Cipher Digital Inc. COM

PORTFOLIO

INVESTMENTS

February

28,

2026

(Unaudited)

Voya

Dynamic

Small

Cap

Fund

Value

Percentage

Net

Assets

COMMON

STOCK

98.1%

Communication

Services

2.7%

24,096

(1)

CarGurus,

Inc.

739,747

0.4

83,267

(1)

Lumen

Technologies,

Inc.

592,029

0.4

48,971

(1)

Magnite,

Inc.

666,985

0.4

58,527

(1)(2)

TripAdvisor,

Inc.

591,708

0.3

108,904

(1)

Uniti

Group,

Inc.

797,177

0.5

32,015

(1)

Yelp,

Inc.

713,614

0.4

259,075

(1)

ZipRecruiter,

Inc.

- Class

468,926

0.3

4,570,186

2.7

Consumer

Discretionary

4.7%

12,979

H&R

Block,

Inc.

397,417

0.2

136,860

Kohl's

Corp.

2,240,398

1.3

7,720

Monarch

Casino

Resort,

Inc.

741,892

0.5

20,773

Red

Rock

Resorts,

Inc.

- Class

1,257,805

0.8

73,288

(1)

Sonos,

Inc.

1,128,635

0.7

176,069

Super

Group

SGHC

Ltd.

1,883,939

1.1

4,429

(1)

Tri

Pointe

Homes,

Inc.

205,063

0.1

7,855,149

4.7

Consumer

Staples

0.7%

43,750

Dole

PLC

701,750

0.4

5,332

John

Sanfilippo

Son,

Inc.

440,476

0.3

1,142,226

0.7

Energy

2.5%

193,597

(1)

Clean

Energy

Fuels

Corp.

437,529

0.3

40,496

Excelerate

Energy,

Inc.

- Class

1,629,964

1.0

52,843

(1)

Helix

Energy

Solutions

Group,

Inc.

485,627

0.3

91,398

(2)

HighPeak

Energy,

Inc.

476,184

0.3

72,018

(1)

Uranium

Energy

Corp.

1,104,036

0.6

4,133,340

2.5

Financials

19.0%

27,029

Arrow

Financial

Corp.

900,336

0.5

25,141

Banc

California,

Inc.

464,354

0.3

51,626

BCB

Bancorp,

Inc.

413,008

0.2

29,914

Berkshire

Hills

Bancorp,

Inc.

889,642

0.5

150,381

BGC

Group,

Inc.

- Class

1,431,627

0.9

12,023

Cathay

General

Bancorp

597,663

0.4

39,072

ConnectOne

Bancorp,

Inc.

1,036,580

0.6

44,914

(2)

Farmers

National

Banc

Corp.

580,738

0.3

81,826

First

BanCorp/Puerto

Rico

1,728,983

1.0

40,406

First

Commonwealth

Financial

Corp.

708,317

0.4

27,348

First

Horizon

Corp.

650,609

0.4

Value

Percentage

Net

Assets

COMMON

STOCK:

(continued)

Financials:

(continued)

63,178

Fulton

Financial

Corp.

1,291,990

0.8

215,247

(1)

Genworth

Financial,

Inc.

- Class

1,816,685

1.1

30,397

Hancock

Whitney

Corp.

2,000,427

1.2

21,383

Hilltop

Holdings,

Inc.

800,366

0.5

27,146

HomeStreet,

Inc.

- Class

387,102

0.2

67,234

Hope

Bancorp,

Inc.

757,055

0.4

80,306

Ladder

Capital

Corp.

832,773

0.5

78,068

MFA

Financial,

Inc.

789,268

0.5

10,238

NBT

Bancorp,

Inc.

437,367

0.3

15,555

Origin

Bancorp,

Inc.

647,088

0.4

48,939

(1)

Oscar

Health,

Inc.

- Class

667,528

0.4

84,756

P10,

Inc.

- Class

683,981

0.4

57,736

Pagseguro

Digital

Ltd.

- Class

612,579

0.4

234,062

(1)

Payoneer

Global,

Inc.

1,011,148

0.6

132,992

Redwood

Trust,

Inc.

804,602

0.5

39,483

Simmons

First

National

Corp.

- Class

786,107

0.5

112,557

(1)

Slide

Insurance

Holdings,

Inc.

2,138,583

1.3

44,218

United

Community

Banks,

Inc.

1,422,493

0.8

139,571

Valley

National

Bancorp

1,759,990

1.0

13,899

Victory

Capital

Holdings,

Inc.

- Class

961,533

0.6

63,756

(2)

WisdomTree,

Inc.

1,090,865

0.6

35,559

XP,

Inc.

- Class

765,585

0.5

31,866,972

19.0

Health

Care

17.8%

152,582

(1)

Alignment

Healthcare,

Inc.

2,932,626

1.8

43,363

(1)

Arrowhead

Pharmaceuticals,

Inc.

2,743,577

1.6

160,490

(1)

Aveanna

Healthcare

Holdings,

Inc.

1,181,206

0.7

161,983

(1)(2)

BioCryst

Pharmaceuticals,

Inc.

1,417,351

0.8

15,244

Bio-Techne

Corp.

899,396

0.5

22,065

Bruker

Corp.

885,027

0.5

322,926

(1)

Cerus

Corp.

826,691

0.5

73,764

(1)

Fortrea

Holdings,

Inc.

790,750

0.5

11,287

(1)

Guardant

Health,

Inc.

1,059,849

0.6

19,230

(1)

HealthEquity,

Inc.

1,470,903

0.9

9,455

(1)

Merit

Medical

Systems,

Inc.

729,737

0.4

58,688

(1)

Mineralys

Therapeutics,

Inc.

1,717,211

1.0

14,011

(1)

Mirum

Pharmaceuticals,

Inc.

1,293,075

0.8

72,653

(1)

NeoGenomics,

Inc.

714,179

0.4

23,547

(1)

Olema

Pharmaceuticals,

Inc.

569,837

0.3

332,744

(1)

OPKO

Health,

Inc.

399,293

0.2

31,667

(1)

Orthofix

Medical,

Inc.

428,454

0.3

PORTFOLIO

INVESTMENTS

February

28,

2026

(Unaudited)

(continued)

Voya

Dynamic

Small

Cap

Fund

Value

Percentage

Net

Assets

COMMON

STOCK:

(continued)

Health

Care:

(continued)

30,113

(1)

PACS

Group,

Inc.

1,099,426

0.7

71,745

(1)

Progyny,

Inc.

1,269,169

0.8

33,186

QIAGEN

N.V.

1,652,663

1.0

228,126

(1)

Savara,

Inc.

1,373,319

0.8

68,339

(1)

Tandem

Diabetes

Care,

Inc.

1,728,977

1.0

82,208

(1)

Teladoc

Health,

Inc.

432,414

0.3

45,158

(1)

Travere

Therapeutics,

Inc.

1,345,257

0.8

151,790

(1)

Xeris

Biopharma

Holdings,

Inc.

928,955

0.6

29,889,342

17.8

Industrials

17.2%

33,842

Aebi

Schmidt

Holding

488,002

0.3

11,059

Allison

Transmission

Holdings,

Inc.

1,385,693

0.8

16,063

Apogee

Enterprises,

Inc.

639,629

0.4

7,384

Applied

Industrial

Technologies,

Inc.

2,086,571

1.3

18,870

Atmus

Filtration

Technologies,

Inc.

1,217,681

0.7

12,301

(1)

Bloom

Energy

Corp.

- Class

1,914,897

1.1

16,552

Cadre

Holdings,

Inc.

734,743

0.4

75,409

(1)

CoreCivic,

Inc.

1,333,231

0.8

29,975

Enerpac

Tool

Group

Corp.

1,222,980

0.7

38,475

Flowserve

Corp.

3,405,807

2.0

7,534

Franklin

Electric

Co.,

Inc.

750,537

0.5

89,002

(1)

GEO

Group,

Inc.

1,338,590

0.8

31,414

Kennametal,

Inc.

1,265,356

0.8

98,779

(1)

Legalzoom.com,

Inc.

694,416

0.4

4,723

Lincoln

Electric

Holdings,

Inc.

1,355,737

0.8

98,670

(1)

Manitowoc

Co.,

Inc.

1,455,382

0.9

161,038

Mueller

Water

Products,

Inc.

- Class

4,819,867

2.9

106,719

(1)

NOW,

Inc.

1,257,150

0.8

8,849

TriNet

Group,

Inc.

336,970

0.2

30,372

(1)

Upwork,

Inc.

407,592

0.2

89,008

Vestis

Corp.

700,493

0.4

28,811,324

17.2

Information

Technology

15.8%

247,624

(1)

8x8,

Inc.

529,915

0.3

36,375

A10

Networks,

Inc.

700,583

0.4

36,261

(1)

ACI

Worldwide,

Inc.

1,438,837

0.9

81,816

(1)

Amplitude,

Inc.

- Class

597,257

0.4

42,230

(1)

Arlo

Technologies,

Inc.

662,589

0.4

20,436

(1)

ASGN,

Inc.

876,704

0.5

84,454

(1)

AvePoint,

Inc.

910,414

0.5

54,708

(1)

Box,

Inc.

- Class

1,288,373

0.8

48,318

(1)

Cerence,

Inc.

382,195

0.2

29,040

(1)

Cipher

Mining,

Inc.

453,024

0.3

35,466

(1)

Cohu,

Inc.

1,071,073

0.6

Value

Percentage

Net

Assets

COMMON

STOCK:

(continued)

Information

Technology:

(continued)

34,492

(1)

CommScope

Holding

Co.,

Inc.

606,025

0.4

25,825

(1)

Core

Scientific,

Inc.

438,250

0.3

13,831

(1)

Credo

Technology

Group

Holding

Ltd.

1,552,806

0.9

15,549

CTS

Corp.

818,810

0.5

39,499

(1)

Dropbox,

Inc.

- Class

987,080

0.6

65,680

(1)

Extreme

Networks,

Inc.

918,206

0.6

7,691

(1)

Hut

Corp.

409,392

0.2

32,274

(2)

Ingram

Micro

Holding

Corp.

667,749

0.4

34,255

(1)

Knowles

Corp.

930,708

0.6

3,823

Littelfuse,

Inc.

1,347,455

0.8

33,429

(1)

Photronics,

Inc.

1,251,248

0.7

20,728

(1)

Rambus,

Inc.

2,065,753

1.2

29,683

(1)

Riot

Platforms,

Inc.

483,536

0.3

19,976

(1)

Rubrik,

Inc.

- Class

1,037,953

0.6

85,887

(1)

Sprinklr,

Inc.

- Class

499,862

0.3

17,291

(1)

TTM

Technologies,

Inc.

1,802,414

1.1

175,882

(1)

Yext,

Inc.

999,010

0.6

41,433

(1)

Zeta

Global

Holdings

Corp.

- Class

702,289

0.4

26,429,510

15.8

Materials

4.5%

4,180

Balchem

Corp.

758,377

0.5

130,415

(1)

Cleveland-Cliffs,

Inc.

1,390,224

0.8

38,063

Element

Solutions,

Inc.

1,335,631

0.8

96,216

Hecla

Mining

Co.

2,396,741

1.4

56,375

(1)

Rayonier

Advanced

Materials,

Inc.

533,871

0.3

145,048

Tronox

Holdings

PLC

1,084,959

0.7

7,499,803

4.5

Real

Estate

7.4%

67,514

Acadia

Realty

Trust

1,412,393

0.8

116,404

Apartment

Investment

and

Management

Co.

- Class

513,342

0.3

93,953

CareTrust

REIT,

Inc.

3,816,371

2.3

113,424

DiamondRock

Hospitality

Co.

1,138,777

0.7

16,786

First

Industrial

Realty

Trust,

Inc.

1,059,868

0.6

16,057

LTC

Properties,

Inc.

637,142

0.4

265,583

(2)

Medical

Properties

Trust,

Inc.

1,529,758

0.9

25,352

Sabra

Health

Care

REIT,

Inc.

520,983

0.3

131,244

Summit

Hotel

Properties,

Inc.

591,910

0.4

33,036

Tanger

Factory

Outlet

Centers,

Inc.

1,224,314

0.7

12,444,858

7.4

Utilities

5.8%

36,846

Avista

Corp.

1,496,684

0.9

27,610

Black

Hills

Corp.

2,033,753

1.2

28,548

(1)

Hallador

Energy

Co.

519,003

0.3

PORTFOLIO

INVESTMENTS

February

28,

2026

(Unaudited)

(continued)

Voya

Dynamic

Small

Cap

Fund

Value

Percentage

Net

Assets

COMMON

STOCK:

(continued)

Utilities:

(continued)

74,562

(1)

Hawaiian

Electric

Industries,

Inc.

1,154,965

0.7

38,377

NiSource,

Inc.

1,815,232

1.1

17,335

Northwest

Natural

Holding

Co.

919,448

0.5

6,441

(1)(2)

Oklo,

Inc.

405,461

0.2

26,658

Portland

General

Electric

Co.

1,438,466

0.9

9,783,012

5.8

Total

Common

Stock

(Cost

$170,071,162)

164,425,722

98.1

EXCHANGE-TRADED

FUNDS

1.6%

10,226

(2)

iShares

Russell

2000

ETF

2,673,179

1.6

Total

Exchange-Traded

Funds

(Cost

$2,701,836)

2,673,179

1.6

Total

Long-Term

Investments

(Cost

$172,772,998)

167,098,901

99.7

Principal

Amount

†

Value

Percentage

Net

Assets

SHORT-TERM

INVESTMENTS

4.7%

Repurchase

Agreements

3.8%

1,698,862

(3)

Bank

Montreal,

Repurchase

Agreement

dated

02/27/2026,

3.660%,

due

03/02/2026

(Repurchase

Amount

$1,699,373,

collateralized

various

U.S.

Government

Agency

Obligations,

3.500%-

5.000%,

Market

Value

plus

accrued

interest

$1,732,839,

due

10/01/52-10/01/54)

1,698,862

1.0

1,288,276

(3)

Cantor

Fitzgerald

Securities,

Repurchase

Agreement

dated

02/27/2026,

3.670%,

due

03/02/2026

(Repurchase

Amount

$1,288,665,

collateralized

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

6.922%,

Market

Value

plus

accrued

interest

$1,314,042,

due

07/09/26-01/20/76)

1,288,276

0.8

Principal

Amount†

Value

Percentage

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

1,698,862

(3)

Nomura

Securities

International,

Inc.,

Repurchase

Agreement

dated

02/27/2026,

3.660%,

due

03/02/2026

(Repurchase

Amount

$1,699,373,

collateralized

various

U.S.

Government

Agency

Obligations,

5.000%-

6.000%,

Market

Value

plus

accrued

interest

$1,732,857,

due

01/20/53-12/01/55)

1,698,862

1.0

454,746

(3)

RBC

Dominion

Securities,

Inc.,

Repurchase

Agreement

dated

02/27/2026,

3.650%,

due

03/02/2026

(Repurchase

Amount

$454,882,

collateralized

various

U.S.

Government

Securities,

0.000%-

5.000%,

Market

Value

plus

accrued

interest

$463,841,

due

04/23/26-02/15/55)

454,746

0.3

1,231,340

(3)

State

Wisconsin

Investment

Board,

Repurchase

Agreement

dated

02/27/2026,

3.770%,

due

03/02/2026

(Repurchase

Amount

$1,231,722,

collateralized

various

U.S.

Government

Securities,

0.125%-

3.875%,

Market

Value

plus

accrued

interest

$1,251,805,

due

04/15/28-02/15/55)

1,231,340

0.7

Total

Repurchase

Agreements

(Cost

$6,372,086)

6,372,086

3.8

Time

Deposits

0.7%

170,000

(3)

Canadian

Imperial

Bank

Commerce,

3.630

03/02/2026

170,000

0.1

170,000

(3)

DNB

Bank

ASA,

3.620

03/02/2026

170,000

0.1

PORTFOLIO

INVESTMENTS

February

28,

2026

(Unaudited)

(continued)

Voya

Dynamic

Small

Cap

Fund

Principal

Amount†

Value

Percentage

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Time

Deposits

(continued)

170,000

(3)

Landesbank

Baden-

Wurttemberg,

3.640

03/02/2026

170,000

0.1

170,000

(3)

Mizuho

Bank

Ltd.,

3.640

03/02/2026

170,000

0.1

170,000

(3)

Royal

Bank

Canada,

3.700

03/02/2026

170,000

0.1

170,000

(3)

Societe

Generale

S.A.,

3.630

03/02/2026

170,000

0.1

170,000

(3)

Toronto-Dominion

Bank,

3.640

03/02/2026

170,000

0.1

Total

Time

Deposits

(Cost

$1,190,000)

1,190,000

0.7

Value

Percentage

Net

Assets

Mutual

Funds

0.2%

395,000

(4)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

(Institutional

Class),

3.590%

(Cost

$395,000)

395,000

0.2

Total

Short-Term

Investments

(Cost

$7,957,086)

7,957,086

4.7

Total

Investments

Securities

(Cost

$180,730,084)

175,055,987

104.4

Liabilities

Excess

Other

Assets

(7,361,392)

(4.4)

Net

Assets

167,694,595

100.0

†

Unless

otherwise

indicated,

principal

amount

shown

USD.

(1)

Non-income

producing

security.

(2)

Security,

portion

the

security,

loan.

(3)

All

portion

the

security

represents

securities

purchased

with

cash

collateral

received

for

securities

loan.

(4)

Rate

shown

the

7-day

yield

February

28,

2026.

PORTFOLIO

INVESTMENTS

February

28,

2026

(Unaudited)

(continued)

Voya

Dynamic

Small

Cap

Fund

Fair

Value

Measurements

The

following

summary

the

fair

valuations

according

the

inputs

used

February

28,

2026

valuing

the

assets

and

liabilities:

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Signiﬁcant

Other

Observable

Inputs

(Level

Signiﬁcant

Unobservable

Inputs

(Level

Fair

Value

February

28,

2026

Asset

Table

Investments,

fair

value

Common

Stock*

164,425,722

—

164,425,722

Exchange-Traded

Funds

2,673,179

—

2,673,179

Short-Term

Investments

395,000

7,562,086

—

7,957,086

Total

Investments,

fair

value

167,493,901

7,562,086

—

175,055,987

For

further

breakdown

Common

Stock

sector,

please

refer

the

Portfolio

Investments.

Net

unrealized

depreciation

consisted

of:

Gross

Unrealized

Appreciation

16,674,197

Gross

Unrealized

Depreciation

(22,348,294)

Net

Unrealized

Depreciation

(5,674,097)