# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-25-057401
**Filing Date:** 2025-6
**Character Count:** 719768
**Document Hash:** 2395c7f9cddd4e8db92e4a03fe4a65ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057401.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001104659-25-057401

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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:** 251031907

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

**Voya Separate Portfolios Trust**

(Exact name of registrant as specified in charter)

---

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

---

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

(Name and address of agent for service)

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

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

Date of reporting period: **March 31, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Investment Grade Credit Fund](#classname047945a7-5dfe-4a73-a956-a0f841d32f3c)<br> **[Class A - VACFX](#classname047945a7-5dfe-4a73-a956-a0f841d32f3c)**  |
|  [Voya Investment Grade Credit Fund](#classname2752b487-f1ac-45d9-a845-e9b2ab961156)<br> **[Class I - VIGCX](#classname2752b487-f1ac-45d9-a845-e9b2ab961156)**  |
|  [Voya Investment Grade Credit Fund](#classnamedf588c9e-c9d4-4b83-9f72-868ec7f37731)<br> **[Class R6 - VIGTX](#classnamedf588c9e-c9d4-4b83-9f72-868ec7f37731)**  |
|  [Voya Investment Grade Credit Fund](#classnameadb60510-b3f3-48cb-a723-b676375e5e07)<br> **[Class W - VIGWX](#classnameadb60510-b3f3-48cb-a723-b676375e5e07)**  |
|  [Voya Securitized Credit Fund](#classnamea2be85c3-f104-447c-aead-1cc0ea1c0808)<br> **[Class A - VCFAX](#classnamea2be85c3-f104-447c-aead-1cc0ea1c0808)**  |
|  [Voya Securitized Credit Fund](#classname8e7ea0fc-f73f-414c-b1e7-848116484830)<br> **[Class I - VCFIX](#classname8e7ea0fc-f73f-414c-b1e7-848116484830)**  |
|  [Voya Securitized Credit Fund](#classname820bda5c-b54e-4317-a021-ff2cf4122cee)<br> **[Class R6 - VCFRX](#classname820bda5c-b54e-4317-a021-ff2cf4122cee)**  |
|  [Voya Securitized Credit Fund](#classnamed25505d5-1834-4344-93b7-d940b692d316)<br> **[Class W - VSCWX](#classnamed25505d5-1834-4344-93b7-d940b692d316)**  |
|  [Voya VACS Series EMHCD Fund](#classnamec6cf3d1a-1f45-4448-a785-77f52435d5f4)<br> **[Portfolio - VVIQX](#classnamec6cf3d1a-1f45-4448-a785-77f52435d5f4)**  |
|  [Voya VACS Series SC Fund](#classnamef8c18534-d615-4fd7-8850-286f389dd9bc)<br> **[Portfolio - VVIRX](#classnamef8c18534-d615-4fd7-8850-286f389dd9bc)**  |

---

# Class A: VACFX
![Image](tm2514698d8_tsrimg013.jpg)

# Voya Investment Grade Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $91 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Corporate Bond Index primarily due to strong security selection.

↑ Top contributors to performance: Top contributors included selection in banking, driven by positions in U.S. regional and European banks. Selection in the insurance sector also added to returns. Within industrials, top contributors included positions in pharmaceuticals, communication, transportation & technology. From a quality standpoint, the Fund benefited from an overweight to BBB-rated issuers versus an underweight in single-A rated issuers, while its modest allocation to high yield was also additive.

↓ Top detractors from performance: Allocation to U.S. treasuries & cash detracted as corporate bonds outperformed. Additionally, selection in the energy space detracted from relative performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate Bond Index** |
| **8/3/2016** | $9750 | $10000 | $10000 | $10000 |
| **2017** | $9736 | $9982 | $9858 | $9907 |
| **2018** | $10012 | $10264 | $9977 | $10175 |
| **2019** | $10447 | $10711 | $10424 | $10677 |
| **2020** | $10949 | $11225 | $11355 | $11209 |
| **2021** | $12212 | $12520 | $11435 | $12187 |
| **2022** | $11620 | $11913 | $10961 | $11676 |
| **2023** | $10826 | $11099 | $10437 | $11028 |
| **2024** | $11274 | $11559 | $10614 | $11516 |
| **2025** | $11850 | $12149 | $11132 | $12080 |

---

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 (8/3/2016)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.53% | 1.08% | 1.98% |
| Class A - Excluding Sales Charge | 5.11% | 1.60% | 2.28% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.25% |
| Bloomberg U.S. Corporate Bond Index | 4.90% | 1.51% | 2.21% |

---

---

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

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Corporate Bond Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Corporate Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$83,952,600

* # of Portfolio Holdings700

* Portfolio Turnover Rate469%

* Investment Advisory Fees Paid$212,303

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.625%, 02/15/35 | 2.8% |
| United States Treasury Bonds, 4.500%, 11/15/54 | 1.9% |
| United States Treasury Notes, 4.000%, 03/31/30 | 1.5% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.3% |
| Morgan Stanley, 5.587%, 01/18/36 | 1.1% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.0% |
| Marsh & McLennan Cos., Inc., 5.000%, 03/15/35 | 0.8% |
| Micron Technology, Inc., 5.800%, 01/15/35 | 0.6% |
| Banco Santander SA, 9.625%, 12/31/99 | 0.5% |
| United States Treasury Notes, 4.125%, 03/31/32 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.9% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds/Notes | 87.8% |

---

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

# Class A: VACFX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Investment Grade Credit Fund
92913M484-AR

# Class I: VIGCX
![Image](tm2514698d8_tsrimg013.jpg)

# Voya Investment Grade Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $67 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Corporate Bond Index primarily due to strong security selection.

↑ Top contributors to performance: Top contributors included selection in banking, driven by positions in U.S. regional and European banks. Selection in the insurance sector also added to returns. Within industrials, top contributors included positions in pharmaceuticals, communication, transportation & technology. From a quality standpoint, the Fund benefited from an overweight to BBB-rated issuers versus an underweight in single-A rated issuers, while its modest allocation to high yield was also additive.

↓ Top detractors from performance: Allocation to U.S. treasuries & cash detracted as corporate bonds outperformed. Additionally, selection in the energy space detracted from relative performance.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate Bond Index** |
| **8/3/2016** | $250000 | $250000 | $250000 |
| **2017** | $249732 | $246462 | $247676 |
| **2018** | $257442 | $249419 | $254363 |
| **2019** | $269297 | $260593 | $266929 |
| **2020** | $283205 | $283864 | $280222 |
| **2021** | $316644 | $285880 | $304685 |
| **2022** | $302069 | $274016 | $291888 |
| **2023** | $282479 | $260918 | $275689 |
| **2024** | $294581 | $265348 | $287896 |
| **2025** | $310744 | $278296 | $302003 |

---

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 (8/3/2016)** |
| Class I | 5.49% | 1.87% | 2.54% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.25% |
| Bloomberg U.S. Corporate Bond Index | 4.90% | 1.51% | 2.21% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Corporate Bond Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Corporate Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$83,952,600

* # of Portfolio Holdings700

* Portfolio Turnover Rate469%

* Investment Advisory Fees Paid$212,303

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.625%, 02/15/35 | 2.8% |
| United States Treasury Bonds, 4.500%, 11/15/54 | 1.9% |
| United States Treasury Notes, 4.000%, 03/31/30 | 1.5% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.3% |
| Morgan Stanley, 5.587%, 01/18/36 | 1.1% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.0% |
| Marsh & McLennan Cos., Inc., 5.000%, 03/15/35 | 0.8% |
| Micron Technology, Inc., 5.800%, 01/15/35 | 0.6% |
| Banco Santander SA, 9.625%, 12/31/99 | 0.5% |
| United States Treasury Notes, 4.125%, 03/31/32 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.9% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds/Notes | 87.8% |

---

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

# Class I: VIGCX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Investment Grade Credit Fund
92913M476-AR

# Class R6: VIGTX
![Image](tm2514698d8_tsrimg013.jpg)

# Voya Investment Grade Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $65 | 0.63% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Corporate Bond Index primarily due to strong security selection.

↑ Top contributors to performance: Top contributors included selection in banking, driven by positions in U.S. regional and European banks. Selection in the insurance sector also added to returns. Within industrials, top contributors included positions in pharmaceuticals, communication, transportation & technology. From a quality standpoint, the Fund benefited from an overweight to BBB-rated issuers versus an underweight in single-A rated issuers, while its modest allocation to high yield was also additive.

↓ Top detractors from performance: Allocation to U.S. treasuries & cash detracted as corporate bonds outperformed. Additionally, selection in the energy space detracted from relative performance.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate Bond Index** |
| **8/3/2016** | $1000000 | $1000000 | $1000000 |
| **2017** | $998928 | $985848 | $990704 |
| **2018** | $1030085 | $997676 | $1017452 |
| **2019** | $1077731 | $1042372 | $1067716 |
| **2020** | $1133630 | $1135456 | $1120888 |
| **2021** | $1266594 | $1143520 | $1218740 |
| **2022** | $1208442 | $1096064 | $1167552 |
| **2023** | $1128956 | $1043672 | $1102756 |
| **2024** | $1178838 | $1061392 | $1151584 |
| **2025** | $1242430 | $1113184 | $1208012 |

---

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 (8/3/2016)** |
| Class R6 | 5.39% | 1.85% | 2.54% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.25% |
| Bloomberg U.S. Corporate Bond Index | 4.90% | 1.51% | 2.21% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Corporate Bond Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Corporate Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$83,952,600

* # of Portfolio Holdings700

* Portfolio Turnover Rate469%

* Investment Advisory Fees Paid$212,303

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.625%, 02/15/35 | 2.8% |
| United States Treasury Bonds, 4.500%, 11/15/54 | 1.9% |
| United States Treasury Notes, 4.000%, 03/31/30 | 1.5% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.3% |
| Morgan Stanley, 5.587%, 01/18/36 | 1.1% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.0% |
| Marsh & McLennan Cos., Inc., 5.000%, 03/15/35 | 0.8% |
| Micron Technology, Inc., 5.800%, 01/15/35 | 0.6% |
| Banco Santander SA, 9.625%, 12/31/99 | 0.5% |
| United States Treasury Notes, 4.125%, 03/31/32 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.9% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds/Notes | 87.8% |

---

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

# Class R6: VIGTX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Investment Grade Credit Fund
92913M864-AR

# Class W: VIGWX
![Image](tm2514698d8_tsrimg013.jpg)

# Voya Investment Grade Credit Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Investment Grade Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $67 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Corporate Bond Index primarily due to strong security selection.

↑ Top contributors to performance: Top contributors included selection in banking, driven by positions in U.S. regional and European banks. Selection in the insurance sector also added to returns. Within industrials, top contributors included positions in pharmaceuticals, communication, transportation & technology. From a quality standpoint, the Fund benefited from an overweight to BBB-rated issuers versus an underweight in single-A rated issuers, while its modest allocation to high yield was also additive.

↓ Top detractors from performance: Allocation to U.S. treasuries & cash detracted as corporate bonds outperformed. Additionally, selection in the energy space detracted from relative performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate Bond Index** |
| **8/1/2017** | $10000 | $10000 | $10000 |
| **2018** | $9898 | $9910 | $9912 |
| **2019** | $10355 | $10354 | $10402 |
| **2020** | $10880 | $11279 | $10920 |
| **2021** | $12156 | $11359 | $11873 |
| **2022** | $11595 | $10887 | $11374 |
| **2023** | $10839 | $10367 | $10743 |
| **2024** | $11279 | $10543 | $11219 |
| **2025** | $11898 | $11058 | $11768 |

---

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 | 5.49% | 1.81% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.32% |
| Bloomberg U.S. Corporate Bond Index | 4.90% | 1.51% | 2.15% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Corporate Bond Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Corporate Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$83,952,600

* # of Portfolio Holdings700

* Portfolio Turnover Rate469%

* Investment Advisory Fees Paid$212,303

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

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 4.625%, 02/15/35 | 2.8% |
| United States Treasury Bonds, 4.500%, 11/15/54 | 1.9% |
| United States Treasury Notes, 4.000%, 03/31/30 | 1.5% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.3% |
| Morgan Stanley, 5.587%, 01/18/36 | 1.1% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.0% |
| Marsh & McLennan Cos., Inc., 5.000%, 03/15/35 | 0.8% |
| Micron Technology, Inc., 5.800%, 01/15/35 | 0.6% |
| Banco Santander SA, 9.625%, 12/31/99 | 0.5% |
| United States Treasury Notes, 4.125%, 03/31/32 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.9% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds/Notes | 87.8% |

---

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

# Class W: VIGWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Investment Grade Credit Fund
92913M286-AR

# Class A: VCFAX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $104 | 1.00% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & sector allocation. Duration posture also contributed to return.

↑ Top contributors to performance: Security selection was the key driver of outperformance driven by exposure to the below investment-grade (IG) rated parts of the commercial mortgage-backed securities (CMBS). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor to performance from sector allocation perspective. The Fund maintained an underweight to duration that proved positive given the level of interest rate volatility.

↓ Top detractors from performance: Performance within ABS was detracted from performance over the period driven by allocation to collateralized loan obligations (CLO).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_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** |
| **8/3/2015** | $9750 | $10000 | $10000 | $10000 |
| **2016** | $9871 | $10122 | $10274 | $10245 |
| **2017** | $10458 | $10723 | $10320 | $10268 |
| **2018** | $11115 | $11398 | $10443 | $10349 |
| **2019** | $11634 | $11929 | $10911 | $10812 |
| **2020** | $10495 | $10761 | $11886 | $11557 |
| **2021** | $11937 | $12240 | $11970 | $11592 |
| **2022** | $12024 | $12329 | $11473 | $11029 |
| **2023** | $11621 | $11916 | $10925 | $10507 |
| **2024** | $12601 | $12921 | $11110 | $10676 |
| **2025** | $13641 | $13987 | $11653 | $11259 |

---

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 (8/3/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 5.52% | 4.84% | 3.27% |
| Class A - Excluding Sales Charge | 8.25% | 5.38% | 3.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.60% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.46% | -0.52% | 1.23% |

---

---

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

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Securitized MBS/ABS/CMBS Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Securitized MBS/ABS/CMBS Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$851,197,941

* # of Portfolio Holdings590

* Portfolio Turnover Rate34%

* Investment Advisory Fees Paid$4,754,288

## 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

---

| | |
|:---|:---|
| RFM Reremic Trust - Class AB60, 2.358%, 11/08/49 | 1.0% |
| Symphony CLO 43 Ltd. - Class C, 6.852%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.740%, 01/25/42 | 0.9% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.090%, 02/25/42 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| GAM RE-REMIC Trust - Class BK71, 1.973%, 11/27/50 | 0.7% |
| CBAM Ltd. - Class CR, 7.002%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.3% |
| Asset-Backed Securities | 23.9% |
| Commercial Mortgage-Backed Securities | 32.6% |
| Collateralized Mortgage Obligations | 34.2% |

---

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

# Class A: VCFAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Securitized Credit Fund
92913M740-AR

# Class I: VCFIX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $71 | 0.68% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & sector allocation. Duration posture also contributed to return.

↑ Top contributors to performance: Security selection was the key driver of outperformance driven by exposure to the below investment-grade (IG) rated parts of the commercial mortgage-backed securities (CMBS). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor to performance from sector allocation perspective. The Fund maintained an underweight to duration that proved positive given the level of interest rate volatility.

↓ Top detractors from performance: Performance within ABS was detracted from performance over the period driven by allocation to collateralized loan obligations (CLO).

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Securitized MBS/ABS/CMBS Index** |
| **8/3/2015** | $250000 | $250000 | $250000 |
| **2016** | $253773 | $256861 | $256125 |
| **2017** | $269742 | $257991 | $256689 |
| **2018** | $287410 | $261087 | $258717 |
| **2019** | $301406 | $272784 | $270307 |
| **2020** | $272819 | $297144 | $288931 |
| **2021** | $311253 | $299253 | $289798 |
| **2022** | $314871 | $286834 | $275714 |
| **2023** | $305342 | $273124 | $262673 |
| **2024** | $332115 | $277761 | $266901 |
| **2025** | $360631 | $291315 | $281476 |

---

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 (8/3/2015)** |
| Class I | 8.59% | 5.74% | 3.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.60% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.46% | -0.52% | 1.23% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Securitized MBS/ABS/CMBS Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Securitized MBS/ABS/CMBS Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$851,197,941

* # of Portfolio Holdings590

* Portfolio Turnover Rate34%

* Investment Advisory Fees Paid$4,754,288

## 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

---

| | |
|:---|:---|
| RFM Reremic Trust - Class AB60, 2.358%, 11/08/49 | 1.0% |
| Symphony CLO 43 Ltd. - Class C, 6.852%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.740%, 01/25/42 | 0.9% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.090%, 02/25/42 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| GAM RE-REMIC Trust - Class BK71, 1.973%, 11/27/50 | 0.7% |
| CBAM Ltd. - Class CR, 7.002%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.3% |
| Asset-Backed Securities | 23.9% |
| Commercial Mortgage-Backed Securities | 32.6% |
| Collateralized Mortgage Obligations | 34.2% |

---

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

# Class I: VCFIX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Securitized Credit Fund
92913M732-AR

# Class R6: VCFRX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $68 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & sector allocation. Duration posture also contributed to return.

↑ Top contributors to performance: Security selection was the key driver of outperformance driven by exposure to the below investment-grade (IG) rated parts of the commercial mortgage-backed securities (CMBS). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor to performance from sector allocation perspective. The Fund maintained an underweight to duration that proved positive given the level of interest rate volatility.

↓ Top detractors from performance: Performance within ABS was detracted from performance over the period driven by allocation to collateralized loan obligations (CLO).

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg005.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 | $964356 | $991020 |
| **2022** | $1069245 | $924336 | $942856 |
| **2023** | $1036960 | $880152 | $898260 |
| **2024** | $1127917 | $895096 | $912716 |
| **2025** | $1224784 | $938776 | $962560 |

---

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** | **Since Inception (7/31/2020)** |
| Class R6 | 8.59% | 4.44% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.35% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.46% | -0.81% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Securitized MBS/ABS/CMBS Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Securitized MBS/ABS/CMBS Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$851,197,941

* # of Portfolio Holdings590

* Portfolio Turnover Rate34%

* Investment Advisory Fees Paid$4,754,288

## 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

---

| | |
|:---|:---|
| RFM Reremic Trust - Class AB60, 2.358%, 11/08/49 | 1.0% |
| Symphony CLO 43 Ltd. - Class C, 6.852%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.740%, 01/25/42 | 0.9% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.090%, 02/25/42 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| GAM RE-REMIC Trust - Class BK71, 1.973%, 11/27/50 | 0.7% |
| CBAM Ltd. - Class CR, 7.002%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.3% |
| Asset-Backed Securities | 23.9% |
| Commercial Mortgage-Backed Securities | 32.6% |
| Collateralized Mortgage Obligations | 34.2% |

---

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

# Class R6: VCFRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Securitized Credit Fund
92913M112-AR

# Class W: VSCWX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya Securitized Credit Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $78 | 0.75% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & sector allocation. Duration posture also contributed to return.

↑ Top contributors to performance: Security selection was the key driver of outperformance driven by exposure to the below investment-grade (IG) rated parts of the commercial mortgage-backed securities (CMBS). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor to performance from sector allocation perspective. The Fund maintained an underweight to duration that proved positive given the level of interest rate volatility.

↓ Top detractors from performance: Performance within ABS was detracted from performance over the period driven by allocation to collateralized loan obligations (CLO).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg012.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 |

---

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 | 8.51% | 5.64% | 3.34% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.32% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.46% | -0.52% | 1.01% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Securitized MBS/ABS/CMBS Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Securitized MBS/ABS/CMBS Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$851,197,941

* # of Portfolio Holdings590

* Portfolio Turnover Rate34%

* Investment Advisory Fees Paid$4,754,288

## 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

---

| | |
|:---|:---|
| RFM Reremic Trust - Class AB60, 2.358%, 11/08/49 | 1.0% |
| Symphony CLO 43 Ltd. - Class C, 6.852%, 04/15/37 | 0.9% |
| Subway Funding LLC - Class A2II, 5.566%, 07/30/54 | 0.9% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.740%, 01/25/42 | 0.9% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.090%, 02/25/42 | 0.8% |
| Planet Fitness Master Issuer LLC - Class A2II, 6.237%, 06/05/54 | 0.8% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.7% |
| GAM RE-REMIC Trust - Class BK71, 1.973%, 11/27/50 | 0.7% |
| CBAM Ltd. - Class CR, 7.002%, 07/15/37 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 9.3% |
| Asset-Backed Securities | 23.9% |
| Commercial Mortgage-Backed Securities | 32.6% |
| Collateralized Mortgage Obligations | 34.2% |

---

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

# Class W: VSCWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d8_tsrimg020.jpg)

# Voya Securitized Credit Fund
92913M310-AR

# Portfolio: VVIQX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya VACS Series EMHCD Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $15 | 0.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund outperformed the JP Morgan EMBI Global Diversified Index primarily due to security & country selection, while sector allocation dragged on relative performance.

↑ Top contributors to performance: Regionally, overweight to Latin America benefited relative performance. Within Latin America, selection in Chile, Mexico & Panama were the top contributors. Country selection within Europe & Asia were also additive. From a quality stance, the Fund's overweight to BBB and BB rated issuers was additive.

↓ Top detractors from performance: Sector allocation detracted driven an underweight to sovereigns versus an overweight to emerging market (EM) corporates. From a country perspective, detractors included overweights to Romania and Egypt, and underweights in El Salvador, China and Pakistan. From a quality stance, the Fund's higher quality tilt, specifically its underweight to riskier CCC and below issuers, detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg023.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 |

---

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 | 7.54% | 10.15% |
| Bloomberg Global Aggregate Index | 3.05% | 2.70% |
| JP Morgan Emerging Markets Bond Index - Global Diversified Index | 6.75% | 8.89% |

---

Effective with this report, the Adviser changed the primary benchmark from the JP Morgan Emerging Markets Bond Index - Global Diversified Index to the Bloomberg Global Aggregate Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the JP Morgan Emerging Markets Bond Index - Global Diversified Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$112,624,791

* # of Portfolio Holdings234

* Portfolio Turnover Rate107%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, 03/13/27 | 1.6% |
| Bahrain Government International Bond, 7.375%, 05/14/30 | 1.6% |
| Romanian Government International Bond, 6.375%, 01/30/34 | 1.3% |
| Argentine Republic Government International Bond, 4.125%, 07/09/35 | 1.2% |
| Indonesia Government International Bond, 8.500%, 10/12/35 | 1.1% |
| Republic of South Africa Government International Bond, 4.300%, 10/12/28 | 1.1% |
| Aeropuertos Dominicanos Siglo XXI SA, 7.000%, 06/30/34 | 1.1% |
| OQ SAOC, 5.125%, 05/06/28 | 1.0% |
| Mexico Government International Bond, 6.338%, 05/04/53 | 0.9% |
| Saudi Government International Bond, 3.450%, 02/02/61 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.8% |
| Corporate Bonds/Notes | 33.2% |
| Sovereign Bonds | 61.0% |

---

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

# Portfolio: VVIQX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/holdings/monthly](tm2514698d8_tsrimg006.jpg)

# Voya VACS Series EMHCD Fund
92919X104-AR

# Portfolio: VVIRX
![Image](tm2514698d8_tsrimg013.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, 2025
This annual shareholder report contains important information about Voya VACS Series SC Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $5 | 0.05% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund outperformed the Bloomberg U.S. Securitized MBS/ABS/CMBS Index primarily due to security selection & sector allocation. Duration posture also contributed to return.

↑ Top contributors to performance: Security selection was the key driver of outperformance driven by exposure to the below investment-grade (IG) rated parts of the commercial mortgage-backed securities (CMBS). Allocation to non-agency residential mortgage-backed securities (RMBS) was the largest contributor to performance from sector allocation perspective. The Fund maintained an underweight to duration that proved positive given the level of interest rate volatility.

↓ Top detractors from performance: Performance within ABS detracted from performance over the period driven by allocation to collateralized loan obligations (CLO).

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d8_tsrimg019.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 |

---

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 | 8.97% | 8.92% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 4.47% |
| Bloomberg U.S. Securitized MBS/ABS/CMBS Index | 5.46% | 4.51% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. Securitized MBS/ABS/CMBS Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Securitized MBS/ABS/CMBS Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$207,134,486

* # of Portfolio Holdings257

* Portfolio Turnover Rate28%

* Investment Advisory Fees Paid$0

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

### Top 10 Holdings

---

| | |
|:---|:---|
| RFM Reremic Trust - Class AB60, 2.358%, 11/08/49 | 1.8% |
| Freddie Mac STACR REMIC Trust - Class B1, 7.740%, 01/25/42 | 1.5% |
| Freddie Mac STACR REMIC Trust - Class B1, 9.090%, 02/25/42 | 1.4% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 1.3% |
| GAM Re-REMIC Trust - Class 1D, 11/29/50 | 1.3% |
| BMD2 Re-Remic Trust - Class 6B10, 2.428%, 05/25/52 | 1.0% |
| GAM Re-REMIC Trust - Class 2C, 11/29/50 | 1.0% |
| Fannie Mae Connecticut Avenue Securities - Class 1B1, 9.890%, 01/25/43 | 0.9% |
| Trafigura Securitisation Finance PLC - Class A2, 5.980%, 11/15/27 | 0.9% |
| GAM Re-REMIC Trust - Class 1C, 11/29/50 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d8_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.6% |
| Asset-Backed Securities | 21.7% |
| Collateralized Mortgage Obligations | 32.7% |
| Commercial Mortgage-Backed Securities | 34.0% |

---

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

# Portfolio: VVIRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/holdings/monthly](tm2514698d8_tsrimg006.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, Martin J. Gavin, and Christopher P. Sullivan are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal years ended March 31, 2025 and March 31, 2024.

(a) Audit Fee <u>s</u>:
The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by Ernst &
Young LLP ("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 $90,425 for the year ended March 31 ,
2025 and $110,957 for the year ended March 31 , 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and
paid in each of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the
audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended March 31 , 2025 and $0 for the year ended March 31 ,
202 4.

(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
$40,922 for the year ended March 31 , 2025
and $40,920 for the year ended March 31 , 2024. Such
services included review of excise distribution calculations (if applicable), preparation of the Registrants' federal, state, and
excise tax returns, tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed
and paid in each of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs
(a) through (c) of this Item were $0 for the year ended March 31 ,
2025 and $0 for the year ended March 31 , 2024.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

***Appendix A***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**VII.** **Procedures** 

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

**VIII.** **Delegation** 

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

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

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

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

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

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

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

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

---

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

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

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

---

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

---

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

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

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

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

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

● Financial information systems design and implementation

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

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

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

● Legal services

● Expert services unrelated to the audit

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

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

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

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

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

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

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax,
and other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's
fiscal years ended March 31, 2025 and March 31, 2024; and (ii) the aggregate non-audit fees billed to the investment adviser,
or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the
same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Separate Portfolios Trust | $40922 | $40920 |
| Voya Investments, LLC <sup>(1)</sup> | $15080826 | $20108761 |

---

<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.

![](tm2514698d6_invgrred01img01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

Classes A, I, R6 and W

**Fixed-Income Fund**

■ Voya
Investment Grade Credit Fund

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d6_invgrred01img02.jpg) | E-Delivery Sign-up – details inside | ![](tm2514698d6_invgrred01img03.jpg) |
|  |  | ![](tm2514698d6_invgrred01img03.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2514698d6_invgrred01img03.jpg) |
|  |  | ![](tm2514698d6_invgrred01img03.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2514698d6_invgrred01img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statement of Assets and Liabilities](#a_002) | [2](#a_002) |
| [Statement of Operations](#a_003) | [4](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [5](#a_004) |
| [Financial Highlights](#a_005) | [6](#a_005) |
| [Notes to Financial Statements](#b_001) | [7](#b_001) |
| [Portfolio of Investments](#b_002) | [18](#b_002) |
| [Tax Information](#b_003) | [36](#b_003) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#b_004) | [37](#b_004) |

---

---

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

---

**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 Investment Grade Credit Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Investment Grade Credit Fund (the "Fund") (one of the funds constituting Voya Separate Portfolios Trust (the "Trust")), including the portfolio of investments, as of March 31, 2025, 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, 2025, 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, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d6_invgrred01img04.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities at fair value+\* | $81522493 |
| Short-term investments at fair value† | 2331490 |
| Cash | 603540 |
| Cash collateral for futures contracts | 256372 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 4560358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 259869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 892423 |
| Prepaid expenses | 35052 |
| Reimbursement due from Investment Adviser | 9121 |
| Other assets | 6406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 90477124 |
| **LIABILITIES:** |  |
| Payable for investment securities purchased | 3881442 |
| Payable for fund shares redeemed | 182099 |
| Payable upon receipt of securities loaned | 2331490 |
| Variation margin payable on futures contracts | 10293 |
| Payable for investment management fees | 34639 |
| Payable for distribution and shareholder service fees | 195 |
| Payable to trustees under the deferred compensation plan (Note 6) | 6406 |
| Payable for trustee fees | 177 |
| Other accrued expenses and liabilities | 77783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6524524 |
| **NET ASSETS** | $83952600 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $127526389 |
| Total distributable loss | (43573789) |
| **NET ASSETS** | $83952600 |

---

---

| | | |
|:---|:---|:---|
| + | Including securities loaned at value | $2263551 |
| \* | Cost of investments in securities | $81218207 |
| † | Cost of short-term investments | $2331490 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025 (continued)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $906867 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 98929 |
| Net asset value and redemption price per share† | $9.17 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.41 |
| **Class I** |  |
| Net assets | $82161054 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 8945132 |
| Net asset value and redemption price per share | $9.19 |
| **Class R6** |  |
| Net assets | $274036 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 29877 |
| Net asset value and redemption price per share | $9.17 |
| **Class W** |  |
| Net assets | $610643 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 66843 |
| Net asset value and redemption price per share | $9.14 |

---

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

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

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended March 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $3749618 |
| Securities lending income, net | 12680 |
| Other | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3762669 |
| **EXPENSES:** |  |
| Investment management fees | 350885 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2101 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 31333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 3079 |
| Shareholder reporting expense | 10350 |
| Registration fees | 69548 |
| Professional fees | 40614 |
| Custody and accounting expense | 67742 |
| Trustee fees | 1755 |
| Miscellaneous expense | 18937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 599262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (138582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 460680 |
| Net investment income | 3301989 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 756345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 110337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 870354 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (426189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (74515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (500704) |
| Net realized and unrealized gain | 369650 |
| **Increase in net assets resulting from operations** | $3671639 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $3301989 | $4431900 |
| Net realized gain (loss) | 870354 | (7679114) |
| Net change in unrealized appreciation (depreciation) | (500704) | 3322480 |
| Increase in net assets resulting from operations | 3671639 | 75266 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class A | (39180) | (38623) |
| &nbsp;&nbsp;Class I | (3344782) | (2618699) |
| &nbsp;&nbsp;Class R6 | (16661) | (388662) |
| &nbsp;&nbsp;Class W | (44360) | (1313077) |
| Total distributions | (3444983) | (4359061) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 32402401 | 56359544 |
| Reinvestment of distributions | 3433165 | 4324569 |
|  | 35835566 | 60684113 |
| Cost of shares redeemed | (12477101) | (110539222) |
| Net increase (decrease) in net assets resulting from capital share transactions | 23358465 | (49855109) |
| Net increase (decrease) in net assets | 23585121 | (54138904) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 60367479 | 114506383 |
| End of year or period | $83952600 | $60367479 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

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

---

<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, 2025

**NOTE 1 — ORGANIZATION**

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

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

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International 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.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2025, the Fund had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended March 31, 2025, the Fund had an average notional value of $12,070,988 and $10,680,147 on futures contracts purchased and sold, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at March 31, 2025.

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

During the year ended March 31, 2025, the Fund had bought credit protection on credit default swap indices ("CDX") with an average notional amount of $5,177,000 to hedge the credit risk associated with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to buy or sell protection at March 31, 2025.

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.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $177057330 | $160604595 |

---

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $166802502 | $161432558 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

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

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

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

Distributor a Distribution and/or Service Fee based on average daily net assets at the rate of 0.25%.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Fund and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A shares. For the year ended March 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $516 |
| Contingent Deferred Sales Charges: | $— |

---

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

At March 31, 2025, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial Inc. or affiliated investment companies that owned more than 5% of the Fund.

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

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

---

| | | | |
|:---|:---|:---|:---|
|  **<u>Class A</u>** |  **<u>Class I</u>** |  **<u>Class R6</u>** |  **<u>Class W</u>** |
| 0.90% | 0.65% | 0.63% | 0.65% |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

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

As of March 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **March 31,** | **March 31,** | **March 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $8868 | $165922 | $130034 | $304824 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of March 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class A | $865 | $1683 | $2592 | $5140 |
| Class I |  | 43539 | 3135 | 46674 |
| Class R6 | 2112 | 976 | 17 | 3105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class W | 33535 | 57636 | 2804 | 93975 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2024, 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, 2025. 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, 2024, 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 10, 2024. 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, 2025.

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 32818 |  | 4214 | (37393) |  | (361) | 303876 |  | 38635 | (340980) |  | 1531 |
| 3/31/2024 | 11701 |  | 4294 | (13655) |  | 2340 | 105548 |  | 38621 | (122452) |  | 21717 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 3471859 |  | 362809 | (1226994) |  | 2607674 | 31838188 |  | 3334372 | (11229058) |  | 23943502 |
| 3/31/2024 | 2747115 |  | 289017 | (2145987) |  | 890145 | 24942544 |  | 2602096 | (19149181) |  | 8395459 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 18575 |  | 1723 | (43536) |  | (23238) | 169951 |  | 15800 | (399394) |  | (213643) |
| 3/31/2024 | 1053026 |  | 41186 | (2371808) |  | (1277596) | 9690734 |  | 371374 | (20943109) |  | (10881001) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 9790 |  | 4857 | (55517) |  | (40870) | 90386 |  | 44358 | (507669) |  | (372925) |
| 3/31/2024 | 2351432 |  | 146249 | (7985486) |  | (5487805) | 21620718 |  | 1312478 | (70324480) |  | (47391284) |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 10 — SECURITIES LENDING**

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

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

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

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

The following is a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net<br> Amount** |
| BNP Paribas | $548987 | $(548987) | $— |
| BNP Paribas Prime Brokerage Int'l Ltd. | 91111 | (91111) |  |
| Daiwa Capital Markets America Inc. | 127635 | (127635) |  |
| Deutsche Bank Securities Inc. | 4412 | (4412) |  |
| Goldman, Sachs & Co. LLC | 194677 | (194677) |  |
| HSBC Securities (USA) Inc. | 136990 | (136990) |  |
| J.P. Morgan Securities LLC | 81204 | (81204) |  |
| Jefferies LLC | 21245 | (21245) |  |
| National Bank Financial Inc. | 105194 | (105194) |  |
| National Financial Services LLC | 85030 | (85030) |  |
| TD Securities (USA) Inc. | 281570 | (281570) |  |
| Truist Securities INC | 437116 | (437116) |  |
| Wells Fargo Securities LLC | 148380 | (148380) |  |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;2263551 | $&nbsp;&nbsp;&nbsp;&nbsp;(2263551) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,331,490 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

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

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

---

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

---

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

---

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

---

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

As of March 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and

markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

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

sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — SEGMENT REPORTING**

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

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net

assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to March 31, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| Class A | $0.0335 | May 1, 2025 | Daily |
| Class I | $0.0354 | May 1, 2025 | Daily |
| Class R6 | $0.0355 | May 1, 2025 | Daily |
| Class W | $0.0352 | May 1, 2025 | Daily |

---

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

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 87.8%** | **CORPORATE BONDS/NOTES: 87.8%** | **CORPORATE BONDS/NOTES: 87.8%** | **CORPORATE BONDS/NOTES: 87.8%** |
|  | **Basic Materials: 2.2%** | **Basic Materials: 2.2%** | **Basic Materials: 2.2%** |
| 79000 | BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033 | $78277 | &nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| 230000 | BHP Billiton Finance USA Ltd., 5.000%, 02/21/2030 | 233789 | 0.3 |
| 148000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 149806 | 0.2 |
| 230000 | BHP Billiton Finance USA Ltd., 5.300%, 02/21/2035 | 232092 | 0.3 |
| 78000 | Dow Chemical Co., 4.375%, 11/15/2042 | 64182 | 0.1 |
| 80000 | Eastman Chemical Co., 5.000%, 08/01/2029 | 80453 | 0.1 |
| 158000 | Nucor Corp., 5.100%, 06/01/2035 | 155861 | 0.2 |
| 237000 | Nutrien Ltd., 2.950%, 05/13/2030 | 217002 | 0.2 |
| 39000 | Nutrien Ltd., 4.900%, 03/27/2028 | 39364 | 0.0 |
| 155000 | Rio Tinto Finance USA PLC, 5.250%, 03/14/2035 | 156249 | 0.2 |
| 161000 | Rio Tinto Finance USA PLC, 5.750%, 03/14/2055 | 161381 | 0.2 |
| 132000 | Rio Tinto Finance USA PLC, 5.875%, 03/14/2065 | 133647 | 0.1 |
| 142000 | Sherwin-Williams Co., 4.800%, 09/01/2031 | 141735 | 0.2 |
|  |  | **1843838** | **2.2** |
|  | **Communications: 7.7%** | **Communications: 7.7%** | **Communications: 7.7%** |
| 32000 | AT&T, Inc., 1.700%, 03/25/2026 | 31130 | 0.0 |
| 144000 | AT&T, Inc., 3.500%, 06/01/2041 | 111166 | 0.1 |
| 200000 | AT&T, Inc., 3.550%, 09/15/2055 | 135648 | 0.2 |
| 178000 | AT&T, Inc., 3.650%, 09/15/2059 | 120146 | 0.1 |
| 107000 | AT&T, Inc., 3.800%, 12/01/2057 | 75175 | 0.1 |
| 80000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | 49192 | 0.1 |
| 107000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | 71107 | 0.1 |
| 124000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 126520 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 79000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | $80115 | 0.1 |
| 176000 | Cisco Systems, Inc., 5.300%, 02/26/2054 | 172406 | 0.2 |
| 89000 | Cisco Systems, Inc., 5.350%, 02/26/2064 | 86619 | 0.1 |
| 120000 | Cisco Systems, Inc., 5.500%, 02/24/2055 | 120905 | 0.1 |
| 52000 | Comcast Corp., 2.937%, 11/01/2056 | 30578 | 0.0 |
| 109000 | Comcast Corp., 3.200%, 07/15/2036 | 90153 | 0.1 |
| 109000 | Comcast Corp., 3.250%, 11/01/2039 | 84702 | 0.1 |
| 55000 <sup>(1)</sup> | Comcast Corp., 5.300%, 06/01/2034 | 55940 | 0.1 |
| 87000 | Comcast Corp., 5.500%, 05/15/2064 | 81773 | 0.1 |
| 89000 | Comcast Corp., 5.650%, 06/15/2035 | 92009 | 0.1 |
| 93000 | Comcast Corp., 5.650%, 06/01/2054 | 91138 | 0.1 |
| 17000 | Comcast Corp., 6.500%, 11/15/2035 | 18821 | 0.0 |
| 378000 | Expedia Group, Inc., 5.400%, 02/15/2035 | 376732 | 0.4 |
| 219000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 214733 | 0.3 |
| 175000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 172318 | 0.2 |
| 81000 | Meta Platforms, Inc., 5.600%, 05/15/2053 | 81719 | 0.1 |
| 61000 | Meta Platforms, Inc., 5.750%, 05/15/2063 | 62006 | 0.1 |
| 151000 <sup>(1)(2)</sup> | Netflix, Inc., 4.875%, 06/15/2030 | 152642 | 0.2 |
| 74000 | Netflix, Inc., 5.400%, 08/15/2054 | 72654 | 0.1 |
| 167000 | Netflix, Inc., 5.875%, 11/15/2028 | 174713 | 0.2 |
| 134000 | Paramount Global, 3.700%, 06/01/2028 | 129143 | 0.2 |
| 9000 | Paramount Global, 4.200%, 05/19/2032 | 8075 | 0.0 |
| 92000 | Paramount Global, 4.950%, 05/19/2050 | 70657 | 0.1 |
| 75000 | Paramount Global, 5.250%, 04/01/2044 | 60374 | 0.1 |
| 56000 | Rogers Communications, Inc., 4.550%, 03/15/2052 | 44687 | 0.1 |
| 244000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 260570 | 0.3 |
| 259000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 311627 | 0.4 |
| 20000 | Time Warner Cable Enterprises LLC, 8.375%, 07/15/2033 | 22839 | 0.0 |
| 253000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 248045 | 0.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 12000 | T-Mobile USA, Inc., 2.550%, 02/15/2031 | $| 10582 | 0.0 |
| 32000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 |  | 29650 | 0.0 |
| 21000 | T-Mobile USA, Inc., 2.875%, 02/15/2031 |  | 18820 | 0.0 |
| 56000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 |  | 53245 | 0.1 |
| 58000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 |  | 53690 | 0.1 |
| 142000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 |  | 136171 | 0.2 |
| 99000 | T-Mobile USA, Inc., 5.125%, 05/15/2032 |  | 99662 | 0.1 |
| 87000 | T-Mobile USA, Inc., 5.250%, 06/15/2055 |  | 79959 | 0.1 |
| 62000 | T-Mobile USA, Inc., 5.650%, 01/15/2053 |  | 60528 | 0.1 |
| 72000 | T-Mobile USA, Inc., 5.750%, 01/15/2054 |  | 71293 | 0.1 |
| 115000 | Uber Technologies, Inc., 4.300%, 01/15/2030 |  | 113052 | 0.1 |
| 201000 | Uber Technologies, Inc., 5.350%, 09/15/2054 |  | 187975 | 0.2 |
| 311000 | United States Cellular Corp., 6.700%, 12/15/2033 |  | 333743 | 0.4 |
| 44000 | Verizon Communications, Inc., 1.750%, 01/20/2031 |  | 37218 | 0.0 |
| 168000 | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 142214 | 0.2 |
| 38000 | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 33495 | 0.0 |
| 114000 | Verizon Communications, Inc., 3.875%, 03/01/2052 |  | 85246 | 0.1 |
| 38000 | Verizon Communications, Inc., 4.812%, 03/15/2039 |  | 35509 | 0.0 |
| 415000 | Verizon Communications, Inc., 5.250%, 04/02/2035 |  | 416209 | 0.5 |
| 104000 | Verizon Communications, Inc., 6.550%, 09/15/2043 |  | 114357 | 0.1 |
| 148000 | Vodafone Group PLC, 5.875%, 06/28/2064 |  | 142037 | 0.2 |
|  |  |  | **6443432** | **7.7** |
|  | **Consumer, Cyclical: 6.4%** | **Consumer, Cyclical: 6.4%** | **Consumer, Cyclical: 6.4%** | **Consumer, Cyclical: 6.4%** |
| 60803 | American Airlines Pass Through Trust 2015-2, A, 4.000%, 03/22/2029 |  | 58902 | 0.1 |
| 42447 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 |  | 41166 | 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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 192627 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 | $183722 | 0.2 |
| 23675 | American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030 | 22388 | 0.0 |
| 13612 | American Airlines Pass Through Trust 2017-2, A, 3.600%, 04/15/2031 | 12748 | 0.0 |
| 62876 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 | 59736 | 0.1 |
| 107725 | American Airlines Pass Through Trust 2021-1, B, 3.950%, 01/11/2032 | 101656 | 0.1 |
| 54000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 55883 | 0.1 |
| 128000 <sup>(1)(2)</sup> | BMW US Capital LLC, 5.400%, 03/21/2035 | 126909 | 0.2 |
| 166000 | Ferguson Enterprises, Inc., 5.000%, 10/03/2034 | 161676 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 193263 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 5.875%, 11/07/2029 | 197935 | 0.2 |
| 119000 | General Motors Co., 6.250%, 10/02/2043 | 114587 | 0.1 |
| 142000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 120241 | 0.1 |
| 262000 <sup>(1)</sup> | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 259637 | 0.3 |
| 48000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 48228 | 0.1 |
| 132000 | Home Depot, Inc., 2.700%, 04/15/2030 | 121208 | 0.2 |
| 68000 | Home Depot, Inc., 3.300%, 04/15/2040 | 53935 | 0.1 |
| 31000 | Home Depot, Inc., 3.625%, 04/15/2052 | 22772 | 0.0 |
| 28000 | Home Depot, Inc., 4.950%, 09/15/2052 | 25706 | 0.0 |
| 87000 | Hyatt Hotels Corp., 5.375%, 12/15/2031 | 86692 | 0.1 |
| 45000 | Hyatt Hotels Corp., 5.500%, 06/30/2034 | 44199 | 0.1 |
| 121000 <sup>(1)(2)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 120629 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 175000 <sup>(2)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | $174502 | 0.2 |
| 101000 <sup>(2)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 103148 | 0.1 |
| 159000 <sup>(2)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 164859 | 0.2 |
| 37000 | Lowe's Cos., Inc., 4.250%, 04/01/2052 | 28966 | 0.0 |
| 81000 | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 63067 | 0.1 |
| 40000 | Lowe's Cos., Inc., 4.650%, 04/15/2042 | 35255 | 0.0 |
| 27000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 26408 | 0.0 |
| 91000 | Marriott International, Inc., 4.800%, 03/15/2030 | 90823 | 0.1 |
| 42000 | Marriott International, Inc., 5.350%, 03/15/2035 | 41633 | 0.1 |
| 284000 | MDC Holdings, Inc., 2.500%, 01/15/2031 | 245957 | 0.3 |
| 195000 | MDC Holdings, Inc., 3.850%, 01/15/2030 | 185887 | 0.2 |
| 112000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 110115 | 0.1 |
| 77000 | Target Corp., 5.000%, 04/15/2035 | 76701 | 0.1 |
| 105000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 106764 | 0.1 |
| 115000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 119662 | 0.1 |
| 110000 | Toyota Motor Credit Corp., MTN, 4.600%, 10/10/2031 | 108954 | 0.1 |
| 38786 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 39535 | 0.1 |
| 113664 | United Airlines Pass Through Trust 20-1, B, 4.875%, 07/15/2027 | 113496 | 0.1 |
| 80460 | United Airlines Pass Through Trust 2014-1, A, 4.000%, 10/11/2027 | 79540 | 0.1 |
| 46528 | United Airlines Pass Through Trust 2016-1, A, 3.450%, 01/07/2030 | 44255 | 0.1 |
| 43862 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | 41281 | 0.1 |
| 107486 | United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031 | 102304 | 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)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 310593 | United Airlines Pass Through Trust 2019-2, A, 2.900%, 11/01/2029 | 290385 | 0.4 |
| 284901 | US Airways Pass Through Trust 2013-1, A, 3.950%, 05/15/2027 | 283043 | 0.3 |
| 49000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 47808 | 0.1 |
| 390000 | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | 284530 | 0.3 |
| 81000 | Warnermedia Holdings, Inc., 5.391%, 03/15/2062 | 58675 | 0.1 |
| 71000 | WW Grainger, Inc., 3.750%, 05/15/2046 | 56138 | 0.1 |
|  |  | **5357509** | **6.4** |
|  | **Consumer, Non-cyclical: 14.2%** | **Consumer, Non-cyclical: 14.2%** | **Consumer, Non-cyclical: 14.2%** |
| 125000 | AbbVie, Inc., 3.200%, 11/21/2029 | 118121 | 0.1 |
| 82000 | AbbVie, Inc., 4.050%, 11/21/2039 | 71948 | 0.1 |
| 21000 | AbbVie, Inc., 4.625%, 10/01/2042 | 19103 | 0.0 |
| 126000 | AbbVie, Inc., 4.875%, 03/15/2030 | 127848 | 0.2 |
| 100000 | AbbVie, Inc., 5.050%, 03/15/2034 | 100744 | 0.1 |
| 61000 | AbbVie, Inc., 5.350%, 03/15/2044 | 60364 | 0.1 |
| 97000 | AbbVie, Inc., 5.500%, 03/15/2064 | 95510 | 0.1 |
| 19000 | Altria Group, Inc., 2.450%, 02/04/2032 | 16038 | 0.0 |
| 76000 | Altria Group, Inc., 6.200%, 11/01/2028 | 79838 | 0.1 |
| 19000 | Amgen, Inc., 2.300%, 02/25/2031 | 16598 | 0.0 |
| 47000 | Amgen, Inc., 2.450%, 02/21/2030 | 42437 | 0.1 |
| 110000 | Amgen, Inc., 3.150%, 02/21/2040 | 84124 | 0.1 |
| 56000 | Amgen, Inc., 5.250%, 03/02/2030 | 57292 | 0.1 |
| 72000 | Amgen, Inc., 5.750%, 03/02/2063 | 70221 | 0.1 |
| 102000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | 98421 | 0.1 |
| 281000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | 259339 | 0.3 |
| 44000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 40557 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 142000 | Astrazeneca Finance LLC, 4.850%, 02/26/2029 | $144133 | 0.2 |
| 83000 | BAT Capital Corp., 3.984%, 09/25/2050 | 59294 | 0.1 |
| 65000 | BAT Capital Corp., 5.350%, 08/15/2032 | 65394 | 0.1 |
| 126000 | BAT Capital Corp., 7.079%, 08/02/2043 | 137735 | 0.2 |
| 97000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 97390 | 0.1 |
| 83000 | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | 90857 | 0.1 |
| 100000 | Bunge Ltd. Finance Corp., 4.650%, 09/17/2034 | 96714 | 0.1 |
| 81000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | 81691 | 0.1 |
| 131000 | Cardinal Health, Inc., 5.125%, 02/15/2029 | 133148 | 0.2 |
| 161000 | Cardinal Health, Inc., 5.750%, 11/15/2054 | 157831 | 0.2 |
| 32000 <sup>(2)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 31912 | 0.0 |
| 50000 | Cencora, Inc., 4.850%, 12/15/2029 | 50258 | 0.1 |
| 79000 | Centene Corp., 2.450%, 07/15/2028 | 72142 | 0.1 |
| 23000 | Centene Corp., 3.000%, 10/15/2030 | 20138 | 0.0 |
| 143000 | Cigna Group, 4.800%, 08/15/2038 | 133693 | 0.2 |
| 131000 | Cigna Group, 5.600%, 02/15/2054 | 124798 | 0.1 |
| 103000 | Coca-Cola Co., 5.200%, 01/14/2055 | 99337 | 0.1 |
| 45000 | Coca-Cola Co., 5.400%, 05/13/2064 | 44013 | 0.1 |
| 18000 | CVS Health Corp., 4.125%, 04/01/2040 | 14650 | 0.0 |
| 203000 | CVS Health Corp., 4.780%, 03/25/2038 | 182240 | 0.2 |
| 53000 | CVS Health Corp., 5.000%, 01/30/2029 | 53262 | 0.1 |
| 63000 | CVS Health Corp., 5.125%, 02/21/2030 | 63432 | 0.1 |
| 129000 | CVS Health Corp., 6.000%, 06/01/2044 | 126127 | 0.1 |
| 15000 | CVS Health Corp., 6.000%, 06/01/2063 | 14168 | 0.0 |
| 64000 | Elevance Health, Inc., 2.875%, 09/15/2029 | 59513 | 0.1 |
| 163000 | Elevance Health, Inc., 5.850%, 11/01/2064 | 159751 | 0.2 |
| 65000 | Eli Lilly & Co., 4.600%, 08/14/2034 | 63912 | 0.1 |
| 140000 | Eli Lilly & Co., 4.750%, 02/12/2030 | 142183 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 90000 | Eli Lilly & Co., 5.000%, 02/09/2054 | $84446 | 0.1 |
| 125000 | Eli Lilly & Co., 5.050%, 08/14/2054 | 118201 | 0.1 |
| 133000 | Eli Lilly & Co., 5.200%, 08/14/2064 | 126213 | 0.2 |
| 21000 | Eli Lilly & Co., 5.500%, 02/12/2055 | 21278 | 0.0 |
| 65000 | Eli Lilly & Co., 5.550%, 03/15/2037 | 68529 | 0.1 |
| 196000 | Equifax, Inc., 5.100%, 06/01/2028 | 198612 | 0.2 |
| 172000 | GE HealthCare Technologies, Inc., 4.800%, 08/14/2029 | 172578 | 0.2 |
| 134000 | Gilead Sciences, Inc., 4.800%, 11/15/2029 | 135377 | 0.2 |
| 90000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 89151 | 0.1 |
| 209000 | Global Payments, Inc., 4.450%, 06/01/2028 | 207790 | 0.2 |
| 44000 | HCA, Inc., 2.375%, 07/15/2031 | 37456 | 0.0 |
| 32000 | HCA, Inc., 3.375%, 03/15/2029 | 30265 | 0.0 |
| 40000 | HCA, Inc., 3.500%, 09/01/2030 | 37106 | 0.0 |
| 90000 | HCA, Inc., 4.125%, 06/15/2029 | 87414 | 0.1 |
| 95000 | HCA, Inc., 5.125%, 06/15/2039 | 88251 | 0.1 |
| 70000 | HCA, Inc., 5.500%, 03/01/2032 | 70704 | 0.1 |
| 55000 | HCA, Inc., 5.750%, 03/01/2035 | 55527 | 0.1 |
| 20000 | HCA, Inc., 5.875%, 02/01/2029 | 20615 | 0.0 |
| 76000 | HCA, Inc., 6.000%, 04/01/2054 | 73587 | 0.1 |
| 73000 | HCA, Inc., 6.100%, 04/01/2064 | 70610 | 0.1 |
| 151000 | HCA, Inc., 6.200%, 03/01/2055 | 150022 | 0.2 |
| 35000 | Hershey Co., 5.100%, 02/24/2035 | 35293 | 0.0 |
| 220000 <sup>(2)</sup> | Horizon Mutual Holdings, Inc., 6.200%, 11/15/2034 | 214482 | 0.3 |
| 65000 | Humana, Inc., 5.750%, 12/01/2028 | 67130 | 0.1 |
| 51000 | Johnson & Johnson, 2.100%, 09/01/2040 | 35186 | 0.0 |
| 81000 | Johnson & Johnson, 3.625%, 03/03/2037 | 72213 | 0.1 |
| 99000 | Johnson & Johnson, 4.850%, 03/01/2032 | 100616 | 0.1 |
| 99000 | Johnson & Johnson, 5.000%, 03/01/2035 | 100776 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 50000 | Johnson & Johnson, 5.850%, 07/15/2038 | $54551 | 0.1 |
| 33000 | Kenvue, Inc., 5.050%, 03/22/2053 | 30914 | 0.0 |
| 37000 | Kenvue, Inc., 5.100%, 03/22/2043 | 35599 | 0.0 |
| 25000 | Kenvue, Inc., 5.200%, 03/22/2063 | 23351 | 0.0 |
| 49000 | Keurig Dr Pepper, Inc., 5.050%, 03/15/2029 | 49662 | 0.1 |
| 153000 | Kroger Co., 5.000%, 09/15/2034 | 149577 | 0.2 |
| 138000 | Kroger Co., 5.500%, 09/15/2054 | 130263 | 0.2 |
| 105000 | Kroger Co., 5.650%, 09/15/2064 | 99236 | 0.1 |
| 154000 | Laboratory Corp. of America Holdings, 4.350%, 04/01/2030 | 150979 | 0.2 |
| 120000 <sup>(2)</sup> | Mars, Inc., 2.375%, 07/16/2040 | 83768 | 0.1 |
| 145000 <sup>(2)</sup> | Mars, Inc., 4.800%, 03/01/2030 | 145865 | 0.2 |
| 96000 <sup>(2)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 96442 | 0.1 |
| 160000 <sup>(2)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 160862 | 0.2 |
| 206000 <sup>(2)</sup> | Mars, Inc., 5.650%, 05/01/2045 | 206571 | 0.2 |
| 291000 <sup>(2)</sup> | Mars, Inc., 5.700%, 05/01/2055 | 290962 | 0.3 |
| 247000 <sup>(2)</sup> | Mars, Inc., 5.800%, 05/01/2065 | 247788 | 0.3 |
| 98000 | McCormick & Co., Inc., 4.700%, 10/15/2034 | 93801 | 0.1 |
| 235000 | Molson Coors Beverage Co., 4.200%, 07/15/2046 | 189529 | 0.2 |
| 117000 | Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043 | 111645 | 0.1 |
| 108000 | Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053 | 102620 | 0.1 |
| 288000 | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | 268361 | 0.3 |
| 104000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 103730 | 0.1 |
| 115000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 116119 | 0.1 |
| 30000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 26663 | 0.0 |
| 34000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 31269 | 0.0 |
| 62000 | RELX Capital, Inc., 4.750%, 03/27/2030 | 62384 | 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)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 325000 | RELX Capital, Inc., 5.250%, 03/27/2035 | $327698 | 0.4 |
| 48000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 45850 | 0.1 |
| 139000 <sup>(2)</sup> | Rollins, Inc., 5.250%, 02/24/2035 | 138382 | 0.2 |
| 127000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 118573 | 0.1 |
| 77000 | Royalty Pharma PLC, 5.150%, 09/02/2029 | 77534 | 0.1 |
| 139000 | Solventum Corp., 5.400%, 03/01/2029 | 141835 | 0.2 |
| 57000 | Solventum Corp., 5.600%, 03/23/2034 | 57803 | 0.1 |
| 83000 | Solventum Corp., 5.900%, 04/30/2054 | 82157 | 0.1 |
| 50000 | Stryker Corp., 5.200%, 02/10/2035 | 50502 | 0.1 |
| 122000 | Sysco Corp., 5.400%, 03/23/2035 | 122922 | 0.1 |
| 83000 | The Campbell's Co., 5.250%, 10/13/2054 | 75652 | 0.1 |
| 69000 | Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043 | 69059 | 0.1 |
| 75000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 76728 | 0.1 |
| 89000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 64342 | 0.1 |
| 51000 | UnitedHealth Group, Inc., 3.050%, 05/15/2041 | 37579 | 0.0 |
| 37000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 30129 | 0.0 |
| 30000 | UnitedHealth Group, Inc., 4.450%, 12/15/2048 | 25068 | 0.0 |
| 19000 | UnitedHealth Group, Inc., 4.750%, 05/15/2052 | 16437 | 0.0 |
| 71000 | UnitedHealth Group, Inc., 5.200%, 04/15/2063 | 64233 | 0.1 |
| 72000 | UnitedHealth Group, Inc., 5.375%, 04/15/2054 | 68453 | 0.1 |
| 65000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 61623 | 0.1 |
| 50000 | UnitedHealth Group, Inc., 5.625%, 07/15/2054 | 49115 | 0.1 |
| 427000 | Universal Health Services, Inc., 5.050%, 10/15/2034 | 405048 | 0.5 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 50000 | Utah Acquisition Sub, Inc., 5.250%, 06/15/2046 | $| 40031 | 0.0 |
| 58000 | Viatris, Inc., 3.850%, 06/22/2040 |  | 42193 | 0.1 |
| 79000 <sup>(1)</sup> | Zimmer Biomet Holdings, Inc., 5.050%, 02/19/2030 |  | 79856 | 0.1 |
| 71000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 |  | 72625 | 0.1 |
|  |  |  | **11951585** | **14.2** |
|  | **Energy: 5.4%** | **Energy: 5.4%** | **Energy: 5.4%** | **Energy: 5.4%** |
| 7000 <sup>(2)</sup> | APA Corp., 6.100%, 02/15/2035 |  | 6974 | 0.0 |
| 73000 | BP Capital Markets America, Inc., 3.000%, 02/24/2050 |  | 47236 | 0.1 |
| 92000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 |  | 92509 | 0.1 |
| 111000 <sup>(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 |  | 109512 | 0.1 |
| 109000 <sup>(2)</sup> | Cameron LNG LLC, 2.902%, 07/15/2031 |  | 96642 | 0.1 |
| 99000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 |  | 96332 | 0.1 |
| 75000 <sup>(2)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 |  | 77611 | 0.1 |
| 189000 | Eastern Energy Gas Holdings LLC, 5.650%, 10/15/2054 |  | 182625 | 0.2 |
| 71000 | Energy Transfer L.P., 5.700%, 04/01/2035 |  | 71569 | 0.1 |
| 73000 | Energy Transfer L.P., 5.950%, 10/01/2043 |  | 71190 | 0.1 |
| 139000 | Energy Transfer L.P., 6.000%, 06/15/2048 |  | 134727 | 0.2 |
| 175000 | Energy Transfer L.P., 6.050%, 09/01/2054 |  | 170078 | 0.2 |
| 65000 <sup>(3)</sup> | Energy Transfer L.P. H, 6.500%, 12/31/2199 |  | 65086 | 0.1 |
| 124000 | Enterprise Products Operating LLC, 3.950%, 01/31/2060 |  | 90688 | 0.1 |
| 40000 | Enterprise Products Operating LLC, 4.850%, 01/31/2034 |  | 39412 | 0.0 |
| 70000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 |  | 69057 | 0.1 |
| 48000 | Enterprise Products Operating LLC, 5.550%, 02/16/2055 |  | 46655 | 0.1 |
| 142000 | Exxon Mobil Corp., 4.227%, 03/19/2040 |  | 126735 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 140000 | Hess Corp., 4.300%, 04/01/2027 | $139327 | 0.2 |
| 195000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 192577 | 0.2 |
| 106000 <sup>(1)</sup> | Kinder Morgan, Inc., 5.950%, 08/01/2054 | 103710 | 0.1 |
| 85000 | Marathon Petroleum Corp., 5.000%, 09/15/2054 | 69801 | 0.1 |
| 84000 <sup>(1)</sup> | Marathon Petroleum Corp., 5.150%, 03/01/2030 | 84539 | 0.1 |
| 144000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 143479 | 0.2 |
| 30000 | Marathon Petroleum Corp., 6.500%, 03/01/2041 | 31115 | 0.0 |
| 105000 | MPLX L.P., 2.650%, 08/15/2030 | 93534 | 0.1 |
| 55000 | MPLX L.P., 5.500%, 06/01/2034 | 54823 | 0.1 |
| 108000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 111101 | 0.1 |
| 142000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 140598 | 0.2 |
| 90000 | Occidental Petroleum Corp., 6.625%, 09/01/2030 | 94605 | 0.1 |
| 24000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 24606 | 0.0 |
| 102000 | Ovintiv, Inc., 7.100%, 07/15/2053 | 107850 | 0.1 |
| 120000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 118684 | 0.1 |
| 33000 | Shell International Finance BV, 2.875%, 11/26/2041 | 23842 | 0.0 |
| 57000 | Targa Resources Corp., 5.500%, 02/15/2035 | 56693 | 0.1 |
| 211000 | Targa Resources Corp., 6.250%, 07/01/2052 | 213309 | 0.3 |
| 38000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 37216 | 0.0 |
| 269000 | TotalEnergies Capital SA, 5.275%, 09/10/2054 | 253704 | 0.3 |
| 98000 | TotalEnergies Capital SA, 5.638%, 04/05/2064 | 95787 | 0.1 |
| 146000 <sup>(3)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 144019 | 0.2 |
| 74000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 68535 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 176000 <sup>(1)</sup> | Valero Energy Corp., 5.150%, 02/15/2030 | $| 177611 | 0.2 |
| 44000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 |  | 43012 | 0.1 |
| 178000 | Western Midstream Operating L.P., 6.150%, 04/01/2033 |  | 183856 | 0.2 |
| 44000 <sup>(1)</sup> | Williams Cos., Inc., 4.900%, 03/15/2029 |  | 44300 | 0.1 |
| 87000 | Williams Cos., Inc., 5.100%, 09/15/2045 |  | 78622 | 0.1 |
|  |  |  | **4525493** | **5.4** |
|  | **Financial: 27.1%** | **Financial: 27.1%** | **Financial: 27.1%** | **Financial: 27.1%** |
| 63000 | Alleghany Corp., 3.250%, 08/15/2051 |  | 42069 | 0.1 |
| 75000 | Alleghany Corp., 4.900%, 09/15/2044 |  | 68868 | 0.1 |
| 64000 | American Homes 4 Rent L.P., 3.375%, 07/15/2051 |  | 42444 | 0.1 |
| 19000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 |  | 17258 | 0.0 |
| 23000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 |  | 22767 | 0.0 |
| 92000 | American Homes 4 Rent L.P., 5.250%, 03/15/2035 |  | 90317 | 0.1 |
| 200000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 |  | 200327 | 0.2 |
| 103000 | American International Group, Inc., 3.400%, 06/30/2030 |  | 96411 | 0.1 |
| 111000 | American International Group, Inc., 4.200%, 04/01/2028 |  | 109736 | 0.1 |
| 149000 | American Tower Corp., 1.500%, 01/31/2028 |  | 136851 | 0.2 |
| 84000 | American Tower Corp., 2.700%, 04/15/2031 |  | 74311 | 0.1 |
| 82000 | American Tower Corp., 3.600%, 01/15/2028 |  | 79869 | 0.1 |
| 152000 | American Tower Corp., 3.650%, 03/15/2027 |  | 149482 | 0.2 |
| 87000 | American Tower Corp., 5.000%, 01/31/2030 |  | 87748 | 0.1 |
| 47000 | American Tower Corp., 5.250%, 07/15/2028 |  | 47852 | 0.1 |
| 207000 | Ameriprise Financial, Inc., 5.200%, 04/15/2035 |  | 206598 | 0.2 |
| 77000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 |  | 80112 | 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)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 87000 | Apollo Global Management, Inc., 5.800%, 05/21/2054 | $86062 | 0.1 |
| 242000 <sup>(2)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 242279 | 0.3 |
| 200000 | Banco Santander SA, 2.749%, 12/03/2030 | 173907 | 0.2 |
| 200000 | Banco Santander SA, 5.439%, 07/15/2031 | 205088 | 0.2 |
| 400000 <sup>(1)(3)</sup> | Banco Santander SA, 9.625%, 12/31/2199 | 460473 | 0.5 |
| 161000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 137567 | 0.2 |
| 177000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 159035 | 0.2 |
| 319000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 280861 | 0.3 |
| 235000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 227796 | 0.3 |
| 107000 <sup>(3)</sup> | Bank of America Corp., 4.571%, 04/27/2033 | 103429 | 0.1 |
| 57000 <sup>(3)</sup> | Bank of America Corp., 5.288%, 04/25/2034 | 57286 | 0.1 |
| 133000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 135408 | 0.2 |
| 300000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 294474 | 0.4 |
| 199000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 198694 | 0.2 |
| 141000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 147190 | 0.2 |
| 13000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 12024 | 0.0 |
| 61000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 54779 | 0.1 |
| 23000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.676%, 06/19/2041 | 16326 | 0.0 |
| 60000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 55333 | 0.1 |
| 270000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 236809 | 0.3 |
| 54000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 50664 | 0.1 |
| 94000 | Bank of Montreal, 5.511%, 06/04/2031 | 96908 | 0.1 |
| 381000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.942%, 02/11/2031 | 384467 | 0.5 |
| 53000 | Bank of Nova Scotia, 4.850%, 02/01/2030 | 53318 | 0.1 |
| 106000 <sup>(3)</sup> | Bank of Nova Scotia, 5.130%, 02/14/2031 | 107001 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 94000 | Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050 | $60381 | 0.1 |
| 172000 | BlackRock Funding, Inc., 5.250%, 03/14/2054 | 166034 | 0.2 |
| 295000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 243720 | 0.3 |
| 338000 <sup>(2)</sup> | Blackstone Private Credit Fund, 6.000%, 11/22/2034 | 325383 | 0.4 |
| 48000 | Blackstone Reg Finance Co. LLC, 5.000%, 12/06/2034 | 47341 | 0.1 |
| 95000 | Camden Property Trust, 2.800%, 05/15/2030 | 86769 | 0.1 |
| 172000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.857%, 03/30/2029 | 172661 | 0.2 |
| 394000 <sup>(2)</sup> | Citadel L.P., 6.375%, 01/23/2032 | 404475 | 0.5 |
| 200000 <sup>(2)(3)</sup> | Commonwealth Bank of Australia, 5.929%, 03/14/2046 | 198118 | 0.2 |
| 66000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 61051 | 0.1 |
| 62000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | 63671 | 0.1 |
| 166000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 173336 | 0.2 |
| 161000 | Cousins Properties L.P., 5.375%, 02/15/2032 | 160439 | 0.2 |
| 193000 | Cousins Properties L.P., 5.875%, 10/01/2034 | 194673 | 0.2 |
| 62000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 52162 | 0.1 |
| 31000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 26488 | 0.0 |
| 146000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 145769 | 0.2 |
| 57000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 58270 | 0.1 |
| 200000 <sup>(2)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 197333 | 0.2 |
| 200000 <sup>(2)(3)</sup> | Danske Bank A/S, 5.705%, 03/01/2030 | 205855 | 0.2 |
| 76000 | Enact Holdings, Inc., 6.250%, 05/28/2029 | 78019 | 0.1 |
| 358000 <sup>(2)</sup> | Equitable Holdings, Inc., 4.572%, 02/15/2029 | 352926 | 0.4 |
| 127000 | Essex Portfolio L.P., 5.375%, 04/01/2035 | 127339 | 0.2 |
| 149000 | Extra Space Storage L.P., 2.400%, 10/15/2031 | 126883 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 74000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | $71464 | 0.1 |
| 28000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 27087 | 0.0 |
| 234000 <sup>(3)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 230196 | 0.3 |
| 426000 <sup>(3)</sup> | First Horizon Corp., 5.514%, 03/07/2031 | 428289 | 0.5 |
| 73000 | Goldman Sachs Capital I, 6.345%, 02/15/2034 | 77131 | 0.1 |
| 244000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 4.482%, 08/23/2028 | 243447 | 0.3 |
| 180000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 175089 | 0.2 |
| 224000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 222991 | 0.3 |
| 274000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 277930 | 0.3 |
| 94000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.561%, 11/19/2045 | 91648 | 0.1 |
| 55000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 56752 | 0.1 |
| 280000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 279097 | 0.3 |
| 12000 | Goldman Sachs Group, Inc., 6.250%, 02/01/2041 | 12665 | 0.0 |
| 30000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 31696 | 0.0 |
| 94000 | Hartford Financial Services Group, Inc., 4.400%, 03/15/2048 | 79829 | 0.1 |
| 80000 | Hartford Financial Services Group, Inc., 5.950%, 10/15/2036 | 83447 | 0.1 |
| 253000 | Hartford Financial Services Group, Inc., 6.100%, 10/01/2041 | 262177 | 0.3 |
| 101000 <sup>(2)(3)</sup> | Hartford Financial Services Group, Inc. ICON, 6.710%, (TSFR3M + 2.387%), 02/12/2067 | 93228 | 0.1 |
| 205000 <sup>(3)</sup> | HSBC Holdings PLC, 5.450%, 03/03/2036 | 204322 | 0.2 |
| 200000 <sup>(3)</sup> | HSBC Holdings PLC, 5.733%, 05/17/2032 | 206072 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 267000 <sup>(3)</sup> | Huntington Bancshares, Inc., 5.023%, 05/17/2033 | $261327 | 0.3 |
| 279000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 281127 | 0.3 |
| 200000 <sup>(3)</sup> | ING Groep NV, 5.525%, 03/25/2036 | 200397 | 0.2 |
| 127000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 112071 | 0.1 |
| 159000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 155080 | 0.2 |
| 86000 | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | 86591 | 0.1 |
| 76000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 63644 | 0.1 |
| 84000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 77030 | 0.1 |
| 31000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 29508 | 0.0 |
| 71000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 65173 | 0.1 |
| 92000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 89439 | 0.1 |
| 296000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 294019 | 0.4 |
| 91000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 90421 | 0.1 |
| 90000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 90832 | 0.1 |
| 100000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 101133 | 0.1 |
| 90000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 91423 | 0.1 |
| 118000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.534%, 11/29/2045 | 116898 | 0.1 |
| 99000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 102938 | 0.1 |
| 63000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.254%, 10/23/2034 | 67685 | 0.1 |
| 122000 <sup>(3)</sup> | KeyCorp, 6.401%, 03/06/2035 | 128944 | 0.2 |
| 149000 <sup>(3)</sup> | KeyCorp, MTN, 4.789%, 06/01/2033 | 142942 | 0.2 |
| 200000 <sup>(3)</sup> | Lloyds Banking Group PLC, 5.087%, 11/26/2028 | 202042 | 0.2 |
| 80000 <sup>(2)</sup> | LPL Holdings, Inc., 4.625%, 11/15/2027 | 79376 | 0.1 |
| 78000 | LPL Holdings, Inc., 5.650%, 03/15/2035 | 77283 | 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)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 200000 <sup>(2)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 | $202014 | 0.2 |
| 688000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 681108 | 0.8 |
| 28000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 27308 | 0.0 |
| 232000 <sup>(3)</sup> | Morgan Stanley, 4.654%, 10/18/2030 | 230193 | 0.3 |
| 97000 <sup>(3)</sup> | Morgan Stanley, 5.516%, 11/19/2055 | 94827 | 0.1 |
| 937000 <sup>(3)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 957287 | 1.1 |
| 60000 <sup>(3)</sup> | Morgan Stanley, 5.831%, 04/19/2035 | 62206 | 0.1 |
| 95000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 98812 | 0.1 |
| 116000 <sup>(3)</sup> | Morgan Stanley, 6.627%, 11/01/2034 | 126567 | 0.2 |
| 27000 <sup>(3)</sup> | Morgan Stanley, MTN, 2.511%, 10/20/2032 | 23183 | 0.0 |
| 102000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 103401 | 0.1 |
| 198000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.250%, 04/21/2034 | 198180 | 0.2 |
| 35000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.424%, 07/21/2034 | 35420 | 0.0 |
| 113000 | National Health Investors, Inc., 3.000%, 02/01/2031 | 97945 | 0.1 |
| 200000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 201331 | 0.2 |
| 99000 | ORIX Corp., 5.400%, 02/25/2035 | 99616 | 0.1 |
| 70000 | Phillips Edison Grocery Center Operating Partnership I L.P., 5.750%, 07/15/2034 | 70607 | 0.1 |
| 132000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 138635 | 0.2 |
| 74000 <sup>(2)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 75537 | 0.1 |
| 50000 | Raymond James Financial, Inc., 3.750%, 04/01/2051 | 36323 | 0.0 |
| 138000 | Regency Centers L.P., 5.100%, 01/15/2035 | 136559 | 0.2 |
| 407000 <sup>(3)</sup> | Regions Financial Corp., 5.502%, 09/06/2035 | 401946 | 0.5 |
| 137000 | Rexford Industrial Realty L.P., 2.125%, 12/01/2030 | 117781 | 0.1 |
| 191000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 159784 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 168000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.650%, 10/18/2030 | $| 166747 | 0.2 |
| 194000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.715%, 03/27/2028 |  | 194580 | 0.2 |
| 88000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 |  | 88656 | 0.1 |
| 138000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.970%, 05/02/2031 |  | 138718 | 0.2 |
| 207000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 |  | 188509 | 0.2 |
| 240000 <sup>(3)</sup> | State Street Corp., 4.675%, 10/22/2032 |  | 237425 | 0.3 |
| 230000 | Sumitomo Mitsui Financial Group, Inc., 5.632%, 01/15/2035 |  | 236289 | 0.3 |
| 200000 <sup>(3)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199 |  | 196465 | 0.2 |
| 200000 <sup>(2)(3)</sup> | Swiss RE Subordinated Finance PLC, 6.191%, 04/01/2046 |  | 200310 | 0.2 |
| 80000 | Toronto-Dominion Bank, MTN, 5.523%, 07/17/2028 |  | 82272 | 0.1 |
| 99000 | TPG Operating Group II L.P., 5.875%, 03/05/2034 |  | 101406 | 0.1 |
| 152000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 |  | 156428 | 0.2 |
| 60000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 |  | 63130 | 0.1 |
| 200000 <sup>(2)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 |  | 228740 | 0.3 |
| 29000 <sup>(3)</sup> | Wells Fargo & Co., 3.068%, 04/30/2041 |  | 21629 | 0.0 |
| 65000 <sup>(3)</sup> | Wells Fargo & Co., 5.389%, 04/24/2034 |  | 65470 | 0.1 |
| 182000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 |  | 184539 | 0.2 |
| 38000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 |  | 41007 | 0.1 |
| 81000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.611%, 04/25/2053 |  | 68785 | 0.1 |
| 59000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.013%, 04/04/2051 |  | 53148 | 0.1 |
| 263000 <sup>(3)</sup> | Zions Bancorp NA, 6.816%, 11/19/2035 |  | 268491 | 0.3 |
|  |  |  | **22780488** | **27.1** |
|  | **Industrial: 7.3%** | **Industrial: 7.3%** | **Industrial: 7.3%** | **Industrial: 7.3%** |
| 86000 | 3M Co., 5.150%, 03/15/2035 |  | 86007 | 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)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 102000 | Amphenol Corp., 5.375%, 11/15/2054 | $100587 | 0.1 |
| 166000 | Avnet, Inc., 6.250%, 03/15/2028 | 171789 | 0.2 |
| 78000 | Boeing Co., 5.705%, 05/01/2040 | 75870 | 0.1 |
| 37000 | Boeing Co., 5.930%, 05/01/2060 | 34843 | 0.0 |
| 164000 | Boeing Co., 7.008%, 05/01/2064 | 177869 | 0.2 |
| 91000 | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | 72633 | 0.1 |
| 14000 | Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042 | 12239 | 0.0 |
| 80000 | Burlington Northern Santa Fe LLC, 4.400%, 03/15/2042 | 70514 | 0.1 |
| 48000 | Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044 | 42574 | 0.1 |
| 81000 | Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054 | 77178 | 0.1 |
| 40000 | Burlington Northern Santa Fe LLC, 5.500%, 03/15/2055 | 39892 | 0.1 |
| 118000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 109436 | 0.1 |
| 20000 | Carrier Global Corp., 2.722%, 02/15/2030 | 18299 | 0.0 |
| 79000 | CNH Industrial Capital LLC, 4.550%, 04/10/2028 | 78818 | 0.1 |
| 30000 | CSX Corp., 4.250%, 11/01/2066 | 23269 | 0.0 |
| 119000 | CSX Corp., 4.650%, 03/01/2068 | 99048 | 0.1 |
| 451000 <sup>(2)</sup> | FedEx Corp., 4.550%, 04/01/2046 | 366469 | 0.4 |
| 59000 | FedEx Corp., 4.750%, 11/15/2045 | 49325 | 0.1 |
| 25000 <sup>(2)</sup> | FedEx Corp., 4.750%, 11/15/2045 | 20900 | 0.0 |
| 83000 <sup>(2)</sup> | FedEx Corp., 5.250%, 05/15/2050 | 74228 | 0.1 |
| 40247 | FedEx Corp. Class AA Pass Through Trust 20-1, AA, 1.875%, 08/20/2035 | 34139 | 0.0 |
| 104000 | Flex Ltd., 4.875%, 05/12/2030 | 103049 | 0.1 |
| 116000 | GATX Corp., 5.500%, 06/15/2035 | 116064 | 0.1 |
| 112000 | GATX Corp., 6.050%, 06/05/2054 | 112835 | 0.1 |
| 46000 | GATX Corp., 6.900%, 05/01/2034 | 51007 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 92000 | HEICO Corp., 5.250%, 08/01/2028 | $93650 | 0.1 |
| 377000 | Hexcel Corp., 5.875%, 02/26/2035 | 384316 | 0.5 |
| 161000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 160844 | 0.2 |
| 60000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 59798 | 0.1 |
| 91000 | Honeywell International, Inc., 5.250%, 03/01/2054 | 86677 | 0.1 |
| 46000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 46799 | 0.1 |
| 145000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 143617 | 0.2 |
| 133000 | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 135261 | 0.2 |
| 102000 | John Deere Capital Corp., MTN, 5.100%, 04/11/2034 | 103268 | 0.1 |
| 134000 | L3Harris Technologies, Inc., 5.350%, 06/01/2034 | 135312 | 0.2 |
| 143000 | L3Harris Technologies, Inc., 5.400%, 07/31/2033 | 144871 | 0.2 |
| 86000 | Lockheed Martin Corp., 5.200%, 02/15/2064 | 79830 | 0.1 |
| 50000 | Norfolk Southern Corp., 3.950%, 10/01/2042 | 40908 | 0.1 |
| 14000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 14299 | 0.0 |
| 34000 | Norfolk Southern Corp., 5.950%, 03/15/2064 | 35075 | 0.1 |
| 65000 | Northrop Grumman Corp., 5.150%, 05/01/2040 | 63141 | 0.1 |
| 101000 | Packaging Corp. of America, 5.700%, 12/01/2033 | 104338 | 0.1 |
| 191000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 4.200%, 04/01/2027 | 189287 | 0.2 |
| 151000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 152880 | 0.2 |
| 87000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 79431 | 0.1 |
| 7000 | Raytheon Technologies Corp., 4.800%, 12/15/2043 | 6337 | 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)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 58000 | Raytheon Technologies Corp., 5.375%, 02/27/2053 | $55405 | 0.1 |
| 95000 <sup>(1)</sup> | Ryder System, Inc., 6.600%, 12/01/2033 | 103504 | 0.1 |
| 58000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 58390 | 0.1 |
| 12000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 12280 | 0.0 |
| 93000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 95547 | 0.1 |
| 200000 <sup>(2)</sup> | SMBC Aviation Capital Finance DAC, 5.700%, 07/25/2033 | 203900 | 0.3 |
| 95000 <sup>(1)</sup> | Sonoco Products Co., 5.000%, 09/01/2034 | 90918 | 0.1 |
| 250000 <sup>(2)</sup> | TTX Co., 5.050%, 11/15/2034 | 251960 | 0.3 |
| 105000 | Tyco Electronics Group SA, 4.625%, 02/01/2030 | 104882 | 0.1 |
| 7000 | Union Pacific Corp., 3.350%, 08/15/2046 | 5100 | 0.0 |
| 12000 <sup>(1)</sup> | Union Pacific Corp., 3.375%, 02/01/2035 | 10590 | 0.0 |
| 27000 | Union Pacific Corp., 3.550%, 05/20/2061 | 18389 | 0.0 |
| 28000 | Union Pacific Corp., 3.600%, 09/15/2037 | 24073 | 0.0 |
| 50000 | Union Pacific Corp., 3.750%, 02/05/2070 | 34204 | 0.0 |
| 11000 | Union Pacific Corp., 3.799%, 04/06/2071 | 7607 | 0.0 |
| 10000 | Union Pacific Corp., 3.839%, 03/20/2060 | 7269 | 0.0 |
| 42000 | Union Pacific Corp., 3.950%, 08/15/2059 | 31311 | 0.0 |
| 18000 | Union Pacific Corp., 4.050%, 11/15/2045 | 14771 | 0.0 |
| 11000 | Union Pacific Corp., 4.100%, 09/15/2067 | 8200 | 0.0 |
| 111000 | Union Pacific Corp., 5.100%, 02/20/2035 | 112000 | 0.1 |
| 80000 | Union Pacific Corp., MTN, 3.550%, 08/15/2039 | 66654 | 0.1 |
| 158000 | Vulcan Materials Co., 4.950%, 12/01/2029 | 159458 | 0.2 |
| 92000 | Waste Management, Inc., 4.950%, 03/15/2035 | 91590 | 0.1 |
| 70000 | Waste Management, Inc., 5.350%, 10/15/2054 | 68372 | 0.1 |
|  |  | **6115194** | **7.3** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: 6.7%** | **Technology: 6.7%** | **Technology: 6.7%** |
| 85000 | Accenture Capital, Inc., 4.050%, 10/04/2029 | $83823 | 0.1 |
| 147000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 144372 | 0.2 |
| 129000 | Accenture Capital, Inc., 4.500%, 10/04/2034 | 124697 | 0.1 |
| 79000 | Analog Devices, Inc., 5.300%, 04/01/2054 | 76320 | 0.1 |
| 169000 | AppLovin Corp., 5.125%, 12/01/2029 | 169711 | 0.2 |
| 312000 | AppLovin Corp., 5.375%, 12/01/2031 | 313709 | 0.4 |
| 80000 | AppLovin Corp., 5.950%, 12/01/2054 | 78634 | 0.1 |
| 98000 <sup>(2)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 92249 | 0.1 |
| 239000 <sup>(2)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 196274 | 0.2 |
| 111000 <sup>(2)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 106772 | 0.1 |
| 137000 | Broadcom, Inc., 5.150%, 11/15/2031 | 138993 | 0.2 |
| 34000 | Broadcom, Inc., 5.200%, 04/15/2032 | 34510 | 0.0 |
| 12000 <sup>(1)</sup> | Concentrix Corp., 6.600%, 08/02/2028 | 12528 | 0.0 |
| 43000 | Dell International LLC / EMC Corp., 5.300%, 04/01/2032 | 43292 | 0.1 |
| 45000 | Dell International LLC / EMC Corp., 5.500%, 04/01/2035 | 44932 | 0.1 |
| 83000 | Fidelity National Information Services, Inc., 1.650%, 03/01/2028 | 76457 | 0.1 |
| 27000 | Fiserv, Inc., 2.650%, 06/01/2030 | 24317 | 0.0 |
| 91000 | Fiserv, Inc., 3.500%, 07/01/2029 | 86564 | 0.1 |
| 46000 | Fiserv, Inc., 5.450%, 03/02/2028 | 47057 | 0.1 |
| 200000 <sup>(2)</sup> | Foundry JV Holdco LLC, 6.100%, 01/25/2036 | 204997 | 0.2 |
| 227000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 216125 | 0.3 |
| 101000 | IBM International Capital Pte Ltd., 5.250%, 02/05/2044 | 96350 | 0.1 |
| 106000 <sup>(1)</sup> | Intel Corp., 2.000%, 08/12/2031 | 88599 | 0.1 |
| 80000 | Intel Corp., 2.450%, 11/15/2029 | 71760 | 0.1 |
| 184000 | Intel Corp., 2.800%, 08/12/2041 | 122156 | 0.1 |
| 73000 | Intel Corp., 4.900%, 07/29/2045 | 61500 | 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)** | **Technology: (continued)** | **Technology: (continued)** |
| 126000 <sup>(1)</sup> | International Business Machines Corp., 5.000%, 02/10/2032 | 127010 | 0.2 |
| 270000 | International Business Machines Corp., 5.700%, 02/10/2055 | 268002 | 0.3 |
| 70000 | Intuit, Inc., 5.200%, 09/15/2033 | 71504 | 0.1 |
| 159000 | Intuit, Inc., 5.500%, 09/15/2053 | 158245 | 0.2 |
| 90000 | Marvell Technology, Inc., 2.950%, 04/15/2031 | 80357 | 0.1 |
| 151000 | Marvell Technology, Inc., 4.875%, 06/22/2028 | 151710 | 0.2 |
| 465000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 476373 | 0.6 |
| 197000 <sup>(2)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 182404 | 0.2 |
| 101000 | NetApp, Inc., 5.700%, 03/17/2035 | 100889 | 0.1 |
| 77000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 | 75554 | 0.1 |
| 80000 | Oracle Corp., 2.300%, 03/25/2028 | 75158 | 0.1 |
| 134000 | Oracle Corp., 2.950%, 04/01/2030 | 123133 | 0.1 |
| 12000 | Oracle Corp., 3.800%, 11/15/2037 | 10117 | 0.0 |
| 24000 | Oracle Corp., 3.950%, 03/25/2051 | 17641 | 0.0 |
| 45000 | Oracle Corp., 4.000%, 11/15/2047 | 34146 | 0.0 |
| 31000 <sup>(1)</sup> | Oracle Corp., 4.375%, 05/15/2055 | 24181 | 0.0 |
| 119000 | Oracle Corp., 5.375%, 09/27/2054 | 108597 | 0.1 |
| 44000 | Oracle Corp., 5.500%, 08/03/2035 | 44369 | 0.1 |
| 306000 | Oracle Corp., 5.500%, 09/27/2064 | 277634 | 0.3 |
| 150000 | Oracle Corp., 6.000%, 08/03/2055 | 149913 | 0.2 |
| 55000 | Oracle Corp., 6.125%, 08/03/2065 | 54965 | 0.1 |
| 58000 | Oracle Corp., 6.150%, 11/09/2029 | 61418 | 0.1 |
| 113000 | QUALCOMM, Inc., 6.000%, 05/20/2053 | 119057 | 0.1 |
| 107000 | Texas Instruments, Inc., 3.875%, 03/15/2039 | 94530 | 0.1 |
|  |  | **5643605** | **6.7** |
|  | **Utilities: 10.8%** | **Utilities: 10.8%** | **Utilities: 10.8%** |
| 77000 | AES Corp., 5.450%, 06/01/2028 | 78360 | 0.1 |
| 145000 | AES Corp., 5.800%, 03/15/2032 | 146583 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 30000 | Alabama Power Co., 3.450%, 10/01/2049 | $21274 | 0.0 |
| 45000 | Alabama Power Co., 3.750%, 03/01/2045 | 34935 | 0.0 |
| 164000 | Alabama Power Co., 5.100%, 04/02/2035 | 164075 | 0.2 |
| 46000 | Alabama Power Co., 5.850%, 11/15/2033 | 48569 | 0.1 |
| 48000 | Alabama Power Co. A, 4.300%, 07/15/2048 | 39751 | 0.0 |
| 97000 | Ameren Corp., 5.000%, 01/15/2029 | 97941 | 0.1 |
| 27000 <sup>(1)</sup> | American Electric Power Co., Inc., 5.625%, 03/01/2033 | 27703 | 0.0 |
| 70000 | American Water Capital Corp., 5.250%, 03/01/2035 | 70411 | 0.1 |
| 188000 | American Water Capital Corp., 5.450%, 03/01/2054 | 181342 | 0.2 |
| 65000 | Arizona Public Service Co., 5.700%, 08/15/2034 | 66307 | 0.1 |
| 53000 | CenterPoint Energy Houston Electric LLC, 5.050%, 03/01/2035 | 52643 | 0.1 |
| 55000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 56223 | 0.1 |
| 97000 <sup>(3)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 | 91366 | 0.1 |
| 72000 | Commonwealth Edison Co., 5.900%, 03/15/2036 | 75757 | 0.1 |
| 84000 | Connecticut Light and Power Co., 4.950%, 08/15/2034 | 83310 | 0.1 |
| 63000 | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 | 53288 | 0.1 |
| 55000 | Consolidated Edison Co. of New York, Inc., 5.700%, 05/15/2054 | 54873 | 0.1 |
| 145000 | Consolidated Edison Co. of New York, Inc. 12-A, 4.200%, 03/15/2042 | 122971 | 0.1 |
| 107000 | Consumers Energy Co., 4.900%, 02/15/2029 | 108400 | 0.1 |
| 30000 <sup>(3)</sup> | Dominion Energy, Inc., 6.625%, 05/15/2055 | 29864 | 0.0 |
| 40000 | DTE Energy Co., 4.950%, 07/01/2027 | 40311 | 0.1 |
| 70000 | DTE Energy Co., 5.850%, 06/01/2034 | 72408 | 0.1 |
| 7000 | Duke Energy Carolinas LLC, 3.750%, 06/01/2045 | 5423 | 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)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 39000 | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | $32037 | 0.0 |
| 22000 | Duke Energy Carolinas LLC, 4.250%, 12/15/2041 | 18820 | 0.0 |
| 45000 | Duke Energy Corp., 3.150%, 08/15/2027 | 43658 | 0.1 |
| 43000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 37277 | 0.0 |
| 37000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 39077 | 0.0 |
| 37000 | Duke Energy Florida LLC, 5.950%, 11/15/2052 | 37805 | 0.0 |
| 52000 | Duke Energy Florida LLC, 6.200%, 11/15/2053 | 55068 | 0.1 |
| 62000 | Duke Energy Ohio, Inc., 3.700%, 06/15/2046 | 46660 | 0.1 |
| 40000 | Duke Energy Ohio, Inc., 4.300%, 02/01/2049 | 31934 | 0.0 |
| 25000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 25373 | 0.0 |
| 21000 | Duke Energy Ohio, Inc., 5.650%, 04/01/2053 | 20656 | 0.0 |
| 67000 | Duke Energy Progress LLC, 4.100%, 05/15/2042 | 55732 | 0.1 |
| 49000 | Duke Energy Progress LLC, 4.100%, 03/15/2043 | 40374 | 0.1 |
| 106000 | Duke Energy Progress LLC, 4.200%, 08/15/2045 | 87306 | 0.1 |
| 90000 | Entergy Arkansas LLC, 5.750%, 06/01/2054 | 89725 | 0.1 |
| 23000 | Entergy Texas, Inc., 5.800%, 09/01/2053 | 23065 | 0.0 |
| 53000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 53298 | 0.1 |
| 117000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 117520 | 0.1 |
| 44000 | Evergy Kansas Central, Inc., 5.700%, 03/15/2053 | 43824 | 0.1 |
| 42000 | Eversource Energy, 5.125%, 05/15/2033 | 41548 | 0.1 |
| 63000 | Eversource Energy, 5.450%, 03/01/2028 | 64391 | 0.1 |
| 54000 | Eversource Energy, 5.500%, 01/01/2034 | 54280 | 0.1 |
| 76000 | Eversource Energy, 5.950%, 02/01/2029 | 78965 | 0.1 |
| 106000 <sup>(1)</sup> | Eversource Energy, 5.950%, 07/15/2034 | 110186 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 124000 <sup>(1)</sup> | Eversource Energy R, 1.650%, 08/15/2030 | $105260 | 0.1 |
| 48000 | Exelon Corp., 5.150%, 03/15/2028 | 48787 | 0.1 |
| 103000 <sup>(3)</sup> | Exelon Corp., 6.500%, 03/15/2055 | 102608 | 0.1 |
| 40000 | Florida Power & Light Co., 5.400%, 09/01/2035 | 40641 | 0.1 |
| 23000 | Florida Power & Light Co., 5.650%, 02/01/2037 | 23891 | 0.0 |
| 161000 | Florida Power & Light Co., 5.800%, 03/15/2065 | 164912 | 0.2 |
| 26000 | Indiana Michigan Power Co., 3.850%, 05/15/2028 | 25448 | 0.0 |
| 31000 | Indiana Michigan Power Co., 6.050%, 03/15/2037 | 32753 | 0.0 |
| 108000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 102864 | 0.1 |
| 170000 <sup>(2)</sup> | Jersey Central Power & Light Co., 5.100%, 01/15/2035 | 168138 | 0.2 |
| 148000 <sup>(2)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 150890 | 0.2 |
| 51000 <sup>(2)</sup> | Metropolitan Edison Co., 5.200%, 04/01/2028 | 51782 | 0.1 |
| 113000 | MidAmerican Energy Co., 4.400%, 10/15/2044 | 97618 | 0.1 |
| 23000 | MidAmerican Energy Co., 4.800%, 09/15/2043 | 21046 | 0.0 |
| 18000 | Mississippi Power Co., 4.750%, 10/15/2041 | 15846 | 0.0 |
| 81000 <sup>(2)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 83642 | 0.1 |
| 141000 | National Fuel Gas Co., 5.500%, 03/15/2030 | 143609 | 0.2 |
| 42000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 36569 | 0.0 |
| 37000 | National Rural Utilities Cooperative Finance Corp., 3.400%, 02/07/2028 | 36065 | 0.0 |
| 68000 | National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032 | 64166 | 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)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 41000 | National Rural Utilities Cooperative Finance Corp., 4.120%, 09/16/2027 | $40772 | 0.1 |
| 59000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 55803 | 0.1 |
| 48000 | National Rural Utilities Cooperative Finance Corp., 4.950%, 02/07/2030 | 48642 | 0.1 |
| 120000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 119223 | 0.1 |
| 8000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 8382 | 0.0 |
| 60000 | National Rural Utilities Cooperative Finance Corp., GMTN, 5.000%, 02/07/2031 | 61150 | 0.1 |
| 76000 <sup>(2)</sup> | New York State Electric & Gas Corp., 2.150%, 10/01/2031 | 64437 | 0.1 |
| 79000 <sup>(2)</sup> | New York State Electric & Gas Corp., 5.300%, 08/15/2034 | 78882 | 0.1 |
| 99000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 100639 | 0.1 |
| 74000 | NextEra Energy Capital Holdings, Inc., 5.450%, 03/15/2035 | 74692 | 0.1 |
| 97000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 97347 | 0.1 |
| 73000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 63142 | 0.1 |
| 123000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 119514 | 0.1 |
| 81000 | NiSource, Inc., 5.850%, 04/01/2055 | 80590 | 0.1 |
| 40000 | Northern States Power Co., 5.650%, 06/15/2054 | 40370 | 0.1 |
| 43000 <sup>(3)</sup> | Northwest Natural Holding Co., 7.000%, 09/15/2055 | 42030 | 0.1 |
| 40000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 40702 | 0.1 |
| 101000 | NSTAR Electric Co., 5.500%, 03/15/2040 | 101738 | 0.1 |
| 101000 | Oklahoma Gas and Electric Co., 5.800%, 04/01/2055 | 100775 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 262000 <sup>(2)</sup> | Oncor Electric Delivery Co. LLC, 4.500%, 03/20/2027 | $263074 | 0.3 |
| 71000 <sup>(2)</sup> | Oncor Electric Delivery Co. LLC, 5.350%, 04/01/2035 | 71821 | 0.1 |
| 115000 | Oncor Electric Delivery Co. LLC, 5.550%, 06/15/2054 | 112431 | 0.1 |
| 143000 <sup>(2)</sup> | Oncor Electric Delivery Co. LLC, 5.800%, 04/01/2055 | 143663 | 0.2 |
| 295000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 301293 | 0.4 |
| 56000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 43866 | 0.1 |
| 100000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 81883 | 0.1 |
| 32000 | PECO Energy Co., 4.900%, 06/15/2033 | 31886 | 0.0 |
| 75000 | PECO Energy Co., 5.250%, 09/15/2054 | 71117 | 0.1 |
| 101000 | PPL Capital Funding, Inc., 5.250%, 09/01/2034 | 100552 | 0.1 |
| 105000 | PPL Electric Utilities Corp., 4.850%, 02/15/2034 | 103797 | 0.1 |
| 120000 <sup>(1)</sup> | Public Service Co. of Oklahoma, 5.200%, 01/15/2035 | 118585 | 0.1 |
| 28000 | Public Service Electric and Gas Co., 4.850%, 08/01/2034 | 27766 | 0.0 |
| 103000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 104722 | 0.1 |
| 12000 | Public Service Electric and Gas Co., MTN, 3.800%, 03/01/2046 | 9365 | 0.0 |
| 94000 | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 95677 | 0.1 |
| 55000 | Public Service Electric and Gas Co., MTN, 5.500%, 03/01/2040 | 56201 | 0.1 |
| 112000 | Public Service Electric and Gas Co. Q, 5.050%, 03/01/2035 | 112748 | 0.1 |
| 57000 | Public Service Electric and Gas Co. Q, 5.500%, 03/01/2055 | 56231 | 0.1 |
| 62000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 53386 | 0.1 |
| 21000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 21131 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 123000 | San Diego Gas & Electric Co., 5.400%, 04/15/2035 | $| 123958 | 0.2 |
| 282000 <sup>(3)</sup> | Sempra, 4.875%, 12/31/2199 |  | 280007 | 0.3 |
| 44000 | Southern California Edison Co., 4.000%, 04/01/2047 |  | 32895 | 0 |
| 110000 | Southern California Edison Co., 4.050%, 03/15/2042 |  | 86618 | 0.1 |
| 40000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 |  | 40118 | 0.1 |
| 40000 | Southwestern Public Service Co., 6.000%, 06/01/2054 |  | 40516 | 0.1 |
| 99000 | Tennessee Valley Authority, 5.250%, 02/01/2055 |  | 98453 | 0.1 |
| 90000 | Tucson Electric Power Co., 5.200%, 09/15/2034 |  | 89472 | 0.1 |
| 22000 | Virginia Electric and Power Co., 5.700%, 08/15/2053 |  | 21694 | 0 |
| 207000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.700%, 12/30/2034 |  | 206124 | 0.2 |
| 100000 | Xcel Energy, Inc., 5.600%, 04/15/2035 |  | 100469 | 0.1 |
|  |  |  | **9029551** | **10.8** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $73,444,651) | **73690695** | **73690695** | **87.8** |
| **U.S. TREASURY OBLIGATIONS: 9.3%** | **U.S. TREASURY OBLIGATIONS: 9.3%** | **U.S. TREASURY OBLIGATIONS: 9.3%** | **U.S. TREASURY OBLIGATIONS: 9.3%** | **U.S. TREASURY OBLIGATIONS: 9.3%** |
|  | **United States Treasury Bonds: 2.1%** | **United States Treasury Bonds: 2.1%** | **United States Treasury Bonds: 2.1%** | **United States Treasury Bonds: 2.1%** |
| 1665700 | 4.500%, 11/15/2054 |  | 1641755 | 1.9 |
| 159000 | 4.750%, 02/15/2045 |  | 161932 | 0.2 |
|  |  |  | **1803687** | **2.1** |
|  | **United States Treasury Notes: 7.2%** | **United States Treasury Notes: 7.2%** | **United States Treasury Notes: 7.2%** | **United States Treasury Notes: 7.2%** |
| 1113000 | 3.875%, 03/31/2027 |  | 1112652 | 1.3 |
| 841000 | 3.875%, 03/15/2028 |  | 840902 | 1 |
| 1275700 | 4.000%, 03/31/2030 |  | 1278341 | 1.5 |
| 448000 | 4.125%, 03/31/2032 |  | 449295 | 0.6 |
| 2271500 | 4.625%, 02/15/2035 |  | 2346921 | 2.8 |
|  |  |  | **6028111** | **7.2** |
|  | Total U.S. Treasury Obligations |  |  |  |
|  | (Cost $7,773,556) |  | **7831798** | **9.3** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $81,218,207) |  | **81522493** | **97.1** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** |
|  | **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** |
| 1000000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 03/31/2025, 4.440%, due 04/01/2025 (Repurchase Amount $1,000,122, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $1,020,126, due 04/15/25-02/15/55) | $1000000 | 1.2 |
| 331490 <sup>(4)</sup> | Citigroup Global Markets Inc., Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 (Repurchase Amount $331,530, collateralized by various U.S. Government Securities, 1.500%-3.500%, Market Value plus accrued interest $338,120, due 08/15/26-09/30/26) | 331490 | 0.4 |
| 1000000 <sup>(4)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,000,119, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,020,000, due 04/10/25-12/15/66) | 1000000 | 1.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $2,331,490) | **2331490** | **2.8** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $2,331,490) | **2331490** | **2.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $83,549,697)** | $**83853983** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **98617** | **0.1** |
|  | **Net Assets** | $**83952600** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

Reference Rate Abbreviations:

TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $73690695 | $— | $73690695 |
| U.S. Treasury Obligations |  | 7831798 |  | 7831798 |
| Short-Term Investments |  | 2331490 |  | 2331490 |
| Total Investments, at fair value | $— | $83853983 | $— | $83853983 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 64117 |  |  | 64117 |
| Total Assets | $64117 | $83853983 | $— | $83918100 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(153181) | $— | $— | $(153181) |
| Total Liabilities | $(153181) | $— | $— | $(153181) |

---

---

| | |
|:---|:---|
| ^ | 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, 2025, the following futures contracts were outstanding for Voya Investment Grade Credit Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 54 | 06/30/25 | $11187281 | $44036 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 15 | 06/18/25 | 1668281 | 7617 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 19 | 06/18/25 | 2228344 | 11281 |
|  |  |  | $15083906 | $62934 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (6) | 06/30/25 | (648937) | (2824) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (105)&nbsp;&nbsp;&nbsp;&nbsp; | 06/18/25 | (11983125) | (150357) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (2) | 06/18/25 | (244500) | 1183 |
|  |  |  | $(12876562) | $(151998) |

---

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $64117 |
| **Total Asset Derivatives** |  | $64117 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $153181 |
| **Total Liability Derivatives** |  | $153181 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Investment Grade Credit Fund</u> <u>as of March 31, 2025 (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, 2025 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** | **Swaps** | **Total** |
| Credit contracts | $— | $3672 | $3672 |
| Interest rate contracts | 110337 |  | 110337 |
| **Total** | $110337 | $3672 | $114009 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(74515) |
| **Total** | $(74515) |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $84,628,195. | Cost for U.S. federal income tax purposes was $84,628,195. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $914775 |
| Gross Unrealized Depreciation | (1778051) |
| Net Unrealized Depreciation | $(863276) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Per Share Amount</u>** |
| Voya Investment Grade Credit Fund |  |
| Class A NII | $0.4278 |
| Class I NII | $0.4515 |
| Class R6 NII | $0.4528 |
| Class W NII | $0.4491 |

---

NII — Net investment income

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Investment Grade Credit Fund designates 87.75% 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 14, 2024, 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 Investment Grade 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, 2025.

In addition to the Board meeting on November 14, 2024, 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 9, 2024 and November 12, 2024. 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," an independent provider of mutual fund data) category 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. The Board considered that, while the Fund does not have management fee breakpoints, it 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. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a 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

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

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 9, 2024, November 12, 2024, and/or November 14, 2024 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, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The 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.

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, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the five-year period, the third quintile for the year-to-date period, the fourth quintile for the one-year period and the fifth quintile for the three-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

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 second quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to 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 year ending November 30, 2025.

[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.**

**172492 (0325)**

![](tm2514698d2_secfundimg01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

**Voya Securitized Credit Fund**

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

<br> 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.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d2_secrfndfns-03.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2514698d2_secrfndfns-05.jpg) |

---

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001-0) | [1](#a_001-0) |
| [Statement of Assets and Liabilities](#a_002-0) | [2](#a_002-0) |
| [Statement of Operations](#a_003-0) | [4](#a_003-0) |
| [Statements of Changes in Net Assets](#a_004-0) | [5](#a_004-0) |
| [Financial Highlights](#a_005-0) | [6](#a_005-0) |
| [Notes to Financial Statements](#a_006) | [7](#a_006) |
| [Portfolio of Investments](#a_007) | [17](#a_007) |
| [Tax Information](#a_008) | [38](#a_008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a_009) | [39](#a_009) |

---

---

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

---

**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, 2025, 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, 2025, 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, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d2_secrfndfns-07.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** | |
| Investments in securities at fair value\* | Investments in securities at fair value\* | $771834626 |
| Short-term investments at fair value† | Short-term investments at fair value† | 78885051 |
| Cash | Cash | 6515165 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 2467208 |
| Receivables: | Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 2114953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 132609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 14629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3946021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 19206 |
| Prepaid expenses | Prepaid expenses | 37502 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 64325 |
| Other assets | Other assets | 20345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 866051640 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Income distribution payable | Income distribution payable | 832064 |
| Payable for investment securities purchased | Payable for investment securities purchased | 12434331 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 951020 |
| Payable for investment management fees | Payable for investment management fees | 433009 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 1506 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 20345 |
| Payable for trustee fees | Payable for trustee fees | 2035 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 179389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14853699 |
| **NET ASSETS** | **NET ASSETS** | $851197941 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $921702488 |
| Total distributable loss | Total distributable loss | (70504547) |
| **NET ASSETS** | **NET ASSETS** | $851197941 |
| \* | Cost of investments in securities | $792772040 |
| † | Cost of short-term investments | $78894071 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025 (continued)

------

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $7135980 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 745685 |
| Net asset value and redemption price per share† | $9.57 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.82 |
| **Class I** |  |
| Net assets | $840622649 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 87680616 |
| Net asset value and redemption price per share | $9.59 |
| **Class R6** |  |
| Net assets | $3187407 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 332288 |
| Net asset value and redemption price per share | $9.59 |
| **Class W** |  |
| Net assets | $251905 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 26269 |
| Net asset value and redemption price per share | $9.59 |

---

<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, 2025

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $317479 |
| Interest | 45498661 |
| Other | 4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 45820518 |
| **EXPENSES:** |  |
| Investment management fees | 4882726 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 17969 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 418844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 353 |
| Shareholder reporting expense | 20585 |
| Registration fees | 100773 |
| Professional fees | 65815 |
| Custody and accounting expense | 118540 |
| Trustee fees | 20346 |
| Miscellaneous expense | 50441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5705047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (128438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 5576609 |
| Net investment income | 40243909 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1774033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 3666300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1892267 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 24060062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 923360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 24983422 |
| Net realized and unrealized gain | 26875689 |
| **Increase in net assets resulting from operations** | $67119598 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $40243909 | $29490785 |
| Net realized gain (loss) | 1892267 | (18580170) |
| Net change in unrealized appreciation (depreciation) | 24983422 | 46050353 |
| Increase in net assets resulting from operations | 67119598 | 56960968 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class A | (341949) | (318508) |
| &nbsp;&nbsp;Class I | (40857461) | (28865057) |
| &nbsp;&nbsp;Class R6 | (155903) | (143810) |
| &nbsp;&nbsp;Class W | (14656) | (14549) |
| Total distributions | (41369969) | (29341924) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 246819137 | 218696667 |
| Reinvestment of distributions | 28575715 | 21190418 |
|  | 275394852 | 239887085 |
| Cost of shares redeemed | (199521296) | (179543724) |
| Net increase in net assets resulting from capital share transactions | 75873556 | 60343361 |
| Net increase in net assets | 101623185 | 87962405 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 749574756 | 661612351 |
| End of year or period | $851197941 | $749574756 |

---

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 <br> or period | Net <br> investment <br> income <br> (loss) | | Net <br> realized <br> and <br> unrealized <br> gain <br> (loss) | <br>Total from <br> investment <br> operations | From net <br> investment <br> income | From <br> net <br> realized <br> gains | From <br> return <br> of <br> capital | <br>Total <br> distributions | <br>Payment <br> by <br> affiliate | <br>Net <br> asset <br> value, <br> end of <br> year <br> or <br> period | <br>Total <br> Return<sup>(1)</sup> | Expenses<br> before <br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses <br> net of fee <br> waivers <br> and/or <br> recoupments <br> if any<sup>(2)(3)</sup> | Expenses <br> net of all <br> reductions/<br> additions<sup>(2)(3)</sup> | Net <br> investment <br> income <br> (loss)<sup>(2)(3)</sup> | Net <br> assets, <br> end of <br> year or <br> period | Portfolio <br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.27 | 0.44 | <sup>•</sup> | 0.31 | 0.75 | 0.45 |  |  | 0.45 |  | 9.57 | **8.25** | 1.02 | 1.00 | 1.00 | 4.63 | 7136 | 34 |
| 03-31-24 | 8.90 | 0.37 | <sup>•</sup> | 0.37 | 0.74 | 0.37 |  |  | 0.37 |  | 9.27 | **8.43** | 1.07 | 1.00 | 1.00 | 4.05 | 7381 | 28 |
| 03-31-23 | 9.51 | 0.27 | <sup>•</sup> | (0.59) | (0.32) | 0.29 |  |  | 0.29 |  | 8.90 | **(3.35)** | 1.07 | 1.00 | 1.00 | 2.98 | 8367 | 21 |
| 03-31-22 | 9.68 | 0.23 | <sup>•</sup> | (0.16) | 0.07 | 0.24 |  |  | 0.24 |  | 9.51 | **0.73** | 1.07 | 1.00 | 1.00 | 2.37 | 11621 | 57 |
| 03-31-21 | 8.79 | 0.25 | <sup>•</sup> | 0.94 | 1.19 | 0.26 |  | 0.04 | 0.30 |  | 9.68 | **13.74** | 1.02 | 1.00 | 1.00 | 2.69 | 20476 | 38 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.29 | 0.47 | <sup>•</sup> | 0.31 | 0.78 | 0.48 |  |  | 0.48 |  | 9.59 | **8.59** | 0.70 | 0.68 | 0.68 | 4.95 | 840623 | 34 |
| 03-31-24 | 8.92 | 0.40 | <sup>•</sup> | 0.37 | 0.77 | 0.40 |  |  | 0.40 |  | 9.29 | **8.77** | 0.71 | 0.68 | 0.68 | 4.38 | 738913 | 28 |
| 03-31-23 | 9.53 | 0.30 | <sup>•</sup> | (0.59) | (0.29) | 0.32 |  |  | 0.32 |  | 8.92 | **(3.03)** | 0.72 | 0.68 | 0.68 | 3.29 | 647676 | 21 |
| 03-31-22 | 9.69 | 0.26 | <sup>•</sup> | (0.15) | 0.11 | 0.27 |  |  | 0.27 |  | 9.53 | **1.16** | 0.69 | 0.68 | 0.68 | 2.64 | 1075715 | 57 |
| 03-31-21 | 8.80 | 0.27 | <sup>•</sup> | 0.95 | 1.22 | 0.29 |  | 0.04 | 0.33 |  | 9.69 | **14.09** | 0.73 | 0.68 | 0.68 | 2.91 | 971282 | 38 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.29 | 0.47 | <sup>•</sup> | 0.31 | 0.78 | 0.48 |  |  | 0.48 |  | 9.59 | **8.59** | 0.65 | 0.65 | 0.65 | 4.98 | 3187 | 34 |
| 03-31-24 | 8.92 | 0.40 | <sup>•</sup> | 0.37 | 0.77 | 0.40 |  |  | 0.40 |  | 9.29 | **8.77** | 0.67 | 0.67 | 0.67 | 4.38 | 2961 | 28 |
| 03-31-23 | 9.53 | (0.04) |)<sup>•</sup> | (0.25) | (0.29) | 0.32 |  |  | 0.32 |  | 8.92 | **(3.02)** | 1.15 | 0.68 | 0.68 | (0.53) | 5192 | 21 |
| 03-31-22 | 9.71 | 0.25 | <sup>•</sup> | (0.15) | 0.10 | 0.28 |  |  | 0.28 |  | 9.53 | **0.96** | 0.64 | 0.64 | 0.64 | 2.56 | 3 | 57 |
| 07-31-20<sup>(4)</sup>- 03-31-21 | 9.36 | 0.18 | <sup>•</sup> | 0.37 | 0.55 | 0.16 |  | 0.04 | 0.20 |  | 9.71 | **5.91** | 1.90 | 0.68 | 0.68 | 2.84 | 3 | 38 |
| **Class W** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |
| 03-31-21 | 8.81 | 0.28 | <sup>•</sup> | 0.94 | 1.22 | 0.29 |  | 0.04 | 0.33 |  | 9.70 | **14.00** | 0.77 | 0.75 | 0.75 | 2.98 | 3487 | 38 |

---

________

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

 

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

 

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

 

<sup>(4)</sup> Commencement of operations. <br><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, 2025

**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, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International 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.

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2025, the Fund had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve while maintaining overall duration. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended March 31, 2025, the Fund had an average notional value of $213,966,022 and $96,488,673 on futures contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investment for open futures contracts at March 31, 2025.

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

G. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on 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, 2025 (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, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;300946458 | $&nbsp;&nbsp;&nbsp;&nbsp;248978645 |

---

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $19101721 | $9605392 |

---

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

Class A. For the year ended March 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $150 |
| Contingent Deferred Sales Charges: | $— |

---

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

At March 31, 2025, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies that owned more than 5% of the Fund.

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

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

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

---

The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense

ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of March 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **March 31,** | **March 31,** | **March 31,** | |
| **2026** | **2027** | **2028** | <br>**Total** |
| $97954 | $— | $— | $97954 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of March 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| Class A | $5935 | $5226 | $1021 | $12182 |
| Class I | 256074 | 178422 | 127369 | 561865 |
| Class R6 | 1059 |  |  | 1059 |
| Class W | 444 | 225 | 48 | 717 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2024, 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, 2025. 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, 2024, 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 10, 2024.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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, 2025.

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 64494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 36165 | (151055) |  | (50396) | 609483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 341461 | (1420355) |  | (469411) |
| 3/31/2024 | 31135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 33156 | (208320) |  | (144029) | 283065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300710 | (1893962) |  | (1310187) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 26129441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2965593 | (20960976) |  | 8134058 | 246050363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 28076710 | (197833932) |  | 76293141 |
| 3/31/2024 | 23957015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2282206 | (19334031) |  | 6905190 | 218193748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 20744988 | (174841921) |  | 64096815 |
| **Class P<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |
| 3/31/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | 325 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16473 | (5560) |  | (13578) | 25001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 155903 | (52704) |  | 128200 |
| 3/31/2024 | 13518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 15837 | (292792) |  | (263437) | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 143810 | (2640720) |  | (2371910) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 14437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 174 | (22795) |  | (8184) | 134290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1641 | (214305) |  | (78374) |
| 3/31/2024 | 10215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 99 | (18296) |  | (7982) | 94529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 910 | (167121) |  | (71682) |

---

<sup>(1)</sup> Class P was fully redeemed on close of business March 3, 2023.

**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, 2025.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 11 — FEDERAL INCOME TAXES**

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

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

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

---

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

---

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

---

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

---

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

As of March 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

**NOTE 13 — SEGMENT REPORTING**

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

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

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

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to March 31, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share<br> Amount** | **Payable<br> Date** | **Record<br> Date** |
| Class A | $0.0364 | May 1, 2025 | Daily |
| Class I | $0.0390 | May 1, 2025 | Daily |
| Class R6 | $0.0390 | May 1, 2025 | Daily |
| Class W | $0.0384 | May 1, 2025 | Daily |

---

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

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 34.2%** |  |
| 979556 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.628%, 01/25/2045 | $784957 |  | 0.1 |
| 341881 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-3 B4, 3.463%, 04/25/2045 | 291185 |  | 0.0 |
| 509569 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-4 B3, 3.488%, 06/25/2045 | 412929 |  | 0.1 |
| 414727 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B3, 3.637%, 12/25/2045 | 356904 |  | 0.1 |
| 646000 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B4, 3.637%, 12/25/2045 | 496944 |  | 0.1 |
| 672922 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.760%, 03/25/2046 | 634924 |  | 0.1 |
| 998319 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B4, 3.760%, 03/25/2046 | 771017 |  | 0.1 |
| 2096556 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 1952641 |  | 0.2 |
| 1048278 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 997944 |  | 0.1 |
| 219198 <sup>(1)</sup> | Alternative Loan Trust 2004-32CB 2A2, 4.835%, (TSFR1M + 0.514%), 02/25/2035 | 205189 |  | 0.0 |
| 317539 <sup>(1)</sup> | Alternative Loan Trust 2004-J7 M1, 5.258%, (TSFR1M + 1.134%), 10/25/2034 | 315195 |  | 0.0 |
| 221503 <sup>(1)</sup> | Alternative Loan Trust 2005-31 1A1, 4.995%, (TSFR1M + 0.674%), 08/25/2035 | 210363 |  | 0.0 |
| 182708 | Alternative Loan Trust 2005-65CB 1A3, 5.500%, 01/25/2036 | 121011 |  | 0.0 |
| 324758 <sup>(1)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.835%, (TSFR1M + 0.514%), 04/25/2035 | 249798 |  | 0.0 |
| 246816 <sup>(1)</sup> | Alternative Loan Trust 2006-19CB A12, 4.835%, (TSFR1M + 0.514%), 08/25/2036 | 109066 |  | 0.0 |
| 571003 | Alternative Loan Trust 2006-20CB A9, 6.000%, 07/25/2036 | 236597 |  | 0.0 |
| 360238 <sup>(1)</sup> | Alternative Loan Trust 2007-18CB 1A7, 4.905%, (TSFR1M + 0.584%), 08/25/2037 | 114398 |  | 0.0 |
| 751872 <sup>(1)</sup> | Alternative Loan Trust 2007-OA4 A1, 4.775%, (TSFR1M + 0.454%), 05/25/2047 | 672395 |  | 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)** |
| 492228 <sup>(1)(2)</sup> | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | $467797 | 0.1 |
| 1290310 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.483%, 11/25/2051 | 1103271 | 0.1 |
| 1355740 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.397%, 12/25/2051 | 1131343 | 0.1 |
| 1654340 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.386%, 10/25/2051 | 1389095 | 0.2 |
| 54668 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-10 21A1, 4.573%, 01/25/2036 | 53018 | 0.0 |
| 73288 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.564%, 05/25/2035 | 69809 | 0.0 |
| 177138 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-7 21A1, 6.204%, 09/25/2035 | 141052 | 0.0 |
| 749628 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.358%, 11/25/2035 | 406689 | 0.1 |
| 996904 <sup>(2)</sup> | Brean Asset Backed Securities Trust 2024-RM9 A1, 5.000%, 09/25/2064 | 977825 | 0.1 |
| 993729 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 B3, 7.128%, 08/25/2055 | 1041702 | 0.1 |
| 1993494 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-11 B3, 6.613%, 11/25/2055 | 2008443 | 0.2 |
| 1970523 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B3, 6.188%, 03/25/2055 | 1933915 | 0.2 |
| 4469507 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-6 B3, 7.104%, 05/25/2055 | 4659786 | 0.6 |
| 83076 <sup>(1)</sup> | Chase Mortgage Finance Trust Series 2006-A1 2A3, 5.707%, 09/25/2036 | 72932 | 0.0 |
| 24142 <sup>(1)</sup> | Chase Mortgage Finance Trust Series 2007-A1 1A2, 6.694%, 02/25/2037 | 23616 | 0.0 |
| 408125 | CHL Mortgage Pass-Through Trust 2006-1 A2, 6.000%, 03/25/2036 | 208730 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 336637 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | $158405 | 0.0 |
| 341369 <sup>(1)(2)</sup> | CIM Trust 2018-INV1 A10, 4.000%, 08/25/2048 | 320373 | 0.0 |
| 31761 <sup>(1)(2)</sup> | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 30352 | 0.0 |
| 208243 <sup>(1)(2)</sup> | CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049 | 189001 | 0.0 |
| 782703 <sup>(1)(2)</sup> | CIM Trust 2019-J1 B3, 3.938%, 08/25/2049 | 720204 | 0.1 |
| 500000 <sup>(1)(2)</sup> | CIM Trust 2019-R5 M2, 3.250%, 09/25/2059 | 456935 | 0.1 |
| 890159 <sup>(1)(2)</sup> | CIM Trust 2020-J1 B3, 3.439%, 10/25/2049 | 773845 | 0.1 |
| 881895 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B2, 2.754%, 01/25/2051 | 724218 | 0.1 |
| 1168763 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B3, 2.754%, 01/25/2051 | 943587 | 0.1 |
| 190150 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 5.853%, 03/25/2036 | 144805 | 0.0 |
| 166438 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.821%, 09/25/2037 | 153715 | 0.0 |
| 474970 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2013-7 2A2, 5.158%, 08/25/2036 | 457697 | 0.1 |
| 976656 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.861%, 09/25/2051 | 797757 | 0.1 |
| 1981627 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2024-1 B3, 6.761%, 07/25/2054 | 2019500 | 0.2 |
| 252639 | Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035 | 256081 | 0.0 |
| 112980 | CitiMortgage Alternative Loan Trust Series 2007-A6 1A10, 6.000%, 06/25/2037 | 98138 | 0.0 |
| 731687 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2022-5 A1, 4.550%, 04/25/2067 | 728546 | 0.1 |
| 629571 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2019-R05 1B1, 8.554%, (SOFR30A + 4.214%), 07/25/2039 | 649468 | 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)** |
| 2026670 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | $2118898 | 0.3 |
| 2445981 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.490%, (SOFR30A + 3.150%), 12/25/2041 | 2504176 | 0.3 |
| 1048278 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R02 2B1, 8.840%, (SOFR30A + 4.500%), 01/25/2042 | 1096668 | 0.1 |
| 90837 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR3 B3, 3.399%, 05/25/2043 | 88848 | 0.0 |
| 149663 <sup>(1)(2)</sup> | CSMC Trust 2013-IVR5 B3, 3.619%, 10/25/2043 | 144885 | 0.0 |
| 201193 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR1 B3, 3.605%, 11/25/2043 | 193646 | 0.0 |
| 167812 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR2 B3, 3.817%, 04/25/2044 | 163591 | 0.0 |
| 228690 <sup>(1)(2)</sup> | CSMC Trust 2014-IVR3 B3, 3.998%, 07/25/2044 | 221217 | 0.0 |
| 418005 <sup>(1)(2)</sup> | CSMC Trust 2019-AFC1 A3, 3.877%, 07/25/2049 | 400971 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | CSMC Trust 2021-AFC1 M1, 2.193%, 03/25/2056 | 620030 | 0.1 |
| 1397704 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 1069214 | 0.1 |
| 270777 <sup>(1)(2)</sup> | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 4.482%, 06/27/2037 | 239930 | 0.0 |
| 2996903 <sup>(2)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 2860207 | 0.3 |
| 1397704 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.454%, (SOFR30A + 3.114%), 01/25/2040 | 1431448 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 7.440%, (SOFR30A + 3.100%), 10/25/2041 | 2035322 | 0.2 |
| 698852 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.640%, (SOFR30A + 3.300%), 11/25/2041 | 720431 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 3900000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R05 2B2, 11.340%, (SOFR30A + 7.000%), 04/25/2042 | $4217901 | 0.5 |
| 4088283 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.890%, (SOFR30A + 5.550%), 01/25/2043 | 4469642 | 0.5 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.086%, (SOFR30A + 4.750%), 06/25/2043 | 1620565 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.586%, (SOFR30A + 3.250%), 09/25/2043 | 1041762 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B1, 7.040%, (SOFR30A + 2.700%), 01/25/2044 | 1633136 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1B2, 8.340%, (SOFR30A + 4.000%), 01/25/2044 | 522015 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R01 1M2, 6.140%, (SOFR30A + 1.800%), 01/25/2044 | 1004144 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R02 1B2, 8.040%, (SOFR30A + 3.700%), 02/25/2044 | 879586 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2B1, 7.136%, (SOFR30A + 2.800%), 03/25/2044 | 4121874 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1B1, 6.540%, (SOFR30A + 2.200%), 05/25/2044 | 2016428 | 0.2 |
| 4550000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R05 2B1, 6.340%, (SOFR30A + 2.000%), 07/25/2044 | 4568159 | 0.5 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.286%, (SOFR30A + 1.950%), 02/25/2045 | 2001502 | 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)** |
| 508771 <sup>(1)(2)</sup> | Figure Line of Credit Trust 2020-1 A, 4.040%, 09/25/2049 | $490072 | 0.1 |
| 823106 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-2 B2, 4.003%, 04/25/2048 | 758423 | 0.1 |
| 894940 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.141%, 07/25/2048 | 819428 | 0.1 |
| 825414 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-6RR B1, 4.906%, 10/25/2048 | 807719 | 0.1 |
| 236539 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-1INV A15, 3.500%, 10/25/2049 | 213471 | 0.0 |
| 881522 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-2 B2, 4.000%, 12/25/2049 | 806764 | 0.1 |
| 3143029 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.190%, 03/25/2050 | 2923522 | 0.4 |
| 1566502 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.190%, 03/25/2050 | 1428942 | 0.2 |
| 387531 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 5.990%, (SOFR30A + 1.650%), 01/25/2034 | 388368 | 0.1 |
| 1825522 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.740%, (SOFR30A + 3.400%), 10/25/2041 | 1871496 | 0.2 |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 7.990%, (SOFR30A + 3.650%), 11/25/2041 | 2161835 | 0.3 |
| 3494259 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.090%, (SOFR30A + 3.750%), 12/25/2041 | 3589444 | 0.4 |
| 6988518 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.740%, (SOFR30A + 3.400%), 01/25/2042 | 7169354 | 0.9 |
| 6604150 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.090%, (SOFR30A + 4.750%), 02/25/2042 | 6906221 | 0.8 |
| 3494259 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 6.740%, (SOFR30A + 2.400%), 02/25/2042 | 3557441 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 2096556 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA4 M2, 9.590%, (SOFR30A + 5.250%), 05/25/2042 | $2239287 | 0.3 |
| 2500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2023-HQA3 M2, 7.690%, (SOFR30A + 3.350%), 11/25/2043 | 2626963 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.140%, (SOFR30A + 1.800%), 08/25/2044 | 1001545 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2025-HQA1 M2, 5.990%, (SOFR30A + 1.650%), 02/25/2045 | 1991258 | 0.2 |
| 349128 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 336876 | 0.1 |
| 29451 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 A21, 4.500%, 02/25/2059 | 28662 | 0.0 |
| 902790 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 | 869478 | 0.1 |
| 1116311 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.611%, 08/25/2052 | 1037784 | 0.1 |
| 2385901 <sup>(1)(2)</sup> | GCAT Trust 2024-INV2 B3, 7.344%, 06/25/2054 | 2525178 | 0.3 |
| 1751934 <sup>(1)(2)</sup> | GCAT Trust 2024-INV4 B4, 7.082%, 12/25/2054 | 1730648 | 0.2 |
| 127192 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050 | 114479 | 0.0 |
| 216226 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050 | 194615 | 0.0 |
| 508792 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050 | 457939 | 0.1 |
| 1388624 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.611%, 05/25/2050 | 1221767 | 0.2 |
| 802846 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.022%, 08/25/2049 | 719046 | 0.1 |
| 56546 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 53363 | 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)** |
| 862215 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.373%, 11/25/2049 | $800507 | 0.1 |
| 48447 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 45386 | 0.0 |
| 838833 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.983%, 03/25/2050 | 767961 | 0.1 |
| 2221265 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.983%, 03/25/2050 | 2033592 | 0.2 |
| 1903124 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.983%, 03/25/2050 | 1737705 | 0.2 |
| 1166206 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.651%, 08/25/2051 | 930621 | 0.1 |
| 921319 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B3, 3.378%, 04/25/2052 | 770448 | 0.1 |
| 923671 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.378%, 04/25/2052 | 748909 | 0.1 |
| 2820913 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ5 B3, 2.985%, 10/25/2052 | 2337280 | 0.3 |
| 3538919 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ5 B2, 6.760%, 02/25/2054 | 3646401 | 0.4 |
| 1573181 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ1 B2, 7.134%, 06/25/2054 | 1667507 | 0.2 |
| 1963445 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ2 B3, 6.283%, 07/25/2054 | 1951735 | 0.2 |
| 1496427 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B2, 6.197%, 08/25/2054 | 1499512 | 0.2 |
| 1965104 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B3, 6.197%, 08/25/2054 | 1932998 | 0.2 |
| 2292000 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2025-PJ1 B3, 6.201%, 06/25/2055 | 2077219 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 89912 <sup>(1)</sup> | GSR Mortgage Loan Trust 2005-AR5 2A3, 5.280%, 10/25/2035 | $47535 | 0.0 |
| 138333 <sup>(1)</sup> | GSR Mortgage Loan Trust 2006-AR1 2A1, 4.739%, 01/25/2036 | 128773 | 0.0 |
| 537894 <sup>(1)</sup> | HarborView Mortgage Loan Trust 2007-5 A1A, 4.811%, (TSFR1M + 0.494%), 09/19/2037 | 464423 | 0.1 |
| 2000000 <sup>(2)</sup> | HTAP Issuer Trust 2025-1 A, 6.500%, 11/25/2042 | 1972418 | 0.2 |
| 1617117 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.319%, 12/25/2051 | 1368373 | 0.2 |
| 1048278 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 787115 | 0.1 |
| 1432068 <sup>(1)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.855%, (TSFR1M + 0.534%), 02/25/2046 | 1085384 | 0.1 |
| 26539 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A15, 3.984%, 08/25/2049 | 25151 | 0.0 |
| 18246 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 A3, 3.984%, 08/25/2049 | 17291 | 0.0 |
| 855357 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B1, 4.432%, 08/25/2049 | 810167 | 0.1 |
| 855357 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B2, 4.432%, 08/25/2049 | 807887 | 0.1 |
| 483974 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.615%, 06/25/2049 | 462687 | 0.1 |
| 967736 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 779848 | 0.1 |
| 1104676 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.087%, 07/25/2052 | 893519 | 0.1 |
| 2628316 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.290%, 11/25/2052 | 2191746 | 0.3 |
| 1776856 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.639%, 07/25/2053 | 1686692 | 0.2 |
| 3100439 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2024-1 B3, 6.551%, 06/25/2054 | 3122134 | 0.4 |
| 409133 | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 | 183858 | 0.0 |
| 79363 <sup>(1)</sup> | JP Morgan Mortgage Trust 2007-A3 1A1, 4.797%, 05/25/2037 | 68302 | 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)** |
| 917074 | JP Morgan Mortgage Trust 2007-S1 2A22, 5.750%, 03/25/2037 | $331552 | 0.0 |
| 668471 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.688%, 01/25/2044 | 577275 | 0.1 |
| 786000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-5 B4, 2.681%, 10/25/2029 | 713494 | 0.1 |
| 1264067 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2015-4 B4, 3.516%, 06/25/2045 | 925919 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-1 B4, 3.793%, 05/25/2046 | 761782 | 0.1 |
| 2040974 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.447%, 01/25/2047 | 1814686 | 0.2 |
| 712079 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.782%, 08/25/2047 | 662967 | 0.1 |
| 826855 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.871%, 11/25/2048 | 759279 | 0.1 |
| 833220 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.780%, 12/25/2048 | 752474 | 0.1 |
| 904776 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.704%, 09/25/2048 | 820145 | 0.1 |
| 1281999 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.704%, 09/25/2048 | 1162077 | 0.1 |
| 889116 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B1, 3.715%, 10/25/2048 | 812888 | 0.1 |
| 1299207 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 1187809 | 0.2 |
| 239547 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 | 216338 | 0.0 |
| 1178363 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B1, 4.033%, 01/25/2049 | 1088252 | 0.1 |
| 843071 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B2, 4.033%, 01/25/2049 | 776332 | 0.1 |
| 848018 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-9 B2, 4.240%, 02/25/2049 | 794942 | 0.1 |
| 77469 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 72647 | 0.0 |
| 1250123 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 B2, 4.459%, 11/25/2049 | 1185820 | 0.1 |
| 864171 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B1, 4.265%, 12/25/2049 | 810507 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 1207856 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-6 B2, 4.265%, 12/25/2049 | $1129565 | 0.1 |
| 317032 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 A15, 3.459%, 02/25/2050 | 287064 | 0.0 |
| 1797038 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.204%, 02/25/2050 | 1581985 | 0.2 |
| 283559 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 256770 | 0.0 |
| 1814593 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.406%, 03/25/2050 | 1609592 | 0.2 |
| 1947019 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 4.953%, 10/25/2049 | 1950205 | 0.2 |
| 1046995 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.933%, 10/25/2049 | 1019091 | 0.1 |
| 314495 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 | 286730 | 0.0 |
| 136281 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A3, 3.500%, 02/25/2050 | 123562 | 0.0 |
| 2190816 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.355%, 05/25/2050 | 2032275 | 0.2 |
| 1059305 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.706%, 12/25/2049 | 1025427 | 0.1 |
| 1059305 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.706%, 12/25/2049 | 1022769 | 0.1 |
| 3638 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050 | 3565 | 0.0 |
| 14786 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050 | 14610 | 0.0 |
| 893877 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.350%, 03/25/2050 | 834509 | 0.1 |
| 1561718 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.350%, 03/25/2050 | 1448565 | 0.2 |
| 968259 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-4 B1, 3.634%, 11/25/2050 | 855143 | 0.1 |
| 1558665 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.570%, 12/25/2050 | 1383102 | 0.2 |
| 920852 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.493%, 03/25/2051 | 796252 | 0.1 |
| 28392 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 | 27996 | 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)** |
| 1029204 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-10 B2, 2.802%, 12/25/2051 | $831260 | 0.1 |
| 4530155 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-6 B3, 2.863%, 10/25/2051 | 3590017 | 0.4 |
| 763572 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 621079 | 0.1 |
| 1904357 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 1914984 | 0.2 |
| 995126 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 B3, 6.564%, 04/25/2055 | 974606 | 0.1 |
| 1695860 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 B3, 6.116%, 06/25/2055 | 1617197 | 0.2 |
| 375898 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 A9, 6.500%, 10/25/2054 | 382723 | 0.1 |
| 1976698 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B2, 7.148%, 10/25/2054 | 2100859 | 0.3 |
| 3953397 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B3, 7.148%, 10/25/2054 | 4136506 | 0.5 |
| 1486445 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-6 B3, 6.937%, 12/25/2054 | 1535308 | 0.2 |
| 499287 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.647%, 12/25/2044 | 481822 | 0.1 |
| 323848 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B3, 3.577%, 05/25/2045 | 303777 | 0 |
| 866534 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B4, 3.577%, 05/25/2045 | 675972 | 0.1 |
| 20077 <sup>(1)</sup> | Lehman XS Trust Series 2005-5N 3A1B, 5.635%, (12MTA + 1.000%), 11/25/2035 | 19905 | 0 |
| 1264860 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.362%, 10/25/2048 | 1199280 | 0.2 |
| 909583 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2021-MTG3 B3, 2.901%, 07/01/2051 | 736280 | 0.1 |
| 209539 <sup>(1)(2)</sup> | MFA Trust 2020-NQM3 A3, 1.632%, 01/26/2065 | 198251 | 0 |
| 2438294 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 1936475 | 0.2 |
| 900000 <sup>(1)(2)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 869181 | 0.1 |
| 1257933 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.721%, 09/25/2057 | 1148942 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 109101 | Morgan Stanley Mortgage Loan Trust 2005-10 4A1, 5.500%, 12/25/2035 | $62057 | 0.0 |
| 3952440 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B2, 7.162%, 03/25/2054 | 4196097 | 0.5 |
| 3721222 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B3, 7.162%, 03/25/2054 | 3887147 | 0.5 |
| 993184 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4 B3, 7.025%, 09/25/2054 | 1031277 | 0.1 |
| 943409 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 919778 | 0.1 |
| 2655637 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.690%, (SOFR30A + 3.350%), 04/25/2034 | 2707290 | 0.3 |
| 11220 <sup>(1)(2)</sup> | OBX Trust 2019-EXP1 1A3, 4.000%, 01/25/2059 | 11076 | 0.0 |
| 98061 <sup>(1)(2)</sup> | OBX Trust 2019-EXP3 1A9, 3.500%, 10/25/2059 | 88985 | 0.0 |
| 109600 <sup>(1)(2)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 102688 | 0.0 |
| 220099 <sup>(1)(2)</sup> | OBX Trust 2020-EXP3 1A9, 3.000%, 01/25/2060 | 191236 | 0.0 |
| 270532 <sup>(1)(2)</sup> | OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049 | 243971 | 0.0 |
| 890240 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 721910 | 0.1 |
| 2481837 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.967%, 10/25/2051 | 2027460 | 0.2 |
| 2765000 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 2649667 | 0.3 |
| 1055142 <sup>(1)(2)</sup> | Provident Funding Mortgage Trust 2020-1 B3, 3.239%, 02/25/2050 | 898847 | 0.1 |
| 3725 <sup>(1)(2)</sup> | PSMC Trust 2019-2 A1, 3.500%, 10/25/2049 | 3707 | 0.0 |
| 185345 <sup>(1)(2)</sup> | PSMC Trust 2019-3 A12, 3.500%, 11/25/2049 | 173879 | 0.0 |
| 600000 <sup>(1)(2)</sup> | Radnor Re Ltd. 2024-1 B1, 9.490%, (SOFR30A + 5.150%), 09/25/2034 | 630483 | 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)** |
| 432775 <sup>(1)(2)</sup> | Radnor RE Ltd. 2021-1 M1C, 7.040%, (SOFR30A + 2.700%), 12/27/2033 | $436761 | 0.1 |
| 89125 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 | 80765 | 0.0 |
| 834415 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B1A, 3.888%, 09/25/2049 | 766669 | 0.1 |
| 852842 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B2A, 3.888%, 09/25/2049 | 780589 | 0.1 |
| 1252925 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 1126299 | 0.1 |
| 216766 <sup>(2)</sup> | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 | 207578 | 0.0 |
| 272951 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2015-3 B3, 3.730%, 07/25/2045 | 219663 | 0.0 |
| 1087617 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.559%, 02/25/2047 | 1017259 | 0.1 |
| 720991 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-CH1 B2B, 4.521%, 08/25/2047 | 695295 | 0.1 |
| 843099 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.247%, 06/25/2049 | 787593 | 0.1 |
| 296287 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 267460 | 0.0 |
| 425899 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B2, 3.712%, 12/25/2049 | 389035 | 0.1 |
| 425899 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B3, 3.712%, 12/25/2049 | 385522 | 0.1 |
| 485958 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH1 B2B, 4.911%, 03/25/2049 | 475746 | 0.1 |
| 1057955 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.790%, 08/25/2049 | 1032332 | 0.1 |
| 583986 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 | 550386 | 0.1 |
| 1887680 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.509%, 09/25/2049 | 1803674 | 0.2 |
| 1111599 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.509%, 09/25/2049 | 1050160 | 0.1 |
| 891909 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B2, 3.631%, 03/25/2050 | 793508 | 0.1 |
| 1557305 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.631%, 03/25/2050 | 1383558 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 1253109 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.312%, 04/25/2050 | $1101890 | 0.1 |
| 1617579 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.863%, 11/25/2051 | 1338014 | 0.2 |
| 1396401 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.138%, 01/25/2053 | 1320991 | 0.2 |
| 985625 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-3 B3, 6.165%, 09/25/2053 | 975261 | 0.1 |
| 697910 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 6.000%, 03/25/2054 | 700341 | 0.1 |
| 1434085 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-6 B4, 6.579%, 07/27/2054 | 1297149 | 0.2 |
| 668635 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 660082 | 0.1 |
| 1935717 <sup>(2)</sup> | Sequoia Mortgage Trust 2025-1 A19, 6.000%, 01/25/2055 | 1942510 | 0.2 |
| 991616 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2025-2 A19, 6.000%, 03/25/2055 | 994451 | 0.1 |
| 797159 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.631%, 10/25/2047 | 735359 | 0.1 |
| 558181 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 | 516516 | 0.1 |
| 2096556 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 | 1843628 | 0.2 |
| 1397704 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 | 1302119 | 0.2 |
| 35970 <sup>(1)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 3A1, 5.795%, 03/25/2035 | 32735 | 0 |
| 2507848 <sup>(1)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 | 550850 | 0.1 |
| 768737 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.993%, 11/25/2057 | 758937 | 0.1 |
| 974324 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.218%, 12/25/2051 | 801529 | 0.1 |
| 3185592 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.231%, 01/25/2052 | 2648195 | 0.3 |
| 606996 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 | 519771 | 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)** |
| 369380 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-6 A1, 1.630%, 10/25/2066 | $316424 | 0 |
| 55951 <sup>(1)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A1, 7.546%, 10/20/2035 | 54906 | 0 |
| 72586 <sup>(1)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A2, 7.546%, 10/20/2035 | 71230 | 0 |
| 218491 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.313%, 12/25/2036 | 197686 | 0 |
| 238387 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 5.884%, 07/25/2034 | 223614 | 0 |
| 242698 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 6.208%, 06/25/2034 | 236547 | 0 |
| 167848 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 5.415%, (TSFR1M + 1.094%), 10/25/2045 | 164032 | 0 |
| 155541 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR16 1A1, 4.720%, 12/25/2035 | 142506 | 0 |
| 178799 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR14 1A3, 4.218%, 11/25/2036 | 157663 | 0 |
| 558949 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR16 1A1, 4.356%, 12/25/2036 | 510770 | 0.1 |
| 238706 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR16 2A3, 4.518%, 12/25/2036 | 211915 | 0 |
| 173429 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2007-HY1 2A3, 4.362%, 02/25/2037 | 159572 | 0 |
| 305959 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2007-HY1 3A2, 4.091%, 02/25/2037 | 260776 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 256528 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-10 2A9, 6.000%, 11/25/2035 | $246326 | 0.0 |
| 84831 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-7 1A4, 5.500%, 09/25/2035 | 77102 | 0.0 |
| 315908 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | 291226 | 0.0 |
| 417976 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2007-OC1 A3, 4.895%, (TSFR1M + 0.574%), 01/25/2047 | 375127 | 0.1 |
| 80649 | Wells Fargo Alternative Loan Trust 2007-PA3 3A1, 6.250%, 07/25/2037 | 69742 | 0.0 |
| 407543 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.646%, 07/25/2047 | 365057 | 0.1 |
| 41451 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.154%, 04/25/2036 | 40838 | 0.0 |
| 266069 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 6.679%, 12/28/2037 | 237484 | 0.0 |
| 144388 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2019-3 A17, 3.500%, 07/25/2049 | 131381 | 0.0 |
| 1320949 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049 | 1152764 | 0.1 |
| 955990 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-4 B2, 3.156%, 07/25/2050 | 849029 | 0.1 |
| 1156029 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 B3, 2.700%, 12/25/2050 | 879728 | 0.1 |
|  | Total Collateralized |  |  |
|  | Mortgage Obligations |  |  |
|  | (Cost $305,745,263) | **290595341** | **34.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 32.6%** |
| 4000000 <sup>(1)(2)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 B, 6.253%, (TSFR1M + 1.941%), 08/18/2042 | $4003508 | 0.5 |
| 1803038 <sup>(2)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | 1370335 | 0.2 |
| 3947814 <sup>(2)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054 | 2858127 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | AREIT Ltd. 2025-CRE10 C, 6.411%, (TSFR1M + 2.092%), 01/17/2030 | 2754221 | 0.3 |
| 2000000 <sup>(2)</sup> | ARZ Trust 2024-BILT F, 8.268%, 06/11/2029 | 2069910 | 0.3 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 6.267%, (TSFR1M + 1.947%), 12/15/2036 | 482969 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR C, 7.015%, 12/10/2041 | 2590071 | 0.3 |
| 1750000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF C, 7.320%, (TSFR1M + 3.000%), 02/15/2042 | 1750177 | 0.2 |
| 1537474 <sup>(2)</sup> | BANK 2017-BNK4 D, 3.357%, 05/15/2050 | 1137652 | 0.1 |
| 7060000 <sup>(1)(2)(3)</sup> | BANK 2017-BNK4 XE, 1.472%, 05/15/2050 | 178111 | 0.0 |
| 14780716 <sup>(1)(2)(3)</sup> | BANK 2017-BNK8 XE, 1.292%, 11/15/2050 | 443459 | 0.1 |
| 9363500 <sup>(1)(2)(3)</sup> | BANK 2018-BN12 XD, 1.402%, 05/15/2061 | 364223 | 0.1 |
| 2500000 <sup>(1)</sup> | BANK 2020-BN26 C, 3.414%, 03/15/2063 | 2066271 | 0.3 |
| 36689044 <sup>(1)(3)</sup> | BANK 2020-BN27 XA, 1.155%, 04/15/2063 | 1622991 | 0.2 |
| 12055827 <sup>(1)(3)</sup> | BANK 2020-BN30 XA, 1.274%, 12/15/2053 | 649904 | 0.1 |
| 2300000 <sup>(2)</sup> | BANK5 2024-5YR12 D, 4.000%, 12/15/2057 | 2024804 | 0.2 |
| 29976536 <sup>(1)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.518%, 08/15/2052 | 1477954 | 0.2 |
| 103000000 <sup>(1)(2)(3)</sup> | BBCCRE Trust 2015-GTP XB, 0.215%, 08/10/2033 | 22624 | 0.0 |
| 3000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C27 D, 4.000%, 07/15/2057 | 2673312 | 0.3 |
| 2000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C29 D, 4.000%, 09/15/2057 | 1728467 | 0.2 |
| 2500000 <sup>(2)</sup> | BBCMS Mortgage Trust 2024-5C31 D, 4.250%, 12/15/2057 | 2223868 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Securitized Credit Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>As of March 31, 2025 (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)** |
| 2000000 <sup>(2)</sup> | BBCMS Mortgage Trust 2025-C32 D, 4.500%, 02/15/2062 | $1669650 | 0.2 |
| 19995718 <sup>(1)(3)</sup> | BBCMS Mortgage Trust 2025-C32 XA, 1.130%, 02/15/2062 | 1749787 | 0.2 |
| 6219966 <sup>(1)(3)</sup> | BBCMS Trust 2021-C10 XA, 1.212%, 07/15/2054 | 342507 | 0 |
| 8000000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B4 XD, 1.750%, 07/15/2051 | 374222 | 0.1 |
| 13253026 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051 | 547422 | 0.1 |
| 46853687 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2018-B7 XA, 0.407%, 05/15/2053 | 525429 | 0.1 |
| 11658382 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.221%, 03/15/2062 | 455143 | 0.1 |
| 1000000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B13 C, 3.839%, 08/15/2057 | 814769 | 0.1 |
| 10418134 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B14 XD, 1.254%, 12/15/2062 | 554002 | 0.1 |
| 1350000 <sup>(2)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 863411 | 0.1 |
| 3220000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B9 XD, 1.993%, 03/15/2052 | 206647 | 0 |
| 11010009 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B17 XA, 1.385%, 03/15/2053 | 510409 | 0.1 |
| 5115479 <sup>(2)</sup> | Benchmark Mortgage Trust 2020-B18 AGNF, 4.139%, 07/15/2053 | 4956658 | 0.6 |
| 14484759 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.806%, 07/15/2053 | 757715 | 0.1 |
| 6853140 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B20 XA, 1.600%, 10/15/2053 | 384922 | 0.1 |
| 11051063 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.503%, 01/15/2054 | 746632 | 0.1 |
| 23830998 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.078%, 04/15/2054 | 1078354 | 0.1 |
| 4882185 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B28 XA, 1.258%, 08/15/2054 | 268469 | 0 |
| 1000000 <sup>(1)(2)</sup> | BHMS 2018-ATLS D, 6.866%, (TSFR1M + 2.547%), 07/15/2035 | 997205 | 0.1 |
| 4598445 <sup>(2)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | 3672952 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 2341154 <sup>(2)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052 | $1785442 | 0.2 |
| 5887827 <sup>(2)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.428%, 05/25/2052 | 4793453 | 0.6 |
| 2000000 <sup>(2)</sup> | BMO Mortgage Trust 2024-5C6 D, 4.500%, 09/15/2057 | 1818846 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2024-BOCA B, 6.659%, (TSFR1M + 2.340%), 08/15/2041 | 1002510 | 0.1 |
| 1679341 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 6.265%, (TSFR1M + 1.946%), 04/15/2034 | 1658721 | 0.2 |
| 700000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.604%, (TSFR1M + 2.285%), 10/15/2036 | 686446 | 0.1 |
| 876738 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-SOAR G, 7.234%, (TSFR1M + 2.914%), 06/15/2038 | 860287 | 0.1 |
| 2922704 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.834%, (TSFR1M + 2.514%), 09/15/2036 | 2882289 | 0.3 |
| 3300000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2022-CSMO B, 7.460%, (TSFR1M + 3.141%), 06/15/2027 | 3310207 | 0.4 |
| 966612 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023-XL3 D, 7.908%, (TSFR1M + 3.589%), 12/09/2040 | 968119 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIR2 D, 7.110%, (TSFR1M + 2.790%), 10/15/2041 | 2004095 | 0.2 |
| 987006 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING D, 6.809%, (TSFR1M + 2.490%), 05/15/2034 | 984352 | 0.1 |
| 3158420 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-KING E, 8.007%, (TSFR1M + 3.688%), 05/15/2034 | 3152803 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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)** |
| 885455 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-MF D, 7.009%, (TSFR1M + 2.690%), 02/15/2039 | $886899 | 0.1 |
| 1458014 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-XL4 D, 7.459%, (TSFR1M + 3.140%), 02/15/2039 | 1458193 | 0.2 |
| 2800000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA F, 7.027%, (TSFR1M + 2.708%), 10/15/2036 | 2771860 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 6.133%, (TSFR1M + 1.814%), 10/15/2036 | 989661 | 0.1 |
| 1859724 <sup>(1)(2)</sup> | BX Trust 2021-RISE D, 6.183%, (TSFR1M + 1.864%), 11/15/2036 | 1838319 | 0.2 |
| 2265319 <sup>(1)(2)</sup> | BX Trust 2021-SDMF E, 6.020%, (TSFR1M + 1.701%), 09/15/2034 | 2222346 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BX Trust 2022-LBA6 E, 7.019%, (TSFR1M + 2.700%), 01/15/2039 | 1997226 | 0.2 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2022-VAMF F, 7.618%, (TSFR1M + 3.299%), 01/15/2039 | 492122 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | BX Trust 2023-DELC A, 7.009%, (TSFR1M + 2.690%), 05/15/2038 | 2255637 | 0.3 |
| 1675000 <sup>(1)(2)</sup> | BX Trust 2025-ROIC E, 7.260%, (TSFR1M + 2.941%), 03/15/2030 | 1669683 | 0.2 |
| 2750000 <sup>(1)(2)</sup> | BX Trust 2025-VLT6 E, 7.510%, (TSFR1M + 3.191%), 03/15/2042 | 2731850 | 0.3 |
| 2000000 <sup>(1)(2)</sup> | BXMT Ltd. 2025-FL5 A, 5.959%, (TSFR1M + 1.639%), 10/18/2042 | 2003329 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | BXSC Commercial Mortgage Trust 2022-WSS E, 8.454%, (TSFR1M + 4.134%), 03/15/2035 | 2002317 | 0.2 |
| 948000 <sup>(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF2 D, 2.500%, 11/15/2052 | 740101 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | Cantor Commercial Real Estate Lending 2019-CF3 D, 2.500%, 01/15/2053 | 864718 | 0.1 |
| 11881844 <sup>(1)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.393%, 08/15/2057 | 542942 | 0.1 |
| 2000000 <sup>(2)</sup> | CFK Trust 2020-MF2 C, 2.995%, 03/15/2039 | 1797588 | 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)** |
| 45735707 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2014-GC19 XD, 0.900%, 03/11/2047 | $515537 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2016-C2 D, 3.250%, 08/10/2049 | 909876 | 0.1 |
| 14434785 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.254%, 09/15/2050 | 382115 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2021-PRM2 D, 6.334%, (TSFR1M + 2.014%), 10/15/2038 | 981163 | 0.1 |
| 2000000 <sup>(2)</sup> | Citigroup Commercial Mortgage Trust 2023-PRM3 C, 6.360%, 07/10/2028 | 2034156 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT D, 5.852%, 10/12/2040 | 986822 | 0.1 |
| 1565428 <sup>(1)(2)</sup> | Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.069%, 11/10/2051 | 1118003 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM D, 7.926%, 12/10/2041 | 2814985 | 0.3 |
| 16406000 <sup>(1)(2)(3)</sup> | CSAIL Commercial Mortgage Trust 2017-CX10 XE, 0.923%, 11/15/2050 | 384684 | 0.1 |
| 2360000 <sup>(1)</sup> | CSAIL Commercial Mortgage Trust 2018-CX12 B, 4.614%, 08/15/2051 | 2233571 | 0.3 |
| 1847000 | DBJPM Mortgage Trust 2016-C3 B, 3.264%, 08/10/2049 | 1760763 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | DBWF Mortgage Trust 2015-LCM D, 3.422%, 06/10/2034 | 879993 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 7.069%, (TSFR1M + 2.750%), 03/15/2034 | 3499569 | 0.4 |
| 2598451 <sup>(1)(2)</sup> | Extended Stay America Trust 2021-ESH E, 7.283%, (TSFR1M + 2.964%), 07/15/2038 | 2597617 | 0.3 |
| 2650000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU E, 7.469%, (TSFR1M + 3.150%), 12/15/2039 | 2658089 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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)** |
| 13264420 <sup>(2)(3)</sup> | Freddie Mac Multifamily ML Certificates 2021-ML11 XUS, 0.769%, 03/25/2038 | $655583 | 0.1 |
| 3360188 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1515 X1, 1.508%, 02/25/2035 | 344741 | 0.0 |
| 9033888 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.979%, 08/25/2036 | 692657 | 0.1 |
| 3378024 <sup>(2)(4)</sup> | FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049 | 2974481 | 0.4 |
| 47688413 <sup>(2)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2A, 0.100%, 08/25/2049 | 38284 | 0.0 |
| 12250292 <sup>(2)(3)</sup> | FREMF Mortgage Trust 2016-K57 X2B, 0.100%, 08/25/2049 | 14556 | 0.0 |
| 2000000 <sup>(1)(2)</sup> | FS Trust 2024-HULA D, 7.259%, (TSFR1M + 2.940%), 08/15/2039 | 2005393 | 0.2 |
| 5187577 <sup>(2)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 4365426 | 0.5 |
| 5604792 <sup>(2)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 2C, 0.000%, 11/29/2050 | 4572481 | 0.5 |
| 1000000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049 | 864196 | 0.1 |
| 6944491 <sup>(2)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.973%, 11/27/2050 | 6059293 | 0.7 |
| 3644248 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 2797247 | 0.3 |
| 2736005 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 2699929 | 0.3 |
| 2735306 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 2690213 | 0.3 |
| 3727676 <sup>(2)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK49, 0.994%, 09/27/2051 | 3637391 | 0.4 |
| 3163003 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | 2263913 | 0.3 |
| 1683673 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | 1673576 | 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)** |
| 3725579 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | $3585482 | 0.4 |
| 1400000 <sup>(1)(2)</sup> | GS Mortgage Securities Corp. Trust 2023-FUN C, 7.709%, (TSFR1M + 3.389%), 03/15/2028 | 1403922 | 0.2 |
| 5390514 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GC38 XA, 1.007%, 02/10/2052 | 174179 | 0 |
| 1516508 <sup>(2)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 1120977 | 0.1 |
| 11499627 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GC40 XA, 1.118%, 07/10/2052 | 431396 | 0.1 |
| 1257933 <sup>(2)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 842984 | 0.1 |
| 500000 <sup>(2)</sup> | GS Mortgage Securities Trust 2021-GSA3 E, 2.250%, 12/15/2054 | 313955 | 0 |
| 2500000 <sup>(1)(2)</sup> | GSMS Trustair 2024-FAIR C, 6.431%, 07/15/2029 | 2556773 | 0.3 |
| 3700000 <sup>(1)(2)</sup> | GWT 2024-WLF2 D, 7.259%, (TSFR1M + 2.939%), 05/15/2041 | 3714008 | 0.4 |
| 3000000 <sup>(1)(2)</sup> | Hawaii Hotel Trust 2025-MAUI D, 6.911%, (TSFR1M + 2.591%), 03/15/2042 | 2993211 | 0.4 |
| 1149449 <sup>(1)(2)</sup> | HIT Trust 2022-HI32 B, 7.508%, (TSFR1M + 3.189%), 07/15/2039 | 1152744 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | HLTN Commercial Mortgage Trust 2024-DPLO D, 7.658%, (TSFR1M + 3.339%), 06/15/2041 | 2005834 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY E, 8.150%, (TSFR1M + 3.850%), 03/15/2042 | 1987799 | 0.2 |
| 4100000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON E, 5.222%, 01/05/2034 | 3870281 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI D, 5.797%, 10/05/2039 | 991874 | 0.1 |
| 1000000 | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2 B, 3.460%, 08/15/2049 | 922226 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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)** |
| 2143000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC F, 7.634%, (TSFR1M + 3.314%), 04/15/2038 | $2136837 | 0.3 |
| 22487488 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2013-C15 XC, 0.768%, 11/15/2045 | 210557 | 0.0 |
| 46979000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XD, 0.500%, 01/15/2048 | 279206 | 0.0 |
| 34428000 <sup>(1)(2)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C26 XE, 0.186%, 01/15/2048 | 110283 | 0.0 |
| 1000000 <sup>(1)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C29 B, 4.118%, 05/15/2048 | 983355 | 0.1 |
| 1150000 <sup>(1)(2)</sup> | JW Trust 2024-BERY A, 5.912%, (TSFR1M + 1.593%), 11/15/2039 | 1150811 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 D, 7.609%, (TSFR1M + 3.290%), 12/15/2039 | 2511759 | 0.3 |
| 1875000 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 8.508%, (TSFR1M + 4.188%), 03/15/2036 | 1874149 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 6.461%, (TSFR1M + 2.141%), 08/17/2042 | 1001501 | 0.1 |
| 805692 <sup>(1)(2)</sup> | MCR Mortgage Trust 2024-HTL D, 8.225%, (TSFR1M + 3.905%), 02/15/2037 | 811663 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | MHC Commercial Mortgage Trust 2021-MHC F, 7.034%, (TSFR1M + 2.715%), 04/15/2038 | 1597143 | 0.2 |
| 800000 <sup>(1)(2)</sup> | MHC Trust 2021-MHC2 E, 6.383%, (TSFR1M + 2.064%), 05/15/2038 | 795551 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | MHP 2021-STOR G, 7.184%, (TSFR1M + 2.864%), 07/15/2038 | 1982133 | 0.2 |
| 2279035 <sup>(1)(2)</sup> | MHP 2022-MHIL F, 7.578%, (TSFR1M + 3.259%), 01/15/2039 | 2262506 | 0.3 |
| 1270000 | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 B, 6.513%, 03/15/2030 | 1314327 | 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)** |
| 14143663 <sup>(1)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XA, 0.848%, 12/15/2050 | $266685 | 0 |
| 10870640 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XD, 1.587%, 12/15/2050 | 401004 | 0.1 |
| 1171000 <sup>(1)</sup> | Morgan Stanley Capital I Trust 2018-H3 C, 4.854%, 07/15/2051 | 1091734 | 0.1 |
| 25824587 <sup>(1)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XA, 1.218%, 07/15/2052 | 1122654 | 0.1 |
| 6586500 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XD, 1.364%, 07/15/2052 | 334117 | 0 |
| 1500000 | Morgan Stanley Capital I Trust 2020-HR8 A4, 2.041%, 07/15/2053 | 1305008 | 0.2 |
| 3500000 <sup>(1)(2)</sup> | NXPT Commercial Mortgage Trust 2024-STOR E, 6.703%, 11/05/2041 | 3541012 | 0.4 |
| 2750000 <sup>(1)(2)</sup> | NYC Commercial Mortgage Trust 2025-3BP D, 6.760%, (TSFR1M + 2.441%), 02/15/2042 | 2733241 | 0.3 |
| 2750000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS E, 7.509%, (TSFR1M + 3.190%), 12/15/2039 | 2756802 | 0.3 |
| 1245409 <sup>(2)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | 1207083 | 0.2 |
| 6988518 <sup>(2)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 6159393 | 0.7 |
| 2750000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 D, 5.250%, 03/10/2033 | 2711195 | 0.3 |
| 9525351 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.358%, 11/08/2049 | 8820967 | 1 |
| 4402767 <sup>(2)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 3796477 | 0.5 |
| 2320000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037 | 1967360 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | SMRT 2022-MINI F, 7.670%, (TSFR1M + 3.350%), 01/15/2039 | 2372227 | 0.3 |
| 3750000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA E, 7.659%, (TSFR1M + 3.340%), 03/15/2042 | 3707150 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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)** |
| 14470319 <sup>(1)(3)</sup> | UBS Commercial Mortgage Trust 2019-C16 XA, 1.519%, 04/15/2052 | $630452 | 0.1 |
| 1659000 <sup>(1)</sup> | UBS Commercial Mortgage Trust 2019-C18 B, 3.681%, 12/15/2052 | 1408952 | 0.2 |
| 1560000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE D, 7.259%, (TSFR1M + 2.940%), 11/15/2041 | 1560590 | 0.2 |
| 16657000 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C30 XE, 1.257%, 09/15/2058 | 74062 | 0.0 |
| 16657000 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C30 XFG, 1.257%, 09/15/2058 | 74017 | 0.0 |
| 3000000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-C37 D, 3.164%, 12/15/2049 | 2752547 | 0.3 |
| 3375000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.029%, 12/15/2059 | 3013056 | 0.4 |
| 7605000 <sup>(1)(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2016-NXS6 XFG, 2.000%, 11/15/2049 | 184920 | 0.0 |
| 21536852 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.857%, 10/15/2050 | 329923 | 0.0 |
| 13607525 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2018-C45 XA, 0.764%, 06/15/2051 | 279282 | 0.0 |
| 1380000 | Wells Fargo Commercial Mortgage Trust 2021-C59 B, 3.034%, 04/15/2054 | 1153108 | 0.1 |
| 14013059 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.495%, 08/15/2054 | 956893 | 0.1 |
| 2500000 <sup>(2)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C61 D, 2.500%, 11/15/2054 | 1905643 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <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)** |
| 765487 <sup>(1)</sup> | WFRBS Commercial Mortgage Trust 2014-C21 B, 4.213%, 08/15/2047 | $| 740547 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $275,194,258) |  | **277695454** | **32.6** |
| **ASSET-BACKED SECURITIES: 23.9%** | **ASSET-BACKED SECURITIES: 23.9%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** |
| 1650 <sup>(2)(5)</sup> | Carvana Auto Receivables Trust 2023-P1 R, 03/11/2030 |  | 166721 | 0.0 |
| 3334 <sup>(2)(5)</sup> | Chase Auto Owner Trust 2024-3A R1, 09/25/2031 |  | 1104515 | 0.1 |
| 2000 <sup>(2)(5)</sup> | Chase Auto Owner Trust 2024-4A R1, 11/25/2031 |  | 693199 | 0.1 |
|  |  |  | **1964435** | **0.2** |
|  | **Home Equity Asset-Backed Securities: 0.5%** | **Home Equity Asset-Backed Securities: 0.5%** | **Home Equity Asset-Backed Securities: 0.5%** | **Home Equity Asset-Backed Securities: 0.5%** |
| 512112 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 412713 | 0.1 |
| 657377 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038 |  | 502831 | 0.1 |
| 2235748 <sup>(1)</sup> | GSAA Home Equity Trust 2006-14 A3A, 4.935%, (TSFR1M + 0.614%), 09/25/2036 |  | 673234 | 0.1 |
| 866997 <sup>(1)</sup> | GSAA Home Equity Trust 2007-1 1A1, 4.595%, (TSFR1M + 0.274%), 02/25/2037 |  | 249326 | 0.0 |
| 171045 <sup>(1)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 170903 | 0.0 |
| 282436 <sup>(1)</sup> | Renaissance Home Equity Loan Trust 2005-4 A6, 5.749%, 02/25/2036 |  | 262545 | 0.0 |
| 1944745 <sup>(2)</sup> | Unlock HEA Trust 2024-2 A, 6.500%, 10/25/2039 |  | 1907003 | 0.2 |
|  |  |  | **4178555** | **0.5** |
|  | **Other Asset-Backed Securities: 20.7%** | **Other Asset-Backed Securities: 20.7%** | **Other Asset-Backed Securities: 20.7%** | **Other Asset-Backed Securities: 20.7%** |
| 1550000 <sup>(1)(2)</sup> | AB BSL CLO 3 Ltd. 2021-3A D1R, 6.968%, (TSFR3M + 2.650%), 04/20/2038 |  | 1515528 | 0.2 |
| 1650000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 6.415%, (TSFR3M + 2.100%), 01/20/2038 |  | 1652987 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 769058 <sup>(2)</sup> | ACHV ABS TRUST 2024-1PL A, 5.900%, 04/25/2031 | $775730 | 0.1 |
| 1009203 <sup>(1)(2)(3)(6)</sup> | American Homes 4 Rent Trust 2015-SFR1 XS, 3.232%, 04/17/2052 |  |  |
| 1350000 <sup>(1)(2)</sup> | Apidos CLO XV 2013-15A CRR, 6.405%, (TSFR3M + 2.112%), 04/20/2031 | 1352148 | 0.2 |
| 2650000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.605%, (TSFR3M + 2.312%), 10/20/2030 | 2658793 | 0.3 |
| 761310 <sup>(2)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 | 747503 | 0.1 |
| 4053000 <sup>(2)</sup> | Aqua Finance Trust 2021-A B, 2.400%, 07/17/2046 | 3556035 | 0.4 |
| 1902360 <sup>(2)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 | 1813334 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO 2019-2A ER3, 10.195%, (TSFR3M + 5.900%), 10/17/2032 | 1973540 | 0.2 |
| 1150000 <sup>(1)(2)</sup> | Bain Capital Credit Clo Ltd. 2019-4A ERR, 11.295%, (TSFR3M + 7.000%), 04/23/2035 | 1133857 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2022-4A CR, 6.358%, (TSFR3M + 2.050%), 10/16/2037 | 1001404 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2024-2A C, 6.802%, (TSFR3M + 2.500%), 07/15/2037 | 4019148 | 0.5 |
| 103609 <sup>(1)</sup> | Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 6.421%, 10/25/2036 | 103539 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Birch Grove Clo 11 Ltd. 2024-11A E, 10.149%, (TSFR3M + 5.800%), 01/22/2038 | 994442 | 0.1 |
| 1700000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A D2, 8.093%, (TSFR3M + 3.750%), 04/22/2038 | 1704000 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A E, 9.293%, (TSFR3M + 4.950%), 04/22/2038 | 1251010 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 1000000 <sup>(1)(2)</sup> | Birch Grove CLO 3 Ltd. 2021-3A ER, 9.455%, (TSFR3M + 5.150%), 01/19/2038 | $1000255 | 0.1 |
| 900000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.835%, (TSFR3M + 2.000%), 10/22/2037 | 890541 | 0.1 |
| 1375000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A E, 10.964%, (TSFR3M + 6.662%), 04/15/2034 | 1322093 | 0.2 |
| 2968875 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR, 6.452%, (TSFR3M + 2.150%), 04/15/2035 | 2971105 | 0.3 |
| 1400000 <sup>(2)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 1409032 | 0.2 |
| 1700000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A CR2, 6.480%, (TSFR3M + 2.100%), 01/20/2038 | 1706807 | 0.2 |
| 5000000 <sup>(1)(2)</sup> | CBAM Ltd. 2019-9A CR, 7.002%, (TSFR3M + 2.700%), 07/15/2037 | 5040390 | 0.6 |
| 2600000 <sup>(1)(2)</sup> | Cedar Funding V CLO Ltd. 2016-5A CR, 6.664%, (TSFR3M + 2.362%), 07/17/2031 | 2595057 | 0.3 |
| 1500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 6.493%, (TSFR3M + 2.200%), 07/21/2037 | 1503602 | 0.2 |
| 1396153 <sup>(2)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 1278627 | 0.2 |
| 3434625 <sup>(2)</sup> | DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051 | 2970226 | 0.3 |
| 959818 <sup>(2)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 | 955355 | 0.1 |
| 1278178 <sup>(2)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2II, 4.328%, 07/25/2048 | 1264595 | 0.1 |
| 905280 <sup>(2)</sup> | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 852331 | 0.1 |
| 1650000 <sup>(1)(2)</sup> | Elevation CLO Ltd. 2021-14A C2R, 6.473%, (TSFR3M + 2.150%), 01/20/2038 | 1626293 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 6.303%, (TSFR3M + 2.000%), 07/17/2037 | 3004827 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 2850000 <sup>(1)(2)</sup> | Galaxy XV CLO Ltd. 2013-15A CRR, 6.414%, (TSFR3M + 2.112%), 10/15/2030 | $2856356 | 0.3 |
| 1544490 <sup>(2)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 1563430 | 0.2 |
| 197349 <sup>(1)(2)</sup> | HGI CRE CLO Ltd. 2021-FL2 A, 5.434%, (TSFR1M + 1.114%), 09/17/2036 | 197207 | 0.0 |
| 536870 <sup>(2)</sup> | J.G. Wentworth XLI LLC 2018-1A B, 4.700%, 10/15/2074 | 474125 | 0.1 |
| 1600000 <sup>(2)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 1619831 | 0.2 |
| 615095 <sup>(2)</sup> | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 | 555092 | 0.1 |
| 729074 <sup>(2)</sup> | LCSS Financing LLC 2018-A A, 4.700%, 12/15/2062 | 639309 | 0.1 |
| 1036559 <sup>(2)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 806918 | 0.1 |
| 850000 <sup>(1)(2)</sup> | Magnetite Xlv Ltd. 2025-45A E, 8.785%, (TSFR3M + 4.500%), 04/15/2038 | 852424 | 0.1 |
| 830521 <sup>(2)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 747833 | 0.1 |
| 516702 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 475496 | 0.1 |
| 712826 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044 | 656642 | 0.1 |
| 389708 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 345410 | 0.0 |
| 656973 <sup>(2)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 571736 | 0.1 |
| 721773 <sup>(2)</sup> | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | 574261 | 0.1 |
| 1763477 <sup>(2)</sup> | Mosaic Solar Loan Trust 2024-2A B, 6.300%, 04/22/2052 | 1709563 | 0.2 |
| 478708 <sup>(2)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 442226 | 0.1 |
| 1865700 <sup>(2)</sup> | Mosaic Solar Loans LLC 2024-1A B, 6.250%, 09/20/2049 | 1805552 | 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)** |
| 1400000 <sup>(1)(2)</sup> | Neuberger Berman CLO XX Ltd. 2015-20A D2R3, 8.018%, (TSFR3M + 3.700%), 04/15/2039 | $1378987 | 0.2 |
| 1850000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 27 Ltd. 2018-27A CR, 6.402%, (TSFR3M + 2.100%), 07/15/2038 | 1855167 | 0.2 |
| 3135000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.563%, (TSFR3M + 2.270%), 07/20/2037 | 3121918 | 0.4 |
| 1100000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.793%, (TSFR3M + 2.500%), 04/20/2037 | 1098456 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2020-20A CR, 6.743%, (TSFR3M + 2.450%), 04/18/2037 | 3513066 | 0.4 |
| 2000000 <sup>(1)(2)</sup> | Octagon 75 Ltd. 2025-1A D1, 6.922%, (TSFR3M + 2.600%), 01/22/2038 | 1967062 | 0.2 |
| 2400000 <sup>(2)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 2414948 | 0.3 |
| 3750000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.808%, (TSFR3M + 2.500%), 04/16/2037 | 3788434 | 0.4 |
| 1600000 <sup>(1)(2)</sup> | Palmer Square Loan Funding Ltd. 2025-1A D, 8.420%, (TSFR3M + 4.100%), 02/15/2033 | 1603786 | 0.2 |
| 3400000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A B, 7.793%, (TSFR3M + 3.500%), 07/20/2036 | 3402652 | 0.4 |
| 6368000 <sup>(2)</sup> | Planet Fitness Master Issuer LLC 2024-1A A2II, 6.237%, 06/05/2054 | 6492359 | 0.8 |
| 3636 <sup>(1)</sup> | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.398%, 01/25/2036 | 3618 | 0.0 |
| 600000 <sup>(1)(2)</sup> | Sound Point CLO VII-R Ltd. 2014-3RA C, 6.802%, (TSFR3M + 2.512%), 10/23/2031 | 600607 | 0.1 |
| 4100000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.862%, (TSFR3M + 2.562%), 04/25/2034 | 4105465 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 26227 <sup>(1)</sup> | Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC5 A4, 4.775%, (TSFR1M + 0.454%), 12/25/2036 | $26019 | 0.0 |
| 7531125 <sup>(2)</sup> | Subway Funding LLC 2024-3A A2II, 5.566%, 07/30/2054 | 7488923 | 0.9 |
| 774922 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048 | 735828 | 0.1 |
| 1190908 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 910056 | 0.1 |
| 4721617 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 3616191 | 0.4 |
| 895656 <sup>(2)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 800422 | 0.1 |
| 1579907 <sup>(2)</sup> | Sunnova Helios XII Issuer LLC 2023-B C, 6.000%, 08/22/2050 | 1276421 | 0.2 |
| 2447902 <sup>(2)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 2007696 | 0.2 |
| 2129671 <sup>(2)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 1993097 | 0.2 |
| 2105554 <sup>(2)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 | 2047493 | 0.2 |
| 4393897 <sup>(2)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 4144021 | 0.5 |
| 853058 <sup>(2)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 794522 | 0.1 |
| 7500000 <sup>(1)(2)</sup> | Symphony CLO 43 Ltd. 2024-43A C, 6.852%, (TSFR3M + 2.550%), 04/15/2037 | 7536210 | 0.9 |
| 885000 <sup>(1)(2)</sup> | Symphony CLO XIX Ltd. 2018-19A C, 6.319%, (TSFR3M + 2.012%), 04/16/2031 | 886362 | 0.1 |
| 3930000 <sup>(2)</sup> | Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051 | 3333961 | 0.4 |
| 3958500 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2017-3A CR, 7.064%, (TSFR3M + 2.762%), 04/15/2035 | 3945674 | 0.5 |
| 1069994 <sup>(2)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 | 958242 | 0.1 |
| 6800000 <sup>(2)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 | 6937911 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1384020 <sup>(2)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 | $| 1252466 | 0.1 |
| 1266720 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.844%, (TSFR3M + 2.542%), 07/15/2031 |  | 1266752 | 0.1 |
| 1400000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 6.302%, (TSFR3M + 2.000%), 04/15/2032 |  | 1400217 | 0.2 |
| 1358491 <sup>(2)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 |  | 1203766 | 0.1 |
| 1583400 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.505%, (TSFR3M + 2.212%), 07/18/2031 |  | 1585713 | 0.2 |
| 3973266 <sup>(2)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 |  | 3754852 | 0.4 |
| 2835750 <sup>(2)</sup> | Zaxbys Funding LLC 2024-1A A2I, 6.594%, 04/30/2054 |  | 2926606 | 0.3 |
| 4417268 <sup>(2)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 4045421 | 0.5 |
|  |  |  | **175758912** | **20.7** |
|  | **Student Loan Asset-Backed Securities: 2.5%** | **Student Loan Asset-Backed Securities: 2.5%** | **Student Loan Asset-Backed Securities: 2.5%** | **Student Loan Asset-Backed Securities: 2.5%** |
| 129376 <sup>(2)</sup> | Commonbond Student Loan Trust 2016-A B, 4.000%, 05/25/2040 |  | 118172 | 0.0 |
| 307032 <sup>(2)</sup> | Commonbond Student Loan Trust 2016-B B, 4.000%, 10/25/2040 |  | 288607 | 0.0 |
| 219054 <sup>(2)</sup> | Commonbond Student Loan Trust 2017-AGS C, 5.280%, 05/25/2041 |  | 207931 | 0.0 |
| 85953 <sup>(2)</sup> | Commonbond Student Loan Trust 2017-BGS C, 4.440%, 09/25/2042 |  | 73158 | 0.0 |
| 374430 <sup>(2)</sup> | Commonbond Student Loan Trust 2020-AGS B, 3.160%, 08/25/2050 |  | 317410 | 0.0 |
| 413902 <sup>(1)(2)</sup> | ELFI Graduate Loan Program LLC 2019-A B, 2.940%, 03/25/2044 |  | 341578 | 0.0 |
| 273031 <sup>(2)</sup> | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 |  | 270084 | 0.0 |
| 725688 <sup>(2)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 |  | 703767 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 156849 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2020-HA A, 1.310%, 01/15/2069 | $147472 | 0.0 |
| 1950000 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 | 1821747 | 0.2 |
| 2420 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-DA R, 04/15/2060 | 1548523 | 0.2 |
| 850000 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-FA B, 2.120%, 02/18/2070 | 595505 | 0.1 |
| 1833000 <sup>(2)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 1645837 | 0.2 |
| 1000000 <sup>(2)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 981225 | 0.1 |
| 874000 <sup>(2)</sup> | SoFi Professional Loan Program LLC 2017-D BFX, 3.610%, 09/25/2040 | 836176 | 0.1 |
| 1000000 <sup>(2)</sup> | SoFi Professional Loan Program LLC 2017-E C, 4.160%, 11/26/2040 | 960332 | 0.1 |
| 2795000 <sup>(2)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | 2681124 | 0.3 |
| 1398000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 1344957 | 0.2 |
| 1468000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 1412957 | 0.2 |
| 3529000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 2933079 | 0.4 |
| 2865000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 2412288 | 0.3 |
|  |  | **21641929** | **2.5** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $211,832,519) | **203543831** | **23.9** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $792,772,040) | **771834626** | **90.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 9.2%** | **SHORT-TERM INVESTMENTS: 9.2%** | **SHORT-TERM INVESTMENTS: 9.2%** | **SHORT-TERM INVESTMENTS: 9.2%** |
|  | **Commercial Paper: 8.9%** | **Commercial Paper: 8.9%** | **Commercial Paper: 8.9%** |
| 6000000 | Autozone, Inc., 4.580%, 04/03/2025 | $5997743 | 0.7 |
| 4000000 | Broadcom, Inc., 4.580%, 04/02/2025 | 3998997 | 0.5 |
| 6000000 | Columbia Pipelines Holding, 4.620%, 04/21/2025 | 5984095 | 0.7 |
| 4000000 | Concord Minutemen Capital Co. LLC, 4.460%, 04/04/2025 | 3998046 | 0.5 |
| 2210000 | Enbridge (US) Inc., 4.610%, 04/11/2025 | 2206934 | 0.3 |
| 6000000 | Enbridge (US) Inc., 4.620%, 04/14/2025 | 5989387 | 0.7 |
| 5000000 | Entergy Corp., 4.590%, 04/01/2025 | 4999371 | 0.6 |
| 6000000 | Entergy Corp., 4.590%, 04/02/2025 | 5998490 | 0.7 |
| 8000000 <sup>(2)</sup> | Enterprise Products, 4.580%, 04/01/2025 | 7998997 | 0.9 |
| 3000000 | Fiserv, Inc., 4.600%, 04/01/2025 | 2999622 | 0.3 |
| 6000000 | Fiserv, Inc., 4.600%, 04/02/2025 | 5998489 | 0.7 |
| 6000000 | HP, Inc., 4.820%, 04/01/2025 | 5999208 | 0.7 |
| 3000000 | Kellanova, 4.640%, 04/17/2025 | 2993536 | 0.3 |
| 6000000 | McCormick & Company, Inc., 4.650%, 04/04/2025 | 5996946 | 0.7 |
| 5000000 | Sherwin-Williams Co., 4.500%, 04/29/2025 | 4982190 | 0.6 |
|  | Total Commercial Paper |  |  |
|  | (Cost $76,151,071) | **76142051** | **8.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <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: 0.3%** | **Mutual Funds: 0.3%** | **Mutual Funds: 0.3%** |
| 2743000 <sup>(7)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $2,743,000) | $**2743000** | **0.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $78,894,071) | **78885051** | **9.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $871,666,111)** | $**850719677** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **478264** | **0.1** |
|  | **Net Assets** | $**851197941** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | |
|:---|:---|
| <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, 2025. |
| <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> | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses. |
| <sup>(6)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(7)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

---

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

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $290595341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $290595341 |
| Commercial Mortgage-Backed Securities |  | 277695454 |  | 277695454 |
| Asset-Backed Securities |  | 203543831 |  | 203543831 |
| Short-Term Investments | 2743000 | 76142051 |  | 78885051 |
| Total Investments, at fair value | $2743000 | $847976677 | $— | $850719677 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 2000508 |  |  | 2000508 |
| Total Assets | $4743508 | $847976677 | $— | $852720185 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(604368) | $— | $— | $(604368) |
| Total Liabilities | $(604368) | $— | $— | (604368) |

---

^ 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, 2025, the following futures contracts were outstanding for Voya Securitized Credit Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 1546 | 06/30/25 | $320287719 | $1530945 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 110 | 06/30/25 | 11897187 | 36350 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 130 | 06/18/25 | 14458438 | 197778 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 184 | 06/18/25 | 22494000 | 235435 |
|  |  |  | $369137344 | $2000508 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (115) | 06/18/25 | (13487344) | (157541) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (280) | 06/18/25 | (31955000) | (446827) |
|  |  |  | $(45442344) | $(604368) |

---

See Accompanying Notes to Financial Statements

Voya Securitized Credit Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $2000508 |
| **Total Asset Derivatives** |  | $2000508 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $604368 |
| **Total Liability Derivatives** |  | $604368 |

---

\* 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, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $3666300 |
| **Total** | $3666300 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $923360 |
| **Total** | $923360 |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $873,043,290. | Cost for U.S. federal income tax purposes was $873,043,290. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $15206582 |
| Gross Unrealized Depreciation | (36134055) |
| Net Unrealized Depreciation | $(20927473) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Per Share Amount** |
| Voya Securitized Credit Fund |  |
| Class A NII | $0.4487 |
| Class I NII | $0.4797 |
| Class R6 NII | $0.4799 |
| Class W NII | $0.4733 |

---

NII — Net investment income

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Securitized Credit Fund designates 84.88% 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 14, 2024, 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, 2025.

In addition to the Board meeting on November 14, 2024, 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 9, 2024 and November 12, 2024. 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," an independent provider of mutual fund data) category 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 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. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the

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

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 9, 2024, November 12, 2024, and/or November 14, 2024 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, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional

data regarding the Fund's more recent performance, asset levels and asset flows. The 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.

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, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date and one-year periods, and the fourth quintile for the five-year period; and (2) the Fund outperformed its primary benchmark for all periods presented.

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 fourth quintile; (b) the Fund's contractual management fee rate is ranked in the third 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 year ending November 30, 2025.

---

| | |
|:---|:---|
| **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 (0325)**

![](tm2514698d3_voyava-img01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

◼ Voya VACS Series EMHCD Fund

◼ Voya VACS Series HYB Fund

◼ Voya VACS Series SC Fund

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d3_voyava-img02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2514698d3_voyava-img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001-1) | [1](#a_001-1) |
| [Statements of Assets and Liabilities](#a_002-1) | [3](#a_002-1) |
| [Statements of Operations](#a_003-1) | [4](#a_003-1) |
| [Statements of Changes in Net Assets](#a_004-1) | [5](#a_004-1) |
| [Financial Highlights](#a_005-1) | [7](#a_005-1) |
| [Notes to Financial Statements](#a_006) | [8](#a_006) |
| [Portfolios of Investments](#a_007) | [19](#a_007) |
| [Tax Information](#a_008) | [57](#a_008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a_009) | [58](#a_009) |

---

**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>

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya VACS Series EMHCD Fund, Voya VACS Series HYB Fund and Voya VACS Series SC 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, Voya VACS Series HYB Fund and Voya VACS Series SC Fund (collectively referred to as the "Funds") (each a fund constituting Voya Separate Portfolios Trust, Voya Funds Trust and Voya Separate Portfolios Trust, respectively (collectively referred to as the "Trusts")), including the portfolios of investments, as of March 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds at March 31, 2025 and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| Individual fund constituting the Trusts | Statement of<br> Operations | Statements of changes in<br> net assets | Financial highlights |
| Voya VACS Series EMHCD Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from February 17, 2023 (commencement of operations) through March 31, 2023 |
| Voya VACS Series HYB Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from February 24, 2023 (commencement of operations) through March 31, 2023 |
| Voya VACS Series SC Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from March 03, 2023 (commencement of operations) through March 31, 2023 |

---

**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 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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d3_voyava-img04.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $106096386 | $165555314 | $183163734 |
| Short-term investments at fair value† | Short-term investments at fair value† | 9774636 | 13225247 | 24301675 |
| Cash | Cash | 73204 | 10705 | 1165044 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 97498 |  | 564390 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 441 |  |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 768280 | 1886475 | 381897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 3276 | 2538 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1597425 | 2647484 | 823658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3922 |  | 2227 |
| Prepaid expenses | Prepaid expenses | 13043 | 19846 | 15877 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser |  |  | 46385 |
| Other assets | Other assets | 546 | 594 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 118428657 | 183348203 | 210468085 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Income distribution payable | Income distribution payable |  |  | 286440 |
| Payable for investment securities purchased | Payable for investment securities purchased | 1316331 | 3744127 | 2952763 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 2699 | 50560 | 20407 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 4366529 | 8880855 |  |
| Payable to trustees under the deferred compensation plan (Note 5) | Payable to trustees under the deferred compensation plan (Note 5) | 546 | 594 | 915 |
| Payable for trustee fees | Payable for trustee fees | 291 | 370 | 514 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 66658 |  |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 50812 | 59080 | 72560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5803866 | 12735586 | 3333599 |
| **NET ASSETS** | **NET ASSETS** | $112624791 | $170612617 | $207134486 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $109290118 | $168865577 | $194793886 |
| Total distributable earnings | Total distributable earnings | 3334673 | 1747040 | 12340600 |
| **NET ASSETS** | **NET ASSETS** | $112624791 | $170612617 | $207134486 |
| + | Including securities loaned at value | $4229395 | $8628083 | $— |
| \* | Cost of investments in securities | $103435387 | $164482694 | $171581227 |
| † | Cost of short-term investments | $9775158 | $13225705 | $24304604 |
| ‡ | Cost of foreign currencies | $441 | $— | $— |
| Net assets | Net assets | $112624791 | $170612617 | $207134486 |
| Shares authorized | Shares authorized | unlimited | unlimited | unlimited |
| Par value | Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 11124920 | 16731719 | 19554090 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $10.12 | $10.20 | $10.59 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |
| Dividends | Dividends | $36717 | $37704 | $56995 |
| Interest, net of foreign taxes withheld\* | Interest, net of foreign taxes withheld\* | 8261368 | 10925334 | 12683568 |
| Securities lending income, net | Securities lending income, net | 20460 | 47917 |  |
| Other | Other | 635 | 788 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 8319180 | 11011743 | 12741683 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |
| Transfer agent fees | Transfer agent fees | 530 | 432 | 320 |
| Shareholder reporting expense | Shareholder reporting expense | 1068 | 730 | 3774 |
| Registration fees | Registration fees | 26307 | 31358 | 23277 |
| Professional fees | Professional fees | 70745 | 99243 | 125360 |
| Custody and accounting expense | Custody and accounting expense | 44955 | 37115 | 42740 |
| Trustee fees | Trustee fees | 2907 | 3696 | 5145 |
| Miscellaneous expense | Miscellaneous expense | 11049 | 13679 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 157561 | 186253 | 214084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  |  | (107814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 157561 | 186253 | 106270 |
| Net investment income | Net investment income | 8161619 | 10825490 | 12635413 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 4087379 | 978232 | 1003356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (233776) |  | 1099242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3853603 | 978232 | 2102598 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | (3160756) | (2106748) | 2840554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (56011) |  | 269242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3216768) | (2106748) | 3109796 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 636835 | (1128516) | 5212394 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $8798454 | $9696974 | $17847807 |
| \* | Foreign taxes withheld | $488 | $— | $— |
| ^ | Foreign capital gains taxes withheld | $20237 | $— | $— |
| # | Change in foreign capital gains taxes accrued | $46421 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $8161619 | $9140803 | $10825490 | $9995957 |
| Net realized gain (loss) | 3853603 | 2392274 | 978232 | (305492) |
| Net change in unrealized appreciation (depreciation) | (3216768) | 5515400 | (2106748) | 1852476 |
| Increase in net assets resulting from operations | 8798454 | 17048477 | 9696974 | 11542941 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (12678907) | (10236184) | (10876527) | (9938067) |
| Total distributions | (12678907) | (10236184) | (10876527) | (9938067) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8193590 | 191064 | 86853420 | 232044 |
| Reinvestment of distributions | 12678907 | 10236184 | 10863512 | 9938067 |
|  | 20872497 | 10427248 | 97716932 | 10170111 |
| Cost of shares redeemed | (28221967) | (35087866) | (53768017) | (8177674) |
| Net increase (decrease) in net assets resulting from capital share transactions | (7349470) | (24660618) | 43948915 | 1992437 |
| Net increase (decrease) in net assets | (11229923) | (17848325) | 42769362 | 3597311 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 123854714 | 141703039 | 127843255 | 124245944 |
| End of year or period | $112624791 | $123854714 | $170612617 | $127843255 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $12635413 | $11457211 |
| Net realized gain (loss) | 2102598 | (1237582) |
| Net change in unrealized appreciation (depreciation) | 3109796 | 8940471 |
| Increase in net assets resulting from operations | 17847807 | 19160100 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (12613918) | (11969446) |
| Total distributions | (12613918) | (11969446) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 55669247 | 4851900 |
| Reinvestment of distributions | 8161756 | 5140590 |
|  | 63831003 | 9992490 |
| Cost of shares redeemed | (64445145) | (51131440) |
| Net decrease in net assets resulting from capital share transactions | (614142) | (41138950) |
| Net increase (decrease) in net assets | 4619747 | (33948296) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 202514739 | 236463035 |
| End of year or period | $207134486 | $202514739 |

---

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<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya VACS Series EMHCD Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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, 2025

**NOTE 1 — ORGANIZATION**

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

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

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

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

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

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

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

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

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

There were no open OTC derivatives for any Fund at March 31, 2025.

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2025, EMHCD and SC had purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve while maintaining overall duration. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Fund is unable to liquidate the contract or enter into an offsetting position

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

During the year ended March 31, 2025, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| EMHCD | $16708338 | $14169206 |
| SC | 47413351 | 24523266 |

---

Please refer to the tables within the Portfolio of Investments for open futures contracts at March 31, 2025. HYB did not enter into any futures contracts during the year ended March 31, 2025.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

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

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| EMHCD | $119188842 | $132736513 |
| HYB | 163753892 | 122441268 |
| SC | 50737918 | 65667884 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| HYB | $1653351 | $— |
| SC | 1650750 | 1729846 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

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

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

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

At March 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/ Affiliated Investment<br> Company** | **Fund** | **Percentage** |
| Voya Balanced Income Portfolio | &nbsp;&nbsp;EMHCD | 9.17% |
|  | &nbsp;&nbsp;HYB | 17.44 |
|  | &nbsp;&nbsp;SC | 15.65 |
| Voya Intermediate Bond Portfolio | &nbsp;&nbsp;EMHCD | 68.34 |
|  | &nbsp;&nbsp;HYB | 16.21 |
|  | &nbsp;&nbsp;SC | 27.25 |
| Voya Investment Management Co. LLC | &nbsp;&nbsp;EMHCD | 16.96 |
|  | &nbsp;&nbsp;HYB | 22.46 |
|  | &nbsp;&nbsp;SC | 38.77 |
| Voya Retirement Insurance and Annuity Company | &nbsp;&nbsp;HYB | 31.48 |

---

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

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

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the Funds did not pay any amounts for affiliated recordkeeping services.

**NOTE 6 — EXPENSE LIMITATION AGREEMENTS**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trusts, on behalf of each Fund, the Investment Adviser has agreed to limit expenses of each Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

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

---

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

As of March 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| SC | $3164 | $67007 | $107814 | $177985 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective on June 10, 2024, the Funds, in addition to certain other funds managed by the Investment Adviser, each Fund entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. 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, 2024, 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 10, 2024.

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, 2025.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 8 — CAPITAL SHARES**

Transactions in capital shares and dollars are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| EMHCD |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 765918 |  | 1231864 | (2638253) |  | (640471) | 8193590 |  | 12678907 | (28221967) |  | (7349470) |
| 3/31/2024 | 19005 |  | 1013377 | (3396842) |  | (2364460) | 191064 |  | 10236184 | (35087866) |  | (24660618) |
| HYB |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 8432276 |  | 1057901 | (5242381) |  | 4247796 | 86853420 |  | 10863512 | (53768017) |  | 43948915 |
| 3/31/2024 | 23074 |  | 987151 | (817694) |  | 192531 | 232044 |  | 9938067 | (8177674) |  | 1992437 |
| SC |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 5293232 |  | 776201 | (6115427) |  | (45994) | 55669247 |  | 8161756 | (64445145) |  | (614142) |
| 3/31/2024 | 474327 |  | 506298 | (5035221) |  | (4054596) | 4851900 |  | 5140590 | (51131440) |  | (41138950) |

---

**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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **EMHCD**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BofA Securities Inc | $111787 | $(111787) | $— |
| Jefferies International Ltd | 229151 | (229151) |  |
| Jefferies LLC | 1883896 | (1883896) |  |
| JP Morgan Securities Plc. | 1431291 | (1431291) |  |
| Merrill Lynch International | 573270 | (573270) |  |
| Total | $4229395 | $(4229395) | $&nbsp;&nbsp;&nbsp;&nbsp; — |

---

(1) Cash collateral with a fair value of $4,366,529 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.

---

| | | | |
|:---|:---|:---|:---|
| **HYB**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BofA Securities Inc | $5738962 | $(5738962) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | 87036 | (87036) |  |
| Scotia Capital (USA) INC | 614237 | (614237) |  |
| State Street Bank and Trust Company | 1560482 | (1560482) |  |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| Truist Securities INC | $64872 | $(64872) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank NA | 562494 | (562494) |  |
| Total | $8628083 | $(8628083) | $— |

---

(1) Cash
 collateral with a fair value of $8,880,855 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 federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts, paydowns, perpetual preferred securities, and wash sale deferrals.

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

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

---

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

---

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

---

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

---

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

As of March 31, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 12 — SEGMENT REPORTING**

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

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

**NOTE 13 — SUBSEQUENT EVENTS**

Dividends: Subsequent to March 31, 2025, the Funds declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| EMHCD | $0.0585 | May 1, 2025 | Daily |
| HYB | $0.0566 | May 1, 2025 | Daily |
| SC | $0.0520 | May 1, 2025 | Daily |

---

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 13 — SUBSEQUENT EVENTS (continued)**

statements. Other than the above, no such subsequent events were identified.

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** |
|  | **Angola: 1.0%** |  |  |
| 550000 <sup>(1)</sup> | Angolan Government International Bond, 8.000%, 11/26/2029 | $488812 | 0.4 |
| 750000 | Angolan Government International Bond, 8.750%, 04/14/2032 | 644180 | 0.6 |
|  |  | **1132992** | **1.0** |
|  | **Argentina: 2.3%** |  |  |
| 1041724 <sup>(2)</sup> | Argentine Republic Government International Bond, 0.750% (Step Rate @ 1.750% on 07/09/2027), 07/09/2030 | 759938 | 0.7 |
| 201700 | Argentine Republic Government International Bond, 1.000%, 07/09/2029 | 156761 | 0.1 |
| 2156220 <sup>(2)</sup> | Argentine Republic Government International Bond, 4.125% (Step Rate @ 4.750% on 07/09/2027), 07/09/2035 | 1350872 | 1.2 |
| 451019 <sup>(3)</sup> | Argentine Republic Government International Bond, 5.000%, 01/09/2038 | 297616 | 0.3 |
|  |  | **2565187** | **2.3** |
|  | **Bahrain: 2.1%** |  |  |
| 1700000 | Bahrain Government International Bond, 7.375%, 05/14/2030 | 1776781 | 1.6 |
| 600000 <sup>(1)</sup> | Bahrain Government International Bond, 7.500%, 02/12/2036 | 627750 | 0.5 |
|  |  | **2404531** | **2.1** |
|  | **Benin: 0.2%** |  |  |
| 200000 | Benin Government International Bond, 8.375%, 01/23/2041 | 190250 | 0.2 |
|  | **Brazil: 2.5%** |  |  |
| 400000 | Brazilian Government International Bond, 5.625%, 02/21/2047 | 328800 | 0.3 |
| 500000 | Brazilian Government International Bond, 6.000%, 10/20/2033 | 488500 | 0.4 |
| 200000 | Brazilian Government International Bond, 6.125%, 03/15/2034 | 195200 | 0.2 |
| 945000 | Brazilian Government International Bond, 6.250%, 03/18/2031 | 966735 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Brazil: (continued)** |  |  |
| 900000 | Brazilian Government International Bond, 7.125%, 05/13/2054 | $864225 | 0.8 |
|  |  | **2843460** | **2.5** |
|  | **Colombia: 3.4%** |  |  |
| 500000 | Colombia Government International Bond, 3.250%, 04/22/2032 | 391375 | 0.4 |
| 800000 | Colombia Government International Bond, 4.125%, 05/15/2051 | 459000 | 0.4 |
| 550000 | Colombia Government International Bond, 5.000%, 06/15/2045 | 372075 | 0.3 |
| 500000 | Colombia Government International Bond, 6.125%, 01/18/2041 | 409000 | 0.4 |
| 500000 | Colombia Government International Bond, 7.750%, 11/07/2036 | 491000 | 0.4 |
| 464000 | Colombia Government International Bond, 8.000%, 04/20/2033 | 480240 | 0.4 |
| 455000 | Colombia Government International Bond, 8.000%, 11/14/2035 | 459550 | 0.4 |
| 775000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 744387 | 0.7 |
|  |  | **3806627** | **3.4** |
|  | **Costa Rica: 0.9%** |  |  |
| 575000 | Costa Rica Government International Bond, 6.125%, 02/19/2031 | 583625 | 0.5 |
| 450000 <sup>(1)</sup> | Costa Rica Government International Bond, 7.300%, 11/13/2054 | 466650 | 0.4 |
|  |  | **1050275** | **0.9** |
|  | **Dominican Republic: 3.0%** |  |  |
| 200000 <sup>(1)</sup> | Dominican Republic International Bond, 4.875%, 09/23/2032 | 182674 | 0.2 |
| 500000 <sup>(1)</sup> | Dominican Republic International Bond, 5.300%, 01/21/2041 | 423563 | 0.4 |
| 1050000 <sup>(4)</sup> | Dominican Republic International Bond, 5.875%, 01/30/2060 | 888825 | 0.8 |
| 550000 | Dominican Republic International Bond, 6.000%, 07/19/2028 | 555070 | 0.5 |
| 350000 <sup>(1)</sup> | Dominican Republic International Bond, 6.000%, 02/22/2033 | 341600 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Dominican Republic: (continued)** |  |  |
| 825000 <sup>(1)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 | $835725 | 0.7 |
| 150000 <sup>(1)(4)</sup> | Dominican Republic International Bond, 7.050%, 02/03/2031 | 155475 | 0.1 |
|  |  | **3382932** | **3.0** |
|  | **Ecuador: 0.9%** |  |  |
| 442550 <sup>(1)(2)</sup> | Ecuador Government International Bond, 5.000% (Step Rate @ 5.500% on 07/31/2026), 07/31/2040 | 198705 | 0.2 |
| 882267 <sup>(1)(2)</sup> | Ecuador Government International Bond, 5.500% (Step Rate @ 6.900% on 07/31/2025), 07/31/2035 | 436722 | 0.4 |
| 369817 <sup>(3)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 | 221058 | 0.2 |
| 300000 <sup>(3)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 | 179325 | 0.1 |
|  |  | **1035810** | **0.9** |
|  | **Egypt: 2.5%** |  |  |
| 800000 | Egypt Government International Bond, 5.800%, 09/30/2027 | 748848 | 0.7 |
| 500000 <sup>(1)</sup> | Egypt Government International Bond, 7.500%, 02/16/2061 | 333655 | 0.3 |
| 575000 <sup>(1)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 | 557209 | 0.5 |
| 1250000 <sup>(1)</sup> | Egypt Government International Bond, 8.700%, 03/01/2049 | 955625 | 0.8 |
| 350000 <sup>(1)</sup> | Egypt Government International Bond, 8.875%, 05/29/2050 | 271562 | 0.2 |
|  |  | **2866899** | **2.5** |
|  | **Ghana: 1.1%** |  |  |
| 568700 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2029 | 496197 | 0.4 |
| 817800 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2035 | 580152 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Ghana: (continued)** |  |  |
| 56400 <sup>(5)</sup> | Ghana Government International Bond, 5.080%, 07/03/2026 | $52992 | 0.1 |
| 129721 <sup>(5)</sup> | Ghana Government International Bond, 5.390%, 01/03/2030 | 101020 | 0.1 |
|  |  | **1230361** | **1.1** |
|  | **Guatemala: 1.6%** |  |  |
| 435000 <sup>(1)</sup> | Guatemala Government Bond, 5.250%, 08/10/2029 | 429345 | 0.4 |
| 600000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 601500 | 0.5 |
| 250000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 249750 | 0.2 |
| 500000 <sup>(1)</sup> | Guatemala Government Bond, 6.600%, 06/13/2036 | 505500 | 0.5 |
|  |  | **1786095** | **1.6** |
|  | **Honduras: 0.4%** |  |  |
| 250000 | Honduras Government International Bond, 5.625%, 06/24/2030 | 225875 | 0.2 |
| 200000 | Honduras Government International Bond, 6.250%, 01/19/2027 | 197600 | 0.2 |
|  |  | **423475** | **0.4** |
|  | **Hungary: 1.7%** |  |  |
| 500000 <sup>(1)</sup> | Hungary Government International Bond, 3.125%, 09/21/2051 | 297943 | 0.2 |
| 450000 <sup>(1)</sup> | Hungary Government International Bond, 5.500%, 06/16/2034 | 436050 | 0.4 |
| 500000 | Hungary Government International Bond 30Y, 7.625%, 03/29/2041 | 564150 | 0.5 |
| 650000 <sup>(1)</sup> | Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 | 663203 | 0.6 |
|  |  | **1961346** | **1.7** |
|  | **India: 0.2%** |  |  |
| 300000 | Export-Import Bank of India, 2.250%, 01/13/2031 | 257951 | 0.2 |
|  | **Indonesia: 1.7%** |  |  |
| 350000 | Indonesia Government International Bond, 5.250%, 01/17/2042 | 336437 | 0.3 |
| 320000 | Indonesia Government International Bond, 5.450%, 09/20/2052 | 307360 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Indonesia: (continued)** |  |  |
| 1050000 | Indonesia Government International Bond, 8.500%, 10/12/2035 | $1308300 | 1.1 |
|  |  | **1952097** | **1.7** |
|  | **Ivory Coast: 1.2%** |  |  |
| 300000 <sup>(1)</sup> | Ivory Coast Government International Bond, 7.625%, 01/30/2033 | 292048 | 0.3 |
| 550000 | Ivory Coast Government International Bond, 8.075%, 04/01/2036 | 526453 | 0.5 |
| 375000 <sup>(1)</sup> | Ivory Coast Government International Bond, 8.250%, 01/30/2037 | 360469 | 0.3 |
| 170269 <sup>(3)</sup> | Ivory Coast Government International Bond REGs, 5.750%, 12/31/2032 | 162036 | 0.1 |
|  |  | **1341006** | **1.2** |
|  | **Jamaica: 0.9%** |  |  |
| 400000 | Jamaica Government International Bond, 7.875%, 07/28/2045 | 461200 | 0.4 |
| 500000 | Jamaica Government International Bond, 8.000%, 03/15/2039 | 581000 | 0.5 |
|  |  | **1042200** | **0.9** |
|  | **Jordan: 0.8%** |  |  |
| 1000000 <sup>(1)</sup> | Jordan Government International Bond, 5.850%, 07/07/2030 | 926250 | 0.8 |
|  | **Kenya: 1.4%** |  |  |
| 250000 <sup>(4)</sup> | Republic of Kenya Government International Bond, 6.300%, 01/23/2034 | 194714 | 0.2 |
| 500000 | Republic of Kenya Government International Bond, 7.250%, 02/28/2028 | 481250 | 0.4 |
| 225000 | Republic of Kenya Government International Bond, 8.000%, 05/22/2032 | 201938 | 0.2 |
| 250000 <sup>(4)</sup> | Republic of Kenya Government International Bond, 8.250%, 02/28/2048 | 197187 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Kenya: (continued)** |  |  |
| 525000 <sup>(1)</sup> | Republic of Kenya Government International Bond, 9.500%, 03/05/2036 | $478012 | 0.4 |
|  |  | **1553101** | **1.4** |
|  | **Lebanon: 0.6%** |  |  |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond, 6.100%, 10/04/2022 | 315000 | 0.3 |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond 10Y, 6.850%, 03/23/2027 | 315000 | 0.3 |
|  |  | **630000** | **0.6** |
|  | **Mexico: 3.1%** |  |  |
| 740000 | Mexico Government International Bond, 3.250%, 04/16/2030 | 670348 | 0.6 |
| 950000 | Mexico Government International Bond, 4.875%, 05/19/2033 | 876850 | 0.8 |
| 1179000 | Mexico Government International Bond, 6.338%, 05/04/2053 | 1076427 | 0.9 |
| 652000 | Mexico Government International Bond, 6.875%, 05/13/2037 | 669604 | 0.6 |
| 227000 | Mexico Government International Bond, 7.375%, 05/13/2055 | 233242 | 0.2 |
|  |  | **3526471** | **3.1** |
|  | **Morocco: 0.3%** |  |  |
| 500000 <sup>(1)</sup> | Morocco Government International Bond, 4.000%, 12/15/2050 | 342190 | 0.3 |
|  | **Nigeria: 2.3%** |  |  |
| 500000 | Nigeria Government International Bond, 6.500%, 11/28/2027 | 480815 | 0.4 |
| 550000 <sup>(1)</sup> | Nigeria Government International Bond, 7.375%, 09/28/2033 | 464244 | 0.4 |
| 500000 | Nigeria Government International Bond, 7.696%, 02/23/2038 | 404598 | 0.4 |
| 475000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 422669 | 0.4 |
| 300000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 266949 | 0.2 |
| 500000 | Nigeria Government International Bond, 10.375%, 12/09/2034 | 502500 | 0.5 |
|  |  | **2541775** | **2.3** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Oman: 0.9%** |  |  |
| 600000 | Oman Government International Bond, 6.000%, 08/01/2029 | $615438 | 0.6 |
| 350000 <sup>(1)</sup> | Oman Government International Bond, 6.500%, 03/08/2047 | 354695 | 0.3 |
|  |  | **970133** | **0.9** |
|  | **Panama: 2.1%** |  |  |
| 300000 | Panama Government International Bond, 4.500%, 04/16/2050 | 192525 | 0.2 |
| 575000 | Panama Government International Bond, 4.500%, 04/01/2056 | 353050 | 0.3 |
| 550000 | Panama Government International Bond, 4.500%, 01/19/2063 | 335569 | 0.3 |
| 500000 | Panama Government International Bond, 6.400%, 02/14/2035 | 470719 | 0.4 |
| 550000 | Panama Government International Bond, 6.700%, 01/26/2036 | 527587 | 0.5 |
| 410000 | Panama Government International Bond, 7.500%, 03/01/2031 | 426195 | 0.4 |
|  |  | **2305645** | **2.1** |
|  | **Paraguay: 1.4%** |  |  |
| 43000 | Paraguay Government International Bond, 5.000%, 04/15/2026 | 43034 | 0.0 |
| 650000 | Paraguay Government International Bond, 5.600%, 03/13/2048 | 574600 | 0.5 |
| 550000 <sup>(1)</sup> | Paraguay Government International Bond, 5.850%, 08/21/2033 | 553162 | 0.5 |
| 425000 <sup>(1)</sup> | Paraguay Government International Bond, 6.000%, 02/09/2036 | 425850 | 0.4 |
|  |  | **1596646** | **1.4** |
|  | **Peru: 0.2%** |  |  |
| 250000 | Peruvian Government International Bond, 5.625%, 11/18/2050 | 238250 | 0.2 |
|  | **Philippines: 0.9%** |  |  |
| 550000 | Philippine Government International Bond, 5.500%, 01/17/2048 | 541640 | 0.5 |
| 500000 | Philippine Government International Bond, 5.950%, 10/13/2047 | 519500 | 0.4 |
|  |  | **1061140** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Poland: 1.2%** |  |  |
| 590000 | Republic of Poland Government International Bond, 5.375%, 02/12/2035 | $592803 | 0.5 |
| 800000 | Republic of Poland Government International Bond, 5.500%, 03/18/2054 | 751200 | 0.7 |
|  |  | **1344003** | **1.2** |
|  | **Qatar: 0.6%** |  |  |
| 550000 <sup>(1)</sup> | Qatar Government International Bond, 4.400%, 04/16/2050 | 472725 | 0.4 |
| 250000 <sup>(1)(4)</sup> | Qatar Government International Bond, 4.817%, 03/14/2049 | 229545 | 0.2 |
|  |  | **702270** | **0.6** |
|  | **Romania: 3.6%** |  |  |
| 1250000 <sup>(1)(4)</sup> | Romanian Government International Bond, 3.000%, 02/14/2031 | 1048125 | 0.9 |
| 500000 <sup>(1)</sup> | Romanian Government International Bond, 3.625%, 03/27/2032 | 419000 | 0.4 |
| 200000 | Romanian Government International Bond, 4.000%, 02/14/2051 | 122563 | 0.1 |
| 300000 | Romanian Government International Bond, 5.125%, 06/15/2048 | 227475 | 0.2 |
| 684000 <sup>(1)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 | 619875 | 0.5 |
| 300000 | Romanian Government International Bond, 6.375%, 01/30/2034 | 289125 | 0.3 |
| 1218000 <sup>(1)</sup> | Romanian Government International Bond, 6.375%, 01/30/2034 | 1173848 | 1 |
| 200000 | Romanian Government International Bond, 7.625%, 01/17/2053 | 199860 | 0.2 |
|  |  | **4099871** | **3.6** |
|  | **Saudi Arabia: 3.3%** |  |  |
| 1700000 | Saudi Government International Bond, 3.450%, 02/02/2061 | 1057349 | 0.9 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Saudi Arabia: (continued)** |  |  |
| 600000 | Saudi Government International Bond, 3.750%, 01/21/2055 | $407856 | 0.4 |
| 850000 <sup>(1)</sup> | Saudi Government International Bond, 5.500%, 10/25/2032 | 872296 | 0.8 |
| 825000 | Saudi Government International Bond, 5.625%, 01/13/2035 | 848306 | 0.8 |
| 500000 | Saudi Government International Bond, 5.750%, 01/16/2054 | 477112 | 0.4 |
|  |  | **3662919** | **3.3** |
|  | **Senegal: 0.3%** |  |  |
| 500000 | Senegal Government International Bond, 6.250%, 05/23/2033 | 373750 | 0.3 |
|  | **Serbia: 0.4%** |  |  |
| 250000 | Serbia International Bond, 2.125%, 12/01/2030 | 206407 | 0.2 |
| 275000 <sup>(1)</sup> | Serbia International Bond, 6.500%, 09/26/2033 | 283423 | 0.2 |
|  |  | **489830** | **0.4** |
|  | **South Africa: 2.8%** |  |  |
| 1300000 | Republic of South Africa Government International Bond, 4.300%, 10/12/2028 | 1226875 | 1.1 |
| 500000 | Republic of South Africa Government International Bond, 5.750%, 09/30/2049 | 368250 | 0.3 |
| 250000 | Republic of South Africa Government International Bond, 5.875%, 04/20/2032 | 237813 | 0.2 |
| 600000 | Republic of South Africa Government International Bond, 6.300%, 06/22/2048 | 477750 | 0.4 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | 437625 | 0.4 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | 423956 | 0.4 |
|  |  | **3172269** | **2.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <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: 1.2%** |  |  |
| 202000 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.100% (Step Rate @ 3.350% on 07/15/2027), 01/15/2030 | $178467 | 0.1 |
| 396220 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.350% (Step Rate @ 3.600% on 09/15/2027), 03/15/2033 | 310290 | 0.3 |
| 371514 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 08/15/2027), 02/15/2038 | 292428 | 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 | 145038 | 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 | 181426 | 0.2 |
| 236034 <sup>(1)</sup> | Sri Lanka Government International Bond, 4.000%, 04/15/2028 | 221842 | 0.2 |
|  |  | **1329491** | **1.2** |
|  | **Trinidad and Tobago: 0.4%** |  |  |
| 400000 <sup>(1)</sup> | Trinidad & Tobago Government International Bond, 6.400%, 06/26/2034 | 393000 | 0.4 |
|  | **Turkey: 2.7%** |  |  |
| 300000 | Turkey Government International Bond 10Y, 5.125%, 02/17/2028 | 291132 | 0.3 |
| 800000 | Turkey Government International Bond 10Y, 7.625%, 04/26/2029 | 825000 | 0.7 |
| 595000 | Turkey Government International Bond 12Y, 6.500%, 09/20/2033 | 559300 | 0.5 |
| 550000 | Turkey Government International Bond 30Y, 6.000%, 01/14/2041 | 451550 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Turkey: (continued)** |  |  |
| 600000 | Turkey Government International Bond 5Y, 9.875%, 01/15/2028 | $654450 | 0.6 |
| 200000 <sup>(1)</sup> | Turkiye Ihracat Kredi Bankasi AS, 9.000%, 01/28/2027 | 208187 | 0.2 |
|  |  | **2989619** | **2.7** |
|  | **Ukraine: 1.5%** |  |  |
| 110474 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 56894 | 0.1 |
| 412832 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 164101 | 0.1 |
| 348869 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 193622 | 0.2 |
| 290724 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | 160625 | 0.1 |
| 299400 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2029 | 194610 | 0.2 |
| 618033 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2034 | 330648 | 0.3 |
| 569548 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2035 | 299013 | 0.3 |
| 535466 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 | 277103 | 0.2 |
|  |  | **1676616** | **1.5** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **United Arab Emirates: 0.2%** |  |  |  |
| 250000 <sup>(1)</sup> | Finance Department Government of Sharjah, 6.500%, 11/23/2032 | $| 259688 | 0.2 |
|  | **Uruguay: 0.2%** |  |  |  |
| 123334 | Uruguay Government International Bond, 4.375%, 10/27/2027 |  | 123396 | 0.1 |
| 51825 | Uruguay Government International Bond, 4.375%, 01/23/2031 |  | 51047 | 0.1 |
|  |  |  | **174443** | **0.2** |
|  | **Venezuela: 0.4%** |  |  |  |
| 175000 | Venezuela Government International Bond, 7.000%, 03/31/2038 |  | 33513 | 0.0 |
| 550000 <sup>(6)</sup> | Venezuela Government International Bond, 9.250%, 09/15/2027 |  | 114641 | 0.1 |
| 275000 | Venezuela Government International Bond, 9.250%, 05/07/2028 |  | 53625 | 0.1 |
| 200000 | Venezuela Government International Bond, 9.375%, 01/13/2034 |  | 47000 | 0.0 |
| 425000 | Venezuela Government International Bond, 11.750%, 10/21/2026 |  | 89887 | 0.1 |
| 575000 | Venezuela Government International Bond, 11.950%, 08/05/2031 |  | 118737 | 0.1 |
|  |  |  | **457403** | **0.4** |
|  | **Zambia: 0.6%** |  |  |  |
| 439337 <sup>(1)</sup> | Zambia Government International Bond, 0.500%, 12/31/2053 |  | 267996 | 0.2 |
| 442266 <sup>(1)(2)</sup> | Zambia Government International Bond, 5.750% (Step Rate @ 7.500% on 06/30/2031), 06/30/2033 |  | 386429 | 0.4 |
|  |  |  | **654425** | **0.6** |
|  | Total Sovereign Bonds |  |  |  |
|  | (Cost $66,742,278) |  | **68744692** | **61.0** |
| **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** |
|  | **Argentina: 0.4%** |  |  |  |
| 500000 <sup>(1)</sup> | YPF SA, 8.250%, 01/17/2034 |  | 498063 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Brazil: 2.8%** |  |  |
| 650000 <sup>(1)(4)</sup> | Ambipar Lux Sarl, 10.875%, 02/05/2033 | $665925 | 0.6 |
| 750000 <sup>(1)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 | 798525 | 0.7 |
| 500000 <sup>(1)</sup> | Raizen Fuels Finance SA, 5.700%, 01/17/2035 | 475075 | 0.4 |
| 500000 <sup>(1)</sup> | Raizen Fuels Finance SA, 6.700%, 02/25/2037 | 500525 | 0.4 |
| 750000 <sup>(1)</sup> | Sitios Latinoamerica SAB de CV, 6.000%, 11/25/2029 | 757927 | 0.7 |
|  |  | **3197977** | **2.8** |
|  | **Chile: 5.5%** |  |  |
| 416000 <sup>(1)(3)(4)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 | 436956 | 0.4 |
| 725000 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 | 725145 | 0.6 |
| 500000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047 | 392875 | 0.3 |
| 250000 | Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033 | 241375 | 0.2 |
| 725000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | 735513 | 0.7 |
| 425000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053 | 422078 | 0.4 |
| 550000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 568150 | 0.5 |
| 506000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 | 522445 | 0.5 |
| 400000 <sup>(1)</sup> | Empresa de Pasajeros Metro S.A., 3.693%, 09/13/2061 | 264775 | 0.2 |
| 300000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 4.500%, 09/14/2047 | 235200 | 0.2 |
| 900000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 5.950%, 07/30/2034 | 908100 | 0.8 |
| 725000 <sup>(1)</sup> | Engie Energia Chile SA, 6.375%, 04/17/2034 | 750150 | 0.7 |
|  |  | **6202762** | **5.5** |
|  | **Colombia: 0.7%** |  |  |
| 840000 | Ecopetrol SA, 8.375%, 01/19/2036 | 821394 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Dominican Republic: 1.1%** |  |  |
| 1175000 <sup>(1)</sup> | Aeropuertos Dominicanos Siglo XXI SA, 7.000%, 06/30/2034 | $1183977 | 1.1 |
|  | **India: 0.4%** |  |  |
| 425000 <sup>(1)(4)</sup> | IRB Infrastructure Developers Ltd., 7.110%, 03/11/2032 | 428719 | 0.4 |
|  | **Indonesia: 2.9%** |  |  |
| 500000 <sup>(1)</sup> | Hutama Karya Persero PT, 3.750%, 05/11/2030 | 471500 | 0.4 |
| 300000 <sup>(1)</sup> | Pertamina Persero PT, 3.100%, 01/21/2030 | 275063 | 0.3 |
| 550000 | Pertamina Persero PT, 5.625%, 05/20/2043 | 513777 | 0.5 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030 | 494313 | 0.4 |
| 475000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 466687 | 0.4 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 540375 | 0.5 |
| 500000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.250%, 01/25/2049 | 488562 | 0.4 |
|  |  | **3250277** | **2.9** |
|  | **Jamaica: 0.6%** |  |  |
| 650000 <sup>(1)</sup> | Kingston Airport Revenue Finance Ltd., 6.750%, 12/15/2036 | 655882 | 0.6 |
|  | **Kazakhstan: 0.7%** |  |  |
| 750000 <sup>(1)</sup> | Kaspi.KZ JSC, 6.250%, 03/26/2030 | 743850 | 0.7 |
|  | **Malaysia: 1.0%** |  |  |
| 300000 <sup>(4)</sup> | Petronas Capital Ltd., 2.480%, 01/28/2032 | 256530 | 0.2 |
| 1050000 <sup>(1)</sup> | Petronas Capital Ltd., 4.800%, 04/21/2060 | 911232 | 0.8 |
|  |  | **1167762** | **1.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Mexico: 5.2%** |  |  |
| 550000 <sup>(1)</sup> | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025 | $549753 | 0.5 |
| 500000 <sup>(1)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 | 491290 | 0.4 |
| 700000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 | 675500 | 0.6 |
| 300000 | Petroleos Mexicanos, 5.500%, 06/27/2044 | 189756 | 0.2 |
| 1825000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 1781930 | 1.6 |
| 425000 <sup>(4)</sup> | Petroleos Mexicanos, 6.500%, 01/23/2029 | 400414 | 0.4 |
| 960000 | Petroleos Mexicanos, 6.700%, 02/16/2032 | 844704 | 0.7 |
| 425000 | Petroleos Mexicanos, 6.750%, 09/21/2047 | 291316 | 0.3 |
| 500000 | Petroleos Mexicanos, 6.950%, 01/28/2060 | 340200 | 0.3 |
| 270000 <sup>(1)</sup> | Trust Fibra Uno, 7.700%, 01/23/2032 | 279443 | 0.2 |
|  |  | **5844306** | **5.2** |
|  | **Morocco: 0.6%** |  |  |
| 700000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 720125 | 0.6 |
|  | **Oman: 1.0%** |  |  |
| 1100000 <sup>(1)</sup> | OQ SAOC, 5.125%, 05/06/2028 | 1095881 | 1 |
|  | **Panama: 0.3%** |  |  |
| 300000 <sup>(1)</sup> | C&W Senior Finance Ltd., 9.000%, 01/15/2033 | 295875 | 0.3 |
|  | **Peru: 2.2%** |  |  |
| 400000 <sup>(1)</sup> | Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027 | 374580 | 0.3 |
| 850000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033 | 951362 | 0.8 |
| 500000 <sup>(1)</sup> | Niagara Energy SAC, 5.746%, 10/03/2034 | 496063 | 0.4 |
| 250000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 188000 | 0.2 |
| 800000 <sup>(1)</sup> | Petroleos del Peru SA, 5.625%, 06/19/2047 | 505400 | 0.5 |
|  |  | **2515405** | **2.2** |
|  | **Poland: 2.6%** |  |  |
| 675000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 | 675675 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Poland: (continued)** |  |  |
| 925000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 | $938579 | 0.9 |
| 650000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 6.250%, 10/31/2028 | 681232 | 0.6 |
| 575000 <sup>(1)</sup> | ORLEN SA, 6.000%, 01/30/2035 | 589375 | 0.5 |
|  |  | **2884861** | **2.6** |
|  | **Qatar: 0.6%** |  |  |
| 1000000 <sup>(1)</sup> | QatarEnergy, 3.300%, 07/12/2051 | 692190 | 0.6 |
|  | **Saudi Arabia: 0.5%** |  |  |
| 550000 <sup>(1)</sup> | Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042 | 575609 | 0.5 |
|  | **South Africa: 0.7%** |  |  |
| 800000 <sup>(1)(4)</sup> | Eskom Holdings SOC Ltd., 6.350%, 08/10/2028 | 798004 | 0.7 |
|  | **Turkey: 1.2%** |  |  |
| 275000 <sup>(1)</sup> | Eregli Demir ve Celik Fabrikalari TAS, 8.375%, 07/23/2029 | 278738 | 0.2 |
| 500000 <sup>(1)</sup> | Sisecam UK PLC, 8.250%, 05/02/2029 | 505250 | 0.5 |
| 600000 <sup>(1)</sup> | TC Ziraat Bankasi AS, 7.250%, 02/04/2030 | 592311 | 0.5 |
|  |  | **1376299** | **1.2** |
|  | **United Arab Emirates: 1.5%** |  |  |
| 550000 | DP World Crescent Ltd., 3.875%, 07/18/2029 | 530057 | 0.5 |
| 725000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 4.375%, 11/22/2033 | 692241 | 0.6 |
| 400000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 5.500%, 04/28/2033 | 414570 | 0.4 |
|  |  | **1636868** | **1.5** |
|  | **United States: 0.3%** |  |  |
| 375000 <sup>(1)</sup> | Avianca Midco 2 PLC, 9.625%, 02/14/2030 | 346733 | 0.3 |
|  | **Venezuela: 0.4%** |  |  |
| 1000000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.000%, 11/17/2021 | 145000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Venezuela: (continued)** |  |  |  |
| 1750000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.750%, 05/17/2035 | $| 273875 | 0.3 |
|  |  |  | **418875** | **0.4** |
|  | Total Corporate Bonds/Notes |  |  |  |
|  | (Cost $36,693,109) |  | **37351694** | **33.2** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $103,435,387) |  | **106096386** | **94.2** |
| **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** |
|  | **Commercial Paper: 3.5%** |  |  |  |
| 1000000 | Entergy Corp., 4.590%, 04/01/2025 |  | 999874 | 0.9 |
| 1000000 | Fiserv, Inc., 4.600%, 04/01/2025 |  | 999874 | 0.9 |
| 1000000 | HP, Inc., 4.820%, 04/01/2025 |  | 999868 | 0.9 |
| 1000000 | McCormick & Company, Inc., 4.650%, 04/04/2025 |  | 999491 | 0.8 |
|  | Total Commercial Paper |  |  |  |
|  | (Cost $3,999,629) |  | **3999107** | **3.5** |
|  | **Repurchase Agreements: 3.9%** |  |  |  |
| 233873 <sup>(7)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $233,901, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $238,550, due 05/15/34-11/15/48) |  | 233873 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 1022728 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,043,183, due 04/10/25-03/01/55) | $1022728 | 0.9 |
| 1022728 <sup>(7)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.470%-6.500%, Market Value plus accrued interest $1,043,183, due 06/01/28-02/01/55) | 1022728 | 0.9 |
| 1043600 <sup>(7)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,043,725, collateralized by various U.S. Government Securities, 1.250%-4.375%, Market Value plus accrued interest $1,064,472, due 12/31/26-08/31/31) | 1043600 | 1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 1022728 <sup>(7)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,043,183, due 04/10/25-12/15/66) | $1022728 | 0.9 |
| 20872 <sup>(7)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 (Repurchase Amount $20,874, collateralized by various U.S. Government Securities, 0.000%-4.000%, Market Value plus accrued interest $21,289, due 04/15/26-02/15/54) | 20872 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $4,366,529) | **4366529** | **3.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.3%** |  |  |
| 1409000 <sup>(8)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $1,409,000) | $**1409000** | **1.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $9,775,158) | **9774636** | **8.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $113,210,545)** | $**115871022** | **102.9** |
|  | **Liabilities in Excess of Other Assets** | **(3246231)** | **(2.9)** |
|  | **Net Assets** | $**112624791** | **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, 2025.

<sup>(3)</sup> Variable rate security. Rate shown is the rate in effect as of March 31, 2025.

<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, 2025.

<sup>(6)</sup> Defaulted security.

<sup>(7)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(8)</sup> Rate shown is the 7-day yield as of March 31, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Sovereign Bonds | 61.0% |
| Energy | 12.7 |
| Utilities | 5.3 |
| Financial | 5.0 |
| Industrial | 4.0 |
| Basic Materials | 3.4 |
| Consumer, Non-cyclical | 2.2 |
| Consumer, Cyclical | 0.3 |
| Communications | 0.3 |
| Short-Term Investments | 8.7 |
| Liabilities in Excess of Other Assets | (2.9) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Sovereign Bonds | $— | $68744692 | $— | $68744692 |
| Corporate Bonds/Notes |  | 37351694 |  | 37351694 |
| Short-Term Investments | 1409000 | 8365636 |  | 9774636 |
| Total Investments, at fair value | $1409000 | $114462022 | $— | $115871022 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 88992 |  |  | 88992 |
| Total Assets | $1497992 | $114462022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $115960014 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(143872) | $— | $— | $(143872) |
| Total Liabilities | $(143872) | $— | $— | $(143872) |

---

---

| | |
|:---|:---|
| ^ | 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, 2025, the following futures contracts were outstanding for Voya VACS Series EMHCD Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 26 | 06/30/25 | $5386469 | $24559 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;44 | 06/30/25 | 4758875 | 52154 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;8 | 06/18/25 | 938250 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;25 | 06/18/25 | 3056250 | 6773 |
|  |  |  | $14139844 | $88992 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (24) | 06/18/25 | (2669250) | (32165) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (70) | 06/18/25 | (7988750) | (111707) |
|  |  |  | $(10658000) | $(143872) |

---

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $88992 |
| **Total Asset Derivatives** |  | $88992 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $143872 |
| **Total Liability Derivatives** |  | $143872 |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $(233776) |
| **Total** | $(233776) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $(56011) |
| **Total** | $(56011) |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $113,146,587. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4495131 |
| Gross Unrealized Depreciation | (1825134) |
| Net Unrealized Appreciation | $2669997 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** |
|  | **Basic Materials: 5.3%** |  |  |
| 635000 <sup>(1)</sup> | Avient Corp., 6.250%, 11/01/2031 | $629564 | 0.4 |
| 300000 <sup>(1)(2)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | 309775 | 0.2 |
| 419000 <sup>(1)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | 383527 | 0.2 |
| 600000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 598167 | 0.4 |
| 450000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 418633 | 0.2 |
| 408000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | 355524 | 0.2 |
| 190000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 182555 | 0.1 |
| 618000 <sup>(1)</sup> | Constellium SE, 5.625%, 06/15/2028 | 599964 | 0.4 |
| 720000 <sup>(1)</sup> | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | 709776 | 0.4 |
| 384050 <sup>(1)</sup> | Innophos Holdings, Inc., 11.500%, 06/15/2029 | 393114 | 0.2 |
| 390000 <sup>(1)</sup> | Mativ Holdings, Inc., 8.000%, 10/01/2029 | 336621 | 0.2 |
| 600000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 606404 | 0.4 |
| 510000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 532127 | 0.3 |
| 140000 <sup>(1)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 135470 | 0.1 |
| 385000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 335084 | 0.2 |
| 225000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 209599 | 0.1 |
| 410000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 382071 | 0.2 |
| 265000 <sup>(2)</sup> | Olin Corp., 5.000%, 02/01/2030 | 249828 | 0.1 |
| 422000 <sup>(1)</sup> | Olympus Water US Holding Corp., 4.250%, 10/01/2028 | 390363 | 0.2 |
| 200000 <sup>(1)</sup> | Olympus Water US Holding Corp., 7.125%, 10/01/2027 | 200135 | 0.1 |
| 480000 <sup>(1)</sup> | SPCM SA, 3.125%, 03/15/2027 | 456660 | 0.3 |
| 725000 <sup>(1)(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 620687 | 0.4 |
|  |  | **9035648** | **5.3** |
|  | **Communications: 10.0%** |  |  |
| 450000 <sup>(1)</sup> | Arches Buyer, Inc., 6.125%, 12/01/2028 | 395783 | 0.2 |
| 215000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | 176998 | 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)** |
|  | **Communications: (continued)** | **Communications: (continued)** |  |
| 1095000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | $997739 | 0.6 |
| 1005000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 873142 | 0.5 |
| 945000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 917907 | 0.5 |
| 660000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 650574 | 0.4 |
| 230000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 229781 | 0.1 |
| 285000 <sup>(1)</sup> | CommScope, Inc., 4.750%, 09/01/2029 | 253735 | 0.2 |
| 550000 <sup>(1)</sup> | Connect Finco Sarl / Connect US Finco LLC, 9.000%, 09/15/2029 | 502138 | 0.3 |
| 400000 <sup>(1)</sup> | CSC Holdings LLC, 4.125%, 12/01/2030 | 290171 | 0.2 |
| 810000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | 785685 | 0.5 |
| 600000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.000%, 02/15/2031 | 576630 | 0.3 |
| 375000 | EchoStar Corp., 10.750%, 11/30/2029 | 394370 | 0.2 |
| 420000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 387788 | 0.2 |
| 525000 | Lamar Media Corp., 4.000%, 02/15/2030 | 486734 | 0.3 |
| 510000 <sup>(1)</sup> | Level 3 Financing, Inc., 4.000%, 04/15/2031 | 385050 | 0.2 |
| 635000 <sup>(1)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 | 683573 | 0.4 |
| 900000 <sup>(1)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | 864424 | 0.5 |
| 620000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 7.375%, 09/01/2031 | 624046 | 0.4 |
| 604000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 552860 | 0.3 |
| 725000 <sup>(1)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 | 715886 | 0.4 |
| 220000 <sup>(1)</sup> | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | 213349 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** |  |
| 1490000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | $1457010 | 0.9 |
| 605000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 576764 | 0.3 |
| 975000 <sup>(1)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 967735 | 0.6 |
| 265000 <sup>(1)</sup> | Viavi Solutions, Inc., 3.750%, 10/01/2029 | 242588 | 0.1 |
| 675000 <sup>(1)</sup> | Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028 | 638687 | 0.4 |
| 200000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 | 174068 | 0.1 |
| 665000 <sup>(1)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 | 677680 | 0.4 |
| 465000 <sup>(1)(2)</sup> | Zayo Group Holdings, Inc., 4.000%, 03/01/2027 | 424005 | 0.3 |
|  |  | **17116900** | **10.0** |
|  | **Consumer, Cyclical: 17.6%** |  |  |
| 987000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | 994193 | 0.6 |
| 260000 <sup>(1)(2)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | 252230 | 0.1 |
| 596000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 | 594179 | 0.3 |
| 485000 <sup>(1)(2)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 | 482870 | 0.3 |
| 164583 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | 164257 | 0.1 |
| 260000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 259478 | 0.1 |
| 535000 <sup>(1)(2)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | 492163 | 0.3 |
| 779000 <sup>(1)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | 790158 | 0.5 |
| 845000 <sup>(1)</sup> | Carnival Corp., 6.000%, 05/01/2029 | 839610 | 0.5 |
| 327352 <sup>(1)(3)</sup> | Carvana Co., 9.000% (PIK Rate 12.000%, Cash Rate 9.000%), 12/01/2028 | 337473 | 0.2 |
| 540000 <sup>(1)</sup> | CCM Merger, Inc., 6.375%, 05/01/2026 | 541186 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 540000 <sup>(1)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | $493425 | 0.3 |
| 425000 <sup>(1)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 429422 | 0.2 |
| 525000 <sup>(1)</sup> | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | 543049 | 0.3 |
| 500000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 554154 | 0.3 |
| 405000 <sup>(1)</sup> | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | 331053 | 0.2 |
| 305000 <sup>(1)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 275497 | 0.2 |
| 402000 <sup>(1)(2)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 347249 | 0.2 |
| 485000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 494008 | 0.3 |
| 200000 <sup>(1)</sup> | Group 1 Automotive, Inc., 4.000%, 08/15/2028 | 188379 | 0.1 |
| 600000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 602789 | 0.4 |
| 255000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | 255989 | 0.1 |
| 980000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 03/15/2033 | 971276 | 0.6 |
| 481000 <sup>(1)</sup> | Installed Building Products, Inc., 5.750%, 02/01/2028 | 475290 | 0.3 |
| 480000 <sup>(1)</sup> | Interface, Inc., 5.500%, 12/01/2028 | 467854 | 0.3 |
| 860000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 841127 | 0.5 |
| 225000 <sup>(1)</sup> | Lithia Motors, Inc., 3.875%, 06/01/2029 | 206216 | 0.1 |
| 580000 <sup>(1)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 | 525931 | 0.3 |
| 100000 | M/I Homes, Inc., 3.950%, 02/15/2030 | 91493 | 0.1 |
| 440000 | M/I Homes, Inc., 4.950%, 02/01/2028 | 427425 | 0.2 |
| 255000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 204259 | 0.1 |
| 195000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 5.875%, 03/15/2030 | 185944 | 0.1 |
| 370000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 338769 | 0.2 |
| 450000 <sup>(1)(2)</sup> | Melco Resorts Finance Ltd., 5.250%, 04/26/2026 | 446085 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 280000 | MGM Resorts International, 4.625%, 09/01/2026 | $276988 | 0.2 |
| 260000 | MGM Resorts International, 4.750%, 10/15/2028 | 250519 | 0.1 |
| 270000 | MGM Resorts International, 6.500%, 04/15/2032 | 265025 | 0.2 |
| 785000 <sup>(1)</sup> | Michaels Cos., Inc., 5.250%, 05/01/2028 | 542826 | 0.3 |
| 510000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 488494 | 0.3 |
| 160000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 159495 | 0.1 |
| 540000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 02/15/2027 | 539601 | 0.3 |
| 785000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 775971 | 0.5 |
| 30000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 30205 | 0.0 |
| 200000 | Newell Brands, Inc., 6.625%, 05/15/2032 | 194789 | 0.1 |
| 475000 <sup>(1)</sup> | Raising Cane's Restaurants LLC, 9.375%, 05/01/2029 | 505225 | 0.3 |
| 1180000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | 1176144 | 0.7 |
| 720000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 | 707496 | 0.4 |
| 510000 | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 511587 | 0.3 |
| 485000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 457900 | 0.3 |
| 590000 <sup>(1)</sup> | Scientific Games International, Inc., 7.000%, 05/15/2028 | 590129 | 0.3 |
| 803000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 | 769717 | 0.4 |
| 411000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 361320 | 0.2 |
| 307000 <sup>(1)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 285414 | 0.2 |
| 465000 <sup>(1)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 | 457964 | 0.3 |
| 560000 <sup>(1)(2)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 490315 | 0.3 |
| 925000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 | 920897 | 0.5 |
| 135000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 | 135541 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 500000 <sup>(1)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 | $| 438646 | 0.3 |
| 270000 <sup>(1)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.875%, 05/01/2027 |  | 265452 | 0.2 |
| 555000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 |  | 552182 | 0.3 |
| 665000 <sup>(1)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 |  | 658458 | 0.4 |
| 425000 <sup>(1)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 |  | 414324 | 0.2 |
| 825000 | Yum! Brands, Inc., 3.625%, 03/15/2031 |  | 739772 | 0.4 |
| 350000 <sup>(1)</sup> | ZF North America Capital, Inc., 4.750%, 04/29/2025 |  | 349199 | 0.2 |
| 330000 <sup>(1)</sup> | ZF North America Capital, Inc., 6.875%, 04/14/2028 |  | 324544 | 0.2 |
|  |  |  | **30080619** | **17.6** |
|  | **Consumer, Non-cyclical: 18.3%** | **Consumer, Non-cyclical: 18.3%** | **Consumer, Non-cyclical: 18.3%** |  |
| 415000 <sup>(1)</sup> | 1375209 BC Ltd., 9.000%, 01/30/2028 |  | 414938 | 0.2 |
| 575000 <sup>(1)(2)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 |  | 560026 | 0.3 |
| 255000 <sup>(1)</sup> | ADT Security Corp., 4.125%, 08/01/2029 |  | 239700 | 0.1 |
| 497000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 |  | 457920 | 0.3 |
| 609000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 |  | 609373 | 0.4 |
| 345000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.250%, 03/15/2033 |  | 348688 | 0.2 |
| 300000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 |  | 283471 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 650000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | $616256 | 0.4 |
| 425000 <sup>(1)(2)</sup> | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | 372295 | 0.2 |
| 215000 <sup>(1)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 199417 | 0.1 |
| 230000 <sup>(1)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 214904 | 0.1 |
| 170000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.750%, 07/15/2027 | 164224 | 0.1 |
| 570000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | 557038 | 0.3 |
| 470000 <sup>(1)</sup> | Bausch Health Cos., Inc., 4.875%, 06/01/2028 | 380070 | 0.2 |
| 345000 <sup>(1)</sup> | Bausch Health Cos., Inc., 6.125%, 02/01/2027 | 350046 | 0.2 |
| 530000 <sup>(1)</sup> | BellRing Brands, Inc., 7.000%, 03/15/2030 | 548087 | 0.3 |
| 500000 <sup>(1)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 496975 | 0.3 |
| 389000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 394730 | 0.2 |
| 230000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 233434 | 0.1 |
| 725000 <sup>(1)(2)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 649452 | 0.4 |
| 455000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 375934 | 0.2 |
| 375000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.625%, 03/15/2027 | 358395 | 0.2 |
| 550000 <sup>(1)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 506092 | 0.3 |
| 450000 <sup>(1)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 479448 | 0.3 |
| 401000 <sup>(1)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | 349458 | 0.2 |
| 685000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 631153 | 0.4 |
| 540000 <sup>(1)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 484023 | 0.3 |
| 605000 | Encompass Health Corp., 4.750%, 02/01/2030 | 582477 | 0.3 |
| 635000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 656222 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 170000 <sup>(1)</sup> | Garda World Security Corp., 4.625%, 02/15/2027 | $165633 | 0.1 |
| 472000 <sup>(1)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 472420 | 0.3 |
| 170000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 172916 | 0.1 |
| 666000 <sup>(1)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | 633298 | 0.4 |
| 200000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 201564 | 0.1 |
| 760000 <sup>(1)</sup> | LifePoint Health, Inc., 9.875%, 08/15/2030 | 802828 | 0.5 |
| 635000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 593991 | 0.4 |
| 698000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 670264 | 0.4 |
| 155000 <sup>(1)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | 157167 | 0.1 |
| 475000 <sup>(1)</sup> | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | 439067 | 0.3 |
| 289000 | New Albertsons L.P., 7.450%, 08/01/2029 | 300845 | 0.2 |
| 600000 <sup>(1)(2)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 523605 | 0.3 |
| 605000 <sup>(2)</sup> | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 596064 | 0.4 |
| 625000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 584399 | 0.3 |
| 405000 <sup>(1)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 399760 | 0.2 |
| 120000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 118298 | 0.1 |
| 765000 <sup>(1)(2)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028 | 766163 | 0.5 |
| 420000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.250%, 04/01/2029 | 419241 | 0.3 |
| 635000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 618213 | 0.4 |
| 525000 <sup>(1)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 512105 | 0.3 |
| 370000 <sup>(2)</sup> | Service Corp. International, 5.125%, 06/01/2029 | 361264 | 0.2 |
| 545000 | Service Corp. International, 5.750%, 10/15/2032 | 536273 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 770000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | $714812 | 0.4 |
| 544000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 553727 | 0.3 |
| 420000 <sup>(1)(2)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | 414500 | 0.2 |
| 590000 <sup>(1)</sup> | Teleflex, Inc., 4.250%, 06/01/2028 | 563230 | 0.3 |
| 520000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 512772 | 0.3 |
| 865000 | Tenet Healthcare Corp., 6.125%, 10/01/2028 | 861583 | 0.5 |
| 882000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 879025 | 0.5 |
| 410000 <sup>(1)</sup> | United Natural Foods, Inc., 6.750%, 10/15/2028 | 405494 | 0.2 |
| 555000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 545951 | 0.3 |
| 160000 | United Rentals North America, Inc., 5.500%, 05/15/2027 | 159560 | 0.1 |
| 330000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 | 330619 | 0.2 |
| 605000 <sup>(1)</sup> | US Foods, Inc., 5.750%, 04/15/2033 | 590066 | 0.4 |
| 595000 <sup>(1)</sup> | Veritiv Operating Co., 10.500%, 11/30/2030 | 630745 | 0.4 |
| 515000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 527503 | 0.3 |
| 230000 <sup>(1)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 223114 | 0.1 |
| 600000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 606942 | 0.4 |
| 70000 <sup>(1)</sup> | Williams Scotsman, Inc., 7.375%, 10/01/2031 | 72131 | 0.0 |
|  |  | **31151398** | **18.3** |
|  | **Energy: 11.8%** |  |  |
| 375000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | 366810 | 0.2 |
| 530000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 | 528796 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 500000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | $500796 | 0.3 |
| 79000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | 79097 | 0.0 |
| 735000 <sup>(1)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | 717841 | 0.4 |
| 675000 <sup>(1)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 686221 | 0.4 |
| 620000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 613804 | 0.4 |
| 345000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | 345993 | 0.2 |
| 470000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 487375 | 0.3 |
| 511000 <sup>(1)</sup> | DT Midstream, Inc., 4.125%, 06/15/2029 | 481384 | 0.3 |
| 290000 <sup>(1)</sup> | DT Midstream, Inc., 4.375%, 06/15/2031 | 267010 | 0.2 |
| 425000 <sup>(1)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | 433333 | 0.3 |
| 670000 <sup>(1)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 681579 | 0.4 |
| 592000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 | 607890 | 0.4 |
| 770000 <sup>(1)</sup> | EQM Midstream Partners L.P., 4.750%, 01/15/2031 | 740926 | 0.4 |
| 185000 | Global Partners L.P. / GLP Finance Corp., 7.000%, 08/01/2027 | 184620 | 0.1 |
| 565000 <sup>(1)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 581259 | 0.3 |
| 385000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 09/01/2028 | 389092 | 0.2 |
| 315000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 05/15/2032 | 323927 | 0.2 |
| 330000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.500%, 10/15/2030 | 323433 | 0.2 |
| 340000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.875%, 03/01/2028 | 341803 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 380000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | $361798 | 0.2 |
| 175000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | 163712 | 0.1 |
| 150000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.875%, 05/15/2034 | 141241 | 0.1 |
| 430000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 440879 | 0.3 |
| 300000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 8.875%, 07/15/2028 | 313060 | 0.2 |
| 706000 <sup>(1)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 699158 | 0.4 |
| 530000 <sup>(1)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 540681 | 0.3 |
| 455000 <sup>(1)</sup> | Moss Creek Resources Holdings, Inc., 8.250%, 09/01/2031 | 444109 | 0.3 |
| 510000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 515180 | 0.3 |
| 405000 <sup>(1)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 | 400006 | 0.2 |
| 325000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 323969 | 0.2 |
| 415000 | SM Energy Co., 6.625%, 01/15/2027 | 414260 | 0.2 |
| 645000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 658772 | 0.4 |
| 225000 <sup>(1)</sup> | Sunoco L.P., 7.000%, 05/01/2029 | 230360 | 0.1 |
| 190000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | 180106 | 0.1 |
| 525000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 | 491366 | 0.3 |
| 410000 <sup>(1)</sup> | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 6.000%, 03/01/2027 | 408116 | 0.2 |
| 260000 <sup>(1)</sup> | Talos Production, Inc., 9.000%, 02/01/2029 | 267404 | 0.2 |
| 330000 <sup>(1)</sup> | Talos Production, Inc., 9.375%, 02/01/2031 | 336079 | 0.2 |
| 238875 <sup>(1)</sup> | Transocean Poseidon Ltd., 6.875%, 02/01/2027 | 237587 | 0.1 |
| 67857 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | 69369 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 555000 <sup>(1)</sup> | Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031 | $504667 | 0.3 |
| 765000 <sup>(1)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 | 754216 | 0.4 |
| 760000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 | 777067 | 0.5 |
| 855000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 867745 | 0.5 |
|  |  | **20223896** | **11.8** |
|  | **Financial: 10.4%** |  |  |
| 690000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 702458 | 0.4 |
| 1090000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 1071398 | 0.6 |
| 295000 | Ally Financial, Inc., 5.750%, 11/20/2025 | 295913 | 0.2 |
| 320000 | Ally Financial, Inc., 6.700%, 02/14/2033 | 320244 | 0.2 |
| 405000 <sup>(1)</sup> | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | 398100 | 0.2 |
| 593000 <sup>(1)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 586205 | 0.4 |
| 400000 <sup>(1)</sup> | CI Financial Corp., 7.500%, 05/30/2029 | 419592 | 0.3 |
| 660000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 651507 | 0.4 |
| 380000 <sup>(1)</sup> | Freedom Mortgage Corp., 6.625%, 01/15/2027 | 378419 | 0.2 |
| 275000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 303235 | 0.2 |
| 350000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 342281 | 0.2 |
| 945000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 939563 | 0.6 |
| 980000 <sup>(1)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 940557 | 0.6 |
| 365000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 361743 | 0.2 |
| 205000 <sup>(1)(2)</sup> | Jane Street Group / JSG Finance, Inc., 4.500%, 11/15/2029 | 193776 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 710000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | $699125 | 0.4 |
| 110000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | 107212 | 0.1 |
| 605000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 576611 | 0.3 |
| 214000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 194374 | 0.1 |
| 380000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 366667 | 0.2 |
| 420000 <sup>(2)</sup> | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 379975 | 0.2 |
| 405000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 403633 | 0.2 |
| 715000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | 716742 | 0.4 |
| 180000 | Navient Corp., 6.750%, 06/25/2025 | 180265 | 0.1 |
| 720000 | OneMain Finance Corp., 5.375%, 11/15/2029 | 685548 | 0.4 |
| 290000 | OneMain Finance Corp., 7.125%, 03/15/2026 | 294436 | 0.2 |
| 525000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 535280 | 0.3 |
| 720000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 725936 | 0.4 |
| 630000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | 626850 | 0.4 |
| 410000 <sup>(1)</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.875%, 11/01/2029 | 396068 | 0.2 |
| 502000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 | 462847 | 0.3 |
| 300000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 04/01/2032 | 299701 | 0.2 |
| 555000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | 568708 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 220000 <sup>(1)</sup> | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | $215256 | 0.1 |
| 575000 <sup>(1)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 | 568418 | 0.3 |
| 250000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 250401 | 0.2 |
| 530000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 544979 | 0.3 |
|  |  | **17704023** | **10.4** |
|  | **Industrial: 12.0%** |  |  |
| 405000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 411931 | 0.2 |
| 565000 <sup>(1)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 | 562652 | 0.3 |
| 635000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 644302 | 0.4 |
| 400000 <sup>(1)</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029 | 341152 | 0.2 |
| 295000 <sup>(1)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 | 302794 | 0.2 |
| 168000 <sup>(1)</sup> | Bombardier, Inc., 7.875%, 04/15/2027 | 168742 | 0.1 |
| 483000 <sup>(1)</sup> | Bombardier, Inc., 8.750%, 11/15/2030 | 509831 | 0.3 |
| 525000 <sup>(1)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032 | 500486 | 0.3 |
| 95000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | 94229 | 0.1 |
| 468000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 453989 | 0.3 |
| 711000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 738300 | 0.4 |
| 550000 <sup>(1)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 556469 | 0.3 |
| 770000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 775950 | 0.5 |
| 835000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 836414 | 0.5 |
| 775000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.750%, 06/15/2028 | 742736 | 0.4 |
| 600000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | 588611 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 345000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | $330037 | 0.2 |
| 510000 <sup>(1)</sup> | GFL Environmental, Inc., 4.000%, 08/01/2028 | 485236 | 0.3 |
| 478000 <sup>(1)(2)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 451314 | 0.3 |
| 245000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 236195 | 0.1 |
| 350000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | 345768 | 0.2 |
| 305000 <sup>(1)</sup> | Goat Holdco LLC, 6.750%, 02/01/2032 | 298792 | 0.2 |
| 410000 <sup>(1)</sup> | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | 400763 | 0.2 |
| 675000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 641582 | 0.4 |
| 425000 <sup>(1)</sup> | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | 413892 | 0.2 |
| 425000 <sup>(1)</sup> | Madison IAQ LLC, 5.875%, 06/30/2029 | 401904 | 0.2 |
| 410000 <sup>(1)</sup> | Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.500%, 04/15/2030 | 368569 | 0.2 |
| 130000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027 | 129414 | 0.1 |
| 670000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 654925 | 0.4 |
| 845000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 851054 | 0.5 |
| 520000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 | 500997 | 0.3 |
| 355000 <sup>(1)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | 355744 | 0.2 |
| 575000 <sup>(1)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 502804 | 0.3 |
| 730000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 757065 | 0.4 |
| 420000 <sup>(1)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 | 365520 | 0.2 |
| 587000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 542106 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 530000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | $514705 | 0.3 |
| 595000 <sup>(1)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 | 586302 | 0.3 |
| 646000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 655040 | 0.4 |
| 610000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 613583 | 0.4 |
| 445000 <sup>(1)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | 422721 | 0.3 |
| 405000 <sup>(1)</sup> | Wilsonart LLC, 11.000%, 08/15/2032 | 372230 | 0.2 |
|  |  | **20426850** | **12.0** |
|  | **Technology: 3.3%** |  |  |
| 624000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 614492 | 0.4 |
| 1005000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 977670 | 0.6 |
| 315000 <sup>(1)(2)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 313761 | 0.2 |
| 320000 <sup>(1)</sup> | Entegris, Inc., 3.625%, 05/01/2029 | 294461 | 0.2 |
| 535000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 540000 | 0.3 |
| 505000 <sup>(1)</sup> | NCR Atleos Escrow Corp., 9.500%, 04/01/2029 | 548023 | 0.3 |
| 295000 <sup>(1)</sup> | Open Text Corp., 3.875%, 12/01/2029 | 268716 | 0.2 |
| 560000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 511368 | 0.3 |
| 495000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 436429 | 0.2 |
| 425000 <sup>(1)</sup> | Rocket Software, Inc., 6.500%, 02/15/2029 | 401088 | 0.2 |
| 687000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 697425 | 0.4 |
|  |  | **5603433** | **3.3** |
|  | **Utilities: 3.1%** |  |  |
| 575000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 575816 | 0.3 |
| 320000 <sup>(1)</sup> | Calpine Corp., 4.500%, 02/15/2028 | 310480 | 0.2 |
| 471000 <sup>(1)</sup> | Calpine Corp., 5.000%, 02/01/2031 | 450053 | 0.3 |
| 410000 <sup>(1)</sup> | Calpine Corp., 5.125%, 03/15/2028 | 403771 | 0.2 |
| 625000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 644006 | 0.4 |
| 460000 <sup>(1)</sup> | NRG Energy, Inc., 3.625%, 02/15/2031 | 407747 | 0.2 |
| 240000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 233732 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |  |
| 345000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 | $| 339925 | 0.2 |
| 420000 | TransAlta Corp., 7.750%, 11/15/2029 |  | 436482 | 0.3 |
| 260000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 |  | 247116 | 0.2 |
| 435000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |  | 435057 | 0.3 |
| 225000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 224340 | 0.1 |
| 516000 <sup>(1)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 |  | 540838 | 0.3 |
|  |  |  | **5249363** | **3.1** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $155,483,251) |  | **156592130** | **91.8** |
| **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** |
|  | **Communications: 0.6%** |  |  |  |
| 675000 | Getty Images Inc., Dollar Fixed Rate Term B-1 Loans, 11.250%, 02/21/2030 |  | 681750 | 0.4 |
| 313424 | MH Sub I LLC, 9.096%, 05/03/2028 |  | 299516 | 0.2 |
| 89869 | MH Sub I LLC, Tranche B, 8.577%, 12/31/2031 |  | 82589 | 0.0 |
|  |  |  | **1063855** | **0.6** |
|  | **Consumer, Cyclical: 1.1%** |  |  |  |
| 367969 | American Greetings Corporation, Tranche C Term Loan, 10.075%, (TSFR1M+5.750%), 10/30/2029 |  | 369463 | 0.2 |
| 832913 | Great Outdoors Group LLC, Term B-3 Loan, 7.575%, (TSFR1M+3.250%), 01/16/2032 |  | 832600 | 0.5 |
| 675000 | Hanesbrands, Inc., Tranche B, 7.071%, 03/08/2032 |  | 675844 | 0.4 |
|  |  |  | **1877907** | **1.1** |
|  | **Consumer, Non-cyclical: 0.8%** | **Consumer, Non-cyclical: 0.8%** | **Consumer, Non-cyclical: 0.8%** |  |
| 1000000 | 1261229 BC Ltd., 3.950%, 04/01/2030 |  | 930940 | 0.5 |
| 444478 | Bausch & Lomb Corporation, Initial Term Loan, 7.672%, (TSFR1M+3.350%), 05/10/2027 |  | 443327 | 0.3 |
|  |  |  | **1374267** | **0.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** |
| 447750 | Epic Y Grade Services L.P., Term Loan B, 10.044%, (TSFR3M+5.750%), 06/29/2029 | $448356 | 0.3 |
| 353438 | Goodnight Water Solutions Holdings, LLC, Initial Term Loans, 8.825%, (TSFR1M+4.500%), 06/04/2029 | 353438 | 0.2 |
| 506250 | Hilcorp Energy I L.P., Term Loan B, 6.322%, (TSFR1M+2.000%), 02/05/2030 | 507516 | 0.3 |
|  |  | **1309310** | **0.8** |
|  | **Financial: 1.0%** |  |  |
| 806875 | HUB International Ltd., Facility 2024-1 Incremental Term Loans, 7.043%, (TSFR3M+2.750%), 06/20/2030 | 804202 | 0.5 |
| 373127 | Osaic Holdings Inc., Term B4 Loan, 7.824%, (TSFR1M+3.500%), 08/17/2028 | 370796 | 0.2 |
| 605000 | Sedgwick Claims Management Services, Inc., 7.313%, 07/31/2031 | 596811 | 0.3 |
|  |  | **1771809** | **1.0** |
|  | **Technology: 0.9%** |  |  |
| 375000 | Cotiviti Holdings Inc., Initial Fixed Rate Term Loan, 7.625%, 05/01/2031 | 373594 | 0.2 |
| 175000 <sup>(4)</sup> | Cotiviti Inc., 03/29/2032 | 172265 | 0.1 |
| 148504 | Cotiviti Inc., Initial Floating Rate Term Loans, 7.073%, (TSFR1M+2.750%), 05/01/2031 | 147715 | 0.1 |
| 374063 | Indy Us Bidco, LLC, Eleventh Amendment Term Loan, 7.824%, (TSFR1M+3.500%), 03/06/2028 | 373244 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** |  |  |  |
| 498750 | PointClickCare Technologies Inc., 2024-1 Term Loan, 7.549%, (TSFR3M+3.250%), 11/03/2031 | $| 499218 | 0.3 |
|  |  |  | **1566036** | **0.9** |
|  | Total Bank Loans |  |  |  |
|  | (Cost $8,999,443) |  | **8963184** | **5.2** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $164,482,694) |  | **165555314** | **97.0** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** |  |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 7.8%** | **SHORT-TERM INVESTMENTS: 7.8%** |  |  |  |
|  | **Commercial Paper: 2.2%** |  |  |  |
| 1100000 | Entergy Corp., 4.590%, 04/01/2025 |  | 1099862 | 0.7 |
| 1000000 | Fiserv, Inc., 4.600%, 04/01/2025 |  | 999874 | 0.6 |
| 500000 | Fiserv, Inc., 4.600%, 04/03/2025 |  | 499811 | 0.3 |
| 1000000 | Kellanova, 4.640%, 04/17/2025 |  | 997845 | 0.6 |
|  | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** |  |
| 2080073 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $2,080,322, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,121,675, due 04/10/25-03/01/55) |  | 2080073 | 1.2 |
| 2080073 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $2,080,322, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.470%-6.500%, Market Value plus accrued interest $2,121,674, due 06/01/28-02/01/55) |  | 2080073 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |  |
| 42451 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $42,456, collateralized by various U.S. Government Securities, 0.000%-1.500%, Market Value plus accrued interest $43,300, due 02/15/27-02/15/55) | $42451 | 0.1 |
| 1218185 <sup>(5)</sup> | JPMorgan Securities LLC, Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,218,331, collateralized by various U.S. Government Securities, 2.375%-4.625%, Market Value plus accrued interest $1,242,549, due 02/15/42-02/15/55) | 1218185 | 0.7 |
| 2080073 <sup>(5)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $2,080,321, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,121,675, due 04/10/25-12/15/66) | 2080073 | 1.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $7,500,855) | **7500855** | **4.4** |
|  | **Time Deposits: 0.8%** |  |  |
| 190000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 04/01/2025 | 190000 | 0.1 |
| 180000 <sup>(5)</sup> | Credit Agricole Corporate And Investment Bank, 4.310%, 04/01/2025 | 180000 | 0.1 |
| 130000 <sup>(5)</sup> | DNB Bank Asa, 4.310%, 04/01/2025 | 130000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Time Deposits (continued)** |  |  |
| 170000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 04/01/2025 | $170000 | 0.1 |
| 190000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 04/01/2025 | 190000 | 0.1 |
| 190000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 04/01/2025 | 190000 | 0.1 |
| 190000 <sup>(5)</sup> | Societe Generale S.A., 4.320%, 04/01/2025 | 190000 | 0.1 |
| 140000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.300%, 04/01/2025 | 140000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,380,000) | **1380000** | **0.8** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 0.4%** |  |  |
| 747000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $747,000) | $**747000** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $13,225,705) | **13225247** | **7.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $177,708,399)** | $**178780561** | **104.8** |
|  | **Liabilities in Excess of Other Assets** | **(8167944)** | **(4.8)** |
|  | **Net Assets** | $**170612617** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates. |
| <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, 2025. |

---

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

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $156592130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $156592130 |
| Bank Loans |  | 8963184 |  | 8963184 |
| Short-Term Investments | 747000 | 12478247 |  | 13225247 |
| Total Investments, at fair value | $747000 | $178033561 | $— | $178780561 |

---

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

At March 31, 2025, the aggregate cost of securities and other investments for federal income tax purposes was the same as for financial statement purposes. The composition of unrealized appreciation and depreciation of securities and other investments was:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $177,719,343. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2674764 |
| Gross Unrealized Depreciation | (1613546) |
| Net Unrealized Appreciation | $1061218 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** |  |
| 776962 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | $590502 | 0.3 |
| 1701186 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054 | 1231620 | 0.6 |
| 500000 <sup>(1)</sup> | ARZ Trust 2024-BILT F, 8.268%, 06/11/2029 | 517477 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 6.267%, (TSFR1M + 1.947%), 12/15/2036 | 482969 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR B, 6.385%, 12/10/2041 | 1038025 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF A, 6.170%, (TSFR1M + 1.850%), 02/15/2042 | 998340 | 0.5 |
| 662526 <sup>(1)</sup> | BANK 2017-BNK4 D, 3.357%, 05/15/2050 | 490235 | 0.2 |
| 6369284 <sup>(1)(2)(3)</sup> | BANK 2017-BNK8 XE, 1.292%, 11/15/2050 | 191095 | 0.1 |
| 15809986 <sup>(2)(3)</sup> | BANK 2020-BN27 XA, 1.155%, 04/15/2063 | 699377 | 0.3 |
| 5195079 <sup>(2)(3)</sup> | BANK 2020-BN30 XA, 1.274%, 12/15/2053 | 280056 | 0.1 |
| 900000 <sup>(2)</sup> | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 C, 4.352%, 02/15/2050 | 854289 | 0.4 |
| 12917443 <sup>(2)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.518%, 08/15/2052 | 636878 | 0.3 |
| 750000 <sup>(1)</sup> | BBCMS Mortgage Trust 2025-C32 D, 4.500%, 02/15/2062 | 626119 | 0.3 |
| 5710974 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051 | 235894 | 0.1 |
| 5023811 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.221%, 03/15/2062 | 196129 | 0.1 |
| 4489366 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B14 XD, 1.254%, 12/15/2062 | 238730 | 0.1 |
| 1841521 <sup>(1)</sup> | Benchmark Mortgage Trust 2020-B18 AGNF, 4.139%, 07/15/2053 | 1784347 | 0.9 |
| 6241750 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.806%, 07/15/2053 | 326513 | 0.2 |
| 4762108 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.503%, 01/15/2054 | 321738 | 0.2 |
| 10269217 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.078%, 04/15/2054 | 464683 | 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)** |
| 1008846 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052 | $769380 | 0.4 |
| 2537173 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.428%, 05/25/2052 | 2065587 | 1 |
| 1500000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2024-BOCA B, 6.659%, (TSFR1M + 2.340%), 08/15/2041 | 1503764 | 0.7 |
| 723659 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 6.265%, (TSFR1M + 1.946%), 04/15/2034 | 714774 | 0.3 |
| 752296 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.834%, (TSFR1M + 2.514%), 09/15/2036 | 741893 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2022-CSMO B, 7.460%, (TSFR1M + 3.141%), 06/15/2027 | 1003093 | 0.5 |
| 537007 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023-XL3 D, 7.908%, (TSFR1M + 3.589%), 12/09/2040 | 537844 | 0.3 |
| 1325000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIRC B, 6.460%, (TSFR1M + 2.141%), 08/15/2039 | 1326887 | 0.6 |
| 937714 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-GPA3 A, 5.612%, (TSFR1M + 1.293%), 12/15/2039 | 936687 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA C, 6.079%, (TSFR1M + 1.760%), 10/15/2036 | 996981 | 0.5 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 6.133%, (TSFR1M + 1.814%), 10/15/2036 | 494831 | 0.2 |
| 289103 <sup>(1)(2)</sup> | BX Trust 2021-RISE C, 5.883%, (TSFR1M + 1.564%), 11/15/2036 | 285745 | 0.1 |
| 1177401 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.820%, (TSFR1M + 1.501%), 09/15/2034 | 1160835 | 0.6 |
| 5120106 <sup>(2)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.393%, 08/15/2057 | 233964 | 0.1 |
| 6220215 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.254%, 09/15/2050 | 164660 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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)** |
| 674572 <sup>(1)(2)</sup> | Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.069%, 11/10/2051 | $481768 | 0.2 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 510980 | 0.2 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 513210 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 7.069%, (TSFR1M + 2.750%), 03/15/2034 | 1249846 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU A, 5.769%, (TSFR1M + 1.450%), 12/15/2039 | 1000894 | 0.5 |
| 3892869 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.979%, 08/25/2036 | 298479 | 0.1 |
| 1455653 <sup>(1)(4)</sup> | FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049 | 1281759 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.685%, (TSFR1M + 1.385%), 08/19/2042 | 999974 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | FS Trust 2024-HULA D, 7.259%, (TSFR1M + 2.940%), 08/15/2039 | 1002696 | 0.5 |
| 2235423 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 1881143 | 0.9 |
| 3147000 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050 | 2604167 | 1.3 |
| 2415208 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 2C, 0.000%, 11/29/2050 | 1970366 | 1 |
| 1616752 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 1240985 | 0.6 |
| 1178995 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 1163449 | 0.6 |
| 1178694 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 1159263 | 0.6 |
| 1362997 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | 975562 | 0.5 |
| 725526 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | 721175 | 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)** |
| 1605421 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | $1545050 | 0.7 |
| 653492 <sup>(1)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 483050 | 0.2 |
| 542067 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 363258 | 0.2 |
| 600000 <sup>(1)(2)</sup> | HYT Commercial Mortgage Trust 2024-RGCY B, 6.660%, (TSFR1M + 2.341%), 09/15/2041 | 599875 | 0.3 |
| 881000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.550%, (TSFR1M + 2.250%), 03/15/2042 | 876035 | 0.4 |
| 1760000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON E, 5.222%, 01/05/2034 | 1661389 | 0.8 |
| 500000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC E, 7.134%, (TSFR1M + 2.814%), 04/15/2038 | 498812 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 A, 5.862%, (TSFR1M + 1.542%), 12/15/2039 | 1250468 | 0.6 |
| 375000 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 8.508%, (TSFR1M + 4.188%), 03/15/2036 | 374830 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 6.461%, (TSFR1M + 2.141%), 08/17/2042 | 1001501 | 0.5 |
| 360000 <sup>(1)(2)</sup> | MHC Commercial Mortgage Trust 2021-MHC F, 7.034%, (TSFR1M + 2.715%), 04/15/2038 | 359357 | 0.2 |
| 360000 <sup>(1)(2)</sup> | MHC Trust 2021-MHC2 E, 6.383%, (TSFR1M + 2.064%), 05/15/2038 | 357998 | 0.2 |
| 4684360 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XD, 1.587%, 12/15/2050 | 172800 | 0.1 |
| 11128292 <sup>(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XA, 1.218%, 07/15/2052 | 483772 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS A, 5.812%, (TSFR1M + 1.493%), 12/15/2039 | 1000937 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 536670 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | $| 520155 | 0.2 |
| 3011482 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 |  | 2654197 | 1.3 |
| 1000000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 A, 4.173%, 03/10/2033 |  | 982762 | 0.5 |
| 4104649 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.358%, 11/08/2049 |  | 3801117 | 1.8 |
| 1897233 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 |  | 1635971 | 0.8 |
| 1000000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037 |  | 848000 | 0.4 |
| 750000 <sup>(1)(2)</sup> | SMRT 2022-MINI F, 7.670%, (TSFR1M + 3.350%), 01/15/2039 |  | 711668 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.762%, (TSFR1M + 1.443%), 03/15/2042 |  | 990538 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE B, 6.161%, (TSFR1M + 1.842%), 11/15/2041 |  | 1000031 | 0.5 |
| 850000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-C37 D, 3.164%, 12/15/2049 |  | 779888 | 0.4 |
| 861000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.029%, 12/15/2059 |  | 768664 | 0.4 |
| 9280627 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.857%, 10/15/2050 |  | 142170 | 0.1 |
| 6038486 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.495%, 08/15/2054 |  | 412343 | 0.2 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $64,306,556) |  | **70474293** | **34.0** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** |  |
| 422109 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.628%, 01/25/2045 |  | 338252 | 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)** |  |
| 289974 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.760%, 03/25/2046 | $273601 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 841428 | 0.4 |
| 451722 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 430032 | 0.2 |
| 556018 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.483%, 11/25/2051 | 475419 | 0.2 |
| 584214 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.397%, 12/25/2051 | 487517 | 0.2 |
| 712886 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.386%, 10/25/2051 | 598587 | 0.3 |
| 323029 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.358%, 11/25/2035 | 175250 | 0.1 |
| 1297995 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | 1281391 | 0.6 |
| 353531 <sup>(1)(2)</sup> | CIM Trust 2021-J1 A19, 2.500%, 03/25/2051 | 287557 | 0.1 |
| 420859 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.861%, 09/25/2051 | 343768 | 0.2 |
| 994021 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-CMI1 B2, 6.427%, 06/25/2054 | 1005322 | 0.5 |
| 958681 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-1 A1, 0.910%, 06/25/2066 | 802639 | 0.4 |
| 873330 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | 913073 | 0.4 |
| 1054019 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.490%, (SOFR30A + 3.150%), 12/25/2041 | 1079096 | 0.5 |
| 602296 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 460744 | 0.2 |
| 998968 <sup>(1)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 953402 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 602296 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.454%, (SOFR30A + 3.114%), 01/25/2040 | $616837 | 0.3 |
| 301148 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.640%, (SOFR30A + 3.300%), 11/25/2041 | 310447 | 0.1 |
| 1761717 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.890%, (SOFR30A + 5.550%), 01/25/2043 | 1926052 | 0.9 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.086%, (SOFR30A + 4.750%), 06/25/2043 | 540188 | 0.3 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.286%, (SOFR30A + 1.950%), 02/25/2045 | 500376 | 0.2 |
| 385647 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.141%, 07/25/2048 | 353107 | 0.2 |
| 1354390 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.190%, 03/25/2050 | 1259800 | 0.6 |
| 675034 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.190%, 03/25/2050 | 615757 | 0.3 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.090%, (SOFR30A + 3.750%), 12/25/2041 | 1546758 | 0.7 |
| 3011482 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.740%, (SOFR30A + 3.400%), 01/25/2042 | 3089407 | 1.5 |
| 2845850 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.090%, (SOFR30A + 4.750%), 02/25/2042 | 2976018 | 1.4 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 6.740%, (SOFR30A + 2.400%), 02/25/2042 | 1532968 | 0.7 |
| 1500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 8.090%, (SOFR30A + 3.750%), 02/25/2042 | 1552127 | 0.7 |
| 481038 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.611%, 08/25/2052 | 447200 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 598384 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 B3, 3.611%, 05/25/2050 | $526482 |  | 0.3 |
| 957183 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.983%, 03/25/2050 | 876312 |  | 0.4 |
| 820092 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.983%, 03/25/2050 | 748810 |  | 0.4 |
| 1215584 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022- PJ5 B3, 2.985%, 10/25/2052 | 1007177 |  | 0.5 |
| 785545 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054 | 790737 |  | 0.4 |
| 696846 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.319%, 12/25/2051 | 589657 |  | 0.3 |
| 451722 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 339182 |  | 0.2 |
| 617104 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.855%, (TSFR1M + 0.534%), 02/25/2046 | 467712 |  | 0.2 |
| 208554 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.615%, 06/25/2049 | 199381 |  | 0.1 |
| 417015 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 336051 |  | 0.2 |
| 476025 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.087%, 07/25/2052 | 385034 |  | 0.2 |
| 1132589 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.290%, 11/25/2052 | 944463 |  | 0.5 |
| 765680 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.639%, 07/25/2053 | 726827 |  | 0.4 |
| 288057 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.688%, 01/25/2044 | 248759 |  | 0.1 |
| 879494 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.447%, 01/25/2047 | 781982 |  | 0.4 |
| 356307 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.871%, 11/25/2048 | 327187 |  | 0.2 |
| 359050 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.780%, 12/25/2048 | 324255 |  | 0.2 |
| 389885 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.704%, 09/25/2048 | 353416 |  | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 552437 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.704%, 09/25/2048 | $500761 |  | 0.2 |
| 559853 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 511849 |  | 0.2 |
| 774377 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.204%, 02/25/2050 | 681706 |  | 0.3 |
| 781942 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.406%, 03/25/2050 | 693603 |  | 0.3 |
| 839006 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 4.953%, 10/25/2049 | 840379 |  | 0.4 |
| 451170 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.933%, 10/25/2049 | 439145 |  | 0.2 |
| 944064 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.355%, 05/25/2050 | 875745 |  | 0.4 |
| 456474 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.706%, 12/25/2049 | 441875 |  | 0.2 |
| 456474 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.706%, 12/25/2049 | 440730 |  | 0.2 |
| 672973 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.350%, 03/25/2050 | 624213 |  | 0.3 |
| 671657 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.570%, 12/25/2050 | 596004 |  | 0.3 |
| 396812 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.493%, 03/25/2051 | 343119 |  | 0.2 |
| 329037 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 267634 |  | 0.1 |
| 979942 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.350%, 05/25/2054 | 974611 |  | 0.5 |
| 952179 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 957492 |  | 0.5 |
| 1287624 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-9 A9A, 5.500%, 02/25/2055 | 1271153 |  | 0.6 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A5A, 5.500%, 04/25/2055 | 984764 |  | 0.5 |
| 495607 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 491502 |  | 0.2 |
| 215152 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.647%, 12/25/2044 | 207626 |  | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 545052 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.362%, 10/25/2048 | $516792 |  | 0.2 |
| 1050706 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 834463 |  | 0.4 |
| 542067 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.721%, 09/25/2057 | 495101 |  | 0.2 |
| 406532 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 396349 |  | 0.2 |
| 1144363 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.690%, (SOFR30A + 3.350%), 04/25/2034 | 1166621 |  | 0.6 |
| 383621 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 311084 |  | 0.2 |
| 1069470 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.967%, 10/25/2051 | 873670 |  | 0.4 |
| 1000000 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 958288 |  | 0.5 |
| 186491 <sup>(1)(2)</sup> | Radnor RE Ltd. 2021-1 M1C, 7.040%, (SOFR30A + 2.700%), 12/27/2033 | 188208 |  | 0.1 |
| 539908 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 485343 |  | 0.2 |
| 468674 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.559%, 02/25/2047 | 438356 |  | 0.2 |
| 363307 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.247%, 06/25/2049 | 339388 |  | 0.2 |
| 455892 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.790%, 08/25/2049 | 444850 |  | 0.2 |
| 813437 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.509%, 09/25/2049 | 777237 |  | 0.4 |
| 479009 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.509%, 09/25/2049 | 452534 |  | 0.2 |
| 671071 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.631%, 03/25/2050 | 596200 |  | 0.3 |
| 539987 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.312%, 04/25/2050 | 474824 |  | 0.2 |
| 697044 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.863%, 11/25/2051 | 576575 |  | 0.3 |
| 601735 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.138%, 01/25/2053 | 569240 |  | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 697910 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 6.000%, 03/25/2054 | $| 700341 |  | 0.3 |
| 835794 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 |  | 825102 |  | 0.4 |
| 343510 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.631%, 10/25/2047 |  | 316879 |  | 0.2 |
| 240531 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 |  | 222576 |  | 0.1 |
| 903444 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 |  | 794453 |  | 0.4 |
| 602296 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 |  | 561107 |  | 0.3 |
| 1080678 <sup>(2)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 |  | 237371 |  | 0.1 |
| 331263 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.993%, 11/25/2057 |  | 327040 |  | 0.2 |
| 553040 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV1 B1, 3.152%, 08/25/2051 |  | 468145 |  | 0.2 |
| 419854 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.218%, 12/25/2051 |  | 345394 |  | 0.2 |
| 1372731 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.231%, 01/25/2052 |  | 1141156 |  | 0.6 |
| 261566 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 |  | 223979 |  | 0.1 |
| 569222 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049 |  | 496748 |  | 0.2 |
|  | Total Collateralized Mortgage Obligations |  |  |  |  |
|  | (Cost $63,584,770) |  | **67686869** |  | **32.7** |
| **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** |  |  |  |  |
|  | **Other Asset-Backed Securities: 18.2%** | **Other Asset-Backed Securities: 18.2%** | **Other Asset-Backed Securities: 18.2%** |  |  |
| 300000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 6.415%, (TSFR3M + 2.100%), 01/20/2038 |  | 300543 |  | 0.1 |
| 1000000 <sup>(1)(2)</sup> | AMMC CLO 30 Ltd. 2024-30A C, 6.952%, (TSFR3M + 2.650%), 01/15/2037 |  | 1004969 |  | 0.5 |
| 350000 <sup>(1)(2)</sup> | Apidos CLO XV 2013-15A CRR, 6.405%, (TSFR3M + 2.112%), 04/20/2031 |  | 350557 |  | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **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)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 730000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.605%, (TSFR3M + 2.312%), 10/20/2030 | $732422 |  | 0.3 |
| 327690 <sup>(1)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 | 321747 |  | 0.1 |
| 1747000 <sup>(1)</sup> | Aqua Finance Trust 2021-A B, 2.400%, 07/17/2046 | 1532789 |  | 0.7 |
| 819390 <sup>(1)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 | 781045 |  | 0.4 |
| 550000 <sup>(1)(2)</sup> | Birch Grove CLO 3 Ltd. 2021-3A CR, 6.105%, (TSFR3M + 1.800%), 01/19/2038 | 545188 |  | 0.3 |
| 250000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.835%, (TSFR3M + 2.000%), 10/22/2037 | 247372 |  | 0.1 |
| 250000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A E, 10.964%, (TSFR3M + 6.662%), 04/15/2034 | 240380 |  | 0.1 |
| 781125 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR, 6.452%, (TSFR3M + 2.150%), 04/15/2035 | 781712 |  | 0.4 |
| 600000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 603871 |  | 0.3 |
| 800000 <sup>(1)(2)</sup> | Cedar Funding V CLO Ltd. 2016-5A CR, 6.664%, (TSFR3M + 2.362%), 07/17/2031 | 798479 |  | 0.4 |
| 300000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 6.493%, (TSFR3M + 2.200%), 07/21/2037 | 300720 |  | 0.1 |
| 601567 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 550928 |  | 0.3 |
| 414058 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 | 412132 |  | 0.2 |
| 550498 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2II, 4.328%, 07/25/2048 | 544648 |  | 0.3 |
| 750000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 6.303%, (TSFR3M + 2.000%), 07/17/2037 | 751207 |  | 0.4 |
| 780000 <sup>(1)(2)</sup> | Galaxy XV CLO Ltd. 2013-15A CRR, 6.414%, (TSFR3M + 2.112%), 10/15/2030 | 781739 |  | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 666135 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | $674304 | 0.3 |
| 446672 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 347716 | 0.2 |
| 357887 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 322255 | 0.2 |
| 222511 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 204766 | 0.1 |
| 283110 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 246378 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.563%, (TSFR3M + 2.270%), 07/20/2037 | 1493740 | 0.7 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.793%, (TSFR3M + 2.500%), 04/20/2037 | 249649 | 0.1 |
| 450000 <sup>(1)(2)</sup> | Octagon Investment Partners XVI Ltd. 2013-1A CR, 6.414%, (TSFR3M + 2.112%), 07/17/2030 | 450828 | 0.2 |
| 800000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2024-11 B, 5.637%, 07/15/2032 | 802524 | 0.4 |
| 650000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 654048 | 0.3 |
| 800000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.808%, (TSFR3M + 2.500%), 04/16/2037 | 808199 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A B, 7.793%, (TSFR3M + 3.500%), 07/20/2036 | 1000780 | 0.5 |
| 1050000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.862%, (TSFR3M + 2.562%), 04/25/2034 | 1051400 | 0.5 |
| 500000 <sup>(1)(2)</sup> | Sound Point CLO XXXII Ltd. 2021-4A C, 6.712%, (TSFR3M + 2.412%), 10/25/2034 | 495693 | 0.2 |
| 512823 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 391884 | 0.2 |
| 2034395 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 1558101 | 0.7 |
| 385683 <sup>(1)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 344674 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 1055356 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | $| 865572 |  | 0.4 |
| 917487 <sup>(1)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 |  | 858649 |  | 0.4 |
| 717802 <sup>(1)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 |  | 698009 |  | 0.3 |
| 1893438 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 |  | 1785760 |  | 0.9 |
| 367218 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 |  | 342020 |  | 0.2 |
| 1041500 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2017-3A CR, 7.064%, (TSFR3M + 2.762%), 04/15/2035 |  | 1038126 |  | 0.5 |
| 461423 <sup>(1)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 |  | 413231 |  | 0.2 |
| 1850000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 |  | 1887520 |  | 0.9 |
| 595980 <sup>(1)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 |  | 539331 |  | 0.3 |
| 333280 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.844%, (TSFR3M + 2.542%), 07/15/2031 |  | 333288 |  | 0.2 |
| 350000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 6.302%, (TSFR3M + 2.000%), 04/15/2032 |  | 350054 |  | 0.2 |
| 585611 <sup>(1)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 |  | 518913 |  | 0.2 |
| 416600 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.505%, (TSFR3M + 2.212%), 07/18/2031 |  | 417209 |  | 0.2 |
| 1712154 <sup>(1)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 |  | 1618035 |  | 0.8 |
| 1650000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 1676750 |  | 0.8 |
| 1903482 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 1743246 |  | 0.8 |
|  |  |  | **37765100** |  | **18.2** |
|  | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** |  |
| 312158 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 |  | 302729 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 1267125 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | $1218303 | 0.6 |
| 790000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 709335 | 0.3 |
| 376000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-D BFX, 3.610%, 09/25/2040 | 359728 | 0.2 |
| 1205000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | 1155905 | 0.6 |
| 602000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 579159 | 0.3 |
| 632000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 608303 | 0.3 |
| 1521000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 1264158 | 0.6 |
| 1235000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 1039852 | 0.5 |
|  |  | **7237472** | **3.5** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $43,689,901) | **45002572** | **21.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $171,581,227) | **183163734** | **88.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** |
|  | **Commercial Paper: 11.7%** |  |  |
| 1000000 | Agilent Technologies, 4.590%, 04/08/2025 | 998995 | 0.5 |
| 2000000 | Autozone, Inc., 4.580%, 04/03/2025 | 1999248 | 1 |
| 1000000 | Broadcom, Inc., 4.580%, 04/02/2025 | 999749 | 0.5 |
| 1000000 | Columbia Pipelines Holding, 4.620%, 04/21/2025 | 997349 | 0.5 |
| 2000000 | Concord Minutemen Capital Co. LLC, 4.460%, 04/04/2025 | 1999023 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| 2000000 | Enbridge (US) Inc., 4.620%, 04/14/2025 | $1996462 | 0.9 |
| 2000000 | Entergy Corp., 4.590%, 04/01/2025 | 1999748 | 1 |
| 2000000 | Entergy Corp., 4.590%, 04/02/2025 | 1999497 | 1 |
| 2000000 <sup>(1)</sup> | Enterprise Products, 4.580%, 04/01/2025 | 1999749 | 1 |
| 2000000 | Fiserv, Inc., 4.600%, 04/02/2025 | 1999497 | 1 |
| 2000000 | HP, Inc., 4.820%, 04/01/2025 | 1999736 | 1 |
| 2000000 | McCormick & Company, Inc., 4.650%, 04/04/2025 | 1998982 | 0.9 |
| 2017000 | National Grid, 4.610%, 04/11/2025 | 2014202 | 1 |
| 1000000 | Sherwin-Williams Co., 4.500%, 04/29/2025 | 996438 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 303000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $303,000) | $**303000** | **0.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $24,304,604) | **24301675** | **11.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $195,885,831)** | $**207465409** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(330923)** | **(0.2)** |
|  | **Net Assets** | $**207134486** | **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, 2025. |
| <sup>(3)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(4)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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 SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Commercial Mortgage-Backed Securities | $— | $70474293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $70474293 |
| Collateralized Mortgage Obligations |  | 67686869 |  | 67686869 |
| Asset-Backed Securities |  | 45002572 |  | 45002572 |
| Short-Term Investments | 303000 | 23998675 |  | 24301675 |
| Total Investments, at fair value | $303000 | $207162409 | $— | $207465409 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 450307 |  |  | 450307 |
| Total Assets | $753307 | $207162409 | $— | $207915716 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(99404) | $— | $— | $(99404) |
| Total Liabilities | $(99404) | $— | $— | $(99404) |

---

---

| | |
|:---|:---|
| ^ | 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, 2025, 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;U.S. Treasury 2-Year Note | 355 | 06/30/25 | $73546015 | $351545 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 32 | 06/30/25 | 3461000 | 13553 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 36 | 06/18/25 | 4003875 | 43402 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 27 | 06/18/25 | 3300750 | 41807 |
|  |  |  | $84311640 | $450307 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (5) | 06/18/25 | (586406) | (6847) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (58) | 06/18/25 | (6619250) | (92557) |
|  |  |  | $(7205656) | $(99404) |

---

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $450307 |
| **Total Asset Derivatives** |  | $450307 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $99404 |
| **Total Liability Derivatives** |  | $99404 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (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, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $1099242 |
| **Total** | $1099242 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $269242 |
| **Total** | $269242 |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $196,236,734. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $11955707 |
| Gross Unrealized Depreciation | (376129) |
| Net Unrealized Appreciation | $11579578 |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

TAX INFORMATION (Unaudited)

------

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  |  | **Per Share** |
| &nbsp;&nbsp;**<u>Fund Name</u>** | **<u>Type</u>** | **<u>Amount</u>** |
| &nbsp;&nbsp;Voya VACS Series EMHCD Fund | NII | $0.7166 |
|  | STCG | $0.1795 |
|  | LTCG | $0.2756 |
| &nbsp;&nbsp;Voya VACS Series HYB Fund | NII | $0.7622 |
| &nbsp;&nbsp;Voya VACS Series SC Fund | NII | $0.6427 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

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;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series HYB Fund | 83.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series SC Fund | 87.03% |

---

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;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | $2868898 |

---

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 14, 2024, 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, 2025.

In addition to the Board meeting on November 14, 2024, 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 9, 2024 and November 12, 2024. 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 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," an independent provider of mutual fund data) category 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 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 fee schedules are reasonable for the services that the Manager and Sub-Adviser 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 their services to the Fund. In analyzing the profitability of

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

------

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 9, 2024, November 12, 2024, and/or November 14, 2024 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, 2024. In addition, the

Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 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, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods.

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, 2024: (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 primary benchmark for the year-to-date and one-year periods.

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 purpose of analyzing its performance.

In considering the fees payable under the Contracts for the

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

------

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, 2024: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund underperformed its primary benchmark for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account (1) management's confidence in the portfolio management team and its ability to execute the Fund's investment strategy; and (2) 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 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, 2025.

---

| | |
|:---|:---|
| **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 |
| **Placement Agent** | **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 (0325)**

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

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

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

None during the reporting period.

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

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $31,080.80 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)](tm2514698d8_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.](tm2514698d8_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2514698d8_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.](tm2514698d8_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2514698d8_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2514698d8_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 6, 2025

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

---

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

---

Date: June 6, 2025

---

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

---

Date: June 6, 2025

## Ex-99.Code

**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;

<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;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);

&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:

 *(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:

*(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 6, 2025 |  |
|  | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

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

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Separate Portfolios Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 |  |
|  | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: March 31, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya 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 6<sup>th</sup> day of June, 2025.

---

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

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: March 31, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya 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 6<sup>th</sup> day of June, 2025.

---

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

---