deere Capital Corp., MTN, 4.850%, 06/11/2029 | 34634 | 0.1 |
| 62000 | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 63318 | 0.1 |
| 27000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 27477 | 0.0 |
| 9000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 9266 | 0.0 |
| 4000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 4088 | 0.0 |
| 12000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 12444 | 0.0 |
| 2000 | Norfolk Southern Corp., 5.950%, 03/15/2064 | 1982 | 0.0 |
| 52000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | 51712 | 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)** |
|  | **Industrial: (continued)** |  |  |
| 63000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | $63935 | 0.1 |
| 50000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 50771 | 0.1 |
| 93000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 94614 | 0.1 |
| 26000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 24034 | 0.0 |
| 44000 | Ryder System, Inc., 5.000%, 03/15/2030 | 44529 | 0.1 |
| 22000 | Ryder System, Inc., 6.600%, 12/01/2033 | 24117 | 0.0 |
| 27000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 27360 | 0.0 |
| 27000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | 27437 | 0.0 |
| 5000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 5118 | 0.0 |
| 36000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 37029 | 0.1 |
| 39000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 38930 | 0.1 |
| 29000 | Sonoco Products Co., 4.600%, 09/01/2029 | 28927 | 0.0 |
| 30000 | Vertiv Holdings Co., 5.650%, 03/15/2046 | 28634 | 0.0 |
| 34000 | Waste Connections, Inc., 4.800%, 07/15/2036 | 33325 | 0.1 |
| 29000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 29090 | 0.0 |
| 45000 <sup>(1)</sup> | WSP Global, Inc., 5.039%, 09/18/2031 | 44643 | 0.1 |
|  |  | **1777435** | **2.2** |
|  | **Technology: 3.3%** |  |  |
| 106000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 104794 | 0.1 |
| 61000 | Adobe, Inc., 4.950%, 01/17/2030 | 62293 | 0.1 |
| 51000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 49703 | 0.1 |
| 66000 | Broadcom, Inc., 2.450%, 02/15/2031 | 59956 | 0.1 |
| 65000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 54350 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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: (continued)** |  |  |
| 36000 | Broadcom, Inc., 4.800%, 10/15/2034 | $35471 | 0.1 |
| 51000 | Broadcom, Inc., 4.900%, 07/15/2032 | 51465 | 0.1 |
| 93000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 90264 | 0.1 |
| 31000 | Broadcom, Inc., 5.050%, 04/15/2030 | 31605 | 0.0 |
| 29000 | Broadcom, Inc., 5.150%, 11/15/2031 | 29757 | 0.0 |
| 15000 | Broadcom, Inc., 5.200%, 04/15/2032 | 15360 | 0.0 |
| 44000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 43870 | 0.1 |
| 28000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 27966 | 0.0 |
| 37000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 37174 | 0.1 |
| 38000 | Fiserv, Inc., 5.150%, 03/15/2027 | 38193 | 0.1 |
| 16000 | Fiserv, Inc., 5.150%, 08/12/2034 | 15549 | 0.0 |
| 61000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 60603 | 0.1 |
| 45000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 40202 | 0.1 |
| 29000 | HP, Inc., 2.650%, 06/17/2031 | 25802 | 0.0 |
| 3000 | Intel Corp., 5.600%, 02/21/2054 | 2754 | 0.0 |
| 22000 | Intel Corp., 5.700%, 02/10/2053 | 20274 | 0.0 |
| 110000 | International Business Machines Corp., 4.800%, 02/10/2030 | 111243 | 0.1 |
| 102000 | International Business Machines Corp., 4.950%, 02/03/2036 | 99398 | 0.1 |
| 100000 | International Business Machines Corp., 5.800%, 02/03/2056 | 95675 | 0.1 |
| 25000 | Intuit, Inc., 5.200%, 09/15/2033 | 25443 | 0.0 |
| 90000 | Intuit, Inc., 5.500%, 09/15/2053 | 82851 | 0.1 |
| 29000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 26831 | 0.0 |
| 24000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 24783 | 0.0 |
| 30000 | Micron Technology, Inc., 3.366%, 11/01/2041 | 23303 | 0.0 |
| 38000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 40474 | 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)** |
|  | **Technology: (continued)** |  |  |
| 119000 | Micron Technology, Inc., 6.050%, 11/01/2035 | $128458 | 0.2 |
| 61000 <sup>(1)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 57687 | 0.1 |
| 42000 | MSCI, Inc., 5.150%, 03/15/2036 | 40702 | 0.1 |
| 31000 | NetApp, Inc., 5.500%, 03/17/2032 | 31750 | 0.0 |
| 25000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | 24787 | 0.0 |
| 69000 | Oracle Corp., 2.300%, 03/25/2028 | 65753 | 0.1 |
| 30000 | Oracle Corp., 2.950%, 04/01/2030 | 27393 | 0.0 |
| 35000 | Oracle Corp., 3.800%, 11/15/2037 | 27813 | 0.0 |
| 2000 | Oracle Corp., 3.850%, 07/15/2036 | 1658 | 0.0 |
| 6000 | Oracle Corp., 3.850%, 04/01/2060 | 3535 | 0.0 |
| 40000 | Oracle Corp., 4.950%, 02/04/2031 | 39151 | 0.1 |
| 31000 | Oracle Corp., 5.200%, 09/26/2035 | 29093 | 0.0 |
| 60000 | Oracle Corp., 5.350%, 05/04/2033 | 58430 | 0.1 |
| 63000 | Oracle Corp., 5.375%, 09/27/2054 | 48886 | 0.1 |
| 25000 | Oracle Corp., 5.500%, 09/27/2064 | 19164 | 0.0 |
| 37000 | Oracle Corp., 5.875%, 09/26/2045 | 31945 | 0.0 |
| 122000 | Oracle Corp., 5.950%, 09/26/2055 | 102711 | 0.1 |
| 51000 | Oracle Corp., 6.000%, 08/03/2055 | 42798 | 0.1 |
| 46000 | Oracle Corp., 6.100%, 09/26/2065 | 38170 | 0.1 |
| 21000 | Oracle Corp., 6.125%, 08/03/2065 | 17482 | 0.0 |
| 18000 | Oracle Corp., 6.550%, 02/04/2046 | 16805 | 0.0 |
| 18000 | Oracle Corp., 6.850%, 02/04/2066 | 16564 | 0.0 |
| 31000 | Qualcomm, Inc., 4.750%, 05/20/2032 | 31180 | 0.0 |
| 38000 | Salesforce, Inc., 4.900%, 09/15/2031 | 37955 | 0.1 |
| 44000 | Salesforce, Inc., 5.200%, 03/15/2033 | 43938 | 0.1 |
| 35000 | Salesforce, Inc., 5.550%, 03/15/2036 | 34904 | 0.1 |
| 31000 | Salesforce, Inc., 6.400%, 03/15/2046 | 31234 | 0.0 |
| 42000 | Salesforce, Inc., 6.550%, 03/15/2056 | 42174 | 0.1 |
| 30000 | Synopsys, Inc., 5.000%, 04/01/2032 | 30270 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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: (continued)** |  |  |
| 27000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | $27598 | 0.0 |
| 29000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 26700 | 0.0 |
|  |  | **2604094** | **3.3** |
|  | **Utilities: 3.8%** |  |  |
| 52000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 53340 | 0.1 |
| 19000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 19155 | 0.0 |
| 51000 | AES Corp., 5.800%, 03/15/2032 | 51311 | 0.1 |
| 14000 | Alabama Power Co., 5.850%, 11/15/2033 | 14829 | 0.0 |
| 27000 <sup>(2)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 27024 | 0.0 |
| 26000 | Ameren Corp., 1.750%, 03/15/2028 | 24735 | 0.0 |
| 21000 | Ameren Corp., 5.000%, 01/15/2029 | 21336 | 0.0 |
| 29000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 25998 | 0.0 |
| 27000 | Avangrid, Inc., 3.800%, 06/01/2029 | 26360 | 0.0 |
| 23000 | Black Hills Corp., 3.050%, 10/15/2029 | 21875 | 0.0 |
| 145000 | Black Hills Corp., 4.550%, 01/31/2031 | 143517 | 0.2 |
| 14000 | Black Hills Corp., 6.000%, 01/15/2035 | 14540 | 0.0 |
| 24000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 25184 | 0.0 |
| 23000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 23581 | 0.0 |
| 23000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | 22537 | 0.0 |
| 16000 <sup>(2)</sup> | CMS Energy Corp., 3.750%, 12/01/2050 | 14606 | 0.0 |
| 60000 <sup>(2)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 | 58234 | 0.1 |
| 5000 | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | 5082 | 0.0 |
| 16000 | DTE Energy Co., 4.950%, 07/01/2027 | 16107 | 0.0 |
| 44000 | DTE Energy Co., 5.200%, 04/01/2030 | 44890 | 0.1 |
| 14000 | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | 12812 | 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)** |  |  |
| 36000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | $32191 | 0.0 |
| 10000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 10621 | 0.0 |
| 17000 | Duke Energy Ohio, Inc., 2.125%, 06/01/2030 | 15478 | 0.0 |
| 17000 <sup>(1)</sup> | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | 15485 | 0.0 |
| 40000 | Entergy Arkansas LLC, 5.750%, 01/15/2056 | 39249 | 0.1 |
| 24000 | Entergy Corp., 2.400%, 06/15/2031 | 21325 | 0.0 |
| 14000 | Entergy Corp., 2.800%, 06/15/2030 | 13024 | 0.0 |
| 22000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 22096 | 0.0 |
| 23000 | Entergy Texas, Inc., 4.000%, 03/30/2029 | 22809 | 0.0 |
| 51000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 47356 | 0.1 |
| 14000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 14199 | 0.0 |
| 22000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 22186 | 0.0 |
| 9000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 9552 | 0.0 |
| 23000 | Evergy Metro, Inc. 2020, 2.250%, 06/01/2030 | 21038 | 0.0 |
| 29000 | Eversource Energy, 2.550%, 03/15/2031 | 26178 | 0.0 |
| 53000 | Eversource Energy, 2.900%, 03/01/2027 | 52328 | 0.1 |
| 15000 | Eversource Energy, 5.125%, 05/15/2033 | 14958 | 0.0 |
| 32000 | Eversource Energy, 5.450%, 03/01/2028 | 32530 | 0.0 |
| 17000 | Eversource Energy, 5.500%, 01/01/2034 | 17247 | 0.0 |
| 32000 | Eversource Energy, 5.950%, 02/01/2029 | 33161 | 0.1 |
| 29000 | Eversource Energy U, 1.400%, 08/15/2026 | 28680 | 0.0 |
| 52000 | Exelon Corp., 5.150%, 03/15/2028 | 52633 | 0.1 |
| 23000 | Exelon Corp., 5.150%, 03/15/2029 | 23446 | 0.0 |
| 39000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 38692 | 0.1 |
| 21000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 21219 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (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)** |
|  | **Utilities: (continued)** |  |  |
| 24000 | Florida Power & Light Co., 5.300%, 06/15/2034 | $24685 | 0.0 |
| 17000 | Georgia Power Co., 4.650%, 05/16/2028 | 17140 | 0.0 |
| 28000 | Idaho Power Co., 4.850%, 03/01/2036 | 27417 | 0.0 |
| 24000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 23136 | 0.0 |
| 7000 <sup>(1)</sup> | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | 6291 | 0.0 |
| 10000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 10340 | 0.0 |
| 29000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 29593 | 0.0 |
| 44000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 45676 | 0.1 |
| 10000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 10346 | 0.0 |
| 27000 <sup>(1)</sup> | Monongahela Power Co., 3.550%, 05/15/2027 | 26743 | 0.0 |
| 23000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 24197 | 0.0 |
| 31000 <sup>(1)</sup> | Narragansett Electric Co., 3.395%, 04/09/2030 | 29648 | 0.0 |
| 35000 | National Grid PLC, 5.418%, 01/11/2034 | 35680 | 0.1 |
| 50000 | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | 46447 | 0.1 |
| 26000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 23324 | 0.0 |
| 7000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 6791 | 0.0 |
| 5000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 5300 | 0.0 |
| 24000 | National Rural Utilities Cooperative Finance Corp., MTN, 1.650%, 06/15/2031 | 20691 | 0.0 |
| 45000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 44160 | 0.1 |
| 58000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | 56036 | 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)** |  |  |
| 36000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | $36886 | 0.1 |
| 40000 | NextEra Energy Capital Holdings, Inc., 5.850%, 03/01/2056 | 39068 | 0.1 |
| 35000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 35675 | 0.1 |
| 36000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 37164 | 0.1 |
| 38000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 34196 | 0.1 |
| 6000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 5639 | 0.0 |
| 43000 | NiSource, Inc., 5.850%, 04/01/2055 | 41830 | 0.1 |
| 93000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 94520 | 0.1 |
| 15000 | NSTAR Electric Co., 1.950%, 08/15/2031 | 13128 | 0.0 |
| 10000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 10226 | 0.0 |
| 13000 | OGE Energy Corp., 5.450%, 05/15/2029 | 13322 | 0.0 |
| 17000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 17352 | 0.0 |
| 15000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 11731 | 0.0 |
| 9000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 7432 | 0.0 |
| 41000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 41653 | 0.1 |
| 49000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 49795 | 0.1 |
| 17000 | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 17296 | 0.0 |
| 18000 | Public Service Enterprise Group, Inc., 1.600%, 08/15/2030 | 15853 | 0.0 |
| 39000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 34617 | 0.1 |
| 31000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 31320 | 0.0 |
| 46000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 46906 | 0.1 |
| 14000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 14176 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |  |  |
| 35000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | $| 35783 |  | 0.1 |
| 48000 <sup>(2)</sup> | Sempra, 6.400%, 10/01/2054 |  | 47866 |  | 0.1 |
| 42000 | Southern Co., 5.113%, 08/01/2027 |  | 42378 |  | 0.1 |
| 53000 <sup>(2)</sup> | Southern Co. 21-A, 3.750%, 09/15/2051 |  | 52663 |  | 0.1 |
| 14000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 |  | 14204 |  | 0.0 |
| 113000 | Southwestern Public Service Co., 5.300%, 05/15/2035 |  | 113393 |  | 0.2 |
| 6000 | Southwestern Public Service Co., 6.000%, 06/01/2054 |  | 6049 |  | 0.0 |
| 37000 | Tucson Electric Power Co., 5.200%, 09/15/2034 |  | 37241 |  | 0.1 |
| 42000 | Virginia Electric and Power Co., 4.950%, 03/15/2036 |  | 40959 |  | 0.1 |
| 50000 | WEC Energy Group, Inc., 1.375%, 10/15/2027 |  | 47765 |  | 0.1 |
| 29000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 |  | 27394 |  | 0.0 |
| 14000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 |  | 14155 |  | 0.0 |
| 16000 | Wisconsin Electric Power Co., 1.700%, 06/15/2028 |  | 15186 |  | 0.0 |
| 17000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 |  | 17264 |  | 0.0 |
| 37000 | Xcel Energy, Inc., 5.600%, 04/15/2035 |  | 37619 |  | 0.1 |
|  |  |  | **3028079** |  | **3.8** |
|  | Total Corporate Bonds/ Notes |  |  |  |  |
|  | (Cost $25,048,161) |  | **24735537** |  | **30.9** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 26.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 26.0%** |  |  |  |  |
|  | **Government National Mortgage Association: 3.6%** | **Government National Mortgage Association: 3.6%** | **Government National Mortgage Association: 3.6%** | **Government National Mortgage Association: 3.6%** | **Government National Mortgage Association: 3.6%** |
| 1486960 | 4.500%, 11/20/2055 |  | 1438423 |  | 1.8 |
| 1446968 | 5.000%, 10/20/2054 |  | 1435723 |  | 1.8 |
|  |  |  | **2874146** |  | **3.6** |
|  | **Uniform Mortgage-Backed Securities: 22.4%** | **Uniform Mortgage-Backed Securities: 22.4%** | **Uniform Mortgage-Backed Securities: 22.4%** | **Uniform Mortgage-Backed Securities: 22.4%** |  |
| 2376449 | 2.000%, 02/01/2052 |  | 1925118 |  | 2.4 |
| 3592000 <sup>(3)</sup> | 2.000%, 04/01/2056 |  | 2894085 |  | 3.6 |
| 3132650 | 2.500%, 05/01/2052 |  | 2652948 |  | 3.3 |
| 1685000 <sup>(3)</sup> | 2.500%, 04/01/2056 |  | 1416980 |  | 1.8 |
| 2326823 | 3.000%, 06/01/2052 |  | 2050318 |  | 2.6 |
| 1939779 | 3.500%, 02/01/2051 |  | 1798276 |  | 2.2 |
| 2015181 | 4.000%, 08/01/2055 |  | 1903471 |  | 2.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 2217210 | 5.500%, 01/01/2056 | $| 2229428 |  | 2.8 |
| 998865 | 6.000%, 05/01/2055 |  | 1018757 |  | 1.3 |
|  |  |  | **17889381** |  | **22.4** |
|  | Total U.S. Government Agency Obligations |  |  |  |  |
|  | (Cost $20,878,573) |  | **20763527** |  | **26.0** |
| **U.S. TREASURY OBLIGATIONS: 20.2%** | **U.S. TREASURY OBLIGATIONS: 20.2%** |  |  |  |  |
|  | **United States Treasury Bonds: 7.8%** | **United States Treasury Bonds: 7.8%** | **United States Treasury Bonds: 7.8%** | **United States Treasury Bonds: 7.8%** | **United States Treasury Bonds: 7.8%** |
| 1300000 | 3.000%, 08/15/2052 |  | 924447 |  | 1.1 |
| 800000 | 4.375%, 05/15/2041 |  | 770781 |  | 1 |
| 2288100 | 4.625%, 02/15/2046 |  | 2206050 |  | 2.8 |
| 1343200 | 4.625%, 11/15/2055 |  | 1283596 |  | 1.6 |
| 1000000 | 4.750%, 02/15/2041 |  | 1005859 |  | 1.3 |
|  |  |  | **6190733** |  | **7.8** |
|  | **United States Treasury Notes: 12.4%** | **United States Treasury Notes: 12.4%** | **United States Treasury Notes: 12.4%** | **United States Treasury Notes: 12.4%** | **United States Treasury Notes: 12.4%** |
| 1617100 | 3.500%, 03/15/2029 |  | 1602887 |  | 2 |
| 2126900 | 3.875%, 03/31/2028 |  | 2130140 |  | 2.7 |
| 1898600 | 3.875%, 03/31/2031 |  | 1892593 |  | 2.4 |
| 800000 | 4.000%, 01/15/2027 |  | 801640 |  | 1 |
| 1811800 | 4.125%, 02/15/2036 |  | 1783632 |  | 2.2 |
| 1701900 | 4.250%, 03/31/2033 |  | 1713734 |  | 2.1 |
|  |  |  | **9924626** |  | **12.4** |
|  | Total U.S. Treasury Obligations |  |  |  |  |
|  | (Cost $16,374,053) |  | **16115359** |  | **20.2** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1%** |  |
| 500000 <sup>(1)(2)</sup> | Acore Issuer LLC 2026-FL1 A, 5.125%, (TSFR1M + 1.450%), 08/20/2043 |  | 500526 |  | 0.6 |
| 600000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2026-FL1 AS, 5.420%, (TSFR1M + 1.750%), 09/20/2043 |  | 600924 |  | 0.8 |
| 300000 <sup>(1)(2)</sup> | AREIT Ltd. 2025-CRE10 AS, 5.220%, (TSFR1M + 1.542%), 01/17/2030 |  | 299453 |  | 0.4 |
| 500000 <sup>(1)(2)</sup> | Brspl3 Ltd. 2026-FL3 B, 5.627%, (TSFR1M + 1.950%), 08/19/2043 |  | 500889 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-CSMO B, 5.373%, (TSFR1M + 1.700%), 02/15/2043 |  | 500906 |  | 0.7 |
| 500000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-XL6 B, 5.123%, (TSFR1M + 1.450%), 03/15/2043 |  | 497119 |  | 0.6 |
| 400000 <sup>(1)(2)</sup> | BX Trust 2026-CART C, 5.223%, (TSFR1M + 1.550%), 02/15/2036 |  | 397329 |  | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **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)** |  |
| 500000 <sup>(1)(2)</sup> | BXMT Ltd. 2026-FL6 AS, 5.427%, (TSFR1M + 1.750%), 08/19/2043 | $| 500774 |  | 0.6 |
| 250000 | COMM Mortgage Trust 2018-COR3 A3, 4.228%, 05/10/2051 |  | 245363 |  | 0.3 |
| 247670 <sup>(1)(2)</sup> | Extended Stay America Trust 2026-ESH2 C, 5.273%, (TSFR1M + 1.600%), 02/15/2043 |  | 248470 |  | 0.3 |
| 500000 <sup>(1)(2)</sup> | FS 2026-ORL B, 5.223%, (TSFR1M + 1.550%), 02/15/2041 |  | 499925 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2026-FL11 B, 5.565%, (TSFR1M + 1.900%), 01/19/2044 |  | 500652 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | LSTR Trust 2026-HTL6 A, 5.173%, (TSFR1M + 1.500%), 12/15/2040 |  | 498792 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | MF1 LLC 2025-FL17 A, 5.000%, (TSFR1M + 1.320%), 02/18/2040 |  | 500332 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | MF1 LLC 2026-FL21 A, 5.030%, (TSFR1M + 1.350%), 02/18/2041 |  | 499471 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | ONNI Commercial Mortgage Trust 2024-APT A, 5.196%, 07/15/2039 |  | 506550 |  | 0.7 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |  |
|  | (Cost $7,302,009) |  | **7297475** |  | **9.1** |
| **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** |  |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.8%** | **Automobile Asset-Backed Securities: 0.8%** | **Automobile Asset-Backed Securities: 0.8%** | **Automobile Asset-Backed Securities: 0.8%** |  |
| 350000 | CarMax Auto Owner Trust 2026-1 A3, 4.040%, 03/17/2031 |  | 349035 |  | 0.4 |
| 300000 | Exeter Automobile Receivables Trust 2026-1A A3, 4.030%, 03/15/2030 |  | 299161 |  | 0.4 |
|  |  |  | **648196** |  | **0.8** |
|  | **Other Asset-Backed Securities: 7.5%** | **Other Asset-Backed Securities: 7.5%** | **Other Asset-Backed Securities: 7.5%** | **Other Asset-Backed Securities: 7.5%** |  |
| 250000 <sup>(1)(2)</sup> | ARES LX CLO Ltd. 2021-60A AR2, 4.628%, (TSFR3M + 0.960%), 07/18/2034 |  | 249463 |  | 0.3 |
| 500000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2021-4A A1RR, 4.668%, (TSFR3M + 1.000%), 10/20/2034 |  | 499241 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2024-1A A1R, 4.851%, (TSFR3M + 1.170%), 04/16/2039 |  | 500237 |  | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 250000 <sup>(1)(2)</sup> | Barings CLO Ltd. 2024-1A A1R, 4.848%, (TSFR3M + 1.170%), 01/20/2039 | $249319 | 0.3 |
| 111667 <sup>(1)</sup> | Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046 | 104034 | 0.2 |
| 500000 <sup>(1)(2)</sup> | ICG US CLO Ltd. 2014-1A A1A3, 4.673%, (TSFR3M + 1.000%), 10/20/2034 | 500145 | 0.6 |
| 300000 <sup>(1)(2)</sup> | ICG US CLO Ltd. 2014-1A BR3, 5.423%, (TSFR3M + 1.750%), 10/20/2034 | 299991 | 0.4 |
| 250000 <sup>(1)(2)</sup> | Invesco US CLO Ltd. 2023-1A AR2, 4.781%, (TSFR3M + 1.110%), 04/22/2037 | 248771 | 0.3 |
| 500000 <sup>(1)(2)</sup> | LCM 39 Ltd./Jersey 39A A1R2, 4.703%, (TSFR3M + 1.040%), 10/15/2034 | 498092 | 0.6 |
| 500000 <sup>(1)(2)</sup> | Magnetite XXIII Ltd. 2019-23A AR2, 4.637%, (TSFR3M + 0.990%), 01/25/2035 | 499103 | 0.6 |
| 500000 <sup>(1)(2)</sup> | Navesink Clo 5 Ltd. 2026-5A B1, 5.307%, (TSFR3M + 1.600%), 03/31/2039 | 499985 | 0.6 |
| 250000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers Clo 51 Ltd. 2022-51A AR2, 4.668%, (TSFR3M + 1.000%), 10/23/2036 | 250054 | 0.3 |
| 400000 <sup>(1)(2)</sup> | Octagon Investment Partners 49 Ltd. 2020-5A ARR, 4.792%, (TSFR3M + 1.120%), 04/15/2037 | 397536 | 0.5 |
| 400000 <sup>(1)(2)</sup> | Palmer Square Loan Funding Ltd. 2024-3A A2R, 4.810%, (TSFR3M + 1.150%), 08/08/2032 | 399747 | 0.5 |
| 350000 <sup>(1)</sup> | Sabal Issuer LLC 2026-1A A1, 6.000%, 05/02/2061 | 351342 | 0.5 |
| 250000 <sup>(1)(2)</sup> | Sound Point CLO XXXII Ltd. 2021-4A AR, 4.960%, (TSFR3M + 1.030%), 10/25/2034 | 250017 | 0.3 |
| 207667 <sup>(1)</sup> | Textainer Marine Containers VII Ltd. 2021-1A A, 1.680%, 02/20/2046 | 195371 | 0.3 |
|  |  | **5992448** | **7.5** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: 0.4%** | **Student Loan Asset-Backed Securities: 0.4%** | **Student Loan Asset-Backed Securities: 0.4%** | **Student Loan Asset-Backed Securities: 0.4%** |
| 311935 <sup>(1)</sup> | SMB Private Education Loan Trust 2025-A A1A, 5.130%, 04/15/2054 | $314471 |  | 0.4 |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $6,966,941) | **6955115** |  | **8.7** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 6.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 6.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 6.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 6.0%** |  |
| 500000 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2026-3 A9B, 5.000%, 01/25/2057 | 488824 |  | 0.6 |
| 394365 <sup>(1)(2)</sup> | Chase Mortgage Finance Corp. 2026-CINV1 A9B, 5.000%, 01/25/2057 | 386272 |  | 0.5 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2026-R02 1M2, 5.162%, (SOFR30A + 1.500%), 02/25/2046 | 503207 |  | 0.7 |
| 500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2026-DNA2 M2, 5.272%, (SOFR30A + 1.600%), 03/25/2046 | 501016 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-9 A8, 5.500%, 03/25/2056 | 496966 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2026-1 A2, 5.000%, 04/25/2056 | 491309 |  | 0.6 |
| 491827 <sup>(1)(2)</sup> | OBX Trust 2026-J1 A2, 5.000%, 02/25/2056 | 484899 |  | 0.6 |
| 496008 <sup>(1)(2)</sup> | PMT Loan Trust 2026-J2 A19, 5.500%, 03/25/2057 | 491749 |  | 0.6 |
| 495502 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2026-3 A19, 5.000%, 03/25/2056 | 484412 |  | 0.6 |
| 500000 <sup>(1)(2)</sup> | SG Residential Mortgage Trust 2026-2 A1, 5.251%, 04/25/2066 | 499047 |  | 0.6 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $4,855,871) | **4827701** |  | **6.0** |
|  |  |  |  | **Percentage** |
|  |  |  |  | **of Net** |
| **Shares** | **RA** | **Value** |  | **Assets** |
| **MUTUAL FUNDS: 3.0%** | **MUTUAL FUNDS: 3.0%** | **MUTUAL FUNDS: 3.0%** |  |  |
|  | **Affiliated Investment Companies: 3.0%** | **Affiliated Investment Companies: 3.0%** | **Affiliated Investment Companies: 3.0%** | **Affiliated Investment Companies: 3.0%** |
| 75193 <sup>(4)</sup> | Voya VACS Series EMHCD Fund | 784265 |  | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 156335 <sup>(4)</sup> | Voya VACS Series HYB Fund | $1589928 | 2.0 |
|  |  | **2374193** | **3.0** |
|  | Total Mutual Funds |  |  |
|  | (Cost $2,426,885) | **2374193** | **3.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $83,852,493) | **83068907** | **103.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $83,852,493)** | $**83068907** | **103.9** |
|  | **Liabilities in Excess of Other Assets** | **(3091410)** | **(3.9)** |
|  | **Net Assets** | $**79977497** | **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 March 31, 2026. |
| <sup>(3)</sup> | Represents or includes a "to be announced" (TBA) security transaction. |
| <sup>(4)</sup> | Investment in affiliate. |

---

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate <br> TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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>**March 31, 2026** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $24735537 | $— | $24735537 |
| U.S. Government Agency Obligations |  | 20763527 |  | 20763527 |
| U.S. Treasury Obligations |  | 16115359 |  | 16115359 |
| Commercial Mortgage-Backed Securities |  | 7297475 |  | 7297475 |
| Asset-Backed Securities |  | 6955115 |  | 6955115 |
| Collateralized Mortgage Obligations |  | 4827701 |  | 4827701 |
| Mutual Funds | 2374193 |  |  | 2374193 |
| Total Investments, at fair value | $2374193 | $80694714 | $— | 83068907 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps |  | 8807 |  | 8807 |
| Futures | 5830 |  |  | 5830 |
| Total Assets | $2380023 | $80703521 | $— | $83083544 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps | $— | $(10266) | $— | (10266) |
| Futures | (63175) |  |  | (63175) |
| Total Liabilities | $(63175) | $(10266) | $— | $(73441) |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended March 31, 2026, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 1/22/2026** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**3/31/2026** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya VACS Series EMHCD Fund | $— | $808971 | $— | $(24706) | $784265 | $7972 | $— | $— |
| Voya VACS Series HYB Fund |  | 1617914 |  | (27986) | 1589928 | 15915 |  |  |
|  | $— | $2426885 | $— | $(52692) | $2374193 | $23887 | $— | $— |

---

The financial statements for the above mutual fund[s] and, as applicable, ETF[s] can be found at www.sec.gov.

At March 31, 2026, the following futures contracts were outstanding for Voya VACS Series CB 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 | 74 | 06/30/26 | $15350953 | $(19826) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 45 | 06/30/26 | 4868086 | (35930) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 3 | 06/18/26 | 341625 | (7319) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 10 | 06/18/26 | 1165625 | 9 |
|  |  |  | $21726289 | $(63066) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (11) | 06/18/26 | (1221515) | 5821 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (3) | 06/18/26 | $(340547) | $(100) |
|  |  |  | $(1562062) | $5721 |

---

At March 31, 2026, the following centrally cleared credit default swaps were outstanding for Voya VACS Series CB Fund:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** |<br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX North American High Yield Index, Series |  |  |  |  |  |  |  |
| 45, Version 2 | Sell | 5.000 | 12/20/30 | USD | 1595781 | $84036 | $(10266) |
| CDX North American High Yield Index, Series |  |  |  |  |  |  |  |
| 46, Version 1 | Sell | 5.000 | 06/20/31 | USD | 1100000 | 52702 | 8807 |
|  |  |  |  |  |  | $136738 | $(1459) |

---

<sup>(1)</sup> 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 the referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a 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 March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> of Assets and Liabilities** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $5830 |
| Credit contracts | Variation margin receivable on centrally cleared swaps<sup>\*</sup> | 8807 |
| **Total Asset Derivatives** |  | $14637 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $63175 |
| Credit contracts | Variation margin payable on centrally cleared swaps<sup>\*</sup> | 10266 |
| **Total Liability Derivatives** |  | $73441 |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Series CB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2026 (continued) <br>    

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2026 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** | **Swaps** | **Total** |
| Interest rate contracts | $73467 | $4985 | $78452 |
| **Total** | $73467 | $4985 | $78452 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** | **Swaps** | **Total** |
| Credit contracts | $— | $(1459) | $(1459) |
| Interest rate contracts | (57345) |  | (57345) |
| **Total** | $(57345) | $(1459) | $(58804) |

---

At March 31, 2026, 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 $83,838,501. | Cost for U.S. federal income tax purposes was $83,838,501. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $28046 |
| Gross Unrealized Depreciation | (856444) |
| Net Unrealized Depreciation | $(828398) |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: 59.6%** | **SOVEREIGN BONDS: 59.6%** |  |  |
|  | **Angola: 1.5%** |  |  |
| 550000 <sup>(1)</sup> | Angolan Government International Bond, 8.000%, 11/26/2029 | $543813 | 0.5 |
| 300000 | Angolan Government International Bond, 8.750%, 04/14/2032 | 292125 | 0.2 |
| 400000 <sup>(1)</sup> | Angolan Government International Bond, 9.375%, 03/31/2033 | 394252 | 0.3 |
| 350000 | Angolan Government International Bond, 9.375%, 05/08/2048 | 311150 | 0.3 |
| 200000 | Angolan Government International Bond, 9.875%, 10/15/2035 | 201000 | 0.2 |
|  |  | **1742340** | **1.5** |
|  | **Argentina: 2.6%** |  |  |
| 744319 <sup>(2)</sup> | Argentine Republic Government International Bond, 0.750% (Step Rate @ 1.750% on 07/09/2027), 07/09/2030 | 625135 | 0.6 |
| 156878 | Argentine Republic Government International Bond, 1.000%, 07/09/2029 | 138033 | 0.1 |
| 550000 <sup>(2)</sup> | Argentine Republic Government International Bond, 3.500% (Step Rate @ 4.875% on 07/09/2029), 07/09/2041 | 369050 | 0.3 |
| 2056220 <sup>(2)</sup> | Argentine Republic Government International Bond, 4.125% (Step Rate @ 4.750% on 07/09/2027), 07/09/2035 | 1490760 | 1.3 |
| 451019 <sup>(3)</sup> | Argentine Republic Government International Bond, 5.000%, 01/09/2038 | 340970 | 0.3 |
|  |  | **2963948** | **2.6** |
|  | **Bahrain: 1.8%** |  |  |
| 1450000 | Bahrain Government International Bond, 7.375%, 05/14/2030 | 1455989 | 1.3 |
| 600000 <sup>(1)</sup> | Bahrain Government International Bond, 7.500%, 02/12/2036 | 591300 | 0.5 |
|  |  | **2047289** | **1.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Benin: 0.2%** |  |  |
| 200000 | Benin Government International Bond, 8.375%, 01/23/2041 | $198143 | 0.2 |
|  | **Brazil: 3.2%** |  |  |
| 400000 | Brazilian Government International Bond, 5.625%, 02/21/2047 | 335190 | 0.3 |
| 500000 | Brazilian Government International Bond, 6.000%, 10/20/2033 | 501387 | 0.4 |
| 200000 | Brazilian Government International Bond, 6.125%, 03/15/2034 | 199907 | 0.2 |
| 945000 | Brazilian Government International Bond, 6.250%, 03/18/2031 | 986580 | 0.9 |
| 200000 | Brazilian Government International Bond, 6.250%, 05/22/2036 | 196800 | 0.2 |
| 600000 | Brazilian Government International Bond, 6.625%, 03/15/2035 | 615150 | 0.5 |
| 900000 | Brazilian Government International Bond, 7.125%, 05/13/2054 | 884430 | 0.7 |
|  |  | **3719444** | **3.2** |
|  | **Colombia: 3.5%** |  |  |
| 300000 | Colombia Government International Bond, 3.250%, 04/22/2032 | 250875 | 0.2 |
| 350000 | Colombia Government International Bond, 5.000%, 06/15/2045 | 251738 | 0.2 |
| 325000 | Colombia Government International Bond, 6.125%, 01/21/2031 | 320531 | 0.3 |
| 500000 | Colombia Government International Bond, 6.125%, 01/18/2041 | 437000 | 0.4 |
| 550000 | Colombia Government International Bond, 6.500%, 01/21/2033 | 538862 | 0.5 |
| 500000 | Colombia Government International Bond, 7.750%, 11/07/2036 | 512763 | 0.5 |
| 464000 | Colombia Government International Bond, 8.000%, 04/20/2033 | 491028 | 0.4 |
| 355000 | Colombia Government International Bond, 8.000%, 11/14/2035 | 372581 | 0.3 |
| 775000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 801931 | 0.7 |
|  |  | **3977309** | **3.5** |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Costa Rica: 0.9%** |  |  |
| 575000 | Costa Rica Government International Bond, 6.125%, 02/19/2031 | $588944 | 0.5 |
| 450000 <sup>(1)</sup> | Costa Rica Government International Bond, 7.300%, 11/13/2054 | 489684 | 0.4 |
|  |  | **1078628** | **0.9** |
|  | **Dominican Republic: 2.1%** |  |  |
| 200000 <sup>(1)</sup> | Dominican Republic International Bond, 4.875%, 09/23/2032 | 184950 | 0.1 |
| 500000 <sup>(1)</sup> | Dominican Republic International Bond, 5.300%, 01/21/2041 | 425406 | 0.4 |
| 1050000 | Dominican Republic International Bond, 5.875%, 01/30/2060 | 880950 | 0.8 |
| 550000 | Dominican Republic International Bond, 6.000%, 07/19/2028 | 554538 | 0.5 |
| 200000 <sup>(1)</sup> | Dominican Republic International Bond, 6.000%, 02/22/2033 | 195400 | 0.2 |
| 150000 <sup>(1)</sup> | Dominican Republic International Bond, 7.050%, 02/03/2031 | 155437 | 0.1 |
|  |  | **2396681** | **2.1** |
|  | **Ecuador: 0.7%** |  |  |
| 442550 <sup>(1)(2)</sup> | Ecuador Government International Bond, 5.000% (Step Rate @ 5.500% on 07/31/2026), 07/31/2040 | 345742 | 0.3 |
| 497340 <sup>(1)(3)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2035 | 437286 | 0.4 |
|  |  | **783028** | **0.7** |
|  | **Egypt: 2.3%** |  |  |
| 800000 <sup>(4)</sup> | Egypt Government International Bond, 5.800%, 09/30/2027 | 789848 | 0.7 |
| 500000 <sup>(1)</sup> | Egypt Government International Bond, 7.500%, 02/16/2061 | 382450 | 0.3 |
| 375000 <sup>(1)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 | 388552 | 0.3 |
| 675000 <sup>(1)</sup> | Egypt Government International Bond, 8.700%, 03/01/2049 | 591965 | 0.5 |
| 200000 | Egypt Government International Bond, 8.875%, 05/29/2050 | 177000 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Egypt: (continued)** |  |  |
| 350000 <sup>(1)</sup> | Egypt Government International Bond, 8.875%, 05/29/2050 | $309750 | 0.3 |
|  |  | **2639565** | **2.3** |
|  | **El Salvador: 0.2%** |  |  |
| 275000 | El Salvador Government International Bond, 7.650%, 06/15/2035 | 270188 | 0.2 |
|  | **Ghana: 0.7%** |  |  |
| 103789 <sup>(5)</sup> | Ghana Government International Bond, 4.540%, 01/03/2030 | 87832 | 0.1 |
| 278863 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2029 | 266662 | 0.2 |
| 492800 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2035 | 421344 | 0.4 |
|  |  | **775838** | **0.7** |
|  | **Guatemala: 1.4%** |  |  |
| 435000 <sup>(1)</sup> | Guatemala Government Bond, 5.250%, 08/10/2029 | 434533 | 0.4 |
| 600000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 614100 | 0.5 |
| 250000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 260297 | 0.2 |
| 300000 <sup>(1)</sup> | Guatemala Government Bond, 6.600%, 06/13/2036 | 314966 | 0.3 |
|  |  | **1623896** | **1.4** |
|  | **Honduras: 0.4%** |  |  |
| 250000 | Honduras Government International Bond, 5.625%, 06/24/2030 | 247481 | 0.2 |
| 200000 | Honduras Government International Bond, 6.250%, 01/19/2027 | 201435 | 0.2 |
|  |  | **448916** | **0.4** |
|  | **Hungary: 2.4%** |  |  |
| 300000 <sup>(1)</sup> | Hungary Government International Bond, 3.125%, 09/21/2051 | 178125 | 0.1 |
| 450000 <sup>(1)</sup> | Hungary Government International Bond, 5.500%, 06/16/2034 | 445149 | 0.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Hungary: (continued)** |  |  |
| 800000 | Hungary Government International Bond, 5.500%, 03/26/2036 | $780200 | 0.7 |
| 525000 | Hungary Government International Bond, 6.750%, 09/23/2055 | 535542 | 0.5 |
| 500000 | Hungary Government International Bond 30Y, 7.625%, 03/29/2041 | 567192 | 0.5 |
| 300000 <sup>(1)</sup> | Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 | 303942 | 0.2 |
|  |  | **2810150** | **2.4** |
|  | **India: 0.2%** |  |  |
| 300000 | Export-Import Bank of India, 2.250%, 01/13/2031 | 268035 | 0.2 |
|  | **Indonesia: 1.4%** |  |  |
| 320000 | Indonesia Government International Bond, 5.450%, 09/20/2052 | 300221 | 0.3 |
| 1050000 | Indonesia Government International Bond, 8.500%, 10/12/2035 | 1287799 | 1.1 |
|  |  | **1588020** | **1.4** |
|  | **Ivory Coast: 1.2%** |  |  |
| 575000 <sup>(1)</sup> | Ivory Coast Government International Bond, 6.750%, 02/25/2041 | 505202 | 0.5 |
| 300000 <sup>(1)</sup> | Ivory Coast Government International Bond, 7.625%, 01/30/2033 | 306000 | 0.3 |
| 375000 <sup>(1)</sup> | Ivory Coast Government International Bond, 8.250%, 01/30/2037 | 385312 | 0.3 |
| 148849 <sup>(3)</sup> | Ivory Coast Government International Bond REGs, 5.750%, 12/31/2032 | 146227 | 0.1 |
|  |  | **1342741** | **1.2** |
|  | **Jamaica: 0.8%** |  |  |
| 400000 | Jamaica Government International Bond, 7.875%, 07/28/2045 | 459445 | 0.4 |
| 400000 | Jamaica Government International Bond, 8.000%, 03/15/2039 | 461445 | 0.4 |
|  |  | **920890** | **0.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Jordan: 0.9%** |  |  |
| 1000000 <sup>(1)</sup> | Jordan Government International Bond, 5.850%, 07/07/2030 | $984194 | 0.9 |
|  | **Kenya: 0.7%** |  |  |
| 250000 | Republic of Kenya Government International Bond, 6.300%, 01/23/2034 | 207880 | 0.2 |
| 225000 | Republic of Kenya Government International Bond, 8.000%, 05/22/2032 | 217822 | 0.2 |
| 250000 | Republic of Kenya Government International Bond, 8.250%, 02/28/2048 | 217067 | 0.2 |
| 200000 | Republic of Kenya Government International Bond, 9.500%, 03/05/2036 | 195200 | 0.1 |
|  |  | **837969** | **0.7** |
|  | **Lebanon: 0.8%** |  |  |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond, 6.100%, 10/04/2022 | 476000 | 0.4 |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond 10Y, 6.850%, 03/23/2027 | 476000 | 0.4 |
|  |  | **952000** | **0.8** |
|  | **Mexico: 4.5%** |  |  |
| 975000 <sup>(1)</sup> | Eagle Funding Luxco Sarl, 5.500%, 08/17/2030 | 978412 | 0.9 |
| 740000 | Mexico Government International Bond, 3.250%, 04/16/2030 | 693232 | 0.6 |
| 950000 | Mexico Government International Bond, 4.875%, 05/19/2033 | 902049 | 0.8 |
| 386000 | Mexico Government International Bond, 5.850%, 07/02/2032 | 390835 | 0.3 |
| 1179000 | Mexico Government International Bond, 6.338%, 05/04/2053 | 1101268 | 1 |
| 477000 | Mexico Government International Bond, 6.625%, 01/29/2038 | 486075 | 0.4 |
| 600000 | Mexico Government International Bond, 6.875%, 05/13/2037 | 629100 | 0.5 |
|  |  | **5180971** | **4.5** |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Morocco: 0.3%** |  |  |
| 500000 <sup>(1)</sup> | Morocco Government International Bond, 4.000%, 12/15/2050 | $345434 | 0.3 |
|  | **Nigeria: 2.3%** |  |  |
| 500000 | Nigeria Government International Bond, 6.500%, 11/28/2027 | 503400 | 0.4 |
| 550000 <sup>(1)</sup> | Nigeria Government International Bond, 7.375%, 09/28/2033 | 538433 | 0.5 |
| 300000 | Nigeria Government International Bond, 7.625%, 11/28/2047 | 273750 | 0.2 |
| 500000 | Nigeria Government International Bond, 7.696%, 02/23/2038 | 482614 | 0.4 |
| 175000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 177188 | 0.2 |
| 300000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 303750 | 0.3 |
| 350000 | Nigeria Government International Bond, 8.250%, 09/28/2051 | 336175 | 0.3 |
|  |  | **2615310** | **2.3** |
|  | **Oman: 0.7%** |  |  |
| 400000 | Oman Government International Bond, 6.000%, 08/01/2029 | 411148 | 0.4 |
| 350000 <sup>(1)</sup> | Oman Government International Bond, 6.500%, 03/08/2047 | 358750 | 0.3 |
|  |  | **769898** | **0.7** |
|  | **Pakistan: 0.7%** |  |  |
| 200000 | Pakistan Global Sukuk Programme Co. Ltd., 7.950%, 01/31/2029 | 198250 | 0.2 |
| 200000 | Pakistan Government International Bond, 6.875%, 12/05/2027 | 197550 | 0.2 |
| 200000 | Pakistan Government International Bond, 7.375%, 04/08/2031 | 186037 | 0.2 |
| 200000 | Pakistan Government International Bond, 8.875%, 04/08/2051 | 178409 | 0.1 |
|  |  | **760246** | **0.7** |
|  | **Panama: 1.7%** |  |  |
| 550000 | Panama Government International Bond, 4.500%, 01/19/2063 | 404277 | 0.3 |
| 500000 | Panama Government International Bond, 6.400%, 02/14/2035 | 520125 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |  |  |
|  | **Panama: (continued)** |  |  |
| 550000 | Panama Government International Bond, 6.700%, 01/26/2036 | $581595 | 0.5 |
| 410000 <sup>(4)</sup> | Panama Government International Bond, 7.500%, 03/01/2031 | 451513 | 0.4 |
|  |  | **1957510** | **1.7** |
|  | **Paraguay: 1.3%** |  |  |
| 43000 | Paraguay Government International Bond, 5.000%, 04/15/2026 | 43067 | 0.1 |
| 650000 | Paraguay Government International Bond, 5.600%, 03/13/2048 | 598528 | 0.5 |
| 550000 <sup>(1)</sup> | Paraguay Government International Bond, 5.850%, 08/21/2033 | 570350 | 0.5 |
| 225000 <sup>(1)</sup> | Paraguay Government International Bond, 6.000%, 02/09/2036 | 234382 | 0.2 |
|  |  | **1446327** | **1.3** |
|  | **Peru: 0.2%** |  |  |
| 250000 | Peruvian Government International Bond, 5.625%, 11/18/2050 | 238563 | 0.2 |
|  | **Philippines: 0.9%** |  |  |
| 550000 | Philippine Government International Bond, 5.500%, 01/17/2048 | 530097 | 0.5 |
| 500000 | Philippine Government International Bond, 5.950%, 10/13/2047 | 507000 | 0.4 |
|  |  | **1037097** | **0.9** |
|  | **Poland: 1.1%** |  |  |
| 590000 | Republic of Poland Government International Bond 10Y, 5.375%, 02/12/2035 | 600767 | 0.5 |
| 720000 | Republic of Poland Government International Bond 30Y, 5.500%, 03/18/2054 | 665697 | 0.6 |
|  |  | **1266464** | **1.1** |
|  | **Romania: 2.9%** |  |  |
| 1076000 <sup>(1)</sup> | Romanian Government International Bond, 3.000%, 02/14/2031 | 946853 | 0.8 |
| 500000 <sup>(1)</sup> | Romanian Government International Bond, 3.625%, 03/27/2032 | 439473 | 0.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Romania: (continued)** |  |  |
| 130000 | Romanian Government International Bond, 4.000%, 02/14/2051 | $84097 | 0.1 |
| 300000 | Romanian Government International Bond, 5.125%, 06/15/2048 | 236400 | 0.2 |
| 684000 <sup>(1)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 | 646380 | 0.6 |
| 528000 <sup>(1)</sup> | Romanian Government International Bond, 6.375%, 01/30/2034 | 526020 | 0.4 |
| 300000 | Romanian Government International Bond, 6.375%, 01/30/2034 | 298875 | 0.2 |
| 200000 | Romanian Government International Bond, 7.625%, 01/17/2053 | 210376 | 0.2 |
|  |  | **3388474** | **2.9** |
|  | **Saudi Arabia: 3.0%** |  |  |
| 1700000 | Saudi Government International Bond, 3.450%, 02/02/2061 | 1054043 | 0.9 |
| 600000 | Saudi Government International Bond, 3.750%, 01/21/2055 | 405750 | 0.4 |
| 850000 <sup>(1)</sup> | Saudi Government International Bond, 5.500%, 10/25/2032 | 877782 | 0.8 |
| 825000 | Saudi Government International Bond, 5.625%, 01/13/2035 | 852976 | 0.7 |
| 300000 <sup>(4)</sup> | Saudi Government International Bond, 5.750%, 01/16/2054 | 282750 | 0.2 |
|  |  | **3473301** | **3.0** |
|  | **Senegal: 0.2%** |  |  |
| 500000 | Senegal Government International Bond, 6.250%, 05/23/2033 | 266250 | 0.2 |
|  | **Serbia: 0.4%** |  |  |
| 250000 | Serbia International Bond, 2.125%, 12/01/2030 | 216172 | 0.2 |
| 275000 <sup>(1)</sup> | Serbia International Bond, 6.500%, 09/26/2033 | 287495 | 0.2 |
|  |  | **503667** | **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: 2.0%** |  |  |
| 300000 | Republic of South Africa Government International Bond, 6.125%, 12/11/2037 | $279189 | 0.2 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.250%, 12/11/2055 | 412875 | 0.4 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | 446063 | 0.4 |
| 500000 | Republic of South Africa Government International Bond 30Y, 5.750%, 09/30/2049 | 388750 | 0.3 |
| 600000 | Republic of South Africa Government International Bond 30Y, 6.300%, 06/22/2048 | 503250 | 0.4 |
| 350000 | Republic of South Africa Government International Bond 30Y, 7.300%, 04/20/2052 | 325500 | 0.3 |
|  |  | **2355627** | **2.0** |
|  | **Sri Lanka: 1.1%** |  |  |
| 202000 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.100% (Step Rate @ 3.350% on 07/15/2027), 01/15/2030 | 187103 | 0.2 |
| 246220 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.350% (Step Rate @ 3.600% on 09/15/2027), 03/15/2033 | 205840 | 0.2 |
| 371514 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 08/15/2027), 02/15/2038 | 333422 | 0.3 |
| 185679 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 11/15/2027), 05/15/2036 | 164883 | 0.1 |
| 267540 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 5.100% on 12/15/2027), 06/15/2035 | 203665 | 0.2 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Sri Lanka: (continued)** |  |  |
| 185274 <sup>(1)</sup> | Sri Lanka Government International Bond, 4.000%, 04/15/2028 | $177492 | 0.1 |
|  |  | **1272405** | **1.1** |
|  | **Trinidad and Tobago: 0.3%** |  |  |
| 400000 <sup>(1)</sup> | Trinidad & Tobago Government International Bond, 6.400%, 06/26/2034 | 398680 | 0.3 |
|  | **Turkey: 3.3%** |  |  |
| 800000 | Turkey Government International Bond, 7.250%, 05/29/2032 | 803376 | 0.7 |
| 300000 | Turkey Government International Bond 10Y, 5.125%, 02/17/2028 | 296625 | 0.2 |
| 800000 | Turkey Government International Bond 10Y, 7.625%, 04/26/2029 | 828240 | 0.7 |
| 820000 | Turkey Government International Bond 12Y, 6.500%, 09/20/2033 | 781993 | 0.7 |
| 550000 | Turkey Government International Bond 30Y, 6.000%, 01/14/2041 | 457311 | 0.4 |
| 400000 | Turkey Government International Bond 5Y, 9.875%, 01/15/2028 | 427272 | 0.4 |
| 200000 <sup>(1)</sup> | Turkey Ihracat Kredi Bankasi AS, 9.000%, 01/28/2027 | 205565 | 0.2 |
|  |  | **3800382** | **3.3** |
|  | **Ukraine: 1.3%** |  |  |
| 110474 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 65069 | 0.1 |
| 412832 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 177931 | 0.1 |
| 348869 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 161875 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Ukraine: (continued)** |  |  |
| 290724 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | $134605 | 0.1 |
| 299400 <sup>(1)(2)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2029 | 211077 | 0.2 |
| 418033 <sup>(1)(2)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2034 | 224066 | 0.2 |
| 569548 <sup>(1)(2)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2035 | 299582 | 0.3 |
| 535466 <sup>(1)(2)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2036 | 276301 | 0.2 |
|  |  | **1550506** | **1.3** |
|  | **United Arab Emirates: 0.2%** |  |  |
| 250000 <sup>(1)</sup> | Finance Department Government of Sharjah, 6.500%, 11/23/2032 | 255313 | 0.2 |
|  | **Uruguay: 0.1%** |  |  |
| 82223 | Uruguay Government International Bond, 4.375%, 10/27/2027 | 82736 | 0.1 |
| 51825 | Uruguay Government International Bond, 4.375%, 01/23/2031 | 51851 | 0.0 |
|  |  | **134587** | **0.1** |
|  | **Venezuela: 0.9%** |  |  |
| 175000 | Venezuela Government International Bond, 7.000%, 03/31/2038 | 71728 | 0.1 |
| 550000 <sup>(6)</sup> | Venezuela Government International Bond, 9.250%, 09/15/2027 | 263295 | 0.2 |
| 275000 | Venezuela Government International Bond, 9.250%, 05/07/2028 | 125641 | 0.1 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Venezuela: (continued)** |  |  |
| 200000 | Venezuela Government International Bond, 9.375%, 01/13/2034 | $92917 | 0.1 |
| 425000 | Venezuela Government International Bond, 11.750%, 10/21/2026 | 217547 | 0.2 |
| 575000 | Venezuela Government International Bond, 11.950%, 08/05/2031 | 295190 | 0.2 |
|  |  | **1066318** | **0.9** |
|  | **Zambia: 0.3%** |  |  |
| 189337 <sup>(1)</sup> | Zambia Government International Bond, 0.500%, 12/31/2053 | 124016 | 0.1 |
| 179056 <sup>(1)(2)</sup> | Zambia Government International Bond, 5.750% (Step Rate @ 7.500% on 06/30/2031), 06/30/2033 | 168312 | 0.2 |
|  |  | **292328** | **0.3** |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $64,409,321) | **68744870** | **59.6** |
| **CORPORATE BONDS/NOTES: 30.6%** | **CORPORATE BONDS/NOTES: 30.6%** |  |  |
|  | **Brazil: 0.4%** |  |  |
| 450000 <sup>(1)</sup> | Nova Securitisation Sarl, 6.500%, 02/03/2036 | 428062 | 0.4 |
|  | **Chile: 6.7%** |  |  |
| 416000 <sup>(1)(3)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 | 437969 | 0.4 |
| 708691 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 | 715254 | 0.6 |
| 300000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047 | 238612 | 0.2 |
| 725000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | 744118 | 0.7 |
| 425000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053 | 426488 | 0.4 |
| 1350000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 1407551 | 1.2 |
| 906000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 | 949687 | 0.8 |
| 400000 <sup>(1)(4)</sup> | Empresa de Pasajeros Metro S.A., 3.693%, 09/13/2061 | 272312 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Chile: (continued)** |  |  |
| 300000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 4.500%, 09/14/2047 | $242235 | 0.2 |
| 900000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 5.950%, 07/30/2034 | 911160 | 0.8 |
| 375000 <sup>(1)</sup> | Engie Energia Chile SA, 6.375%, 04/17/2034 | 390656 | 0.4 |
| 275000 <sup>(1)(3)</sup> | Inversiones CMPC SA, 6.700%, 12/09/2057 | 269225 | 0.2 |
| 700000 <sup>(1)(3)</sup> | Sociedad Quimica y Minera de Chile SA, 5.625%, 04/22/2056 | 684425 | 0.6 |
|  |  | **7689692** | **6.7** |
|  | **Colombia: 0.6%** |  |  |
| 500000 | Ecopetrol SA, 8.375%, 01/19/2036 | 507675 | 0.4 |
| 250000 <sup>(1)</sup> | Grupo Energia Bogota SA ESP, 5.750%, 10/22/2035 | 238825 | 0.2 |
|  |  | **746500** | **0.6** |
|  | **India: 0.2%** |  |  |
| 200000 <sup>(1)</sup> | IRB Infrastructure Developers Ltd., 7.110%, 03/11/2032 | 200750 | 0.2 |
|  | **Indonesia: 2.8%** |  |  |
| 500000 <sup>(1)</sup> | Hutama Karya Persero PT, 3.750%, 05/11/2030 | 475000 | 0.4 |
| 300000 <sup>(1)</sup> | Pertamina Persero PT, 3.100%, 01/21/2030 | 279000 | 0.2 |
| 550000 | Pertamina Persero PT, 5.625%, 05/20/2043 | 509953 | 0.5 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030 | 501188 | 0.4 |
| 475000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 471815 | 0.4 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 546312 | 0.5 |
| 500000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.250%, 01/25/2049 | 485998 | 0.4 |
|  |  | **3269266** | **2.8** |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (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)** |
|  | **Kazakhstan: 0.4%** | **Kazakhstan: 0.4%** | **Kazakhstan: 0.4%** |
| 450000 <sup>(1)</sup> | Kaspi.KZ JSC, 6.250%, 03/26/2030 | $452833 | 0.4 |
|  | **Malaysia: 0.8%** |  |  |
| 1050000 <sup>(1)</sup> | Petronas Capital Ltd., 4.800%, 04/21/2060 | 919453 | 0.8 |
|  | **Mexico: 5.4%** |  |  |
| 825000 <sup>(1)</sup> | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 5.875%, 05/07/2030 | 842753 | 0.7 |
| 450000 <sup>(1)(3)</sup> | Cemex SAB de CV, 7.200%, 12/31/2199 | 457703 | 0.4 |
| 566834 <sup>(1)</sup> | CFE Fibra E, 5.875%, 09/23/2040 | 551831 | 0.5 |
| 500000 <sup>(1)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 | 500750 | 0.4 |
| 775000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.045%, 01/28/2034 | 753377 | 0.7 |
| 700000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 | 697025 | 0.6 |
| 350000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.500%, 01/28/2051 | 338363 | 0.3 |
| 300000 | Petroleos Mexicanos, 5.500%, 06/27/2044 | 223215 | 0.2 |
| 375000 | Petroleos Mexicanos, 6.500%, 01/23/2029 | 376909 | 0.3 |
| 860000 | Petroleos Mexicanos, 6.700%, 02/16/2032 | 843875 | 0.7 |
| 275000 | Petroleos Mexicanos, 6.750%, 09/21/2047 | 220261 | 0.2 |
| 500000 | Petroleos Mexicanos, 6.950%, 01/28/2060 | 394300 | 0.4 |
|  |  | **6200362** | **5.4** |
|  | **Morocco: 0.8%** |  |  |
| 650000 <sup>(1)</sup> | OCP SA, 6.700%, 03/01/2036 | 671125 | 0.6 |
| 300000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 313306 | 0.2 |
|  |  | **984431** | **0.8** |
|  | **Oman: 0.9%** |  |  |
| 1100000 <sup>(1)</sup> | OQ SAOC, 5.125%, 05/06/2028 | 1098625 | 0.9 |
|  | **Peru: 2.8%** |  |  |
| 790000 <sup>(1)(3)</sup> | Banco de Credito del Peru S.A., 6.450%, 07/30/2035 | 797900 | 0.7 |
| 400000 <sup>(1)</sup> | Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027 | 388025 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Peru: (continued)** |  |  |
| 575000 <sup>(1)</sup> | Fondo MIVIVIENDA SA, 5.400%, 03/31/2031 | $575000 | 0.5 |
| 650000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 7.750%, 11/05/2038 | 697158 | 0.6 |
| 250000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 197333 | 0.2 |
| 800000 <sup>(1)</sup> | Petroleos del Peru SA, 5.625%, 06/19/2047 | 557000 | 0.5 |
|  |  | **3212416** | **2.8** |
|  | **Poland: 1.7%** |  |  |
| 675000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 | 683016 | 0.6 |
| 925000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 | 955025 | 0.8 |
| 350000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 6.250%, 10/31/2028 | 367500 | 0.3 |
|  |  | **2005541** | **1.7** |
|  | **Saudi Arabia: 0.5%** |  |  |
| 580000 <sup>(1)</sup> | Avilease Capital Ltd., 4.750%, 11/12/2030 | 565500 | 0.5 |
|  | **South Africa: 2.0%** |  |  |
| 500000 <sup>(1)</sup> | Bidvest Group UK PLC, 6.200%, 09/17/2032 | 500525 | 0.5 |
| 800000 <sup>(1)</sup> | Eskom Holdings SOC Ltd., 6.350%, 08/10/2028 | 809439 | 0.7 |
| 975000 <sup>(1)</sup> | Sasol Financing USA LLC, 8.750%, 04/10/2033 | 975000 | 0.8 |
|  |  | **2284964** | **2.0** |
|  | **South Korea: 0.5%** |  |  |
| 600000 <sup>(1)</sup> | LG Energy Solution Ltd., 5.875%, 04/02/2036 | 595950 | 0.5 |
|  | **Thailand: 0.5%** |  |  |
| 400000 <sup>(1)(3)</sup> | GC Treasury Center Co. Ltd., 7.125%, 12/31/2199 | 389190 | 0.3 |
| 200000 <sup>(3)</sup> | GC Treasury Center Co. Ltd. RegS, 7.125%, 12/31/2199 | 194595 | 0.2 |
|  |  | **583785** | **0.5** |
|  | **Turkey: 1.0%** |  |  |
| 600000 <sup>(1)</sup> | TC Ziraat Bankasi AS, 7.250%, 02/04/2030 | 603120 | 0.5 |
| 300000 <sup>(1)(3)</sup> | TC Ziraat Bankasi AS, 8.375%, 12/31/2199 | 292639 | 0.3 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (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)** |
|  | **Turkey: (continued)** |  |  |
| 275000 <sup>(1)(3)</sup> | Yapi ve Kredi Bankasi AS, 7.550%, 06/11/2036 | $265779 | 0.2 |
|  |  | **1161538** | **1.0** |
|  | **United Arab Emirates: 1.6%** |  |  |
| 275000 <sup>(3)(4)</sup> | Aldar Properties PJSC, 5.875%, 04/14/2056 | 252893 | 0.2 |
| 550000 | DP World Crescent Ltd., 3.875%, 07/18/2029 | 522420 | 0.5 |
| 725000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 4.375%, 11/22/2033 | 687307 | 0.6 |
| 400000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 5.500%, 04/28/2033 | 405971 | 0.3 |
|  |  | **1868591** | **1.6** |
|  | **Venezuela: 1.0%** |  |  |
| 1000000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.000%, 11/17/2021 | 385500 | 0.4 |
| 1750000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.750%, 05/17/2035 | 719688 | 0.6 |
|  |  | **1105188** | **1.0** |
|  | Total Corporate Bonds/Notes |  |  |
|  | (Cost $33,952,243) | **35373447** | **30.6** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $98,361,564) | **104118317** | **90.2** |
| **SHORT-TERM INVESTMENTS: 12.3%** | **SHORT-TERM INVESTMENTS: 12.3%** |  |  |
|  | **Commercial Paper: 6.8%** |  |  |
| 1000000 | AutoZone, Inc., 3.960%, 04/01/2026 | 999892 | 0.9 |
| 1000000 | AutoZone, Inc., 3.970%, 04/06/2026 | 999347 | 0.9 |
| 1018000 | Concord Minutemen Capital Co. LLC, 3.750%, 04/06/2026 | 1017372 | 0.9 |
| 1000000 | Constellation Energy Generation LLC, 4.420%, 04/01/2026 | 999879 | 0.9 |
| 1000000 | McCormick & Co., Inc., 3.930%, 04/01/2026 | 999892 | 0.9 |
| 740000 | Parker-Hannifin Corp., 4.060%, 04/09/2026 | 739260 | 0.6 |
| 1000000 | PPL Electric Utilities Corp., 4.040%, 04/10/2026 | 998893 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** |  |  |
| 1000000 | The Sherwin-Williams Co., 3.880%, 04/14/2026 | $998515 | 0.8 |
|  | Total Commercial Paper |  |  |
|  | (Cost $7,753,852) | **7753050** | **6.8** |
|  | **Repurchase Agreements: 1.5%** |  |  |
| 107005 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2026, 3.660%, due 04/01/2026 (Repurchase Amount $107,016, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $109,145, due 05/07/26-05/15/55) | 107005 | 0.1 |
| 658000 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2026, 3.670%, due 04/01/2026 (Repurchase Amount $658,066, collateralized by various U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $671,160, due 05/12/27-02/20/66) | 658000 | 0.6 |
| 1000000 <sup>(7)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/2026, 3.660%, due 04/01/2026 (Repurchase Amount $1,000,100, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 05/05/26-01/15/66) | 1000000 | 0.8 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,765,005) | **1765005** | **1.5** |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 4.0%** |  |  |
| 1000000 <sup>(8)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 3.530% | $1000000 | 0.9 |
| 3641000 <sup>(8)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.570% | 3641000 | 3.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $4,641,000) | **4641000** | **4.0** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $14,159,857) | **14159055** | **12.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $112,521,421)** | $**118277372** | **102.5** |
|  | **Liabilities in Excess of Other Assets** | **(2860720)** | **(2.5)** |
|  | **Net Assets** | $**115416652** | **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> | 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 March 31, 2026. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2026. |
| <sup>(4)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(5)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2026. |
| <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 March 31, 2026. |

---

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Sovereign Bonds | 59.6% |
| Energy | 7.9 |
| Financial | 7.5 |
| Basic Materials | 6.3 |
| Utilities | 5.9 |
| Consumer, Non-cyclical | 1.7 |
| Industrial | 0.8 |
| Consumer, Cyclical | 0.5 |
| Short-Term Investments | 12.3 |
| 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 March 31, 2026 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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>**March 31, 2026** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Sovereign Bonds | $— | $68744870 | $— | $68744870 |
| Corporate Bonds/Notes |  | 35373447 |  | 35373447 |
| Short-Term Investments | 4641000 | 9518055 |  | 14159055 |
| Total Investments, at fair value | $4641000 | $113636372 | $— | $118277372 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 57126 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 57126 |
| Total Assets | $4698126 | $113636372 | $— | $118334498 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(176621) | $— |  | $(176621) |
| Total Liabilities | $(176621) | $— |  | $(176621) |

---

---

| | |
|:---|:---|
| ^ | 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 March 31, 2026, 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)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 31 | 06/30/26 | $6430804 | $(46231) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 7 | 06/30/26 | 757258 | (5099) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 22 | 06/18/26 | 2505250 | (60891) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 18 | 06/18/26 | 2098125 | (63977) |
|  |  |  | $11791437 | $(176198) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (8) | 06/18/26 | (888375) | (423) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (26) | 06/18/26 | (2951406) | 57126 |
|  |  |  | $(3839781) | $56703 |

---

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

The fair value of derivative instruments as of March 31, 2026 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> | $57126 |
| **Total Asset Derivatives** |  | $57126 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $176621 |
| **Total Liability Derivatives** |  | $176621 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series EMHCD Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

\* 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 year ended March 31, 2026 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 | $(308249) |
| **Total** | $(308249) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(64615) |
| **Total** | $(64615) |

---

At March 31, 2026, 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 $112,374,107. | Cost for U.S. federal income tax purposes was $112,374,107. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $7071702 |
| Gross Unrealized Depreciation | (1287717) |
| Net Unrealized Appreciation | $5783985 |

---

See Accompanying Notes to Financial Statements.

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 91.0%** | **CORPORATE BONDS/NOTES: 91.0%** |  |  |
|  | **Basic Materials: 4.7%** |  |  |
| 600000 <sup>(1)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | $628180 | 0.2 |
| 765000 <sup>(1)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | 724376 | 0.2 |
| 720000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 715928 | 0.2 |
| 2010000 <sup>(2)</sup> | Celanese US Holdings LLC, 6.750%, 04/15/2033 | 2063452 | 0.7 |
| 562000 <sup>(1)</sup> | Chemours Co., 5.750%, 11/15/2028 | 556894 | 0.2 |
| 865000 <sup>(1)</sup> | Chemours Co., 7.875%, 03/15/2034 | 865605 | 0.3 |
| 1590000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 1518533 | 0.5 |
| 1065000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 7.625%, 01/15/2034 | 1041482 | 0.4 |
| 610000 <sup>(1)</sup> | Commercial Metals Co., 5.750%, 11/15/2033 | 604157 | 0.2 |
| 795000 <sup>(1)</sup> | Commercial Metals Co., 6.000%, 12/15/2035 | 784566 | 0.3 |
| 1250000 <sup>(1)</sup> | Constellium SE, 5.625%, 06/15/2028 | 1244587 | 0.4 |
| 1865000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 1929022 | 0.6 |
| 755000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 673210 | 0.2 |
| 440000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 416075 | 0.1 |
| 675000 | Olin Corp., 5.000%, 02/01/2030 | 647035 | 0.2 |
|  |  | **14413102** | **4.7** |
|  | **Communications: 11.3%** |  |  |
| 1165000 <sup>(1)</sup> | Arches Buyer, Inc., 4.250%, 06/01/2028 | 1126384 | 0.4 |
| 215000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | 184131 | 0.1 |
| 2305000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | 2155402 | 0.7 |
| 1995000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 1783900 | 0.6 |
| 1815000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 1801198 | 0.6 |
| 189000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 188911 | 0.1 |
| 1150000 <sup>(1)</sup> | Cipher Compute LLC, 7.125%, 11/15/2030 | 1192871 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 2245000 <sup>(1)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | $2242812 | 0.7 |
| 597000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co- Obligor, Inc., 5.875%, 08/15/2027 | 596738 | 0.2 |
| 835000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 808752 | 0.3 |
| 1265000 <sup>(1)</sup> | Gen Digital, Inc., 6.250%, 04/01/2033 | 1230726 | 0.4 |
| 915000 <sup>(1)</sup> | Gray Media, Inc., 9.625%, 07/15/2032 | 915793 | 0.3 |
| 975000 | Lamar Media Corp., 4.000%, 02/15/2030 | 931118 | 0.3 |
| 2245000 <sup>(1)</sup> | Level 3 Financing, Inc., 6.875%, 06/30/2033 | 2287904 | 0.7 |
| 1685000 <sup>(1)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | 1648378 | 0.5 |
| 1135000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 5.750%, 08/01/2028 | 1123103 | 0.4 |
| 990000 <sup>(1)</sup> | Nexstar Media, Inc., 4.750%, 11/01/2028 | 974175 | 0.3 |
| 1190000 <sup>(1)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 1148857 | 0.4 |
| 1200000 | Paramount Global, 6.875%, 04/30/2036 | 1053260 | 0.3 |
| 875000 | Paramount Global, 7.875%, 07/30/2030 | 913805 | 0.3 |
| 1040000 <sup>(1)</sup> | Sirius XM Radio LLC, 5.875%, 04/15/2032 | 1034135 | 0.3 |
| 1458000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | 1456847 | 0.5 |
| 1335000 <sup>(1)</sup> | Snap, Inc., 6.875%, 03/15/2034 | 1256747 | 0.4 |
| 1100000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 1048198 | 0.3 |
| 920000 <sup>(1)</sup> | SV RNO Property Owner 1 LLC, 5.875%, 03/01/2031 | 909961 | 0.3 |
| 1055000 <sup>(1)</sup> | Versant Media Group, Inc., 7.250%, 01/30/2031 | 1080553 | 0.3 |
| 645000 <sup>(1)</sup> | Viavi Solutions, Inc., 3.750%, 10/01/2029 | 605733 | 0.2 |
| 400000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 | 344573 | 0.1 |
| 1000000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 6.750%, 01/15/2033 | 894790 | 0.3 |
| 1775000 <sup>(1)</sup> | WULF Compute LLC, 7.750%, 10/15/2030 | 1876734 | 0.6 |
|  |  | **34816489** | **11.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued) </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: 16.2%** |  |  |
| 1260000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | $1281080 | 0.4 |
| 1005000 <sup>(1)</sup> | Acushnet Co., 5.625%, 12/01/2033 | 999736 | 0.3 |
| 1175000 <sup>(1)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 | 1188865 | 0.4 |
| 510000 <sup>(1)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | 529334 | 0.2 |
| 795000 <sup>(1)(2)</sup> | Advance Auto Parts, Inc., 7.000%, 08/01/2030 | 805901 | 0.3 |
| 640000 <sup>(1)(2)</sup> | Advance Auto Parts, Inc., 7.375%, 08/01/2033 | 648746 | 0.2 |
| 630000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 | 634791 | 0.2 |
| 620000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 12/01/2033 | 616537 | 0.2 |
| 955000 <sup>(1)(2)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 | 961173 | 0.3 |
| 30834 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | 30876 | 0.0 |
| 1700000 <sup>(1)</sup> | American Axle & Manufacturing, Inc., 7.750%, 10/15/2033 | 1655992 | 0.5 |
| 1625000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 1560132 | 0.5 |
| 1000000 <sup>(1)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | 962330 | 0.3 |
| 1585000 <sup>(1)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | 1605344 | 0.5 |
| 1260000 <sup>(1)</sup> | Carnival Corp., 5.750%, 08/01/2032 | 1261165 | 0.4 |
| 1015000 <sup>(1)(2)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 1043833 | 0.3 |
| 1210000 <sup>(1)</sup> | Clarios Global L.P. / Clarios US Finance Co., 6.750%, 09/15/2032 | 1220442 | 0.4 |
| 735000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 786793 | 0.3 |
| 605000 <sup>(1)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 565578 | 0.2 |
| 800000 <sup>(1)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 725295 | 0.2 |
| 900000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 924560 | 0.3 |
| 835000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 817214 | 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)** | |
| 430000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.750%, 09/15/2033 | $428398 | 0.1 |
| 485000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | 489988 | 0.2 |
| 940000 <sup>(1)</sup> | Hilton Domestic |  |  |
|  | Operating Co., Inc., 5.875%, 03/15/2033 | 946275 | 0.3 |
| 1485000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 1473905 | 0.5 |
| 990000 <sup>(1)</sup> | Light & Wonder International, Inc., 6.250%, 10/01/2033 | 970665 | 0.3 |
| 560000 <sup>(1)</sup> | Light & Wonder International, Inc., 7.500%, 09/01/2031 | 575047 | 0.2 |
| 260000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 221933 | 0.1 |
| 124000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 5.875%, 03/15/2030 | 123211 | 0.0 |
| 735000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 722733 | 0.2 |
| 495000 | MGM Resorts International, 4.750%, 10/15/2028 | 485999 | 0.2 |
| 545000 <sup>(2)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | 549812 | 0.2 |
| 1260000 <sup>(1)</sup> | Michaels Cos., Inc., 8.500%, 03/15/2033 | 1227932 | 0.4 |
| 940000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 927752 | 0.3 |
| 150000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 150171 | 0.1 |
| 935000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 01/15/2031 | 908975 | 0.3 |
| 1325000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 1315914 | 0.4 |
| 590000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 594728 | 0.2 |
| 710000 <sup>(2)</sup> | Newell Brands, Inc., 6.625%, 05/15/2032 | 680201 | 0.2 |
| 705000 <sup>(1)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 728089 | 0.2 |
| 1005000 | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 04/01/2032 | 1029374 | 0.3 |
| 1180000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 1016160 | 0.3 |
| 1165000 <sup>(1)</sup> | SeaWorld Parks & Entertainment, Inc., 5.250%, 08/15/2029 | 1113436 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (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)** | | |
| 815000 <sup>(1)</sup> | Somnigroup International, Inc., 3.875%, 10/15/2031 | $741657 | 0.2 |
| 585000 <sup>(1)</sup> | Somnigroup International, Inc., 4.000%, 04/15/2029 | 562979 | 0.2 |
| 1510000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 | 1480823 | 0.5 |
| 730000 <sup>(1)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 727849 | 0.2 |
| 1100000 <sup>(1)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 1049035 | 0.3 |
| 1185000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 10/15/2033 | 1170812 | 0.4 |
| 385000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 | 385902 | 0.1 |
| 1105000 <sup>(1)</sup> | Voyager Parent LLC, 9.250%, 07/01/2032 | 1147917 | 0.4 |
| 3000000 | Warnermedia Holdings, Inc., 4.279%, 03/15/2032 | 2658750 | 0.9 |
| 1155000 <sup>(1)(2)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 | 1144160 | 0.4 |
| 1545000 | Yum! Brands, Inc., 3.625%, 03/15/2031 | 1428134 | 0.5 |
|  |  | **50004433** | **16.2** |
|  | **Consumer, Non-cyclical: 18.3%** |  |  |
| 1145000 <sup>(1)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | 1140874 | 0.4 |
| 1100000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.750%, 03/31/2034 | 1077556 | 0.4 |
| 1315000 <sup>(1)</sup> | Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.000%, 05/21/2030 | 1344952 | 0.4 |
| 1155000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | 1129186 | 0.4 |
| 500000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | 488591 | 0.2 |
| 405000 <sup>(1)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 386010 | 0.1 |
| 435000 <sup>(1)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 421390 | 0.1 |
| 279000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.750%, 07/15/2027 | 278126 | 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)** | |
| 1280000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | $1266182 | 0.4 |
| 1045000 <sup>(1)</sup> | Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 | 1080269 | 0.4 |
| 1050000 <sup>(1)</sup> | BellRing Brands, Inc., 7.000%, 03/15/2030 | 1051045 | 0.3 |
| 935000 <sup>(1)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 941512 | 0.3 |
| 730000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 741797 | 0.2 |
| 280000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 283682 | 0.1 |
| 690000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 650754 | 0.2 |
| 350000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 6.000%, 01/15/2029 | 346362 | 0.1 |
| 1050000 <sup>(1)(2)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 1042142 | 0.3 |
| 1145000 <sup>(1)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | 1185206 | 0.4 |
| 1020000 <sup>(1)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 1077329 | 0.3 |
| 845000 <sup>(1)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | 775310 | 0.3 |
| 1335000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 1284404 | 0.4 |
| 435000 <sup>(1)</sup> | DaVita, Inc., 6.750%, 07/15/2033 | 442881 | 0.1 |
| 1180000 <sup>(1)(2)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 1092729 | 0.4 |
| 1360000 <sup>(1)</sup> | EquipmentShare. com, Inc., 8.000%, 03/15/2033 | 1405554 | 0.5 |
| 1260000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 1283805 | 0.4 |
| 600000 <sup>(1)</sup> | Genmab A/S/Genmab Finance LLC, 6.250%, 12/15/2032 | 615574 | 0.2 |
| 1000000 <sup>(1)</sup> | Genmab A/S/Genmab Finance LLC, 7.250%, 12/15/2033 | 1047646 | 0.3 |
| 1095000 <sup>(1)</sup> | Global Medical Response, Inc., 7.375%, 10/01/2032 | 1138028 | 0.4 |
| 1095000 <sup>(1)</sup> | Herc Holdings, Inc., 7.000%, 06/15/2030 | 1123562 | 0.4 |
| 570000 <sup>(1)(2)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 | 584587 | 0.2 |
| 925000 <sup>(1)</sup> | Industrial F&B Investments III, Inc., 7.750%, 02/11/2033 | 935409 | 0.3 |
| 1165000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 1189974 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (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)** | |
| 1200000 <sup>(1)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | $1171056 | 0.4 |
| 390000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 416770 | 0.1 |
| 1510000 <sup>(1)</sup> | LifePoint Health, Inc., 9.875%, 08/15/2030 | 1598731 | 0.5 |
| 2720000 | Medline Borrower L.P., 5.250%, 10/01/2029 | 2697691 | 0.9 |
| 900000 <sup>(1)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 734386 | 0.2 |
| 200000 <sup>(1)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 6.750%, 05/15/2034 | 178415 | 0.1 |
| 710000 <sup>(1)</sup> | Performance Food Group, Inc., 5.625%, 03/01/2034 | 685574 | 0.2 |
| 1160000 | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 1059406 | 0.3 |
| 1245000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 1196077 | 0.4 |
| 415000 <sup>(1)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 406761 | 0.1 |
| 875000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 862792 | 0.3 |
| 685000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.250%, 04/01/2029 | 686607 | 0.2 |
| 1100000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 1061398 | 0.3 |
| 1150000 <sup>(1)(2)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 1097132 | 0.4 |
| 590000 | Service Corp. International, 5.125%, 06/01/2029 | 586583 | 0.2 |
| 655000 | Service Corp. International, 5.750%, 10/15/2032 | 654559 | 0.2 |
| 950000 <sup>(1)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 | 935313 | 0.3 |
| 1530000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029 | 1473514 | 0.5 |
| 1075000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 1111790 | 0.4 |
| 760000 <sup>(1)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | 788311 | 0.3 |
| 795000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 794707 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** | |
| 1575000 <sup>(1)</sup> | Tenet Healthcare Corp., 6.000%, 11/15/2033 | $1594902 | 0.5 |
| 55000 | Tenet Healthcare Corp., 6.125%, 10/01/2028 | 55159 | 0.0 |
| 1650000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 1662791 | 0.5 |
| 850000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 846875 | 0.3 |
| 320000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 | 324428 | 0.1 |
| 1015000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 1038377 | 0.3 |
| 420000 <sup>(1)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 413465 | 0.1 |
| 1130000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1148746 | 0.4 |
| 245000 <sup>(1)</sup> | Williams Scotsman, Inc., 7.375%, 10/01/2031 | 251371 | 0.1 |
|  |  | **56386115** | **18.3** |
|  | **Energy: 9.3%** |  |  |
| 740000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | 738049 | 0.2 |
| 965000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 965000 | 0.3 |
| 1005000 <sup>(1)</sup> | Archrock Services L.P. / Archrock Partners Finance Corp., 6.000%, 02/01/2034 | 995762 | 0.3 |
| 1000000 <sup>(1)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 | 1045812 | 0.3 |
| 735000 <sup>(1)</sup> | CNX Resources Corp., 7.250%, 03/01/2032 | 757845 | 0.3 |
| 1120000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 1137224 | 0.4 |
| 715000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.375%, 06/30/2033 | 721415 | 0.2 |
| 920000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 952438 | 0.3 |
| 1105000 <sup>(1)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 1146504 | 0.4 |
| 430000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | 418822 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Energy: (continued)** |  |  |
| 235000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | $228567 | 0.1 |
| 520000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.250%, 04/15/2032 | 503640 | 0.2 |
| 520000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 539654 | 0.2 |
| 1510000 <sup>(1)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 1516439 | 0.5 |
| 1265000 <sup>(1)</sup> | Kodiak Gas Services LLC, 5.875%, 04/01/2031 | 1272049 | 0.4 |
| 1165000 <sup>(1)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 1207651 | 0.4 |
| 725000 <sup>(1)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 | 754304 | 0.3 |
| 1165000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 1169248 | 0.4 |
| 390000 | SM Energy Co., 6.625%, 01/15/2027 | 390232 | 0.1 |
| 1525000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 1569388 | 0.5 |
| 1635000 <sup>(1)</sup> | Sunoco L.P., 5.875%, 03/15/2034 | 1618100 | 0.5 |
| 1575000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 | 1519275 | 0.5 |
| 910000 <sup>(1)</sup> | Transocean International Ltd., 7.875%, 10/15/2032 | 972963 | 0.3 |
| 1185000 <sup>(1)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 | 1210546 | 0.4 |
| 1265000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 | 1294368 | 0.4 |
| 1320000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 1373454 | 0.5 |
| 1265000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.500%, 01/15/2034 | 1319495 | 0.4 |
| 1260000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.750%, 01/15/2036 | 1335351 | 0.4 |
|  |  | **28673595** | **9.3** |
|  | **Financial: 11.0%** |  |  |
| 290000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 6.750%, 07/01/2032 | 279732 | 0.1 |
| 1375000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 1382327 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** |  |  |
| 2155000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | $2118791 | 0.7 |
| 940000 <sup>(2)</sup> | Ally Financial, Inc., 6.700%, 02/14/2033 | 947271 | 0.3 |
| 1400000 <sup>(1)(2)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 1237369 | 0.4 |
| 1300000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 1292325 | 0.4 |
| 355000 <sup>(1)</sup> | Freedom Mortgage Corp., 6.625%, 01/15/2027 | 354756 | 0.1 |
| 720000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 777396 | 0.3 |
| 920000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 905951 | 0.3 |
| 1700000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 1676877 | 0.5 |
| 1880000 <sup>(1)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 1827609 | 0.6 |
| 575000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 573621 | 0.2 |
| 395000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 4.500%, 11/15/2029 | 383106 | 0.1 |
| 1480000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | 1464836 | 0.5 |
| 825000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 769564 | 0.2 |
| 780000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 757609 | 0.2 |
| 1020000 | Navient Corp., 4.875%, 03/15/2028 | 963497 | 0.3 |
| 1995000 | OneMain Finance Corp., 5.375%, 11/15/2029 | 1925291 | 0.6 |
| 1200000 | OneMain Finance Corp., 6.500%, 03/15/2033 | 1148209 | 0.4 |
| 1700000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 1706569 | 0.6 |
| 1745000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 1767509 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | | |
|  | **Financial: (continued)** |  |  |
| 920000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | $881035 | 0.3 |
| 920000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 | 941681 | 0.3 |
| 1605000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 | 1483187 | 0.5 |
| 650000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 5.750%, 03/15/2034 | 641968 | 0.2 |
| 515000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 06/15/2033 | 524778 | 0.2 |
| 595000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | 607858 | 0.2 |
| 1305000 <sup>(1)</sup> | Rocket Cos., Inc., 6.125%, 08/01/2030 | 1317850 | 0.4 |
| 1645000 <sup>(1)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 | 1664730 | 0.5 |
| 610000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 623316 | 0.2 |
| 1050000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 1079608 | 0.4 |
|  |  | **34026226** | **11.0** |
|  | **Industrial: 13.4%** |  |  |
| 810000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 824983 | 0.3 |
| 1020000 <sup>(1)</sup> | AmeriTex HoldCo Intermediate LLC, 7.625%, 08/15/2033 | 1053790 | 0.4 |
| 685000 <sup>(1)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 | 688963 | 0.2 |
| 770000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 789568 | 0.3 |
| 1260000 <sup>(1)</sup> | Avient Corp., 6.250%, 11/01/2031 | 1269858 | 0.4 |
| 915000 <sup>(1)</sup> | Bombardier, Inc., 6.750%, 06/15/2033 | 946072 | 0.3 |
| 1710000 <sup>(1)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 | 1709849 | 0.6 |
| 1020000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 1010411 | 0.3 |
| 1295000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 1347003 | 0.4 |
| 1020000 <sup>(1)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 1036596 | 0.3 |
| 1530000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 1449420 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 700000 | Crown Americas LLC, 5.875%, 06/01/2033 | $700324 | 0.2 |
| 1770000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 1802407 | 0.6 |
| 890000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.750%, 06/15/2028 | 876630 | 0.3 |
| 880000 <sup>(1)(2)</sup> | Energizer Holdings, Inc., 6.000%, 09/15/2033 | 825249 | 0.3 |
| 670000 <sup>(1)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 674712 | 0.2 |
| 590000 <sup>(1)(2)</sup> | Entegris, Inc., 3.625%, 05/01/2029 | 561303 | 0.2 |
| 1285000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | 1285638 | 0.4 |
| 415000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | 406533 | 0.1 |
| 720000 <sup>(1)</sup> | GFL Environmental Holdings US, Inc., 5.500%, 02/01/2034 | 707073 | 0.2 |
| 883000 <sup>(1)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 859727 | 0.3 |
| 445000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 437060 | 0.2 |
| 640000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | 670052 | 0.2 |
| 1410000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 1371364 | 0.5 |
| 300000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027 | 300814 | 0.1 |
| 800000 <sup>(1)(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 767083 | 0.3 |
| 2020000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 2049801 | 0.7 |
| 640000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 | 638799 | 0.2 |
| 650000 <sup>(1)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | 658551 | 0.2 |
| 1225000 <sup>(1)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 1137119 | 0.4 |
| 1555000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 1604721 | 0.5 |
| 780000 <sup>(1)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 | 699665 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 1090000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | $1028061 | 0.3 |
| 1165000 <sup>(1)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 | 1215097 | 0.4 |
| 735000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | 740471 | 0.2 |
| 715000 <sup>(1)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 | 715396 | 0.2 |
| 345000 <sup>(1)</sup> | TransDigm, Inc., 6.250%, 01/31/2034 | 349089 | 0.1 |
| 605000 <sup>(1)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 602252 | 0.2 |
| 1145000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 1169182 | 0.4 |
| 1000000 <sup>(1)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 1013855 | 0.3 |
| 900000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 912376 | 0.3 |
| 985000 <sup>(1)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | 954735 | 0.3 |
| 1280000 <sup>(1)</sup> | WESCO Distribution, Inc., 5.500%, 04/15/2034 | 1263807 | 0.4 |
|  |  | **41125459** | **13.4** |
|  | **Technology: 4.4%** |  |  |
| 930000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 963262 | 0.3 |
| 930000 <sup>(1)</sup> | CACI International, Inc., 6.375%, 06/15/2033 | 947313 | 0.3 |
| 2120000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 2070297 | 0.7 |
| 970000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.625%, 08/15/2033 | 863280 | 0.3 |
| 885000 <sup>(1)(2)</sup> | CoreWeave, Inc., 9.250%, 06/01/2030 | 860764 | 0.3 |
| 565000 <sup>(1)</sup> | Fair Isaac Corp., 6.000%, 05/15/2033 | 554729 | 0.2 |
| 950000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 945344 | 0.3 |
| 800000 <sup>(1)</sup> | McAfee Corp., 7.375%, 02/15/2030 | 661829 | 0.2 |
| 1025000 <sup>(1)</sup> | OAK-Eagle Acquireco, Inc., 7.250%, 07/01/2033 | 1062663 | 0.3 |
| 1025000 <sup>(1)</sup> | OAK-Eagle Acquireco, Inc., 8.750%, 07/01/2034 | 1073735 | 0.3 |
| 570000 <sup>(1)</sup> | Open Text Corp., 3.875%, 12/01/2029 | 510021 | 0.2 |
| 1070000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 957001 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Technology: (continued)** |  |  |  |
| 1070000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | $| 836098 | 0.3 |
| 1340000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 |  | 1310748 | 0.4 |
|  |  |  | **13617084** | **4.4** |
|  | **Utilities: 2.4%** |  |  |  |
| 930000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 |  | 944287 | 0.3 |
| 1050000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 |  | 1092260 | 0.4 |
| 855000 <sup>(1)</sup> | NRG Energy, Inc., 3.625%, 02/15/2031 |  | 787777 | 0.3 |
| 1375000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 |  | 1376231 | 0.4 |
| 870000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 |  | 877645 | 0.3 |
| 1025000 <sup>(3)</sup> | PG&E Corp., 6.850%, 09/15/2056 |  | 1013277 | 0.3 |
| 1260000 <sup>(1)</sup> | Talen Energy Supply LLC, 6.250%, 02/01/2034 |  | 1246850 | 0.4 |
|  |  |  | **7338327** | **2.4** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $281,372,153) |  | **280400830** | **91.0** |
| **BANK LOANS: 6.2%** | **BANK LOANS: 6.2%** |  |  |  |
|  | **Consumer, Cyclical: 1.3%** |  |  |  |
| 1000000 | AI Aqua Merger Sub Inc FKA Osmosis Buyer Limited, 2026 Term Loan B, 6.411%, (TSFR3M+2.750%), 07/31/2028 |  | 997898 | 0.3 |
| 1000000 | EG America LLC, Term Loan B, 6.918%, (TSFR1M+2.250%), 02/10/2031 |  | 1002500 | 0.4 |
| 1000000 <sup>(4)</sup> | Flynn Restaurant Group LP, Add-On Tl, 01/28/2032 |  | 983750 | 0.3 |
| 997468 | LC Ahab US Bidco LLC, Initial Term Loan, 6.168%, (TSFR1M+2.250%), 05/01/2031 |  | 989364 | 0.3 |
|  |  |  | **3973512** | **1.3** |
|  | **Consumer, Non-cyclical: 2.6%** | **Consumer, Non-cyclical: 2.6%** | **Consumer, Non-cyclical: 2.6%** |  |
| 1025000 | Camelot US Acquisition I Co, Term Loan B-1, 6.418%, (TSFR1M+2.250%), 01/31/2031 |  | 891750 | 0.3 |
| 1000000 | Electron Bidco Inc., 2026 Term Loan, 6.168%, (TSFR1M+2.250%), 02/06/2033 |  | 999453 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 1000000 | Ensemble RCM LLC, Term Loan B, 6.660%, (TSFR3M+3.000%), 02/09/2033 | $989464 | 0.3 |
| 997500 | Fugue Finance B.V., 15th Amd USD Term, 5.921%, (TSFR3M+2.250%), 01/09/2032 | 987525 | 0.3 |
| 1000000 | Hopper Merger Sub, Inc., Tranche B, 5.930%, 01/14/2033 | 988693 | 0.3 |
| 1100000 <sup>(4)</sup> | Mister Car Wash Holdings Inc., Incremental First Lien Term Loan B, 03/27/2031 | 1090925 | 0.4 |
| 1000000 | Nourish Buyer I, Inc., 2026-1 Term Loans, 7.669%, (TSFR3M+4.000%), 07/09/2032 | 1003750 | 0.4 |
| 1000000 <sup>(4)</sup> | Primo Brands (BlueTriton Brands/ Nestl Waters NA) Term Loan B 275-15, Tranche B, 6.402%, 03/31/2031 | 1002625 | 0.3 |
|  |  | **7954185** | **2.6** |
|  | **Industrial: 2.0%** |  |  |
| 882353 <sup>(4)</sup> | Azuria Water Solutions, Inc., 6.430%, 04/25/2033 | 875735 | 0.3 |
| 117647 <sup>(4)</sup> | Azuria Water Solutions, Inc., Tranche B-DD, 6.430%, 04/25/2033 | 116642 | 0.1 |
| 997487 | Chariot Buyer LLC, 2025 New Term Loan B, 6.418%, (TSFR1M+2.250%), 09/08/2032 | 988993 | 0.3 |
| 1000000 | Graham Packaging Company Inc., Initial Term Loan, 5.918%, (TSFR1M+2.250%), 01/26/2033 | 990625 | 0.3 |
| 1000000 | Hillenbrand Inc., Term Loan B, 7.168%, (TSFR1M+2.250%), 02/10/2033 | 987500 | 0.3 |
| 997501 | Pro Mach, Amendment No 6 Term Loan, 6.418%, (TSFR1M+2.250%), 10/18/2032 | 996441 | 0.3 |
| 1100000 <sup>(4)</sup> | TK Elevator Midco Gmbh, Term Loan B, 04/30/2030 | 1103438 | 0.4 |
|  |  | **6059374** | **2.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |  |
|  | **Utilities: 0.3%** |  |  |
| 1000000 | Discovery Energy Holding Corporation, Term Loan, 6.700%, (TSFR3M+3.000%), 05/01/2031 | $1000000 | 0.3 |
|  | Total Bank Loans <br> (Cost $19,160,400) | **18987071** | **6.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $300,532,553) | **299387901** | **97.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 9.2%** | **SHORT-TERM INVESTMENTS: 9.2%** |  |  |
|  | **Repurchase Agreements: 3.8%** |  |  |
| 2327248 <sup>(5)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/2026, 3.690%, due 04/01/2026 (Repurchase Amount $2,327,483, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.869%, Market Value plus accrued interest $2,373,793, due 11/30/27-10/20/75) | 2327248 | 0.8 |
| 201535 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2026, 3.660%, due 04/01/2026 (Repurchase Amount $201,555, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $205,566, due 05/07/26-05/15/55) | 201535 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 3157376 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2026, 3.670%, due 04/01/2026 (Repurchase Amount $3,157,693, collateralized by various U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $3,220,524, due 05/12/27-02/20/66) | $3157376 | 1 |
| 2117782 <sup>(5)</sup> | Jefferies LLC, Repurchase Agreement dated 03/31/2026, 3.700%, due 04/01/2026 (Repurchase Amount $2,117,997, collateralized by various U.S. Government Agency Obligations, 0.000%-5.350%, Market Value plus accrued interest $2,160,150, due 06/22/26-02/23/44) | 2117782 | 0.7 |
| 642705 <sup>(5)</sup> | Mizuho Securities USA Inc., Repurchase Agreement dated 03/31/2026, 3.660%, due 04/01/2026 (Repurchase Amount $642,769, collateralized by various U.S. Government Securities, 0.750%-4.625%, Market Value plus accrued interest $655,559, due 11/30/26-02/15/32) | 642705 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 3157376 <sup>(5)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/2026, 3.660%, due 04/01/2026 (Repurchase Amount $3,157,693, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $3,220,524, due 05/05/26-01/15/66) | 3157376 | 1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $11,604,022) | **11604022** | **3.8** |
|  | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** |
| 320000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 3.630%, 04/01/2026 | 320000 | 0.1 |
| 290000 <sup>(5)</sup> | Cooperatieve Rabobank UA, 3.620%, 04/01/2026 | 290000 | 0.1 |
| 230000 <sup>(5)</sup> | DZ Bank AG, 3.610%, 04/01/2026 | 230000 | 0.1 |
| 310000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.640%, 04/01/2026 | 310000 | 0.1 |
| 330000 <sup>(5)</sup> | Mizuho Bank Ltd., 3.640%, 04/01/2026 | 330000 | 0.1 |
| 330000 <sup>(5)</sup> | Royal Bank of Canada, 3.700%, 04/01/2026 | 330000 | 0.1 |
| 310000 <sup>(5)</sup> | Societe Generale S.A., 3.620%, 04/01/2026 | 310000 | 0.1 |
| 330000 <sup>(5)</sup> | Toronto-Dominion Bank, 3.640%, 04/01/2026 | 330000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $2,450,000) | **2450000** | **0.8** |
|  | **Commercial Paper: 3.2%** | **Commercial Paper: 3.2%** | **Commercial Paper: 3.2%** |
| 5000000 | AutoZone, Inc., 3.970%, 04/06/2026 | 4996735 | 1.6 |
| 4000000 | Enterprise Products Operating LLC, 4.010%, 04/01/2026 | 3999561 | 1.3 |
| 1000000 | PPL Electric Utilities Corp., 4.040%, 04/10/2026 | 998893 | 0.3 |
|  | Total Commercial Paper |  |  |
|  | (Cost $9,996,303) | **9995189** | **3.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.4%** |  |  |
| 4237000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.570% |  |  |
|  | (Cost $4,237,000) | $**4237000** | **1.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $28,287,325) | $**28286211** | **9.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $328,819,878)** | $**327674112** | **106.4** |
|  | **Liabilities in Excess of Other Assets** | **(19718303)** | **(6.4)** |
|  | **Net Assets** | $**307955809** | **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> | Variable rate security. Rate shown is the rate in effect as of March 31, 2026. |
| <sup>(4)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of March 31, 2026. |

---

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

<u>Voya VACS Series HYB Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2026** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $280400830 | $— | $280400830 |
| Bank Loans |  | 18987071 |  | 18987071 |
| Short-Term Investments | 4237000 | 24049211 |  | 28286211 |
| Total Investments, at fair value | $4237000 | $323437112 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $327674112 |

---

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

At March 31, 2026, 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 $329,024,412. | Cost for U.S. federal income tax purposes was $329,024,412. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1916412 |
| Gross Unrealized Depreciation | (3266712) |
| Net Unrealized Depreciation | $(1350300) |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 36.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 36.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 36.1%** |  |
| 1000000 <sup>(1)(2)</sup> | 1345T 2025-AOA A, 5.273%, (TSFR1M + 1.600%), 06/15/2042 | $998442 | 0.6 |
| 1250000 <sup>(1)(2)</sup> | ACREC LLC 2026-FL4 AS, 5.280%, (TSFR1M + 1.600%), 01/18/2043 | 1252691 | 0.7 |
| 1000000 <sup>(1)(2)</sup> | ACRES Commercial Realty Issuer LLC 2026-FL4 A, 5.110%, (TSFR1M + 1.450%), 08/18/2044 | 1001685 | 0.6 |
| 776962 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | 623788 | 0.4 |
| 1250000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes LLC 2026-FL1 A, 5.170%, (TSFR1M + 1.500%), 09/20/2043 | 1252451 | 0.7 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 5.620%, (TSFR1M + 1.947%), 12/15/2036 | 486625 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR B, 6.385%, 12/10/2041 | 1032173 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF A, 5.523%, (TSFR1M + 1.850%), 02/15/2042 | 997235 | 0.6 |
| 15775385 <sup>(2)(3)</sup> | BANK 2020-BN27 XA, 1.154%, 04/15/2063 | 556450 | 0.3 |
| 5075371 <sup>(2)(3)</sup> | BANK 2020-BN30 XA, 1.248%, 12/15/2053 | 226167 | 0.1 |
| 900000 <sup>(2)</sup> | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 C, 4.352%, 02/15/2050 | 882449 | 0.5 |
| 12731004 <sup>(2)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.514%, 08/15/2052 | 488866 | 0.3 |
| 4967988 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.208%, 03/15/2062 | 151842 | 0.1 |
| 4712246 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.489%, 01/15/2054 | 270847 | 0.2 |
| 9988313 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.063%, 04/15/2054 | 408159 | 0.2 |
| 1000000 | Benchmark Mortgage Trust 2025-V17 A3, 5.075%, 09/15/2058 | 1013498 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2025-BOCA A, 5.273%, (TSFR1M + 1.600%), 12/15/2042 | 1002268 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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> | BSPRT Issuer LLC 2025-FL12 A, 5.064%, (TSFR1M + 1.386%), 01/17/2043 | $999715 | 0.6 |
| 723659 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 5.619%, (TSFR1M + 1.946%), 04/15/2034 | 716659 | 0.4 |
| 1149108 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIRC B, 5.813%, (TSFR1M + 2.141%), 08/15/2041 | 1152021 | 0.7 |
| 1250000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-CSMO A, 5.073%, (TSFR1M + 1.400%), 02/15/2043 | 1251874 | 0.7 |
| 1000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2026-XL6 B, 5.123%, (TSFR1M + 1.450%), 03/15/2043 | 994237 | 0.6 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 5.487%, (TSFR1M + 1.814%), 10/15/2036 | 499662 | 0.3 |
| 289103 <sup>(1)(2)</sup> | BX Trust 2021-RISE C, 5.237%, (TSFR1M + 1.564%), 11/15/2036 | 289101 | 0.2 |
| 778260 <sup>(1)(2)</sup> | BX Trust 2025-LUNR A, 5.173%, (TSFR1M + 1.500%), 06/15/2040 | 780065 | 0.5 |
| 5092340 <sup>(2)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.376%, 08/15/2057 | 179026 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | CIP Commercial Mortgage Trust 2025-SBAY A, 5.073%, (TSFR1M + 1.400%), 10/15/2037 | 1251000 | 0.7 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 502186 | 0.3 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 508641 | 0.3 |
| 1250000 <sup>(1)(2)</sup> | DBC Mortgage Trust 2025-DBC A, 5.023%, (TSFR1M + 1.350%), 11/15/2042 | 1250967 | 0.7 |
| 1250000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 6.423%, (TSFR1M + 2.750%), 03/15/2034 | 1252532 | 0.7 |
| 1250000 <sup>(1)(2)</sup> | Extended Stay America Trust 2025-ESH A, 4.973%, (TSFR1M + 1.300%), 10/15/2042 | 1251641 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU A, 5.123%, (TSFR1M + 1.450%), 12/15/2039 | $1000912 | 0.6 |
| 3876872 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.978%, 08/25/2036 | 273682 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.062%, (TSFR1M + 1.385%), 08/19/2042 | 1000026 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2026-FL11 B, 5.565%, (TSFR1M + 1.900%), 01/19/2044 | 1001304 | 0.6 |
| 2235423 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 2082362 | 1.2 |
| 3147000 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050 | 2897013 | 1.7 |
| 134053 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 131659 | 0.1 |
| 653492 <sup>(1)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 513121 | 0.3 |
| 542067 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 325741 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | GS REFT Issuer Ltd. 2026-FL1 A, 5.170%, (TSFR1M + 1.500%), 04/19/2043 | 1252340 | 0.7 |
| 1000000 <sup>(1)(2)</sup> | GSAT Trust 2025-BMF A, 5.173%, (TSFR1M + 1.500%), 07/15/2040 | 1000475 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | GSJP Trust 2025-BEDS A, 5.173%, (TSFR1M + 1.500%), 12/15/2042 | 995241 | 0.6 |
| 600000 <sup>(1)(2)</sup> | HYT Commercial Mortgage Trust 2024-RGCY B, 6.013%, (TSFR1M + 2.341%), 09/15/2041 | 601075 | 0.4 |
| 881000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY C, 5.923%, (TSFR1M + 2.250%), 03/15/2042 | 881098 | 0.5 |
| 1114012 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 A, 5.215%, (TSFR1M + 1.542%), 12/15/2039 | 1113410 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 750000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2025-MH A, 5.266%, (TSFR1M + 1.594%), 12/15/2042 | $749173 | 0.4 |
| 173608 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 7.861%, (TSFR1M + 4.188%), 03/15/2036 | 168628 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 5.820%, (TSFR1M + 2.141%), 08/17/2042 | 1000264 | 0.6 |
| 1000000 <sup>(2)</sup> | LQR Trust 2025-CALI A, 5.273%, (TSFR1M + 1.600%), 01/15/2043 | 994991 | 0.6 |
| 1250000 <sup>(1)(2)</sup> | MAD Commercial Mortgage Trust 2025-11MD A, 4.437%, 10/15/2042 | 1245575 | 0.7 |
| 750000 <sup>(1)(2)</sup> | MF1 LLC 2026-FL21 A, 5.030%, (TSFR1M + 1.350%), 02/18/2041 | 749206 | 0.4 |
| 1000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 B, 4.039%, 05/15/2049 | 952010 | 0.6 |
| 700000 <sup>(1)(2)</sup> | NYC Commercial Mortgage Trust 2025-28L B, 5.007%, 11/05/2038 | 699925 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS A, 5.165%, (TSFR1M + 1.493%), 12/15/2039 | 1001249 | 0.6 |
| 219602 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | 215220 | 0.1 |
| 3011482 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 2894158 | 1.7 |
| 1000000 <sup>(1)(2)</sup> | PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033 | 992769 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 A, 4.173%, 03/10/2033 | 994318 | 0.6 |
| 2000000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.316%, 11/08/2049 | 1957620 | 1.2 |
| 1000000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037 | 926902 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.115%, (TSFR1M + 1.443%), 02/15/2042 | 989047 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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> | WCORE Commercial Mortgage Trust 2024-CORE B, 5.514%, (TSFR1M + 1.842%), 11/15/2041 | 1001805 | 0.6 |
| 861000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.012%, 12/15/2059 | 800976 | 0.5 |
| 9068336 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.849%, 10/15/2050 | 71127 | 0.0 |
| 5988440 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.491%, 08/15/2054 | 342527 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-DWHP A, 6.014%, (TSFR1M + 2.341%), 04/15/2038 | 1005408 | 0.6 |
| 850000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT B, 5.126%, 03/15/2038 | 851896 | 0.5 |
|  | Total Commercial Mortgage-Backed Securities |  |  |
|  | (Cost $58,080,585) | **61199216** | **36.1** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 35.7%** |  |
| 422109 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.610%, 01/25/2045 | 339831 | 0.2 |
| 251042 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.757%, 03/25/2046 | 238082 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 854872 | 0.5 |
| 451722 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 435966 | 0.3 |
| 541152 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.480%, 11/25/2051 | 464536 | 0.3 |
| 569183 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.395%, 12/25/2051 | 478011 | 0.3 |
| 694720 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.381%, 10/25/2051 | 588332 | 0.3 |
| 298269 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.055%, 11/25/2035 | 154254 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 740544 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | $735442 | 0.4 |
| 325951 <sup>(1)(2)</sup> | CIM Trust 2021-J1 A19, 2.500%, 03/25/2051 | 268324 | 0.2 |
| 405685 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.860%, 09/25/2051 | 335365 | 0.2 |
| 978000 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-CMI1 B2, 6.365%, 06/25/2054 | 996374 | 0.6 |
| 783968 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-1 A1, 0.910%, 06/25/2066 | 683645 | 0.4 |
| 873330 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 7.426%, (SOFR30A + 3.764%), 02/25/2040 | 893362 | 0.5 |
| 1054019 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 6.812%, (SOFR30A + 3.150%), 12/25/2041 | 1064084 | 0.6 |
| 602296 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 480143 | 0.3 |
| 881829 <sup>(1)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 862091 | 0.5 |
| 602296 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 6.776%, (SOFR30A + 3.114%), 01/25/2040 | 610151 | 0.4 |
| 301148 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 6.962%, (SOFR30A + 3.300%), 11/25/2041 | 305498 | 0.2 |
| 1761717 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.212%, (SOFR30A + 5.550%), 01/25/2043 | 1873444 | 1.1 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 8.412%, (SOFR30A + 4.750%), 06/25/2043 | 529992 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1M2, 5.312%, (SOFR30A + 1.650%), 05/25/2044 | 999978 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 5.612%, (SOFR30A + 1.950%), 02/25/2045 | $501076 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R03 2M2, 5.912%, (SOFR30A + 2.250%), 03/25/2045 | 1011249 | 0.6 |
| 361585 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.124%, 07/25/2048 | 333032 | 0.2 |
| 1299983 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.177%, 03/25/2050 | 1195784 | 0.7 |
| 647918 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.177%, 03/25/2050 | 591675 | 0.4 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 7.412%, (SOFR30A + 3.750%), 12/25/2041 | 1530236 | 0.9 |
| 2845850 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 8.412%, (SOFR30A + 4.750%), 02/25/2042 | 2914428 | 1.7 |
| 471704 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.597%, 08/25/2052 | 442941 | 0.3 |
| 575840 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.602%, 05/25/2050 | 508774 | 0.3 |
| 896467 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.965%, 03/25/2050 | 836364 | 0.5 |
| 768072 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.965%, 03/25/2050 | 713047 | 0.4 |
| 1177935 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ5 B3, 2.979%, 10/25/2052 | 987968 | 0.6 |
| 610382 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054 | 615036 | 0.4 |
| 1389260 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-INV1 B3, 6.520%, 02/25/2055 | 1425185 | 0.8 |
| 1100000 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2025-PJ6 A14, 5.500%, 11/25/2055 | 1088437 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 674122 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.321%, 12/25/2051 | $575884 | 0.3 |
| 451722 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 358317 | 0.2 |
| 588914 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.213%, (TSFR1M + 0.534%), 02/25/2046 | 457397 | 0.3 |
| 181305 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.600%, 06/25/2049 | 173693 | 0.1 |
| 405630 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.146%, 05/25/2052 | 334923 | 0.2 |
| 464436 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.083%, 07/25/2052 | 378874 | 0.2 |
| 1097518 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.283%, 11/25/2052 | 914115 | 0.5 |
| 749111 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.559%, 07/25/2053 | 714473 | 0.4 |
| 257459 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.685%, 01/25/2044 | 218998 | 0.1 |
| 792612 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.446%, 01/25/2047 | 710005 | 0.4 |
| 329992 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.871%, 11/25/2048 | 305298 | 0.2 |
| 343508 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.778%, 12/25/2048 | 311783 | 0.2 |
| 505358 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.698%, 09/25/2048 | 464184 | 0.3 |
| 523713 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.711%, 10/25/2048 | 480977 | 0.3 |
| 736963 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.218%, 02/25/2050 | 655662 | 0.4 |
| 735801 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.385%, 03/25/2050 | 657561 | 0.4 |
| 791744 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 5.095%, 10/25/2049 | 782580 | 0.5 |
| 896065 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.339%, 05/25/2050 | 831185 | 0.5 |
| 385491 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.672%, 12/25/2049 | 372715 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 385491 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.672%, 12/25/2049 | $371794 | 0.2 |
| 626212 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.360%, 03/25/2050 | 583989 | 0.3 |
| 647266 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.568%, 12/25/2050 | 571589 | 0.3 |
| 380283 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.487%, 03/25/2051 | 336007 | 0.2 |
| 300657 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 248815 | 0.1 |
| 962487 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.156%, 05/25/2054 | 952152 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A5A, 5.500%, 04/25/2055 | 986700 | 0.6 |
| 413047 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 411308 | 0.2 |
| 1100000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 1114399 | 0.7 |
| 178359 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.013%, 12/25/2044 | 175322 | 0.1 |
| 528022 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.312%, 10/25/2048 | 502545 | 0.3 |
| 1050706 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 854352 | 0.5 |
| 542067 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.680%, 09/25/2057 | 502035 | 0.3 |
| 332907 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 325474 | 0.2 |
| 1144363 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.012%, (SOFR30A + 3.350%), 04/25/2034 | 1155957 | 0.7 |
| 357814 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 293680 | 0.2 |
| 1034382 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.967%, 10/25/2051 | 860175 | 0.5 |
| 907006 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 880983 | 0.5 |
| 514590 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.470%, 02/25/2050 | 465317 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 410360 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.547%, 02/25/2047 | $387484 | 0.2 |
| 418648 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.796%, 08/25/2049 | 413394 | 0.2 |
| 760183 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.499%, 09/25/2049 | 728683 | 0.4 |
| 447650 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.499%, 09/25/2049 | 433198 | 0.3 |
| 636220 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.626%, 03/25/2050 | 567942 | 0.3 |
| 516974 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.303%, 04/25/2050 | 451264 | 0.3 |
| 674098 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.862%, 11/25/2051 | 565679 | 0.3 |
| 600241 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.101%, 01/25/2053 | 569159 | 0.3 |
| 485581 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 5.983%, 03/25/2054 | 488980 | 0.3 |
| 990398 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-6 B3, 6.204%, 07/25/2055 | 975144 | 0.6 |
| 303617 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.615%, 10/25/2047 | 281858 | 0.2 |
| 168738 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 | 158363 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 818282 | 0.5 |
| 602296 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 | 575866 | 0.3 |
| 1055938 <sup>(2)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 | 223652 | 0.1 |
| 328636 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.831%, 11/25/2057 | 327815 | 0.2 |
| 538236 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV1 B1, 3.147%, 08/25/2051 | 460919 | 0.3 |
| 409454 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.213%, 12/25/2051 | 337282 | 0.2 |
| 1338957 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.224%, 01/25/2052 | 1124852 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 544988 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.362%, 12/25/2049 | 480242 | 0.3 |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $56,900,795) | **60548284** | **35.7** |
| **ASSET-BACKED SECURITIES: 22.3%** | **ASSET-BACKED SECURITIES: 22.3%** |  |  |
|  | **Other Asset-Backed Securities: 19.7%** | **Other Asset-Backed Securities: 19.7%** | **Other Asset-Backed Securities: 19.7%** |
| 300000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 5.768%, (TSFR3M + 2.100%), 01/20/2038 | 300524 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | AMMC CLO 30 Ltd. 2024-30A CR, 5.343%, (TSFR3M + 1.750%), 04/15/2039 | 996810 | 0.6 |
| 730000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 5.979%, (TSFR3M + 2.312%), 10/20/2030 | 730910 | 0.4 |
| 600000 <sup>(1)(2)</sup> | Apidos CLO XXXVI 2021-36A CR, 5.522%, (TSFR3M + 1.800%), 01/20/2039 | 599858 | 0.3 |
| 810810 <sup>(1)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 | 791607 | 0.5 |
| 900000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-1A CR, 5.518%, (TSFR3M + 1.850%), 10/18/2038 | 897980 | 0.5 |
| 500000 <sup>(1)(2)</sup> | Balboa Bay Loan Funding Ltd. 2022-1A CR, 5.968%, (TSFR3M + 2.300%), 04/20/2037 | 500340 | 0.3 |
| 550000 <sup>(1)(2)</sup> | Birch Grove CLO 3 Ltd. 2021-3A CR, 5.468%, (TSFR3M + 1.800%), 01/19/2038 | 546718 | 0.3 |
| 750000 <sup>(1)(2)</sup> | BlueMountain CLO XXXIV Ltd. 2022-34A CR, 5.568%, (TSFR3M + 1.900%), 04/20/2035 | 743873 | 0.4 |
| 597000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 601099 | 0.4 |
| 750000 <sup>(1)</sup> | Cherry Securitization Trust 2025-1A A, 6.130%, 11/15/2032 | 757759 | 0.4 |
| 478938 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 444571 | 0.3 |
| 350000 <sup>(1)(2)</sup> | Elevation CLO Ltd. 2026-19A C, 5.562%, (TSFR3M + 1.900%), 03/31/2038 | 349193 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 750000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 5.668%, (TSFR3M + 2.000%), 07/17/2037 | $751654 | 0.4 |
| 1050000 <sup>(1)(2)</sup> | Galaxy 31 Clo Ltd. 2023-31A CR, 5.672%, (TSFR3M + 2.000%), 07/15/2038 | 1052081 | 0.6 |
| 659355 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 663568 | 0.4 |
| 401076 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 281527 | 0.2 |
| 450000 <sup>(1)(2)</sup> | Market Street CLO Ltd. II 2025-2A C, 5.784%, (TSFR3M + 1.900%), 03/20/2038 | 448916 | 0.3 |
| 313836 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 284667 | 0.2 |
| 185600 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 175110 | 0.1 |
| 239063 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 205677 | 0.1 |
| 300000 <sup>(1)(2)</sup> | Navesink CLO 2 Ltd. 2024-2A CR, 5.722%, (TSFR3M + 2.050%), 01/15/2036 | 297450 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Navesink Clo 5 Ltd. 2026-5A C, 5.557%, (TSFR3M + 1.850%), 03/31/2039 | 499729 | 0.3 |
| 1500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 5.938%, (TSFR3M + 2.270%), 07/20/2037 | 1501138 | 0.9 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.168%, (TSFR3M + 2.500%), 04/20/2037 | 250428 | 0.1 |
| 450000 <sup>(1)(2)</sup> | Octagon Investment Partners XVI Ltd. 2013-1A CR, 5.779%, (TSFR3M + 2.112%), 07/17/2030 | 449660 | 0.3 |
| 441852 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2024-11 B, 5.637%, 07/15/2032 | 444585 | 0.3 |
| 800000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.171%, (TSFR3M + 2.500%), 04/16/2037 | 800994 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A BR, 5.718%, (TSFR3M + 2.050%), 07/20/2036 | 991328 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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> | Sound Point CLO XXXII Ltd. 2021-4A C, 6.080%, (TSFR3M + 2.412%), 10/25/2034 | $500025 | 0.3 |
| 451893 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 404396 | 0.2 |
| 1897244 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 1267934 | 0.7 |
| 355836 <sup>(1)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 313552 | 0.2 |
| 1015455 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 882514 | 0.5 |
| 872557 <sup>(1)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 842489 | 0.5 |
| 696611 <sup>(1)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 | 682022 | 0.4 |
| 1845050 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 1771779 | 1 |
| 315241 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 303222 | 0.2 |
| 402518 <sup>(1)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 | 367781 | 0.2 |
| 1850000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 | 1854616 | 1.1 |
| 519225 <sup>(1)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 | 478025 | 0.3 |
| 333280 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.214%, (TSFR3M + 2.542%), 07/15/2031 | 333743 | 0.2 |
| 350000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 5.672%, (TSFR3M + 2.000%), 04/15/2032 | 350406 | 0.2 |
| 547590 <sup>(1)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 | 504277 | 0.3 |
| 1712154 <sup>(1)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 | 1658777 | 1 |
| 1650000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 | 1678728 | 1 |
| 1883757 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 | 1789268 | 1.1 |
|  |  | **33343308** | **19.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Student Loan Asset-Backed Securities: 2.6%** | **Student Loan Asset-Backed Securities: 2.6%** | **Student Loan Asset-Backed Securities: 2.6%** |
| 174087 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 | $172567 | 0.1 |
| 790000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 715416 | 0.4 |
| 602000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 583298 | 0.3 |
| 632000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 611373 | 0.4 |
| 1521000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 1271841 | 0.8 |
| 1235000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 1068118 | 0.6 |
|  |  | **4422613** | **2.6** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $36,867,431) | **37765921** | **22.3** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $151,848,811) | **159513421** | **94.1** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 5.4%** | **SHORT-TERM INVESTMENTS: 5.4%** | **SHORT-TERM INVESTMENTS: 5.4%** |  |
|  | **Commercial Paper: 3.8%** | **Commercial Paper: 3.8%** | **Commercial Paper: 3.8%** |
| 1000000 | AutoZone Disc, 3.980%, 04/07/2026 | 999238 | 0.6 |
| 500000 | AutoZone, Inc., 3.960%, 04/01/2026 | 499946 | 0.3 |
| 500000 | AutoZone, Inc., 3.970%, 04/06/2026 | 499673 | 0.3 |
| 1000000 | Constellation Energy Generation LLC, 4.420%, 04/01/2026 | 999879 | 0.6 |
| 1500000 | Enterprise Products Operating LLC, 4.010%, 04/01/2026 | 1499835 | 0.9 |
| 2000000 | General Mills, Inc., 3.910%, 04/01/2026 | 1999786 | 1.1 |
|  | Total Commercial Paper |  |  |
|  | (Cost $6,499,079) | **6498357** | **3.8** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.6%** |  |  |
| 2702000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 3.570% |  |  |
|  | (Cost $2,702,000) | $**2702000** | **1.6** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $9,201,079) | $**9200357** | **5.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $161,049,890)** | $**168713778** | **99.5** |
|  | **Assets in Excess of Other Liabilities** | **904793** | **0.5** |
|  | **Net Assets** | $**169618571** | **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 March 31, 2026. |
| <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 March 31, 2026. |

---

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate <br> TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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>**March 31, 2026** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Commercial Mortgage-Backed Securities | $— | $61199216 | $— | $61199216 |
| Collateralized Mortgage Obligations |  | 60548284 |  | 60548284 |
| Asset-Backed Securities |  | 37765921 |  | 37765921 |
| Short-Term Investments | 2702000 | 6498357 |  | 9200357 |
| Total Investments, at fair value | $2702000 | $166011778 | $— | $168713778 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 78702 |  |  | 78702 |
| Total Assets | $2780702 | $166011778 | $— | $168792480 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(478264) | $— | $— | $(478264) |
| Total Liabilities | $(478264) | $— | $— | $(478264) |

---

---

| | |
|:---|:---|
| ^ | 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 March 31, 2026, the following futures contracts were outstanding for Voya VACS Series SC 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 | 189 | 06/30/26 | $39207164 | $(226305) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 90 | 06/30/26 | 9736172 | (84854) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 15 | 06/18/26 | 1665703 | (27687) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 27 | 06/18/26 | 3074625 | (84011) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 76 | 06/18/26 | 8627188 | (55407) |
|  |  |  | $62310852 | $(478264) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (24) | 06/18/26 | (2797500) | 78702 |
|  |  |  | $(2797500) | $78702 |

---

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

The fair value of derivative instruments as of March 31, 2026 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> | $78702 |
| **Total Asset Derivatives** |  | $78702 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $478264 |
| **Total Liability Derivatives** |  | $478264 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series SC Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2026 (continued)</u>

<sup>\*</sup> 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 year ended March 31, 2026 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 | $227345 |
| **Total** | $227345 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(750465) |
| **Total** | $(750465) |

---

At March 31, 2026, 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 $160,650,328. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $8190717 |
| Gross Unrealized Depreciation | (526829) |
| Net Unrealized Appreciation | $7663888 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

------

Dividends and distributions paid during the year ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund Name** | <br>**Type** | **Per Share**<br>**Amount** |
| Voya VACS Series CB Fund<sup>(1)</sup> | NII | $0.0865 |
| Voya VACS Series EMHCD Fund | NII | $0.6838 |
|  | STCG | $0.0066 |
|  | LTCG | $0.0913 |
| Voya VACS Series HYB Fund | NII | $0.6290 |
|  | STCG | $0.0067 |
|  | LTCG | $0.0701 |
| Voya VACS Series SC Fund | NII | $0.7064 |
|  | LTCG | $0.1258 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

<sup>(1)</sup> Commenced operations January 22, 2026.

Pursuant to Internal Revenue Code Section 871(k)(1), the Funds designate the following percentages of net investment income distributions as interest-related dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series CB Fund | 91.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | 9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series HYB Fund | 88.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series SC Fund | 89.15% |

---

The Funds designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | $961813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series HYB Fund | $2017798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series SC Fund | $2082865 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

------

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Funds Trust and Voya Separate Portfolios Trust (collectively, the "Trusts"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya VACS Series EMHCD Fund (the "EMHCD Fund"), Voya VACS Series SC Fund (the "SC Fund"), and Voya VACS Series HYB Fund (the "HYB Fund," and together with the EMHCD Fund and the SC Fund, the "Funds"), each a series of the Trusts, as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trusts, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to

each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible

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

------

for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trusts' Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment

return information, from the Trusts' Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted that there is no management fee charged pursuant to the Management Contracts or the Sub-Advisory Contracts. The Board also considered that the Funds have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group. In this regard, as noted above, the Board noted that there is no management fee charged pursuant to the Management Contracts or the Sub-Advisory Contracts. The Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to

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

------

their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account that there is no sub-advisory fee payable by the Manager to the Sub-Adviser under the Sub-Advisory Contracts. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for

various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**EMHCD Fund**

In considering whether to approve the renewal of the Contracts for the EMHCD Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year period and the third quintile for the year-to-date period; and (2) the Fund outperformed its performance benchmark for all periods presented.

In analyzing this performance data, the Board took into account that the Fund commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

**SC Fund**

In considering whether to approve the renewal of the Contracts for the SC Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund outperformed its performance benchmark for the one-year period and underperformed for the year-to-date period.

In analyzing this performance data, the Board took into account that the Fund commenced operations in March 2023, and therefore had a limited operating history for the

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

------

purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**HYB Fund**

In considering whether to approve the renewal of the Contracts for the HYB Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date period and the second quintile for the one-year period; and (2) the Fund was equal to its performance benchmark for the year-to-date period and outperformed its performance benchmark for the one-year period.

In analyzing this performance data, the Board took into account that the Fund commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the second quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various

factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2026.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**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.**

**220645 (0326)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

A special meeting of shareholders of Voya Separate Portfolios Trust was held September 11, 2025, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

Proposal:

1. Election of Trustees

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proposal** | **Shares voted for** | **Shares voted<br> against/withheld** | **Shares abstained** | **Broker <br> non-vote** | **Total Shares Voted** |
| **Voya Separate Portfolios Trust** |  |  |  |  |  |  |
| Colleen D. Baldwin | **1\*** | 87324092.102 | 53329.886 | 351744.848 | 0.000 | 87729166.836 |
| John V. Boyer | **1\*** | 86990908.846 | 360235.904 | 378022.086 | 0.000 | 87729166.836 |
| Jody T. Foster | **1\*** | 87324564.334 | 53557.104 | 351045.398 | 0.000 | 87729166.836 |
| Martin J. Gavin | **1\*** | 87261949.502 | 93871.095 | 373346.239 | 0.000 | 87729166.836 |
| Dennis Johnson, CFA | **1\*** | 86964386.473 | 390431.484 | 374348.879 | 0.000 | 87729166.836 |
| Joseph E. Obermeyer | **1\*** | 87248895.693 | 108534.965 | 371736.178 | 0.000 | 87729166.836 |
| Sheryl K. Pressler | **1\*** | 87313772.732 | 56765.586 | 358628.518 | 0.000 | 87729166.836 |
| Christopher P. Sullivan | **1\*** | 87262148.322 | 101090.494 | 365928.020 | 0.000 | 87729166.836 |
| Mark R. Wetzel | **1\*** | 87315849.486 | 53941.857 | 359375.493 | 0.000 | 87729166.836 |
| Christian G. Wilson | **1\*** | 87282342.245 | 79996.429 | 366828.162 | 0.000 | 87729166.836 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal Passed

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $42,159 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](tm269275d2_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm269275d2_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm269275d2_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm269275d2_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm269275d2_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm269275d2_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: June 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: June 5, 2026

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: June 5, 2026

## Ex-99.Codeeth

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I.</u>**  **<u>Adoption</u>** 

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II.</u>**  **<u>Policy</u>** 

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the
 ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
 disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities
 and Exchange Commission ("SEC") and in other public communications made by a
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental
 laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations
 of this Code to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical
 manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that
 would compromise their professional ethics or otherwise prejudice their ability faithfully
 to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use
 material non-public information acquired through their work for the Funds for unethical or
 illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their
 shareholders before their personal interests and manage actual or apparent conflicts of interest
 between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements
 generally applicable to the Funds and take all reasonable actions, consistent with their
 position(s) with a Fund and/or a Fund's service providers(s) to ensure full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the SEC or other governmental authorities, and in other public
 communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws,
 rules, and regulations in their dealings with or on behalf of a Fund, and take all reasonable
 actions, consistent with their positions(s) with a Fund and/or Fund's service
 provider(s), to ensure compliance by the Fund with applicable governmental laws, rules, and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent
 with their position(s) with a Fund and/or a Fund's service provider(s), to ensure
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly
 cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
 directors, counsel, or auditors, to governmental regulators or self-regulatory organizations,
 or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund,
 and its adviser(s), administrator, and principal underwriter, with the goal of promoting
 full, fair, accurate, timely, and understandable disclosure in the reports and documents
 the Fund files with, or submits to, the SEC, and in other public communications made by the
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the
 standards and restrictions imposed by applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or
 financial or other reporting by the Fund whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or
 fail to take an action, whereby the Covered Officer would benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action
 against, or cause or permit any retaliation or adverse action to be taken against, any other
 Covered Officer or any employee of the Funds or their affiliated persons for reports of potential
 violations of this Code or of applicable governmental laws, rules, and regulations that are
 made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation
 in which a Covered Officer, a member of a Covered Officer's immediate family, or an
 entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered
 Officer may receive compensation or other personal benefit, has an interest in a transaction
 or the results of a transaction in which a Fund is involved that is different from the interests
 of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
 is a situation in which a Covered Officer, a member of a Covered Officer's immediate
 family, or an entity other than a Fund on whose behalf a Covered Officers is acting or from
 which a Covered Officer may receive compensation or other personal benefit, appears to have
 an actual conflict of interest, without regard to whether an actual conflict of interest
 in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer, manager, or managing
member on the board of any public or private company<sup>4</sup> other than a Fund's investment adviser, administrator, principal
underwriter, or an affiliate or any of the foregoing, if such company has current or prospective business dealings with a Fund or if
a Fund may invest in securities issued by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5</sup> or meals from
any company with which a Fund has current or prospective business dealings unless such entertainment or meals are business-related, reasonable
in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. For the purposes of this Code,
entertainment and meals that are incidental to a business conference, seminar or meeting shall be deemed business-related, reasonable
in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any consulting, employment,
or compensation relationship with, any of a Fund's service providers, other than its investment adviser(s), administrator, principal
underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any opportunity which
a Fund may exploit. This prohibition shall not apply to securities trading undertaken in conformance with the Funds' and an investment
adviser's code of ethics adopted pursuant to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest, such as compensation
or equity ownership, in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transaction or for selling
or redeeming shares other than an interest arising from the Covered Officer's employment with a Fund's investment adviser,
administrator, principal underwriters, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year
from any entity or person that directly or indirectly currently or prospectively does or will do business with or receives compensation
or other benefits from a Fund. For the purposes of this restriction, gifts from different persons employed by the same entity shall be
aggregated, along with any gifts from the entity itself, in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's
investment adviser(s), administrator, or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings within one year after the latest to occur of such Covered Officer's termination of employment at the Fund or
at the Fund's investment adviser(s) administrator or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have
any other financial transactions with any company, other than a Fund's investment adviser(s), administrator or principal underwriter
(or any affiliate thereof), with which the Fund has current or prospective business dealings, other than routine retail transactions
that are effected on the same terms and conditions as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund,
except that this prohibition shall not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions
as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally
at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing to the CLO and the Board that they have received, read, and understand this Code.
Such affirmation shall be substantially in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board that they have complied
with the requirements of this Code. Such affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment, ownership, affiliations,
or other relationships related to conflicts of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know of any violation of
this Code or of any applicable governmental laws, rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO believes that no violation
has occurred, the CLO shall not be required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO believes that a violation
has occurred, the CLO shall report such violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that a violation has
occurred, it shall inform and make a recommendation to the Board, which shall consider appropriate action that may include review of,
and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the investment adviser
or its board, and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement or disgorgement by the Covered
Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya 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: June 5, 2026 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya 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: June 5, 2026 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: March 31, 2026

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 5<sup>th</sup> day of June, 2026.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: March 31, 2026

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 5<sup>th</sup> day of June, 2026.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---