Voya Intermediate Bond Fund Class I NCSR Certified annual shareholder report (management investment company)

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: 811-08895

Voya Funds 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, 2023

Item 1. Reports to Stockholders.

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

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Annual Report

March 31, 2023

Classes A, C, I, R, R6 and W

Fixed-Income Funds

■

Voya GNMA Income Fund

■

Voya High Yield Bond Fund

■

Voya Intermediate Bond Fund

■

Voya Short Duration High Income Fund

■

Voya Short Term Bond Fund

■

Voya Strategic Income Opportunities Fund

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund’s annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from each fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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.

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PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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Benchmark Descriptions

		Index				Description
		ICE BofAML U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index				The index is designed to track the performance of a synthetic asset paying London Interbank Offered Rate (“LIBOR”) to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day rate) and rolled into a new instrument.
		ICE BofA 1-3 Year U..S. Treasury Index				The index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
		ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index				The index is a subset of ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity of less than 3 years and rated BB1 through BB3, inclusive. The index tracks the performance of US dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in US domestic market.
		Bloomberg GNMA Index				An index comprised of all fixed security mortgage pools sponsored by GNMA, including GNMA Graduated Payment Mortgages.
		Bloomberg High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg U.S. 1-3 Year Government/Credit Bond Index				A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years.
		Bloomberg U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg U.S. Universal Bond Index				The index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield.

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Portfolio Managers’ Report

Voya GNMA Income Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	U.S. Government Agency Obligations			67.6%
	Collateralized Mortgage Obligations			50.3%
	Commercial Mortgage-Backed Securities			3.1%
	Asset-Backed Securities			0.1%
	Liabilities in Excess of Other Assets*			(21.1)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya GNMA Income Fund (the “Fund”) seeks a high level of current income consistent with liquidity and safety of principal through investment primarily in Government National Mortgage Association (“GNMA”) mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. government. The Fund is managed by Jeff Dutra and Justin McWhorter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Securities issued by the U.S. Treasury are backed by the full faith and credit of the federal government. Securities issued by individual agencies and organizations may be backed by the full faith and credit of the federal government as to principal or interest but are not direct obligations of the U.S. Treasury. Securities of some agencies and organizations are backed solely by the entity’s own resources or by the ability of the entity to borrow from the U.S. Treasury. Government securities also include certain mortgage-related securities that are sponsored by a U.S. government agency or organization and are not direct obligations of the U.S. government.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -4.53%, compared to the Bloomberg GNMA Index (the “Index” or “Bloomberg GNMA”), which returned -4.48%, for the same period.

Portfolio Specifics: Monetary policy backdrop has changed drastically from the previous year as the US Federal Reserve has embarked on a policy tightening campaign aimed at reducing inflation, most likely, at the expense of the labor market. Since March of last year, the Fed has increased the Fed Funds rate by 4.75% resulting in an inverted 2-10s yield curve for the majority of the period. As of March 31, 2023, the difference between 2-year and 10-year rate stands at 56 basis points (“bp”), inverted. Additionally, although the bulk of Fed tightening is behind us, the market currently expects another 25 bp rate hike in May. Afterwards, there will be a divergence between market expectation and Fed guidance when it comes to the rate path going into next year.

Excess performance of the Fund was largely driven by off-benchmark collateralized mortgage obligation (“CMO”) holdings. Additional contribution came in the form of duration and curve exposure.

The Fund’s net asset value decreased greater than 7%, primarily driven by price depreciation into the massive rate sell-off.

The Fund uses Treasury futures to hedge exposure to interest rate risk. A mild short position in duration and a flattening bias across key rate durations detracted for the fiscal year.

Current Strategy & Outlook: The landscape for agency mortgage-backed securities (“MBS”) and the US housing market has materially evolved since early 2022. Due to Fed’s aggressive rate hike schedule, currently around 99% of the mortgage universe does not have an economic rate incentive to refinance according to Morgan Stanley’s Total Refinance-able Index. On a national level, home price appreciated by 3% from March 2022 to June 2022 and have been steadily declining since then resulting in home prices remaining flat year-over-year. As a result of stable, if not falling, home prices keeping home-owner equity elevated, cash-out refinancings for newly originated mortgages will remain muted, in our opinion. Additionally, the combination of worsening housing affordability and declining housing inventory has led to lower turnover speeds. These factors combined have caused historically low prepayment speeds and very low organic net supply.

Going forward, as the Fed approaches the end of their rate hiking cycle and pauses to learn the efficacy of the rate increases thus far, treasury and mortgage rates in our view, should stabilize, and rate volatility should decline. As a result of the banking crisis in Spring 2023, banks could start tightening their credit box in the near term. In the long run, bank demand will remain an interesting debate, with the market balancing the odds of increased bank demand stemming from an expansion of BASEL guidelines to regional banks, versus the odds of lower bank demand resulting from additional restrictions imposed on duration and convexity exposures. Given the influences mentioned above, among others, we will continue to monitor changing trends in purchases and refinancings and analyze how borrowers react in the current environment.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statement. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.

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Voya GNMA Income Fund

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Year		10 Year
Including Sales Charge:
Class A(1)		-6.97%		-0.29%		0.52%
Class C(2)		-6.21%		-0.55%		0.02%
Class I		-4.11%		0.54%		1.08%
Class R6(3)		-4.21%		0.54%		1.08%
Class W		-4.15%		0.49%		1.05%
Excluding Sales Charge:
Class A		-4.53%		0.21%		0.77%
Class C		-5.28%		-0.55%		0.02%
Class I		-4.11%		0.54%		1.08%
Class R6(3)		-4.21%		0.54%		1.08%
Class W		-4.15%		0.49%		1.05%
Bloomberg GNMA		-4.48%		0.26%		0.87%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya GNMA Income Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.

Performance data represents past performance and is no assurance of future results. Investment return and principal

value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

(3)

R6 incepted on July 31, 2020. Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers’ Report

Voya High Yield Bond Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Corporate Bonds/Notes			92.9%
	Bank Loans			0.8%
	Common Stock			0.3%
	Convertible Bonds/Notes			0.0%
	Assets in Excess of Other Liabilities*			6.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya High Yield Bond Fund (the “Fund”) seeks to provide investors with a high level of current income and total return. The Fund is managed by Mohamed Basma, CFA and Randall Parrish, CFA, Portfolio Managers* of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -5.07%, compared to the Bloomberg High Yield Bond — 2% Issuer Constrained Composite Index (the “Index” or “Bloomberg High Yield Bond — 2% Issuer Constrained Composite”), which returned -3.35%, for the same period.

Portfolio Specifics: Inflationary pressures remained top of mind, forcing the U.S. Federal Reserve to aggressively raise interest rates further into restrictive territory. This led to periodic rate volatility and higher overall yields, dampening bond market returns during the trailing 12-month period. Spreads for the high yield (“HY”) bond market ended the period 130 basis points (“bp”) wider on an option-adjusted basis (“OAS”) at 455 bp, as the prospects for a recession quickly grew, and the fundamental health of HY issuers came into focus.

Within the Fund, security selection in media and entertainment, cable and satellite and technology detracted from performance. In contrast, relative benefits included security selection in retailers, an underweight allocation to healthcare and pharma, and the portfolio’s cash position, which provided a positive effect due to the negative total returns experienced in the overall HY bond market.

Current Strategy & Outlook: In our opinion, strains in parts of the financial system are likely to cause the Fed to trim its tightening plans. We believe quick action by regulators has largely addressed concerns of systemic risk in the banking system. In our view, bank balance sheets are generally healthy, and the lack of fundamental consumer and corporate imbalances should limit the severity of any sort of

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	Royal Caribbean Cruises Ltd., 5.375%, 07/15/27			0.7%
	Sirius XM Radio, Inc., 5.000%, 08/01/27			0.6%
	Sprint Corp., 7.125%, 06/15/24			0.6%
	Ford Motor Credit Co. LLC, 4.125%, 08/17/27			0.6%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 04/20/29			0.6%
	Carnival Corp., 6.000%, 05/01/29			0.5%
	Univision Communications, Inc., 6.625%, 06/01/27			0.5%
	EnLink Midstream LLC, 5.375%, 06/01/29			0.5%
	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/29			0.5%
	International Game Technology PLC, 5.250%, 01/15/29			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

economic downturn that may materialize.

The long game still needs to play out: a higher cost of capital for banks will tighten lending conditions and raise borrowing costs for companies and consumers, increasing the potential for at least a mild recession, in our view. Since the challenges to the banking system are likely to be disinflationary, further Fed rate hikes may be limited. In our opinion, the focus may soon shift to when the Fed might begin lowering rates. For that to happen, we believe labor markets and economic growth would need to weaken substantially from current levels. Employment data remain solid despite an uptick in the unemployment rate, and the economy has remained remarkably resilient, supported by strong consumer spending.

We believe the HY market would be able to reasonably navigate a mild recessionary outcome with no broad contagion risk from the banking fallout. In terms of sector positioning, we remain positive on the energy sector and are looking to add some exposure after trimming exposure early in the year on tight valuations. Our view is shaped by a positive surprise from Organization of the Petroleum Exporting Countries to support prices in the near term and ongoing structural tailwinds given capital discipline of energy companies and underinvestment in the sector. Additionally, we also remain overweight building materials due to favorable supply and demand dynamics in the housing sector, despite the increase in mortgage rates. With the widening in spreads in March, valuations appear more attractive, and the fundamental health of HY issuers remains generally adequate. Nonetheless, we expect dispersion in performance among borrowers to continue and pockets of stress to emerge as the cycle matures. As such, our focus will be on security selection and finding pockets of value in an increasingly dispersed market.

Effective May 1, 2023, Mohamed Basma, CFA was added as a portfolio manager for the Fund and Richard Cumberledge, CFA was removed as a portfolio manager for the Fund.

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Voya High Yield Bond Fund

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Year		10 Year		Since Inception of Class R January 30, 2014
Including Sales Charge:
Class A(1)		-7.40%		1.75%		2.99%		—
Class C(2)		-6.75%		1.48%		2.46%		—
Class I		-4.83%		2.59%		3.60%		—
Class R		-5.38%		1.99%		—		2.74%
Class R6(3)		-4.74%		2.68%		3.52%		—
Class W		-4.88%		2.53%		3.52%		—
Excluding Sales Charge:
Class A		-5.07%		2.26%		3.24%		—
Class C		-5.87%		1.48%		2.46%		—
Class I		-4.83%		2.59%		3.60%		—
Class R		-5.38%		1.99%		—		2.74%
Class R6(3)		-4.74%		2.68%		3.52%		—
Class W		-4.88%		2.53%		3.52%		—
Bloomberg High Yield Bond – 2% Issuer Constrained Composite		-3.35%		3.19%		4.09%		3.90%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya High Yield Bond Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an

investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

(3)

Class R6 incepted on August 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class A shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers’ Report

Voya Intermediate Bond Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Corporate Bonds/Notes			30.2%
	U.S. Government Agency Obligations			20.1%
	Collateralized Mortgage Obligations			16.1%
	U.S. Treasury Obligations			14.7%
	Asset-Backed Securities			11.5%
	Commercial Mortgage-Backed Securities			6.0%
	Sovereign Bonds			0.4%
	Purchased Options			0.0%
	Assets in Excess of Other Liabilities*			1.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Intermediate Bond Fund (the “Fund”) seeks to maximize total return through income and capital appreciation. The Fund is managed by Matthew Toms, CFA, Randall Parrish, CFA, David Goodson, and Sean Banai, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -5.82% compared to the Bloomberg U.S. Aggregate Bond Index (the “Index” or “Bloomberg U.S. Aggregate Bond”), which returned -4.78% for the same period.

Portfolio Specifics: Bond markets continued to struggle against the backdrop of interest rate hikes from the U.S. Federal Reserve. Trailing 12-month performance for bonds, as measured by the Bloomberg Aggregate remained negative. On the heels of one of the most difficult calendar years for bonds, returns recovered in the second half of the reporting period. The first six months of negative performance reflected persistent inflation pressures and a determined hawkish Fed, with the 10-year Treasury yield reaching nearly 4.25% during the fall. As inflation peaked, yields eased and bond markets staged a recovery rally to erase some of the earlier losses. The rally was tempered after a gangbuster employment report for the month of January 2023 and continued comments from Fed officials to raise interest rates further. The rally was then reignited with challenges in some US regional banks as well as the takeover of Credit Suisse by Swiss rival UBS. Higher interest rates and higher bond volatility remained a challenge and non-government sectors struggled and broadly trailed the US Treasury market for the trailing 12 months.

Sector allocations for the entire period detracted from performance, with overweights detracting from performance the most in the first 3-months. Early in the period, credit markets struggled as investors grew weary of the economic risks — including a recession — as a result of the Fed’s aggressive tightening program. Overweights across corporate and securitized sectors weighed performance during this time. Markets then proved more resilient as the economy continued to show signs of growth and inflation showed signs of peaking in the fall of 2022. This combination fueled a rally across

	Top Ten Holdings as of March 31, 2023 (as a percentage of net assets)

	United States Treasury Note, 3.625%, 03/31/28			2.7%
	United States Treasury Bond, 3.875%, 02/15/43			2.6%
	United States Treasury Note, 4.625%, 03/15/26			2.4%
	United States Treasury Note, 3.875%, 03/31/25			1.6%
	United States Treasury Bond, 4.000%, 11/15/52			1.3%
	United States Treasury Note, 2.750%, 05/15/25			0.6%
	United States Treasury Note, 3.500%, 02/15/33			0.6%
	Uniform Mortgage-Backed Securities, 3.000%, 05/01/52			0.6%
	United States Treasury Note, 4.000%, 02/29/28			0.6%
	Uniform Mortgage-Backed Securities, 3.000%, 01/01/52			0.6%
	Portfolio holdings are subject to change daily.

non-government sectors that permitted the Fund to recapture performance later in the period.

Security selection, in aggregate, added to performance over the period. The most notable contributions came from agency residential mortgage-backed (“RMBS”) securities that included collateralized mortgage obligations and other non-standard pools. As well as, investment grade (“IG”) where our preference for BBB rated bonds and limited exposure to regional banks supported performance. Detractions arose within asset-backed security which captures our investments in higher yielding collateralized loan obligations, as well as commercial mortgage-backed securities (“CMBS”) were our more credit sensitive investment trailed the broader market.

Duration and yield curve positioning detracted from performance. The Fund’s yield curve positioning and the convexity profile weighed on performance as rate volatility remained elevated throughout the reporting period.

The Fund primarily used futures and swaps for cash management purposes. As a result, derivatives had a negative impact on performance during the reporting period.

Current Strategy & Outlook: High levels of rate volatility illustrate the lack of certainty regarding the direction of the Fed, the economy and markets. On the one hand, we believe the left tail risk of reaccelerating inflation has diminished, on the other, a new scenario of a more widespread banking crisis has taken its place. While the likelihood of either of these scenarios materializing, in our opinion, remains slim, so does the likelihood of a soft landing. All of this adds to the challenges of navigating this environment.

We remain relatively defensive, with a preference for higher quality spread sectors such as IG corporates and agency mortgages. We are comfortable with our mortgage credit exposure, non-agency RMBS and credit risk transfer securities. We believe commerical real estate will likely face difficult refinancing conditions going forward, testing the CMBS market. However, in a departure from the previous, long-standing paradigm of “location, location, location”, it is our opinion that property type has emerged as the key dimension that will likely drive future credit performance. In CMBS, our preference is tilted toward multi-family properties, and away from office. With a bias towards liquidity, tactical trades will most likely take place in the corporate arena.

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Voya Intermediate Bond Fund

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Year		10 Year
Including Sales Charge:
Class A(1)		-8.13%		0.21%		1.31%
Class C(2)		-7.46%		-0.07%		0.81%
Class I		-5.51%		1.04%		1.92%
Class R		-6.04%		0.44%		1.32%
Class R6(3)		-5.46%		1.10%		1.95%
Class W		-5.59%		0.96%		1.83%
Excluding Sales Charge:
Class A		-5.82%		0.71%		1.57%
Class C		-6.54%		-0.07%		0.81%
Class I		-5.51%		1.04%		1.92%
Class R		-6.04%		0.44%		1.32%
Class R6(3)		-5.46%		1.10%		1.95%
Class W		-5.59%		0.96%		1.83%
Bloomberg U.S. Aggregate Bond		-4.78%		0.91%		1.36%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Intermediate Bond Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

(3)

Class R6 incepted on May 31, 2013. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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Portfolio Managers’ Report

Voya Short Duration High Income Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Corporate Bonds/Notes			97.5%
	Assets in Excess of Other Liabilities*			2.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Short Duration High Income Fund (the “Fund”) seeks a high level of current income with lower volatility than the broader high yield market. The Fund is managed by James Dudnick, CFA, Justin Kass, CFA and Steven Gish, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the period since inception on February 9, 2023, through March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -0.21% compared to the ICE BofA 1 – 3 year U.S. Treasury Index and ICE BofA 1 – 3 year BB U.S. Cash Pay High Index, which returned 1.27% and 0.36%, respectively, for the same period.

Portfolio Specifics: The broad high-yield bond market was volatile, with March ushering in the two largest U.S. bank failures since 2008 and the collapse of Credit Suisse in Europe. Headlines rattled markets initially. But U.S. investor confidence was quickly restored as the Federal Reserve and U.S. government responded decisively and with unprecedented speed to tackle the issues facing regional banks; and UBS stepped in to purchase Credit Suisse.

For the reporting period, the Fund’s exposures to financial services, healthcare and media detracted from performance. By contrast, Fund performance benefited from industry weightings and a consistent credit selection framework. Industries contributing the most to performance were technology, support-services, and air transportation.

Current Strategy & Outlook: In our view, the Fund’s short duration high income strategy remains an attractive fixed income solution in an environment of tighter monetary conditions and slowing economic growth. As investors seek to adjust to higher interest rates without taking excess credit risk, the Fund’s shorter maturity profile emphasizes securities that are likely to be repaid the soonest. In our opinion, this potentially lessens the price volatility that may be highly amplified in passively managed, indexed strategies.

While the current period has been compared to the financial crisis of 2008, there are key differences. Most important, the financial crisis of 2008 was a credit crisis. Today, banks are better capitalized — leverage is lower and liquidity is higher. Rather than being a challenge to the entire industry, problems

	Top Ten Holdings as of March 31, 2023 (as a percentage of net assets)

	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/26			3.7%
	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/27			3.3%
	DISH DBS Corp., 5.250%, 12/01/26			3.1%
	SeaWorld Parks & Entertainment, Inc., 8.750%, 05/01/25			2.8%
	Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 11.500%, 02/15/28			2.4%
	Millennium Escrow Corp., 6.625%, 08/01/26			2.3%
	RP Escrow Issuer LLC, 5.250%, 12/15/25			2.2%
	LD Holdings Group LLC, 6.500%, 11/01/25			2.2%
	Goodyear Tire & Rubber Co/The, 9.500%, 05/31/25			2.0%
	Delta Air Lines, Inc., 7.000%, 05/01/25			2.0%
	Portfolio holdings are subject to change daily.

appear to be limited to a few regional banks that grossly mismanaged duration risk and assumed low-rate deposits were sticky. Also, unlike the illiquid assets on bank balance sheets in 2008, in the 2023 crisis the regional banks had invested their deposits in highly liquid assets. Finally, unlike 2008, the Fed and U.S. government responded with unprecedented speed to current events, preventing a worse outcome.

Until the extent of bank stress spillover is well understood, it is difficult to estimate the impact on the overall economy. Credit accessibility — a potential downstream effect — could impact spending and hiring, potentially curbing growth. Lagged effects of policy tightening and the durability of household balance sheets are additional risks.

Tightening credit conditions have the same effect as rate increases and therefore can serve as a substitute, allowing the Fed to be less hawkish. The most recent Federal Open Market Committee (“FOMC”) policy statement reinforces this view, with the Fed softening its rate guidance language. In light of this, it’s notable that the two-year U.S. Treasury yield — historically, a directional indicator of the Fed funds rate — has dropped sharply from its peak. Finally, inflation continues to recede, in our view also aligning with a less aggressive Fed in the future.

In our view, U.S. high yield’s risk/reward opportunity is compelling. We believe the asset class enjoys a favorable technical backdrop, due to robust “rising star” volume and a less active primary market in 2022, following record new issuance in 2020 and 2021. Credit statistics and fundamentals are healthy, near-term refinancing obligations remain low and managements continue to prioritize debt reduction. As a result, defaults are expected to normalize but not significantly exceed historical averages. A supportive commodity price backdrop also substantiates this view. With the market trading at a deep discount to face value, we believe high-yield bonds offer attractive total return potential and higher spreads that compensate for the risks.

Longer duration issues are the most likely to be impacted by rising interest rates, but in our view, the overall high-yield market should have a dampened response due to its larger coupon relative to other fixed income alternatives. As a result, we believe U.S. high yield bonds offer investors compelling opportunities for diversification and performance potential, through attractive yields with lower rate sensitivity.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

TABLE OF CONTENTS

Voya Short Duration High Income Fund

Portfolio Managers’ Report

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Cumulative Total Returns for the Period Ended March 31, 2023
	Since Inception of Class A, I and R6 Febraury 9, 2023
Including Sales Charge:
Class A(1)		-2.73%
Class I		-0.17%
Class R6		-0.17%
Excluding Sales Charge:
Class A		-0.21%
Class I		-0.17%
Class R6		-0.17%
ICE BofA 1-3 year U.S. Treasury Index(2)		1.27%
ICE BofA 1-3 year BB U.S. Cash Pay High Yield Index(2)		0.36%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Short Duration High Income Fund against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Since inception performance for the index is shown as of February 9, 2023.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Short Term Bond Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Corporate Bonds/Notes			38.0%
	U.S. Treasury Obligations			25.4%
	Asset-Backed Securities			18.6%
	Commercial Mortgage-Backed Securities			7.6%
	Collateralized Mortgage Obligations			6.1%
	U.S. Government Agency Obligations			0.1%
	Assets in Excess of Other Liabilities*			4.2%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Short Term Bond Fund (the “Fund”) seeks maximum total return. The Fund is managed by Matthew Toms, CFA, Randall Parrish, CFA, David Goodson, and Sean Banai, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -0.83% compared to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index (the “Index” or “Bloomberg U.S. 1-3 Year Government/Credit Bond”), which returned 0.26%, for the same period.

Portfolio Specifics: On the heels of one of the most difficult calendar years for bonds, returns recovered in the second half of the reporting period. The first six months of negative performance reflected persistent inflation pressures and a determined hawkish Fed, with the 10-year Treasury yield reaching nearly 4.25% during the fall. As inflation peaked, yields eased and bond markets staged a recovery rally to erase some of the earlier losses. The rally was tempered after a gangbuster employment report for the month of January 2023 and continued comments from U.S. Federal Reserve officials to raise interest rates further. The rally was then reignited with challenges in some U.S. regional banks as well as the takeover of Credit Suisse by Swiss rival UBS. Higher interest rates and higher bond volatility remained a challenge and non-government sectors struggled and broadly trailed the U.S. Treasury market for the trailing 12 months.

Duration positioning detracted most for the period, followed by sector allocation. Security selection contributed. Rate volatility driven by Fed hawkishness and mixed data prints contributed to the negative print from duration. Sector allocation detraction was led by commercial mortgage-backed securities (“CMBS”), as the sector struggled to locate financing, particularly within office properties, and commercial real estate (“CRE”) investments by regional banks had knock on effects on the sector amid the regional banking crisis in March. Positive security selection was driven by selection within investment grade corporates where we focus on financials and industrials, and we are

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	United States Treasury Note, 4.625%, 03/15/26			16.4%
	United States Treasury Note, 0.125%, 01/15/24			6.9%
	United States Treasury Note, 3.875%, 03/31/25			1.2%
	UBS-Barclays Commercial Mortgage Trust 2013-C6 C, 4.102%, 04/10/46			1.2%
	Ginnie Mae 2015-H32 FH, 5.226%, 12/20/65			1.0%
	BRSP 2021-FL1 B Ltd., 6.661%, 08/19/38			1.0%
	Ginnie Mae Series 2016-H16 FE, 3.155%, 06/20/66			1.0%
	OHA Credit Partners XIII Ltd. 2016-13A AR, 5.985%, 10/25/34			0.9%
	BBCMS Trust 2021-AGW E, 7.834%, 06/15/36			0.9%
	OHA Credit Partners XVI 2021-16A A, 5.945%, 10/18/34			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

overweight to BBB and A rated bonds.

During the reporting period, the Fund used futures primarily for cash management purposes, as well as some Credit Default Swap Index (“CDX”) as hedges. As a result, derivatives had a negative impact on performance, as we used the CDX to hedge overall fund risk as opposed to using them for natural duration hedging.

Current Strategy & Outlook: Looking forward, we believe the left tail risk of reaccelerating inflation has diminished, however a new scenario of a more widespread banking crisis has taken its place. While, in our opinion, the likelihood of either of these scenarios materializing remains slim, so does the likelihood of a soft landing. Services inflation remains too hot for comfort and will limit the Fed’s ability to ease in response to further signs of stress. As a result, we remain relatively defensive, with a preference for higher quality spread sectors. Sticking with our preference of consumer related risk over corporate risk, we are comfortable with our asset-backed security exposure, however, in an effort to remain liquid, tactical trades will most likely take place in the corporate arena. And finally, as alluded to above, we believe CRE will likely face difficult refinancing conditions going forward. However, in a departure from the previous, long-standing paradigm of “location, location, location”, in our opinion, property type has emerged as the key dimension that will likely drive future credit performance. In CMBS, our bias is tilted toward multi-family properties, and away from office.

TABLE OF CONTENTS

Voya Short Term Bond Fund

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Year		10 year		Since Inception of Class R July 31, 2014
Including Sales Charge:
Class A(1)		-3.35%		0.55%		0.75%		—
Class C(2)		-2.44%		0.33%		0.26%		—
Class I		-0.54%		1.36%		1.29%		—
Class R		-0.96%		0.89%		—		0.76%
Class R6(3)		-0.50%		1.39%		1.33%		—
Class W		-0.47%		1.38%		1.28%		—
Excluding Sales Charge:
Class A		-0.83%		1.06%		1.01%		—
Class C		-1.47%		0.33%		0.26%		—
Class I		-0.54%		1.36%		1.29%		—
Class R		-0.96%		0.89%		—		0.76%
Class R6(3)		-0.50%		1.39%		1.33%		—
Class W		-0.47%		1.38%		1.28%		—
Bloomberg U.S. 1-3 Year Government/Credit Bond		0.26%		1.26%		1.01%		1.06%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Short Term Bond Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

(3)

Class R6 incepted on July 31, 2013. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Strategic Income Opportunities Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Collateralized Mortgage Obligations			26.1%
	Corporate Bonds/Notes			21.9%
	Commercial Mortgage-Backed Securities			18.7%
	Asset-Backed Securities			14.8%
	Bank Loans			8.2%
	Sovereign Bonds			3.6%
	U.S. Treasury Obligations			1.7%
	Purchased Options			0.0%
	Convertible Bonds/Notes			0.0%
	U.S. Government Agency Obligations			0.0%
	Common Stock			0.0%
	Preferred Stock			0.0%
	Assets in Excess of Other Liabilities*			5.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Strategic Income Opportunities Fund (the “Fund”) seeks total return through income and capital appreciation through all market cycles. The Fund is managed by Matthew Toms, CFA, Brian Timberlake, Ph.D., CFA, and Sean Banai, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -2.94% compared to the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index and the Bloomberg U.S. Universal Bond Index, which returned 2.39% and -4.61% respectively, for the same period.

Portfolio Specifics: The Fund underperformed the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index. Duration and yield curve decisions detracted the most, as interest rates continued to rise, and bond prices fell over the period. Sector allocation also detracted, reflecting concerns on the impact of the economy from continued US Federal Reserve rate hikes, while security selection was a modest contributor over the period.

Bond markets continued to struggle against the backdrop of interest rate hikes from the Fed. On the heels of one of the most difficult calendar years for bonds, returns recovered in the second half of the reporting period. The first six months of negative performance reflected persistent inflation pressures and a determined hawkish Fed, with the 10-year Treasury yield reaching nearly 4.25% during the fall. As inflation peaked, yields eased, and bond markets staged a recovery rally to erase some of the

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	Mexican Bonos, 7.750%, 05/29/31			1.1%
	Republic of South Africa Government Bond, 8.875%, 02/28/35			0.8%
	Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/50			0.6%
	GS Mortgage Securities Corp. II 2021-ARDN B, 6.334%, 11/15/36			0.5%
	Bank of America Corp., 3.384%, 04/02/26			0.5%
	Med Trust 2021-MDLN D, 6.685%, 11/15/38			0.5%
	Morgan Stanley, 2.188%, 04/28/26			0.5%
	JPMorgan Chase & Co., 2.083%, 04/22/26			0.5%
	Morgan Stanley, 0.985%, 12/10/26			0.5%
	Morgan Stanley, 4.679%, 07/17/26			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

earlier losses. The rally was tempered after a gangbuster employment report for the month of January 2023 and continued comments from Fed officials to raise interest rates further. The rally was then reignited with challenges in some US regional banks as well as the takeover of Credit Suisse by Swiss rival UBS. Higher interest rates and higher bond volatility remained a challenge and non-government sectors struggled and broadly trailed the US Treasury market for the trailing 12 months.

Duration and yield curve positioning detracted from performance. Even with a low duration profile, the significantly greater than expected rate hiking from the Fed weighed on performance. Sector allocation also weighed on performance, as rate volatility and concerns on the economic impact the Fed’s aggressive actions were challenges to performance. Allocations to commercial mortgage-backed securities (“CMBS”) and high yield (“HY”) had the greatest impact on performance, with CMBS reflecting concerns on the commercial real estate market and HY performance tied to the cyclicality of the United State economy. Offsetting some of this was positive contributions from asset-backed securities allocations, underscoring the lower risk profile of the sector and emerging market allocations which rebounded in response to decision by the Chinese officials to step away from their zero Covid policies. Security selection was mixed and in aggregate modestly added to results over the period. Contributions from CMBS were supported by more credit-sensitive investments as well as the selection of our US Treasuries.

The Fund primarily used futures, swaps and forward contracts for efficient portfolio and cash management purposes. As a result, derivatives had a negative impact on performance during the reporting period.

Current Strategy & Outlook: High levels of rate volatility illustrate the lack of certainty regarding the direction of the Fed, the economy and markets. On the one hand, we believe the left tail risk of reaccelerating inflation has diminished, on the other a new scenario of a more widespread banking crisis has taken its place. While, in our opinion, the likelihood of either of these scenarios materializing remains slim, so does the likelihood of a soft landing. All of this adds to the challenges of navigating this environment.

TABLE OF CONTENTS

Voya Strategic Income Opportunities Fund

Portfolio Managers’ Report

We remain relatively defensive, with a preference for higher quality spread sectors such as investment grade corporates and agency mortgages. We are comfortable with our mortgage credit exposure, non-agency residential mortgage-backed securities and credit risk transfer securities. We believe commercial real estate will likely face difficult refinancing conditions going forward, testing the CMBS market. However, in a departure from the previous, long-standing paradigm of “location, location, location”, in our opinion property type has emerged as the key dimension that will likely drive future credit performance. In CMBS, our preference is tilted toward multi-family properties, and away from office. With a bias towards liquidity, tactical trades will most likely take place in the corporate arena.

TABLE OF CONTENTS

Portfolio Managers’ Report

Voya Strategic Income Opportunities Fund

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Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Years		10 year
Including Sales Charge:
Class A(1)		-5.41%		0.63%		2.02%
Class C(2)		-4.71%		0.39%		1.49%
Class I		-2.84%		1.40%		2.61%
Class R		-3.25%		0.87%		1.99%
Class R6(3)		-2.69%		1.46%		2.62%
Class W		-2.83%		1.39%		3.16%
Excluding Sales Charge:
Class A		-2.94%		1.14%		2.28%
Class C		-3.78%		0.39%		1.49%
Class I		-2.84%		1.40%		2.61%
Class R		-3.25%		0.87%		1.99%
Class R6(3)		-2.69%		1.46%		2.62%
Class W		-2.83%		1.39%		2.43%
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index		2.39%		1.58%		1.07%
Bloomberg U.S. Universal Bond Index		-4.61%		1.05%		1.62%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Strategic Income Opportunities Fund against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an

Fund holdings are subject to change daily.

(1)

Reflects deduction of the maximum Class A sales charge of 2.50%.

(2)

Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

(3)

Class R6 incepted on October 23, 2015. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

TABLE OF CONTENTS

shareholder expense examples (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2022 to March 31, 2023. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended March 31, 2023*			Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended March 31, 2023*
Voya GNMA Income Fund
Class A		$	1,000.00		$	1,038.50		0.84%		$	4.27		$	1,000.00		$	1,020.74		0.84%		$	4.23
Class C			1,000.00			1,033.40		1.59			8.06			1,000.00			1,017.00		1.59			8.00
Class I			1,000.00			1,040.00		0.54			2.75			1,000.00			1,022.24		0.54			2.72
Class R6			1,000.00			1,040.10		0.49			2.49			1,000.00			1,022.49		0.49			2.47
Class W			1,000.00			1,039.70		0.59			3.00			1,000.00			1,021.99		0.59			2.97
Voya High Yield Bond Fund
Class A		$	1,000.00		$	1,078.80		1.07%		$	5.55		$	1,000.00		$	1,019.60		1.07%		$	5.39
Class C			1,000.00			1,073.50		1.82			9.41			1,000.00			1,015.86		1.82			9.15
Class I			1,000.00			1,079.40		0.72			3.73			1,000.00			1,021.34		0.72			3.63
Class R			1,000.00			1,076.10		1.32			6.83			1,000.00			1,018.35		1.32			6.64
Class R6			1,000.00			1,079.60		0.66			3.42			1,000.00			1,021.64		0.66			3.33
Class W			1,000.00			1,080.30		0.82			4.25			1,000.00			1,020.84		0.82			4.13

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shareholder expense examples (Unaudited) (continued)

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended March 31, 2023*			Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2023*
Voya Intermediate Bond Fund
Class A		$	1,000.00		$	1,047.40		0.72%		$	3.68		$	1,000.00		$	1,021.34		0.72%			$	3.63
Class C			1,000.00			1,042.40		1.47			7.49			1,000.00			1,017.60		1.47	��			7.39
Class I			1,000.00			1,049.10		0.36			1.84			1,000.00			1,023.14		0.36				1.82
Class R			1,000.00			1,046.10		0.97			4.95			1,000.00			1,020.09		0.97				4.89
Class R6			1,000.00			1,049.30		0.30			1.53			1,000.00			1,023.44		0.30				1.51
Class W			1,000.00			1,048.70		0.47			2.40			1,000.00			1,022.59		0.47				2.37
Voya Short Duration High Income Fund
Class A**		$	1,000.00		$	997.90		0.85%		$	1.19		$	1,000.00		$	1,020.69		0.85%			$	4.28
Class I**			1,000.00			998.30		0.60			0.84			1,000.00			1,021.94		0.60				3.02
Class R6**			1,000.00			998.30		0.60			0.84			1,000.00			1,021.94		0.60				3.02
Voya Short Term Bond Fund
Class A		$	1,000.00		$	1,024.20		0.62%		$	3.13		$	1,000.00		$	1,021.84		0.62%			$	3.13
Class C			1,000.00			1,020.40		1.37			6.90			1,000.00			1,018.10		1.37				6.89
Class I			1,000.00			1,025.70		0.35			1.77			1,000.00			1,023.19		0.35				1.77
Class R			1,000.00			1,022.90		0.87			4.39			1,000.00			1,020.59		0.87				4.38
Class R6			1,000.00			1,025.90		0.30			1.52			1,000.00			1,023.44		0.30				1.51
Class W			1,000.00			1,025.50		0.37			1.87			1,000.00			1,023.09		0.37				1.87
Voya Strategic Income Opportunities Fund
Class A		$	1,000.00		$	1,021.80		0.85%		$	4.28		$	1,000.00		$	1,020.69		0.85%			$	4.28
Class C			1,000.00			1,016.80		1.60			8.05			1,000.00			1,016.95		1.60				8.05
Class I			1,000.00			1,022.00		0.61			3.08			1,000.00			1,021.89		0.61				3.07
Class R			1,000.00			1,019.30		1.10			5.54			1,000.00			1,019.45		1.10				5.54
Class R6			1,000.00			1,023.50		0.54			2.72			1,000.00			1,022.24		0.54				2.72
Class W			1,000.00			1,021.80		0.60			3.02			1,000.00			1,021.94		0.60				3.02

Expenses are equal to each Fund's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/365 to reflect the most recent fiscal half-year.

Commencement of operations was February 9, 2023. Expenses paid for the actual Fund's return reflect the 51-day period ended March 31, 2023

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report of independent registered public accounting firm

To the Shareholders of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Duration High Income Fund, Voya Short Term Bond Fund and Voya Strategic Income Opportunities Fund and the Board of Trustees of Voya Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Duration High Income Fund, Voya Short Term Bond Fund and Voya Strategic Income Opportunities Fund (collectively referred to as the “Funds”) (six of the funds constituting Voya Funds Trust (the “Trust”)), including the portfolios of investments, as of March 31, 2023, 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 (six of the funds constituting Voya Funds Trust) at March 31, 2023, 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
Voya Funds Trust

Statement of Operations

Statements of changes in
net assets

Financial highlights

Voya GNMA Income Fund

For the year ended March 31, 2023

For each of the two years in the period ended March 31, 2023

For each of the four years in the period ended March 31, 2023

Voya High Yield Bond Fund

For the year ended March 31, 2023

For each of the two years in the period ended March 31, 2023

For each of the four years in the period ended March 31, 2023

Voya Intermediate Bond Fund

For the year ended March 31, 2023

For each of the two years in the period ended March 31, 2023

For each of the four years in the period ended March 31, 2023

Voya Short Duration High Income Fund

For the period from February 9, 2023 (commencement of operations) through March 31, 2023

Voya Short Term Bond Fund

For the year ended March 31, 2023

For each of the two years in the period ended March 31, 2023

For each of the four years in the period ended March 31, 2023

Voya Strategic Income Opportunities Fund

For the year ended March 31, 2023

For each of the two years in the period ended March 31, 2023

For each of the four years in the period ended March 31, 2023

The financial highlights for the year ended March 31, 2019 were audited by another independent registered public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Trust’s 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 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.

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report of independent registered public accounting firm

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.

[MISSING IMAGE: sg_ernetyoungllp-bw.jpg]

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

Boston, Massachusetts
May 30, 2023

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STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2023

	Voya GNMA Income Fund			Voya High Yield Bond Fund			Voya Intermediate Bond Fund
ASSETS:
Investments in securities at fair value+*		$	1,607,349,239		$	361,321,675		$	7,597,112,153
Short-term investments at fair value†			68,378,849			24,158,647			124,239,186
Cash			1,635,017			24,949			6,783,233
Cash collateral for futures contracts			2,893,685			—			13,528,920
Cash pledged for centrally cleared swaps (Note 2)			—			—			16,600,000
Cash pledged as collateral for OTC derivatives (Note 2)			—			—			39,240,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			315,000			—			413,000
Receivables:
Investment securities sold			—			—			60,102,482
Investment securities sold on a delayed-delivery or when-issued basis			12,595,709			—			—
Fund shares sold			13,212,817			3,275,856			8,813,662
Dividends			—			10,107			37,209
Interest			4,331,191			6,343,926			50,313,782
Foreign tax reclaims			—			—			62,729
Variation margin on futures contracts			—			—			2,477,893
Variation margin on centrally cleared swaps			—			—			1,221,021
Unrealized appreciation on forward premium swaptions			—			—			1,251,890
Prepaid expenses			46,697			58,922			138,487
Other assets			39,808			17,512			161,738
Total assets			1,710,798,012			395,211,594			7,922,497,384
LIABILITIES:
Income distribution payable			706,339			108,310			2,757,726
Payable for investment securities purchased			9,552,985			1,577,545			75,080,813
Payable for investment securities purchased on a delayed-delivery or when-issued basis			370,158,199			—			42,142,242
Payable for fund shares redeemed			1,851,433			472,767			7,668,492
Payable upon receipt of securities loaned			—			8,175,410			80,033,894
Unrealized depreciation on forward foreign currency contracts			—			—			53,555
Variation margin payable on futures contracts			190,110			—			—
Cash received as collateral for OTC derivatives (Note 2)			—			—			290,000
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			410,163			—			343,000
Payable for investment management fees			473,792			178,646			1,741,352
Payable for distribution and shareholder service fees			97,031			13,440			109,298
Payable to trustees under the deferred compensation plan (Note 6)			39,808			17,512			161,738
Payable for trustee fees			3,206			1,257			20,270
Other accrued expenses and liabilities			691,861			217,345			2,467,192
Written options, at fair value^			—			—			35,857,987
Total liabilities			384,174,927			10,762,232			248,727,559
NET ASSETS		$	1,326,623,085		$	384,449,362		$	7,673,769,825
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,521,851,523		$	447,372,448		$	9,093,178,474
Total distributable loss			(195,228,438)			(62,923,086)			(1,419,408,649)
NET ASSETS		$	1,326,623,085		$	384,449,362		$	7,673,769,825
+ Including securities loaned at value		$	—		$	7,926,733		$	77,644,175
* Cost of investments in securities		$	1,706,878,990		$	398,790,786		$	8,183,804,905
† Cost of short-term investments		$	68,360,366		$	24,159,226		$	124,247,394
^ Premiums received on written options		$	—		$	—		$	36,402,924

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2023 (continued)

	Voya GNMA Income Fund			Voya High Yield Bond Fund			Voya Intermediate Bond Fund
Class A
Net assets		$	389,828,714		$	38,547,279		$	245,360,834
Shares authorized			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			52,171,746			5,728,698			28,085,431
Net asset value and redemption price per share†		$	7.47		$	6.73		$	8.74
Maximum offering price per share (2.50%)(1)		$	7.66		$	6.90		$	8.96
Class C
Net assets		$	17,679,340		$	6,561,813		$	9,686,381
Shares authorized			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			2,378,012			976,115			1,110,311
Net asset value and redemption price per share†		$	7.43		$	6.72		$	8.72
Class I
Net assets		$	822,845,811		$	188,744,246		$	4,937,511,804
Shares authorized			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			109,907,324			28,115,969			564,846,329
Net asset value and redemption price per share		$	7.49		$	6.71		$	8.74
Class R
Net assets			n/a		$	255,794		$	115,626,522
Shares authorized			n/a			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			38,017			13,217,531
Net asset value and redemption price per share			n/a		$	6.73		$	8.75
Class R6
Net assets		$	29,707,106		$	93,178,871		$	2,302,753,687
Shares authorized			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			3,964,419			13,847,835			263,237,351
Net asset value and redemption price per share		$	7.49		$	6.73		$	8.75
Class W
Net assets		$	66,562,114		$	57,161,359		$	62,830,597
Shares authorized			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			8,880,706			8,483,442			7,198,209
Net asset value and redemption price per share		$	7.50		$	6.74		$	8.73

(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

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STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2023

	Voya Short Duration High Income Fund			Voya Short Term Bond Fund			Voya Strategic Income Opportunities Fund
ASSETS:
Investments in securities at fair value+*		$	25,075,660		$	374,570,911		$	1,766,630,024
Short-term investments at fair value†			138,488			29,936,565			69,846,890
Cash			—			635,364			8,176,196
Cash collateral for futures contracts			—			1,005,508			8,809,700
Cash pledged for centrally cleared swaps (Note 2)			—			—			12,296,846
Cash pledged as collateral for OTC derivatives (Note 2)			—			—			24,580,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			—			—			393,892
Foreign currencies at value‡			—			—			1,087,950
Receivables:
Investment securities sold			—			357,684			32,214,590
Fund shares sold			25,000			908,236			6,007,861
Dividends			1,255			23,172			63,034
Interest			447,823			1,996,072			15,819,942
Variation margin on futures contracts			—			47,980			—
Variation margin on centrally cleared swaps			—			—			833,621
Unrealized appreciation on forward foreign currency contracts			—			—			2,732,415
Unrealized appreciation on forward premium swaptions			—			—			519,018
Prepaid expenses			2,975			55,062			88,031
Prepaid offering expense			84,759			—			—
Reimbursement due from Investment Adviser			7,948			6,089			—
Other assets			8			4,827			26,965
Total assets			25,783,916			409,547,470			1,950,126,975
LIABILITIES:
Income distribution payable			302			733			667,241
Payable for investment securities purchased			—			9,310,175			34,503,551
Payable for fund shares redeemed			—			3,793,374			6,489,982
Payable upon receipt of securities loaned			—			4,942,012			19,957,719
Unrealized depreciation on forward foreign currency contracts			—			—			3,679,059
Unrealized depreciation on OTC swap agreements			—			—			263
Variation margin payable on futures contracts			—			—			1,295,615
Cash received as collateral for OTC derivatives (Note 2)			—			—			420,000
Payable for investment management fees			10,572			82,714			776,880
Payable for distribution and shareholder service fees			1,825			2,247			52,723
Payable to trustees under the deferred compensation plan (Note 6)			8			4,827			26,965
Payable for trustee fees			61			1,025			5,238
Unfunded loan commitments (Note 10)			—			—			161,999
Other accrued expenses and liabilities			39,963			76,837			735,385
Written options, at fair value^			—			—			21,851,529
Total liabilities			52,731			18,213,944			90,624,149
NET ASSETS		$	25,731,185		$	391,333,526		$	1,859,502,826
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	26,021,336		$	423,813,407		$	2,183,399,851
Total distributable loss			(290,151)			(32,479,881)			(323,897,025)
NET ASSETS		$	25,731,185		$	391,333,526		$	1,859,502,826
+ Including securities loaned at value		$	—		$	4,812,380		$	19,365,435
* Cost of investments in securities		$	25,366,797		$	385,265,880		$	1,956,355,377
† Cost of short-term investments		$	138,488		$	29,937,984		$	69,847,855
‡ Cost of foreign currencies		$	—		$	—		$	1,039,578
^ Premiums received on written options		$	—		$	—		$	22,630,012

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2023 (continued)

	Voya Short Duration High Income Fund			Voya Short Term Bond Fund			Voya Strategic Income Opportunities Fund
Class A
Net assets		$	8,604,552		$	9,054,438		$	72,345,756
Shares authorized			unlimited			unlimited			unlimited
Par value			—		$	0.001		$	0.001
Shares outstanding			870,629			974,470			8,060,269
Net asset value and redemption price per share†		$	9.88		$	9.29		$	8.98
Maximum offering price per share (2.50%)(1)		$	10.13		$	9.53		$	9.21
Class C
Net assets			n/a		$	148,884		$	36,696,309
Shares authorized			n/a			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			16,009			4,150,610
Net asset value and redemption price per share†			n/a		$	9.30		$	8.84
Class I
Net assets		$	8,805,163		$	31,010,833		$	1,545,679,778
Shares authorized			unlimited			unlimited			unlimited
Par value			—		$	0.001		$	0.001
Shares outstanding			890,931			3,341,330			172,092,274
Net asset value and redemption price per share		$	9.88		$	9.28		$	8.98
Class R
Net assets			n/a		$	22,877		$	18,601,226
Shares authorized			n/a			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			2,453			2,089,753
Net asset value and redemption price per share			n/a		$	9.33		$	8.90
Class R6
Net assets		$	8,321,470		$	338,436,721		$	167,205,753
Shares authorized			unlimited			unlimited			unlimited
Par value			—		$	0.001		$	0.001
Shares outstanding			841,991			36,419,125			18,671,766
Net asset value and redemption price per share		$	9.88		$	9.29		$	8.96
Class W
Net assets			n/a		$	12,659,773		$	18,974,004
Shares authorized			n/a			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001
Shares outstanding			n/a			1,358,521			2,119,548
Net asset value and redemption price per share			n/a		$	9.32		$	8.95

(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

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended March 31, 2023

	Voya GNMA Income Fund			Voya High Yield Bond Fund			Voya Intermediate Bond Fund
INVESTMENT INCOME:
Dividends		$	—		$	151,153		$	457,071
Interest, net of foreign taxes withheld*			38,688,562			32,170,765			294,146,994
Securities lending income, net			—			372,090			2,096,148
Total investment income			38,688,562			32,694,008			296,700,213
EXPENSES:
Investment management fees			5,698,650			3,047,899			21,892,634
Distribution and shareholder service fees:
Class A			1,027,923			96,979			725,124
Class C			209,868			78,974			118,219
Class R			—			1,122			611,342
Transfer agent fees:
Class A			352,996			61,285			490,168
Class C			18,034			12,476			19,948
Class I			517,426			120,335			3,349,321
Class P(1)(3)			760			629			—
Class P3(2)(4)			—			17			330
Class R			—			352			207,030
Class R6			104			285			28,902
Class W			69,377			109,611			143,980
Shareholder reporting expense			125,960			23,635			190,165
Registration fees			117,997			141,591			269,065
Professional fees			65,160			17,830			322,437
Custody and accounting expense			169,360			92,940			945,715
Trustee fees			32,062			12,572			202,705
Miscellaneous expense			71,766			29,938			350,400
Interest expense			948			530			1,260
Total expenses			8,478,391			3,849,000			29,868,745
Waived and reimbursed fees			(42,183)			(1,012,920)			(190,878)
Net expenses			8,436,208			2,836,080			29,677,867
Net investment income			30,252,354			29,857,928			267,022,346
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(50,533,900)			(39,906,407)			(551,455,037)
Forward foreign currency contracts			—			—			443,072
Foreign currency related transactions			—			—			23,286
Futures			18,106,207			—			(129,755,749)
Swaps			—			—			(18,542,697)
Written options			—			—			15,983,500
Net realized loss			(32,427,693)			(39,906,407)			(683,303,625)
Net change in unrealized appreciation (depreciation) on:
Investments			(53,838,632)			(23,857,257)			(144,112,550)
Forward foreign currency contracts			—			—			(199,744)
Foreign currency related transactions			—			—			3,674
Futures			(7,095,755)			—			15,007,298
Swaps			—			—			(2,636,430)
Written options			—			—			(657,502)
Net change in unrealized appreciation (depreciation)			(60,934,387)			(23,857,257)			(132,595,254)
Net realized and unrealized loss			(93,362,080)			(63,763,664)			(815,898,879)
Decrease in net assets resulting from operations		$	(63,109,726)		$	(33,905,736)		$	(548,876,533)
* Foreign taxes withheld		$	—		$	—		$	27,429

(1)

Class P of Voya High Yield Bond Fund was fully redeemed on close of business February 24, 2023

(2)

Class P3 of Voya High Yield Bond Fund was fully redeemed on close of business February 22, 2023

(3)

Class P of Voya GNMA Income Fund was full redeemed on close of business March 24, 2023

(4)

Class P3 of Voya Intermediate Bond Fund was fully redeemed on close of business March 30, 2023

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended March 31, 2023

	Voya Short Duration High Income Fund			Voya Short Term Bond Fund			Voya Strategic Income Opportunities Fund
	February 9, 2023(1) to March 31, 2023
INVESTMENT INCOME:
Dividends		$	19,010		$	94,216		$	3,398,042
Interest			262,269			11,768,089			93,965,448
Securities lending income, net			—			66,538			316,968
Total investment income			281,279			11,928,843			97,680,458
EXPENSES:
Investment management fees			16,481			1,025,486			10,455,533
Distribution and shareholder service fees:
Class A			2,844			33,988			217,197
Class C			—			2,433			426,050
Class R			—			95			94,166
Transfer agent fees:
Class A			7			9,946			49,405
Class C			—			177			24,136
Class I			7			25,473			1,175,474
Class P2(2)			—			22			—
Class P3(2)			—			113			—
Class R			—			13			10,745
Class R6			6			724			4,074
Class W			—			11,350			14,175
Shareholder reporting expense			147			5,113			96,770
Registration fees			25			113,039			145,814
Professional fees			1,470			20,445			88,550
Custody and accounting expense			1,150			91,275			391,925
Trustee fees			614			10,255			52,375
Offering expense			13,185			—			—
Miscellaneous expense			—			27,947			127,929
Interest expense			—			692			429
Total expenses			35,936			1,378,586			13,374,747
Waived and reimbursed fees			(12,498)			(102,964)			(5)
Net expenses			23,438			1,275,622			13,374,742
Net investment income			257,841			10,653,221			84,305,716
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			1,108			(10,519,617)			(72,320,226)
Forward foreign currency contracts			—			—			(7,229,584)
Foreign currency related transactions			—			—			(339,373)
Futures			—			(6,104,822)			28,181,745
Swaps			—			(130,992)			(17,290,408)
Written options			—			—			16,902,000
Net realized gain (loss)			1,108			(16,755,431)			(52,095,846)
Net change in unrealized appreciation (depreciation) on:
Investments			(291,137)			515,118			(89,201,196)
Forward foreign currency contracts			—			—			442,762
Foreign currency related transactions			—			—			60,688
Futures			—			2,375,076			(11,726,093)
Swaps			—			—			(3,889,098)
Written options			—			—			104,273
Net change in unrealized appreciation (depreciation)			(291,137)			2,890,194			(104,208,664)
Net realized and unrealized loss			(290,029)			(13,865,237)			(156,304,510)
Decrease in net assets resulting from operations		$	(32,188)		$	(3,212,016)		$	(71,998,794)

(1)

Commencement of Operations

(2)

Class P2 and Class P3 of Voya Short Term Bond Fund were fully redeemed on close of business November 29, 2022 and November 3, 2022, respectively.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya GNMA Income Fund						Voya High Yield Bond Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
FROM OPERATIONS:
Net investment income		$	30,252,354		$	10,730,126		$	29,857,928		$	45,652,290
Net realized gain (loss)			(32,427,693)			(8,988,897)			(39,906,407)			22,024,852
Net change in unrealized appreciation (depreciation)			(60,934,387)			(69,342,529)			(23,857,257)			(61,579,754)
Increase (decrease) in net assets resulting from operations			(63,109,726)			(67,601,300)			(33,905,736)			6,097,388
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(10,491,150)			(6,296,795)			(2,554,975)			(2,339,943)
Class C			(368,292)			(170,951)			(467,388)			(394,886)
Class I			(21,238,171)			(14,433,811)			(13,144,289)			(10,110,459)
Class P(1)(3)			(13,469)			(648)			(11,487,958)			(17,710,462)
Class P3(2)			—			—			(64,348)			(553,963)
Class R			—			—			(14,866)			(14,342)
Class R6			(828,986)			(367,322)			(3,023,188)			(10,925,724)
Class W			(2,192,176)			(1,773,989)			(4,839,822)			(4,683,936)
Return of capital:
Class A			—			(394,744)			—			—
Class C			—			(23,585)			—			—
Class I			—			(714,563)			—			—
Class P(1)(3)			—			(27)			—			—
Class R6			—			(19,980)			—			—
Class W			—			(93,830)			—			—
Total distributions			(35,132,244)			(24,290,245)			(35,596,834)			(46,733,715)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			649,321,039			610,998,074			186,065,536			327,195,769
Reinvestment of distributions			28,796,975			20,272,704			33,440,427			45,439,824
			678,118,014			631,270,778			219,505,963			372,635,593
Cost of shares redeemed			(714,135,201)			(908,840,569)			(416,193,851)			(623,750,985)
Net decrease in net assets resulting from capital share transactions			(36,017,187)			(277,569,791)			(196,687,888)			(251,115,392)
Net decrease in net assets			(134,259,157)			(369,461,336)			(266,190,458)			(291,751,719)
NET ASSETS:
Beginning of year or period			1,460,882,242			1,830,343,578			650,639,820			942,391,539
End of year or period		$	1,326,623,085		$	1,460,882,242		$	384,449,362		$	650,639,820

(1)

Class P of Voya High Yield Bond Fund was fully redeemed on close of business February 24, 2023

(2)

Class P3 of Voya High Yield Bond Fund was fully redeemed on close of business February 22, 2023

(3)

Class P of Voya GNMA Income Fund was fully redeemed on close of business March 24, 2023

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Fund						Voya Short Duration High Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			February 9, 2023(1) to March 31, 2023
FROM OPERATIONS:
Net investment income		$	267,022,346		$	230,619,465		$	257,841
Net realized gain (loss)			(683,303,625)			(55,720,438)			1,108
Net change in unrealized appreciation (depreciation)			(132,595,254)			(606,969,252)			(291,137)
Decrease in net assets resulting from operations			(548,876,533)			(432,070,225)			(32,188)
FROM DISTRIBUTIONS TO SHAREHOLDERS:			—			—			—
Total distributions (excluding return of capital):
Class A			(8,237,422)			(9,143,624)			(83,538)
Class C			(245,934)			(282,354)			—
Class I			(165,463,655)			(154,758,798)			(88,802)
Class P3(2)			(2,228,466)			(1,438,907)			—
Class R			(3,178,526)			(3,083,013)			—
Class R6			(74,737,088)			(68,083,038)			(85,623)
Class W			(2,588,610)			(4,830,730)			—
Return of capital:
Class A			—			(615,654)			—
Class C			—			(27,387)			—
Class I			—			(10,216,623)			—
Class P3(2)			—			(116,882)			—
Class R			—			(241,500)			—
Class R6			—			(4,247,795)			—
Class W			—			(293,532)			—
Total distributions			(256,679,701)			(257,379,837)			(257,963)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			3,059,416,633			3,464,507,865			25,763,674
Reinvestment of distributions			225,244,907			227,363,588			257,662
			3,284,661,540			3,691,871,453			26,021,336
Cost of shares redeemed			(4,234,385,573)			(3,574,389,538)			—
Net increase (decrease) in net assets resulting from capital share transactions			(949,724,033)			117,481,915			26,021,336
Net increase (decrease) in net assets			(1,755,280,267)			(571,968,147)			25,731,185
NET ASSETS:
Beginning of year or period			9,429,050,092			10,001,018,239			—
End of year or period		$	7,673,769,825		$	9,429,050,092		$	25,731,185

(1)

Commencement of operations.

(2)

Class P3 of Voya Intermediate Bond Fund was fully redeemed on close of business March 30, 2023

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Short Term Bond Fund						Voya Strategic Income Opportunities Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
FROM OPERATIONS:
Net investment income		$	10,653,221		$	4,969,512		$	84,305,716		$	76,624,284
Net realized loss			(16,755,431)			(3,428,043)			(52,095,846)			(13,543,027)
Net change in unrealized appreciation (depreciation)			2,890,194			(14,139,271)			(104,208,664)			(121,380,216)
Decrease in net assets resulting from operations			(3,212,016)			(12,597,802)			(71,998,794)			(58,298,959)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(294,688)			(189,601)			(3,067,098)			(3,060,993)
Class C			(3,065)			(1,343)			(1,177,474)			(811,189)
Class I			(793,011)			(295,881)			(67,551,126)			(55,102,083)
Class P(1)			—			—			(54)			(107)
Class P2(2)			(296,816)			(1,393,182)			—			—
Class P3(2)			(136,892)			(66,502)			—			—
Class R			(387)			(63)			(622,070)			(457,854)
Class R6			(8,453,611)			(3,123,798)			(6,248,389)			(4,473,785)
Class W			(369,048)			(257,675)			(916,333)			(1,173,982)
Return of capital:
Class A			—			(49,663)			—			(681,504)
Class C			—			(1,053)			—			(315,718)
Class I			—			(87,449)			—			(12,906,476)
Class P(1)			—			—			—			(20)
Class P2(2)			—			(52,614)			—			—
Class P3(2)			—			(14,140)			—			—
Class R			—			(45)			—			(132,830)
Class R6			—			(1,037,071)			—			(989,355)
Class W			—			(55,355)			—			(232,114)
Total distributions			(10,347,518)			(6,625,435)			(79,582,544)			(80,338,010)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			185,484,275			464,474,302			654,401,823			936,075,526
Reinvestment of distributions			10,302,316			6,602,660			72,052,949			71,575,250
			195,786,591			471,076,962			726,454,772			1,007,650,776
Cost of shares redeemed			(263,424,042)			(187,837,124)			(1,182,478,619)			(858,047,976)
Net increase (decrease) in net assets resulting from capital share transactions			(67,637,451)			283,239,838			(456,023,847)			149,602,800
Net increase (decrease) in net assets			(81,196,985)			264,016,601			(607,605,185)			10,965,831
NET ASSETS:
Beginning of year or period			472,530,511			208,513,910			2,467,108,011			2,456,142,180
End of year or period		$	391,333,526		$	472,530,511		$	1,859,502,826		$	2,467,108,011

(1)

Class P of Voya Strategic Income Opportunities Fund was fully redeemed on close of business September 8, 2022.

(2)

Class P2 and Class P3 of Voya Short Term Bond Fund were fully redeemed on close of business November 29, 2022 and November 3, 2022, respectively.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya GNMA Income Fund
Class A
03-31-23		8.03		0.16•		(0.53)		(0.37)		0.19		—		—		0.19		—		7.47		(4.53)		0.83	0.84	0.84	2.17		389,829		353
03-31-22		8.50		0.04•		(0.40)		(0.36)		0.10		—		0.01		0.11		—		8.03		(4.36)		0.84	0.84	0.84	0.45		464,615		539
03-31-21		8.58		0.07•		0.02		0.09		0.14		—		0.03		0.17		—		8.50		1.08		0.85	0.84	0.84	0.82		591,762		419
03-31-20		8.36		0.18•		0.27		0.45		0.23		—		—		0.23		—		8.58		5.43		0.93	0.92	0.92	2.12		493,737		421
03-31-19		8.25		0.18		0.13		0.31		0.20		—		—		0.20		—		8.36		3.85		0.97	0.95	0.95	2.25		394,763		398
Class C
03-31-23		7.99		0.10•		(0.52)		(0.42)		0.14		—		—		0.14		—		7.43		(5.28)		1.58	1.59	1.59	1.39		17,679		353
03-31-22		8.46		(0.03)•		(0.40)		(0.43)		0.03		—		0.01		0.04		—		7.99		(5.10)		1.59	1.59	1.59	(0.32)		26,837		539
03-31-21		8.53		0.01•		0.03		0.04		0.08		—		0.03		0.11		—		8.46		0.44		1.60	1.59	1.59	0.09		48,911		419
03-31-20		8.31		0.12•		0.26		0.38		0.16		—		—		0.16		—		8.53		4.66		1.68	1.67	1.67	1.37		47,577		421
03-31-19		8.21		0.12		0.12		0.24		0.14		—		—		0.14		—		8.31		2.96		1.72	1.70	1.70	1.49		62,769		398
Class I
03-31-23		8.04		0.19•		(0.52)		(0.33)		0.22		—		—		0.22		—		7.49		(4.11)		0.56	0.54	0.54	2.48		822,846		353
03-31-22		8.52		0.06•		(0.41)		(0.35)		0.12		—		0.01		0.13		—		8.04		(4.18)		0.56	0.54	0.54	0.74		834,623		539
03-31-21		8.59		0.09•		0.04		0.13		0.17		—		0.03		0.20		—		8.52		1.50		0.57	0.54	0.54	1.10		968,367		419
03-31-20		8.37		0.21•		0.26		0.47		0.25		—		—		0.25		—		8.59		5.75		0.67	0.62	0.62	2.42		604,194		421
03-31-19		8.26		0.21		0.13		0.34		0.23		—		—		0.23		—		8.37		4.16		0.71	0.65	0.65	2.55		387,607		398
Class R6
03-31-23		8.05		0.19•		(0.53)		(0.34)		0.22		—		—		0.22		—		7.49		(4.21)		0.49	0.49	0.49	2.57		29,707		353
03-31-22		8.52		0.07•		(0.41)		(0.34)		0.12		—		0.01		0.13		—		8.05		(4.06)		0.48	0.48	0.48	0.81		23,951		539
07-31-20(4) - 03-31-21		8.58		0.04•		0.02		0.06		0.09		—		0.03		0.11		—		8.52		0.64		0.48	0.48	0.48	0.62		41,739		419
Class W
03-31-23		8.05		0.18•		(0.52)		(0.34)		0.21		—		—		0.21		—		7.50		(4.15)		0.58	0.59	0.59	2.36		66,562		353
03-31-22		8.53		0.06•		(0.41)		(0.35)		0.12		—		0.01		0.13		—		8.05		(4.22)		0.59	0.59	0.59	0.70		110,824		539
03-31-21		8.60		0.09•		0.04		0.13		0.17		—		0.03		0.20		—		8.53		1.45		0.60	0.59	0.59	1.02		179,530		419
03-31-20		8.38		0.20•		0.27		0.47		0.25		—		—		0.25		—		8.60		5.69		0.68	0.67	0.67	2.38		155,915		421
03-31-19		8.27		0.20•		0.13		0.33		0.22		—		—		0.22		—		8.38		4.11		0.72	0.70	0.70	2.47		91,383		398
Voya High Yield Bond Fund
Class A
03-31-23		7.58		0.37•		(0.77)		(0.40)		0.36		0.09		—		0.45		—		6.73		(5.07)		1.08	1.07	1.07	5.46		38,546		70
03-31-22		7.99		0.36•		(0.40)		(0.04)		0.37		0.00*		—		0.37		—		7.58		(0.62)		1.04	1.04	1.04	4.55		45,842		63
03-31-21		7.02		0.38•		0.99		1.37		0.38		—		0.02		0.40		—		7.99		19.76		1.04	1.04	1.04	4.86		49,805		78
03-31-20		7.86		0.39•		(0.81)		(0.42)		0.42		—		—		0.42		—		7.02		(5.76)		1.10	1.10	1.10	4.97		44,060		57
03-31-19		7.89		0.43		(0.05)		0.38		0.41		—		—		0.41		—		7.86		5.03		1.10	1.10	1.10	5.49		60,390		33

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions																Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains			From return of capital			Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)			($)			($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya High Yield Bond Fund (continued)
Class C
03-31-23		7.58		0.32•		(0.77)		(0.45)		0.32		0.09			—			0.41		—		6.72		(5.87)		1.83	1.82	1.82	4.69		6,562		70
03-31-22		7.99		0.30•		(0.40)		(0.10)		0.31		0.00*			—			0.31		—		7.58		(1.37)		1.79	1.79	1.79	3.80		9,496		63
03-31-21		7.02		0.32•		0.99		1.31		0.32		—			0.02			0.34		—		7.99		18.88		1.79	1.79	1.79	4.12		10,150		78
03-31-20		7.86		0.34•		(0.82)		(0.48)		0.36		—			—			0.36		—		7.02		(6.47)		1.85	1.85	1.85	4.23		11,215		57
03-31-19		7.89		0.37		(0.05)		0.32		0.35		—			—			0.35		—		7.86		4.24		1.85	1.85	1.85	4.77		15,945		33
Class I
03-31-23		7.57		0.40•		(0.78)		(0.38)		0.39		0.09			—			0.48		—		6.71		(4.83)		0.73	0.72	0.72	5.82		188,736		70
03-31-22		7.98		0.39•		(0.40)		(0.01)		0.40		0.00*			—			0.40		—		7.57		(0.28)		0.69	0.69	0.69	4.90		193,357		63
03-31-21		7.01		0.40•		0.99		1.39		0.40		—			0.02			0.42		—		7.98		20.19		0.69	0.69	0.69	5.18		171,058		78
03-31-20		7.85		0.42•		(0.81)		(0.39)		0.45		—			—			0.45		—		7.01		(5.45)		0.75	0.75	0.75	5.32		68,214		57
03-31-19		7.88		0.47		(0.06)		0.41		0.44		—			—			0.44		—		7.85		5.39		0.75	0.75	0.75	5.82		81,121		33
Class R
03-31-23		7.59		0.36•		(0.78)		(0.42)		0.35		0.09			—			0.44		—		6.73		(5.38)		1.33	1.32	1.32	5.26		256		70
03-31-22		8.00		0.34•		(0.40)		(0.06)		0.35		0.00*			—			0.35		—		7.59		(0.87)		1.29	1.29	1.29	4.29		182		63
03-31-21		7.03		0.36•		0.99		1.35		0.36		—			0.02			0.38		—		8.00		19.44		1.29	1.29	1.29	4.61		547		78
03-31-20		7.87		0.37•		(0.81)		(0.44)		0.40		—			—			0.40		—		7.03		(5.99)		1.35	1.35	1.35	4.72		684		57
03-31-19		7.90		0.41		(0.05)		0.36		0.39		—			—			0.39		—		7.87		4.76		1.35	1.35	1.35	5.25		1,185		33
Class R6
03-31-23		7.59		0.40•		(0.77)		(0.37)		0.40		0.09			—			0.49		—		6.73		(4.74)		0.67	0.66	0.66	5.94		93,175		70
03-31-22		8.00		0.40•		(0.41)		(0.01)		0.40		0.00*			—			0.40		—		7.59		(0.21)		0.63	0.63	0.63	4.91		44,338		63
03-31-21		7.02		0.41•		1.00		1.41		0.41		—			0.02			0.43		—		8.00		20.39		0.63	0.63	0.63	5.26		242,749		78
03-31-20		7.87		0.43•		(0.82)		(0.39)		0.46		—			—			0.46		—		7.02		(5.49)		0.69	0.69	0.69	5.44		125,036		57
03-31-19		7.89		0.45•		(0.03)		0.42		0.44		—	��		—			0.44		—		7.87		5.52		0.69	0.69	0.69	5.72		10,002		33
Class W
03-31-23		7.60		0.39•		(0.77)		(0.38)		0.39		0.09			—			0.48		—		6.74		(4.88)		0.83	0.82	0.82	5.70		57,159		70
03-31-22		8.00		0.38•		(0.39)		(0.01)		0.39		0.00*			—			0.39		—		7.60		(0.24)		0.79	0.79	0.79	4.79		84,428		63
03-31-21		7.03		0.40•		0.99		1.39		0.40		—			0.02			0.42		—		8.00		20.03		0.79	0.79	0.79	5.09		145,963		78
03-31-20		7.87		0.41•		(0.81)		(0.40)		0.44		—			—			0.44		—		7.03		(5.51)		0.85	0.85	0.85	5.22		138,971		57
03-31-19		7.90		0.45		(0.05)		0.40		0.43		—			—			0.43		—		7.87		5.29		0.85	0.85	0.85	5.74		98,192		33
Voya Intermediate Bond Fund
Class A
03-31-23		9.55		0.26•		(0.82)		(0.56)		0.25		—			—			0.25		—		8.74		(5.82)		0.72	0.72	0.72	2.93		245,387		247††
03-31-22		10.25		0.20•		(0.66)		(0.46)		0.22		—			0.02			0.24		—		9.55		(4.70)		0.69	0.69	0.69	1.97		364,121		222††
03-31-21		10.11		0.25•		0.38		0.63		0.29		0.17			0.03			0.49		—		10.25		6.12		0.70	0.70	0.70	2.35		459,960		159††
03-31-20		10.02		0.30		0.13		0.43		0.33		0.01			—			0.34		—		10.11		4.29		0.69	0.69	0.69	2.88		451,338		253††
03-31-19		9.90		0.30		0.11		0.41		0.29		—			—	��		0.29		—		10.02		4.28		0.70	0.70	0.70	3.06		431,210		329††
Class C
03-31-23		9.53		0.19•		(0.81)		(0.62)		0.19		—			—			0.19		—		8.72		(6.54)		1.47	1.47	1.47	2.17		9,687		247††
03-31-22		10.23		0.12•		(0.66)		(0.54)		0.14		—			0.02			0.16		—		9.53		(5.43)		1.44	1.44	1.44	1.22		15,564		222††
03-31-21		10.09		0.17•		0.38		0.55		0.21		0.17			0.03			0.41		—		10.23		5.34		1.45	1.45	1.45	1.62		22,702		159††
03-31-20		10.01		0.21		0.14		0.35		0.26		0.01			—			0.27		—		10.09		3.41		1.44	1.44	1.44	2.06		25,556		253††
03-31-19		9.89		0.23		0.11		0.34		0.22		—			—			0.22		—		10.01		3.51		1.45	1.45	1.45	2.31		28,657		329††

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Intermediate Bond Fund (continued)
Class I
03-31-23		9.55		0.29•		(0.82)		(0.53)		0.28		—		—		0.28		—		8.74		(5.51)		0.36	0.36	0.36	3.29		4,938,036		247††
03-31-22		10.25		0.24•		(0.67)		(0.43)		0.25		—		0.02		0.27		—		9.55		(4.39)		0.35	0.35	0.35	2.32		6,092,396		222††
03-31-21		10.10		0.29•		0.38		0.67		0.32		0.17		0.03		0.52		—		10.25		6.57		0.34	0.34	0.34	2.70		6,175,479		159††
03-31-20		10.02		0.32		0.14		0.46		0.37		0.01		—		0.38		—		10.10		4.53		0.36	0.36	0.36	3.13		4,988,317		253††
03-31-19		9.90		0.33		0.12		0.45		0.33		—		—		0.33		—		10.02		4.63		0.36	0.36	0.36	3.41		4,142,382		329††
Class R
03-31-23		9.56		0.24•		(0.82)		(0.58)		0.23		—		—		0.23		—		8.75		(6.04)		0.97	0.97	0.97	2.70		115,639		247††
03-31-22		10.26		0.18•		(0.67)		(0.49)		0.19		—		0.02		0.21		—		9.56		(4.93)		0.94	0.94	0.94	1.72		143,085		222††
03-31-21		10.12		0.22•		0.38		0.60		0.26		0.17		0.03		0.46		—		10.26		5.86		0.95	0.95	0.95	2.11		175,289		159††
03-31-20		10.03		0.26		0.15		0.41		0.31		0.01		—		0.32		—		10.12		4.03		0.94	0.94	0.94	2.56		186,915		253††
03-31-19		9.92		0.28		0.10		0.38		0.27		—		—		0.27		—		10.03		3.92		0.95	0.95	0.95	2.81		170,236		329††
Class R6
03-31-23		9.56		0.30•		(0.83)		(0.53)		0.28		—		—		0.28		—		8.75		(5.46)		0.30	0.30	0.30	3.37		2,302,998		247††
03-31-22		10.25		0.24•		(0.66)		(0.42)		0.25		—		0.02		0.27		—		9.56		(4.25)		0.29	0.29	0.29	2.37		2,563,038		222††
03-31-21		10.11		0.29•		0.38		0.67		0.33		0.17		0.03		0.53		—		10.25		6.50		0.30	0.30	0.30	2.74		2,861,963		159††
03-31-20		10.02		0.33		0.14		0.47		0.37		0.01		—		0.38		—		10.11		4.67		0.30	0.30	0.30	3.19		2,306,857		253††
03-31-19		9.90		0.34		0.11		0.45		0.33		—		—		0.33		—		10.02		4.65		0.31	0.31	0.31	3.46		1,851,627		329††
Class W
03-31-23		9.54		0.28•		(0.82)		(0.54)		0.27		—		—		0.27		—		8.73		(5.59)		0.47	0.47	0.47	3.11		62,837		247††
03-31-22		10.24		0.23•		(0.67)		(0.44)		0.24		—		0.02		0.26		—		9.54		(4.47)		0.44	0.44	0.44	2.22		174,769		222††
03-31-21		10.10		0.27•		0.38		0.65		0.31		0.17		0.03		0.51		—		10.24		6.39		0.45	0.45	0.45	2.59		268,634		159††
03-31-20		10.01		0.32		0.14		0.46		0.36		0.01		—		0.37		—		10.10		4.56		0.44	0.44	0.44	3.05		249,060		253††
03-31-19		9.89		0.32•		0.12		0.44		0.32		—		—		0.32		—		10.01		4.55		0.45	0.45	0.45	3.25		174,570		329††
Voya Short Duration High Income Fund
Class A
02-09-23(4) - 03-31-23		10.00		0.10•		(0.12)		(0.02)		0.10		—		—		0.10		—		9.88		(0.21)		1.22	0.85	0.85	7.35		8,605		1
Class I
02-09-23(4) - 03-31-23		10.00		0.10•		(0.12)		(0.02)		0.10		—		—		0.10		—		9.88		(0.17)		0.97	0.60	0.60	7.61		8,805		1
Class R6
02-09-23(4) - 03-31-23		10.00		0.10•		(0.12)		(0.02)		0.10		—		—		0.10		—		9.88		(0.17)		0.97	0.60	0.60	7.59		8,321		1
Voya Short Term Bond Fund
Class A
03-31-23		9.58		0.21•		(0.29)		(0.08)		0.21		—		—		0.21		—		9.29		(0.83)		0.64	0.62	0.62	2.26		9,054		225
03-31-22		9.98		0.09•		(0.36)		(0.27)		0.10		—		0.03		0.13		—		9.58		(2.81)		0.64	0.63	0.63	0.93		15,351		250
03-31-21		9.55		0.16•		0.46		0.62		0.17		—		0.02		0.19		—		9.98		6.48		0.68	0.60	0.60	1.62		19,499		145
03-31-20		9.77		0.22•		(0.23)		(0.01)		0.21		—		—		0.21		—		9.55		(0.14)		0.72	0.65	0.65	2.19		6,907		192
03-31-19		9.72		0.21•		0.06		0.27		0.22		—		—		0.22		—		9.77		2.85		0.93	0.77	0.77	2.14		14,247		137

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations							Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)			($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Short Term Bond Fund (continued)
Class C
03-31-23		9.58		0.13•		(0.27)			(0.14)		0.14		—		—		0.14		—		9.30		(1.47)		1.39	1.37	1.37	1.34		149		225
03-31-22		9.98		0.02•		(0.37)			(0.35)		0.02		—		0.03		0.05		—		9.58		(3.54)		1.39	1.38	1.38	0.18		442		250
03-31-21		9.55		0.09•		0.45			0.54		0.09		—		0.02		0.11		—		9.98		5.69		1.43	1.35	1.35	0.89		548		145
03-31-20		9.76		0.14•		(0.21)			(0.07)		0.14		—		—		0.14		—		9.55		(0.78)		1.47	1.40	1.40	1.41		335		192
03-31-19		9.72		0.12		0.07			0.19		0.15		—		—		0.15		—		9.76		1.97		1.68	1.52	1.52	1.38		1,038		137
Class I
03-31-23		9.57		0.25•		(0.30)			(0.05)		0.24		—		—		0.24		—		9.28		(0.54)		0.40	0.35	0.35	2.67		31,011		225
03-31-22		9.97		0.12•		(0.36)			(0.24)		0.13		—		0.03		0.16		—		9.57		(2.52)		0.40	0.35	0.35	1.19		31,691		250
03-31-21		9.54		0.19•		0.46			0.65		0.20		—		0.02		0.22		—		9.97		6.81		0.48	0.35	0.35	1.91		16,762		145
03-31-20		9.76		0.24•		(0.22)			0.02		0.24		—		—		0.24		—		9.54		0.16		0.57	0.40	0.40	2.43		11,925		192
03-31-19		9.71		0.23		0.07			0.30		0.25		—		—		0.25		—		9.76		3.15		0.78	0.50	0.50	2.37		9,283		137
Class R
03-31-23		9.61		0.20•		(0.29)			(0.09)		0.19		—		—		0.19		—		9.33		(0.96)		0.89	0.87	0.87	2.14		23		225
03-31-22		10.01		0.07•		(0.37)			(0.30)		0.07		—		0.03		0.10		—		9.61		(3.04)		0.89	0.88	0.88	0.66		17		250
03-31-21		9.57		0.14•		0.46			0.60		0.14		—		0.02		0.16		—		10.01		6.32		0.93	0.85	0.85	1.39		8		145
03-31-20		9.77		0.19•		(0.20)			(0.01)		0.19		—		—		0.19		—		9.57		(0.18)		0.97	0.90	0.90	1.93		3		192
03-31-19		9.72		0.18		0.07			0.25		0.20		—		—		0.20		—		9.77		2.60		1.18	1.02	1.02	1.85		3		137
Class R6
03-31-23		9.58		0.25•		(0.30)			(0.05)		0.24		—		—		0.24		—		9.29		(0.50)		0.32	0.30	0.30	2.63		338,437		225
03-31-22		9.98		0.12•		(0.36)			(0.24)		0.13		—		0.03		0.16		—		9.58		(2.49)		0.31	0.30	0.30	1.18		372,853		250
03-31-21		9.55		0.20•		0.45			0.65		0.20		—		0.02		0.22		—		9.98		6.83		0.38	0.30	0.30	2.01		51,298		145
03-31-20		9.76		0.24•		(0.21)			0.03		0.24		—		—		0.24		—		9.55		0.29		0.42	0.35	0.35	2.47		98,380		192
03-31-19		9.72		0.23		0.06			0.29		0.25		—		—		0.25		—		9.76		3.08		0.63	0.47	0.47	2.40		86,628		137
Class W
03-31-23		9.60		0.23•		(0.28)			(0.05)		0.23		—		—		0.23		—		9.32		(0.47)		0.39	0.37	0.37	2.47		12,660		225
03-31-22		10.01		0.12•		(0.38)			(0.26)		0.12		—		0.03		0.15		—		9.60		(2.65)		0.39	0.38	0.38	1.18		19,721		250
03-31-21		9.57		0.18•		0.47	��		0.65		0.19		—		0.02		0.21		—		10.01		6.84		0.43	0.35	0.35	1.85		21,981		145
03-31-20		9.79		0.24•		(0.22)			0.02		0.24		—		—		0.24		—		9.57		0.12		0.47	0.40	0.40	2.41		97		192
03-31-19		9.72		0.22		0.10			0.32		0.25		—		—		0.25		—		9.79		3.31		0.68	0.52	0.52	2.38		523		137
Voya Strategic Income Opportunities Fund
Class A
03-31-23		9.59		0.35•		(0.63)			(0.28)		0.33		—		—		0.33		—		8.98		(2.94)		0.85	0.85	0.85	3.81		72,353		110
03-31-22		10.12		0.28•		(0.52)			(0.24)		0.23		—		0.06		0.29		—		9.59		(2.47)		0.85	0.85	0.85	2.81		104,975		76
03-31-21		9.12		0.32•		1.03			1.35		0.30		—		0.05		0.35		—		10.12		14.99		0.88	0.88	0.88	3.26		147,463		45
03-31-20		10.15		0.35•		(0.97)			(0.62)		0.41		—		—		0.41		—		9.12		(6.48)		0.86	0.86	0.86	3.45		146,080		167
03-31-19		10.16		0.37		0.03			0.40		0.41		—		—		0.41		—		10.15		3.99		0.94	0.94	0.94	3.63		128,224		155
Class C
03-31-23		9.45		0.28•		(0.64)			(0.36)		0.25		—		—		0.25		—		8.84		(3.78)		1.60	1.60	1.60	3.06		36,708		110
03-31-22		9.97		0.20•		(0.51)			(0.31)		0.15		—		0.06		0.21		—		9.45		(3.18)		1.60	1.60	1.60	2.07		49,839		76
03-31-21		8.98		0.24•		1.02			1.26		0.22		—		0.05		0.27		—		9.97		14.20		1.63	1.63	1.63	2.51		53,646		45
03-31-20		10.00		0.27•		(0.96)			(0.69)		0.33		—		—		0.33		—		8.98		(7.24)		1.61	1.61	1.61	2.68		53,333		167
03-31-19		10.00		0.29		0.04			0.33		0.33		—		—		0.33		—		10.00		3.32		1.69	1.69	1.69	2.87		25,999		155

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Strategic Income Opportunities Fund (continued)
Class I
03-31-23		9.61		0.37•		(0.65)		(0.28)		0.35		—		—		0.35		—		8.98		(2.84)		0.61	0.61	0.61	4.05		1,546,189		110
03-31-22		10.15		0.31•		(0.53)		(0.22)		0.26		—		0.06		0.32		—		9.61		(2.22)		0.62	0.62	0.62	3.06		2,096,038		76
03-31-21		9.15		0.34•		1.04		1.38		0.33		—		0.05		0.38		—		10.15		15.35		0.63	0.63	0.63	3.51		2,029,154		45
03-31-20		10.20		0.38•		(0.98)		(0.60)		0.45		—		—		0.45		—		9.15		(6.30)		0.60	0.60	0.60	3.68		2,046,289		167
03-31-19		10.21		0.42		0.02		0.44		0.45		—		—		0.45		—		10.20		4.42		0.61	0.61	0.61	3.99		1,151,236		155
Class R
03-31-23		9.51		0.33•		(0.64)		(0.31)		0.30		—		—		0.30		—		8.90		(3.25)		1.10	1.10	1.10	3.59		18,607		110
03-31-22		10.04		0.26•		(0.53)		(0.27)		0.20		—		0.06		0.26		—		9.51		(2.76)		1.10	1.10	1.10	2.58		20,854		76
03-31-21		9.04		0.29•		1.03		1.32		0.27		—		0.05		0.32		—		10.04		14.81		1.13	1.13	1.13	3.00		22,403		45
03-31-20		10.07		0.32•		(0.97)		(0.65)		0.38		—		—		0.38		—		9.04		(6.80)		1.11	1.11	1.11	3.20		18,459		167
03-31-19		10.08		0.34		0.03		0.37		0.38		—		—		0.38		—		10.07		3.73		1.19	1.19	1.19	3.37		12,425		155
Class R6
03-31-23		9.58		0.38•		(0.64)		(0.26)		0.36		—		—		0.36		—		8.96		(2.69)		0.54	0.54	0.54	4.19		167,243		110
03-31-22		10.12		0.31•		(0.52)		(0.21)		0.27		—		0.06		0.33		—		9.58		(2.17)		0.54	0.54	0.54	3.14		159,175		76
03-31-21		9.12		0.35•		1.04		1.39		0.34		—		0.05		0.39		—		10.12		15.46		0.57	0.57	0.57	3.59		154,515		45
03-31-20		10.17		0.38•		(0.98)		(0.60)		0.45		—		—		0.45		—		9.12		(6.28)		0.55	0.55	0.55	3.75		229,913		167
03-31-19		10.19		0.39		0.04		0.43		0.45		—		—		0.45		—		10.17		4.36		0.58	0.58	0.58	3.82		47,004		155
Class W
03-31-23		9.57		0.37•		(0.64)		(0.27)		0.35		—		—		0.35		—		8.95		(2.83)		0.60	0.60	0.60	3.99		18,980		110
03-31-22		10.10		0.31•		(0.53)		(0.22)		0.25		—		0.06		0.31		—		9.57		(2.24)		0.60	0.60	0.60	3.06		36,224		76
03-31-21		9.09		0.34•		1.04		1.38		0.32		—		0.05		0.37		—		10.10		15.42		0.63	0.63	0.63	3.53		48,958		45
03-31-20		10.13		0.38•		(0.99)		(0.61)		0.43		—		—		0.43		—		9.09		(6.37)		0.61	0.61	0.61	3.69		69,522		167
03-31-19		10.13		0.39		0.04		0.43		0.43		—		—		0.43		—		10.13		4.35		0.69	0.69	0.69	3.75		48,251		155

(1)

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.

(2)

Annualized for periods less than one year.

(3)

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.

(4)

Commencement of operations.

•

Calculated using average number of shares outstanding throughout the year or period.

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

††

The Fund’s use of treasury securities and “to be announced” (TBA) securities contribute significantly to the portfolio turnover rate. Excluding all purchase and sale transactions involving treasury securities and TBAs, the Fund’s portfolio turnover rate was 36% for the year ended March 31, 2023 and 33%, 39%, 40% and 35% for the fiscal years ended March 31, 2022, 2021, 2020, and 2019, respectively. The Fund’s strategies involving treasury securities and TBA securities are employed to increase liquidity and to manage interest rate risk while not changing the economic exposure to treasury and mortgage backed securities. The Fund invests in treasury securities and may purchase and sell treasury securities to manage the

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

duration of the Fund and for hedging purposes when selling or buying corporate bonds. In addition, the Fund commonly employs an investment strategy involving the purchase of the most recently issued treasury security with a particular time to maturity while selling its position in a previously issued treasury security with a substantially similar time to maturity. This strategy is employed in order for the Fund to own the most liquid treasury security available for a given time to maturity. The Fund also invests in TBA securities whereby the actual identity of the securities to be delivered at settlement is not specified, but rather the general characteristics of the securities are agreed to (i.e. issuer, mortgage type, maturity, coupon and month of settlement). The Fund may engage in rolling strategies with TBAs whereby the Fund seeks to extend the expiration or maturity of a TBA position by closing out the position before expiration and simultaneously opening a new position that has substantially similar terms except for a later expiration date. Such rolls enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023

NOTE 1 — ORGANIZATION

Voya Funds 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 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 GNMA Income Fund (“GNMA Income”), Voya High Yield Bond Fund (“High Yield Bond”), Voya Intermediate Bond Fund (“Intermediate Bond”),Voya Short Duration High Income Fund (“Short Duration High Income”), Voya Short Term Bond Fund (“Short Term Bond”) and Voya Strategic Income Opportunities Fund (“Strategic Income Opportunities”) (each, a “Fund” and collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund offers at least three or more of the following classes of shares: Class A, Class C, Class I, Class R, 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.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.

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” or the

“Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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 class 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 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 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 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. A table summarizing each Fund’s investments under these levels of classification is included within the Portfolios 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:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(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 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. The Funds’ 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 the Funds to pursue their 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, the Funds 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.

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

Foreign Exchange Rate Risk. To the extent that a 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

date of this report, the United States experiences a rising market interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, 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. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

Risks of Investing in Derivatives. The Funds’ 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.

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. The Funds’ derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds’ 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 Funds 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 Funds 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.

As of March 31, 2023, the maximum amount of loss that Intermediate Bond and Strategic Income Opportunities would incur if the counterparties to their derivative transactions failed to perform would be $1,559,130 and $4,139,226, respectively, which represents the gross payments to be received by the Funds on OTC purchased

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

options, forward premium swaptions and open forward foreign currency contracts were they to be unwound as of March 31, 2023. To reduce the amount of potential loss to Intermediate Bond and Strategic Income Opportunities, the Funds received $290,000 and $420,000, respectively, in cash collateral from certain counterparties at March 31, 2023.

The Funds’ 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 Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in the Funds’ net assets and or a percentage decrease in the Funds’ NAV, which could cause the Funds to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds’ Master Agreements.

As of March 31, 2023, Intermediate Bond and Strategic Income Opportunities had a liability position of $35,911,542 and $25,530,851, respectively, on open forward foreign currency contracts, forward premium swaptions, OTC volatility swaps and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of March 31, 2023, the Funds could have been required to pay this amount in cash to their counterparties. At March 31, 2023, Intermediate Bond and Strategic Income Opportunities had pledged $39,240,000 and $24,580,000, respectively, in cash collateral to certain counterparties for open OTC derivatives.

E. Foreign Currency Transactions and Futures Contracts. Certain Funds 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 Funds either enter 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.

For the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Funds used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at March 31, 2023.

	Buy			Sell
Intermediate Bond		$	2,332,610		$	3,912,819
Strategic Income Opportunities			950,802,190			967,203,828

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each 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 Funds are 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 Funds 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

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Statement of Operations. Realized gains (losses) are reported in each 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, 2023, GNMA Income, Intermediate Bond, Short Term Bond and Strategic Income Opportunities have purchased and sold futures contracts on various bonds and notes to manage duration and yield curve exposure. Intermediate Bond, Short Term and Strategic Income Opportunities also entered into equity futures to gain exposure market volatility. 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, 2023, the following Funds had an average notional value on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at March 31, 2023.

	Purchased			Sold
GNMA Income		$	23,198,388		$	263,995,319
Intermediate Bond			427,887,669			452,161,228
Short Term Bond			154,761,500			25,960,686
Strategic Income Opportunities			425,229,603			578,323,409

F. Distributions to Shareholders. The Funds record distributions to their shareholders on the ex-dividend date. Each Fund distributes capital gains, if any, annually. All 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 the Funds’ 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 Funds 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.

I. Repurchase Agreements. Each Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is generally short, from possibly overnight to one week, (although it may extend over a number of months) while the underlying securities generally have longer maturities. Each Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by a Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to a Fund in the event a Fund is delayed or prevented from exercising its right to dispose of the collateral, and it may incur disposition costs in liquidating the collateral. Please refer to the Portfolio of Investments for Intermediate Bond for open repurchase agreements at March 31, 2023.

J. Securities Lending. Each Fund has the option to temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security.

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Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds’ other risks.

K. 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”) 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 not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These 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. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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.

L. Delayed-Delivery or When-Issued Transactions. The Funds may purchase or sell securities on a when-issued or a delayed-delivery basis. Each Fund may enter into forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the Funds’ Portfolio of investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds’ custodian sufficient to cover the purchase price.

To mitigate counterparty risk, the Funds have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

At March 31, 2023, GNMA Income, Intermediate Bond and Strategic Income Opportunities had pledged $315,000, 413,000 and $393,892, respectively in cash collateral with certain counterparties for open delayed-delivery or when-issued transactions.

At March 31, 2023, GNMA Income and Intermediate Bond had received $410,163 and $343,000, respectively, in cash collateral with certain counterparties for open delayed-delivery or when-issued transactions.

M. Mortgage Dollar Roll Transactions. Each Fund may engage in dollar roll transactions with respect to mortgage-backed securities issued or to be issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Fund sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Funds account for dollar roll transactions as purchases and sales.

N. Options Contracts. The Funds may write call and put options on futures, swap options (“swaptions”), securities, commodity or currencies they own or in which they may invest. Writing put options tends to increase the Funds exposure to the underlying instrument. Writing call options tends to decrease the Funds exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Forward

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premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. Each Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds’ exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had written interest rate swaptions to generate income with an average notional value of $1,086,040,000 and $482,449,240, respectively. Please refer to the table within the Portfolio of Investments for open written interest rate swaptions contracts for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had purchased foreign currency options to manage their foreign exchange exposure with average notional values of $359,660,800 and $234,718,230, respectively. Please refer to the tables within the Portfolio of Investments for open purchased options on foreign currencies for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had written foreign currency options to generate income with an average notional value of $263,433,000 and $152,810,153, respectively. Please refer to the tables within the Portfolio of Investments for open written options on foreign currency contracts for Strategic Income Opportunities at March 31, 2023. There were no written options on foreign currency contracts for Intermediate Bond at March 31, 2023.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had purchased forward premium swaptions with average notional values of $214,136,400 and $125,910,650, respectively, to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had written forward premium swaptions with average notional values of $130,998,000 and $411,285,467, respectively, to generate income. Please refer to the tables within the Portfolio of Investments for open written forward premium swaptions for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

O. Swap Agreements. Certain Funds 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). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair 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. A 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 each Fund’s Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The fair value of the swap contract is recorded on each Fund’s Statement of Assets and Liabilities. During the term of the swap, changes in the fair value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a 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

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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 each Fund’s Statement of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or 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 each Fund’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may 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, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A 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).

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

generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2023, if any, for which a Fund is seller of protection, are disclosed in each Fund’s Portfolio of Investments. These potential amounts would

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

For the year ended March 31, 2023, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. The Funds enter into CDX swap contracts to gain additional exposure within various credit sectors and to hedge the credit risk associated within various sectors with the credit markets. In addition, for the year ended March 31, 2023,Strategic Income Opportunities had bought credit protection on single name issuers (Corporate or Sovereign) to gain additional exposure to the credit market.

During the year ended March 31, 2023, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had an average notional value on credit default swaps to buy protection of $175,591,087, $4,010,482 and $35,880,321, respectively. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection for Strategic Income Opportunities at March 31, 2023. There were no credit default swaps to buy protection for Intermediate Bond and Short Term Bond at March 31, 2023.

During the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had an average notional value on credit default swaps to sell protection of $136,125,996 and $150,591,428, respectively. There were no credit default swaps to sell protection for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Fund may make payments that are greater than what a Fund received from the counterparty. Other risks include credit, liquidity and market risk.

For the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”)

in order to increase exposure to interest rate risk. The average notional amount on long interest rate swaps for Intermediate Bond and Strategic Income Opportunities was $363,757,913 and $266,265,066, respectively.

For the year ended March 31, 2023, Intermediate Bond and Strategic Income Opportunities had entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. The average notional amount on short interest rate swaps for Intermediate Bond and Strategic Income Opportunities was $266,553,875 and $154,295,075, respectively.

Please refer to the tables within the Portfolio of Investments for open interest rate swap contracts for Intermediate Bond and Strategic Income Opportunities at March 31, 2023.

At March 31, 2023, Intermediate Bond and Strategic Income Opportunities had pledged $16,600,000 and $12,296,846 as cash collateral for open centrally cleared swaps, respectively.

Volatility Swap Contracts. Certain Funds may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

For the year ended March 31, 2023, Strategic Income Opportunities had an average notional amount of $44,252,000 on foreign currency volatility swaps (receiver). Please refer to the tables within the Portfolio of Investments for open volatility swaps at March 31, 2023.

P. Offering Costs. Costs incurred with the offering of Short Duration High Income are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations on February 9, 2023.

Q. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

indemnifications. The Trust’s 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, 2023, 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
GNMA Income		$	11,358,669		$	4,007,464
High Yield Bond			776,555,454			337,218,179
Intermediate Bond			2,875,950,283			4,296,014,674
Short Duration High Income			25,110,877			293,750
Short Term Bond			416,203,026			140,489,506
Strategic Income Opportunities			674,652,081			866,629,505

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

	Purchases			Sales
GNMA Income		$	5,851,092,132		$	5,978,746,427
Intermediate Bond			17,504,388,963			17,151,173,357
Short Term Bond			866,437,044			741,811,151
Strategic Income Opportunities			1,456,311,070			1,526,975,366

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Funds have 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. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:

Fund			Fee
GNMA Income			0.45% on the first $1 billion, 0.43% on the next $500 million and 0.41% on assets thereafter
High Yield Bond(1)			0.61% on the first $500 million, 0.55% on the next $4.5 billion and 0.50% on assets thereafter
Intermediate Bond			0.27% on all assets
Short Duration High Income			0.48% on all assets
Short Term Bond			0.25% on all assets
Strategic Income Opportunities			0.50% on all assets

(1)

Effective January 1, 2023, the Investment Adviser has agreed to waive 0.05% of the management fee through August 1, 2024. Any fees waived or reimbursed in relation to this waiver are not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

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 the Funds’ assets in accordance with the Funds’ investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class A, Class C and Class R of the respective Funds each has a distribution and/or service and distribution plan (the “Plan”), whereby the Distributor is compensated by certain of the Funds for expenses incurred in the distribution and/or shareholder servicing of each Fund’s shares (“Distribution and/or Service Fees”). Pursuant to the Plan, the Distributor is entitled to payment each month for expenses incurred in the distribution and promotion of certain of each Fund’s 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. In addition, High Yield Bond, Intermediate Bond, Short Term Bond and Strategic Income Opportunities have a shareholder service plan for Class A and Class C shares (together with the Plan referenced above, the “Plans”). Under the Plans, each class of shares of each Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:

Fund	Class A		Class C		Class R
GNMA Income		0.25%		1.00%		N/A
High Yield Bond		0.25%		1.00%		0.50%
Intermediate Bond		0.25%		1.00%		0.50%
Short Duration High Income		0.25%		N/A		N/A
Short Term Bond		0.25%		1.00%		0.50%
Strategic Income Opportunities		0.25%		1.00%		0.50%

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended March 31, 2023, the Distributor retained the following amounts in sales charges:

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

	Class A			Class C
Initial Sales Charges:
GNMA Income		$	8,168		$	—
High Yield Bond			731			—
Intermediate Bond			2,023			—
Short Term Bond			53			—
Strategic Income Opportunities			1,978			—
Contingent Deferred Sales Charges:
GNMA Income		$	9,431		$	2,911
High Yield Bond			—			173
Intermediate Bond			1,307			158
Strategic Income Opportunities			11,957			5,409

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At March 31, 2023, 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 Company	Fund	Percentage
Voya Index Solution Income Portfolio	Short Term Bond		8.73%
Voya Institutional Trust Company	GNMA Income		14.93
Voya Investments, LLC	Short Duration High Income		97.01
Voya Retirement Conservative Portfolio	Short Term Bond		9.66
Voya Retirement Growth Portfolio	Short Term Bond		18.96
Voya Retirement Insurance and Annuity Company	Intermediate Bond		9.36
Voya Retirement Moderate Growth Portfolio	Short Term Bond		16.33
Voya Retirement Moderate Portfolio	Short Term Bond		16.82

The Funds have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Funds. For purposes of determining the amount owed 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, 2023, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

Fund	Amount
GNMA Income		$	266,727
High Yield Bond			5,576
Intermediate Bond			316,331
Short Duration High Income			—
Short Term Bond			16
Strategic Income Opportunities			22,519

The Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), a common sub-adviser and/or common officers or trustees. For the year ended March 31, 2023, High Yield Bond engaged in such transactions amounting to $117,543,432 of in-kind sales, resulting in a net realized loss of $(15,156,682).

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

Pursuant to a written expense limitation agreement (“Expense Limitation Agreement”) between the Investment Adviser and the Trust, on behalf of the Funds, 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, as applicable, to the levels listed below:

Fund	Class A		Class C		Class I		Class R		Class R6		Class W
GNMA Income		0.84%		1.59%		0.54%		N/A		0.54%		0.59%
High Yield Bond		1.10%		1.85%		0.85%		1.35%		0.83%		0.85%
Intermediate Bond		0.75%		1.50%		0.50%		1.00%		0.50%		0.50%
Short Duration High Income		0.85%		N/A		0.60%		N/A		0.60%		N/A
Short Term Bond		0.65%		1.40%		0.35%		0.90%		0.30%		0.40%
Strategic Income Opportunities		1.15%		1.90%		0.72%		1.40%		0.60%		0.90%

With the exception of Strategic Income Opportunities and the non-recoupable management fee waiver for High Yield Bond, the Investment Adviser may at a later date recoup from a Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of March 31, 2023 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,									Total
	2024			2025			2026			Total
Short Duration High Income		$	—		$	—		$	12,491		$	12,491
Short Term Bond			275,697			120,887			56,303			452,887

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, 2023, are as follows:

	March 31,									Total
	2024			2025			2026			Total
GNMA Income
Class I		$	220,385		$	169,548		$	126,505		$	516,438
Short Duration High Income
Class I			—			—			7			7
Short Term Bond
Class I			8,563			8,770			10,349			27,682

The Expense Limitation Agreement is contractual through August 1, 2023, except Short Duration High Income which is through August 1, 2024, 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 13, 2022, the Funds, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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 following Funds utilized the line of credit during the year ended March 31, 2023:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
GNMA Income		4		$	4,024,250		2.12%
High Yield Bond		2			1,986,500		4.80
Intermediate Bond		5			2,349,400		3.86
Short Term Bond		1			4,271,000		5.83
Strategic Income Opportunities		1			2,900,000		5.33

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)
GNMA Income
Class A
3/31/2023		8,662,434		—		1,260,960		(15,637,748)		—		(5,714,354)		65,480,777		—		9,458,438		(118,547,474)		—		(43,608,259)
3/31/2022		11,277,527		—		720,684		(23,725,800)		—		(11,727,589)		95,005,028		—		6,054,296		(199,441,916)		—		(98,382,592)
Class C
3/31/2023		426,198		—		45,979		(1,454,599)		—		(982,422)		3,208,894		—		342,488		(10,976,750)		—		(7,425,368)
3/31/2022		434,519		—		21,361		(2,878,820)		—		(2,422,940)		3,655,918		—		179,138		(24,082,916)		—		(20,247,860)
Class I
3/31/2023		73,733,932		—		2,129,572		(69,747,779)		—		6,115,725		556,500,667		—		16,020,098		(527,669,156)		—		44,851,609
3/31/2022		57,283,966		—		1,410,379		(68,604,093)		—		(9,909,748)		482,886,816		—		11,867,348		(575,307,247)		—		(80,553,083)
Class P(2)
3/31/2023		150,796		—		1,514		(156,307)		—		(3,997)		1,141,188		—		11,243		(1,174,037)		—		(21,606)
3/31/2022		—		—		80		—		—		80		—		—		675		—		—		675

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)
GNMA Income (continued)
Class R6
3/31/2023		1,857,031		—		110,352		(979,878)		—		987,505		14,212,219		—		828,986		(7,503,872)		—		7,537,333
3/31/2022		759,585		—		46,034		(2,729,091)		—		(1,923,472)		6,415,735		—		387,301		(23,219,105)		—		(16,416,069)
Class W
3/31/2023		1,154,980		—		283,020		(6,322,696)		—		(4,884,696)		8,777,294		—		2,135,722		(48,263,912)		—		(37,350,896)
3/31/2022		2,733,426		—		211,783		(10,233,228)		—		(7,288,019)		23,034,577		—		1,783,946		(86,789,385)		—		(61,970,862)
High Yield Bond
Class A
3/31/2023		537,141		—		335,012		(1,187,397)		—		(315,244)		3,630,499		—		2,269,789		(8,164,961)		—		(2,264,673)
3/31/2022		649,906		—		259,104		(1,099,273)		—		(190,263)		5,218,071		—		2,063,621		(8,762,057)		—		(1,480,365)
Class C
3/31/2023		15,650		—		68,923		(360,897)		—		(276,324)		108,101		—		466,638		(2,470,810)		—		(1,896,071)
3/31/2022		164,725		—		49,194		(232,402)		—		(18,483)		1,325,876		—		391,638		(1,848,988)		—		(131,474)
Class I
3/31/2023		13,288,597		—		1,772,476		(12,478,237)		—		2,582,836		91,566,913		—		11,976,296		(85,981,809)		—		17,561,400
3/31/2022		14,248,586		—		1,180,689		(11,341,157)		—		4,088,118		114,040,363		—		9,385,111		(90,093,198)		—		33,332,276
Class P(3)
3/31/2023		86,486		—		1,582,416		(37,547,356)		—		(35,878,454)		594,949		—		10,805,849		(255,926,038)		—		(244,525,240)
3/31/2022		16,740,632		—		2,200,106		(22,270,858)		—		(3,330,120)		131,212,122		—		17,529,964		(175,094,969)		—		(26,352,883)
Class P3(4)
3/31/2023		43,956		—		9,136		(171,175)		—		(118,083)		304,315		—		62,023		(1,158,263)		—		(791,925)
3/31/2022		891,755		—		68,009		(1,943,676)		—		(983,912)		7,142,828		—		545,174		(15,234,842)		—		(7,546,840)
Class R
3/31/2023		18,190		—		2,198		(6,368)		—		14,020		125,231		—		14,848		(43,427)		—		96,652
3/31/2022		5,116		—		1,691		(51,173)		—		(44,366)		40,858		—		13,528		(411,270)		—		(356,884)
Class R6
3/31/2023		9,147,216		—		446,194		(1,584,744)		—		8,008,666		60,873,882		—		3,023,148		(10,845,929)		—		53,051,101
3/31/2022		4,066,896		—		1,352,792		(29,933,291)		—		(24,513,603)		32,690,991		—		10,846,577		(235,228,704)		—		(191,691,136)
Class W
3/31/2023		4,246,913		—		710,179		(7,582,561)		—		(2,625,469)		28,861,646		—		4,821,836		(51,602,614)		—		(17,919,132)
3/31/2022		4,432,494		—		584,438		(12,143,760)		—		(7,126,828)		35,524,660		—		4,664,211		(97,076,957)		—		(56,888,086)
Intermediate Bond
Class A
3/31/2023		6,039,145		—		675,124		(16,764,116)		—		(10,049,847)		52,739,875		—		5,922,666		(147,691,741)		—		(89,029,200)
3/31/2022		7,936,708		—		687,990		(15,367,870)		—		(6,743,172)		81,104,507		—		7,040,999		(157,102,969)		—		(68,957,463)
Class C
3/31/2023		112,160		—		21,933		(656,114)		—		(522,021)		973,316		—		192,151		(5,773,250)		—		(4,607,783)
3/31/2022		172,368		—		23,132		(781,431)		—		(585,931)		1,768,576		—		236,689		(7,948,052)		—		(5,942,787)
Class I
3/31/2023		255,795,385		—		16,085,857		(344,956,757)		—		(73,075,515)		2,273,838,015		—		141,151,475		(3,044,798,908)		—		(629,809,418)
3/31/2022		241,997,846		—		14,032,171		(220,648,390)		—		35,381,627		2,453,548,509		—		143,362,404		(2,226,904,558)		—		370,006,355
Class P3(5)
3/31/2023		5,830,640		—		243,852		(14,037,512)		—		(7,963,020)		51,797,195		—		2,141,635		(122,473,358)		—		(68,534,528)
3/31/2022		6,732,245		—		152,870		(2,529,951)		—		4,355,164		67,863,845		—		1,554,909		(25,314,324)		—		44,104,430
Class R
3/31/2023		1,941,190		—		359,089		(4,048,634)		—		(1,748,355)		17,098,433		—		3,152,853		(35,936,191)		—		(15,684,905)
3/31/2022		1,952,651		—		321,947		(4,389,254)		—		(2,114,656)		19,998,676		—		3,298,237		(44,929,985)		—		(21,633,072)
Class R6
3/31/2023		73,110,166		—		8,024,827		(86,107,680)		—		(4,972,687)		646,791,761		—		70,443,640		(758,883,993)		—		(41,648,592)
3/31/2022		79,215,568		—		6,563,347		(96,696,703)		—		(10,917,788)		808,317,892		—		67,098,886		(994,110,333)		—		(118,693,555)
Class W
3/31/2023		1,815,263		—		253,869		(13,186,402)		—		(11,117,270)		16,178,038		—		2,240,487		(118,828,132)		—		(100,409,607)
3/31/2022		3,124,623		—		466,739		(11,502,032)		—		(7,910,670)		31,905,860		—		4,771,464		(118,079,317)		—		(81,401,993)
Short Duration High Income
Class A
2/9/2023(1) - 3/31/2023		862,214		—		8,416		—		—		870,630		8,617,007		—		83,236		—		—		8,700,243
Class I
2/9/2023(1) - 3/31/2023		881,952		—		8,979		—		—		890,931		8,813,333		—		88,803		—		—		8,902,136
Class R6
2/9/2023(1) - 3/31/2023		833,333		—		8,657		—		—		841,990		8,333,334		—		85,623		—		—		8,418,957
Short Term Bond
Class A
3/31/2023		110,007		—		31,688		(770,084)		—		(628,389)		1,028,426		—		294,501		(7,126,977)		—		(5,804,050)
3/31/2022		225,939		—		24,149		(601,354)		—		(351,266)		2,248,805		—		239,174		(5,901,999)		—		(3,414,020)
Class C
3/31/2023		2,890		—		322		(33,367)		—		(30,155)		26,785		—		2,997		(312,357)		—		(282,575)
3/31/2022		13,819		—		241		(22,792)		—		(8,732)		134,109		—		2,396		(225,983)		—		(89,478)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		��	Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#			#		#		($)		($)		($)		($)		($)		($)
Short Term Bond (continued)
Class I
3/31/2023		3,028,561		—		84,847		(3,084,170)			—		29,238		27,898,398		—		786,797		(28,724,920)		—		(39,725)
3/31/2022		2,346,060		—		38,184		(753,122)			—		1,631,122		23,155,647		—		376,908		(7,420,186)		—		16,112,369
Class P2(6)
3/31/2023		249,092		—		30,934		(3,094,620)			—		(2,814,594)		2,319,764		—		287,230		(28,457,191)		—		(25,850,197)
3/31/2022		3,710,644		—		144,599		(10,608,845)			—		(6,753,602)		35,617,003		—		1,429,581		(104,288,052)		—		(67,241,468)
Class P3(8)
3/31/2023		1,135,277		—		13,935		(1,758,058)			—		(608,846)		10,600,984		—		129,696		(16,137,633)		—		(5,406,953)
3/31/2022		389,625		—		8,196		(123,016)			—		274,805		3,793,284		—		80,642		(1,203,965)		—		2,669,961
Class R
3/31/2023		1,036		—		41		(377)			—		700		9,722		—		384		(3,543)		—		6,563
3/31/2022		1,087		—		11		(191)			—		907		10,787		—		108		(1,897)		—		8,998
Class R6
3/31/2023		15,171,571		—		906,987		(18,584,103)			—		(2,505,545)		141,319,801		—		8,431,735		(173,522,880)		—		(23,771,344)
3/31/2022		39,456,260		—		422,058		(6,095,498)			—		33,782,820		392,726,125		—		4,160,869		(60,250,814)		—		336,636,180
Class W
3/31/2023		242,070		—		39,541		(976,562)			—		(694,951)		2,280,395		—		368,976		(9,138,541)		—		(6,489,170)
3/31/2022		683,926		—		31,532		(858,904)			—		(143,446)		6,788,542		—		312,982		(8,544,228)		—		(1,442,704)
Strategic Income Opportunities
Class A
3/31/2023		2,161,239		—		308,066		(5,353,583)			—		(2,884,278)		19,705,733		—		2,800,165		(48,903,213)		—		(26,397,315)
3/31/2022		3,051,116		—		339,546		(7,012,470)			—		(3,621,808)		30,535,738		—		3,392,473		(70,001,927)		—		(36,073,716)
Class C
3/31/2023		528,190		—		119,786		(1,772,262)			—		(1,124,286)		4,781,253		—		1,071,657		(15,912,261)		—		(10,059,351)
3/31/2022		1,305,996		—		102,460		(1,513,122)			—		(104,666)		12,857,088		—		1,007,742		(14,880,582)		—		(1,015,752)
Class I
3/31/2023		65,354,991		—		6,665,654		(118,116,153)			—		(46,095,508)		597,442,459		—		60,676,878		(1,079,721,182)		—		(421,601,845)
3/31/2022		85,696,320		—		6,007,076		(73,414,564)			—		18,288,832		856,763,572		—		60,036,542		(732,917,242)		—		183,882,872
Class P(7)
3/31/2023		—		—		6		(346)			—		(340)		—		—		51		(3,182)		—		(3,131)
3/31/2022		—		—		13		—			—		13		—		—		127		—		—		127
Class R
3/31/2023		205,455		—		69,029		(376,994)			—		(102,510)		1,843,645		—		621,828		(3,419,516)		—		(954,043)
3/31/2022		257,601		—		59,664		(356,374)			—		(39,109)		2,565,310		—		590,684		(3,516,584)		—		(360,590)
Class R6
3/31/2023		2,464,303		—		689,623		(1,102,354)			—		2,051,572		22,125,558		—		6,248,297		(10,112,323)		—		18,261,532
3/31/2022		2,340,912		—		548,112		(1,538,747)			—		1,350,277		23,553,792		—		5,463,117		(15,322,706)		—		13,694,203
Class W
3/31/2023		932,532		—		69,702		(2,669,069)			—		(1,666,835)		8,503,175		—		634,073		(24,406,942)		—		(15,269,694)
3/31/2022		980,152		—		108,854		(2,151,161)			—		(1,062,155)		9,800,026		—		1,084,565		(21,408,935)		—		(10,524,344)

(1)

Commencement of operations

(2)

Class P was fully redeemed on close of business March 24, 2023

(3)

Class P was fully redeemed on close of business February 24, 2023

(4)

Class P3 was fully redeemed on close of business February 22, 2023

(5)

Class P3 was fully redeemed on close of business March 30, 2023

(6)

Class P2 was fully redeemed on close of business November 29, 2022

(7)

Class P was fully redeemed on close of business September 8, 2022

(8)

Class P3 was fully redeemed on close of business November 3, 2022

NOTE 10 — UNFUNDED LOAN COMMITMENTS

Certain Funds may enter into credit agreements, all or a portion of which may be unfunded. The Funds are obligated to fund these loan commitments at the borrower’s discretion. Funded and unfunded portions of the credit agreements are presented in the Portfolio of Investments. At March 31, 2023, Strategic Income Opportunities had the following unfunded loan commitments:

Loan	Unfunded Loan Commitment
Athenahealth, Inc. 2022 Delayed Draw Term Loan		$	119,903
IPS Corporation 2021 Delayed Draw Term Loan			42,096
		$	161,999

The unrealized appreciation/(depreciation) on these commitments as of March 31, 2023 is included in the Investments in securities at fair value on the Statement of Assets and Liabilities.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 11 — 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 Market Close 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 Funds 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, 2023:

High Yield Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	1,016,416		$	(1,016,416)		$	—
BNP Paribas			1,473,744			(1,473,744)			—
BNP Paribas Prime Brokerage Intl Ltd			1,237,602			(1,237,602)			—
Goldman, Sachs & Co. LLC			1,034,129			(1,034,129)			—
J.P. Morgan Securities LLC			1,424,237			(1,424,237)			—
Morgan Stanley & Co. LLC			561,521			(561,521)			—
Scotia Capital (USA) INC			472,262			(472,262)			—
State Street Bank and Trust Company			58,082			(58,082)			—
TD Prime Services LLC			240,838			(240,838)			—
TD Securities INC			358,468			(358,468)			—
UBS AG			33,324			(33,324)			—
Wells Fargo Securities LLC			16,110			(16,110)			—
		$	7,926,733		$	(7,926,733)		$	—

(1)

Cash collateral with a fair value of $8,175,410 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	5,739,535		$	(5,739,535)		$	—
Barclays Capital Inc.			19,928,495			(19,928,495)			—
BNP Paribas			4,285,100			(4,285,100)			—
BNP Paribas Prime Brokerage Intl Ltd			1,012,117			(1,012,117)			—
BofA Securities Inc			7,781,292			(7,781,292)			—
Citigroup Global Markets Inc.			38,967			(38,967)			—
Deutsche Bank, AG			356,577			(356,577)			—
Goldman Sachs International			581,445			(581,445)			—
Goldman, Sachs & Co. LLC			8,119,369			(8,119,369)			—
HSBC Securities (USA) Inc.			3,275,260			(3,275,260)			—
J.P. Morgan Securities LLC			6,101,212			(6,101,212)			—
Morgan Stanley & Co. LLC			1,275,764			(1,275,764)			—
Nomura International PLC			678,353			(678,353)			—
Nomura Securities International, Inc.			4,928,899			(4,928,899)			—
RBC Capital Markets, LLC			1,735,638			(1,735,638)			—
RBC Dominion Securities Inc			252,475			(252,475)			—
Scotia Capital (USA) INC			672,748			(672,748)			—
Societe Generale			2,056,783			(2,056,783)			—
TD Prime Services LLC			4,195,767			(4,195,767)			—
Truist Securities INC			76,405			(76,405)			—
UBS AG			2,619,327			(2,619,327)			—
US Bancorp Investments			28,253			(28,253)			—
Wells Fargo Bank NA			1,904,394			(1,904,394)			—
		$	77,644,175		$	(77,644,175)		$	—

(1)

Cash collateral with a fair value of $80,033,894 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Short Term Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	691,105		$	(691,105)		$	—
BNP Paribas Prime Brokerage Intl Ltd			328,270			(328,270)			—
BofA Securities Inc			411,694			(411,694)			—
Deutsche Bank Securities Inc.			437,779			(437,779)			—
Mizuho Securities USA LLC.			486,610			(486,610)			—
Morgan Stanley & Co. LLC			1,050,442			(1,050,442)			—
Nomura Securities International, Inc.			357,427			(357,427)			—
RBC Capital Markets, LLC			162,444			(162,444)			—
Societe Generale			11,881			(11,881)			—
TD Prime Services LLC			650,984			(650,984)			—
Wells Fargo Clearing Services, LLC			223,744			(223,744)			—
		$	4,812,380		$	(4,812,380)		$	—

(1)

Cash collateral with a fair value of $4,942,012 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Strategic Income Opportunities

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	1,276,838		$	(1,276,838)		$	—
BNP Paribas			997,266			(997,266)			—
BNP Paribas Prime Brokerage Intl Ltd			4,458,279			(4,458,279)			—
BNP Paribas Securities Corp.			116,282			(116,282)			—
BofA Securities Inc			70,822			(70,822)			—
Citadel Clearing LLC			1,024,151			(1,024,151)			—
Citigroup Global Markets Inc.			311,402			(311,402)			—
Goldman, Sachs & Co. LLC			1,541,351			(1,541,351)			—
J.P. Morgan Securities LLC			2,380,021			(2,380,021)			—
Morgan Stanley & Co. LLC			965,268			(965,268)			—
Nomura Securities International, Inc.			1,537,141			(1,537,141)			—
RBC Capital Markets, LLC			2,699,100			(2,699,100)			—
RBC Dominion Securities Inc			27,197			(27,197)			—
Scotia Capital (USA) INC			6,179			(6,179)			—
TD Prime Services LLC			155,186			(155,186)			—
TD Securities (USA) Inc.			309,097			(309,097)			—
Truist Securities INC			86,723			(86,723)			—
UBS AG			14,543			(14,543)			—
Wells Fargo Bank NA			1,132,091			(1,132,091)			—
Wells Fargo Securities LLC			256,498			(256,498)			—
Total		$	19,365,435		$	(19,365,435)		$	—

(1)

Cash collateral with a fair value of $19,957,719 has been 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 12 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with 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 foreign currency transactions, futures contracts, paydowns, swaps, capital loss carryforwards, straddle loss deferrals, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of March 31, 2023:

			Paid-in Capital						Distributable Earnings
High Yield Bond				$	(15,224,252	)(1)				$	15,224,252

(1)

Amount is comprised of in-kind sales and related wash sales.

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

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

	Year Ended March 31, 2023						Year Ended March 31, 2022
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Return of Capital
GNMA Income		$	35,132,244		$	—		$	23,043,516		$	1,246,729
High Yield Bond			32,145,490			3,451,344			46,733,715			—
Intermediate Bond			256,679,701			—			241,620,464			15,759,373
Short Duration High Income			257,963			—			—			—
Short Term Bond			10,347,518			—			5,328,045			1,297,390
Strategic Income Opportunities			79,582,543			—			65,079,993			15,258,017

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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, 2023 were:

	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
GNMA Income		$	157,275		$	(102,323,363)		$	(70,598,959)		Short-term		None		$	(706,339)		$	(195,228,438)
									(21,757,052)		Long-term		None
								$	(92,356,011)
High Yield Bond			622,458			(38,783,152)			(6,648,860)		Short-term		None			(108,310)			(62,923,086)
									(18,005,222)		Long-term		None
								$	(24,654,082)
Intermediate Bond			21,448,775			(633,772,459)			(336,656,658)		Short-term		None			(2,757,726)			(1,419,408,649)
									(467,670,581)		Long-term		None
								$	(804,327,239)
Short Duration High Income			1,288			(291,137)			—		—		—			(302)			(290,151)
Short Term Bond			236,858			(11,218,560)			(9,222,164)		Short-term		None			(733)			(32,479,881)
									(12,275,282)		Long-term		None
								$	(21,497,446)
Strategic Income Opportunities			6,766,129			(195,916,660)			(38,840,366)		Short-term		None			(667,241)			(323,897,025)
									(95,238,887)		Long-term		None
								$	(134,079,253)

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

As of March 31, 2023, no provision for income tax is required in the Funds’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings ceased to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

NOTE 14 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Funds’ Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Fund’s liquidity risk.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 14 — LIQUIDITY (continued)

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re- classification, as necessary) of a Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding a Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Fund will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported the Funds’ (with the exception of Short Duration High Income which had not commenced operations during annual assessment period) ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks.

NOTE 15 — MARKET DISRUPTION

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, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. 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 a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those 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 Fund’s investments. Any of these occurrences could disrupt the operations of a Fund and of the Fund’s service providers.

NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. Management expects that the adoption of the guidance will not have a material impact on the Funds' financial statements.

NOTE 17 — SUBSEQUENT EVENTS

Dividends. Subsequent to March 31, 2023, the Funds declared dividends from net investment income of:

Per Share
Amount

Payable
Date

Record
Date

GNMA Income

Class A

0.0197

May 1, 2023

Daily

Class C

0.0151

May 1, 2023

Daily

Class I

0.0216

May 1, 2023

Daily

Class R6

0.0220

May 1, 2023

Daily

Class W

0.0213

May 1, 2023

Daily

High Yield Bond

Class A

0.0317

May 1, 2023

Daily

Class C

0.0276

May 1, 2023

Daily

Class I

0.0335

May 1, 2023

Daily

Class R

0.0304

May 1, 2023

Daily

Class R6

0.0340

May 1, 2023

Daily

Class W

0.0332

May 1, 2023

Daily

Intermediate Bond

Class A

0.0240

May 1, 2023

Daily

Class C

0.0187

May 1, 2023

Daily

Class I

0.0264

May 1, 2023

Daily

Class R

0.0223

May 1, 2023

Daily

Class R6

0.0269

May 1, 2023

Daily

Class W

0.0257

May 1, 2023

Daily

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 17 — SUBSEQUENT EVENTS (continued)

Per Share
Amount

Payable
Date

Record
Date

Short Duration High Income

Class A

0.0609

May 1, 2023

Daily

Class I

0.0626

May 1, 2023

Daily

Class R6

0.0626

May 1, 2023

Daily

Short Term Bond

Class A

0.0240

May 1, 2023

Daily

Class C

0.0183

May 1, 2023

Daily

Class I

0.0261

May 1, 2023

Daily

Class R

0.0222

May 1, 2023

Daily

Class R6

0.0265

May 1, 2023

Daily

Class W

0.0260

May 1, 2023

Daily

Strategic Income Opportunities

Class A

0.0316

May 1, 2023

Daily

Class C

0.0257

May 1, 2023

Daily

Class I

0.0333

May 1, 2023

Daily

Class R

0.0295

May 1, 2023

Daily

Class R6

0.0338

May 1, 2023

Daily

Class W

0.0333

May 1, 2023

Daily

Line of Credit Renewal: Effective June 13, 2023, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 50.3%
1,979,323	Fannie Mae 2004-28 PZ, 6.000%, 05/25/2034		$	2,098,059		0.2
1,818,929	Fannie Mae 2004-88 ZC, 6.500%, 12/25/2034			1,964,461		0.2
4,934,654	Fannie Mae 2005-17 B, 6.500%, (US0001M + 6.500%), 03/25/2035			5,176,740		0.4
1,316,360	Fannie Mae 2005-43 PZ, 6.000%, 05/25/2035			1,391,354		0.1
720,980	Fannie Mae 2007-60 ZB, 4.750%, 05/25/2037			717,984		0.1
2,426,682 (1)	Fannie Mae 2010-95 SB, 1.755%, (-1.000*US0001M + 6.600%), 09/25/2040			180,455		0.0
6,013,754	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			6,015,373		0.5
4,551,020 (1)	Fannie Mae 2012-148 HI, 3.500%, 05/25/2042			506,166		0.0
9,068,756 (1)	Fannie Mae 2012-148 IM, 3.000%, 01/25/2028			411,655		0.0
144,653 (2)	Fannie Mae REMIC Trust 2002-W1 3A, 3.486%, 04/25/2042			134,975		0.0
703,979 (2)	Fannie Mae REMIC Trust 2002-W6 3A, 4.242%, 01/25/2042			660,961		0.1
3,983,310	Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042			4,070,270		0.3
740,166	Fannie Mae REMIC Trust 2003-16 CX, 6.500%, 03/25/2033			776,768		0.1
1,925,491	Fannie Mae REMIC Trust 2003-34 LN, 5.000%, 05/25/2033			1,960,555		0.2
3,042,898	Fannie Mae REMIC Trust 2003-W15 2A7, 5.550%, 08/25/2043			3,072,611		0.2
79,679	Fannie Mae REMIC Trust 2004-61 SH, 4.617%, (-3.998*US0001M + 23.988%), 11/25/2032			85,471		0.0
2,183,969 (2)	Fannie Mae REMIC Trust 2004-W11 2A, 3.887%, 03/25/2043			2,066,638		0.2
1,978,597	Fannie Mae REMIC Trust 2004-W3 A8, 5.500%, 05/25/2034			1,984,168		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
252,774 (1)	Fannie Mae REMIC Trust 2005-17 ES, 1.905%, (-1.000*US0001M + 6.750%), 03/25/2035		$	7,683		0.0
245,701	Fannie Mae REMIC Trust 2005-59 NQ, 4.762%, (-2.500*US0001M + 16.875%), 05/25/2035			249,934		0.0
402,402	Fannie Mae REMIC Trust 2005-88 ZC, 5.000%, 10/25/2035			404,121		0.0
77,835	Fannie Mae REMIC Trust 2006-115 ES, 7.179%, (-4.000*US0001M + 26.560%), 12/25/2036			91,558		0.0
539,174 (1)	Fannie Mae REMIC Trust 2006-36 SP, 1.855%, (-1.000*US0001M + 6.700%), 05/25/2036			35,547		0.0
2,184,129 (1)	Fannie Mae REMIC Trust 2006-79 SH, 1.605%, (-1.000*US0001M + 6.450%), 08/25/2036			224,917		0.0
122,960 (2)	Fannie Mae REMIC Trust 2009-12 LK, 13.171%, 03/25/2039			137,136		0.0
1,861,549	Fannie Mae REMIC Trust 2009-66 XA, 5.500%, 12/25/2035			1,955,818		0.2
6,058,525	Fannie Mae REMIC Trust 2010-2 LC, 5.000%, 02/25/2040			6,181,621		0.5
1,136,660	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			1,136,292		0.1
3,071,438 (1)	Fannie Mae REMIC Trust 2012-128 VS, 1.405%, (-1.000*US0001M + 6.250%), 06/25/2042			167,146		0.0
1,549,473 (1)	Fannie Mae REMIC Trust 2012-142 BI, 3.000%, 11/25/2027			51,499		0.0
1,592,072 (1)	Fannie Mae REMIC Trust 2012-154 PI, 4.000%, 05/25/2042			200,376		0.0
1,268,732 (1)	Fannie Mae REMIC Trust 2012-68 SD, 1.855%, (-1.000*US0001M + 6.700%), 06/25/2032			85,108		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,457,000	Fannie Mae REMIC Trust 2012-97 PC, 3.500%, 09/25/2042		$	3,082,684		0.2
529,289 (1)	Fannie Mae REMIC Trust 2013-13 PI, 3.500%, 04/25/2042			42,088		0.0
1,243,448 (1)	Fannie Mae REMIC Trust 2013-54 ID, 3.000%, 01/25/2033			83,309		0.0
315,453	Fannie Mae REMICS 2005-122 SE, 6.142%, (-3.500*US0001M + 23.100%), 11/25/2035			326,564		0.0
2,200,863 (1)	Fannie Mae REMICS 2005-17 SA, 1.855%, (-1.000*US0001M + 6.700%), 03/25/2035			225,190		0.0
311,184	Fannie Mae REMICS 2005-75 GS, 5.714%, (-3.000*US0001M + 20.250%), 08/25/2035			349,757		0.0
2,804 (3)	Fannie Mae REMICS 2006-44 P, 0.000%, 12/25/2033			2,333		0.0
4,463,108 (1)	Fannie Mae REMICS 2006-8 HL, 1.855%, (-1.000*US0001M + 6.700%), 03/25/2036			429,349		0.0
580,446	Fannie Mae REMICS 2007-1 NR, 10.676%, (-7.600*US0001M + 47.500%), 02/25/2037			974,683		0.1
6,108,148 (1)	Fannie Mae REMICS 2010-147 LS, 1.605%, (-1.000*US0001M + 6.450%), 01/25/2041			759,529		0.1
995,584	Fannie Mae REMICS 2010-26 F, 5.615%, (US0001M + 0.770%), 11/25/2036			997,109		0.1
947,911	Fannie Mae REMICS 2010-39 FN, 5.675%, (US0001M + 0.830%), 05/25/2040			949,186		0.1
755,697	Fannie Mae REMICS 2010-80 PZ, 5.000%, 07/25/2040			760,756		0.1
1,000,000	Fannie Mae REMICS 2010-87 PL, 4.000%, 06/25/2040			977,683		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,051,033	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041		$	1,062,387		0.1
750,000	Fannie Mae REMICS 2011-105 MB, 4.000%, 10/25/2041			693,887		0.1
1,304,737	Fannie Mae REMICS 2011-4 CS, 3.209%, (-2.000*US0001M + 12.900%), 05/25/2040			1,284,355		0.1
1,829,169 (1)	Fannie Mae REMICS 2012-137 EI, 3.000%, 12/25/2027			73,973		0.0
1,883,573	Fannie Mae REMICS 2012-148 KH, 3.000%, 03/25/2042			1,777,378		0.1
4,217,885	Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042			4,088,673		0.3
2,675,908	Fannie Mae REMICS 2012-27 EZ, 4.250%, 03/25/2042			2,621,673		0.2
2,500,000	Fannie Mae REMICS 2012-40 MY, 3.500%, 04/25/2042			2,300,664		0.2
777,215	Fannie Mae REMICS 2013-125 AZ, 4.000%, 11/25/2039			691,124		0.1
1,243,922 (3)	Fannie Mae REMICS 2013-135 PO, 0.000%, 01/25/2044			946,155		0.1
2,316,562 (1)	Fannie Mae REMICS 2013-25 BI, 3.000%, 03/25/2033			170,582		0.0
1,342,632	Fannie Mae REMICS 2013-55 VZ, 3.000%, 06/25/2043			1,232,329		0.1
1,778,535 (1)	Fannie Mae REMICS 2013-62 AI, 3.000%, 06/25/2033			154,372		0.0
1,401,927	Fannie Mae REMICS 2015-22 DY, 3.000%, 04/25/2045			1,122,330		0.1
1,342,493	Fannie Mae REMICS 2015-26 UZ, 3.000%, 05/25/2045			1,073,347		0.1
711,932	Fannie Mae REMICS 2015-68 JW, 3.500%, 09/25/2030			672,236		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,630,000	Fannie Mae REMICS 2016-103 PB, 3.000%, 01/25/2047		$	2,314,801		0.2
4,563,560 (1)	Fannie Mae REMICS 2016-4 DS, 1.255%, (-1.000*US0001M + 6.100%), 02/25/2046			558,408		0.0
4,283,554	Fannie Mae REMICS 2016-64 LD, 3.500%, 09/25/2046			3,973,594		0.3
5,462,609	Fannie Mae REMICS 2017-22 DZ, 4.000%, 04/25/2047			5,255,455		0.4
7,510,000	Fannie Mae REMICS 2018-16 TV, 3.000%, 05/25/2041			6,803,175		0.5
443,764	Fannie Mae REMICS 2018-25 AL, 3.500%, 04/25/2048			399,073		0.0
545,804	Fannie Mae REMICS 2018-37 DZ, 4.000%, 06/25/2048			525,788		0.0
6,229,345 (1)	Fannie Mae REMICS 2019-49 IG, 3.000%, 03/25/2033			463,342		0.0
1,671,495	Fannie Mae REMICS 2019-6 GZ, 4.000%, 03/25/2059			1,544,261		0.1
28,238,188 (1)	Fannie Mae REMICS 2020-34 AI, 3.500%, 06/25/2035			2,634,824		0.2
4,101,913 (1)	Fannie Mae REMICS 2020-44 TI, 5.500%, 12/25/2035			658,483		0.1
2,702,894	Fannie Mae Series 2016-51 S, 1.075%, (-1.000*US0001M + 5.920%), 10/25/2043			2,446,380		0.2
1,314,622 (2)	Fannie Mae Trust 2004-W2 3A, 3.608%, 02/25/2044			1,267,045		0.1
1,122,675 (2)	Fannie Mae Trust 2004-W2 4A, 3.556%, 02/25/2044			1,085,880		0.1
3,069,970	Freddie Mac 3770 GA, 4.500%, 10/15/2040			3,079,599		0.2
1,605,519	Freddie Mac REMIC Trust 2005-S001 2A2, 4.995%, (US0001M + 0.150%), 09/25/2045			1,501,366		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
288,501	Freddie Mac REMIC Trust 2653 SC, 4.469%, (-0.500*US0001M + 6.800%), 07/15/2033		$	278,582		0.0
655,280	Freddie Mac REMIC Trust 2767 ZW, 6.000%, 03/15/2034			687,382		0.1
65,712	Freddie Mac REMIC Trust 3012 ST, 5.096%, (-3.600*US0001M + 21.960%), 04/15/2035			67,157		0.0
198,186	Freddie Mac REMIC Trust 3065 DC, 5.807%, (-3.000*US0001M + 19.860%), 03/15/2035			204,512		0.0
285,453	Freddie Mac REMIC Trust 3158 NE, 5.500%, 05/15/2036			295,891		0.0
2,639,252 (1)	Freddie Mac REMIC Trust 3181 TA, 0.500%, (-0.794*US0001M + 5.635%), 07/15/2036			48,418		0.0
170,451 (1)	Freddie Mac REMIC Trust 3507 IA, 5.500%, 09/15/2035			20,952		0.0
241,857	Freddie Mac REMIC Trust 3864 NT, 5.500%, (-9.167*US0001M + 60.500%), 03/15/2039			240,153		0.0
1,149,739	Freddie Mac REMIC Trust 3888 ZG, 4.000%, 07/15/2041			1,098,940		0.1
6,115,350 (1)	Freddie Mac REMIC Trust 4176 IA, 2.500%, 03/15/2028			236,949		0.0
115,582 (3)	Freddie Mac REMICS 2974 KO, 0.000%, 05/15/2035			92,968		0.0
3,809,020	Freddie Mac REMICS 3196 ZK, 6.500%, 04/15/2032			4,167,077		0.3
1,125,867	Freddie Mac REMICS 3658 CZ, 5.000%, 04/15/2040			1,150,215		0.1
4,349,283 (1)	Freddie Mac REMICS 3960 SG, 1.316%, (-1.000*US0001M + 6.000%), 11/15/2041			456,576		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,075,000	Freddie Mac REMICS 4059 DY, 3.500%, 06/15/2042		$	4,843,338		0.4
1,307,721	Freddie Mac REMICS 4097 ZA, 3.500%, 08/15/2042			1,233,612		0.1
4,088,693	Freddie Mac REMICS 4136 ZG, 3.000%, 11/15/2042			3,731,942		0.3
9,641,019	Freddie Mac REMICS 4159 LZ, 3.500%, 01/15/2043			9,062,645		0.7
1,871,677	Freddie Mac REMICS 4249 CS, 1.154%, (-0.750*US0001M + 4.650%), 09/15/2043			1,426,210		0.1
2,856,693	Freddie Mac REMICS 4274 US, 1.166%, (-1.000*US0001M + 5.850%), 10/15/2035			2,375,029		0.2
10,628,571	Freddie Mac REMICS 4367 MZ, 4.000%, 07/15/2044			10,349,351		0.8
2,666,803	Freddie Mac REMICS 4372 Z, 3.000%, 08/15/2044			2,432,348		0.2
7,702,551 (1)	Freddie Mac REMICS 4438 AS, 1.516%, (-1.000*US0001M + 6.200%), 02/15/2045			780,992		0.1
5,974,239	Freddie Mac REMICS 4480 ZX, 4.000%, 11/15/2044			5,780,339		0.4
4,127,405	Freddie Mac REMICS 4631 CZ, 3.500%, 11/15/2046			3,864,254		0.3
2,484,509	Freddie Mac REMICS 4818 GZ, 4.000%, 08/15/2048			2,385,428		0.2
2,597,868	Freddie Mac REMICS 5000 DC, 2.500%, 03/25/2040			2,287,715		0.2
23,259,378 (1)	Freddie Mac REMICS 5013 QI, 3.500%, 09/25/2050			4,199,504		0.3
1,455,052	Freddie Mac Series 4040 UZ, 5.000%, 05/15/2042			1,482,389		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
999,254 (2)	Freddie Mac Structured Pass-Through Certificates T-54 2A, 3.830%, 07/25/2033		$	930,266		0.1
533,184 (2)	Freddie Mac Structured Pass-Through Certificates T-54 4A, 3.936%, 02/25/2043			491,553		0.0
5,321,957	Freddie Mac Whole Loan Securities Trust 2017-SC02 1A2, 3.000%, 05/25/2047			4,740,463		0.4
7,612 (1)	Freddie Mac-Ginnie Mae Series 21 SA, 3.155%, (-1.000*US0001M + 8.000%), 10/25/2023			55		0.0
641,059	Ginnie Mae 2004-65 ZG, 5.500%, 07/20/2034			653,443		0.1
6,298,555	Ginnie Mae 2009-110 ZA, 5.500%, 11/16/2039			6,485,158		0.5
875,900	Ginnie Mae 2009-32 QZ, 5.500%, 05/16/2039			902,446		0.1
709,061	Ginnie Mae 2009-32 YZ, 7.000%, 05/16/2039			766,891		0.1
4,194,924	Ginnie Mae 2009-50 MZ, 6.000%, 07/16/2039			4,350,490		0.3
332,916	Ginnie Mae 2009-54 HZ, 5.000%, 07/20/2039			335,637		0.0
1,213,893	Ginnie Mae 2009-79 PZ, 6.000%, 09/20/2039			1,325,400		0.1
559,881	Ginnie Mae 2009-H01 FA, 5.911%, (US0001M + 1.150%), 11/20/2059			560,302		0.0
2,000,000	Ginnie Mae 2010-116 PB, 5.000%, 06/16/2040			2,053,563		0.2
2,330,195	Ginnie Mae 2010-125 BZ, 4.500%, 09/16/2040			2,309,085		0.2
2,197,154 (3)	Ginnie Mae 2011-70 PO, 0.000%, 05/16/2041			1,699,867		0.1
1,820,985 (1)	Ginnie Mae 2014-107 XS, 0.872%, (-1.000*US0001M + 5.600%), 07/16/2044			151,017		0.0
1,850,316	Ginnie Mae 2014-149 KL, 4.000%, 10/16/2044			1,753,811		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
904,089 (1)	Ginnie Mae 2014-96 SQ, 0.872%, (-1.000*US0001M + 5.600%), 07/16/2044		$	75,971		0.0
130,000	Ginnie Mae 2015-123 GY, 3.000%, 09/20/2045			107,227		0.0
4,773,586	Ginnie Mae 2015-H13 FG, 4.966%, (US0001M + 0.400%), 04/20/2065			4,744,653		0.4
12,536,933 (1)	Ginnie Mae 2016-120 IM, 3.500%, 07/20/2046			1,457,371		0.1
311,512 (1)	Ginnie Mae 2016-84 IO, 5.000%, 12/20/2040			7,316		0.0
10,274,309	Ginnie Mae 2016-H20 FB, 5.116%, (US0001M + 0.550%), 09/20/2066			10,218,859		0.8
1,000,000	Ginnie Mae 2017-117 BE, 2.500%, 08/20/2047			847,479		0.1
1,000,000	Ginnie Mae 2017-117 NG, 2.500%, 08/20/2047			840,217		0.1
750,000	Ginnie Mae 2017-163 YA, 2.500%, 11/20/2047			626,098		0.0
10,000,000	Ginnie Mae 2017-180 QB, 2.500%, 12/20/2047			8,717,746		0.7
4,718,571	Ginnie Mae 2018-64 ZH, 2.500%, 05/16/2045			4,138,094		0.3
754,297 (1)	Ginnie Mae 2018-78 IC, 4.000%, 02/20/2047			102,007		0.0
1,000,000	Ginnie Mae 2018-91 JN, 3.000%, 07/20/2048			895,846		0.1
109,899	Ginnie Mae 2019-71 EN, 4.000%, 06/20/2049			99,933		0.0
6,354,449 (1)	Ginnie Mae 2021-74 KI, 3.000%, 04/20/2051			936,500		0.1
10,655,235	Ginnie Mae 2022-205 ZG, 5.500%, 12/20/2052			10,851,458		0.8
2,346,452	Ginnie Mae 2022-47 EB, 3.000%, 03/20/2037			2,009,282		0.2
66,362	Ginnie Mae Series 2004-16 AE, 5.500%, 02/20/2034			67,401		0.0
624,985	Ginnie Mae Series 2004-17 MZ, 5.500%, 03/16/2034			628,305		0.0
431,025	Ginnie Mae Series 2004-28 CZ, 5.500%, 04/20/2034			439,595		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
218,724 (3)	Ginnie Mae Series 2004-37 OA, 0.000%, 04/17/2034		$	184,534		0.0
1,584,166	Ginnie Mae Series 2004-81 Z, 5.000%, 10/20/2034			1,590,955		0.1
659,346 (1)	Ginnie Mae Series 2004-98 SA, 1.939%, (-1.000*US0001M + 6.700%), 11/20/2034			76,076		0.0
547,560	Ginnie Mae Series 2005-21 Z, 5.000%, 03/20/2035			553,926		0.0
116,129 (1)	Ginnie Mae Series 2005-25 SI, 6.000%, (-6.000*US0001M + 43.200%), 01/20/2034			14,495		0.0
398,051 (1)	Ginnie Mae Series 2005-7 AH, 2.042%, (-1.000*US0001M + 6.770%), 02/16/2035			34,998		0.0
489,628 (1)	Ginnie Mae Series 2005-73 IM, 5.500%, 09/20/2035			86,569		0.0
958,912	Ginnie Mae Series 2005-80 Z, 5.000%, 10/20/2035			969,737		0.1
89,229	Ginnie Mae Series 2005-91 UP, 4.845%, (-2.000*US0001M + 14.300%), 09/16/2031			90,360		0.0
5,158,250	Ginnie Mae Series 2006-10 ZT, 6.000%, 03/20/2036			5,308,587		0.4
1,575,575	Ginnie Mae Series 2006-17 TW, 6.000%, 04/20/2036			1,616,324		0.1
4,741,816 (1)	Ginnie Mae Series 2006-26 TB, 0.250%, (-1.000*US0001M + 6.500%), 06/20/2036			44,966		0.0
1,425,848	Ginnie Mae Series 2006-7 ZA, 5.500%, 02/20/2036			1,460,655		0.1
1,060,397 (1)	Ginnie Mae Series 2007-17 CI, 7.500%, 04/16/2037			201,433		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,077,794 (3)	Ginnie Mae Series 2007-41 OL, 0.000%, 07/20/2037		$	872,697		0.1
63,841	Ginnie Mae Series 2007-45 PE, 5.500%, 07/16/2037			65,204		0.0
222,314	Ginnie Mae Series 2007-48 SY, 6.067%, (-3.000*US0001M + 20.250%), 08/16/2037			226,886		0.0
1,237,345 (1)	Ginnie Mae Series 2007-53 SC, 1.739%, (-1.000*US0001M + 6.500%), 09/20/2037			141,030		0.0
37,179	Ginnie Mae Series 2007-53 SW, 5.921%, (-3.000*US0001M + 20.205%), 09/20/2037			39,002		0.0
640,037	Ginnie Mae Series 2007-60 YZ, 5.500%, 10/20/2037			645,567		0.1
2,813,506	Ginnie Mae Series 2008-20 PZ, 6.000%, 03/20/2038			2,880,400		0.2
354,599 (1)	Ginnie Mae Series 2008-3 SA, 1.789%, (-1.000*US0001M + 6.550%), 01/20/2038			46,370		0.0
602,418 (1)	Ginnie Mae Series 2008-40 PS, 1.772%, (-1.000*US0001M + 6.500%), 05/16/2038			51,764		0.0
806,795 (1)	Ginnie Mae Series 2008-51 GS, 1.502%, (-1.000*US0001M + 6.230%), 06/16/2038			85,573		0.0
1,528,462 (1)	Ginnie Mae Series 2008-82 SA, 1.239%, (-1.000*US0001M + 6.000%), 09/20/2038			165,895		0.0
1,428,806 (1)	Ginnie Mae Series 2009-110 SA, 1.622%, (-1.000*US0001M + 6.350%), 04/16/2039			26,833		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
910,038	Ginnie Mae Series 2009-110 ZC, 4.500%, 11/16/2039		$	902,872		0.1
2,083,794	Ginnie Mae Series 2009-118 XZ, 5.000%, 12/20/2039			2,104,825		0.2
925,720	Ginnie Mae Series 2009-121 ZQ, 5.500%, 09/20/2039			948,379		0.1
866,844	Ginnie Mae Series 2009-31 BP, 5.000%, 05/20/2039			875,521		0.1
1,264,501	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			1,266,612		0.1
1,232,446	Ginnie Mae Series 2009-34 Z, 4.500%, 05/16/2039			1,233,138		0.1
1,671,015	Ginnie Mae Series 2009-53 ZB, 6.000%, 07/16/2039			1,725,544		0.1
157,536 (1)	Ginnie Mae Series 2009-55 BI, 1.000%, (-25.000*US0001M + 162.500%), 06/16/2037			5,929		0.0
2,299,664	Ginnie Mae Series 2009-61 EZ, 7.500%, 08/20/2039			2,478,645		0.2
7,148,459	Ginnie Mae Series 2009-61 PZ, 7.500%, 08/20/2039			8,022,767		0.6
3,954,767	Ginnie Mae Series 2009-61 ZQ, 6.000%, 08/16/2039			4,227,491		0.3
681,926 (1)	Ginnie Mae Series 2009-66 QS, 1.339%, (-1.000*US0001M + 6.100%), 07/20/2039			29,485		0.0
3,033,579	Ginnie Mae Series 2009-68 ZC, 5.500%, 08/16/2039			3,120,887		0.2
476,684 (1)	Ginnie Mae Series 2009-77 SA, 1.422%, (-1.000*US0001M + 6.150%), 09/16/2039			50,431		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,140,413	Ginnie Mae Series 2009-77 ZB, 5.500%, 09/16/2039		$	3,250,685		0.2
2,410,791	Ginnie Mae Series 2009-87 WZ, 6.000%, 10/20/2039			2,611,108		0.2
694,340	Ginnie Mae Series 2009-92 DZ, 4.500%, 10/16/2039			683,500		0.1
1,660,171	Ginnie Mae Series 2009-98 MZ, 5.000%, 10/16/2039			1,677,934		0.1
911,680 (1)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			74,857		0.0
6,990,011	Ginnie Mae Series 2010-113 BE, 4.500%, 09/20/2040			6,989,492		0.5
892,265 (1)	Ginnie Mae Series 2010-116 NS, 1.922%, (-1.000*US0001M + 6.650%), 09/16/2040			74,475		0.0
3,896,616	Ginnie Mae Series 2010-117 ZQ, 4.500%, 09/20/2040			3,935,031		0.3
918,000	Ginnie Mae Series 2010-121 TB, 4.000%, 09/20/2040			892,171		0.1
23,174 (1)	Ginnie Mae Series 2010-130 KI, 5.500%, 09/16/2040			844		0.0
1,500,000	Ginnie Mae Series 2010-14 B, 4.500%, 02/16/2040			1,496,019		0.1
638,260 (1)	Ginnie Mae Series 2010-158 SA, 1.289%, (-1.000*US0001M + 6.050%), 12/20/2040			71,557		0.0
893,059	Ginnie Mae Series 2010-162 ZE, 4.000%, 12/16/2040			878,123		0.1
8,736,545 (1)	Ginnie Mae Series 2010-166 GS, 1.239%, (-1.000*US0001M + 6.000%), 12/20/2040			800,711		0.1
403,600 (1)	Ginnie Mae Series 2010-166 NI, 4.500%, 04/20/2039			12,065		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
871,078	Ginnie Mae Series 2010-169 AW, 4.500%, 12/20/2040		$	864,148		0.1
908,029	Ginnie Mae Series 2010-169 JZ, 4.000%, 12/20/2040			869,401		0.1
152,529 (1)	Ginnie Mae Series 2010-19 LI, 5.000%, 07/16/2039			6,723		0.0
913,496	Ginnie Mae Series 2010-31 BP, 5.000%, 03/20/2040			908,717		0.1
813,669 (1)	Ginnie Mae Series 2010-4 WI, 6.000%, 01/16/2040			110,745		0.0
4,496,836	Ginnie Mae Series 2010-42 VZ, 5.500%, 10/20/2039			4,624,358		0.4
706,908	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			701,969		0.1
6,040,969	Ginnie Mae Series 2010-H10 FB, 5.635%, (US0001M + 1.000%), 05/20/2060			6,055,755		0.5
3,145,807	Ginnie Mae Series 2010-H10 FC, 5.635%, (US0001M + 1.000%), 05/20/2060			3,152,186		0.2
1,210,245	Ginnie Mae Series 2010-H20 AF, 4.896%, (US0001M + 0.330%), 10/20/2060			1,201,396		0.1
177,188	Ginnie Mae Series 2010-H26 LF, 4.916%, (US0001M + 0.350%), 08/20/2058			175,955		0.0
272,420	Ginnie Mae Series 2011-116 CI, 4.000%, 05/16/2026			8,463		0.0
162,989 (1)	Ginnie Mae Series 2011-123 QI, 5.000%, 05/20/2041			15,002		0.0
427,231	Ginnie Mae Series 2011-128 TF, 5.178%, (US0001M + 0.450%), 05/16/2041			421,640		0.0
2,062,835 (1)	Ginnie Mae Series 2011-141 PS, 1.972%, (-1.000*US0001M + 6.700%), 06/16/2041			146,338		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,684,614 (1)	Ginnie Mae Series 2011-146 EI, 5.000%, 11/16/2041		$	304,017		0.0
945,000	Ginnie Mae Series 2011-151 PY, 3.000%, 11/20/2041			851,511		0.1
36,860	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			37,713		0.0
116,161 (2)	Ginnie Mae Series 2011-169 BG, 5.450%, 04/16/2039			116,655		0.0
5,700,328	Ginnie Mae Series 2011-25 Z, 4.000%, 02/20/2041			5,573,107		0.4
1,218,723	Ginnie Mae Series 2011-59 QC, 4.000%, 12/20/2040			1,192,019		0.1
1,031,833	Ginnie Mae Series 2011-69 HW, 4.000%, 04/20/2040			1,020,066		0.1
228,454 (1)	Ginnie Mae Series 2011-73 LS, 1.929%, (-1.000*US0001M + 6.690%), 08/20/2039			648		0.0
1,986,562	Ginnie Mae Series 2011-89 Z, 3.500%, 06/20/2041			1,900,861		0.1
1,190,997	Ginnie Mae Series 2011-H01 AF, 5.016%, (US0001M + 0.450%), 11/20/2060			1,185,537		0.1
1,613,510	Ginnie Mae Series 2011-H03 FA, 5.066%, (US0001M + 0.500%), 01/20/2061			1,605,724		0.1
304,047	Ginnie Mae Series 2011-H07 FA, 5.066%, (US0001M + 0.500%), 02/20/2061			302,424		0.0
170,481	Ginnie Mae Series 2011-H08 FD, 5.066%, (US0001M + 0.500%), 02/20/2061			169,630		0.0
384,327	Ginnie Mae Series 2011-H09 AF, 5.066%, (US0001M + 0.500%), 03/20/2061			382,533		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
377,860	Ginnie Mae Series 2011-H11 FB, 5.066%, (US0001M + 0.500%), 04/20/2061		$	376,103		0.0
450,704	Ginnie Mae Series 2011-H19 FA, 5.036%, (US0001M + 0.470%), 08/20/2061			448,400		0.0
1,117,005	Ginnie Mae Series 2011-H20 FA, 5.116%, (US0001M + 0.550%), 09/20/2061			1,112,257		0.1
232,053	Ginnie Mae Series 2011-H21 FT, 5.390%, (H15T1Y + 0.700%), 10/20/2061			231,651		0.0
919,904 (1)	Ginnie Mae Series 2012-103 IC, 3.500%, 08/16/2040			38,714		0.0
229,987 (1)	Ginnie Mae Series 2012-124 MI, 4.000%, 03/20/2042			19,275		0.0
12,433,435 (1)	Ginnie Mae Series 2012-136 BI, 3.500%, 11/20/2042			1,851,746		0.1
2,075,515 (1)	Ginnie Mae Series 2012-146 AI, 3.000%, 10/20/2037			56,008		0.0
251,187 (1)	Ginnie Mae Series 2012-34 MS, 1.972%, (-1.000*US0001M + 6.700%), 04/16/2041			14,799		0.0
2,559,342 (1)	Ginnie Mae Series 2012-48 SA, 1.922%, (-1.000*US0001M + 6.650%), 04/16/2042			334,877		0.0
3,235,726 (1)	Ginnie Mae Series 2012-60 SG, 1.372%, (-1.000*US0001M + 6.100%), 05/16/2042			327,881		0.0
3,603,443	Ginnie Mae Series 2012-77 FE, 5.118%, (US0001M + 0.390%), 05/16/2041			3,574,740		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
694,821 (1)	Ginnie Mae Series 2012-93 NS, 1.339%, (-1.000*US0001M + 6.100%), 07/20/2042		$	65,974		0.0
756,367 (1)	Ginnie Mae Series 2012-98 EI, 4.000%, 04/20/2041			75,958		0.0
2,129,101	Ginnie Mae Series 2012-H06 FS, 5.266%, (US0001M + 0.700%), 03/20/2062			2,123,465		0.2
4,721,681	Ginnie Mae Series 2012-H08 FA, 5.166%, (US0001M + 0.600%), 01/20/2062			4,702,921		0.4
1,601,513	Ginnie Mae Series 2012-H08 FB, 5.166%, (US0001M + 0.600%), 03/20/2062			1,596,196		0.1
283,551	Ginnie Mae Series 2012-H11 FA, 5.266%, (US0001M + 0.700%), 02/20/2062			282,879		0.0
401,379	Ginnie Mae Series 2012-H11 GA, 5.146%, (US0001M + 0.580%), 05/20/2062			399,792		0.0
1,065,523	Ginnie Mae Series 2012-H11 VA, 5.216%, (US0001M + 0.650%), 05/20/2062			1,061,456		0.1
1,329,701	Ginnie Mae Series 2012-H12 FA, 5.116%, (US0001M + 0.550%), 04/20/2062			1,323,883		0.1
7,614,569	Ginnie Mae Series 2012-H12 FB, 5.616%, (US0001M + 1.050%), 02/20/2062			7,636,147		0.6
367,371	Ginnie Mae Series 2012-H14 FK, 5.146%, (US0001M + 0.580%), 07/20/2062			365,785		0.0
2,297,230	Ginnie Mae Series 2012-H20 BA, 5.126%, (US0001M + 0.560%), 09/20/2062			2,286,873		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,566,731	Ginnie Mae Series 2012-H20 PT, 5.468%, (US0001M + 3.500%), 07/20/2062		$	1,561,594		0.1
1,631,228	Ginnie Mae Series 2012-H26 BA, 4.916%, (US0001M + 0.350%), 10/20/2062			1,619,569		0.1
389,843	Ginnie Mae Series 2012-H29 FA, 5.081%, (US0001M + 0.515%), 10/20/2062			388,065		0.0
833,616	Ginnie Mae Series 2012-H30 GA, 4.916%, (US0001M + 0.350%), 12/20/2062			827,749		0.1
1,251,221	Ginnie Mae Series 2012-H31 FD, 4.906%, (US0001M + 0.340%), 12/20/2062			1,241,141		0.1
1,148,486	Ginnie Mae Series 2013-119 TZ, 3.000%, 08/20/2043			1,050,675		0.1
7,000,000	Ginnie Mae Series 2013-147 BE, 4.000%, 12/20/2039			6,812,193		0.5
1,498,221	Ginnie Mae Series 2013-167 Z, 3.000%, 10/16/2043			1,359,692		0.1
1,900,000 (1)	Ginnie Mae Series 2013-186 UI, 2.500%, 11/20/2043			343,036		0.0
501,152 (1)	Ginnie Mae Series 2013-186 VI, 4.000%, 12/20/2042			70,263		0.0
377,961	Ginnie Mae Series 2013-186 ZE, 2.500%, 12/16/2043			336,568		0.0
2,962,184 (1)	Ginnie Mae Series 2013-20 LI, 4.500%, 12/16/2042			342,873		0.0
1,679,334 (1)	Ginnie Mae Series 2013-23 IO, 3.500%, 02/20/2043			269,585		0.0
201,670 (1)	Ginnie Mae Series 2013-41 PI, 3.500%, 04/20/2040			1,553		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
740,420 (1)	Ginnie Mae Series 2013-88 AI, 1.188%, (-1.000*US0001M + 5.850%), 06/20/2043		$	67,554		0.0
1,267,982 (1)	Ginnie Mae Series 2013-99 SK, 1.238%, (-1.000*US0001M + 5.900%), 07/20/2043			98,581		0.0
1,114,088	Ginnie Mae Series 2013-H02 FD, 4.906%, (US0001M + 0.340%), 12/20/2062			1,105,159		0.1
209,879	Ginnie Mae Series 2013-H07 HA, 4.976%, (US0001M + 0.410%), 03/20/2063			208,490		0.0
1,635,028	Ginnie Mae Series 2013-H08 BF, 4.966%, (US0001M + 0.400%), 03/20/2063			1,618,872		0.1
1,544,593	Ginnie Mae Series 2013-H10 FT, 5.140%, (H15T1Y + 0.450%), 04/20/2063			1,538,203		0.1
1,449,472	Ginnie Mae Series 2013-H13 FS, 5.566%, (US0001M + 1.000%), 06/20/2063			1,453,756		0.1
1,519,004	Ginnie Mae Series 2013-H14 FC, 5.036%, (US0001M + 0.470%), 06/20/2063			1,510,867		0.1
549,483	Ginnie Mae Series 2013-H14 FD, 5.036%, (US0001M + 0.470%), 06/20/2063			546,343		0.0
514,169	Ginnie Mae Series 2013-H14 FG, 5.036%, (US0001M + 0.470%), 05/20/2063			511,211		0.0
370,537	Ginnie Mae Series 2013-H15 FA, 5.106%, (US0001M + 0.540%), 06/20/2063			368,981		0.0
731,802	Ginnie Mae Series 2013-H17 FA, 5.116%, (US0001M + 0.550%), 07/20/2063			729,264		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
394,395	Ginnie Mae Series 2013-H18 BA, 5.166%, (US0001M + 0.600%), 07/20/2063		$	392,981		0.0
467,760	Ginnie Mae Series 2013-H18 EA, 5.066%, (US0001M + 0.500%), 07/20/2063			466,180		0.0
1,340,358	Ginnie Mae Series 2013-H18 FA, 5.066%, (US0001M + 0.500%), 06/20/2063			1,333,663		0.1
1,297,681	Ginnie Mae Series 2013-H19 DF, 5.216%, (US0001M + 0.650%), 05/20/2063			1,289,659		0.1
429,600	Ginnie Mae Series 2013-H20 FB, 5.566%, (US0001M + 1.000%), 08/20/2063			430,370		0.0
448,495	Ginnie Mae Series 2013-H21 FB, 5.266%, (US0001M + 0.700%), 09/20/2063			447,783		0.0
738,499	Ginnie Mae Series 2013-H22 FB, 5.266%, (US0001M + 0.700%), 08/20/2063			737,024		0.1
1,250,838	Ginnie Mae Series 2013-H22 FT, 5.340%, (H15T1Y + 0.650%), 04/20/2063			1,248,911		0.1
879,397	Ginnie Mae Series 2013-H23 FA, 5.866%, (US0001M + 1.300%), 09/20/2063			883,306		0.1
82,458	Ginnie Mae Series 2013-H24 FB, 5.296%, (US0001M + 0.730%), 09/20/2063			82,346		0.0
2,793,200	Ginnie Mae Series 2014-115 EM, 4.000%, 08/20/2044			2,720,161		0.2
2,715,782	Ginnie Mae Series 2014-118 ZP, 4.000%, 08/20/2044			2,618,751		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,215,792 (1)	Ginnie Mae Series 2014-129 WS, 1.238%, (-1.000*US0001M + 5.900%), 09/20/2044		$	106,750		0.0
1,036,371 (1)	Ginnie Mae Series 2014-161 WS, 1.238%, (-1.000*US0001M + 5.900%), 11/20/2044			86,834		0.0
1,115,472 (1)	Ginnie Mae Series 2014-183 IM, 5.000%, 06/20/2035			174,070		0.0
1,294,151 (1)	Ginnie Mae Series 2014-30 ES, 0.239%, (-1.000*US0001M + 5.000%), 03/20/2040			87,846		0.0
1,992,008 (1)	Ginnie Mae Series 2014-99 IO, 4.500%, 06/20/2044			386,319		0.0
7,735,456	Ginnie Mae Series 2014-H03 FS, 5.216%, (US0001M + 0.650%), 02/20/2064			7,705,726		0.6
1,981,174	Ginnie Mae Series 2014-H04 FB, 5.216%, (US0001M + 0.650%), 02/20/2064			1,976,873		0.2
3,413,996	Ginnie Mae Series 2014-H05 FB, 5.166%, (US0001M + 0.600%), 12/20/2063			3,406,181		0.3
840,954	Ginnie Mae Series 2014-H06 FA, 5.136%, (US0001M + 0.570%), 03/20/2064			837,613		0.1
375,797	Ginnie Mae Series 2014-H06 HB, 5.216%, (US0001M + 0.650%), 03/20/2064			374,718		0.0
2,471,017	Ginnie Mae Series 2014-H11 VA, 5.066%, (US0001M + 0.500%), 06/20/2064			2,452,765		0.2
3,021,847	Ginnie Mae Series 2014-H15 FA, 5.066%, (US0001M + 0.500%), 07/20/2064			2,999,993		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,477,672	Ginnie Mae Series 2014-H21 FA, 5.216%, (US0001M + 0.650%), 10/20/2064		$	1,458,106		0.1
8,265,829 (2)	Ginnie Mae Series 2015-10 Q, 2.397%, 10/20/2044			6,748,073		0.5
2,364,266 (1)	Ginnie Mae Series 2015-141 IX, 7.000%, (-0.714*US0001M + 2.142%), 06/20/2045			51,228		0.0
15,125,000	Ginnie Mae Series 2015-143 B, 3.500%, 04/20/2045			14,106,286		1.1
2,071,519 (1)	Ginnie Mae Series 2015-149 IL, 4.500%, 10/20/2045			411,342		0.0
1,227,175 (1)	Ginnie Mae Series 2015-157 PI, 4.000%, 03/20/2044			124,440		0.0
2,607,528	Ginnie Mae Series 2015-165 ZA, 3.500%, 07/20/2045			2,485,190		0.2
1,439,009	Ginnie Mae Series 2015-H03 FA, 5.066%, (US0001M + 0.500%), 12/20/2064			1,432,562		0.1
2,614,778	Ginnie Mae Series 2015-H05 FC, 5.046%, (US0001M + 0.480%), 02/20/2065			2,586,257		0.2
1,135,102	Ginnie Mae Series 2015-H06 FA, 5.046%, (US0001M + 0.480%), 02/20/2065			1,127,800		0.1
2,126,873	Ginnie Mae Series 2015-H08 FB, 5.196%, (US0001M + 0.630%), 03/20/2065			2,100,252		0.2
1,834,835	Ginnie Mae Series 2015-H08 FC, 5.046%, (US0001M + 0.480%), 03/20/2065			1,823,366		0.1
2,941,446	Ginnie Mae Series 2015-H09 FA, 5.186%, (US0001M + 0.620%), 04/20/2065			2,902,571		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,911,065	Ginnie Mae Series 2015-H10 FA, 5.166%, (US0001M + 0.600%), 04/20/2065		$	4,863,331		0.4
1,560,654	Ginnie Mae Series 2015-H10 FH, 5.166%, (US0001M + 0.600%), 04/20/2065			1,544,155		0.1
190,027	Ginnie Mae Series 2015-H12 FA, 5.046%, (US0001M + 0.480%), 05/20/2065			188,799		0.0
1,165,456	Ginnie Mae Series 2015-H12 FL, 4.796%, (US0001M + 0.230%), 05/20/2065			1,155,949		0.1
566,371	Ginnie Mae Series 2015-H14 FB, 4.996%, (US0001M + 0.430%), 05/20/2065			563,829		0.0
991,313	Ginnie Mae Series 2015-H18 FB, 5.166%, (US0001M + 0.600%), 07/20/2065			981,587		0.1
955,071	Ginnie Mae Series 2015-H20 FB, 5.166%, (US0001M + 0.600%), 08/20/2065			944,452		0.1
1,438,862	Ginnie Mae Series 2015-H22 FC, 5.166%, (US0001M + 0.600%), 09/20/2065			1,422,157		0.1
1,784,972	Ginnie Mae Series 2015-H23 FB, 5.086%, (US0001M + 0.520%), 09/20/2065			1,773,646		0.1
1,194,693	Ginnie Mae Series 2015-H26 FA, 5.086%, (US0001M + 0.520%), 10/20/2065			1,186,511		0.1
1,407,832	Ginnie Mae Series 2015-H26 FC, 5.166%, (US0001M + 0.600%), 08/20/2065			1,404,023		0.1
1,016,843	Ginnie Mae Series 2015-H26 FG, 5.086%, (US0001M + 0.520%), 10/20/2065			1,005,852		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,633,773	Ginnie Mae Series 2015-H27 FA, 5.316%, (US0001M + 0.750%), 09/20/2065		$	1,618,416		0.1
3,404,686	Ginnie Mae Series 2015-H29 FL, 5.166%, (US0001M + 0.600%), 11/20/2065			3,375,163		0.3
25,215,370	Ginnie Mae Series 2015-H30 FC, 5.226%, (US0001M + 0.660%), 11/20/2065			24,883,498		1.9
2,748,203	Ginnie Mae Series 2015-H30 FE, 5.166%, (US0001M + 0.600%), 11/20/2065			2,734,445		0.2
1,347,676	Ginnie Mae Series 2015-H31 FT, 5.216%, (US0001M + 0.650%), 11/20/2065			1,343,539		0.1
5,221,982 (1)	Ginnie Mae Series 2016-145 IU, 3.500%, 10/20/2046			836,036		0.1
4,668,612 (1)	Ginnie Mae Series 2016-20 BS, 1.339%, (-1.000*US0001M + 6.100%), 02/20/2046			554,730		0.0
3,010,433 (2)	Ginnie Mae Series 2016-5 AB, 4.690%, 01/20/2046			3,007,637		0.2
4,587,765	Ginnie Mae Series 2016-69 B, 3.000%, 05/20/2046			4,200,466		0.3
331,806	Ginnie Mae Series 2016-H01 FL, 5.216%, (US0001M + 0.650%), 12/20/2065			330,977		0.0
1,372,529	Ginnie Mae Series 2016-H02 FH, 5.566%, (US0001M + 1.000%), 01/20/2066			1,361,976		0.1
346,893	Ginnie Mae Series 2016-H03 FB, 5.216%, (US0001M + 0.650%), 01/20/2066			344,280		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,143,984	Ginnie Mae Series 2016-H04 FK, 5.616%, (US0001M + 1.050%), 02/20/2066		$	2,130,339		0.2
284,673	Ginnie Mae Series 2016-H07 FK, 5.566%, (US0001M + 1.000%), 03/20/2066			282,699		0.0
972,649	Ginnie Mae Series 2016-H09 FB, 5.466%, (US0001M + 0.900%), 04/20/2066			968,180		0.1
1,971,230	Ginnie Mae Series 2016-H11 F, 5.366%, (US0001M + 0.800%), 05/20/2066			1,959,482		0.2
877,181	Ginnie Mae Series 2016-H11 FE, 5.416%, (US0001M + 0.850%), 04/20/2066			872,481		0.1
1,911,579	Ginnie Mae Series 2016-H13 FD, 5.140%, (H15T1Y + 0.450%), 05/20/2066			1,899,454		0.1
438,824	Ginnie Mae Series 2016-H13 FT, 5.146%, (US0001M + 0.580%), 05/20/2066			437,607		0.0
204,186	Ginnie Mae Series 2016-H20 FG, 5.266%, (US0001M + 0.700%), 08/20/2066			203,514		0.0
1,774,987	Ginnie Mae Series 2016-H21 FH, 5.416%, (US0001M + 0.850%), 09/20/2066			1,763,900		0.1
4,271,944	Ginnie Mae Series 2016-H23 F, 5.316%, (US0001M + 0.750%), 10/20/2066			4,266,075		0.3
3,788,907	Ginnie Mae Series 2017-107 QZ, 3.000%, 08/20/2045			3,202,830		0.2
1,672,669	Ginnie Mae Series 2017-122 CZ, 3.000%, 08/20/2047			1,381,091		0.1
2,112,059 (1)	Ginnie Mae Series 2017-123 IO, 5.000%, 08/16/2047			444,436		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,890,000	Ginnie Mae Series 2017-162 PL, 3.000%, 10/20/2047		$	2,397,812		0.2
1,311,511	Ginnie Mae Series 2017-56 HM, 3.000%, 12/20/2046			1,223,889		0.1
5,045,179	Ginnie Mae Series 2017-56 JZ, 3.000%, 04/20/2047			4,352,588		0.3
23,244,204	Ginnie Mae Series 2017-H05 FC, 5.316%, (US0001M + 0.750%), 02/20/2067			23,033,423		1.7
849,721	Ginnie Mae Series 2017-H07 FG, 5.026%, (US0001M + 0.460%), 02/20/2067			844,867		0.1
679,902	Ginnie Mae Series 2017-H14 FD, 5.036%, (US0001M + 0.470%), 06/20/2067			672,929		0.1
1,196,986	Ginnie Mae Series 2017-H14 FV, 5.066%, (US0001M + 0.500%), 06/20/2067			1,188,488		0.1
1,542,713	Ginnie Mae Series 2017-H17 FG, 5.066%, (US0001M + 0.500%), 08/20/2067			1,534,248		0.1
679,749	Ginnie Mae Series 2017-H19 FA, 5.016%, (US0001M + 0.450%), 08/20/2067			676,371		0.1
1,499,104	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			1,406,858		0.1
342,561	Ginnie Mae Series 2018-163 DZ, 4.500%, 11/20/2048			332,806		0.0
1,943,661	Ginnie Mae Series 2018-H04 FM, 4.866%, (US0001M + 0.300%), 03/20/2068			1,924,758		0.1
346,104	Ginnie Mae Series 2018-H07 FE, 4.916%, (US0001M + 0.350%), 02/20/2068			344,248		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,577,314	Ginnie Mae Series 2018-H14 FG, 4.916%, (US0001M + 0.350%), 09/20/2068		$	4,539,485		0.3
4,267,595	Ginnie Mae Series 2018-H18 FC, 4.916%, (US0001M + 0.350%), 08/20/2065			4,243,559		0.3
9,627,521	Ginnie Mae Series 2019-1 LZ, 3.500%, 01/20/2049			8,498,790		0.6
1,454,010	Ginnie Mae Series 2019-1 Z, 4.000%, 01/20/2049			1,404,791		0.1
3,134,740	Ginnie Mae Series 2019-100 FD, 5.161%, (US0001M + 0.400%), 08/20/2049			3,063,000		0.2
863,776	Ginnie Mae Series 2019-29 AI, 5.000%, 07/20/2048			169,712		0.0
12,000,000 (1)	Ginnie Mae Series 2019-56 YI, 5.000%, 05/20/2049			3,083,557		0.2
528,077	Ginnie Mae Series 2019-H01 FJ, 4.866%, (US0001M + 0.300%), 09/20/2068			525,031		0.0
1,078,445	Ginnie Mae Series 2019-H01 FL, 5.016%, (US0001M + 0.450%), 12/20/2068			1,074,553		0.1
2,699,104	Ginnie Mae Series 2019-H05 FL, 5.046%, (US0001M + 0.480%), 03/20/2069			2,674,063		0.2
534,519	Ginnie Mae Series 2019-H10 FM, 4.966%, (US0001M + 0.400%), 05/20/2069			527,200		0.0
1,970,836	Ginnie Mae Series 2019-H19 FB, 5.016%, (US0001M + 0.450%), 11/20/2069			1,959,216		0.2
21,231,522 (1)	Ginnie Mae Series 2020-47 LI, 3.500%, 04/20/2050			3,595,875		0.3

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
883,733	Ginnie Mae Series 2020-H01 FT, 5.190%, (H15T1Y + 0.500%), 01/20/2070		$	879,835		0.1
4,893,574	Ginnie Mae Series 2020-H10 FD, 4.966%, (US0001M + 0.400%), 05/20/2070			4,867,437		0.4
9,010,840 (1)	Ginnie Mae Series 2021-58 SB, 1.539%, (-1.000*US0001M + 6.300%), 04/20/2051			1,051,918		0.1
15,800,933 (1)	Ginnie Mae Series 2021-77 SK, 8.158%, (-1.000*US0001M + 3.300%), 05/20/2051			360,005		0.0
105,363 (2)	Ginnie Mae Series 2021-H09 Z, 3.076%, 10/20/2066			98,864		0.0
679,843	Seasoned Credit Risk Transfer Trust Series 2017-2 MA, 3.000%, 08/25/2056			639,801		0.1
478,988 (2)	Seasoned Credit Risk Transfer Trust Series 2018-2 HA, 3.000%, 11/25/2057			452,160		0.0
4,338,088	Seasoned Credit Risk Transfer Trust Series 2019-1 M55D, 4.000%, 07/25/2058			4,158,113		0.3
1,706,898	Seasoned Credit Risk Transfer Trust Series 2019-3 M55D, 4.000%, 10/25/2058			1,636,701		0.1
7,265,000	Seasoned Loans Structured Transaction Series 2019-1 A2, 3.500%, 05/25/2029			6,804,203		0.5
3,395,428	Seasoned Loans Structured Transaction Trust Series 2019-2 A1C, 2.750%, 09/25/2029			3,142,826		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,875,000	Seasoned Loans Structured Transaction Trust Series 2019-3 A2C, 2.750%, 11/25/2029		$	5,216,889		0.4
1,045,310	Vendee Mortgage Trust 2011-2 DZ, 3.750%, 10/15/2041			986,453		0.1
23,317,349 (1)(2)	Vendee Mortgage Trust 2011-2 IO, 0.356%, 10/15/2041			342,152		0.0
	Total Collateralized Mortgage Obligations (Cost $718,655,353)			667,330,356		50.3

U.S. GOVERNMENT AGENCY OBLIGATIONS: 67.6%
	Federal Home Loan Mortgage Corporation: 1.1%(4)
712,897	3.500%, 07/01/2047			674,445		0.1
1,603,626	3.500%, 12/01/2047			1,517,620		0.1
3,038,577	3.500%, 03/01/2048			2,878,487		0.2
3,444,445	3.500%, 11/01/2048			3,259,703		0.3
970,918	4.000%, 07/01/2047			947,223		0.1
389,725	4.500%, 08/01/2047			389,238		0.0
434,301	5.000%, 11/01/2035			440,097		0.0
21,747	5.000%, 12/01/2035			22,254		0.0
10,834	5.000%, 01/01/2038			11,087		0.0
10,939	5.000%, 03/01/2038			11,194		0.0
38,518	5.000%, 03/01/2038			39,417		0.0
99,546	5.000%, 02/01/2039			100,493		0.0
405,381	5.000%, 07/01/2039			413,876		0.0
135,650	5.000%, 01/01/2040			138,824		0.0
443,510	5.000%, 04/01/2040			448,743		0.1
1,464,634	5.000%, 10/01/2040			1,498,854		0.1
151,587	5.000%, 05/01/2041			153,122		0.0
129,489	5.290%, 10/01/2037			131,903		0.0
23,871	5.410%, 07/01/2037			24,339		0.0
10,518	5.410%, 08/01/2037			10,678		0.0
34,550	5.440%, 01/01/2037			35,336		0.0
45,073	5.440%, 04/01/2037			46,129		0.0
28,206	5.440%, 09/01/2037			28,834		0.0
26,744	5.440%, 02/01/2038			27,352		0.0
124,186	5.450%, 12/01/2037			125,998		0.0
96,027	5.450%, 12/01/2037			97,430		0.0
36,859	5.460%, 05/01/2037			37,717		0.0
31,905	5.460%, 08/01/2037			32,649		0.0
35,253	5.460%, 01/01/2038			35,841		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
51,900	5.500%, 08/01/2037		$	52,798		0.0
84,379	5.500%, 11/01/2037			85,739		0.0
16,273	5.520%, 10/01/2037			16,482		0.0
35,216	5.620%, 12/01/2036			35,760		0.0
57,429	5.620%, 03/01/2037			58,316		0.0
60,262	5.620%, 08/01/2037			61,203		0.0
69,780	5.625%, 12/01/2036			70,843		0.0
100,472	5.625%, 01/01/2037			102,041		0.0
90,674	5.625%, 03/01/2037			92,054		0.0
84,860	5.625%, 06/01/2037			86,101		0.0
74,491	5.625%, 07/01/2037			75,624		0.0
41,109	5.625%, 02/01/2038			41,735		0.0
434,152	5.750%, 09/01/2037			447,203		0.1
72,857	5.750%, 10/01/2037			74,175		0.0
88,423	6.090%, 12/01/2037			90,566		0.0
4,033	7.500%, 01/01/2030			4,233		0.0
4,445	8.000%, 01/01/2030			4,434		0.0
				14,978,190		1.1
	Federal National Mortgage Association: 0.9%(4)
62,372	3.125%, 11/01/2041			59,874		0.0
26,428	3.250%, 04/01/2041			25,630		0.0
94,398	3.475%, 10/01/2041			91,615		0.0
84,429	3.750%, 09/01/2041			82,875		0.0
60,609	3.750%, 10/01/2041			59,493		0.0
4,619,493	4.000%, 07/01/2056			4,515,200		0.4
711,789	4.500%, 09/01/2047			733,638		0.1
86,405	5.290%, 09/01/2037			85,921		0.0
260,113	5.290%, 11/01/2037			260,988		0.0
75,474	5.290%, 12/01/2037			74,372		0.0
116,738	5.290%, 04/01/2038			116,067		0.0
40,524	5.350%, 04/01/2029			41,100		0.0
62,878	5.390%, 05/01/2038			65,506		0.0
112,372	5.440%, 08/01/2047			112,519		0.0
159,890	5.440%, 08/01/2047			160,320		0.0
169,883	5.440%, 08/01/2047			170,389		0.0
170,942	5.440%, 09/01/2047			171,456		0.0
267,713	5.440%, 10/01/2047			269,176		0.0
60,159	5.620%, 12/01/2036			60,458		0.0
99,968	5.890%, 08/01/2047			99,990		0.0
107,752	5.890%, 10/01/2047			108,013		0.0
6,409	5.900%, 09/01/2028			6,413		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
4,400,000 (5)	6.000%, 04/15/2053		$	4,491,266		0.4
7,536	6.600%, 07/01/2027			7,512		0.0
14,082	6.600%, 09/01/2027			14,015		0.0
20,443	6.600%, 11/01/2027			20,381		0.0
18,305	6.600%, 06/01/2028			18,245		0.0
				11,922,432		0.9
	Government National Mortgage Association: 61.3%
35,973,623	2.000%, 12/20/2050			30,791,296		2.3
20,035,484	2.000%, 01/20/2051			17,132,437		1.3
14,480,402	2.000%, 02/20/2051			12,372,438		0.9
7,748,870	2.000%, 06/20/2051			6,621,978		0.5
3,902,095	2.000%, 10/20/2051			3,327,400		0.3
2,723,569	2.000%, 11/20/2051			2,321,842		0.2
17,929,000 (5)	2.000%, 04/15/2053			15,232,854		1.2
10,424,795	2.500%, 12/20/2050			8,875,557		0.7
16,558,460	2.500%, 03/20/2051			14,594,779		1.1
18,795,778	2.500%, 04/20/2051			16,639,207		1.3
18,613,002	2.500%, 05/20/2051			16,447,401		1.3
4,275,200	2.500%, 08/20/2051			3,768,053		0.3
31,350,086	2.500%, 09/20/2051			27,624,902		2.1
44,174,703	2.500%, 10/20/2051			38,934,380		2.9
29,554,697	2.500%, 11/20/2051			26,048,743		2.0
4,248,239	2.500%, 12/20/2051			3,743,206		0.3
18,764,603	2.500%, 03/20/2052			16,527,300		1.3
108,670,000 (5)	2.500%, 04/15/2053			95,642,335		7.2
163,294	3.000%, 12/15/2041			154,332		0.0
169,796	3.000%, 01/15/2042			160,693		0.0
169,499	3.000%, 01/15/2042			160,590		0.0
123,044	3.000%, 01/15/2042			116,570		0.0
537,233	3.000%, 02/15/2042			501,947		0.1
166,986	3.000%, 03/15/2042			156,018		0.0
138,357	3.000%, 04/15/2042			131,085		0.0
57,246	3.000%, 05/15/2042			54,235		0.0
44,786	3.000%, 06/15/2042			42,460		0.0
620,970	3.000%, 04/20/2045			578,905		0.1
335,493	3.000%, 11/20/2045			307,472		0.0
123,930	3.000%, 12/20/2045			113,867		0.0
103,148	3.000%, 12/20/2045			94,633		0.0
91,488	3.000%, 12/20/2045			84,016		0.0
60,437	3.000%, 01/20/2046			55,380		0.0
2,253,170	3.000%, 02/20/2050			1,998,960		0.2
2,991,072	3.000%, 10/20/2051			2,736,522		0.2

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
23,801,190	3.000%, 10/20/2051			$	21,980,741		1.7
19,107,164	3.000%, 11/20/2051				17,645,699		1.3
1,610,922	3.000%, 01/20/2052				1,471,552		0.1
8,897,959	3.000%, 03/20/2052				8,085,690		0.6
4,132,141	3.000%, 04/20/2052				3,771,433		0.3
83,340,000 (5)	3.000%, 04/15/2053				75,917,027		5.7
49,292	3.250%, 03/15/2041				47,004		0.0
343,256	3.250%, 04/15/2041				327,164		0.0
75,324	3.250%, 05/15/2041				71,340		0.0
347,939	3.250%, 06/15/2041				331,752		0.0
413,374	3.250%, 07/15/2041				394,180		0.0
58,461	3.250%, 07/15/2041				55,746		0.0
619,642	3.250%, 08/15/2041				590,873		0.1
263,401	3.250%, 09/15/2041				251,016		0.0
198,841	3.250%, 09/15/2041				189,491		0.0
173,740	3.250%, 11/15/2041				165,665		0.0
40,889	3.250%, 11/15/2041				38,990		0.0
65,431	3.250%, 12/15/2041				62,387		0.0
37,956	3.250%, 04/15/2042				36,193		0.0
77,796	3.250%, 06/15/2042				74,183		0.0
30,479	3.250%, 06/15/2042				28,871		0.0
917,514	3.500%, 04/20/2043				867,692		0.1
1,070,976	3.500%, 06/20/2045	��			1,019,913		0.1
2,670,191	3.500%, 04/20/2046				2,541,902		0.2
4,232,705	3.500%, 03/20/2047				4,092,394		0.3
512,050	3.500%, 07/20/2047				487,522		0.1
880,704	3.500%, 07/20/2047				837,455		0.1
21,499,503	3.500%, 12/20/2047				20,439,933		1.6
7,693,435	3.500%, 01/20/2048				7,314,251		0.6
5,756,007	3.500%, 02/20/2048				5,472,474		0.4
2,919,091	3.500%, 02/20/2048				2,775,305		0.2
11,051,245	3.500%, 03/20/2048				10,506,136		0.8
29,488,293	3.500%, 03/20/2052				27,667,944		2.1
7,000,000 (5)	3.500%, 04/15/2053				6,562,773		0.5
51,642	3.650%, 12/15/2040				50,173		0.0
15,715	3.750%, 09/15/2041				15,065		0.0
298,574	3.750%, 09/15/2041				289,143		0.0
128,846	3.750%, 10/15/2041				125,079		0.0
112,739	3.750%, 10/15/2041				109,444		0.0
2,606,226	3.750%, 05/20/2042				2,478,501		0.2
1,944,922	3.750%, 05/20/2042				1,856,809		0.2
127,512	3.900%, 10/15/2041				123,631		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
60,513	4.000%, 05/20/2033		$	58,821		0.0
681	4.000%, 08/15/2033			677		0.0
29,394	4.000%, 01/15/2034			28,214		0.0
383,385	4.000%, 05/20/2034			372,308		0.0
344,710	4.000%, 07/20/2034			334,747		0.0
752,202	4.000%, 07/20/2034			730,728		0.1
74,836	4.000%, 08/20/2035			73,816		0.0
623,719	4.000%, 09/20/2040			604,300		0.1
1,108,678	4.000%, 07/20/2041			1,074,295		0.1
4,581,711	4.000%, 08/20/2042			4,528,177		0.4
136,160	4.000%, 09/15/2042			131,555		0.0
815,539	4.000%, 10/20/2043			812,568		0.1
1,350,036	4.000%, 12/20/2044			1,314,257		0.1
1,253,649	4.000%, 01/20/2045			1,220,631		0.1
315,199	4.000%, 06/20/2045			309,078		0.0
1,307,823	4.000%, 07/20/2045			1,280,425		0.1
1,432,083	4.000%, 09/20/2045			1,404,194		0.1
102,549	4.000%, 12/20/2045			101,000		0.0
3,093,177	4.000%, 01/20/2046			3,042,072		0.2
366,557	4.000%, 01/20/2046			361,023		0.0
66,741	4.000%, 02/20/2046			65,342		0.0
1,691,315	4.000%, 03/20/2046			1,654,806		0.1
799,272	4.000%, 04/20/2046			782,518		0.1
345,199	4.000%, 08/20/2046			336,895		0.0
1,387,266	4.000%, 09/20/2047			1,350,057		0.1
13,009,502	4.000%, 02/20/2050			12,678,620		1.0
949,968 (2)	4.242%, 10/20/2064			941,775		0.1
5,297 (2)	4.329%, 09/20/2062			5,107		0.0
20,336 (2)	4.398%, 02/20/2068			20,073		0.0
8,589 (2)	4.414%, 04/20/2065			8,480		0.0
110,033	4.450%, 07/15/2040			107,487		0.0
61,530	4.450%, 09/15/2040			59,729		0.0
59,962	4.450%, 10/15/2040			58,207		0.0
587,718 (2)	4.472%, 01/20/2065			582,985		0.1
10,836 (2)	4.480%, 10/20/2067			10,704		0.0
4,933	4.500%, 07/20/2036			4,950		0.0
390,438	4.500%, 10/15/2039			394,304		0.0
283,111	4.500%, 11/15/2039			286,176		0.0
292,450	4.500%, 11/15/2039			295,616		0.0
94,083	4.500%, 12/15/2039			95,014		0.0
227,618	4.500%, 01/15/2040			229,520		0.0
24,127	4.500%, 01/20/2040			23,941		0.0
1,053,072	4.500%, 02/15/2040			1,054,729		0.1

Principal Amount†		Value			Percentage of Net Assets		��
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
50,585	4.500%, 06/15/2040		$	50,472		0.0
22,657	4.500%, 07/20/2040			22,483		0.0
79,971	4.500%, 08/20/2040			79,367		0.0
593,313	4.500%, 09/20/2041			601,376		0.1
213,929	4.500%, 10/20/2048			213,406		0.0
99,829	4.500%, 11/20/2048			99,585		0.0
3,071,413	4.500%, 12/20/2048			3,027,936		0.2
74,867	4.500%, 01/20/2049			74,639		0.0
261,478	4.500%, 03/20/2049			260,678		0.0
43,004	4.500%, 05/20/2049			42,778		0.0
4,792,999	4.500%, 11/20/2049			4,727,531		0.4
5,936,524	4.500%, 12/20/2049			5,884,371		0.5
120,000,000 (5)	4.500%, 04/15/2053			118,203,623		8.9
1,281,686 (2)	4.505%, 01/20/2065			1,271,465		0.1
17,727 (2)	4.523%, 04/20/2066			17,513		0.0
1,541,973 (2)	4.539%, 02/20/2065			1,530,213		0.1
26,442	4.580%, 01/20/2034			26,308		0.0
40,725	4.580%, 03/20/2034			40,519		0.0
31,854	4.580%, 04/20/2034			31,692		0.0
41,349	4.580%, 04/20/2034			41,139		0.0
40,335	4.580%, 06/20/2034			40,131		0.0
113,946 (2)	4.657%, 09/20/2064			113,402		0.0
276,499 (2)	4.679%, 10/20/2064			274,752		0.0
146,915 (2)	4.694%, 09/20/2064			145,988		0.0
438 (2)	4.700%, 06/20/2061			440		0.0
4,052 (2)	4.700%, 08/20/2061			4,023		0.0
401,698	4.750%, 06/15/2029			403,287		0.0
101,782	4.750%, 01/15/2030			101,851		0.0
49,124	4.750%, 06/20/2033			48,732		0.0
21,045	4.750%, 07/20/2033			21,070		0.0
44,392	4.750%, 07/20/2033			44,037		0.0
35,338	4.750%, 07/20/2033			35,355		0.0
57,163	4.750%, 08/20/2033			57,190		0.0
24,536	4.750%, 08/20/2033			24,293		0.0
20,592	4.750%, 09/20/2033			20,387		0.0
28,435	4.750%, 10/20/2033			28,449		0.0
22,860	4.750%, 11/20/2033			22,633		0.0
20,391	4.750%, 12/20/2033			20,180		0.0
186,021	4.750%, 09/15/2034			190,708		0.0
21,329	4.920%, 04/20/2033			21,208		0.0
42,365	4.920%, 04/20/2033			42,168		0.0
27,862	4.920%, 05/20/2033			27,698		0.0
25,279	4.920%, 05/20/2033			25,130		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
27,077	4.920%, 05/20/2033		$	27,002		0.0
2,808	5.000%, 03/20/2024			2,823		0.0
455,311	5.000%, 04/20/2030			464,125		0.1
145,760	5.000%, 07/15/2033			148,741		0.0
40,431	5.000%, 03/15/2034			41,480		0.0
59,744	5.000%, 01/15/2035			61,094		0.0
81,033	5.000%, 03/15/2035			82,958		0.0
7,734	5.000%, 03/15/2035			7,926		0.0
187,017	5.000%, 04/15/2035			193,158		0.0
27,566	5.000%, 04/15/2035			28,198		0.0
14,306	5.000%, 05/15/2035			14,711		0.0
40,117	5.000%, 05/20/2035			41,389		0.0
212,783	5.000%, 11/20/2035			219,529		0.0
103,505	5.000%, 04/20/2036			106,790		0.0
39,840	5.000%, 06/20/2038			39,464		0.0
14,249	5.000%, 08/20/2038			14,435		0.0
162,257	5.000%, 10/20/2038			163,414		0.0
28,797	5.000%, 11/20/2038			28,468		0.0
108,500	5.000%, 01/20/2039			109,891		0.0
35,332	5.000%, 02/15/2039			36,082		0.0
150,798	5.000%, 03/15/2039			154,607		0.0
57,426	5.000%, 11/15/2039			58,598		0.0
561,938	5.000%, 11/15/2039			577,053		0.1
516,913	5.000%, 11/15/2039			528,946		0.1
70,018	5.000%, 04/15/2040			71,925		0.0
593,298	5.000%, 09/15/2040			607,114		0.1
445,237	5.000%, 07/20/2041			457,748		0.0
30,000,000 (5)	5.000%, 04/15/2053			30,039,844		2.3
3,014	5.250%, 01/15/2024			3,036		0.0
32,402	5.250%, 06/15/2028			32,938		0.0
51,466	5.250%, 06/15/2029			52,568		0.0
798,081	5.250%, 01/20/2036			817,458		0.1
107,585	5.290%, 07/20/2037			110,373		0.0
76,737	5.290%, 08/20/2037			78,450		0.0
116,038	5.290%, 09/20/2037			119,045		0.0
93,272	5.290%, 09/20/2037			95,355		0.0
108,163	5.290%, 01/20/2038			110,966		0.0
2,233	5.350%, 01/15/2029			2,277		0.0
3,763	5.350%, 01/20/2029			3,802		0.0
25,382	5.350%, 04/20/2029			25,749		0.0
24,248	5.350%, 06/20/2029			24,598		0.0
28,659	5.350%, 10/20/2029			29,051		0.0
70,698	5.350%, 07/20/2033			72,318		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
12,308	5.350%, 08/20/2033		$	12,487		0.0
138,279	5.390%, 08/20/2038			136,405		0.0
69,479	5.390%, 09/15/2038			71,445		0.0
23,701	5.490%, 08/20/2033			24,114		0.0
175,174	5.490%, 09/20/2033			178,334		0.0
40,572	5.490%, 09/20/2033			41,205		0.0
42,325	5.490%, 09/20/2033			43,062		0.0
176,923	5.490%, 10/20/2033			180,111		0.0
261,348	5.490%, 10/20/2033			266,394		0.0
131,530	5.490%, 11/20/2033			133,998		0.0
247,333	5.490%, 11/20/2033			252,471		0.0
155,917	5.490%, 12/20/2033			159,017		0.0
208,046	5.490%, 12/20/2033			211,426		0.0
124,737	5.490%, 12/20/2033			127,078		0.0
42,483	5.490%, 01/20/2034			43,223		0.0
89,726	5.490%, 03/20/2034			90,937		0.0
36,144	5.490%, 03/20/2034			36,771		0.0
36,490	5.490%, 06/20/2034			37,126		0.0
8,772	5.500%, 08/15/2024			8,756		0.0
6,964	5.500%, 08/20/2024			7,044		0.0
377	5.500%, 04/20/2029			382		0.0
110,478	5.500%, 09/15/2029			113,910		0.0
77,035	5.500%, 10/15/2029			79,147		0.0
23,253	5.500%, 12/20/2032			23,996		0.0
71,270	5.500%, 08/20/2033			73,547		0.0
54,270	5.500%, 11/20/2033			53,926		0.0
20,479	5.500%, 12/20/2033			21,229		0.0
58,288	5.500%, 03/20/2034			57,918		0.0
104,802	5.500%, 04/20/2034			104,534		0.0
119,439	5.500%, 04/20/2034			124,286		0.0
151,124	5.500%, 06/20/2034			153,237		0.0
76,273	5.500%, 06/20/2034			75,768		0.0
66,218	5.500%, 07/20/2034			67,036		0.0
96,338	5.500%, 01/20/2035			95,700		0.0
65,967	5.500%, 05/15/2035			67,323		0.0
12,376	5.500%, 06/20/2035			12,524		0.0
152,291	5.500%, 07/15/2035			155,483		0.0
79,695	5.500%, 08/15/2035			81,332		0.0
77,898	5.500%, 09/20/2035			78,860		0.0
139,895	5.500%, 04/15/2036			142,850		0.0
27,097	5.500%, 06/20/2036			28,366		0.0
2,406	5.500%, 06/20/2038			2,445		0.0
11,289	5.500%, 08/20/2038			11,486		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
7,305	5.500%, 09/20/2038		$	7,411		0.0
1,442	5.500%, 10/20/2038			1,439		0.0
14,727	5.500%, 11/20/2038			14,964		0.0
735	5.500%, 12/20/2038			745		0.0
45,940	5.500%, 01/15/2039			46,886		0.0
5,563	5.500%, 01/20/2039			5,530		0.0
25,033	5.500%, 06/15/2039			25,546		0.0
15,690	5.500%, 06/20/2039			15,677		0.0
20,515	5.500%, 10/20/2039			21,468		0.0
162,121	5.500%, 09/15/2040			165,699		0.0
66,627	5.580%, 12/20/2033			67,457		0.0
35,928	5.580%, 12/20/2033			36,749		0.0
125,514	5.580%, 01/20/2034			127,387		0.0
45,606	5.580%, 02/20/2034			46,223		0.0
37,374	5.580%, 03/20/2034			37,880		0.0
59,169	5.580%, 04/20/2034			60,691		0.0
118,636	5.580%, 04/20/2034			120,502		0.0
43,632	5.580%, 04/20/2034			44,648		0.0
32,745	5.580%, 06/20/2034			33,588		0.0
51,277	5.580%, 09/20/2034			52,471		0.0
189,218	5.590%, 06/20/2033			192,138		0.0
13,103	5.590%, 07/20/2033			13,282		0.0
28,940	5.590%, 07/20/2033			29,677		0.0
86,686	5.590%, 07/20/2033			87,872		0.0
145,895	5.590%, 07/20/2033			148,146		0.0
84,996	5.590%, 08/20/2033			86,143		0.0
22,133	5.590%, 09/20/2033			22,654		0.0
38,491	5.590%, 09/20/2033			39,471		0.0
151,483	5.590%, 09/20/2033			153,822		0.0
58,635	5.590%, 10/20/2033			60,128		0.0
24,521	5.590%, 11/20/2033			25,085		0.0
42,949	5.590%, 11/20/2033			44,039		0.0
44,895	5.590%, 11/20/2033			46,042		0.0
70,878	5.590%, 12/20/2033			72,513		0.0
76,522	5.740%, 09/20/2037			77,743		0.0
234,040	5.740%, 09/20/2037			238,197		0.0
80,195	5.740%, 10/20/2037			81,474		0.0
83,447	5.740%, 04/20/2038			84,777		0.0
5,667	5.750%, 11/15/2024			5,654		0.0
350,712	5.750%, 07/15/2029			353,562		0.0
262,684	5.750%, 08/15/2029			264,484		0.0
37,635	5.750%, 11/15/2029			37,894		0.0
322,676	5.750%, 11/15/2029			325,266		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
132,905	5.770%, 03/20/2033		$	135,267		0.0
36,606	5.770%, 03/20/2033			37,205		0.0
66,823	5.770%, 04/20/2033			67,916		0.0
32,664	5.770%, 04/20/2033			33,198		0.0
82,787	5.770%, 05/20/2033			84,141		0.0
32,173	5.770%, 05/20/2033			32,700		0.0
74,921	5.770%, 05/20/2033			76,148		0.0
60,386	5.770%, 07/20/2033			61,369		0.0
56,937	5.770%, 07/20/2033			57,869		0.0
24,958	5.900%, 05/20/2028			25,411		0.0
1,071,937	5.970%, 11/15/2031			1,069,553		0.1
11,975	6.000%, 10/15/2025			12,230		0.0
53,263	6.000%, 04/15/2026			52,980		0.0
25,225	6.000%, 10/20/2027			25,718		0.0
68,758	6.000%, 05/15/2029			69,276		0.0
53,549	6.000%, 07/15/2029			53,190		0.0
40,744	6.000%, 10/20/2034			43,155		0.0
102,360	6.000%, 03/15/2037			107,830		0.0
57,789	6.000%, 08/20/2038			60,101		0.0
11,549	6.000%, 09/20/2038			11,657		0.0
16,553	6.000%, 10/20/2038			17,150		0.0
67,292	6.000%, 11/15/2038			68,608		0.0
71,941	6.000%, 12/15/2038			73,346		0.0
162,879	6.000%, 08/15/2039			166,254		0.0
219,591	6.000%, 08/15/2039			224,529		0.0
14,621	6.500%, 07/20/2029			14,879		0.0
39,346	6.500%, 07/20/2032			39,437		0.0
65,637	6.500%, 02/15/2034			65,642		0.0
169	6.500%, 09/20/2034			168		0.0
3,656	7.500%, 08/20/2027			3,751		0.0
				813,860,344		61.3
	Uniform Mortgage-Backed Securities: 4.3%
2,789,218	2.000%, 12/01/2051			2,313,065		0.2
2,738,841	2.500%, 12/01/2051			2,365,635		0.2
1,825,898	2.500%, 02/01/2052			1,593,323		0.1
3,000,000 (5)	2.500%, 04/15/2053			2,585,976		0.2
2,584,758	3.000%, 11/01/2051			2,326,193		0.2
1,814,567	3.000%, 01/01/2052			1,650,473		0.1
1,776,278	3.500%, 02/01/2052			1,663,382		0.1
5,422,343	3.500%, 03/01/2052			5,096,235		0.4
3,400,000 (5)	3.500%, 04/15/2053			3,159,476		0.3
5,740,170	4.000%, 05/01/2042			5,643,214		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
323,124	4.000%, 05/01/2045		$	315,436		0.0
364,999	4.000%, 08/01/2046			356,126		0.0
4,520,000 (5)	4.000%, 04/15/2053			4,323,327		0.3
305,205	4.250%, 08/01/2035			303,959		0.0
4,481,500	4.500%, 07/01/2052			4,395,166		0.4
3,000,000 (5)	4.500%, 04/15/2053			2,939,622		0.2
48,215	4.750%, 11/01/2034			48,271		0.0
283,092	4.750%, 11/01/2034			285,138		0.0
242,138	4.750%, 02/01/2035			243,889		0.0
331,448	4.750%, 04/01/2035			333,999		0.0
378,380	4.750%, 05/01/2035			381,322		0.1
67,421	4.750%, 07/01/2035			67,130		0.0
457,060	4.750%, 07/01/2035			462,712		0.1
5,677,148	5.000%, 08/01/2052			5,668,723		0.5
35,921	5.030%, 05/01/2037			36,217		0.0
91,858	5.030%, 09/01/2037			92,565		0.0
144,086	5.155%, 01/01/2037			146,038		0.0
34,463	5.250%, 04/01/2032			34,917		0.0
78,207	5.250%, 04/01/2032			79,276		0.0
24,651	5.280%, 11/01/2036			25,008		0.0
91,248	5.280%, 11/01/2036			92,481		0.0
41,669	5.280%, 01/01/2037			42,272		0.0
85,084	5.290%, 08/01/2037			86,384		0.0
66,250	5.290%, 09/01/2037			67,179		0.0
60,272	5.290%, 09/01/2037			61,193		0.0
15,125	5.300%, 10/01/2036			15,329		0.0
70,366	5.300%, 12/01/2036			71,285		0.0
47,223	5.300%, 05/01/2037			47,957		0.0
199,102	5.300%, 08/01/2037			201,109		0.0
108,599	5.390%, 12/01/2037			110,576		0.0
156,181	5.405%, 11/01/2036			159,430		0.0
201,332	5.405%, 02/01/2037			206,242		0.0
6,460,317	5.500%, 12/01/2052			6,531,331		0.5
67,975	5.740%, 07/01/2037			69,053		0.0
				56,697,634		4.3
	Total U.S. Government Agency Obligations (Cost $934,438,177)			897,458,600		67.6

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.1%
9,255,323 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K106 X1, 1.354%, 01/25/2030		$	678,834		0.1
28,099,698 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K107 X1, 1.691%, 03/25/2030			2,619,610		0.2
19,417,115 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K110 X1, 1.697%, 04/25/2030			1,763,900		0.1
2,982,631 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 0.930%, 09/25/2030			160,802		0.0
16,484,870 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.511%, 05/25/2035			1,946,050		0.1
14,675,357 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.324%, 07/25/2035			1,539,466		0.1
34,180,835 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K-1519 X1, 0.598%, 12/25/2035			1,689,249		0.1
24,714,509 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates K740 X1, 0.749%, 09/25/2027			676,020		0.1
31,466,000 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029			2,185,712		0.2
34,749,650 (1)(2)	Freddie Mac Multifamily Structured Pass Through Certificates KLU3 X1, 1.937%, 01/25/2031			3,778,517		0.3
259,941 (2)	Ginnie Mae 2004-23 Z, 5.758%, 03/16/2044			257,168		0.0
3,935,742 (1)(2)	Ginnie Mae 2006-67 IO, 0.545%, 11/16/2046			29,251		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
44,800 (2)	Ginnie Mae 2007-52 Z, 4.350%, 01/16/2048		$	44,663		0.0
479,995	Ginnie Mae 2008-39 Z, 4.500%, 02/16/2048			478,532		0.0
224,077 (1)(2)	Ginnie Mae 2008-45 IO, 0.858%, 02/16/2048			258		0.0
58,899 (2)	Ginnie Mae 2009-115 D, 4.824%, 01/16/2050			58,280		0.0
57,538 (1)(2)	Ginnie Mae 2010-123 IA, 2.050%, 10/16/2052			805		0.0
8,240,660 (1)(2)	Ginnie Mae 2011-47 IO, 0.200%, 01/16/2051			22,559		0.0
1,946,738 (2)	Ginnie Mae 2018-114 Z, 3.100%, 04/16/2060			1,511,724		0.1
10,994,694	Ginnie Mae 2018-116 Z, 3.000%, 06/16/2058			9,148,501		0.7
1,962,669	Ginnie Mae 2018-169 Z, 3.000%, 04/16/2061			1,391,000		0.1
1,952,441	Ginnie Mae 2019-17 Z, 3.000%, 12/16/2060			1,399,422		0.1
2,586,414 (2)	Ginnie Mae 2019-19 Z, 3.200%, 11/16/2060			2,129,496		0.2
3,376,924	Ginnie Mae 2019-53 Z, 3.000%, 06/16/2061			2,646,311		0.2
5,162,897	Ginnie Mae 2021-79, 1.750%, 08/16/2063			2,631,468		0.2
2,569,660	Ginnie Mae 2021-80 Z, 1.500%, 12/16/2062			1,331,958		0.1
2,333,712	Ginnie Mae 2021-90 B, 1.750%, 05/16/2061			1,224,432		0.1
	Total Commercial Mortgage-Backed Securities (Cost $52,564,994)			41,343,988		3.1

ASSET-BACKED SECURITIES: 0.1%
	Other Asset-Backed Securities: 0.1%
1,108,336	Fannie Mae Grantor Trust 2001-T9 A1, 4.955%, (US0001M + 0.220%), 09/25/2031			1,095,654		0.1
96,360 (2)	Fannie Mae Grantor Trust 2003-T4 2A6, 4.439%, 07/26/2033			94,207		0.0
11,112 (2)	Fannie Mae REMIC Trust 2001-W4 AF6, 5.110%, 01/25/2032			11,037		0.0
8,055 (2)	Fannie Mae REMIC Trust 2002-W12 AF6, 5.066%, 02/25/2033			7,539		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
8,028 (2)	Fannie Mae REMIC Trust 2002-W2 AF6, 6.000%, 05/25/2032		$	7,858		0.0
	Total Asset-Backed Securities (Cost $1,220,466)			1,216,295		0.1
	Total Long-Term Investments (Cost $1,706,878,990)			1,607,349,239		121.1
SHORT-TERM INVESTMENTS: 5.2%
	U.S. Government Agency Obligations: 2.4%
400,000 (6)	Federal Home Loan Bank Discount Notes, 1.820%, 04/05/2023			399,900		0.0
12,000,000 (6)	Federal Home Loan Bank Discount Notes, 4.000%, 04/21/2023			11,972,457		0.9
9,525,000 (6)	Federal Home Loan Bank Discount Notes, 4.550%, 06/06/2023			9,446,037		0.7
10,000,000	Federal Home Loan Banks, 4.860%, 05/03/2023			9,999,984		0.8
	Total U.S. Government Agency Obligations
	(Cost $31,808,737)			31,818,378		2.4

	U.S. Treasury Bills: 0.1%
1,625,000 (6)	United States Treasury Bill, 2.340%, 04/06/2023 (Cost $1,623,972)			1,624,375		0.1

Shares		Value			Percentage of Net Assets
	U.S. Cash Management Bills: 2.7%
35,000,000 (6)	United States Cash Management Bill”“
	(Cost $34,927,657)			34,936,096		2.7
	Total Short-Term Investments
	(Cost $68,360,366)			68,378,849		5.2
	Total Investments in Securities (Cost $1,775,239,356)		$	1,675,728,088		126.3
	Liabilities in Excess of Other Assets			(349,105,003)		(26.3)
	Net Assets		$	1,326,623,085		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

(1)

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.

(2)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(3)

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.

(4)

The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

(5)

Represents or includes a TBA transaction.

(6)

Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2023.

Reference Rate Abbreviations:

	H15T1Y			U.S. Treasury 1-Year Constant Maturity
	SOFRRATE			1-day Secured Overnight Financing Rate
	US0001M			1-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Collateralized Mortgage Obligations		$	—		$	667,330,356		$	—		$	667,330,356
U.S. Government Agency Obligations			—			897,458,600			—			897,458,600
Commercial Mortgage-Backed Securities			—			41,343,988			—			41,343,988
Asset-Backed Securities			—			1,216,295			—			1,216,295
Short-Term Investments			—			68,378,849			—			68,378,849
Total Investments, at fair value		$	—		$	1,675,728,088		$	—		$	1,675,728,088
Other Financial Instruments+
Futures			885,208			—			—			885,208
Total Assets		$	885,208		$	1,675,728,088		$	—		$	1,676,613,296
Liabilities Table
Other Financial Instruments+
Futures		$	(3,000,235)		$	—		$	—		$	(3,000,235)
Total Liabilities		$	(3,000,235)		$	—		$	—		$	(3,000,235)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya GNMA Income Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following futures contracts were outstanding for Voya GNMA Income Fund:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Long Bond		48		06/21/23		$	6,295,500		$	478
U.S. Treasury Ultra Long Bond		213		06/22/23			30,059,625			884,730
						$	36,355,125		$	885,208
Short Contracts:
U.S. Treasury 10-Year Note		(461)		06/21/23			(52,978,984)			(797,288)
U.S. Treasury 2-Year Note		(566)		06/30/23			(116,852,469)			(3,306)
U.S. Treasury 5-Year Note		(1,068)		06/30/23			(116,954,344)			(1,905,848)
U.S. Treasury Ultra 10-Year Note		(81)		06/21/23			(9,812,391)			(293,793)
						$	(296,598,188)		$	(3,000,235)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	885,208
Total Asset Derivatives			$	885,208
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	3,000,235
Total Liability Derivatives			$	3,000,235

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table 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, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	18,106,207
Total		$	18,106,207

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(7,095,755)
Total		$	(7,095,755)

At March 31, 2023, 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 federal income tax purposes was $1,775,936,424.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	6,155,180
Gross Unrealized Depreciation		(108,478,543)
Net Unrealized Depreciation	$	(102,323,363)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 92.9%
	Basic Materials: 6.1%
302,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	241,691		0.1
642,000 (1)(2)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029			436,908		0.1
1,075,000 (1)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029			987,502		0.3
585,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			532,472		0.1
1,000,000 (1)	Coeur Mining, Inc., 5.125%, 02/15/2029			848,785		0.2
1,207,000 (1)	Consolidated Energy Finance S.A., 5.625%, 10/15/2028			1,039,565		0.3
1,132,000 (1)	Constellium SE, 5.625%, 06/15/2028			1,070,007		0.3
755,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027			728,538		0.2
1,830,000 (1)	HudBay Minerals, Inc., 4.500%, 04/01/2026			1,692,058		0.4
1,151,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			1,021,415		0.3
1,339,000 (1)	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/2026			1,215,037		0.3
1,396,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026			1,290,431		0.3
1,339,000 (1)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			1,127,512		0.3
1,566,000 (1)	Mativ, Inc., 6.875%, 10/01/2026			1,434,530		0.4
1,283,000 (1)	Novelis Corp., 3.875%, 08/15/2031			1,082,493		0.3
510,000 (1)	Novelis Corp., 4.750%, 01/30/2030			469,200		0.1
1,245,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			1,098,270		0.3
793,000	Olin Corp., 5.000%, 02/01/2030			744,334		0.2
811,000	Olin Corp., 5.125%, 09/15/2027			778,566		0.2
1,207,000 (1)	Olympus Water US Holding Corp., 6.250%, 10/01/2029			894,528		0.2
315,000 (1)	Olympus Water US Holding Corp., 7.125%, 10/01/2027			296,068		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
1,275,000 (1)	SPCM SA, 3.125%, 03/15/2027		$	1,119,160		0.3
1,396,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			1,268,139		0.3
1,471,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			905,820		0.2
1,226,000 (1)	Tronox, Inc., 4.625%, 03/15/2029			1,028,081		0.3
				23,351,110		6.1
	Communications: 13.4%
1,170,000 (1)	Acuris Finance Us, Inc. / Acuris Finance SARL, 5.000%, 05/01/2028			919,988		0.2
1,509,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028			964,402		0.3
1,773,000 (1)	Altice France SA/France, 5.500%, 10/15/2029			1,357,331		0.4
755,000 (1)	Altice France SA/France, 8.125%, 02/01/2027			699,583		0.2
1,038,000	AMC Networks, Inc., 4.250%, 02/15/2029			639,299		0.2
1,377,000 (1)	Audacy Capital Corp., 6.500%, 05/01/2027			100,760		0.0
1,396,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			928,499		0.2
1,370,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			1,072,963		0.3
1,943,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032			1,591,142		0.4
1,226,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028			1,132,475		0.3
1,811,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027			1,713,641		0.4
491,000 (1)(2)	CommScope Tech Finance LLC, 6.000%, 06/15/2025			462,883		0.1
302,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027			221,185		0.1
642,000 (1)	CommScope, Inc., 4.750%, 09/01/2029			535,749		0.1
1,019,000 (1)	CommScope, Inc., 7.125%, 07/01/2028			752,807		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
736,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026		$	692,502		0.2
1,679,000 (1)	CSC Holdings LLC, 4.625%, 12/01/2030			829,510		0.2
604,000	CSC Holdings LLC, 5.250%, 06/01/2024			583,549		0.2
2,056,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			1,084,540		0.3
575,000 (1)	CSC Holdings LLC, 7.500%, 04/01/2028			367,080		0.1
1,151,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027			1,043,566		0.3
1,339,000	DISH DBS Corp., 5.125%, 06/01/2029			714,464		0.2
868,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028			649,372		0.2
679,000	DISH DBS Corp., 7.375%, 07/01/2028			388,103		0.1
491,000 (1)	DISH Network Corp., 11.750%, 11/15/2027			476,788		0.1
943,000	Embarq Corp., 7.995%, 06/01/2036			397,413		0.1
661,000 (1)	GCI LLC, 4.750%, 10/15/2028			571,015		0.1
1,547,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031			1,028,964		0.3
529,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027			432,965		0.1
1,057,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028			845,906		0.2
736,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029			621,144		0.2
1,151,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027			1,088,161		0.3
365,000 (1)(9)	Level 3 Financing, Inc., 10.500%, 05/15/2030			348,575		0.1
1,754,000 (1)	Match Group Holdings II LLC, 4.625%, 06/01/2028			1,631,220		0.4
1,113,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			914,057		0.2
1,264,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			823,193		0.2
804,000	Netflix, Inc., 5.875%, 11/15/2028			846,893		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
981,000 (4)	Paramount Global, 6.250%, 02/28/2057		$	735,093		0.2
1,453,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028			597,684		0.2
566,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			457,017		0.1
661,000 (1)(2)	Sinclair Television Group, Inc., 5.500%, 03/01/2030			526,434		0.1
2,584,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			2,421,983		0.6
1,207,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			819,209		0.2
2,377,000	Sprint Corp., 7.125%, 06/15/2024			2,418,529		0.6
785,000	Sprint Corp., 7.625%, 03/01/2026			830,828		0.2
1,321,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			1,159,834		0.3
604,000	Telecom Italia Capital SA, 6.000%, 09/30/2034			518,685		0.1
661,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			599,170		0.2
900,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026			923,580		0.2
547,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029			460,117		0.1
2,188,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			2,076,631		0.5
1,019,000 (1)	Urban One, Inc., 7.375%, 02/01/2028			926,679		0.2
1,151,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			1,092,333		0.3
302,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			283,850		0.1
491,000 (1)	ViaSat, Inc., 6.500%, 07/15/2028			363,340		0.1
1,170,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			1,001,762		0.3
1,999,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028			1,778,790		0.5
1,283,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			1,101,334		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,679,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028		$	1,022,679		0.3
				51,587,248		13.4
	Consumer, Cyclical: 24.9%
1,045,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			897,028		0.2
1,622,000 (1)	Academy Ltd., 6.000%, 11/15/2027			1,584,073		0.4
1,453,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			1,294,186		0.3
1,585,000 (1)(2)	Adient Global Holdings Ltd., 4.875%, 08/15/2026			1,529,295		0.4
725,000 (1)	Adient Global Holdings Ltd., 8.250%, 04/15/2031			747,181		0.2
1,660,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			1,482,246		0.4
378,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			322,912		0.1
1,415,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			1,379,342		0.4
1,425,000 (1)	American Airlines, Inc., 7.250%, 02/15/2028			1,387,188		0.4
2,226,000 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029			2,137,630		0.6
1,207,000 (1)	Arko Corp., 5.125%, 11/15/2029			1,000,493		0.3
830,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028			756,437		0.2
774,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			693,647		0.2
1,547,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			1,384,240		0.4
233,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025			249,154		0.1
265,000 (1)(3)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027			208,389		0.1
1,450,000 (1)	Caesars Entertainment, Inc., 4.625%, 10/15/2029			1,269,526		0.3
1,094,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			1,095,074		0.3
625,000 (1)	Caesars Entertainment, Inc., 7.000%, 02/15/2030			636,509		0.2
2,644,000 (1)	Carnival Corp., 6.000%, 05/01/2029			2,105,021		0.5
1,811,000 (1)	Carnival Corp., 9.875%, 08/01/2027			1,867,177		0.5

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,207,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026		$	1,179,855		0.3
981,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			842,488		0.2
627,000 (1)	Cinemark USA, Inc., 8.750%, 05/01/2025			640,681		0.2
1,000,000 (1)	Crocs, Inc., 4.125%, 08/15/2031			824,803		0.2
1,396,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			1,298,413		0.3
344,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 7.375%, 01/15/2026			358,290		0.1
900,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			741,267		0.2
1,113,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			929,789		0.2
1,924,000	Ford Motor Co., 6.100%, 08/19/2032			1,867,167		0.5
1,784,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026			1,589,990		0.4
2,565,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027			2,353,657		0.6
1,479,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026			1,404,266		0.4
1,230,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			1,156,452		0.3
1,132,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			898,737		0.2
1,264,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031			878,189		0.2
679,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			685,383		0.2
170,000 (2)	Goodyear Tire & Rubber Co/The, 4.875%, 03/15/2027			160,701		0.0
875,000 (2)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			756,752		0.2
1,038,000 (1)	Hanesbrands, Inc., 4.875%, 05/15/2026			984,771		0.3
793,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031			695,144		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,339,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028		$	1,234,721		0.3
1,585,000 (1)	Interface, Inc., 5.500%, 12/01/2028			1,279,488		0.3
2,021,000 (1)(2)	International Game Technology PLC, 5.250%, 01/15/2029			1,937,128		0.5
1,075,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			823,983		0.2
1,471,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			1,232,323		0.3
1,339,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			881,839		0.2
415,000	M/I Homes, Inc., 3.950%, 02/15/2030			352,399		0.1
1,113,000	M/I Homes, Inc., 4.950%, 02/01/2028			1,030,976		0.3
495,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			360,702		0.1
340,000 (1)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030			302,163		0.1
906,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			798,358		0.2
76,000 (1)	Mattel, Inc., 3.750%, 04/01/2029			68,360		0.0
755,000	Mattel, Inc., 5.450%, 11/01/2041			636,465		0.2
642,000 (1)	Melco Resorts Finance Ltd., 5.250%, 04/26/2026			579,247		0.2
1,453,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029			1,190,733		0.3
1,019,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029			929,532		0.2
321,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027			311,082		0.1
1,264,000 (1)(2)	NCL Corp. Ltd., 7.750%, 02/15/2029			1,085,068		0.3
246,000 (1)	NCL Corp. Ltd., 8.375%, 02/01/2028			247,065		0.1
830,000 (1)	NCL Finance Ltd., 6.125%, 03/15/2028			673,437		0.2
650,000 (1)	Penn Entertainment, Inc., 4.125%, 07/01/2029			542,656		0.1
650,000 (1)	Penn National Gaming, Inc., 5.625%, 01/15/2027			611,088		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
2,018,000 (1)	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/2029		$	1,983,048		0.5
1,264,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			935,763		0.2
550,000 (1)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031			577,099		0.1
2,942,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027			2,623,896		0.7
359,000 (1)	Royal Caribbean Cruises Ltd., 7.250%, 01/15/2030			361,567		0.1
698,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025			744,899		0.2
698,000 (1)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027			750,350		0.2
906,000	Sands China Ltd., 5.625%, 08/08/2025			883,840		0.2
1,358,000	Sands China Ltd., 5.900%, 08/08/2028			1,290,265		0.3
1,245,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			1,101,369		0.3
1,094,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028			1,084,127		0.3
453,000 (1)	Scientific Games International, Inc., 8.625%, 07/01/2025			464,194		0.1
1,321,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			1,154,541		0.3
1,170,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			1,050,925		0.3
1,547,000 (1)	Sonic Automotive, Inc., 4.625%, 11/15/2029			1,297,771		0.3
378,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029			312,655		0.1
962,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029			812,890		0.2
1,455,000 (1)(2)	Staples, Inc., 10.750%, 04/15/2027			1,056,803		0.3
1,566,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028			1,415,155		0.4
1,358,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			1,194,117		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,283,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030		$	1,185,508		0.3
1,302,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			1,088,511		0.3
1,170,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			1,059,811		0.3
1,113,000 (2)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			1,086,516		0.3
510,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026			488,518		0.1
1,622,000 (1)	Victoria’s Secret & Co., 4.625%, 07/15/2029			1,316,042		0.3
1,490,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			1,284,529		0.3
491,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			519,066		0.1
849,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028			737,236		0.2
434,000 (1)(3)	White Cap Parent LLC, 8.250% (PIK Rate 9.000%, Cash Rate 8.250%), 03/15/2026			395,278		0.1
1,094,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			1,064,402		0.3
547,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			498,258		0.1
1,792,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			1,695,555		0.4
687,000 (1)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.125%, 02/15/2031			697,490		0.2
				95,594,350		24.9
	Consumer, Non-cyclical: 13.3%
130,000 (1)	1375209 BC Ltd., 9.000%, 01/30/2028			129,025		0.0
1,321,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			1,280,908		0.3
1,490,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			1,330,607		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,057,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029		$	920,683		0.2
529,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030			494,335		0.1
1,207,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028			1,200,844		0.3
400,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.000%, 06/01/2029			299,042		0.1
246,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			236,652		0.1
717,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			639,743		0.2
1,528,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			1,428,703		0.4
1,377,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			1,278,087		0.3
642,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029			565,859		0.1
529,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029			454,856		0.1
359,000 (1)	Bausch Health Cos, Inc., 4.875%, 06/01/2028			212,133		0.1
510,000 (1)	Bausch Health Cos, Inc., 6.125%, 02/01/2027			330,592		0.1
231,000 (1)	Bausch Health Cos, Inc., 11.000%, 09/30/2028			171,134		0.0
1,075,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			1,089,910		0.3
1,566,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028			1,395,979		0.4
604,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031			446,537		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030		$	785,350		0.2
887,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027			779,620		0.2
650,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029			403,195		0.1
1,441,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026			1,427,887		0.4
453,000 (1)	DaVita, Inc., 3.750%, 02/15/2031			357,743		0.1
1,717,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			1,467,176		0.4
1,528,000	Encompass Health Corp., 4.750%, 02/01/2030			1,390,938		0.4
415,000 (1)	Garda World Security Corp., 6.000%, 06/01/2029			330,458		0.1
1,151,000 (1)	Garda World Security Corp., 7.750%, 02/15/2028			1,135,465		0.3
1,038,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			1,018,329		0.3
1,434,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029			1,320,571		0.3
1,132,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			1,131,400		0.3
1,170,000 (1)	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026			1,048,180		0.3
700,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			608,062		0.2
1,396,000 (1)	Medline Borrower L.P., 5.250%, 10/01/2029			1,212,520		0.3
114,000 (1)	ModivCare, Inc., 5.875%, 11/15/2025			109,444		0.0
868,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			625,319		0.2
1,302,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			1,179,215		0.3
811,000	New Albertsons L.P., 7.450%, 08/01/2029			822,614		0.2
1,886,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031			1,675,857		0.4

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029		$	665,295		0.2
962,000 (1)	Picasso Finance Sub, Inc., 6.125%, 06/15/2025			956,959		0.3
736,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			660,302		0.2
1,434,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028			1,406,654		0.4
1,000,000 (1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028			935,940		0.2
1,566,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			1,368,349		0.4
1,151,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			936,810		0.2
585,000 (1)	Spectrum Brands, Inc., 3.875%, 03/15/2031			478,985		0.1
642,000 (1)	Spectrum Brands, Inc., 5.500%, 07/15/2030			565,511		0.1
962,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028			915,968		0.2
661,000	Tenet Healthcare Corp., 4.250%, 06/01/2029			598,608		0.2
378,000	Tenet Healthcare Corp., 5.125%, 11/01/2027			363,258		0.1
1,792,000 (2)	Tenet Healthcare Corp., 6.125%, 10/01/2028			1,719,146		0.4
1,407,000 (1)	Tenet Healthcare Corp., 6.125%, 06/15/2030			1,389,272		0.4
1,207,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/2027			1,128,156		0.3
1,189,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			945,267		0.2
1,019,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028			947,986		0.2
400,000	United Rentals North America, Inc., 3.750%, 01/15/2032			344,926		0.1
800,000	United Rentals North America, Inc., 4.875%, 01/15/2028			765,840		0.2
238,000	United Rentals North America, Inc., 5.250%, 01/15/2030			229,306		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,075,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027		$	1,053,942		0.3
				51,111,452		13.3
	Energy: 13.5%
830,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029			782,118		0.2
1,019,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			996,888		0.3
420,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			391,177		0.1
717,000	Apache Corp., 5.100%, 09/01/2040			608,751		0.2
510,000	Apache Corp., 5.250%, 02/01/2042			429,007		0.1
1,100,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028			1,057,056		0.3
425,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027			417,446		0.1
580,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			512,427		0.1
1,434,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028			1,288,306		0.3
1,189,000 (1)(2)	Baytex Energy Corp., 8.750%, 04/01/2027			1,218,648		0.3
585,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			581,329		0.2
1,339,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026			1,327,866		0.3
1,113,000 (1)	CNX Midstream Partners LP, 4.750%, 04/15/2030			958,627		0.3
1,490,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			1,412,520		0.4
1,849,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			1,739,761		0.5

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,792,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029		$	1,708,215		0.4
642,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025			630,601		0.2
962,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028			881,711		0.2
529,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			464,381		0.1
962,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			839,422		0.2
1,339,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			1,300,588		0.3
1,245,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			1,090,551		0.3
1,100,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027			1,070,811		0.3
2,150,000	EnLink Midstream LLC, 5.375%, 06/01/2029			2,071,471		0.5
510,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028			463,876		0.1
222,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			219,740		0.1
906,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			810,231		0.2
830,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028			788,801		0.2
340,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030			316,661		0.1
679,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			625,895		0.2
736,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030			679,622		0.2
774,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			715,554		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,509,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027		$	1,424,466		0.4
1,713,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030			1,651,332		0.4
1,792,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026			1,663,800		0.4
736,000	Murphy Oil Corp., 5.875%, 12/01/2027			717,753		0.2
1,264,000	Murphy Oil Corp., 6.375%, 07/15/2028			1,246,643		0.3
1,075,000 (1)	Nabors Industries Ltd., 7.500%, 01/15/2028			993,087		0.3
529,000	Nabors Industries, Inc., 5.100%, 09/15/2023			528,683		0.1
453,000	Occidental Petroleum Corp., 4.625%, 06/15/2045			363,556		0.1
1,268,000	Occidental Petroleum Corp., 5.500%, 12/01/2025			1,267,710		0.3
1,283,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			1,352,391		0.4
1,075,000	Occidental Petroleum Corp., 8.500%, 07/15/2027			1,183,505		0.3
1,170,000 (1)	Precision Drilling Corp., 6.875%, 01/15/2029			1,062,828		0.3
1,360,000	Southwestern Energy Co., 5.375%, 02/01/2029			1,283,371		0.3
1,396,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			1,217,073		0.3
510,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			468,774		0.1
1,170,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030			1,059,441		0.3
710,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025			710,390		0.2
858,813 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027			842,667		0.2
163,000 (1)	Transocean Titan Financing Ltd., 8.375%, 02/01/2028			167,893		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
472,000	Transocean, Inc., 6.800%, 03/15/2038		$	327,363		0.1
717,000 (1)	Transocean, Inc., 7.500%, 01/15/2026			651,739		0.2
1,660,000 (1)	Weatherford International Ltd., 8.625%, 04/30/2030			1,699,774		0.4
1,717,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			1,499,774		0.4
				51,784,071		13.5
	Financial: 7.4%
650,000 (2)	Ally Financial, Inc., 5.750%, 11/20/2025			612,018		0.2
625,000	Ally Financial, Inc., 6.700%, 02/14/2033			556,041		0.1
1,075,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			880,231		0.2
1,264,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			1,070,405		0.3
1,207,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			1,040,180		0.3
1,207,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			1,081,684		0.3
510,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			392,942		0.1
925,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			855,486		0.2
1,396,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			1,010,585		0.3
1,453,000 (1)	LPL Holdings, Inc., 4.000%, 03/15/2029			1,309,124		0.3
450,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030			356,065		0.1
1,170,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			996,360		0.3
1,026,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029			759,030		0.2
1,181,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027			972,678		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,490,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030		$	1,146,510		0.3
1,490,000	Navient Corp., 4.875%, 03/15/2028			1,254,945		0.3
811,000 (2)	Navient Corp., 5.000%, 03/15/2027			715,375		0.2
283,000	Navient Corp., 7.250%, 09/25/2023			282,330		0.1
717,000	OneMain Finance Corp., 4.000%, 09/15/2030			538,395		0.1
1,603,000	OneMain Finance Corp., 5.375%, 11/15/2029			1,350,207		0.3
491,000	OneMain Finance Corp., 7.125%, 03/15/2026			472,489		0.1
1,603,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028			1,477,774		0.4
1,339,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029			1,121,962		0.3
925,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			693,288		0.2
1,264,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			1,056,916		0.3
95,000 (1)	Rocket Mortgage LLC, 2.875%, 10/15/2026			85,126		0.0
335,000	Service Properties Trust, 4.750%, 10/01/2026			280,054		0.1
365,000	Service Properties Trust, 5.500%, 12/15/2027			327,055		0.1
1,811,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			1,613,496		0.4
529,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			310,126		0.1
849,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029			518,956		0.1
585,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028			567,977		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
962,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027		$	888,951		0.2
1,113,000 (1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030			993,075		0.3
1,264,000 (1)	XHR L.P., 4.875%, 06/01/2029			1,073,329		0.3
				28,661,165		7.4
	Industrial: 10.6%
1,490,000 (1)(3)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027			1,141,638		0.3
717,000	Ball Corp., 3.125%, 09/15/2031			594,009		0.1
615,000	Ball Corp., 6.875%, 03/15/2028			637,152		0.2
604,000 (1)	Bombardier, Inc., 7.500%, 02/01/2029			617,590		0.2
721,000 (1)	Bombardier, Inc., 7.875%, 04/15/2027			730,585		0.2
1,396,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			1,310,460		0.3
1,113,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			1,031,799		0.3
1,225,000 (1)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			1,096,706		0.3
1,302,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			1,237,968		0.3
1,351,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030			1,397,569		0.4
366,000 (1)	Chart Industries, Inc., 9.500%, 01/01/2031			386,480		0.1
1,038,000 (1)	Clean Harbors, Inc., 6.375%, 02/01/2031			1,060,109		0.3
1,465,000 (1)	Energizer Holdings, Inc., 4.750%, 06/15/2028			1,320,330		0.3
1,566,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			1,430,635		0.4
1,415,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028			1,286,900		0.3
679,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029			608,622		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
566,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029		$	467,567		0.1
604,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032			520,498		0.1
1,132,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028			945,333		0.2
1,094,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			947,062		0.2
925,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027			942,052		0.2
1,547,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029			1,385,679		0.4
679,000 (1)(3)	Intelligent Packaging Holdco Issuer LP, 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026			478,743		0.1
1,339,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			1,154,887		0.3
981,000 (1)	Koppers, Inc., 6.000%, 02/15/2025			981,417		0.3
1,415,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			1,352,598		0.3
1,321,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			1,195,505		0.3
1,075,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			961,222		0.2
642,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025			611,505		0.2
1,189,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027			1,185,570		0.3
1,490,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027			1,391,809		0.4
623,000 (1)	Sealed Air Corp./Sealed Air Corp. US, 6.125%, 02/01/2028			630,601		0.2
453,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025			450,146		0.1
1,471,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			1,288,449		0.3
1,471,000 (1)	Standard Industries, Inc./ NJ, 3.375%, 01/15/2031			1,183,889		0.3
849,000 (1)	Standard Industries, Inc./ NJ, 4.375%, 07/15/2030			739,589		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
981,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029		$	928,482		0.2
717,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027			711,776		0.2
1,094,000 (1)	TK Elevator US Newco, Inc., 5.250%, 07/15/2027			1,034,273		0.3
811,000 (2)	TransDigm, Inc., 4.625%, 01/15/2029			721,822		0.2
642,000	TransDigm, Inc., 5.500%, 11/15/2027			606,050		0.2
1,019,000	TransDigm, Inc., 6.375%, 06/15/2026			997,148		0.3
1,245,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			1,051,209		0.3
				40,753,433		10.6
	Technology: 2.6%
151,000	CDW LLC / CDW Finance Corp., 4.125%, 05/01/2025			146,651		0.0
1,264,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			1,060,995		0.3
1,170,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			971,333		0.2
717,000 (1)	Entegris Escrow Corp., 6.950%, 06/15/2030			695,662		0.2
472,000 (1)(2)	Entegris, Inc., 3.625%, 05/01/2029			407,836		0.1
2,037,000 (1)	NCR Corp., 5.125%, 04/15/2029			1,764,548		0.5
547,000 (1)	Open Text Corp., 3.875%, 12/01/2029			461,063		0.1
604,000 (1)	Open Text Corp., 6.900%, 12/01/2027			623,630		0.2
1,189,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030			1,021,231		0.3
1,189,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			991,299		0.3
1,170,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			448,651		0.1
487,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			367,084		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,226,000 (1)	Virtusa Corp., 7.125%, 12/15/2028		$	964,665		0.2
				9,924,648		2.6
	Utilities: 1.1%
1,585,000 (1)	Drax Finco PLC, 6.625%, 11/01/2025			1,561,764		0.4
1,100,000	TransAlta Corp., 7.750%, 11/15/2029			1,157,332		0.3
547,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026			531,850		0.1
1,151,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			1,118,571		0.3
				4,369,517		1.1
	Total Corporate Bonds/Notes
	(Cost $395,122,526)			357,136,994		92.9
BANK LOANS: 0.8%
	Electronics/Electrical: 0.3%
1,132,000	AP Core Holdings II, LLC High-Yield Term Loan B2, 10.340%, (US0001M + 5.500%), 09/01/2027			1,104,643		0.3

	Lodging & Casinos: 0.2%
906,000	Hilton Domestic Operating Company, Inc. 2019 Term Loan B2, 6.642%, (US0001M + 1.750%), 06/22/2026			906,126		0.2

	Radio & Television: 0.3%
975,000	Clear Channel Outdoor Holdings, Inc. Term Loan B, 8.325%, (US0003M + 3.500%), 08/21/2026			911,473		0.3
	Total Bank Loans (Cost $2,933,508)			2,922,242		0.8
CONVERTIBLE BONDS/NOTES: 0.0%
	Communications: 0.0%
397,000	DISH Network Corp., 3.375%, 08/15/2026			206,440		0.0
	Total Convertible Bonds/Notes (Cost $396,360)			206,440		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: 0.3%
	Consumer Staples: 0.3%
48,000 (5)(6)	Southeastern Grocers, Inc.		$	1,056,000		0.3
	Total Common Stock (Cost $338,393)			1,056,000		0.3
	Total Long-Term Investments (Cost $398,790,786)			361,321,675		94.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.3%
	Commercial Paper: 1.8%
3,000,000	American Electric Power Co., Inc., 4.950%, 04/25/2023		2,989,040		0.8
2,000,000	Dominion Resources, Inc., 5.070%, 05/01/2023		1,990,965		0.5
1,800,000	EIDP Inc., 5.140%, 04/03/2023		1,799,232		0.5
	Total Commercial Paper (Cost $6,779,816)		6,779,237		1.8

	Repurchase Agreements: 2.1%
1,954,179 (7)	Bank of America Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,954,953, collateralized by various U.S. Government Agency Obligations, 1.500%-3.000%, Market Value plus accrued interest $1,993,263, due 11/01/49-02/01/51)		1,954,179		0.5
358,694 (7)	Citigroup, Inc., Repurchase Agreement dated 03/31/23, 4.81%, due 04/03/23 (Repurchase Amount $358,836, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $365,868, due 12/26/24-03/20/53)		358,694		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,954,179 (7)	HSBC Securities USA, Repurchase Agreement dated 03/31/23, 4.80%, due 04/03/23 (Repurchase Amount $1,954,950, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,993,263, due 06/15/24-02/15/53)		$	1,954,179		0.5
1,954,179 (7)	Jefferies LLC, Repurchase Agreement dated 03/31/23, 4.91%, due 04/03/23 (Repurchase Amount $1,954,968, collateralized by various U.S. Government Agency Obligations, 0.000%-5.750%, Market Value plus accrued interest $1,993,275, due 04/14/23-03/21/28)			1,954,179		0.5
1,954,179 (7)	RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,954,953, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.375%, Market Value plus accrued interest $1,993,263, due 04/06/23-02/20/53)			1,954,179		0.5
	Total Repurchase Agreements (Cost $8,175,410)			8,175,410		2.1

Shares		Value			Percentage of Net Assets
	Mutual Funds: 2.4%
9,204,000 (8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730%
	(Cost $9,204,000)		$	9,204,000		2.4
	Total Short-Term Investments
	(Cost $24,159,226)			24,158,647		6.3
	Total Investments in Securities (Cost $422,950,012)		$	385,480,322		100.3
	Liabilities in Excess of Other Assets			(1,030,960)		(0.3)
	Net Assets		$	384,449,362		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Security, or a portion of the security, is on loan.

(3)

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.

(4)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(6)

Non-income producing security.

(7)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of March 31, 2023.

(9)

Bond may be called prior to maturity date.

Reference Rate Abbreviations:

	US0001M			1-month LIBOR
	US0003M			3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Bond Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Common Stock
Consumer Staples		$	—		$	—		$	1,056,000		$	1,056,000
Total Common Stock			—			—			1,056,000			1,056,000
Corporate Bonds/Notes			—			357,136,994			—			357,136,994
Bank Loans			—			2,922,242			—			2,922,242
Convertible Bonds/Notes			—			206,440			—			206,440
Short-Term Investments			9,204,000			14,954,647			—			24,158,647
Total Investments, at fair value		$	9,204,000		$	375,220,322		$	1,056,000		$	385,480,322

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

At March 31, 2023, 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 federal income tax purposes was $424,263,474.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,198,228
Gross Unrealized Depreciation		(40,981,380)
Net Unrealized Depreciation	$	(38,783,152)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 30.2%
	Basic Materials: 0.9%
1,725,000 (1)	Anglo American Capital PLC, 2.250%, 03/17/2028		$	1,494,737		0.0
1,377,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,344,613		0.0
671,000 (1)	Anglo American Capital PLC, 4.875%, 05/14/2025			668,164		0.0
5,531,000	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033			5,645,785		0.1
4,505,000	Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027			4,136,716		0.1
3,883,000	Dow Chemical Co., 4.375%, 11/15/2042			3,368,550		0.0
5,000,000 (1)	Equate Petrochemical BV, 2.625%, 04/28/2028			4,416,090		0.1
3,000,000 (1)(2)	GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			2,462,313		0.0
4,410,000 (1)	Ingevity Corp., 3.875%, 11/01/2028			3,783,887		0.1
2,412,000 (2)	Inversiones CMPC SA, 4.375%, 04/04/2027			2,292,409		0.0
536,000	LYB International Finance III LLC, 3.625%, 04/01/2051			381,852		0.0
3,682,000	Mosaic Co/The, 5.450%, 11/15/2033			3,705,485		0.1
2,026,000 (1)	Northern Star Resources Ltd., 6.125%, 04/11/2033			2,011,918		0.0
4,325,000 (1)	Novelis Corp., 4.750%, 01/30/2030			3,979,000		0.1
1,138,000	Nutrien Ltd., 5.800%, 03/27/2053			1,173,494		0.0
1,736,000 (1)	OCI NV, 6.700%, 03/16/2033			1,733,599		0.0
1,325,000 (1)	OCP SA, 3.750%, 06/23/2031			1,088,951		0.0
4,100,000 (2)	Olin Corp., 5.000%, 02/01/2030			3,848,383		0.1
2,100,000 (1)	POSCO, 4.500%, 08/04/2027			2,063,203		0.0
3,492,000	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033			3,593,060		0.0
3,754,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053			3,871,341		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
3,189,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		$	2,740,085		0.0
2,139,000	Steel Dynamics, Inc., 2.400%, 06/15/2025			2,019,243		0.0
2,425,000	Suzano Austria GmbH, 3.750%, 01/15/2031			2,112,230		0.0
4,825,000	Suzano Austria GmbH, 6.000%, 01/15/2029			4,865,144		0.1
1,424,000	Teck Resources Ltd., 6.000%, 08/15/2040			1,441,725		0.0
536,000	Westlake Corp., 3.125%, 08/15/2051			341,633		0.0
				70,583,610		0.9
	Communications: 2.1%
4,889,000	Amazon.com, Inc., 2.100%, 05/12/2031			4,181,129		0.1
4,500,000	Amazon.com, Inc., 2.875%, 05/12/2041			3,547,946		0.1
3,444,000 (2)	Amazon.com, Inc., 3.600%, 04/13/2032			3,273,669		0.0
2,866,000	Amazon.com, Inc., 4.100%, 04/13/2062			2,526,090		0.0
3,304,000	Amazon.com, Inc., 4.550%, 12/01/2027			3,355,679		0.1
5,300,000 (1)(2)	ANGI Group LLC, 3.875%, 08/15/2028			4,033,002		0.1
1,750,000	AT&T, Inc., 3.500%, 06/01/2041			1,382,603		0.0
868,000	AT&T, Inc., 3.550%, 09/15/2055			624,157		0.0
6,752,000	AT&T, Inc., 3.650%, 09/15/2059			4,833,495		0.1
1,906,000	AT&T, Inc., 3.800%, 12/01/2057			1,418,264		0.0
649,000	AT&T, Inc., 4.500%, 05/15/2035			608,266		0.0
3,480,000	AT&T, Inc., 4.900%, 08/15/2037			3,332,153		0.0
2,314,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			1,931,113		0.0
2,815,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			1,758,694		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,571,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052		$	1,040,369		0.0
4,012,000	Comcast Corp., 1.950%, 01/15/2031			3,340,338		0.0
4,396,000	Comcast Corp., 2.650%, 02/01/2030			3,917,888		0.1
5,558,000	Comcast Corp., 3.900%, 03/01/2038			4,982,654		0.1
1,666,000	Comcast Corp., 3.969%, 11/01/2047			1,403,228		0.0
1,873,000	Comcast Corp., 5.350%, 11/15/2027			1,951,228		0.0
1,366,000	Corning, Inc., 5.450%, 11/15/2079			1,261,851		0.0
5,200,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			2,743,000		0.0
4,655,000	DISH DBS Corp., 5.125%, 06/01/2029			2,483,815		0.0
4,420,000 (1)	GCI LLC, 4.750%, 10/15/2028			3,818,283		0.1
4,245,000 (1)(2)	Gray Television, Inc., 7.000%, 05/15/2027			3,558,074		0.1
5,000,000 (1)(2)	Match Group Holdings II LLC, 3.625%, 10/01/2031			4,074,500		0.1
2,528,000	Meta Platforms, Inc., 3.500%, 08/15/2027			2,442,770		0.0
9,637,000	Meta Platforms, Inc., 4.450%, 08/15/2052			8,489,095		0.1
1,769,000	Meta Platforms, Inc., 4.650%, 08/15/2062			1,565,175		0.0
2,000,000 (1)	Millicom International Cellular SA, 4.500%, 04/27/2031			1,608,150		0.0
2,160,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026			1,953,712		0.0
3,800,000 (1)(2)	NBN Co. Ltd., 1.625%, 01/08/2027			3,365,936		0.1
551,000 (2)	Paramount Global, 4.200%, 05/19/2032			472,984		0.0
3,345,000	Paramount Global, 4.375%, 03/15/2043			2,380,039		0.0
4,387,000 (2)	Paramount Global, 4.950%, 01/15/2031			4,050,501		0.1
3,632,000	Paramount Global, 4.950%, 05/19/2050			2,721,961		0.0
608,000	Paramount Global, 5.250%, 04/01/2044			484,405		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,814,000	Paramount Global, 5.850%, 09/01/2043		$	1,569,700		0.0
4,305,000 (1)	Sirius XM Radio, Inc., 5.500%, 07/01/2029			3,922,737		0.1
4,365,000	Telecom Italia Capital SA, 7.721%, 06/04/2038			4,047,469		0.1
5,387,000	Time Warner Cable LLC, 5.500%, 09/01/2041			4,659,857		0.1
2,829,000	Time Warner Cable LLC, 5.875%, 11/15/2040			2,567,210		0.0
2,569,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			2,280,571		0.0
642,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			597,677		0.0
1,948,000	T-Mobile USA, Inc., 2.625%, 02/15/2029			1,718,157		0.0
2,805,000	T-Mobile USA, Inc., 3.500%, 04/15/2031			2,524,987		0.0
5,747,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			5,397,019		0.1
1,048,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			939,955		0.0
899,000	T-Mobile USA, Inc., 4.500%, 04/15/2050			783,697		0.0
1,505,000	T-Mobile USA, Inc., 5.050%, 07/15/2033			1,513,182		0.0
3,697,000	T-Mobile USA, Inc., 5.800%, 09/15/2062			3,835,913		0.1
1,060,000	Verizon Communications, Inc., 2.355%, 03/15/2032			870,132		0.0
757,000	Verizon Communications, Inc., 2.650%, 11/20/2040			541,113		0.0
2,312,000	Verizon Communications, Inc., 3.400%, 03/22/2041			1,840,415		0.0
3,610,000	Verizon Communications, Inc., 3.850%, 11/01/2042			3,022,951		0.0
895,000	Verizon Communications, Inc., 4.400%, 11/01/2034			851,183		0.0
1,496,000	Verizon Communications, Inc., 4.500%, 08/10/2033			1,446,277		0.0
6,432,000	Verizon Communications, Inc., 4.812%, 03/15/2039			6,146,165		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
4,085,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027		$	3,839,491		0.1
3,725,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			3,197,559		0.0
2,212,000	Vodafone Group PLC, 5.750%, 02/10/2063			2,193,180		0.0
4,860,000 (1)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027			3,697,974		0.1
				164,920,787		2.1
	Consumer, Cyclical: 1.9%
4,545,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			3,882,634		0.1
413,740	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			379,776		0.0
2,370,259	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			2,184,491		0.0
813,035	American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 12/15/2029			703,654		0.0
2,424,715	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			2,180,297		0.0
3,424,449	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			3,065,799		0.0
4,028,000	American Honda Finance Corp., 4.700%, 01/12/2028			4,070,707		0.1
4,430,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			3,970,100		0.1
7,507,000	AutoZone, Inc., 4.750%, 02/01/2033			7,421,802		0.1
4,405,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			3,941,550		0.1
4,955,000 (2)	Dana, Inc., 5.625%, 06/15/2028			4,659,186		0.1
1,196,588	Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.625%, 01/30/2029			1,105,291		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
3,970,373	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029		$	3,487,860		0.1
3,950,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			3,673,875		0.1
1,765,049 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			1,704,769		0.0
3,720,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			3,497,563		0.1
2,333,000	General Motors Co., 6.125%, 10/01/2025			2,378,492		0.0
1,732,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			1,679,736		0.0
4,340,000 (1)	H&E Equipment Services, Inc., 3.875%, 12/15/2028			3,808,350		0.1
3,820,000 (1)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			3,425,157		0.1
3,255,000 (1)	Harley-Davidson Financial Services, Inc., 6.500%, 03/10/2028			3,291,206		0.0
822,000 (2)	Hasbro, Inc., 3.000%, 11/19/2024			793,081		0.0
672,000	Hasbro, Inc., 3.550%, 11/19/2026			632,328		0.0
2,901,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			2,383,480		0.0
1,692,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			1,383,139		0.0
2,043,000	Lowe’s Cos, Inc., 5.750%, 07/01/2053			2,083,606		0.0
1,554,000	Lowe’s Cos, Inc., 5.850%, 04/01/2063			1,577,765		0.0
3,440,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			2,506,694		0.0
2,617,000	Magna International, Inc., 5.500%, 03/21/2033			2,716,478		0.0
2,932,500 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			2,925,946		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
4,690,000 (1)(2)	Sonic Automotive, Inc., 4.875%, 11/15/2031		$	3,786,520		0.1
1,765,000 (2)	Target Corp., 2.950%, 01/15/2052			1,278,070		0.0
6,300,000	Target Corp., 4.400%, 01/15/2033			6,267,585		0.1
2,474,000 (2)	Target Corp., 4.500%, 09/15/2032			2,480,635		0.0
8,782,000	Target Corp., 4.800%, 01/15/2053			8,636,364		0.1
4,610,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029			4,062,055		0.1
1,503,000	Toyota Motor Credit Corp., 1.900%, 01/13/2027			1,370,293		0.0
1,828,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029			1,843,588		0.0
5,032,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			5,061,747		0.1
2,325,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			2,106,035		0.0
3,863,109	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			3,447,685		0.1
777,272	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			698,733		0.0
2,896,653	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			2,891,779		0.0
5,293,506	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			5,262,385		0.1
459,847	US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/2026			434,979		0.0
9,092,000 (1)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			8,569,887		0.1
1,452,000 (1)	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			1,215,815		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
2,933,000 (1)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		$	2,379,678		0.0
				143,308,645		1.9
	Consumer, Non-cyclical: 5.0%
3,670,000	AbbVie, Inc., 2.600%, 11/21/2024			3,543,310		0.1
1,609,000	AbbVie, Inc., 4.050%, 11/21/2039			1,439,312		0.0
1,789,000	AbbVie, Inc., 4.250%, 11/21/2049			1,580,358		0.0
7,016,000	AbbVie, Inc., 4.300%, 05/14/2036			6,599,839		0.1
4,325,000	AbbVie, Inc., 4.400%, 11/06/2042			3,956,198		0.1
5,481,000	AbbVie, Inc., 4.500%, 05/14/2035			5,316,066		0.1
1,059,000	AbbVie, Inc., 4.550%, 03/15/2035			1,036,110		0.0
2,298,000	AbbVie, Inc., 4.625%, 10/01/2042			2,112,490		0.0
4,305,000 (1)	ADT Security Corp./ The, 4.125%, 08/01/2029			3,844,473		0.1
6,638,000	Aetna, Inc., 4.500%, 05/15/2042			5,971,923		0.1
2,339,000	Aetna, Inc., 6.625%, 06/15/2036			2,598,613		0.0
4,460,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			3,884,812		0.1
3,100,000	Altria Group, Inc., 3.700%, 02/04/2051			2,095,609		0.0
1,362,000	Altria Group, Inc., 3.875%, 09/16/2046			981,861		0.0
2,610,000	Amgen, Inc., 2.770%, 09/01/2053			1,671,761		0.0
3,741,000	Amgen, Inc., 5.250%, 03/02/2033			3,845,545		0.1
8,933,000	Amgen, Inc., 5.600%, 03/02/2043			9,210,336		0.1
3,724,000	Amgen, Inc., 5.650%, 03/02/2053			3,879,353		0.1
3,126,000	Amgen, Inc., 5.750%, 03/02/2063			3,247,363		0.1
7,238,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			7,212,428		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
8,969,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		$	8,776,557		0.1
4,324,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			4,545,247		0.1
862,000	Archer-Daniels-Midland Co., 4.500%, 08/15/2033			863,519		0.0
2,017,000	Astrazeneca Finance LLC, 4.900%, 03/03/2030			2,063,847		0.0
1,444,000	Avery Dennison Corp., 5.750%, 03/15/2033			1,503,265		0.0
1,005,000	BAT Capital Corp., 3.557%, 08/15/2027			934,933		0.0
2,393,000	BAT Capital Corp., 3.734%, 09/25/2040			1,713,036		0.0
1,771,000	BAT Capital Corp., 4.390%, 08/15/2037			1,446,569		0.0
4,315,000	Becton Dickinson & Co., 4.693%, 02/13/2028			4,335,314		0.1
2,328,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			1,947,685		0.0
3,421,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			3,189,523		0.0
1,221,000 (2)	Brown-Forman Corp., 4.750%, 04/15/2033			1,235,629		0.0
829,000 (1)	Cargill, Inc., 1.700%, 02/02/2031			669,719		0.0
2,183,000 (1)	Cargill, Inc., 2.125%, 04/23/2030			1,867,139		0.0
5,852,000 (1)	Cargill, Inc., 2.125%, 11/10/2031			4,862,486		0.1
693,000 (1)	Cargill, Inc., 4.375%, 04/22/2052			643,683		0.0
10,987,000	Centene Corp., 3.000%, 10/15/2030			9,261,833		0.1
3,190,000	Centene Corp., 4.625%, 12/15/2029			3,002,237		0.0
4,245,000 (2)	Central Garden & Pet Co., 4.125%, 10/15/2030			3,754,702		0.1
3,471,000	Cigna Corp., 3.250%, 04/15/2025			3,364,697		0.1
2,781,000	Cigna Corp., 3.400%, 03/15/2050			2,058,184		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
7,297,000	Cigna Corp., 4.800%, 08/15/2038		$	7,076,614		0.1
1,790,000	Cigna Group/The, 5.400%, 03/15/2033			1,859,765		0.0
3,345,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052			3,156,852		0.0
1,398,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062			1,342,808		0.0
4,475,000	CVS Health Corp., 2.700%, 08/21/2040			3,204,902		0.0
2,465,000	CVS Health Corp., 3.875%, 07/20/2025			2,421,854		0.0
3,492,000	CVS Health Corp., 4.125%, 04/01/2040			3,006,497		0.0
2,326,000	CVS Health Corp., 4.780%, 03/25/2038			2,218,991		0.0
786,000	CVS Health Corp., 5.125%, 07/20/2045			746,327		0.0
7,379,000 (1)	Danone SA, 2.947%, 11/02/2026			6,976,373		0.1
4,395,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			3,755,527		0.1
1,778,000	Elevance Health, Inc., 4.900%, 02/08/2026			1,776,466		0.0
4,971,000	Eli Lilly & Co., 4.875%, 02/27/2053			5,145,806		0.1
2,101,000	Eli Lilly & Co., 4.950%, 02/27/2063			2,164,235		0.0
2,801,000 (1)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026			2,435,344		0.0
10,098,000	Global Payments, Inc., 1.200%, 03/01/2026			8,989,126		0.1
1,760,000	Global Payments, Inc., 5.950%, 08/15/2052			1,678,194		0.0
1,917,000	Haleon US Capital LLC, 3.375%, 03/24/2029			1,769,460		0.0
1,282,000	HCA, Inc., 2.375%, 07/15/2031			1,035,616		0.0
2,570,000 (1)	HCA, Inc., 3.125%, 03/15/2027			2,390,886		0.0
1,245,000	HCA, Inc., 3.500%, 09/01/2030			1,109,745		0.0
8,542,000	HCA, Inc., 4.125%, 06/15/2029			8,010,166		0.1
3,544,000 (1)	HCA, Inc., 4.375%, 03/15/2042			2,983,872		0.0
3,076,000	HCA, Inc., 4.500%, 02/15/2027			3,006,226		0.0
1,629,000 (1)	HCA, Inc., 4.625%, 03/15/2052			1,355,098		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,449,000	HCA, Inc., 5.250%, 04/15/2025		$	1,449,004		0.0
2,509,000 (1)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			2,339,122		0.0
3,305,000	Humana, Inc., 1.350%, 02/03/2027			2,904,262		0.0
626,000	Humana, Inc., 3.125%, 08/15/2029			567,264		0.0
4,873,000	Humana, Inc., 4.500%, 04/01/2025			4,832,767		0.1
3,259,000	Johnson & Johnson, 3.625%, 03/03/2037			3,016,421		0.0
5,044,000 (1)	Kenvue, Inc., 4.900%, 03/22/2033			5,213,412		0.1
2,085,000 (1)	Kenvue, Inc., 5.050%, 03/22/2028			2,155,956		0.0
3,546,000 (1)	Kenvue, Inc., 5.050%, 03/22/2053			3,657,543		0.1
4,276,000 (1)	Kenvue, Inc., 5.100%, 03/22/2043			4,414,825		0.1
3,660,000 (1)	Kenvue, Inc., 5.200%, 03/22/2063			3,796,160		0.1
4,490,000	Kraft Heinz Foods Co., 4.625%, 10/01/2039			4,120,493		0.1
3,255,000	Kraft Heinz Foods Co., 6.875%, 01/26/2039			3,691,926		0.1
4,455,000 (1)	Lamb Weston Holdings, Inc., 4.375%, 01/31/2032			4,044,284		0.1
2,495,000 (1)	Mars, Inc., 3.875%, 04/01/2039			2,196,955		0.0
3,221,000	McKesson Corp., 5.250%, 02/15/2026			3,230,430		0.0
4,875,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			4,234,717		0.1
4,079,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033			4,084,385		0.1
3,084,000	Mylan, Inc., 5.200%, 04/15/2048			2,434,976		0.0
2,889,000 (1)	Nestle Holdings, Inc., 3.900%, 09/24/2038			2,690,932		0.0
3,573,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027			3,557,272		0.1
4,220,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.125%, 04/30/2028			3,861,342		0.1
5,271,000	PayPal Holdings, Inc., 2.300%, 06/01/2030			4,515,846		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,206,000	PayPal Holdings, Inc., 5.050%, 06/01/2052		$	1,161,326		0.0
7,861,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			7,621,497		0.1
4,442,000	Philip Morris International, Inc., 5.375%, 02/15/2033			4,541,126		0.1
4,410,000 (1)	Post Holdings, Inc., 5.500%, 12/15/2029			4,160,698		0.1
4,845,000 (1)	Prestige Brands, Inc., 3.750%, 04/01/2031			4,110,932		0.1
4,380,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			3,827,182		0.1
3,028,000	Reynolds American, Inc., 5.850%, 08/15/2045			2,734,352		0.0
2,515,000 (1)	Roche Holdings, Inc., 2.607%, 12/13/2051			1,759,223		0.0
1,626,000	Royalty Pharma PLC, 1.200%, 09/02/2025			1,475,063		0.0
2,055,000	Royalty Pharma PLC, 1.750%, 09/02/2027			1,782,083		0.0
2,010,000	Royalty Pharma PLC, 2.200%, 09/02/2030			1,643,064		0.0
1,749,000	S&P Global, Inc., 1.250%, 08/15/2030			1,405,029		0.0
5,049,000	S&P Global, Inc., 2.700%, 03/01/2029			4,595,711		0.1
6,563,000	S&P Global, Inc., 2.900%, 03/01/2032			5,863,154		0.1
3,890,000	S&P Global, Inc., 3.700%, 03/01/2052			3,198,402		0.0
4,625,000	Tenet Healthcare Corp., 4.250%, 06/01/2029			4,188,446		0.1
2,461,000 (1)(2)	Triton Container International Ltd., 2.050%, 04/15/2026			2,186,293		0.0
1,814,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031			1,444,479		0.0
1,470,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			1,113,151		0.0
748,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			590,351		0.0
2,117,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			1,803,938		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,590,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047		$	1,337,819		0.0
3,087,000	UnitedHealth Group, Inc., 4.500%, 04/15/2033			3,070,612		0.0
3,195,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053			3,233,775		0.1
4,888,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063			4,955,561		0.1
5,057,000	UnitedHealth Group, Inc., 5.300%, 02/15/2030			5,333,152		0.1
3,066,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			2,435,387		0.0
3,434,000 (2)	Viatris, Inc., 2.700%, 06/22/2030			2,792,958		0.0
10,763,000	Viatris, Inc., 3.850%, 06/22/2040			7,563,756		0.1
956,000	Viatris, Inc., 4.000%, 06/22/2050			629,857		0.0
				385,252,985		5.0
	Energy: 3.0%
3,275,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			3,050,253		0.1
9,210,000	Apache Corp., 5.100%, 09/01/2040			7,819,520		0.1
4,114,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			2,858,504		0.0
3,175,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			2,895,203		0.0
1,220,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			1,298,856		0.0
2,032,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			1,893,174		0.0
5,032,000	Coterra Energy, Inc., 3.900%, 05/15/2027			4,806,057		0.1
3,975,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027			3,834,365		0.1
1,811,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			1,656,925		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
6,342,000	Diamondback Energy, Inc., 6.250%, 03/15/2033		$	6,706,141		0.1
3,702,000 (2)	Diamondback Energy, Inc., 6.250%, 03/15/2053			3,838,280		0.1
3,845,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			3,355,070		0.1
8,250,000	Ecopetrol SA, 6.875%, 04/29/2030			7,610,955		0.1
3,450,000 (1)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036			2,960,756		0.0
7,100,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			6,624,451		0.1
400,000 (1)	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			373,209		0.0
5,373,000 (3)	Enbridge, Inc., 5.750%, 07/15/2080			4,793,081		0.1
3,241,000 (3)	Enbridge, Inc., 7.375%, 01/15/2083			3,106,596		0.1
3,241,000 (3)	Enbridge, Inc., 7.625%, 01/15/2083			3,169,656		0.1
325,000	Energy Transfer L.P., 4.250%, 04/01/2024			320,933		0.0
444,000	Energy Transfer L.P., 4.900%, 03/15/2035			415,232		0.0
4,946,000	Energy Transfer L.P., 5.300%, 04/01/2044			4,385,093		0.1
4,676,000	Energy Transfer L.P., 5.300%, 04/15/2047			4,106,030		0.1
1,003,000	Energy Transfer L.P., 5.350%, 05/15/2045			888,501		0.0
5,610,000	Energy Transfer L.P., 5.750%, 02/15/2033			5,751,653		0.1
2,704,000	Energy Transfer L.P., 5.800%, 06/15/2038			2,659,545		0.0
1,263,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			1,252,287		0.0
3,800,000 (1)	EnLink Midstream LLC, 6.500%, 09/01/2030			3,846,740		0.1
3,181,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			2,500,832		0.0
2,292,000 (3)	Enterprise Products Operating LLC, 7.858%, 08/16/2077			2,155,594		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
2,642,000 (2)	Equinor ASA, 3.125%, 04/06/2030		$	2,478,724		0.0
731,858 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034			631,168		0.0
949,850 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			771,740		0.0
2,875,000 (1)(2)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038			2,960,379		0.0
2,875,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042			3,033,166		0.0
4,045,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			3,739,556		0.1
1,295,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			1,280,476		0.0
546,000	Kinder Morgan, Inc., 5.050%, 02/15/2046			482,430		0.0
1,791,000	Kinder Morgan, Inc., 5.200%, 06/01/2033			1,780,713		0.0
2,332,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			2,209,685		0.0
899,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			777,909		0.0
3,850,000	Marathon Petroleum Corp., 5.125%, 12/15/2026			3,888,380		0.1
2,897,000	MPLX L.P., 1.750%, 03/01/2026			2,645,435		0.0
5,080,000	MPLX L.P., 4.000%, 03/15/2028			4,865,223		0.1
665,000	MPLX L.P., 5.200%, 03/01/2047			596,746		0.0
2,014,000	MPLX L.P., 5.500%, 02/15/2049			1,876,891		0.0
1,847,000 (1)	Northern Natural Gas Co., 3.400%, 10/16/2051			1,329,800		0.0
1,067,000	ONEOK Partners L.P., 6.125%, 02/01/2041			1,048,684		0.0
2,785,000	ONEOK Partners L.P., 6.200%, 09/15/2043			2,734,176		0.0
907,000	ONEOK, Inc., 3.100%, 03/15/2030			793,421		0.0
1,900,000	ONEOK, Inc., 5.850%, 01/15/2026			1,929,215		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
274,000	ONEOK, Inc., 6.100%, 11/15/2032		$	283,884		0.0
5,000,000 (1)	Pertamina Persero PT, 2.300%, 02/09/2031			4,126,027		0.1
750,000	Pertamina Persero PT, 5.625%, 05/20/2043			710,738		0.0
4,000,000 (1)	Petroleos del Peru SA, 4.750%, 06/19/2032			2,977,640		0.0
2,280,000	Petroleos del Peru SA, 4.750%, 06/19/2032			1,697,255		0.0
10,350,000	Petroleos Mexicanos, 5.950%, 01/28/2031			7,928,638		0.1
6,103,000	Petroleos Mexicanos, 6.700%, 02/16/2032			4,862,641		0.1
2,988,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			2,674,755		0.0
3,468,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			3,432,195		0.1
3,016,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044			2,374,066		0.0
1,809,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			1,452,138		0.0
2,025,000 (1)	QatarEnergy, 3.300%, 07/12/2051			1,513,991		0.0
5,250,000 (1)	Reliance Industries Ltd., 2.875%, 01/12/2032			4,368,056		0.1
5,250,000 (1)	Reliance Industries Ltd., 3.625%, 01/12/2052			3,717,252		0.1
1,971,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			1,894,867		0.0
4,352,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			4,339,814		0.1
2,136,000 (1)	Santos Finance Ltd., 3.649%, 04/29/2031			1,785,881		0.0
1,803,000	Targa Resources Corp., 4.200%, 02/01/2033			1,623,192		0.0
1,381,000	Targa Resources Corp., 4.950%, 04/15/2052			1,147,702		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
985,000	Targa Resources Corp., 6.250%, 07/01/2052		$	973,004		0.0
5,354,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031			5,015,331		0.1
2,452,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			1,921,633		0.0
9,065,000	Western Midstream Operating L.P., 5.300%, 03/01/2048			7,694,825		0.1
10,875,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			10,626,491		0.1
2,726,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			2,557,586		0.0
4,370,000	Williams Cos, Inc./The, 5.650%, 03/15/2033			4,515,726		0.1
				229,002,737		3.0
	Financial: 8.9%
4,863,000 (1)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037			3,735,992		0.1
1,014,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053			930,732		0.0
3,479,000	Alleghany Corp., 3.250%, 08/15/2051			2,538,850		0.0
2,563,000	Alleghany Corp., 3.625%, 05/15/2030			2,416,053		0.0
123,000	Alleghany Corp., 4.900%, 09/15/2044			116,486		0.0
1,957,000	Allstate Corp./The, 1.450%, 12/15/2030			1,523,835		0.0
5,175,000	Allstate Corp./The, 5.250%, 03/30/2033			5,236,429		0.1
2,483,000 (3)	American Express Co., 4.420%, 08/03/2033			2,375,587		0.0
1,264,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			1,009,194		0.0
3,707,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			3,215,194		0.0
1,551,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			1,224,120		0.0
678,000	American International Group, Inc., 3.900%, 04/01/2026			660,065		0.0
2,537,000	American Tower Corp., 3.650%, 03/15/2027			2,411,601		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,938,000	American Tower Corp., 5.650%, 03/15/2033		$	1,996,061		0.0
4,370,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053			4,387,507		0.1
4,433,000	Assurant, Inc., 3.700%, 02/22/2030			3,863,384		0.1
2,378,000 (1)	Aviation Capital Group LLC, 1.950%, 09/20/2026			2,060,783		0.0
1,262,000 (1)	Aviation Capital Group LLC, 3.500%, 11/01/2027			1,128,254		0.0
1,137,000 (1)	Aviation Capital Group LLC, 3.875%, 05/01/2023			1,132,319		0.0
4,559,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			4,504,377		0.1
3,654,000 (1)	Aviation Capital Group LLC, 6.250%, 04/15/2028			3,663,729		0.1
5,135,000 (1)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			4,290,313		0.1
3,750,000 (1)	Banco Nacional de Panama, 2.500%, 08/11/2030			2,912,738		0.0
2,000,000	Banco Nacional de Panama, 2.500%, 08/11/2030			1,553,461		0.0
4,200,000	Banco Santander SA, 2.746%, 05/28/2025			3,964,385		0.1
3,200,000 (3)	Banco Santander SA, 3.225%, 11/22/2032			2,496,125		0.0
3,707,000 (1)(3)	Bangkok Bank PCL/ Hong Kong, 5.000%, 12/31/2199			3,378,071		0.1
3,975,000	Bank Hapoalim, 3.255%, 01/21/2032			3,321,113		0.0
3,454,000 (3)	Bank of America Corp., 1.197%, 10/24/2026			3,104,832		0.0
8,000,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			7,485,384		0.1
7,399,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			6,640,828		0.1
1,968,000 (3)	Bank of America Corp., 1.843%, 02/04/2025			1,910,119		0.0
1,495,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			1,401,856		0.0
4,896,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			4,220,029		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,407,000 (3)	Bank of America Corp., 2.299%, 07/21/2032		$	2,748,273		0.0
6,179,000 (3)	Bank of America Corp., 2.482%, 09/21/2036			4,696,894		0.1
4,388,000 (3)	Bank of America Corp., 2.572%, 10/20/2032			3,589,418		0.1
721,000 (3)	Bank of America Corp., 2.651%, 03/11/2032			602,412		0.0
3,179,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			2,251,661		0.0
10,644,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			8,889,285		0.1
4,396,000 (3)	Bank of America Corp., 2.884%, 10/22/2030			3,827,364		0.1
3,188,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			2,835,932		0.0
6,014,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			5,592,458		0.1
1,815,000 (3)	Bank of America Corp., 3.593%, 07/21/2028			1,707,046		0.0
8,363,000 (3)	Bank of America Corp., 3.846%, 03/08/2037			7,137,792		0.1
1,718,000 (3)	Bank of America Corp., 3.970%, 03/05/2029			1,628,515		0.0
998,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			821,652		0.0
8,454,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			8,146,284		0.1
2,013,000 (3)	Bank of America Corp., 4.375%, 12/31/2199			1,716,360		0.0
2,213,000 (3)	Bank of America Corp., 4.571%, 04/27/2033			2,108,205		0.0
754,000 (3)	Bank of America Corp., 5.015%, 07/22/2033			746,284		0.0
4,307,000 (2)(3)	Bank of America Corp., 6.125%, 12/31/2199			4,247,779		0.1
11,239,000 (3)	Bank of Nova Scotia/ The, 4.588%, 05/04/2037			9,916,367		0.1
2,589,000	Bank of Nova Scotia/ The, 4.850%, 02/01/2030			2,558,882		0.0
10,038,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026			9,928,071		0.1
2,362,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			1,965,099		0.0
4,773,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			3,630,623		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
11,441,000 (1)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033		$	12,001,737		0.2
2,094,000 (1)	BPCE SA, 5.150%, 07/21/2024			2,054,860		0.0
7,020,000 (1)	BPCE SA, 5.700%, 10/22/2023			6,967,474		0.1
946,000	Brighthouse Financial, Inc., 4.700%, 06/22/2047			692,665		0.0
3,280,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			2,827,499		0.0
5,432,000 (3)	Capital One Financial Corp., 3.273%, 03/01/2030			4,632,421		0.1
3,707,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			3,001,502		0.0
1,971,000	CI Financial Corp., 4.100%, 06/15/2051			1,196,107		0.0
2,459,000 (3)	Citigroup, Inc., 1.462%, 06/09/2027			2,185,244		0.0
1,520,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			1,162,870		0.0
7,178,000 (1)	Corebridge Financial, Inc., 3.850%, 04/05/2029			6,560,770		0.1
4,480,000 (1)	Corebridge Financial, Inc., 3.900%, 04/05/2032			3,883,146		0.1
9,490,000 (1)(3)	Corebridge Financial, Inc., 6.875%, 12/15/2052			8,478,389		0.1
2,700,000 (1)	Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027			2,331,369		0.0
4,068,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			3,910,365		0.1
1,962,000	Credit Suisse AG/New York NY, 1.250%, 08/07/2026			1,660,343		0.0
3,808,000	Credit Suisse AG/New York NY, 5.000%, 07/09/2027			3,674,720		0.1
3,222,000 (1)(3)	Credit Suisse Group AG, 2.193%, 06/05/2026			2,876,289		0.0
2,775,000 (1)(3)	Credit Suisse Group AG, 9.016%, 11/15/2033			3,295,035		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
596,000	Crown Castle, Inc., 2.100%, 04/01/2031		$	487,329		0.0
2,566,000	Crown Castle, Inc., 2.900%, 03/15/2027			2,383,290		0.0
3,580,000	CubeSmart L.P., 2.250%, 12/15/2028			3,077,650		0.0
2,407,000 (1)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199			1,828,951		0.0
2,897,000	Discover Bank, 4.250%, 03/13/2026			2,753,078		0.0
2,404,000 (3)	Discover Bank, 4.682%, 08/09/2028			2,200,667		0.0
4,965,000	First Horizon Bank, 5.750%, 05/01/2030			4,669,112		0.1
95,000 (3)	Goldman Sachs Group, Inc./The, 3.210%, 04/22/2042			71,709		0.0
1,030,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			1,086,761		0.0
8,526,000 (1)	Hartford Financial Services Group, Inc./The, 6.989%, (US0003M + 2.125)%, 02/12/2067			6,896,048		0.1
2,116,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			1,867,156		0.0
2,569,000 (3)	HSBC Holdings PLC, 1.645%, 04/18/2026			2,348,015		0.0
6,500,000 (3)	HSBC Holdings PLC, 2.099%, 06/04/2026			5,973,895		0.1
6,688,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029			5,612,785		0.1
4,759,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			4,506,016		0.1
1,130,000 (3)	HSBC Holdings PLC, 2.804%, 05/24/2032			923,460		0.0
3,307,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			3,121,754		0.0
4,853,000 (3)	HSBC Holdings PLC, 4.600%, 12/31/2199			3,636,482		0.1
4,831,000 (3)	HSBC Holdings PLC, 6.000%, 12/31/2199			4,364,230		0.1
3,552,000 (2)(3)	HSBC Holdings PLC, 6.254%, 03/09/2034			3,716,497		0.1
4,380,000 (3)	HSBC Holdings PLC, 6.332%, 03/09/2044			4,636,828		0.1
7,908,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032			8,004,730		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,483,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040		$	2,534,656		0.0
12,034,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			11,968,533		0.2
7,190,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			6,035,021		0.1
6,236,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			5,910,915		0.1
3,479,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			3,108,033		0.0
5,019,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			4,430,773		0.1
3,798,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027			3,415,272		0.1
559,000 (3)	JPMorgan Chase & Co., 1.953%, 02/04/2032			450,071		0.0
4,472,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029			3,883,514		0.1
3,784,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			3,392,540		0.1
1,361,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025			1,302,162		0.0
1,531,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			1,451,890		0.0
6,475,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028			6,007,551		0.1
10,000 (3)	JPMorgan Chase & Co., 3.559%, 04/23/2024			9,989		0.0
4,270,000 (3)	JPMorgan Chase & Co., 3.797%, 07/23/2024			4,248,418		0.1
755,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027			733,805		0.0
2,485,000 (3)	JPMorgan Chase & Co., 4.452%, 12/05/2029			2,415,440		0.0

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,287,000	Kite Realty Group L.P., 4.000%, 10/01/2026		$	1,216,710		0.0
4,890,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			3,539,944		0.1
1,685,000 (1)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			1,607,077		0.0
1,662,000	Life Storage L.P., 4.000%, 06/15/2029			1,528,556		0.0
3,503,000 (3)	Lloyds Banking Group PLC, 5.871%, 03/06/2029			3,534,578		0.1
9,427,000 (3)	Lloyds Banking Group PLC, 8.000%, 12/31/2199			8,708,191		0.1
5,095,000 (2)	Main Street Capital Corp., 3.000%, 07/14/2026			4,448,264		0.1
3,087,000	Marsh & McLennan Cos, Inc., 5.450%, 03/15/2053			3,184,539		0.0
5,897,000 (1)	Metropolitan Life Global Funding I, 5.150%, 03/28/2033			5,950,404		0.1
5,813,000 (3)	Mitsubishi UFJ Financial Group, Inc., 5.441%, 02/22/2034			5,877,869		0.1
2,508,000 (3)	Mitsubishi UFJ Financial Group, Inc., 5.475%, 02/22/2031			2,527,588		0.0
4,554,000 (3)	Mizuho Financial Group, Inc., 5.754%, 05/27/2034			4,661,293		0.1
3,912,000 (3)	Morgan Stanley, 0.790%, 05/30/2025			3,704,823		0.1
3,075,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			2,959,121		0.0
17,410,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			15,486,463		0.2
3,968,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			3,559,032		0.1
5,414,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			5,082,551		0.1
2,425,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			2,217,278		0.0
1,986,000 (3)	Morgan Stanley, 2.720%, 07/22/2025			1,915,305		0.0
1,722,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,627,856		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,736,000 (3)	Morgan Stanley, 3.737%, 04/24/2024		$	1,732,957		0.0
2,750,000	Morgan Stanley, 3.875%, 01/27/2026			2,685,581		0.0
3,524,000	Morgan Stanley, 4.000%, 07/23/2025			3,451,708		0.1
2,439,000 (3)	Morgan Stanley, 4.457%, 04/22/2039			2,232,456		0.0
7,851,000 (3)	Morgan Stanley, 5.297%, 04/20/2037			7,408,550		0.1
12,812,000 (3)	Morgan Stanley, 5.948%, 01/19/2038			12,752,856		0.2
1,334,000 (3)	Morgan Stanley, 6.296%, 10/18/2028			1,403,917		0.0
14,930,000 (3)	Morgan Stanley, 6.342%, 10/18/2033			16,319,488		0.2
5,135,000	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031			3,461,504		0.1
3,230,000 (1)	National Australia Bank Ltd., 6.429%, 01/12/2033			3,330,279		0.1
4,255,000 (2)	Navient Corp., 5.000%, 03/15/2027			3,753,294		0.1
6,488,000 (1)	New York Life Global Funding, 4.550%, 01/28/2033			6,427,308		0.1
10,867,000	Northern Trust Corp., 6.125%, 11/02/2032			11,592,409		0.2
4,918,000 (1)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			4,236,282		0.1
3,376,000	Old Republic International Corp., 3.850%, 06/11/2051			2,537,694		0.0
1,215,000	OneMain Finance Corp., 4.000%, 09/15/2030			912,344		0.0
7,000,000	ORIX Corp., 3.250%, 12/04/2024			6,770,368		0.1
2,613,000	Owl Rock Capital Corp., 2.875%, 06/11/2028			2,121,375		0.0
3,592,000 (1)	OWL Rock Core Income Corp., 7.750%, 09/16/2027			3,545,527		0.1
10,014,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			8,326,391		0.1
2,118,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			1,457,521		0.0

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,580,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024		$	1,494,200		0.0
2,078,000 (2)(3)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			1,918,117		0.0
13,076,000 (3)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			12,193,370		0.2
1,754,000	Principal Financial Group, Inc., 5.375%, 03/15/2033			1,756,853		0.0
1,669,000	Principal Financial Group, Inc., 5.500%, 03/15/2053			1,599,791		0.0
1,800,000	Prologis L.P., 2.250%, 01/15/2032			1,482,427		0.0
1,763,000	Prologis L.P., 4.750%, 06/15/2033			1,753,292		0.0
1,471,000	Prologis L.P., 5.250%, 06/15/2053			1,475,490		0.0
1,747,000	Public Storage, 1.950%, 11/09/2028			1,535,682		0.0
726,000	Realty Income Corp., 3.950%, 08/15/2027			700,413		0.0
2,498,000	Realty Income Corp., 4.875%, 06/01/2026			2,487,298		0.0
1,250,000	Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/2023			1,235,864		0.0
3,171,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031			2,514,978		0.0
5,055,000 (1)	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.875%, 03/01/2031			4,196,332		0.1
1,792,000	Sabra Health Care L.P., 3.200%, 12/01/2031			1,316,308		0.0
3,082,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028			2,714,307		0.0
972,000	Simon Property Group L.P., 1.750%, 02/01/2028			837,089		0.0
1,050,000	Simon Property Group L.P., 2.450%, 09/13/2029			901,818		0.0
1,384,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			1,220,389		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
890,000 (3)	Truist Financial Corp., 4.800%, 12/31/2199		$	780,975		0.0
3,320,000 (3)	Truist Financial Corp., 5.100%, 12/31/2199			2,923,441		0.0
3,995,000 (3)	Truist Financial Corp., 5.122%, 01/26/2034			3,899,381		0.1
2,281,000	Truist Financial Corp., 5.516%, (US0003M + 0.650)%, 03/15/2028			2,068,622		0.0
3,180,000	UBS AG, 5.125%, 05/15/2024			3,097,877		0.0
3,853,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027			3,386,991		0.1
1,375,000 (1)(3)	UBS Group AG, 1.494%, 08/10/2027			1,185,478		0.0
4,328,000 (1)(3)	UBS Group AG, 3.179%, 02/11/2043			3,089,154		0.0
1,999,000 (1)(3)	UBS Group AG, 4.751%, 05/12/2028			1,919,504		0.0
1,005,000	Ventas Realty L.P., 5.700%, 09/30/2043			975,523		0.0
2,994,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			2,818,417		0.0
3,932,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026			3,687,666		0.1
5,017,000 (3)	Wells Fargo & Co., 2.393%, 06/02/2028			4,520,957		0.1
13,580,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			12,913,238		0.2
1,564,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			1,167,954		0.0
2,000,000	XL Group Ltd., 5.250%, 12/15/2043			1,993,410		0.0
				680,520,150		8.9
	Industrial: 2.2%
2,571,000	Avnet, Inc., 5.500%, 06/01/2032			2,510,779		0.0
2,611,000	Avnet, Inc., 6.250%, 03/15/2028			2,659,797		0.0
4,500,000	Berry Global, Inc., 1.650%, 01/15/2027			3,943,928		0.1
3,395,000	Boeing Co/The, 3.250%, 02/01/2028			3,165,119		0.0
3,884,000	Boeing Co/The, 3.250%, 02/01/2035			3,175,484		0.0
1,177,000	Boeing Co/The, 3.625%, 02/01/2031			1,079,260		0.0
791,000	Boeing Co/The, 3.850%, 11/01/2048			592,565		0.0
3,324,000	Boeing Co/The, 4.875%, 05/01/2025			3,318,875		0.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
3,715,000	Boeing Co/The, 5.150%, 05/01/2030		$	3,740,155		0.1
3,126,000	Boeing Co/The, 5.805%, 05/01/2050			3,151,181		0.0
4,195,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			3,888,947		0.1
1,834,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			1,561,340		0.0
1,840,000	Burlington Northern Santa Fe LLC, 4.050%, 06/15/2048			1,618,156		0.0
1,165,000	Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043			1,082,333		0.0
5,230,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			4,902,428		0.1
2,728,000	Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043			2,782,109		0.0
4,300,000 (1)	Cascades, Inc./ Cascades USA, Inc., 5.375%, 01/15/2028			4,088,526		0.1
1,112,000	CSX Corp., 4.500%, 11/15/2052			1,019,435		0.0
719,000	CSX Corp., 4.500%, 08/01/2054			643,385		0.0
2,626,000	CSX Corp., 4.650%, 03/01/2068			2,354,492		0.0
2,605,020	FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 08/20/2035			2,200,105		0.0
2,396,000	John Deere Capital Corp., 3.350%, 04/18/2029			2,271,109		0.0
3,608,000	John Deere Capital Corp., 4.750%, 01/20/2028			3,685,919		0.1
2,390,000 (1)	Komatsu Finance America, Inc., 5.499%, 10/06/2027			2,466,295		0.0
3,142,000	Lockheed Martin Corp., 5.700%, 11/15/2054			3,584,616		0.0
1,470,000	Lockheed Martin Corp., 5.900%, 11/15/2063			1,726,127		0.0
12,925,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			12,230,492		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
1,224,000	Norfolk Southern Corp., 4.100%, 05/15/2121		$	868,003		0.0
2,488,000	Northrop Grumman Corp., 4.950%, 03/15/2053			2,484,056		0.0
3,618,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			3,254,540		0.0
4,922,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			4,402,352		0.1
211,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			209,258		0.0
3,933,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			3,734,461		0.1
7,750,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			7,352,692		0.1
3,431,000	Raytheon Technologies Corp., 5.150%, 02/27/2033			3,572,630		0.0
3,630,000	Raytheon Technologies Corp., 5.375%, 02/27/2053			3,825,959		0.1
1,176,000 (1)	Regal Rexnord Corp., 6.300%, 02/15/2030			1,185,321		0.0
1,175,000 (1)	Regal Rexnord Corp., 6.400%, 04/15/2033			1,177,126		0.0
5,214,000	Republic Services, Inc., 5.000%, 04/01/2034			5,315,534		0.1
3,235,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026			2,832,027		0.0
4,865,000 (1)	Sealed Air Corp., 5.000%, 04/15/2029			4,633,912		0.1
4,575,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			4,007,243		0.1
4,058,000	Silgan Holdings, Inc., 4.125%, 02/01/2028			3,823,448		0.1
4,197,000 (1)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			3,685,718		0.1
4,925,000 (1)	Standard Industries, Inc./NJ, 4.375%, 07/15/2030			4,290,315		0.1

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
3,965,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029		$	3,752,734		0.1
3,534,000	Trane Technologies Financing Ltd., 5.250%, 03/03/2033			3,655,620		0.1
5,745,000 (1)	TTX Co., 3.600%, 01/15/2025			5,595,846		0.1
502,000 (1)	TTX Co., 4.200%, 07/01/2046			439,860		0.0
846,000 (1)	TTX Co., 5.650%, 12/01/2052			923,165		0.0
6,080,000	Union Pacific Corp., 3.500%, 02/14/2053			4,824,227		0.1
1,956,000	Union Pacific Corp., 5.150%, 01/20/2063			1,975,880		0.0
1,322,000	Waste Connections, Inc., 2.600%, 02/01/2030			1,165,608		0.0
1,992,000	Waste Management, Inc., 4.625%, 02/15/2030			1,993,930		0.0
1,530,000	Waste Management, Inc., 4.625%, 02/15/2033			1,534,528		0.0
				165,958,950		2.2
	Technology: 1.4%
6,740,000	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			6,479,213		0.1
7,089,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			6,611,596		0.1
933,000	Apple, Inc., 1.650%, 02/08/2031			781,148		0.0
1,937,000	Apple, Inc., 2.850%, 08/05/2061			1,337,909		0.0
1,040,000	Apple, Inc., 3.450%, 02/09/2045			893,581		0.0
1,147,000	Apple, Inc., 4.100%, 08/08/2062			1,024,971		0.0
7,491,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			6,819,107		0.1
2,143,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			2,200,484		0.0
5,131,000 (2)	HP, Inc., 2.650%, 06/17/2031			4,188,509		0.1
1,915,000	Intel Corp., 3.100%, 02/15/2060			1,263,424		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
3,537,000	Intel Corp., 5.125%, 02/10/2030		$	3,603,456		0.1
4,595,000	Intel Corp., 5.900%, 02/10/2063			4,735,040		0.1
2,322,000	International Business Machines Corp., 3.500%, 05/15/2029			2,182,367		0.0
2,819,000	KLA Corp., 5.250%, 07/15/2062			2,857,848		0.0
5,963,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			5,185,641		0.1
2,946,000 (2)	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			2,469,978		0.0
2,266,000	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			1,734,499		0.0
7,542,000	Microsoft Corp., 2.921%, 03/17/2052			5,741,136		0.1
4,533,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			4,547,676		0.1
1,628,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			1,089,920		0.0
1,900,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			1,709,714		0.0
4,775,000 (1)	Open Text Holdings, Inc., 4.125%, 12/01/2031			3,944,078		0.1
6,520,000	Oracle Corp., 2.300%, 03/25/2028			5,837,292		0.1
1,194,000	Oracle Corp., 3.600%, 04/01/2050			848,119		0.0
2,948,000	Oracle Corp., 3.650%, 03/25/2041			2,277,074		0.0
4,921,000	Oracle Corp., 3.800%, 11/15/2037			4,091,559		0.1
297,000	Oracle Corp., 3.850%, 07/15/2036			254,171		0.0
1,387,000	Oracle Corp., 3.950%, 03/25/2051			1,045,746		0.0
744,000	Oracle Corp., 4.900%, 02/06/2033			729,032		0.0
213,000	Oracle Corp., 5.550%, 02/06/2053			203,053		0.0
2,979,000	Oracle Corp., 6.150%, 11/09/2029			3,174,424		0.0
2,022,000	Oracle Corp., 6.900%, 11/09/2052			2,269,233		0.0
4,392,000	QUALCOMM, Inc., 6.000%, 05/20/2053			4,995,863		0.1

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
2,799,900 (1)	Seagate HDD Cayman, 9.625%, 12/01/2032		$	3,140,640		0.0
2,305,000	Texas Instruments, Inc., 3.650%, 08/16/2032			2,190,767		0.0
910,000	Texas Instruments, Inc., 4.100%, 08/16/2052			842,117		0.0
3,354,000	Texas Instruments, Inc., 4.900%, 03/14/2033			3,491,402		0.1
3,003,000	Texas Instruments, Inc., 5.000%, 03/14/2053			3,171,723		0.0
2,496,000	VMware, Inc., 1.400%, 08/15/2026			2,208,964		0.0
				112,172,474		1.4
	Utilities: 4.8%
3,671,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			3,544,179		0.1
2,870,000	AES Corp./The, 1.375%, 01/15/2026			2,584,544		0.0
2,714,000 (1)	AES Corp./The, 3.950%, 07/15/2030			2,436,249		0.0
2,273,000	Alabama Power Co., 3.450%, 10/01/2049			1,709,082		0.0
10,755,000 (1)	Alliant Energy Finance LLC, 3.750%, 06/15/2023			10,719,584		0.2
1,956,000	American Electric Power Co., Inc., 3.250%, 03/01/2050			1,363,562		0.0
3,377,000 (3)	American Electric Power Co., Inc., 3.875%, 02/15/2062			2,707,209		0.0
2,378,000	American Electric Power Co., Inc., 5.625%, 03/01/2033			2,461,824		0.0
2,784,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032			2,346,410		0.0
4,130,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			3,930,659		0.1
1,793,000	Appalachian Power Co., 4.500%, 03/01/2049			1,550,934		0.0
9,776,000	Avangrid, Inc., 3.200%, 04/15/2025			9,363,627		0.1
2,544,000	Avangrid, Inc., 3.800%, 06/01/2029			2,391,087		0.0
3,010,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			2,541,803		0.0
2,237,000	Black Hills Corp., 3.050%, 10/15/2029			1,954,478		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,720,000	Black Hills Corp., 4.250%, 11/30/2023		$	1,707,970		0.0
1,893,000	Black Hills Corp., 4.350%, 05/01/2033			1,741,159		0.0
1,258,000	CenterPoint Energy Houston Electric LLC, 4.950%, 04/01/2033			1,285,410		0.0
2,166,000 (1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			2,035,964		0.0
1,593,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050			1,197,761		0.0
7,338,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			6,358,230		0.1
4,244,000	Connecticut Light and Power Co/The, 5.250%, 01/15/2053			4,391,779		0.1
731,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			742,731		0.0
3,004,000	Constellation Energy Generation LLC, 5.600%, 03/01/2028			3,094,243		0.1
731,000 (3)	Dominion Energy, Inc., 4.350%, 12/31/2199			608,376		0.0
4,603,000	Dominion Energy, Inc., 5.375%, 11/15/2032			4,721,813		0.1
1,617,000	DTE Electric Co., 5.200%, 04/01/2033			1,670,601		0.0
1,081,000	DTE Electric Co., 5.400%, 04/01/2053			1,134,788		0.0
1,295,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			1,112,017		0.0
1,542,000	Duke Energy Carolinas LLC, 3.700%, 12/01/2047			1,236,644		0.0
587,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			477,461		0.0
2,357,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			2,020,415		0.0
70,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			62,230		0.0
3,797,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053			3,957,454		0.1
735,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199			707,144		0.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
4,024,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		$	3,380,465		0.1
2,285,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			2,546,820		0.0
1,834,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			1,215,459		0.0
1,273,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			933,516		0.0
1,998,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053			2,037,830		0.0
1,662,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			1,389,883		0.0
2,488,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046			1,911,590		0.0
1,258,000	Duke Energy Ohio, Inc., 5.250%, 04/01/2033			1,295,307		0.0
1,058,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053			1,110,883		0.0
3,413,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			2,669,278		0.0
1,725,000	Duke Energy Progress LLC, 4.000%, 04/01/2052			1,439,479		0.0
3,699,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			3,200,547		0.1
104,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			89,933		0.0
2,505,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			2,157,674		0.0
1,257,000	Duke Energy Progress LLC, 5.250%, 03/15/2033			1,307,360		0.0
3,110,000	Duke Energy Progress LLC, 5.350%, 03/15/2053			3,215,708		0.1
1,645,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			1,334,245		0.0
861,000 (1)	Enel Finance America LLC, 7.100%, 10/14/2027			926,062		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,801,000 (1)	Enel Finance International NV, 7.500%, 10/14/2032		$	3,123,887		0.1
2,487,000 (1)	Enel Finance International NV, 7.750%, 10/14/2052			2,916,440		0.0
2,695,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			1,749,071		0.0
706,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			521,875		0.0
2,090,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			1,794,040		0.0
1,432,000	Entergy Arkansas LLC, 5.150%, 01/15/2033			1,472,001		0.0
4,202,000	Entergy Corp., 0.900%, 09/15/2025			3,786,197		0.1
2,722,000	Entergy Corp., 2.400%, 06/15/2031			2,256,684		0.0
1,286,000	Entergy Corp., 2.800%, 06/15/2030			1,113,915		0.0
3,667,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			3,164,985		0.1
2,172,000	Entergy Texas, Inc., 4.000%, 03/30/2029			2,106,642		0.0
1,643,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			1,194,752		0.0
3,888,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053			4,087,066		0.1
2,216,000	Evergy Metro, Inc., 2.250%, 06/01/2030			1,879,853		0.0
2,943,000	Eversource Energy, 0.800%, 08/15/2025			2,678,072		0.0
2,750,000	Eversource Energy, 1.400%, 08/15/2026			2,465,612		0.0
4,991,000	Eversource Energy, 2.900%, 03/01/2027			4,660,303		0.1
3,026,000	Eversource Energy, 5.450%, 03/01/2028			3,137,981		0.1
5,337,000	Exelon Corp., 5.150%, 03/15/2028			5,434,632		0.1
2,164,000	Exelon Corp., 5.600%, 03/15/2053			2,207,229		0.0
1,725,000	Fortis, Inc./Canada, 3.055%, 10/04/2026			1,620,285		0.0
3,055,000	Georgia Power Co., 2.200%, 09/15/2024			2,934,379		0.1
2,124,000	Georgia Power Co., 5.750%, 04/15/2023			2,124,097		0.0

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,773,000	Idaho Power Co., 5.500%, 03/15/2053		$	2,886,677		0.0
898,000	Inkia Energy Ltd., 5.875%, 11/09/2027			828,982		0.0
4,400,000	Interstate Power and Light Co., 3.250%, 12/01/2024			4,276,872		0.1
2,383,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			2,195,573		0.0
1,087,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			910,266		0.0
3,199,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,142,272		0.1
1,461,000	Kentucky Utilities Co., 5.450%, 04/15/2033			1,520,360		0.0
1,461,000	Louisville Gas and Electric Co., 5.450%, 04/15/2033			1,519,283		0.0
4,552,000	Mississippi Power Co., 4.250%, 03/15/2042			3,889,375		0.1
271,000	Mississippi Power Co., 4.750%, 10/15/2041			234,948		0.0
2,460,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027			2,336,971		0.0
2,983,000 (1)	Narragansett Electric Co/The, 3.395%, 04/09/2030			2,734,840		0.0
4,763,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			4,141,191		0.1
3,798,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			3,249,847		0.1
3,701,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			3,523,976		0.1
2,880,000 (3)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			2,789,827		0.0
2,571,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			2,740,500		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
4,273,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		$	3,866,617		0.1
1,857,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			1,541,694		0.0
5,461,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			4,532,630		0.1
3,711,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			3,678,300		0.1
4,113,000	NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033			4,127,336		0.1
5,032,000	NextEra Energy Capital Holdings, Inc., 5.250%, 02/28/2053			4,969,016		0.1
4,500,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			4,580,192		0.1
4,000,000	NiSource, Inc., 0.950%, 08/15/2025			3,641,593		0.1
1,998,000	NiSource, Inc., 5.250%, 03/30/2028			2,034,026		0.0
1,684,000	NSTAR Electric Co., 1.950%, 08/15/2031			1,373,422		0.0
2,418,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			1,865,476		0.0
1,518,000	Oklahoma Gas and Electric Co., 5.400%, 01/15/2033			1,566,852		0.0
2,827,000	ONE Gas, Inc., 1.100%, 03/11/2024			2,715,999		0.0
1,861,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			1,376,082		0.0
4,188,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			3,158,205		0.1
2,484,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			1,953,119		0.0
2,019,000	Pacific Gas and Electric Co., 6.750%, 01/15/2053			2,090,990		0.0
4,558,000	PacifiCorp, 5.350%, 12/01/2053			4,674,742		0.1
2,473,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026			2,485,720		0.0

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
750,000 (1)	Perusahaan Listrik Negara PT, 5.375%, 01/25/2029		$	745,885		0.0
2,675,000	Perusahaan Listrik Negara PT, 5.450%, 05/21/2028			2,667,711		0.0
4,500,000 (1)	Perusahaan Listrik Negara PT, 5.450%, 05/21/2028			4,487,738		0.1
2,382,000	PPL Electric Utilities Corp., 5.250%, 05/15/2053			2,469,463		0.0
2,166,000	Public Service Co. of Colorado, 5.250%, 04/01/2053			2,209,642		0.0
1,954,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053			1,984,651		0.0
939,000	Public Service Electric and Gas Co., 5.125%, 03/15/2053			963,478		0.0
2,889,000	Public Service Enterprise Group, Inc., 0.800%, 08/15/2025			2,646,657		0.0
1,749,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			1,400,489		0.0
6,396,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			5,299,288		0.1
3,312,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027			3,445,014		0.1
6,575,000 (3)	Sempra Energy, 4.125%, 04/01/2052			5,316,020		0.1
4,593,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			3,901,555		0.1
813,000	Southern California Edison Co., 4.050%, 03/15/2042			675,920		0.0
4,457,000 (3)	Southern Co/The, 3.750%, 09/15/2051			3,749,852		0.1
4,975,000 (3)	Southern Co/The, 4.000%, 01/15/2051			4,576,688		0.1
3,430,000	Southern Co/The, 5.113%, 08/01/2027			3,440,162		0.1
4,444,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			4,044,058		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,958,000	Southwestern Electric Power Co., 5.300%, 04/01/2033		$	1,974,378		0.0
1,709,000	Tampa Electric Co., 4.350%, 05/15/2044			1,483,122		0.0
3,186,000	Tucson Electric Power Co., 1.500%, 08/01/2030			2,547,371		0.0
1,078,000	Union Electric Co., 5.450%, 03/15/2053			1,128,416		0.0
3,426,000	Virginia Electric and Power Co., 3.800%, 09/15/2047			2,744,066		0.0
2,672,000	Virginia Electric and Power Co., 5.450%, 04/01/2053			2,731,729		0.0
5,000,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029			4,433,927		0.1
4,673,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			4,055,281		0.1
2,748,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			2,395,866		0.0
927,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			927,963		0.0
1,297,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			1,320,658		0.0
1,500,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			1,309,875		0.0
3,590,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			2,919,992		0.1
				365,612,144		4.8
	Total Corporate Bonds/Notes (Cost $2,506,608,406)			2,317,332,482		30.2
COLLATERALIZED MORTGAGE OBLIGATIONS: 16.1%
1,510,770	Alternative Loan Trust 2004-J7 MI, 4.821%, (US0001M + 1.020)%, 10/25/2034			1,495,990		0.0
423,151	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			303,283		0.0
512,476	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			437,055		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,000,158	Alternative Loan Trust 2005-J2 1A12, 5.245%, (US0001M + 0.400)%, 04/25/2035		$	772,679		0.0
626,523	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			323,842		0.0
118,709	Alternative Loan Trust 2006-18CB A10, 5.245%, (US0001M + 0.400)%, 07/25/2036			50,708		0.0
716,680	Alternative Loan Trust 2006-19CB A28, 5.445%, (US0001M + 0.600)%, 08/25/2036			366,465		0.0
853,026	Alternative Loan Trust 2007-23CB A3, 5.345%, (US0001M + 0.500)%, 09/25/2037			380,773		0.0
1,933,929	Alternative Loan Trust 2007-2CB 2A1, 5.445%, (US0001M + 0.600)%, 03/25/2037			851,841		0.0
829,864	Alternative Loan Trust 2007-3T1 1A11, 6.000%, 04/25/2037			414,930		0.0
746,847	Alternative Loan Trust 2007-8CB A3, 5.345%, (US0001M + 0.500)%, 05/25/2037			355,878		0.0
1,356,107	American Home Mortgage Assets Trust 2007-4 A4, 5.425%, (US0001M + 0.290)%, 08/25/2037			1,173,004		0.0
726,832 (1)(3)	Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048			671,471		0.0
535,129	Banc of America Funding 2007-2 1A16 Trust, 5.445%, (US0001M + 0.600)%, 03/25/2037			401,187		0.0
660,831 (4)	Banc of America Mortgage 2007-2 A8 Trust, 6.000%, 05/25/2037			63,966		0.0
2,733,268 (1)	Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850)%, 12/25/2051			2,497,703		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
747,558 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 3.942%, 05/25/2035		$	688,790		0.0
961,960 (3)	Bear Stearns ALT-A Trust 2005-7 21A1, 4.015%, 09/25/2035			772,588		0.0
2,115,180	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 5.035%, (US0001M + 0.190)%, 01/25/2037			1,808,847		0.0
1,876,220 (1)	Bellemeade Re 2019-1A M2 Ltd., 7.545%, (US0001M + 2.700)%, 03/25/2029			1,881,502		0.0
13,147,000 (1)	Bellemeade RE 2021-3 A M1C Ltd., 6.110%, (SOFR30A + 1.550)%, 09/25/2031			12,707,443		0.2
1,000,000 (1)	Bellemeade Re 2022-1 M1C Ltd., 8.260%, (SOFR30A + 3.700)%, 01/26/2032			978,181		0.0
1,783,723 (1)(3)	Chase Mortgage Finance Corp. 2019-1 B2, 3.898%, 03/25/2050			1,524,325		0.0
2,084,955 (1)(3)	Chase Mortgage Finance Corp. 2019-1 B3, 3.898%, 03/25/2050			1,664,016		0.0
986,856 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 3.786%, 11/25/2034			879,920		0.0
456,000	CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037			245,000		0.0
794,521 (1)(3)	CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067			713,841		0.0
112,101 (1)(3)	CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049			106,527		0.0
260,533 (1)(3)	CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049			235,689		0.0
2,763,522 (1)(3)	CIM Trust 2019-J2 B2, 3.772%, 10/25/2049			2,363,577		0.0
922,030 (1)(3)	CIM Trust 2019-J2 B3, 3.772%, 10/25/2049			773,910		0.0

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,600,000 (1)(3)	CIM Trust 2019-R5 M2, 3.250%, 09/25/2059		$	2,274,110		0.0
3,098,892 (1)(3)	CIM Trust 2020-J1 B3, 3.447%, 07/25/2050			2,497,483		0.0
733,502	Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036			644,535		0.0
642,623 (3)	Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.099%, 11/25/2036			535,692		0.0
295,842 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.890%, 09/25/2037			253,213		0.0
775,982 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			736,519		0.0
1,335,721 (1)(3)	Citigroup Mortgage Loan Trust 2021-J2 B2W, 2.769%, 07/25/2051			1,002,348		0.0
1,501,259 (1)(3)	Citigroup Mortgage Loan Trust 2021-J2 B3W, 2.769%, 07/25/2051			1,042,330		0.0
4,578,457 (1)	Connecticut Avenue Securities Trust 2020-R02 2B1, 7.845%, (US0001M + 3.000)%, 01/25/2040			4,294,945		0.1
2,031,911 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 6.845%, (US0001M + 2.000)%, 01/25/2040			2,019,950		0.0
4,800,000 (1)	Connecticut Avenue Securities Trust 2021-R01 1B1, 7.660%, (SOFR30A + 3.100)%, 10/25/2041			4,536,572		0.1
2,000,000 (1)	Connecticut Avenue Securities Trust 2021-R03 1B1, 7.310%, (SOFR30A + 2.750)%, 12/25/2041			1,841,111		0.0
13,600,000 (1)	Connecticut Avenue Securities Trust 2022-R01 1B1, 7.710%, (SOFR30A + 3.150)%, 12/25/2041			12,647,608		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,440,000 (1)	Connecticut Avenue Securities Trust 2022-R02 2B1, 9.060%, (SOFR30A + 4.500)%, 01/25/2042		$	4,234,627		0.1
3,250,000 (1)	Connecticut Avenue Securities Trust 2022-R08 1B1, 10.160%, (SOFR30A + 5.600)%, 07/25/2042			3,281,071		0.1
399,912	Countrywide Alternative Loan Trust 2005-53T2 2A6, 5.345%, (US0001M + 0.500)%, 11/25/2035			202,321		0.0
692,879 (1)	CSMC Series 2008-2R 1A1, 6.000%, 07/25/2037			583,715		0.0
749,158 (1)(3)	CSMC Trust 2015-2 B3, 3.887%, 02/25/2045			701,603		0.0
53,659,448 (3)(4)	Deutsche ALT-A Securities, Inc. ALT 07-AB1 X, 0.779%, 04/25/2037			1,996,673		0.0
5,000,000 (1)	Eagle RE 2021-2 M1C Ltd., 8.010%, (SOFR30A + 3.450)%, 04/25/2034			5,063,508		0.1
800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.495%, (US0001M + 3.650)%, 02/25/2040			799,219		0.0
2,191,569 (4)	Fannie Mae 2008-12 SC, 1.505%, (-1.000*US0001M + 6.350)%, 03/25/2038			192,574		0.0
8,191,568	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			8,193,774		0.1
402,875	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			373,667		0.0
5,919,751	Fannie Mae 2012-66 EP, 4.000%, 06/25/2042			5,722,773		0.1
1,292,989	Fannie Mae 2013-116 UB, 4.000%, 11/25/2043			1,221,265		0.0
1,686,366	Fannie Mae 2013-20 DL, 4.000%, 03/25/2033			1,642,853		0.0

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,233,060 (4)	Fannie Mae 2016-82 SD, 1.205%, (-1.000*US0001M + 6.050)%, 11/25/2046		$	1,321,726		0.0
398,925	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			391,656		0.0
8,879,017 (4)	Fannie Mae 2018-86 US, 1.745%, (-1.000*US0001M + 6.590)%, 09/25/2040			1,056,658		0.0
1,749,575	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 8.845%, (US0001M + 4.000)%, 05/25/2025			1,808,751		0.0
207,917	Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 11.795%, (US0001M + 6.950)%, 08/25/2028			220,067		0.0
127,600 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 7.145%, (US0001M + 2.300)%, 08/25/2031			127,610		0.0
2,500,000 (1)	Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.860%, (SOFR30A + 3.300)%, 11/25/2041			2,359,202		0.0
1,250,877 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 7.295%, (US0001M + 2.450)%, 07/25/2031			1,252,731		0.0
824,489 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 8.945%, (US0001M + 4.100)%, 07/25/2039			833,988		0.0
908,402 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 6.895%, (US0001M + 2.050)%, 01/25/2040			911,734		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
500,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 8.495%, (US0001M + 3.650)%, 02/25/2040		$	503,077		0.0
3,458	Fannie Mae Grantor Trust 1998-T2 A6, 5.408%, (US0001M + 0.550)%, 01/25/2032			3,432		0.0
127,768 (4)	Fannie Mae Interest Strip Series 418 20, 3.000%, 05/25/2043			16,994		0.0
455,384 (4)	Fannie Mae Interest Strip Series 418 59, 3.000%, 08/25/2028			20,311		0.0
58,410	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			58,961		0.0
2,549 (4)	Fannie Mae REMIC Trust 1999-6 SE, 2.977%, (-1.000*US0001M + 7.685)%, 02/17/2029			11		0.0
3,406,754	Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042			3,481,127		0.1
634,802	Fannie Mae REMIC Trust 2003-105 AZ, 5.500%, 10/25/2033			651,707		0.0
248,889	Fannie Mae REMIC Trust 2003-45 FJ, 6.162%, (US0001M + 1.500)%, 06/25/2033			255,417		0.0
740,813 (4)	Fannie Mae REMIC Trust 2003-66 SA, 2.805%, (-1.000*US0001M + 7.650)%, 07/25/2033			91,982		0.0
164,696 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			30,730		0.0
357,162	Fannie Mae REMIC Trust 2003-84 PZ, 5.000%, 09/25/2033			358,997		0.0
605,490	Fannie Mae REMIC Trust 2004-50 VZ, 5.500%, 07/25/2034			618,049		0.0
12,511	Fannie Mae REMIC Trust 2004-56 FE, 5.295%, (US0001M + 0.450)%, 10/25/2033			12,444		0.0

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TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
282,084	Fannie Mae REMIC Trust 2004-7 Z, 5.500%, 02/25/2034		$	287,775		0.0
574,530	Fannie Mae REMIC Trust 2004-75 ZG, 4.500%, 10/25/2034			571,287		0.0
1,639,804	Fannie Mae REMIC Trust 2005-25 Z, 5.000%, 04/25/2035			1,657,290		0.0
77,530	Fannie Mae REMIC Trust 2006-104 ES, 9.224%, (-5.000*US0001M + 33.450)%, 11/25/2036			106,946		0.0
1,227,599 (4)	Fannie Mae REMIC Trust 2006-12 SD, 1.905%, (-1.000*US0001M + 6.750)%, 10/25/2035			89,938		0.0
437,042 (4)	Fannie Mae REMIC Trust 2006-123 UI, 1.895%, (-1.000*US0001M + 6.740)%, 01/25/2037			46,345		0.0
62,805 (4)	Fannie Mae REMIC Trust 2006-72 HS, 1.855%, (-1.000*US0001M + 6.700)%, 08/25/2026			1,735		0.0
15,245	Fannie Mae REMIC Trust 2007-10 Z, 6.000%, 02/25/2037			15,891		0.0
2,139,606 (4)	Fannie Mae REMIC Trust 2007-91 AS, 1.555%, (-1.000*US0001M + 6.400)%, 10/25/2037			220,421		0.0
996,246	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			984,162		0.0
4,750,201 (3)	Fannie Mae REMIC Trust 2009-50 HZ, 5.536%, 02/25/2049			4,848,166		0.1
1,031,859 (4)	Fannie Mae REMIC Trust 2009-90 TS, 1.305%, (-1.000*US0001M + 6.150)%, 11/25/2039			100,795		0.0
145,963 (4)	Fannie Mae REMIC Trust 2010-118 GS, 1.105%, (-1.000*US0001M + 5.950)%, 10/25/2039			369		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,657,531 (4)	Fannie Mae REMIC Trust 2010-123 SL, 1.225%, (-1.000*US0001M + 6.070)%, 11/25/2040		$	209,651		0.0
3,331,722 (4)	Fannie Mae REMIC Trust 2010-41 SB, 1.555%, (-1.000*US0001M + 6.400)%, 05/25/2040			294,372		0.0
836,670 (4)	Fannie Mae REMIC Trust 2010-43 VS, 1.605%, (-1.000*US0001M + 6.450)%, 05/25/2040			76,962		0.0
4,822,919	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			4,938,786		0.1
646,182 (4)	Fannie Mae REMIC Trust 2011-102 SA, 1.755%, (-1.000*US0001M + 6.600)%, 10/25/2041			73,577		0.0
2,045,987	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			2,045,326		0.0
1,742,004 (4)	Fannie Mae REMIC Trust 2011-93 GS, 1.705%, (-1.000*US0001M + 6.550)%, 04/25/2039			195,607		0.0
3,029,247 (4)	Fannie Mae REMIC Trust 2012-122 SB, 1.305%, (-1.000*US0001M + 6.150)%, 11/25/2042			362,506		0.0
1,467,744 (4)	Fannie Mae REMIC Trust 2012-128 LI, 3.500%, 06/25/2042			90,625		0.0
3,811,954 (4)	Fannie Mae REMIC Trust 2012-133 AS, 1.355%, (-1.000*US0001M + 6.200)%, 10/25/2042			406,681		0.0
548,162 (4)	Fannie Mae REMIC Trust 2012-149 GI, 3.500%, 06/25/2042			48,043		0.0
234,216 (4)	Fannie Mae REMIC Trust 2012-15 SP, 1.775%, (-1.000*US0001M + 6.620)%, 06/25/2040			1,059		0.0

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value				Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
761,926 (4)	Fannie Mae REMIC Trust 2012-24 HS, 1.705%, (-1.000*US0001M + 6.550)%, 09/25/2040		$	20,271			0.0
504,605 (4)	Fannie Mae REMIC Trust 2012-30 QS, 1.755%, (-1.000*US0001M + 6.600)%, 04/25/2031			3,381			0.0
477,573 (4)	Fannie Mae REMIC Trust 2012-68 YS, 1.855%, (-1.000*US0001M + 6.700)%, 07/25/2042			49,903			0.0
1,068,892 (4)	Fannie Mae REMIC Trust 2013-26 JS, 1.355%, (-1.000*US0001M + 6.200)%, 10/25/2032			56,911			0.0
4,241,548 (4)	Fannie Mae REMIC Trust 2013-60 DS, 1.355%, (-1.000*US0001M + 6.200)%, 06/25/2033			328,290			0.0
4,119,975 (4)	Fannie Mae REMIC Trust 2013-9 SM, 1.405%, (-1.000*US0001M + 6.250)%, 02/25/2033			289,202			0.0
956,246 (4)	Fannie Mae REMIC Trust 2014-17 DS, 1.355%, (-1.000*US0001M + 6.200)%, 02/25/2043			26,052	��		0.0
955,044 (4)	Fannie Mae REMIC Trust 2014-28 BS, 1.355%, (-1.000*US0001M + 6.200)%, 08/25/2043			55,919			0.0
26,943,623 (4)	Fannie Mae REMIC Trust 2015-79 SA, 1.405%, (-1.000*US0001M + 6.250)%, 11/25/2045			2,790,365			0.1
10,946,984 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			2,252,705			0.0
17,446,956 (4)	Fannie Mae REMICS 16-60 SB, 1.255%, (-1.000*US0001M + 6.100)%, 09/25/2046			1,617,349			0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
44,191 (4)	Fannie Mae REMICS 1997-18 SG, 3.391%, (-1.000*US0001M + 8.100)%, 03/17/2027		$	1,035		0.0
3,945 (4)	Fannie Mae REMICS 1997-91 FC, 0.824%, (US0001M + (8.500))%, 11/25/2023			9		0.0
26 (4)	Fannie Mae REMICS 1999-57 SC, 5.041%, (-1.000*US0001M + 9.750)%, 11/17/2029			1		0.0
169,945 (4)	Fannie Mae REMICS 2001-72 SC, 1.000%, (-1.000*US0001M + 8.500)%, 12/25/2031			3,604		0.0
30,119 (4)	Fannie Mae REMICS 2001-8 SK, 3.989%, (-1.000*US0001M + 8.750)%, 03/18/2031			964		0.0
655,466 (4)	Fannie Mae REMICS 2003-49 SW, 2.155%, (-1.000*US0001M + 7.000)%, 01/25/2033			59,960		0.0
2,916,078 (4)	Fannie Mae REMICS 2004-54 SN, 2.205%, (-1.000*US0001M + 7.050)%, 07/25/2034			265,114		0.0
5,897,899 (4)	Fannie Mae REMICS 2005-75 ES, 1.205%, (-1.000*US0001M + 6.050)%, 09/25/2035			499,436		0.0
497,895 (4)	Fannie Mae REMICS 2005-75 SP, 1.905%, (-1.000*US0001M + 6.750)%, 08/25/2035			32,093		0.0
1,486,596 (4)	Fannie Mae REMICS 2006-56 SM, 1.905%, (-1.000*US0001M + 6.750)%, 07/25/2036			125,666		0.0
382,207 (4)	Fannie Mae REMICS 2007-21 SB, 1.555%, (-1.000*US0001M + 6.400)%, 03/25/2037			14,841		0.0
919,858 (4)	Fannie Mae REMICS 2007-52 NS, 1.605%, (-1.000*US0001M + 6.450)%, 06/25/2037			98,501		0.0
796,269 (4)	Fannie Mae REMICS 2007-85 SM, 1.615%, (-1.000*US0001M + 6.460)%, 09/25/2037			77,545		0.0

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
245,059	Fannie Mae REMICS 2008-16 Z, 5.500%, 03/25/2038		$	248,474		0.0
4,677,330 (4)	Fannie Mae REMICS 2009-66 SP, 1.255%, (-1.000*US0001M + 6.100)%, 09/25/2039			315,623		0.0
3,020,540 (4)	Fannie Mae REMICS 2010-1 S, 1.405%, (-1.000*US0001M + 6.250)%, 02/25/2040			305,254		0.0
4,773,984 (4)	Fannie Mae REMICS 2010-150 SJ, 1.635%, (-1.000*US0001M + 6.480)%, 01/25/2041			540,955		0.0
939,711 (4)	Fannie Mae REMICS 2010-35 CS, 1.605%, (-1.000*US0001M + 6.450)%, 04/25/2050			81,074		0.0
875,861	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			885,323		0.0
4,914,509	Fannie Mae REMICS 2011-101 DB, 4.000%, 10/25/2041			4,765,603		0.1
2,906,519	Fannie Mae REMICS 2011-116 ZA, 3.500%, 11/25/2041			2,753,646		0.1
64,678	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			61,816		0.0
6,187,065	Fannie Mae REMICS 2011-136 PZ, 4.000%, 01/25/2042			6,045,995		0.1
6,018,467 (4)	Fannie Mae REMICS 2011-47 GS, 1.085%, (-1.000*US0001M + 5.930)%, 06/25/2041			447,005		0.0
1,836,262	Fannie Mae REMICS 2011-8 ZA, 4.000%, 02/25/2041			1,781,351		0.0
4,437,708	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			4,688,983		0.1
6,530,310	Fannie Mae REMICS 2011-87 GB, 4.500%, 09/25/2041			6,564,904		0.1
1,848,292 (4)	Fannie Mae REMICS 2012-111 SL, 1.255%, (-1.000*US0001M + 6.100)%, 05/25/2041			179,408		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,341,566	Fannie Mae REMICS 2012-111 ZK, 3.500%, 10/25/2042		$	3,129,711		0.1
3,021,813 (4)	Fannie Mae REMICS 2012-120 WI, 3.000%, 11/25/2027			124,104		0.0
10,088,842	Fannie Mae REMICS 2012-15 PZ, 4.000%, 03/25/2042			9,596,608		0.1
4,275,782	Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042			4,144,796		0.1
3,364,666	Fannie Mae REMICS 2012-2 HE, 4.000%, 02/25/2042			3,293,643		0.1
931,029	Fannie Mae REMICS 2012-30 AB, 4.000%, 04/25/2042			910,373		0.0
1,320,003	Fannie Mae REMICS 2012-33 BW, 4.000%, 04/25/2042			1,262,849		0.0
3,492	Fannie Mae REMICS 2012-44 KW, 3.500%, 05/25/2032			3,658		0.0
1,861,112	Fannie Mae REMICS 2012-55 PC, 3.500%, 05/25/2042			1,769,940		0.0
8,396,000	Fannie Mae REMICS 2012-63 MW, 4.000%, 05/25/2034			8,126,824		0.1
500,000	Fannie Mae REMICS 2012-80 MY, 3.250%, 08/25/2042			445,787		0.0
14,073,084	Fannie Mae REMICS 2012-94 LZ, 3.500%, 09/25/2042			13,325,759		0.2
2,424,709	Fannie Mae REMICS 2013-111 BA, 3.000%, 11/25/2033			2,304,106		0.0
1,403,000	Fannie Mae REMICS 2013-13 BE, 4.000%, 03/25/2043			1,378,760		0.0
160,809	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			156,951		0.0
3,996,321 (4)	Fannie Mae REMICS 2013-40 LS, 1.305%, (-1.000*US0001M + 6.150)%, 05/25/2043			451,609		0.0
4,946,444 (4)	Fannie Mae REMICS 2013-70 BI, 3.000%, 07/25/2033			452,263		0.0

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,983,030	Fannie Mae REMICS 2013-70 JZ, 3.000%, 07/25/2043		$	3,566,284		0.1
6,313,199 (4)	Fannie Mae REMICS 2014-15 SB, 1.805%, (-1.000*US0001M + 6.650)%, 04/25/2044			793,121		0.0
970,000	Fannie Mae REMICS 2014-61 PY, 3.500%, 10/25/2044			868,467		0.0
6,519,864 (4)	Fannie Mae REMICS 2014-70 IO, 5.500%, 10/25/2044			1,151,766		0.0
25,613,762 (4)	Fannie Mae REMICS 2014-79 KS, 1.305%, (-1.000*US0001M + 6.150)%, 12/25/2044			3,098,091		0.1
18,355,614	Fannie Mae REMICS 2015-20 EZ, 3.500%, 04/25/2045			17,009,381		0.2
4,237,052 (4)	Fannie Mae REMICS 2015-56 IC, 6.000%, 08/25/2045			737,375		0.0
2,000,000	Fannie Mae REMICS 2015-67 AV, 3.500%, 01/25/2036			1,857,516		0.0
3,888,199	Fannie Mae REMICS 2015-67 QV, 3.000%, 12/25/2040			3,771,107		0.1
1,769,278 (4)	Fannie Mae REMICS 2015-76 PI, 6.000%, 09/25/2045			291,117		0.0
15,105,157 (4)	Fannie Mae REMICS 2015-86 BS, 0.855%, (-1.000*US0001M + 5.700)%, 11/25/2045			1,003,301		0.0
24,775,117 (4)	Fannie Mae REMICS 2015-88 IO, 6.500%, 12/25/2045			6,100,176		0.1
5,361,855 (4)	Fannie Mae REMICS 2015-97 BI, 5.500%, 01/25/2046			964,038		0.0
3,368,446 (4)	Fannie Mae REMICS 2016-104 BI, 6.000%, 01/25/2047			639,247		0.0
5,382,393 (4)	Fannie Mae REMICS 2016-52 MI, 4.000%, 12/25/2045			845,499		0.0
22,395,498 (4)	Fannie Mae REMICS 2016-81 CS, 1.255%, (-1.000*US0001M + 6.100)%, 11/25/2046			1,738,323		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
366,792	Fannie Mae REMICS 2016-9 D, 3.000%, 03/25/2046		$	340,436		0.0
18,614,459 (4)	Fannie Mae REMICS 2017-10 SA, 1.255%, (-1.000*US0001M + 6.100)%, 03/25/2047			1,682,213		0.0
4,948,813	Fannie Mae REMICS 2017-108 ZD, 3.000%, 01/25/2048			3,953,801		0.1
4,825,864	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			4,407,070		0.1
26,410,398 (4)	Fannie Mae REMICS 2018-15 SC, 1.455%, (-1.000*US0001M + 6.300)%, 03/25/2048			2,788,853		0.1
3,602,839	Fannie Mae REMICS 2018-26 A, 3.500%, 04/25/2048			3,383,906		0.1
1,137,512	Fannie Mae REMICS 2018-38 LA, 3.000%, 06/25/2048			1,030,294		0.0
11,556,400	Fannie Mae REMICS 2018-73 AB, 3.000%, 10/25/2048			10,714,953		0.2
1,202,835	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			1,150,711		0.0
33,478,188 (4)	Fannie Mae REMICS 2018-82 SA, 1.355%, (-1.000*US0001M + 6.200)%, 11/25/2048			3,276,872		0.1
7,571,084 (4)	Fannie Mae REMICS 2018-86 AS, 1.355%, (-1.000*US0001M + 6.200)%, 12/25/2048			619,679		0.0
34,059,147 (4)	Fannie Mae REMICS 2018-86 SM, 1.355%, (-1.000*US0001M + 6.200)%, 12/25/2048			3,101,818		0.1
29,278,900 (4)	Fannie Mae REMICS 2018-91 SB, 1.255%, (-1.000*US0001M + 6.100)%, 12/25/2058			3,423,431		0.1
10,020,919 (4)	Fannie Mae REMICS 2019-21 AI, 5.000%, 05/25/2059			2,610,748		0.0
9,296,601 (4)	Fannie Mae REMICS 2019-30 SB, 1.255%, (-1.000*US0001M + 6.100)%, 07/25/2049			908,233		0.0

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,670,948 (4)	Fannie Mae REMICS 2019-34 BS, 1.205%, (-1.000*US0001M + 6.050)%, 07/25/2049		$	1,635,672		0.0
7,649,392 (4)	Fannie Mae REMICS 2019-39 SA, 1.255%, (-1.000*US0001M + 6.100)%, 08/25/2049			712,143		0.0
52,433,472 (4)	Fannie Mae REMICS 2019-41 S, 1.155%, (-1.000*US0001M + 6.000)%, 08/25/2059			4,929,575		0.1
5,322,845 (4)	Fannie Mae REMICS 2019-47 SB, 1.255%, (-1.000*US0001M + 6.100)%, 05/25/2040			485,262		0.0
22,395,951 (4)	Fannie Mae REMICS 2020-35 IO, 5.000%, 06/25/2050			3,602,483		0.1
23,101,773 (4)	Fannie Mae REMICS 2020-44 DI, 2.500%, 07/25/2050			3,027,390		0.1
10,769,238 (4)	Fannie Mae REMICS 2020-44 EI, 3.500%, 09/25/2042			1,709,637		0.0
50,382,739 (4)	Fannie Mae REMICS 2021-1 BI, 3.000%, 02/25/2049			7,813,788		0.1
168,745,485 (4)	Fannie Mae REMICS 2021-10 AI, 3.000%, 03/25/2041			18,722,700		0.3
30,022,848 (4)	Fannie Mae REMICS 2021-22 BI, 4.000%, 04/25/2051			5,900,522		0.1
40,172,793 (4)	Fannie Mae REMICS 2021-41 MI, 5.000%, 06/25/2048			7,460,445		0.1
39,490,298 (4)	Fannie Mae REMICS 2021-55 SA, 8.020%, (-1.000*SOFR30A + 3.150)%, 08/25/2061			983,332		0.0
85,682,764 (4)	Fannie Mae REMICS 2021-77 AI, 3.500%, 11/25/2051			16,803,487		0.2
27,966,917 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			5,451,871		0.1
17,779,932 (4)	Fannie Mae REMICS 2021-81 LI, 2.500%, 11/25/2051			2,605,731		0.0
68,834,158 (4)	Fannie Mae REMICS 2021-93 AI, 3.000%, 01/25/2052			11,187,024		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,198,255	Fannie Mae REMICS 2022-5 CZ, 2.500%, 02/25/2052		$	11,889,441		0.2
323	Fannie Mae REMICS G93-35 ZQ, 6.500%, 11/25/2023			322		0.0
1,806,947	Fannie Mae REMICS Trust 2010-53 JZ, 5.000%, 07/25/2040			1,715,469		0.0
16,635,066 (4)	Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033			1,511,818		0.0
980,467 (4)	Fannie Mae Series 2013-72 YS, 1.305%, (-1.000*US0001M + 6.150)%, 07/25/2033			71,099		0.0
8,882 (4)	FHLMC-GNMA 20 S, 4.055%, (-1.000*US0001M + 8.900)%, 10/25/2023			74		0.0
528,007	First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A11, 6.000%, 02/25/2037			233,955		0.0
1,084,701 (1)(3)	First Republic Mortgage Trust 2020-1 B2, 2.884%, 04/25/2050			852,395		0.0
1,748,917 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.951%, 03/25/2048			1,543,718		0.0
2,280,588 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.951%, 03/25/2048			1,961,769		0.0
1,181,097 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.010%, 04/25/2048			1,043,343		0.0
769,146 (1)(3)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			712,002		0.0
898,838 (1)(3)	Flagstar Mortgage Trust 2018-4 B3, 4.205%, 07/25/2048			804,384		0.0
1,700,937 (1)(3)	Flagstar Mortgage Trust 2018-5 B3, 4.496%, 09/25/2048			1,502,451		0.0
2,827,842 (1)(3)	Flagstar Mortgage Trust 2018-6RR B3, 4.923%, 10/25/2048			2,569,996		0.0
1,374,344 (1)(3)	Flagstar Mortgage Trust 2019-2 B2, 4.030%, 12/25/2049			1,212,394		0.0

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,936,844 (1)(3)	Flagstar Mortgage Trust 2020-1NV B1A, 4.216%, 03/25/2050		$	1,689,686		0.0
2,344,402 (1)(3)	Flagstar Mortgage Trust 2020-1NV B2A, 4.216%, 03/25/2050			2,030,639		0.0
1,451,314 (1)(3)	Flagstar Mortgage Trust 2021-6INV B1, 3.494%, 08/25/2051			1,201,336		0.0
10,221,249	Freddie Mac 326 350, 3.500%, 03/15/2044			9,619,724		0.1
5,603,566 (4)	Freddie Mac 3510 AS, 1.726%, (-1.000*US0001M + 6.410)%, 04/15/2037			594,537		0.0
3,800,968 (4)	Freddie Mac 4191 SA, 1.516%, (-1.000*US0001M + 6.200)%, 03/15/2043			332,304		0.0
4,861,552	Freddie Mac 4316 XZ, 4.500%, 03/15/2044			4,852,649		0.1
1,711,398	Freddie Mac Reference Series R007 ZA, 6.000%, 05/15/2036			1,804,562		0.0
191,243	Freddie Mac Reference Series R008 ZA, 6.000%, 07/15/2036			198,263		0.0
48,049	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			49,033		0.0
43,486	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			44,244		0.0
327,896	Freddie Mac REMIC Trust 2143 ZB, 6.000%, 04/15/2029			338,227		0.0
146,746	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			150,801		0.0
44,982 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			7,666		0.0
322,409	Freddie Mac REMIC Trust 2845 QH, 5.000%, 08/15/2034			326,650		0.0
66,644	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			68,059		0.0
109,817	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			110,545		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
168,022	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035		$	170,459		0.0
3,535,309 (4)	Freddie Mac REMIC Trust 3045 DI, 2.046%, (-1.000*US0001M + 6.730)%, 10/15/2035			327,404		0.0
626,258	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			635,822		0.0
593,989 (4)	Freddie Mac REMIC Trust 3171 PS, 1.801%, (-1.000*US0001M + 6.485)%, 06/15/2036			42,657		0.0
3,679,710 (4)	Freddie Mac REMIC Trust 3199 S, 1.766%, (-1.000*US0001M + 6.450)%, 08/15/2036			385,193		0.0
293,440	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			296,675		0.0
92,800	Freddie Mac REMIC Trust 3394 ZY, 6.000%, 11/15/2037			96,374		0.0
156,397 (3)(4)	Freddie Mac REMIC Trust 3524 LA, 5.071%, 03/15/2033			150,985		0.0
11,412	Freddie Mac REMIC Trust 3556 NT, 7.784%, (US0001M + 3.100)%, 03/15/2038			11,654		0.0
3,342,267	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			3,438,076		0.1
292,820	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			307,159		0.0
218,154	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			226,737		0.0
701,799 (4)	Freddie Mac REMIC Trust 3856 KS, 1.866%, (-1.000*US0001M + 6.550)%, 05/15/2041			75,127		0.0
282,974 (4)	Freddie Mac REMIC Trust 3925 SD, 1.366%, (-1.000*US0001M + 6.050)%, 07/15/2040			8,987		0.0
1,154,738 (4)	Freddie Mac REMIC Trust 3925 SL, 1.366%, (-1.000*US0001M + 6.050)%, 01/15/2041			24,356		0.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
145,667	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042		$	144,290		0.0
730,378 (4)	Freddie Mac REMIC Trust 4088 CS, 1.316%, (-1.000*US0001M + 6.000)%, 08/15/2042			78,076		0.0
4,039,882 (4)	Freddie Mac REMIC Trust 4161 WI, 3.000%, 02/15/2033			346,080		0.0
1,964,454 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			318,652		0.0
2,708,941	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			2,549,378		0.0
1,038,878	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			1,041,508		0.0
836,749 (4)	Freddie Mac REMIC Trust 4293 KI, 4.500%, 08/15/2043			101,584		0.0
5,537,662	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			5,373,131		0.1
7,564,090	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			7,333,255		0.1
564,397	Freddie Mac REMIC Trust 4370 AD, 3.000%, 08/15/2040			554,354		0.0
2,660,362 (4)	Freddie Mac REMIC Trust 4386 LS, 1.416%, (-1.000*US0001M + 6.100)%, 09/15/2044			281,472		0.0
22,850,958 (4)	Freddie Mac REMIC Trust 5103 HI, 4.000%, 05/25/2051			4,452,176		0.1
1,195 (4)	Freddie Mac REMICS 2074 S, 3.991%, (-1.000*US0001M + 8.700)%, 07/17/2028			7		0.0
4,874 (4)	Freddie Mac REMICS 2232 SA, 3.891%, (-1.000*US0001M + 8.600)%, 05/17/2030			90		0.0
4,501 (4)	Freddie Mac REMICS 2301 SP, 4.566%, (-1.000*US0001M + 9.250)%, 04/15/2031			120		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
313,730 (4)	Freddie Mac REMICS 2993 GS, 1.466%, (-1.000*US0001M + 6.150)%, 06/15/2025		$	3,004		0.0
576,561 (4)	Freddie Mac REMICS 3006 SI, 2.056%, (-1.000*US0001M + 6.740)%, 07/15/2035			62,130		0.0
582,998 (4)	Freddie Mac REMICS 3006 YI, 2.056%, (-1.000*US0001M + 6.740)%, 07/15/2035			58,339		0.0
3,380,933 (4)	Freddie Mac REMICS 3213 JS, 2.516%, (-1.000*US0001M + 7.200)%, 09/15/2036			436,211		0.0
6,753,821 (4)	Freddie Mac REMICS 3346 SC, 1.866%, (-1.000*US0001M + 6.550)%, 10/15/2033			604,528		0.0
824,385 (4)	Freddie Mac REMICS 3375 QI, 0.600%, (-10.000*US0001M + 64.600)%, 10/15/2037			18,974		0.0
5,558,023 (4)	Freddie Mac REMICS 3629 CS, 1.666%, (-1.000*US0001M + 6.350)%, 01/15/2040			622,116		0.0
2,143,211	Freddie Mac REMICS 3736 ZP, 4.000%, 10/15/2040			2,046,950		0.0
1,571,507	Freddie Mac REMICS 3740 KE, 4.000%, 10/15/2040			1,500,411		0.0
19,441,819	Freddie Mac REMICS 3753 KZ, 4.500%, 11/15/2040			19,474,668		0.3
4,129,548	Freddie Mac REMICS 3775 GZ, 4.500%, 12/15/2040			3,899,917		0.1
1,900,000	Freddie Mac REMICS 3820 NC, 4.500%, 03/15/2041			1,908,068		0.0
825,269	Freddie Mac REMICS 3843 JZ, 5.100%, 04/15/2041			839,169		0.0
386,441	Freddie Mac REMICS 3848 WX, 5.000%, 04/15/2041			395,770		0.0
2,650,000	Freddie Mac REMICS 3890 ME, 5.000%, 07/15/2041			2,720,099		0.1

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,042,178	Freddie Mac REMICS 3893 PU, 4.000%, 07/15/2041		$	1,985,529		0.0
3,935,579	Freddie Mac REMICS 3919 BY, 4.000%, 09/15/2041			3,797,048		0.1
7,663,086	Freddie Mac REMICS 3919 ZB, 4.000%, 09/15/2041			7,393,161		0.1
3,141,436	Freddie Mac REMICS 3923 GY, 4.000%, 09/15/2041			3,049,907		0.1
1,372,824	Freddie Mac REMICS 3934 CB, 4.000%, 10/15/2041			1,325,093		0.0
355,834	Freddie Mac REMICS 3934 KB, 5.000%, 10/15/2041			364,036		0.0
4,061,025	Freddie Mac REMICS 3982 LZ, 4.000%, 01/15/2042			3,948,583		0.1
837,359	Freddie Mac REMICS 3997 PB, 4.000%, 02/15/2042			821,250		0.0
2,740,391 (4)	Freddie Mac REMICS 4057 SN, 1.966%, (-1.000*US0001M + 6.650)%, 12/15/2041			217,880		0.0
2,633,279	Freddie Mac REMICS 4057 ZB, 3.500%, 06/15/2042			2,497,096		0.0
12,073,408	Freddie Mac REMICS 4084 TZ, 4.000%, 07/15/2042			11,539,170		0.2
1,480,856 (4)	Freddie Mac REMICS 4090 SN, 2.016%, (-1.000*US0001M + 6.700)%, 08/15/2032			120,955		0.0
596,743	Freddie Mac REMICS 4100 JA, 3.500%, 10/15/2041			578,382		0.0
2,128,000	Freddie Mac REMICS 4193 BP, 4.000%, 04/15/2043			2,026,763		0.0
2,080,000	Freddie Mac REMICS 4235 QD, 3.000%, 08/15/2033			1,949,427		0.0
23,633,824 (4)	Freddie Mac REMICS 4301 SD, 1.416%, (-1.000*US0001M + 6.100)%, 07/15/2037			1,899,703		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,248,611	Freddie Mac REMICS 4310 BZ, 4.000%, 02/15/2044		$	7,010,086		0.1
2,774,131	Freddie Mac REMICS 4401 BL, 3.500%, 10/15/2034			2,683,368		0.1
9,180,191 (4)	Freddie Mac REMICS 4407 CS, 1.516%, (-1.000*US0001M + 6.200)%, 06/15/2044			784,076		0.0
13,562,171 (4)	Freddie Mac REMICS 4407 PS, 0.916%, (-1.000*US0001M + 5.600)%, 06/15/2044			876,811		0.0
6,370,228	Freddie Mac REMICS 4444 CZ, 3.000%, 02/15/2045			5,589,099		0.1
12,819,570 (4)	Freddie Mac REMICS 4461 AS, 0.916%, (-1.000*US0001M + 5.600)%, 04/15/2045			974,077		0.0
3,124,000	Freddie Mac REMICS 4492 VB, 3.500%, 05/15/2035			2,988,144		0.1
75,144	Freddie Mac REMICS 4500 HC, 3.000%, 11/15/2042			74,003		0.0
2,913,000	Freddie Mac REMICS 4505 PB, 3.000%, 08/15/2045			2,547,497		0.0
8,068,266	Freddie Mac REMICS 4545 PL, 3.500%, 01/15/2046			7,359,701		0.1
11,862,527 (4)	Freddie Mac REMICS 4574 ST, 1.316%, (-1.000*US0001M + 6.000)%, 04/15/2046			1,411,001		0.0
62,214,491 (4)	Freddie Mac REMICS 4585 AS, 1.416%, (-1.000*US0001M + 6.100)%, 05/15/2046			5,882,281		0.1
4,203,783	Freddie Mac REMICS 4608 JV, 3.500%, 01/15/2055			3,611,229		0.1
17,610,753 (4)	Freddie Mac REMICS 4611 BS, 1.416%, (-1.000*US0001M + 6.100)%, 06/15/2041			1,683,861		0.0
11,021,780	Freddie Mac REMICS 4664 KZ, 3.500%, 02/15/2047			10,299,674		0.2

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,719,254	Freddie Mac REMICS 4680 GZ, 3.500%, 03/15/2047		$	5,270,078		0.1
6,279,866	Freddie Mac REMICS 4682 HZ, 3.500%, 04/15/2047			5,904,862		0.1
2,240,553	Freddie Mac REMICS 4700 KZ, 3.500%, 07/15/2047			2,038,803		0.0
4,086,012	Freddie Mac REMICS 4753 VZ, 3.000%, 12/15/2047			3,245,790		0.1
3,345,509	Freddie Mac REMICS 4755 Z, 3.000%, 02/15/2048			2,923,945		0.1
35,832,492	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			32,255,571		0.4
934,901	Freddie Mac REMICS 4772 VG, 4.500%, 08/15/2036			923,886		0.0
15,694,212	Freddie Mac REMICS 4776 AZ, 4.000%, 07/15/2047			15,061,803		0.2
427,446	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			410,390		0.0
8,422,528	Freddie Mac REMICS 4795 D, 5.000%, 05/15/2048			8,534,401		0.1
2,177,139	Freddie Mac REMICS 4834 AZ, 3.500%, 10/15/2048			2,063,150		0.0
35,746,597 (4)	Freddie Mac REMICS 4879 DS, 1.416%, (-1.000*US0001M + 6.100)%, 08/15/2034			2,666,732		0.1
30,085,923 (4)	Freddie Mac REMICS 4892 SA, 1.366%, (-1.000*US0001M + 6.050)%, 07/15/2049			3,448,277		0.1
1,632,872	Freddie Mac REMICS 4904 HB, 3.000%, 08/25/2049			1,300,776		0.0
8,151,067 (4)	Freddie Mac REMICS 4906 SQ, 1.205%, (-1.000*US0001M + 6.050)%, 09/25/2049			934,290		0.0
606,535	Freddie Mac REMICS 4914 DB, 3.000%, 09/25/2049			462,736		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,204,555	Freddie Mac REMICS 4941 CZ, 3.000%, 11/25/2049		$	1,901,998		0.0
3,017,409	Freddie Mac REMICS 4941 WZ, 3.000%, 11/25/2049			2,741,266		0.1
4,916,352	Freddie Mac REMICS 4950 KE, 2.500%, 12/25/2049			4,380,213		0.1
56,143,772 (4)	Freddie Mac REMICS 4998 AI, 3.500%, 12/25/2049			11,329,611		0.2
52,951,148 (4)	Freddie Mac REMICS 5014 HI, 4.000%, 09/25/2050			10,451,132		0.2
33,281,062 (4)	Freddie Mac REMICS 5019 HI, 3.500%, 10/25/2050			6,002,832		0.1
24,267,108 (4)	Freddie Mac REMICS 5045 BS, 1.640%, (-1.000*SOFR30A + 6.200)%, 11/25/2050			3,706,192		0.1
105,758,557 (4)	Freddie Mac REMICS 5051 BI, 3.000%, 11/25/2050			17,113,977		0.2
29,985,853 (4)	Freddie Mac REMICS 5072 NI, 3.000%, 01/25/2050			4,943,789		0.1
47,126,097 (4)	Freddie Mac REMICS 5082 IQ, 3.000%, 03/25/2051			7,715,848		0.1
24,331,249 (4)	Freddie Mac REMICS 5113 AI, 4.000%, 06/25/2041			3,886,289		0.1
72,350,184 (4)	Freddie Mac REMICS 5117 IO, 3.000%, 06/25/2051			10,403,132		0.2
29,030,456 (4)	Freddie Mac REMICS 5128 IC, 5.500%, 09/25/2041			5,801,789		0.1
1,553,544	Freddie Mac REMICS 5228 EC, 4.000%, 02/25/2050			1,461,478		0.0
12,028,876	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			11,639,193		0.2
3,793,974 (1)	Freddie Mac STACR Remic Trust 2020-DNA2 M2, 6.695%, (US0001M + 1.850)%, 02/25/2050			3,772,440		0.1

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,573,151 (1)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 6.745%, (US0001M + 1.900)%, 01/25/2050		$	1,572,485		0.0
8,740,000 (1)	Freddie Mac Stacr Remic Trust 2020-HQA2 B1, 8.945%, (US0001M + 4.100)%, 03/25/2050			8,861,830		0.1
3,070,667 (1)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 7.945%, (US0001M + 3.100)%, 03/25/2050			3,148,642		0.1
3,825,000 (1)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.960%, (SOFR30A + 3.400)%, 10/25/2041			3,595,008		0.1
1,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-DNA7 M2, 6.360%, (SOFR30A + 1.800)%, 11/25/2041			951,467		0.0
3,390,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 6.810%, (SOFR30A + 2.250)%, 08/25/2033			3,267,800		0.1
6,500,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.660%, (SOFR30A + 2.100)%, 09/25/2041			5,867,965		0.1
15,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.310%, (SOFR30A + 3.750)%, 12/25/2041			13,513,420		0.2
10,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.910%, (SOFR30A + 2.350)%, 12/25/2041			9,029,081		0.1
13,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.960%, (SOFR30A + 3.400)%, 01/25/2042			12,298,285		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
9,200,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M1B, 6.410%, (SOFR30A + 1.850)%, 01/25/2042		$	8,709,117		0.1
7,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 7.060%, (SOFR30A + 2.500)%, 01/25/2042			6,477,776		0.1
1,400,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA4 M2, 9.810%, (SOFR30A + 5.250)%, 05/25/2042			1,414,778		0.0
2,700,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 9.810%, (SOFR30A + 5.250)%, 03/25/2042			2,669,552		0.1
3,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.910%, (SOFR30A + 5.350)%, 08/25/2042			3,433,664		0.1
2,584,784	Freddie Mac Strips 277 30, 3.000%, 09/15/2042			2,360,644		0.0
5,463,769 (4)	Freddie Mac Strips 303 C17, 3.500%, 01/15/2043			863,580		0.0
815,934 (3)(4)	Freddie Mac Strips 344 68, 3.000%, 02/15/2045			95,451		0.0
257,452 (3)(4)	Freddie Mac Strips 344 89, 4.500%, 02/15/2045			44,617		0.0
3,532,774 (4)	Freddie Mac Strips 344 C13, 4.500%, 02/15/2045			701,627		0.0
5,139,733 (4)	Freddie Mac Strips 344 C18, 4.000%, 02/15/2045			943,743		0.0
2,524,668 (3)(4)	Freddie Mac Strips 344 C18, 4.000%, 02/15/2045			403,376		0.0
3,085,231 (3)(4)	Freddie Mac Strips 344 C19, 3.500%, 02/15/2045			393,498		0.0
5,021,880 (4)	Freddie Mac Strips 344 C2, 4.000%, 02/15/2045			916,957		0.0
4,235,110 (4)	Freddie Mac Strips 344 C4, 4.000%, 02/15/2045			762,671		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,177,359 (4)	Freddie Mac Strips 344 C5, 3.500%, 02/15/2045		$	1,178,226		0.0
7,343,371 (4)	Freddie Mac Strips 344 C6, 4.000%, 02/15/2045			1,342,149		0.0
4,046,023 (4)	Freddie Mac Strips 344 C7, 4.000%, 02/15/2045			745,748		0.0
3,676,747 (4)	Freddie Mac Strips 344 C9, 3.500%, 02/15/2045			587,563		0.0
3,203,211 (4)	Freddie Mac Strips 344 C9, 3.500%, 02/15/2045			522,244		0.0
8,642,883 (4)	Freddie Mac Strips 347 C14, 3.500%, 02/15/2044			1,470,608		0.0
5,151,572 (4)	Freddie Mac Strips 347 C22, 4.000%, 02/15/2044			932,042		0.0
5,638,185 (4)	Freddie Mac Strips 347 C23, 4.000%, 02/15/2044			1,025,223		0.0
5,291,126 (4)	Freddie Mac Strips 347 C24, 4.000%, 02/15/2044			948,175		0.0
4,750,487 (4)	Freddie Mac Strips 347 C25, 4.000%, 02/15/2044			844,436		0.0
6,556,273 (4)	Freddie Mac Strips 347 C26, 4.000%, 02/15/2044			1,217,514		0.0
6,088,967 (4)	Freddie Mac Strips 347 C28, 4.500%, 02/15/2044			1,227,364		0.0
9,720,242 (4)	Freddie Mac Strips 347 C5, 3.000%, 05/15/2043			1,490,423		0.0
21,062,123 (4)	Freddie Mac Strips 365 C23, 3.500%, 10/15/2047			3,680,454		0.1
27,141,137 (4)	Freddie Mac Strips Series 311 S1, 1.266%, (-1.000*US0001M + 5.950)%, 08/15/2043			3,058,771		0.1
6,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 6.860%, (SOFR30A + 2.300)%, 08/25/2033			5,914,528		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 8.210%, (SOFR30A + 3.650)%, 11/25/2041		$	4,706,395		0.1
2,300,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M2, 11.310%, (SOFR30A + 6.750)%, 06/25/2042			2,458,551		0.0
5,150,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M2, 10.560%, (SOFR30A + 6.000)%, 07/25/2042			5,244,738		0.1
880,959 (3)	Freddie Mac Structured Pass Through Certificates T-48 1A, 4.412%, 07/25/2033			849,424		0.0
600,905 (1)(3)	Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058			578,523		0.0
3,762,839 (1)(3)	Galton Funding Mortgage Trust 2018-2 B2, 4.611%, 10/25/2058			3,463,911		0.1
1,157,786 (4)	Ginnie Mae 2005-37 SI, 1.389%, (-1.000*US0001M + 6.150)%, 05/20/2035			95,543		0.0
996,388 (4)	Ginnie Mae 2007-23 ST, 1.439%, (-1.000*US0001M + 6.200)%, 04/20/2037			83,179		0.0
1,229,130 (4)	Ginnie Mae 2007-40 SE, 1.989%, (-1.000*US0001M + 6.750)%, 07/20/2037			150,978		0.0
809,617 (4)	Ginnie Mae 2007-7 EI, 1.439%, (-1.000*US0001M + 6.200)%, 02/20/2037			81,838		0.0
2,868,719 (4)	Ginnie Mae 2010-11 SA, 1.692%, (-1.000*US0001M + 6.420)%, 01/16/2040			302,098		0.0

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,257,247 (4)	Ginnie Mae 2010-14 SB, 2.039%, (-1.000*US0001M + 6.800)%, 11/20/2035		$	141,790		0.0
936,770 (4)	Ginnie Mae 2010-99 IT, 5.000%, 08/16/2040			127,395		0.0
7,574,975	Ginnie Mae 2013-170 ZD, 2.500%, 11/16/2043			6,712,058		0.1
399,943	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			353,690		0.0
4,436,242	Ginnie Mae 2018-1 LZ, 3.000%, 01/20/2048			3,808,440		0.1
16,284,718 (4)	Ginnie Mae 2018-167 CS, 1.339%, (-1.000*US0001M + 6.100)%, 12/20/2048			1,637,981		0.0
298,022 (4)	Ginnie Mae Series 2005-7 AH, 2.042%, (-1.000*US0001M + 6.770)%, 02/16/2035			26,203		0.0
5,904,762 (4)	Ginnie Mae Series 2007-17 IC, 1.522%, (-1.000*US0001M + 6.250)%, 04/16/2037			389,851		0.0
6,466,763 (4)	Ginnie Mae Series 2007-41 SL, 1.939%, (-1.000*US0001M + 6.700)%, 07/20/2037			685,838		0.0
745,271 (4)	Ginnie Mae Series 2008-2 SW, 1.789%, (-1.000*US0001M + 6.550)%, 01/20/2038			86,232		0.0
373,144 (4)	Ginnie Mae Series 2008-35 SN, 1.639%, (-1.000*US0001M + 6.400)%, 04/20/2038			32,570		0.0
208,089 (4)	Ginnie Mae Series 2008-40 PS, 1.772%, (-1.000*US0001M + 6.500)%, 05/16/2038			17,880		0.0
568,795 (4)	Ginnie Mae Series 2009-25 KS, 1.439%, (-1.000*US0001M + 6.200)%, 04/20/2039			61,441		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
420,275	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039		$	423,880		0.0
386,376	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			387,020		0.0
8,594,132	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			8,571,796		0.1
821,631	Ginnie Mae Series 2009-34 Z, 4.500%, 05/16/2039			822,092		0.0
938,925	Ginnie Mae Series 2009-98 DA, 3.250%, 07/16/2039			905,875		0.0
2,257,858	Ginnie Mae Series 2010-108 WL, 4.000%, 04/16/2040			2,201,135		0.0
1,008,647 (4)	Ginnie Mae Series 2010-116 NS, 1.922%, (-1.000*US0001M + 6.650)%, 09/16/2040			84,190		0.0
3,247,785 (4)	Ginnie Mae Series 2010-116 SK, 1.859%, (-1.000*US0001M + 6.620)%, 08/20/2040			321,919		0.0
2,952,589 (4)	Ginnie Mae Series 2010-149 HS, 1.372%, (-1.000*US0001M + 6.100)%, 05/16/2040			65,690		0.0
340,084	Ginnie Mae Series 2010-164 MD, 4.000%, 12/20/2040			329,454		0.0
1,249,176 (4)	Ginnie Mae Series 2010-168 BI, 5.000%, 04/20/2040			200,564		0.0
749,963 (4)	Ginnie Mae Series 2010-68 MS, 1.089%, (-1.000*US0001M + 5.850)%, 06/20/2040			71,956		0.0
1,080,899	Ginnie Mae Series 2011-52 PA, 4.250%, 02/16/2041			1,066,200		0.0
1,781,931 (4)	Ginnie Mae Series 2011-72 SA, 0.622%, (-1.000*US0001M + 5.350)%, 05/16/2041			139,848		0.0

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123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
228,454 (4)	Ginnie Mae Series 2011-73 LS, 1.929%, (-1.000*US0001M + 6.690)%, 08/20/2039		$	648		0.0
222,780 (4)	Ginnie Mae Series 2012-91 QI, 4.500%, 09/20/2041			19,162		0.0
2,608,751 (4)	Ginnie Mae Series 2013-111 SA, 1.939%, (-1.000*US0001M + 6.700)%, 07/20/2043			338,171		0.0
774,730	Ginnie Mae Series 2013-116 KB, 3.500%, 12/20/2042			753,860		0.0
3,547,968 (4)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			579,052		0.0
73,460	Ginnie Mae Series 2013-27 KA, 2.250%, 02/20/2043			66,484		0.0
302,659 (4)	Ginnie Mae Series 2014-10 GI, 4.500%, 01/16/2029			7,580		0.0
2,560,733 (4)	Ginnie Mae Series 2014-185 SB, 0.839%, (-1.000*US0001M + 5.600)%, 12/20/2044			203,545		0.0
1,728,706 (4)	Ginnie Mae Series 2014-3 QS, 1.389%, (-1.000*US0001M + 6.150)%, 03/20/2043			98,938		0.0
4,323,083 (4)	Ginnie Mae Series 2014-3 SU, 1.289%, (-1.000*US0001M + 6.050)%, 07/20/2039			431,434		0.0
2,467,668 (4)	Ginnie Mae Series 2014-56 SP, 1.472%, (-1.000*US0001M + 6.200)%, 12/16/2039			189,294		0.0
6,269,906 (4)	Ginnie Mae Series 2014-58 SG, 0.872%, (-1.000*US0001M + 5.600)%, 04/16/2044			399,340		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
16,853,723 (4)	Ginnie Mae Series 2015-110 MS, 0.949%, (-1.000*US0001M + 5.710)%, 08/20/2045		$	1,484,338		0.0
1,415,751	Ginnie Mae Series 2015-27 PB, 3.000%, 08/20/2044			1,374,939		0.0
15,046,990 (4)	Ginnie Mae Series 2016-160 GS, 1.339%, (-1.000*US0001M + 6.100)%, 11/20/2046			1,732,375		0.0
399,379	Ginnie Mae Series 2016-44 JA, 3.500%, 03/20/2046			370,627		0.0
32,441,290 (4)	Ginnie Mae Series 2016-6 SB, 0.889%, (-1.000*US0001M + 5.650)%, 01/20/2046			2,930,370		0.1
7,450,907 (4)	Ginnie Mae Series 2017-101 SA, 1.439%, (-1.000*US0001M + 6.200)%, 07/20/2047			882,673		0.0
15,929,676 (4)	Ginnie Mae Series 2017-163 SH, 1.439%, (-1.000*US0001M + 6.200)%, 11/20/2047			1,988,207		0.0
332,896	Ginnie Mae Series 2018-104 HZ, 3.500%, 08/20/2048			284,751		0.0
1,218,377	Ginnie Mae Series 2018-120 DE, 3.500%, 09/20/2048			1,139,227		0.0
199,193	Ginnie Mae Series 2018-122 GZ, 3.500%, 09/20/2048			178,191		0.0
1,674,049	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			1,597,644		0.0
199,223	Ginnie Mae Series 2018-147 KZ, 3.750%, 10/20/2048			178,717		0.0
176,532	Ginnie Mae Series 2019-100 JB, 3.000%, 08/20/2049			145,894		0.0
532,322	Ginnie Mae Series 2019-100 KB, 3.000%, 08/20/2049			439,003		0.0

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124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,349,931	Ginnie Mae Series 2019-100 MC, 3.000%, 08/20/2049		$	1,053,987		0.0
21,436,928 (4)	Ginnie Mae Series 2019-159 SM, 1.289%, (-1.000*US0001M + 6.050)%, 12/20/2049			2,698,470		0.1
1,081,376	Ginnie Mae Series 2019-23 NG, 3.500%, 02/20/2049			907,593		0.0
71,326	Ginnie Mae Series 2019-54 AB, 3.000%, 04/20/2049			60,048		0.0
798,785	Ginnie Mae Series 2019-78 MB, 3.000%, 06/20/2049			654,459		0.0
416,445	Ginnie Mae Series 2019-89 KB, 3.000%, 07/20/2049			347,328		0.0
299,424	Ginnie Mae Series 2019-89 WB, 3.000%, 07/20/2049			242,743		0.0
21,815,423 (4)	Ginnie Mae Series 2020-188 PI, 3.500%, 06/20/2050			3,630,955		0.1
20,896,460 (4)	Ginnie Mae Series 2020-32 SG, 1.339%, (-1.000*US0001M + 6.100)%, 03/20/2050			2,508,816		0.0
32,254,603 (4)	Ginnie Mae Series 2020-46 BS, 8.208%, (-1.000*US0001M + 3.350)%, 04/20/2050			633,659		0.0
16,690,164 (4)	Ginnie Mae Series 2020-77 JS, 1.339%, (-1.000*US0001M + 6.100)%, 10/20/2048			1,382,767		0.0
92,147,979 (4)	Ginnie Mae Series 2021-139 PI, 2.500%, 08/20/2051			12,528,080		0.2
411,428 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			388,635		0.0
2,850,994 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.393%, 11/25/2049			2,472,277		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,082,443 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.982%, 03/25/2050		$	962,608		0.0
1,553,403 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B2A, 3.425%, 10/25/2050			1,268,220		0.0
948,374 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.425%, 10/25/2050			704,463		0.0
326,640 (1)(3)	GS Mortgage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050			294,406		0.0
523,868 (1)(3)	GS Mortgage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050			468,074		0.0
1,306,623 (1)(3)	GS Mortgage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050			1,177,684		0.0
1,433,357 (1)(3)	GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.388%, 04/25/2052			916,562		0.0
116,400	GSR Mortgage Loan Trust 2007-1F 3A13, 6.000%, 01/25/2037			78,349		0.0
1,515,995	HarborView Mortgage Loan Trust 2007-5 A1A, 4.951%, (US0001M + 0.190)%, 09/19/2037			1,288,829		0.0
60,994	HomeBanc Mortgage Trust 2004-1 2A, 5.705%, (US0001M + 0.860)%, 08/25/2029			57,121		0.0
527,278	Impac CMB Trust Series 2005-1 M1, 5.535%, (US0001M + 0.690)%, 04/25/2035			478,311		0.0
2,000,000 (1)(3)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057			1,402,858		0.0
1,600,557	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.265%, (US0001M + 0.420)%, 02/25/2046			1,114,726		0.0

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125

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
59,636 (1)(3)	J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049		$	57,615		0.0
2,221,744 (1)(3)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.160%, 05/25/2052			1,417,763		0.0
307,652	JP Morgan Alternative Loan Trust 2005-S1 1A1, 5.500%, 12/25/2035			117,894		0.0
1,836,742 (3)	JP Morgan Mortgage Trust 2005-A4 B1, 3.701%, 07/25/2035			1,625,052		0.0
973,794 (1)(3)	JP Morgan Mortgage Trust 2017-1 B4, 3.448%, 01/25/2047			810,576		0.0
1,322,186 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.782%, 12/25/2048			1,117,244		0.0
1,903,484 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.613%, 06/25/2048			1,641,291		0.0
1,832,269 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.613%, 06/25/2048			1,553,381		0.0
2,421,333 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.613%, 06/25/2048			2,015,759		0.0
2,025,796 (1)(3)	JP Morgan Mortgage Trust 2018-4 B2, 3.713%, 10/25/2048			1,760,204		0.0
2,740,980 (1)(3)	JP Morgan Mortgage Trust 2018-9 B3, 4.223%, 02/25/2049			2,383,910		0.0
194,665 (1)(3)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049			182,414		0.0
291,702 (1)(3)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050			263,114		0.0
648,230 (1)(3)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050			584,902		0.0
1,873,855 (1)(3)	JP Morgan Mortgage Trust 2019-9 B2A, 3.410%, 05/25/2050			1,538,598		0.0
1,704,197 (1)(3)	JP Morgan Mortgage Trust 2019-INV1 B3, 4.967%, 10/25/2049			1,551,031		0.0
37,519 (1)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			37,090		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
850,200 (1)(3)	JP Morgan Mortgage Trust 2020-1 A7, 3.500%, 06/25/2050		$	758,803		0.0
295,763 (1)(3)	JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050			264,394		0.0
310,631 (1)(3)	JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050			278,228		0.0
747,457 (1)(3)	JP Morgan Mortgage Trust 2020-3 B2, 3.847%, 08/25/2050			641,237		0.0
2,023,326 (1)(3)	JP Morgan Mortgage Trust 2020-5 B3, 3.583%, 12/25/2050			1,627,116		0.0
936,905 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.501%, 03/25/2051			761,081		0.0
238,435 (1)(3)	JP Morgan Mortgage Trust 2020-INV1 A3, 3.500%, 08/25/2050			215,124		0.0
1,691,929,469 (1)(4)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			4,837,142		0.1
12,002,765 (4)	Lehman Mortgage Trust 2006-7 2A4, 1.705%, (-1.000*US0001M + 6.550)%, 11/25/2036			1,475,521		0.0
8,448,151 (4)	Lehman Mortgage Trust 2006-9 2A5, 1.775%, (-1.000*US0001M + 6.620)%, 01/25/2037			925,165		0.0
300,903 (1)(3)	MFA 2020-NQM3 A3 Trust, 1.632%, 01/26/2065			278,496		0.0
4,038,047	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			2,428,430		0.0
1,000,000 (1)(3)	Morgan Stanley Residential Mortgage Loan Trust 2020-1 A5A, 2.500%, 12/25/2050			690,924		0.0
10,200,000 (1)	Mortgage Insurance-Linked Notes 2021-3 M1B, 7.460%, (SOFR30A + 2.900)%, 02/25/2034			9,953,459		0.1
2,145,266 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			2,049,972		0.0

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126

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
709,370 (1)(3)	New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057		$	660,317		0.0
1,000,000 (1)	Oaktown Re VI Ltd. 2021-1A M1C, 7.560%, (SOFR30A + 3.000)%, 10/25/2033			972,077		0.0
6,000,000 (1)	Oaktown Re VII Ltd. 2021-2 M1C, 7.910%, (SOFR30A + 3.350)%, 04/25/2034			5,820,176		0.1
112,060 (1)(3)	OBX 2019-EXP1 1A3 Trust, 4.000%, 01/25/2059			108,215		0.0
326,953 (1)(3)	OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049			306,481		0.0
73,655	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			61,800		0.0
1,198,784 (1)(3)	Provident Funding Mortgage Trust 2020-1 B3, 3.254%, 02/25/2050			935,384		0.0
10,000,000 (1)	Radnor RE 2021-1 M1C Ltd., 7.260%, (SOFR30A + 2.700)%, 12/27/2033			9,892,611		0.1
768,759 (1)(3)	RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049			685,656		0.0
34,007,628 (3)	Seasoned Credit Risk Transfer Trust 2017-4 HT, 3.250%, 06/25/2057			31,338,519		0.4
229,508 (1)(3)	Seasoned Credit Risk Transfer Trust Series 2016-1 M2, 3.750%, 09/25/2055			207,076		0.0
8,159,741	Seasoned Credit Risk Transfer Trust Series 2018-2, 3.500%, 11/25/2057			7,648,459		0.1
3,131,374	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057			2,804,506		0.1
3,414,492	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057			3,046,468		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,940,076	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058		$	2,621,747		0.0
2,917,512	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058			2,612,233		0.0
1,759,529	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058			1,576,336		0.0
787,487	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058			705,611		0.0
2,141,175	Seasoned Credit Risk Transfer Trust Series 2019-3 MA, 3.500%, 10/25/2058			2,049,659		0.0
556,733	Seasoned Credit Risk Transfer Trust Series 2019-4 M55D, 4.000%, 02/25/2059			533,724		0.0
32,340,000	Seasoned Loans Structured Transaction Trust Series 2019-3 A2C, 2.750%, 11/25/2029			28,717,309		0.4
970,769 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.767%, 05/25/2045			827,437		0.0
982,625 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.722%, 07/25/2045			708,654		0.0
679,344 (1)(3)	Sequoia Mortgage Trust 2017-5 B3, 3.781%, 08/25/2047			602,049		0.0
171,010 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			159,481		0.0
2,387,722 (1)(3)	Sequoia Mortgage Trust 2018-CH1 B2B, 4.445%, 03/25/2048			2,183,870		0.0
610,603 (1)(3)	Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049			544,606		0.0
131,828 (1)(3)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			129,777		0.0
1,884,951 (1)(3)	Sequoia Mortgage Trust 2020-2 B2, 3.640%, 03/25/2050			1,581,301		0.0

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,869,336 (1)(3)	Sequoia Mortgage Trust 2020-3 B2, 3.325%, 04/25/2050		$	2,352,065		0.0
1,126,707 (1)(3)	Sequoia Mortgage Trust 2021-5 A19, 2.500%, 07/25/2051			891,949		0.0
959,160 (1)(3)	Sequoia Mortgage Trust 2021-5 B3, 3.050%, 07/25/2051			626,865		0.0
1,729,800 (1)(3)	Shellpoint Co-Originator Trust 2017-2 B2, 3.640%, 10/25/2047			1,567,322		0.0
1,000,000 (1)(3)	Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067			703,692		0.0
2,230,197 (1)(3)	TIAA Bank Mortgage Loan Trust 2018-2 B2, 3.692%, 07/25/2048			1,964,479		0.0
380,332 (3)	Wachovia Mortgage Loan LLC Series 2005-B 2A1, 4.160%, 10/20/2035			356,411		0.0
168,636 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.187%, 10/25/2036			148,326		0.0
2,152,827 (3)	WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 3.470%, 06/25/2034			2,010,853		0.0
1,207,030	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 5.865%, (US0001M + 0.510)%, 08/25/2045			1,130,265		0.0
41,780,627 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 4.250%, 08/25/2045			38,177		0.0
913,157	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 5.825%, (US0001M + 0.490)%, 10/25/2045			835,365		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
236,886 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.805%, 10/25/2036		$	208,068		0.0
503,653 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.342%, 11/25/2036			419,370		0.0
600,286 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.404%, 12/25/2036			506,366		0.0
1,387,795 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A3, 3.404%, 12/25/2036			1,308,675		0.0
819,292 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.680%, 08/25/2046			707,629		0.0
1,145,439 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.489%, 12/25/2036			998,091		0.0
319,339 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.462%, 03/25/2037			246,848		0.0
1,000,540	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 5.745%, (US0001M + 0.900)%, 11/25/2035			854,535		0.0
896,649	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			744,574		0.0

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
587,800	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035		$	532,970		0.0
249,236	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			234,699		0.0
3,079,628	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 4.098%, (12MTA + 0.960)%, 08/25/2046			1,866,228		0.0
482,334	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A3, 5.305%, (US0001M + 0.460)%, 01/25/2047			419,399		0.0
999,251	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A4, 5.485%, (US0001M + 0.640)%, 01/25/2047			878,293		0.0
410,904	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.275%, (US0001M + 0.430)%, 06/25/2037			329,610		0.0
439,548	Wells Fargo Alternative Loan 2007-PA3 3A1, 6.250%, 07/25/2037			374,706		0.0
132,726 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.637%, 04/25/2036			123,016		0.0
1,907,562 (1)(3)	Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.515%, 09/25/2049			1,269,953		0.0
596,338 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B3, 3.756%, 08/20/2045			547,981		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
972,818 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.756%, 08/20/2045		$	872,267		0.0
	Federal Home Loan Mortgage Corporation: 0.2%
58,553,338 (4)	Freddie Mac REMICS 5072 QI, 3.500%, 10/25/2050			11,859,487		0.2
	Total Collateralized Mortgage Obligations (Cost $1,389,047,084)			1,234,485,297		16.1
U.S. TREASURY OBLIGATIONS: 14.7%
	U.S. Treasury Bonds: 0.3%
58,000	1.250%, 05/15/2050			33,753		0.0
2,699,000	1.375%, 11/15/2040			1,861,361		0.0
268,000	1.625%, 11/15/2050			172,023		0.0
9,469,100	2.875%, 05/15/2052			8,104,403		0.1
14,333,300	3.250%, 05/15/2042			13,232,547		0.2
				23,404,087		0.3
	U.S. Treasury Notes: 14.4%
100,000	0.125%, 10/15/2023			97,569		0.0
25,162,000	0.500%, 11/30/2023			24,471,816		0.3
132,000	0.625%, 05/15/2030			108,101		0.0
32,536,700	0.875%, 01/31/2024			31,509,763		0.4
8,184,600	1.250%, 11/30/2026			7,489,389		0.1
25,131,200	1.250%, 09/30/2028			22,182,702		0.3
3,309,100	1.500%, 01/31/2027			3,047,345		0.0
17,183,400	1.500%, 11/30/2028			15,332,493		0.2
50,000,000	2.750%, 05/15/2025			48,702,148		0.6
4,089,400	2.750%, 08/15/2032			3,849,467		0.1
47,978,800	3.500%, 02/15/2033			48,057,515		0.6
207,980,000	3.625%, 03/31/2028			208,337,466		2.7
123,054,000	3.875%, 03/31/2025			122,686,280		1.6
194,229,300	3.875%, 02/15/2043			196,004,676		2.6
41,567,000 (2)	4.000%, 02/29/2028			42,322,025		0.6
12,965,000	4.000%, 02/28/2030			13,309,383		0.2
96,795,200	4.000%, 11/15/2052			102,754,154		1.3
27,258,000 (2)	4.625%, 02/28/2025			27,525,256		0.4
181,883,000	4.625%, 03/15/2026			186,039,310		2.4
				1,103,826,858		14.4
	Total U.S. Treasury Obligations (Cost $1,120,493,136)			1,127,230,945		14.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 20.1%
	Federal Home Loan Mortgage Corporation: 1.9%(5)
225,949	2.500%, 05/01/2030			214,766		0.0
375,971	2.500%, 05/01/2030			357,372		0.0
520,709	2.500%, 06/01/2030			492,587		0.0
787,941	3.000%, 11/01/2042			728,316		0.0
754,904	3.000%, 02/01/2043			697,776		0.0
744,312	3.000%, 03/01/2045			687,341		0.0

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
983,819	3.000%, 03/01/2045		$	909,340		0.0
2,378,263	3.000%, 04/01/2045			2,195,737		0.0
2,518,193	3.000%, 04/01/2045			2,325,971		0.0
1,117,203	3.000%, 10/01/2046			1,031,214		0.0
9,308,480	3.000%, 10/01/2046			8,547,276		0.1
4,471,565	3.000%, 03/01/2048			4,104,492		0.1
3,522,395	3.000%, 03/01/2048			3,234,503		0.1
10,998,436	3.000%, 08/01/2048			10,046,588		0.1
3,506,520	3.500%, 01/01/2045			3,328,949		0.1
1,212,989	3.500%, 03/01/2045			1,147,576		0.0
5,731,568	3.500%, 12/01/2046			5,424,231		0.1
9,763,175	3.500%, 12/01/2046			9,236,602		0.1
4,236,034	3.500%, 04/01/2047			4,020,348		0.1
2,963,578	3.500%, 07/01/2047			2,803,730		0.1
2,762,590	3.500%, 10/01/2047			2,614,288		0.1
10,804,197	3.500%, 01/01/2048			10,209,640		0.1
1,465,782	3.500%, 03/01/2048			1,381,118		0.0
26,569,020	3.500%, 03/01/2048			25,169,209		0.3
17,604,939	3.500%, 11/01/2048			16,660,703		0.2
2,605	3.552%, (US0012M + 1.773)%, 05/01/2037			2,585		0.0
304,484	4.000%, 10/01/2041			298,597		0.0
591,436	4.000%, 12/01/2041			580,002		0.0
1,617,932	4.000%, 08/01/2044			1,580,618		0.0
414,400	4.000%, 07/01/2045			405,008		0.0
999,785	4.000%, 09/01/2045			976,729		0.0
1,273,178	4.000%, 09/01/2045			1,243,816		0.0
751,246	4.000%, 09/01/2045			733,919		0.0
9,523,264	4.000%, 11/01/2045			9,303,634		0.1
1,041,479	4.000%, 05/01/2046			1,017,352		0.0
696,968	4.000%, 05/01/2047			682,549		0.0
3,513,826	4.000%, 11/01/2047			3,398,918		0.1
251,937	4.000%, 03/01/2048			245,660		0.0
4,152,284	4.000%, 06/01/2048			4,087,375		0.1
147,536	4.500%, 08/01/2041			146,855		0.0
423,219	4.500%, 09/01/2041			426,485		0.0
392,857	4.500%, 10/01/2041			395,885		0.0
1,048,937	4.500%, 03/01/2044			1,050,546		0.0
1,813,710	4.500%, 02/01/2048			1,812,427		0.0
248,347	4.500%, 06/01/2048			248,123		0.0
39,555	5.000%, 01/01/2041			40,479		0.0
211,427	5.000%, 04/01/2041			216,629		0.0
13,696	5.500%, 07/01/2037			14,247		0.0
822,406	5.500%, 11/01/2038			855,508		0.0
909	6.000%, 12/01/2028			930		0.0
10,739	6.000%, 01/01/2029			10,983		0.0
473	6.500%, 01/01/2024			489		0.0
2,405	6.500%, 12/01/2031			2,499		0.0
234,464	6.500%, 09/01/2034			244,753		0.0
				147,593,273		1.9

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association: 0.4%(5)
16,754,306	3.000%, 12/01/2054		$	15,034,794		0.2
2,461,391	3.500%, 01/01/2044			2,334,396		0.0
23,704	3.637%, (US0012M + 1.486)%, 07/01/2035			23,252		0.0
3,108,217	4.000%,12/01/2046			3,040,342		0.1
1,094,556	4.500%, 09/01/2047			1,128,156		0.0
8,523,205	5.000%, 08/01/2056			8,826,730		0.1
64,796	6.000%, 05/01/2038			66,174		0.0
				30,453,844		0.4
	Government National Mortgage Association: 3.5%
9,563,938	2.500%, 03/20/2051			8,429,743		0.1
5,614,790	2.500%, 04/20/2051			4,927,976		0.1
22,554,934	2.500%, 04/20/2051			19,967,048		0.3
7,755,417	2.500%, 05/20/2051			6,853,084		0.1
20,093,439	2.500%, 08/20/2051			17,709,850		0.2
8,708,357	2.500%, 09/20/2051			7,673,584		0.1
34,041,825	2.500%, 10/20/2051			30,003,537		0.4
15,039,759	2.500%, 11/20/2051			13,255,653		0.2
19,965,227	2.500%, 12/20/2051			17,591,750		0.2
26,214,815	2.500%, 04/20/2052			23,096,750		0.3
6,084,038	3.000%, 10/20/2049			5,577,431		0.1
3,380,175	3.000%, 11/20/2049			3,098,720		0.0
2,820,154	3.000%, 10/20/2051			2,580,149		0.0
4,683,768	3.000%, 10/20/2051			4,325,527		0.1
2,866,075	3.000%, 11/20/2051			2,646,855		0.0
623,656	3.500%, 07/20/2046			585,179		0.0
3,133,421	3.500%, 07/20/2046			2,878,779		0.0
998,324	3.500%, 10/20/2046			944,138		0.0
458,297	3.500%, 02/20/2047			435,690		0.0
385,679	3.500%, 03/20/2047			366,652		0.0
307,230	3.500%, 07/20/2047			292,513		0.0
576,855	3.500%, 08/20/2047			548,399		0.0
910,701	3.500%, 09/20/2047			861,269		0.0
6,407,136	3.500%, 12/20/2047			6,091,370		0.1
3,846,717	3.500%, 01/20/2048			3,657,126		0.1
5,854,466	3.500%, 02/20/2048			5,566,091		0.1
3,316,585	3.500%, 02/20/2048			3,153,214		0.0
573,187	3.500%, 03/20/2048			544,907		0.0
15,471,743	3.500%, 03/20/2048			14,708,590		0.2
117,384	4.000%, 11/20/2040			116,013		0.0
686,386	4.000%, 03/20/2046			671,569		0.0
8,485,775	4.000%, 09/20/2047			8,313,223		0.1
4,113,065	4.000%, 02/20/2050			4,008,454		0.1
24,844,000 (6)	4.000%, 04/15/2053			23,920,209		0.3
148,161	4.500%, 10/15/2039			149,628		0.0
108,075	4.500%, 11/15/2039			109,245		0.0
120,124	4.500%, 11/15/2039			121,424		0.0
38,658	4.500%, 12/15/2039			39,041		0.0
7,003,129	4.500%, 08/20/2040			7,098,291		0.1

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
8,184,840	4.500%, 09/20/2040		$	8,295,308		0.1
5,383,159	4.500%, 06/20/2041			5,456,347		0.1
34,795	4.500%, 08/20/2041			35,268		0.0
649,478	4.500%, 09/15/2047			651,172		0.0
				267,356,766		3.5
	Uniform Mortgage-Backed Securities: 14.3%
19,474,982	2.000%, 12/01/2050			16,178,216		0.2
26,484,046	2.000%, 05/01/2051			21,978,064		0.3
35,189,265	2.000%, 05/01/2051			29,202,194		0.4
12,172,620	2.000%, 05/01/2051			10,203,490		0.1
997,345	2.000%, 07/01/2051			827,355		0.0
5,153,122	2.000%, 08/01/2051			4,277,754		0.1
10,803,684	2.000%, 08/01/2051			8,964,848		0.1
20,970,946	2.000%, 09/01/2051			17,398,068		0.2
9,868,481	2.000%, 10/01/2051			8,173,679		0.1
2,205,478	2.000%, 11/01/2051			1,831,231		0.0
983,444	2.000%, 11/01/2051			816,492		0.0
17,877,561	2.000%, 11/01/2051			14,907,197		0.2
9,226,220	2.000%, 12/01/2051			7,700,832		0.1
29,671,459	2.000%, 12/01/2051			24,606,192		0.3
5,105,249	2.000%, 01/01/2052			4,273,418		0.1
8,998,560	2.000%, 02/01/2052			7,519,354		0.1
14,706,946	2.000%, 02/01/2052			12,289,552		0.2
8,783,233	2.000%, 02/01/2052			7,332,360		0.1
25,285,457	2.000%, 02/01/2052			20,946,040		0.3
12,428,753	2.000%, 02/01/2052			10,385,701		0.1
12,354,989	2.000%, 02/01/2052			10,314,286		0.1
5,121,052	2.000%, 02/01/2052			4,256,550		0.1
4,607,634	2.000%, 02/01/2052			3,850,232		0.1
27,967,073	2.000%, 02/01/2052			23,245,950		0.3
5,539,963	2.000%, 03/01/2052			4,644,156		0.1
6,021,676	2.000%, 03/01/2052			4,996,709		0.1
4,926,384	2.000%, 03/01/2052			4,094,766		0.1
28,567,122	2.000%, 03/01/2052			23,664,293		0.3
6,663,595	2.000%, 04/01/2052			5,568,244		0.1
717,176	2.500%, 05/01/2030			678,892		0.0
1,430,211	2.500%, 06/01/2030			1,353,905		0.0
1,074,525	2.500%, 06/01/2030			1,017,231		0.0
624,495	2.500%, 07/01/2030			591,212		0.0
14,903	2.500%, 02/01/2050			12,921		0.0
23,904	2.500%, 04/01/2050			20,694		0.0
189,653	2.500%, 05/01/2050			164,136		0.0
69,490	2.500%, 05/01/2050			60,152		0.0
19,758	2.500%, 05/01/2050			17,101		0.0
36,521	2.500%, 05/01/2050			31,616		0.0
37,784	2.500%, 05/01/2050			32,707		0.0
16,438	2.500%, 06/01/2050			14,225		0.0
21,342,635	2.500%, 06/01/2050			18,679,450		0.3
1,779,417	2.500%, 06/01/2050			1,551,584		0.0
27,869,471	2.500%, 07/01/2050			24,143,420		0.3

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
245,535	2.500%, 07/01/2050		$	212,349		0.0
3,533,517	2.500%, 07/01/2050			3,061,028		0.0
24,467,865	2.500%, 08/01/2050			21,414,565		0.3
2,004,152	2.500%, 08/01/2050			1,737,297		0.0
752,142	2.500%, 08/01/2050			652,431		0.0
2,254,530	2.500%, 08/01/2050			1,951,023		0.0
108,407	2.500%, 08/01/2050			93,714		0.0
28,133	2.500%, 09/01/2050			24,474		0.0
874,306	2.500%, 09/01/2050			756,676		0.0
1,007,254	2.500%, 09/01/2050			874,108		0.0
86,720	2.500%, 09/01/2050			75,059		0.0
218,359	2.500%, 09/01/2050			188,913		0.0
4,297,735	2.500%, 10/01/2050			3,719,515		0.1
4,597,967	2.500%, 10/01/2050			3,978,288		0.1
3,756,593	2.500%, 11/01/2050			3,293,951		0.1
88,096	2.500%, 01/01/2051			76,191		0.0
10,433,908	2.500%, 02/01/2051			9,005,488		0.1
24,348,756	2.500%, 04/01/2051			21,018,107		0.3
3,624,281	2.500%, 05/01/2051			3,149,985		0.0
40,135,649	2.500%, 06/01/2051			34,688,675		0.5
4,452,509	2.500%, 09/01/2051			3,847,199		0.1
20,138,796	2.500%, 11/01/2051			17,426,016		0.2
2,728,932	2.500%, 12/01/2051			2,377,640		0.0
17,576,317	2.500%, 12/01/2051			15,340,781		0.2
16,970,291	2.500%, 01/01/2052			14,807,347		0.2
27,936,513	2.500%, 01/01/2052			24,271,083		0.3
12,156,634	2.500%, 02/01/2052			10,500,313		0.1
7,578,233	2.500%, 02/01/2052			6,573,127		0.1
6,845,758	2.500%, 02/01/2052			5,936,465		0.1
4,320,659	2.500%, 02/01/2052			3,770,312		0.1
4,557,938	2.500%, 02/01/2052			3,970,310		0.1
6,998,614	2.500%, 03/01/2052			6,089,859		0.1
31,610,416	2.500%, 03/01/2052			27,502,129		0.4
10,463,640	2.500%, 03/01/2052			9,085,517		0.1
19,037,573	2.500%, 04/01/2052			16,530,159		0.2
983,953	3.000%, 08/01/2030			943,563		0.0
505,774	3.000%, 09/01/2030			484,979		0.0
741,000 (6)	3.000%, 04/15/2038			702,503		0.0
1,747,279	3.000%, 04/01/2043			1,613,257		0.0
1,584,688	3.000%, 07/01/2043			1,463,125		0.0
519,025	3.000%, 08/01/2043			479,219		0.0
330,416	3.000%, 09/01/2043			305,091		0.0
5,442,976	3.000%, 04/01/2045			5,023,194		0.1
1,031,208	3.000%, 08/01/2046			947,440		0.0
2,343,230	3.000%, 08/01/2046			2,152,887		0.0
722,555	3.000%, 11/01/2046			664,288		0.0
1,655,826	3.000%, 12/01/2046			1,522,250		0.0
6,590,583	3.000%, 12/01/2046			6,052,492		0.1
12,325,597	3.000%, 01/01/2047			11,308,434		0.2
2,992,554	3.000%, 02/01/2047			2,740,649		0.0
3,547,150	3.000%, 03/01/2047			3,248,565		0.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†			Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Uniform Mortgage-Backed Securities (continued)
2,943,982		3.000%, 07/01/2047		$	2,699,356		0.0
22,487,645		3.000%, 10/01/2050			20,316,263		0.3
2,180,495		3.000%, 03/01/2051			1,966,527		0.0
46,434,902		3.000%, 01/01/2052			41,933,828		0.6
5,713,287		3.000%, 01/01/2052			5,196,625		0.1
6,180,220		3.000%, 02/01/2052			5,605,235		0.1
4,772,575		3.000%, 02/01/2052			4,328,077		0.1
4,020,809		3.000%, 02/01/2052			3,651,959		0.1
6,319,931		3.000%, 02/01/2052			5,747,551		0.1
5,843,353		3.000%, 02/01/2052			5,284,853		0.1
12,448,723		3.000%, 02/01/2052			11,278,421		0.2
11,025,093		3.000%, 03/01/2052			9,998,247		0.1
17,696,113		3.000%, 03/01/2052			15,978,824		0.2
21,718,261		3.000%, 05/01/2052			19,610,535		0.3
47,607,332		3.000%, 05/01/2052			42,942,210		0.6
14,889,102		3.500%, 06/01/2034			14,440,033		0.2
2,009,115		3.500%, 10/01/2042			1,918,458		0.0
924,214		3.500%, 04/01/2043			882,257		0.0
2,630,575		3.500%, 08/01/2043			2,511,289		0.0
1,618,637		3.500%, 03/01/2044			1,538,799		0.0
190,161		3.500%, 01/01/2046			179,773		0.0
142,139		3.500%, 02/01/2046			134,372		0.0
284,531		3.500%, 02/01/2046			268,989		0.0
12,012,259		3.500%, 08/01/2046			11,355,979		0.2
783,318		3.500%, 08/01/2047			740,157		0.0
1,044,985		3.500%, 09/01/2047			984,428		0.0
13,836,780		3.500%, 11/01/2047			13,095,749		0.2
403,958		3.500%, 12/01/2047			382,009		0.0
928,396		3.500%, 02/01/2048			874,453		0.0
849,038		3.500%, 05/01/2048			800,262		0.0
8,202,279		3.500%, 07/01/2048			7,754,109		0.1
1,991,938		3.500%, 10/01/2049			1,888,452		0.0
2,664,417		3.500%, 02/01/2052			2,495,073		0.0
107,927		4.000%, 03/01/2042			105,728		0.0
885,417		4.000%, 07/01/2042			867,366		0.0
114,487		4.000%, 07/01/2042			112,154		0.0
309,357		4.000%, 07/01/2042			302,497		0.0
446,014		4.000%, 09/01/2043			439,154		0.0
8,958,020		4.000%, 01/01/2045			8,928,872		0.1
1,071,991		4.000%, 01/01/2045			1,046,145		0.0
975,909		4.000%, 03/01/2045			952,389		0.0
3,191,801		4.000%, 05/01/2045			3,115,863		0.0
930,697		4.000%, 06/01/2045			908,265		0.0
926,856		4.000%, 11/01/2045			911,199		0.0
2,701,866		4.000%, 02/01/2046			2,637,661		0.0
4,629,999		4.000%, 07/01/2047			4,511,701		0.1
1,201,779		4.000%, 08/01/2047			1,169,707		0.0
412,696		4.000%, 08/01/2047			401,768		0.0
491,039		4.000%, 03/01/2048			477,985		0.0
98,763		4.000%, 03/01/2048			96,015		0.0
3,279,138	��	4.000%, 09/01/2048			3,211,069		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
8,723,655	4.000%, 04/01/2049		$	8,480,902		0.1
9,621,968	4.000%, 05/01/2052			9,248,710		0.1
6,427,985	4.000%, 06/01/2052			6,213,196		0.1
28,082,044	4.000%, 08/01/2052			26,889,739		0.4
3,546,188	4.000%, 11/01/2052			3,447,554		0.1
18,947,000 (6)	4.000%, 04/15/2053			18,122,582		0.2
1,037,441	4.250%, 11/01/2043			1,026,301		0.0
1,401,214	4.500%, 11/01/2040			1,410,484		0.0
88,503	4.500%, 11/01/2040			89,089		0.0
232,850	4.500%, 11/01/2040			234,391		0.0
2,105	4.500%, 12/01/2040			2,119		0.0
3,994	4.500%, 12/01/2040			4,020		0.0
2,452	4.500%, 01/01/2041			2,468		0.0
4,348	4.500%, 01/01/2041			4,377		0.0
178,594	4.500%, 10/01/2041			179,778		0.0
255,270	4.500%, 10/01/2044			253,054		0.0
397,259	4.500%, 12/01/2045			397,043		0.0
938,304	4.500%, 04/01/2047			936,982		0.0
2,333,587	4.500%, 04/01/2047			2,333,259		0.0
1,800,382	4.500%, 04/01/2047			1,796,174		0.0
272,557	4.500%, 04/01/2047			271,299		0.0
1,091,519	4.500%, 05/01/2047			1,093,190		0.0
1,032,152	4.500%, 05/01/2047			1,033,732		0.0
968,371	4.500%, 05/01/2047			960,706		0.0
947,106	4.500%, 05/01/2047			947,530		0.0
785,004	4.500%, 05/01/2047			784,893		0.0
396,120	4.500%, 06/01/2047			395,561		0.0
836,066	4.500%, 06/01/2047			835,948		0.0
604,584	4.500%, 06/01/2047			603,732		0.0
1,810,457	4.500%, 07/01/2047			1,807,906		0.0
103,433	4.500%, 08/01/2047			102,842		0.0
8,451,754	4.500%, 08/01/2052			8,345,767		0.1
24,309,182	4.500%, 10/01/2052			23,839,138		0.3
1,473,715	5.000%, 05/01/2042			1,506,392		0.0
69,551	5.500%, 03/01/2037			71,454		0.0
79,475	5.500%, 06/01/2039			82,584		0.0
667,182	5.500%, 10/01/2039			693,307		0.0
37,758	6.000%, 09/01/2036			38,578		0.0
153	6.500%, 02/01/2028			158		0.0
448	6.500%, 09/01/2031			476		0.0
119	6.500%, 09/01/2031			123		0.0
12,447	6.500%, 11/01/2031			13,027		0.0
4,888	6.500%, 04/01/2032			5,073		0.0
1,091	6.500%, 08/01/2032			1,132		0.0
3,527	6.500%, 08/01/2032			3,641		0.0
4,202	7.000%, 12/01/2027			4,213		0.0
734	7.000%, 10/01/2031			737		0.0
525	7.000%, 03/01/2032			528		0.0
590	7.500%, 09/01/2030			618		0.0
1,690	7.500%, 09/01/2031			1,756		0.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
11,403	7.500%, 02/01/2032		$	11,826		0.0
				1,093,977,278		14.3
	Total U.S. Government Agency Obligations (Cost $1,639,167,877)			1,539,381,161		20.1
ASSET-BACKED SECURITIES: 11.5%
	Automobile Asset-Backed Securities: 0.2%
5,050,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025			4,889,729		0.1
550,000	Drive Auto Receivables Trust 2021-2 D, 1.390%, 03/15/2029			512,383		0.0
3,250,000 (1)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			3,062,459		0.0
4,550,000	Santander Drive Auto Receivables Trust 2020-2 D, 2.220%, 09/15/2026			4,449,985		0.0
6,050,000 (1)	Westlake Automobile Receivables Trust 2021-2A C, 0.890%, 07/15/2026			5,746,456		0.1
				18,661,012		0.2
	Home Equity Asset-Backed Securities: 0.1%
2,843,189 (1)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			2,223,692		0.0
4,715,535	Freddie Mac Structured Pass Through Certificates T-31 A7, 5.095%, (US0001M + 0.250)%, 05/25/2031			4,676,145		0.1
2,722,613 (3)	GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046			1,080,721		0.0
137,778 (3)	HSI Asset Loan Obligation Trust 2007-WF1 A6, 4.488%, 12/25/2036			103,689		0.0
483,507	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A3, 5.165%, (US0001M + 0.160)%, 02/25/2037			433,001		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
584,305	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 5.305%, (US0001M + 0.230)%, 02/25/2037		$	514,609		0.0
1,049,273 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			1,032,242		0.0
				10,064,099		0.1
	Other Asset-Backed Securities: 10.1%
6,800,000 (1)	AB BSL CLO 4 Ltd. 2023-4A A, 6.508%, (TSFR3M + 2.000)%, 04/20/2036			6,804,502		0.1
9,500,000 (1)	AGL CLO 5 Ltd. 2020-5A A1R, 5.968%, (US0003M + 1.160)%, 07/20/2034			9,313,211		0.1
6,750,000 (1)	AIG CLO 2021-1A C, 6.565%, (US0003M + 1.750)%, 04/22/2034			6,410,677		0.1
3,000,000 (1)	Aimco CLO 11 Ltd. 2020-11A AR, 5.922%, (US0003M + 1.130)%, 10/17/2034			2,927,184		0.0
1,037,856 (1)(3)(4)(7)	American Homes 4 Rent 2015-SFR1 XS, 3.230%, 04/17/2052			—		—
1,850,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 6.742%, (US0003M + 1.950)%, 04/14/2029			1,811,986		0.0
10,000,000 (1)	Apidos CLO XXXV 2021-35A C, 6.458%, (US0003M + 1.650)%, 04/20/2034			9,388,620		0.1
4,405,500 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/05/2049			4,319,310		0.1
2,029,500 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049			1,903,982		0.0
719,634 (1)	Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040			681,021		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,003,682 (1)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046		$	1,870,824		0.0
7,117,500 (1)	Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050			6,267,090		0.1
3,890,000 (1)	Babson CLO Ltd. 2017-1A A2, 6.145%, (US0003M + 1.350)%, 07/18/2029			3,820,307		0.1
6,361,000 (1)	Babson CLO Ltd. 2018-3A A2, 6.108%, (US0003M + 1.300)%, 07/20/2029			6,298,987		0.1
7,400,000 (1)	Ballyrock CLO 2023-23A A1 Ltd., 6.971%, (TSFR3M + 1.980)%, 04/25/2036			7,353,313		0.1
3,750,000 (1)	Barings Clo Ltd. 2019-4A C, 7.592%, (US0003M + 2.800)%, 01/15/2033			3,669,664		0.0
24,000,000 (1)	Barings Clo Ltd. 2023-IA A, 6.855%, (TSFR3M + 1.750)%, 04/20/2036			23,886,816		0.3
7,469,675 (1)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			6,526,899		0.1
6,500,000 (1)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 6.958%, (US0003M + 2.150)%, 01/20/2032			6,210,704		0.1
13,900,000 (1)	Benefit Street Partners CLO Ltd. 2021-23A A1, 5.898%, (US0003M + 1.080)%, 04/25/2034			13,520,405		0.2
4,600,000 (1)	Benefit Street Partners CLO Ltd. 2021-23A C, 7.018%, (US0003M + 2.200)%, 04/25/2034			4,380,033		0.1
450,000 (1)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 6.008%, (US0003M + 1.200)%, 01/20/2031			433,768		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
5,000,000 (1)	Benefit Street Partners CLO XIV Ltd. 2018-14A A2, 5.958%, (US0003M + 1.150)%, 04/20/2031		$	4,845,200		0.1
7,550,000 (1)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A1R, 5.962%, (US0003M + 1.170)%, 10/15/2034			7,356,712		0.1
2,000,000 (1)	BlueMountain CLO 2014-2A A2R2 Ltd., 6.208%, (US0003M + 1.400)%, 10/20/2030			1,976,246		0.0
5,350,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 6.792%, (US0003M + 2.000)%, 04/15/2034			4,998,789		0.1
11,880,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A A1, 5.948%, (US0003M + 1.150)%, 04/19/2034			11,599,893		0.2
6,435,000 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			5,885,933		0.1
7,570,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.978%, (US0003M + 1.170)%, 07/20/2034			7,380,250		0.1
4,400,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.808%, (US0003M + 2.000)%, 07/20/2034			4,082,883		0.1
6,600,000 (1)	California Street CLO IX L.P. 2012-9A CR3, 7.292%, (US0003M + 2.500)%, 07/16/2032			6,338,508		0.1
5,000,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 5.948%, (US0003M + 1.140)%, 04/20/2034			4,882,995		0.1
3,250,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 5.922%, (US0003M + 1.130)%, 04/17/2031			3,138,964		0.0

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
8,900,000 (1)	CARLYLE US CLO 2021-1A A1 Ltd., 5.932%, (US0003M + 1.140)%, 04/15/2034		$	8,731,478		0.1
10,000,000 (1)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 6.815%, (US0003M + 2.000)%, 07/23/2034			9,320,970		0.1
21,700,000 (1)	Cedar Funding IV CLO Ltd.2014-4A ARR, 5.975%, (US0003M + 1.160)%, 07/23/2034			21,062,150		0.3
12,400,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A1R, 5.942%, (US0003M + 1.150)%, 10/17/2034			12,100,565		0.2
11,200,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 6.242%, (US0003M + 1.450)%, 10/17/2034			10,841,712		0.1
37,149	Chase Funding Trust Series 2003-5 2A2, 5.445%, (US0001M + 0.600)%, 07/25/2033			35,130		0.0
3,000,000 (1)	CIFC Funding 2019-6A A2 Ltd., 6.542%, (US0003M + 1.750)%, 01/16/2033			2,985,852		0.0
1,600,000 (1)	CIFC Funding Ltd. 2022-1A A, 5.978%, (TSFR3M + 1.320)%, 04/17/2035			1,570,208		0.0
2,484,025 (1)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045			2,192,810		0.0
7,861,667 (1)	CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046			6,839,232		0.1
9,520,213 (1)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047			8,320,052		0.1
4,583,750 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			4,338,448		0.1
2,364,250 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			2,254,588		0.0
15,602,500 (1)	DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051			12,644,753		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,537,375 (1)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048		$	2,413,568		0.0
10,864,000 (1)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			9,695,370		0.1
11,593,500 (1)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			9,648,719		0.1
5,616,000 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			5,298,057		0.1
5,381,875 (1)	Driven Brands Funding LLC 2021-1A A2, 2.791%, 10/20/2051			4,420,798		0.1
2,238,375 (1)	Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048			2,151,945		0.0
6,400,000 (1)	Dryden 49 Senior Loan Fund 2017-49A CR, 6.845%, (US0003M + 2.050)%, 07/18/2030			6,077,984		0.1
11,400,000 (1)	Dryden 75 CLO Ltd. 2019-75A CR2, 6.592%, (US0003M + 1.800)%, 04/15/2034			10,498,636		0.1
8,000,000 (1)	Eaton Vance Clo 2015-1A A2R Ltd., 6.058%, (US0003M + 1.250)%, 01/20/2030			7,715,072		0.1
4,196,100 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			4,112,234		0.1
9,400,000 (1)	Galaxy XXII CLO Ltd. 2016-22A ARR, 5.992%, (US0003M + 1.200)%, 04/16/2034			9,179,448		0.1
4,738,125 (1)	Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052			4,500,461		0.1
3,308,540 (1)	Helios Issuer LLC 2021-A A4, 1.800%, 02/20/2048			2,760,311		0.0
4,203,820 (1)	Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048			3,844,004		0.1
564,535 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			544,495		0.0

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
539,354 (1)	HERO Funding Trust 2016-2A A, 3.750%, 09/20/2041		$	513,825		0.0
1,353,341 (1)	HERO Funding Trust 2016-4A A2, 4.290%, 09/20/2047			1,299,154		0.0
3,366,582 (1)	JG Wentworth XLII LLC 2018-2A A, 3.960%, 10/15/2075			3,078,650		0.0
2,419,770 (1)	JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077			2,140,868		0.0
6,000,000 (1)	Kayne CLO 6 Ltd. 2019-6A A2, 6.658%, (US0003M + 1.850)%, 01/20/2033			5,853,318		0.1
7,130,000 (1)	KAYNE CLO I Ltd. 2018-1A CR, 6.542%, (US0003M + 1.750)%, 07/15/2031			6,762,983		0.1
6,000,000 (1)	LCM 26A A2 Ltd., 6.058%, (US0003M + 1.250)%, 01/20/2031			5,797,584		0.1
5,000,000 (1)	LCM XVIII L.P. 18A A2R, 6.028%, (US0003M + 1.220)%, 04/20/2031			4,825,095		0.1
11,900,000 (1)	LCM XXIV Ltd. 24A CR, 6.708%, (US0003M + 1.900)%, 03/20/2030			11,103,628		0.1
8,500,121 (1)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048			6,696,582		0.1
6,150,000 (1)	Madison Park Funding XLVIII Ltd. 2021-48A C, 6.798%, (US0003M + 2.000)%, 04/19/2033			5,891,577		0.1
6,250,000 (1)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 6.192%, (US0003M + 1.400)%, 10/15/2032			6,100,444		0.1
1,400,000 (1)	Madison Park Funding XXVII Ltd. 2018-27A B, 6.608%, (US0003M + 1.800)%, 04/20/2030			1,326,209		0.0
752,162 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			749,708		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,100,000 (1)(3)	Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058		$	1,036,919		0.0
3,200,000 (1)(3)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			2,920,939		0.0
2,482,000 (1)(3)	Mill City Mortgage Trust 2015-2 B2, 3.690%, 09/25/2057			2,218,236		0.0
699,101 (1)	Mill City Solar Loan 2019-1A A Ltd., 4.340%, 03/20/2043			645,170		0.0
3,555,288 (1)	Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043			3,247,322		0.0
2,529,602 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			2,370,510		0.0
4,270,091 (1)	Mosaic Solar Loan Trust 2018-2-GS A, 4.200%, 02/22/2044			3,984,794		0.1
622,445 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			572,126		0.0
3,029,614 (1)	Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040			2,700,029		0.0
3,950,652 (1)	Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046			3,413,932		0.0
7,870,734 (1)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			6,680,349		0.1
3,441,574 (1)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			2,789,578		0.0
1,511,065 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			1,405,067		0.0
2,000,000 (1)	Neuberger Berman Loan Advisers CLO 47 Ltd. 2022-47A A, 5.932%, (TSFR3M + 1.300)%, 04/14/2035			1,963,396		0.0
5,750,000 (1)	Oak Hill Credit Partners 2021-8A C, 6.695%, (US0003M + 1.900)%, 01/18/2034			5,416,908		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
3,500,000 (1)	Octagon Investment Partners 32 Ltd. 2017-1A CR, 6.842%, (US0003M + 2.050)%, 07/15/2029		$	3,337,341		0.0
4,060,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.148%, (US0003M + 1.350)%, 07/19/2030			3,929,106		0.1
6,000,000 (1)	Octagon Investment Partners XXI Ltd. 2014-1A BR3, 6.619%, (US0003M + 1.750)%, 02/14/2031			5,637,108		0.1
7,830,000 (1)	OHA Credit Funding 2019-3A AR Ltd., 5.948%, (US0003M + 1.140)%, 07/02/2035			7,678,082		0.1
10,250,000 (1)	OHA Credit Funding 2020-6A AR Ltd., 5.948%, (US0003M + 1.140)%, 07/20/2034			10,053,979		0.1
6,650,000 (1)	OHA Credit Funding 4 Ltd. 2019-4A AR, 5.965%, (US0003M + 1.150)%, 10/22/2036			6,514,500		0.1
7,000,000 (1)	OHA Credit Funding 7 Ltd. 2020-7A AR, 5.933%, (TSFR3M + 1.300)%, 02/24/2037			6,862,163		0.1
6,700,000 (1)	OHA Credit Funding 9 Ltd. 2021-9A C, 6.698%, (US0003M + 1.900)%, 07/19/2035			6,377,362		0.1
10,700,000 (1)	OHA Credit Partners VII Ltd. 2012-7A CR3, 6.715%, (US0003M + 1.800)%, 02/20/2034			10,049,675		0.1
960,482 (1)	Pagaya AI Debt Selection Trust 2021-3 A, 1.150%, 05/15/2029			943,488		0.0
2,160,893 (1)	Pagaya AI Debt Selection Trust 2021-HG1 A, 1.220%, 01/16/2029			2,049,723		0.0
5,397,140 (1)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029			5,215,655		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
5,800,000 (1)	Palmer Square CLO 2021-1A B Ltd., 6.508%, (US0003M + 1.700)%, 04/20/2034		$	5,480,153		0.1
7,550,000 (1)	Palmer Square CLO 2021-3A A2 Ltd., 6.192%, (US0003M + 1.400)%, 01/15/2035			7,352,870		0.1
139,347 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.522%, 01/25/2036			136,120		0.0
4,885,875 (1)	Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049			4,597,980		0.1
9,150,000 (1)	Rockland Park CLO Ltd. 2021-1A C, 6.708%, (US0003M + 1.900)%, 04/20/2034			8,586,644		0.1
2,350,000 (1)	SoFi Consumer Loan Program 2021-1 C Trust, 1.610%, 09/25/2030			2,169,418		0.0
7,111,417 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			6,581,245		0.1
3,940,000 (1)	Sonic Capital LLC 2021-1A A2II, 2.636%, 08/20/2051			3,024,969		0.0
18,000,000 (1)	Sound Point Clo XVI Ltd. 2017-2A CR, 7.018%, (US0003M + 2.200)%, 07/25/2030			16,848,936		0.2
9,950,000 (1)	Sound Point CLO XXIX Ltd. 2021-1A C1, 7.118%, (US0003M + 2.300)%, 04/25/2034			9,230,127		0.1
7,473,719 (1)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			5,871,584		0.1
9,139,159 (1)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			7,166,760		0.1
4,500,349 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			4,341,359		0.1
4,291,241 (1)	Sunrun Jupiter Issuer 2022-1A A LLC, 4.750%, 07/30/2057			4,019,206		0.1

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
3,627,094 (1)	Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054		$	3,274,715		0.0
8,450,000 (1)	Symphony CLO XXVI Ltd. 2021-26A CR, 6.808%, (US0003M + 2.000)%, 04/20/2033			7,806,972		0.1
5,888,625 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			5,687,170		0.1
13,035,000 (1)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			10,303,690		0.1
5,000,000 (1)	TCW CLO 2017-1A A2RR Ltd., 6.252%, (US0003M + 1.450)%, 10/29/2034			4,740,480		0.1
13,150,000 (1)	TCW CLO 2021-1A C Ltd., 6.708%, (US0003M + 1.900)%, 03/18/2034			12,197,072		0.2
10,400,000 (1)	TCW CLO 2023-1A A1N Ltd., 6.861%, (TSFR3M + 2.070)%, 04/28/2036			10,390,006		0.1
18,950,000 (1)	Texas Debt Capital CLO 2023-IA A Ltd., 6.308%, (TSFR3M + 1.800)%, 04/20/2036			18,905,619		0.2
6,026,000 (1)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046			5,080,375		0.1
5,125,000 (1)	Textainer Marine Containers VII Ltd. 2021-1A A, 1.680%, 02/20/2046			4,393,919		0.1
1,400,000 (1)(3)	Towd Point Mortgage Trust 2015-2 1B1, 3.532%, 11/25/2060			1,328,507		0.0
2,640,000 (1)(3)	Towd Point Mortgage Trust 2015-2 2B2, 4.320%, 11/25/2057			2,543,745		0.0
4,346,000 (1)(3)	Towd Point Mortgage Trust 2016-2 M1, 3.000%, 08/25/2055			4,149,361		0.1
3,200,000 (1)(3)	Towd Point Mortgage Trust 2017-1 M1, 3.750%, 10/25/2056			3,014,455		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,200,000 (1)(3)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057		$	2,040,874		0.0
4,500,000 (1)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025			4,196,358		0.1
10,416,500 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			8,965,785		0.1
3,496,275 (1)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			3,240,562		0.0
8,449,500 (1)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			6,842,804		0.1
10,000,000 (1)	Wind River 2021-1A C CLO Ltd., 6.758%, (US0003M + 1.950)%, 04/20/2034			9,040,830		0.1
15,612,250 (1)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051			13,136,634		0.2
				775,225,112		10.1
	Student Loan Asset-Backed Securities: 1.1%
265,915 (1)	Commonbond Student Loan Trust 2016-B, 4.000%, 10/25/2040			239,468		0.0
768,180 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			689,378		0.0
1,136,663 (1)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			1,062,905		0.0
71,351 (1)	Commonbond Student Loan Trust 2018-A-GS C, 3.820%, 02/25/2044			60,269		0.0
1,527,414 (1)	Commonbond Student Loan Trust 2018-CGS A2, 5.645%, (US0001M + 0.800)%, 02/25/2046			1,506,055		0.0
3,565,705 (1)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			3,063,285		0.1

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
1,827,321 (1)(3)	ELFI Graduate Loan Program 2021-A B LLC, 2.090%, 12/26/2046		$	1,565,796		0.0
452,715 (1)	Laurel Road Prime Student Loan Trust 2017-B A4, 3.020%, 08/25/2042			417,234		0.0
5,290,937 (1)	Laurel Road Prime Student Loan Trust 2020-A AFX, 1.400%, 11/25/2050			4,779,456		0.1
2,823,278 (1)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069			2,574,520		0.0
3,347,342 (1)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069			2,995,455		0.0
1,850,000 (1)	Navient Private Education Refi Loan Trust 2021-F B, 2.120%, 02/18/2070			1,219,449		0.0
2,700,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			2,329,487		0.0
1,450,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,334,172		0.0
13,527,738 (1)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			12,102,997		0.2
3,000,000 (1)	SMB Private Education Loan Trust 2023-A A1A, 5.380%, 01/15/2053			2,999,016		0.1
3,000,000 (1)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,822,146		0.0
3,900,000 (1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			3,492,884		0.1
3,250,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,954,816		0.0
8,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			7,271,398		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
4,115,547 (1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048		$	3,974,358		0.1
5,800,000 (1)	SoFi Professional Loan Program 2018-C BFX Trust, 4.130%, 01/25/2048			5,467,786		0.1
1,922,042 (1)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			1,855,454		0.0
6,000,000 (1)	SoFi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			5,632,775		0.1
3,000,000 (1)	Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048			2,636,255		0.0
8,165,926 (1)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			7,430,672		0.1
				82,477,486		1.1
	Total Asset-Backed Securities (Cost $954,225,381)			886,427,709		11.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.0%
4,656,000 (1)	BANK 2017-BNK4 D, 3.357%, 05/15/2050			3,256,407		0.0
29,203,742 (3)(4)	BANK 2017-BNK4 XA, 1.341%, 05/15/2050			1,199,361		0.0
167,655,000 (3)(4)	BANK 2017-BNK8 XB, 0.184%, 11/15/2050			1,304,113		0.0
3,600,000 (1)	BANK 2017-BNK9 D, 2.800%, 11/15/2054			2,306,486		0.0
181,982,205 (3)(4)	BANK 2018-BNK14 XA, 0.495%, 09/15/2060			3,786,031		0.1
19,110,000 (1)(3)(4)	BANK 2018-BNK14 XD, 1.613%, 09/15/2060			1,351,973		0.0
23,750,049 (3)(4)	BANK 2019-BNK16 XA, 0.941%, 02/15/2052			967,299		0.0
99,223,037 (3)(4)	Bank 2019-BNK19 XA, 0.948%, 08/15/2061			4,563,277		0.1
1,000,000 (3)	BANK 2019-BNK24 C, 3.518%, 11/15/2062			766,647		0.0

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†			Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
6,140,685 (3)(4)		BANK 2020-BNK30 XA, 1.313%, 12/15/2053		$	421,514		0.0
92,840,000 (1)(3)(4)		BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			1,198,397		0.0
8,200,000 (1)		BBCMS Trust 2021-AGW E, 7.834%, (US0001M + 3.150)%, 06/15/2036			7,094,946		0.1
20,268,444 (3)(4)		BBCMS Trust 2021-C10 XA, 1.295%, 07/15/2054			1,445,170		0.0
10,908,182 (3)(4)		BBCMS Trust 2022-C17 XA, 1.152%, 09/15/2055			873,142		0.0
52,202,259 (3)(4)		Benchmark 2019-B12 XA Mortgage Trust, 1.032%, 08/15/2052			2,105,703		0.0
36,040,403 (3)(4)		Benchmark 2019-B9 XA Mortgage Trust, 1.030%, 03/15/2052			1,652,499		0.0
92,385,854 (3)(4)		Benchmark 2020-B17 XA Mortgage Trust, 1.416%, 03/15/2053			5,324,363		0.1
109,858,406 (3)(4)	��	Benchmark 2020-B19 XA Mortgage Trust, 1.770%, 09/15/2053			8,410,880		0.1
59,901,676 (3)(4)		Benchmark 2020-B20 XA Mortgage Trust, 1.616%, 10/15/2053			4,629,956		0.1
47,434,883 (3)(4)		Benchmark 2020-B21 xa Mortgage Trust, 1.451%, 12/17/2053			3,554,009		0.1
4,939,038 (3)(4)		Benchmark 2021-B28 XA Mortgage Trust, 1.281%, 08/15/2054			351,274		0.0
1,000,000 (1)		BLP Commercial Mortgage Trust 2023-IND D, 8.067%, (TSFR1M + 3.240)%, 03/15/2040			978,816		0.0
11,041,000 (1)(8)		BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			6,965,975		0.1
8,000,000 (1)(3)		BMD2 Re-Remic Trust 2019-FRR1 5B13, 2.205%, 05/25/2052			5,425,900		0.1
5,414,000 (1)(3)		BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.515%, 05/25/2052			3,752,555		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,643,462 (1)	BX Commercial Mortgage Trust 2021-21M E, 6.855%, (US0001M + 2.171)%, 10/15/2036		$	5,243,176		0.1
4,000,000 (1)	BX Commercial Mortgage Trust 2021-IRON E, 7.292%, (TSFR1M + 2.350)%, 02/15/2038			3,670,233		0.1
3,478,925 (1)	BX Commercial Mortgage Trust 2021-SOAR D, 6.085%, (US0001M + 1.400)%, 06/15/2038			3,271,054		0.0
750,108 (1)	BX Commercial Mortgage Trust 2021-VOLT D, 6.334%, (US0001M + 1.650)%, 09/15/2036			706,859		0.0
1,500,000 (1)	BX Commercial Mortgage Trust 2021-VOLT F, 7.084%, (US0001M + 2.400)%, 09/15/2036			1,384,709		0.0
3,800,000 (1)	BX Trust 2021-LBA EJV, 6.943%, (TSFR1M + 2.000)%, 02/15/2036			3,448,800		0.1
1,800,000 (1)	BX Trust 2021-LBA EV, 6.943%, (TSFR1M + 2.000)%, 02/15/2036			1,633,642		0.0
1,000,000 (1)	BX Trust 2021-SDMF E, 6.271%, (US0001M + 1.587)%, 09/15/2034			928,369		0.0
976,928 (1)	BX Trust 2022-FOX2 C, 6.137%, (TSFR1M + 1.309)%, 04/15/2039			908,397		0.0
1,180,000 (1)	BX Trust 2022-LBA6 C, 6.427%, (TSFR1M + 1.600)%, 01/15/2039			1,123,619		0.0
1,250,000 (1)	BX Trust 2022-LBA6 D, 6.827%, (TSFR1M + 2.000)%, 01/15/2039			1,166,281		0.0
10,000,000 (1)	Cascade Funding Mortgage Trust 2021-FRR1 AK99, 8.310%, 09/29/2029			5,838,122		0.1

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
72,136,487 (3)(4)	CCUBS Commercial Mortgage Trust 2017-C1 XA, 1.014%, 11/15/2050		$	2,594,771		0.0
20,827,465 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.366%, 08/10/2049			675,138		0.0
45,113,000 (1)(3)(4)	CD 2016-CD1 Mortgage Trust XB, 0.694%, 08/10/2049			877,502		0.0
26,971,361 (3)(4)	CD 2017-CD4 Mortgage Trust XA, 1.226%, 05/10/2050			1,029,282		0.0
35,879,661 (3)(4)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.895%, 07/10/2049			1,616,748		0.0
69,572,574 (3)(4)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.027%, 10/12/2050			2,441,994		0.0
38,712,138 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.871%, 09/15/2050			1,155,968		0.0
70,513,452 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.670%, 06/10/2051			2,064,644		0.0
7,062,741 (3)(4)	COMM 2012-CR4 XA, 1.188%, 10/15/2045			13,438		0.0
27,260,000 (1)(3)(4)	COMM 2012-CR4 XB, 0.401%, 10/15/2045			51,434		0.0
4,640,000 (1)(3)	COMM 2013-CR10 E Mortgage Trust, 4.867%, 08/10/2046			4,360,683		0.1
9,645,000 (1)(3)	COMM 2013-CR10 F Mortgage Trust, 4.867%, 08/10/2046			8,298,572		0.1
93,017,665 (1)(3)(4)	COMM 2015-PC1 XA, 0.409%, 07/10/2050			598,820		0.0
56,302,331 (3)(4)	COMM 2016-CR28 XA, 0.640%, 02/10/2049			849,560		0.0
33,066,943 (3)(4)	COMM 2017-COR2 XA, 1.155%, 09/10/2050			1,254,705		0.0
8,261,000 (1)(3)	COMM 2020-CBM F Mortgage Trust, 3.633%, 02/10/2037			7,142,895		0.1
4,340,000 (1)(3)	CSAIL 2017-CX10 D Commercial Mortgage Trust, 4.176%, 11/15/2050			2,935,439		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
8,000,000 (1)	CSWF 2021-SOP2 E, 8.051%, (US0001M + 3.367)%, 06/15/2034		$	7,002,898		0.1
612,792 (1)(7)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650)%, 07/10/2044			611,156		0.0
3,768,102 (1)	Extended Stay America Trust 2021-ESH E, 7.535%, (US0001M + 2.850)%, 07/15/2038			3,571,863		0.1
15,533,505	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			2,157,397		0.0
10,245,401 (1)(3)(4)	Freddie Mac Multifamily ML Certificates 2021-ML11 XUS, 0.769%, 03/25/2038			578,142		0.0
23,383,106 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K107 X1, 1.691%, 03/25/2030			2,179,903		0.0
68,507,996 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.582%, 04/25/2030			5,920,584		0.1
101,011,781 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 0.930%, 09/25/2030			5,445,813		0.1
40,967,036 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K123 X1, 0.773%, 12/25/2030			1,878,545		0.0
13,307,063 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.511%, 05/25/2035			1,570,907		0.0
75,520,138 (3)(4)	Freddie Mac Multifamily Structured Pass Through CertificatesK151 X1, 0.375%, 04/25/2030			1,530,959		0.0

See Accompanying Notes to Financial Statements

141

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,000,000 (1)(3)	FRR Re-REMIC Trust 2018-C1 B725, 2.838%, 02/27/2050		$	4,694,935		0.1
5,000,000 (1)(3)(9)	FRR Re-REMIC Trust 2018-C1 C725, 0.330%, 02/27/2050			4,580,846		0.1
8,971,340 (1)(3)(9)	FRR Re-REMIC Trust 2018-C1 CK43, 0.730%, 02/27/2048			7,485,763		0.1
11,599,000 (1)(3)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.420%, 09/27/2051			8,359,852		0.1
8,825,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			7,405,914		0.1
10,728,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			8,932,067		0.1
8,727,000 (1)(3)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.040%, 09/27/2051			7,238,853		0.1
7,409,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			4,321,038		0.1
8,821,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			7,396,826		0.1
8,724,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			6,811,289		0.1
12,584,000 (1)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.050%, 11/29/2050			8,589,302		0.1
15,763,000 (1)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.320%, 11/29/2050			10,456,331		0.1
18,282,000 (1)(3)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			13,376,140		0.2
12,445,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.200%, 01/29/2052			8,803,119		0.1
13,548,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.830%, 01/27/2052			7,993,712		0.1
7,076,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 C728, 0.510%, 08/27/2050			6,148,405		0.1
7,212,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.870%, 05/27/2048			5,797,699		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
8,725,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.480%, 11/27/2049		$	5,888,484			0.1
6,092,000 (1)(3)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.400%, 01/29/2052			4,173,837			0.1
7,095,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.040%, 01/27/2052			3,945,744			0.1
7,080,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 D728, 0.560%, 01/29/2052			6,021,415			0.1
5,698,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.620%, 10/27/2047			4,891,880			0.1
7,208,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.970%, 05/27/2048			5,649,465			0.1
3,796,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.610%, 01/29/2052			3,188,189			0.0
4,400,000 (1)	GS Mortgage Securities Corp. II 2018-RIVR F, 6.784%, (US0001M + 2.100)%, 07/15/2035			2,046,000			0.0
41,584,634 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 0.983%, 11/10/2046			217,685			0.0
53,529,177 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 0.935%, 06/10/2047			339,846		��	0.0
57,497,829 (3)(4)	GS Mortgage Securities Trust 2016-GS4 XA, 0.567%, 11/10/2049			917,019			0.0
67,472,209 (3)(4)	GS Mortgage Securities Trust 2017-GS6 XA, 1.012%, 05/10/2050			2,276,668			0.0
500,000 (3)	GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051			452,848			0.0
77,566,735 (3)(4)	GS Mortgage Securities Trust 2019-GC38 XA, 0.951%, 02/10/2052			3,298,269			0.0

See Accompanying Notes to Financial Statements

142

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
7,345,454 (1)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 E, 3.744%, 12/15/2046		$	6,546,493		0.1
76,754,959 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.579%, 12/15/2049			1,247,779		0.0
650,000 (1)	JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH E, 6.524%, (US0001M + 1.840)%, 06/15/2038			587,496		0.0
6,363,797 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.176%, 11/15/2045			5,947,953		0.1
6,470,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			3,396,855		0.0
8,113,022 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.604%, 04/15/2047			37,308		0.0
1,107,380 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.945%, 10/15/2048			14,955		0.0
496,412 (1)	KIND Trust 2021-KIND D, 7.242%, (TSFR1M + 2.300)%, 08/15/2038			462,703		0.0
589,782 (1)	Life 2021-BMR F Mortgage Trust, 7.292%, (TSFR1M + 2.350)%, 03/15/2038			550,509		0.0
36,672,503 (1)(3)(4)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.795%, 03/10/2050			697,377		0.0
3,000,000 (1)	MBRT 2019-MBR H1, 9.034%, (US0001M + 4.000)%, 11/15/2036			2,903,226		0.0
10,468,898 (1)	Med Trust 2021-MDLN D, 6.685%, (US0001M + 2.000)%, 11/15/2038			9,989,691		0.1
2,093,780 (1)	Med Trust 2021-MDLN F, 8.685%, (US0001M + 4.000)%, 11/15/2038			1,947,212		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,340,000 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 D, 4.896%, 11/15/2046		$	4,011,924		0.1
64,676,886 (3)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 0.954%, 12/15/2047			683,075		0.0
500,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 B, 4.499%, 12/15/2047			470,760		0.0
31,575,854 (3)(4)	Morgan Stanley Capital I Trust 2021-L6 XA, 1.226%, 06/15/2054			1,945,556		0.0
37,543,457 (3)(4)	Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.850%, 12/15/2050			1,230,168		0.0
16,840,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 1.040%, 03/28/2049			12,857,813		0.2
14,290,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.450%, 11/08/2049			11,401,361		0.2
21,500,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB64, 2.300%, 03/01/2050			16,939,163		0.2
5,260,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			3,920,829		0.1
6,590,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			4,554,431		0.1
6,190,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			4,206,032		0.1
986,016 (1)	TTAN 2021-MHC D, 6.435%, (US0001M + 1.750)%, 03/15/2038			938,754		0.0
1,284,641 (1)(3)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.420%, 11/15/2044			1,222,718		0.0
12,946,000 (1)(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.147%, 03/15/2045			7,961,790		0.1
3,920,000 (1)	WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046			3,535,296		0.1

See Accompanying Notes to Financial Statements

143

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,000,000 (1)	WFRBS Commercial Mortgage Trust 2014-C21 D, 3.497%, 08/15/2047		$	1,620,954		0.0
71,855,062 (3)(4)	WFRBS Commercial Mortgage Trust 2014-C25 XA, 0.789%, 11/15/2047			686,324		0.0
	Total Commercial Mortgage-Backed Securities (Cost $513,181,685)			457,635,659		6.0
SOVEREIGN BONDS: 0.4%
1,000,000	Colombia Government International Bond, 3.125%, 04/15/2031			765,304		0.0
350,000	Colombia Government International Bond, 3.875%, 04/25/2027			318,520		0.0
3,000,000	Mexico Government International Bond, 3.750%, 04/19/2071			2,002,769		0.0
1,750,000	Mexico Government International Bond, 3.771%, 05/24/2061			1,186,905		0.0
1,375,000	Mexico Government International Bond, 4.280%, 08/14/2041			1,127,005		0.0
2,500,000 (1)(2)	Morocco Government International Bond, 2.375%, 12/15/2027			2,206,692		0.0
1,450,000 (1)	Morocco Government International Bond, 4.000%, 12/15/2050			991,438		0.0
3,400,000	Oman Government International Bond, 6.000%, 08/01/2029			3,427,224		0.1
1,625,000 (1)	Oman Government International Bond, 7.375%, 10/28/2032			1,777,027		0.0
3,000,000 (2)	Panama Government International Bond, 3.298%, 01/19/2033			2,512,031		0.1
3,375,000	Peruvian Government International Bond, 1.862%, 12/01/2032			2,558,274		0.1

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
2,525,000	Peruvian Government International Bond, 2.780%, 12/01/2060		$	1,511,460		0.0
8,700,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029			7,828,695		0.1
EUR 2,050,000 (1)	Romanian Government International Bond, 2.625%, 12/02/2040			1,293,398		0.0
2,600,000 (10)	Russian Foreign Bond - Eurobond, 4.250%, 06/23/2027			156,000		0.0
2,450,000 (1)(2)	Saudi Government International Bond, 3.450%, 02/02/2061			1,737,988		0.0
500,000 (10)	Ukraine Government International Bond, 7.375%, 09/25/2034			87,375		0.0
1,500,000 (10)	Ukraine Government International Bond, 7.750%, 09/01/2025			304,744		0.0
10,400,000 (10)	Ukraine Government International Bond, 7.750%, 09/01/2027			1,928,706		0.0
1,890,000 (10)	Ukraine Government International Bond, 7.750%, 09/01/2028			356,884		0.0
850,000 (10)	Ukraine Government International Bond, 7.750%, 09/01/2029			158,965		0.0
389,000 (10)	Ukraine Government International Bond, 9.750%, 11/01/2030			74,256		0.0
	Total Sovereign Bonds (Cost $57,989,226)			34,311,660		0.4
PURCHASED OPTIONS(11): 0.0%
	Total Purchased Options (Cost $3,092,110)			307,240		0.0
	Total Long-Term Investments (Cost $8,183,804,905)			7,597,112,154		99.0

See Accompanying Notes to Financial Statements

144

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Commercial Paper: 0.4%
25,000,000	American Electric Power Co., Inc., 4.960%, 05/08/2023		$	24,859,083		0.3
1,000,000	EIDP Inc., 5.170%, 04/17/2023			997,536		0.0
3,750,000	Sherwin-Williams Co., 5.370%, 04/18/2023			3,740,672		0.1
	Total Commercial Paper (Cost $29,605,500)			29,597,291		0.4
	Repurchase Agreements: 0.8%
12,768,139 (12)	Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/23, 4.83%, due 04/03/23 (Repurchase Amount $12,773,208, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $13,023,502, due 04/25/23-02/20/73)			12,768,139		0.2
8,807,226 (12)	Citadel Securities LLC, Repurchase Agreement dated 03/31/23, 4.88%, due 04/03/23 (Repurchase Amount $8,810,759, collateralized by various U.S. Government Securities, 0.000%-5.375%, Market Value plus accrued interest $8,987,024, due 04/04/23-02/15/53)			8,807,226		0.1
2,065,640 (12)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 03/31/23, 4.87%, due 04/03/23 (Repurchase Amount $2,066,467, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $2,107,808, due 04/04/23-01/20/73)			2,065,640		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
14,000,000 (12)	National Bank Financial, Repurchase Agreement dated 03/31/23, 4.84%, due 04/03/23 (Repurchase Amount $14,005,569, collateralized by various U.S. Government Securities, 0.000%-4.768%, Market Value plus accrued interest $14,279,994, due 04/03/23-09/09/49)		$	14,000,000		0.2
18,693,701 (12)	RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $18,701,107, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.375%, Market Value plus accrued interest $19,067,575, due 04/06/23-02/20/53)			18,693,701		0.2
8,219,188 (12)	State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/23, 4.91%, due 04/03/23 (Repurchase Amount $8,222,505, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,383,574, due 07/15/25-02/15/51)			8,219,188		0.1
	Total Repurchase Agreements (Cost $64,553,894)			64,553,894		0.8

See Accompanying Notes to Financial Statements

145

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreement: 0.2%
14,608,000	Deutsche Bank Repurchase Agreement dated 03/31/23, 4.800%, due 04/03/23, $14,613,843 to be received upon repurchase (Collateralized by $15,337,700, US Govt. Treasury Note, 2.625%, Mkt Value plus accrued int. and principal $14,900,238 due 03/31/25), 4.800%, 04/03/2023 (Cost $14,608,000)		$	14,608,000		0.2

	Time Deposits: 0.2%
2,000,000 (12)	Barclays Bank PLC, 4.840%, 04/03/2023			2,000,000		0.1
2,000,000 (12)	Canadian Imperial Bank of Commerce, 4.800%, 04/03/2023			2,000,000		0.0
1,990,000 (12)	Credit Agricole, 4.800%, 04/03/2023			1,990,000		0.0
2,000,000 (12)	HSBC Holdings PLC, 4.880%, 04/03/2023			2,000,000		0.0
2,000,000 (12)	Landesbank Baden-Wurttemberg, 4.820%, 04/03/2023			2,000,000		0.0
1,500,000 (12)	Mizuho Financial Group Inc., 4.820%, 04/03/2023			1,500,000		0.0
2,000,000 (12)	Royal Bank of Canada, 4.810%, 04/03/2023			2,000,000		0.1
1,990,000 (12)	Svenska Handelsbanken AB, 4.770%, 04/03/2023			1,990,000		0.0
	Total Time Deposits (Cost $15,480,000)			15,480,000		0.2
	Total Short-Term Investments (Cost $124,247,394)			124,239,185		1.6
	Total Investments in Securities (Cost $8,308,052,299)		$	7,721,351,339		100.6
	Liabilities in Excess of Other Assets			(47,581,514)		(0.6)
	Net Assets		$	7,673,769,825		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Security, or a portion of the security, is on loan.

(3)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(4)

(5)

(6)

Represents or includes a TBA transaction.

(7)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(8)

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2023.

(10)

Defaulted security.

(11)

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

(12)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

Currency Abbreviations:

EUR

EU Euro

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

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0012M

12-month LIBOR

See Accompanying Notes to Financial Statements

146

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Purchased Options		$	—		$	307,240		$	—		$	307,240
Corporate Bonds/Notes			—			2,317,332,482			—			2,317,332,482
Collateralized Mortgage Obligations			—			1,234,485,297			—			1,234,485,297
Asset-Backed Securities			—			886,427,709			—			886,427,709
U.S. Government Agency Obligations			—			1,539,381,161			—			1,539,381,161
Commercial Mortgage-Backed Securities			—			457,024,503			611,156			457,635,659
Sovereign Bonds			—			34,311,660			—			34,311,660
U.S. Treasury Obligations			—			1,127,230,945			—			1,127,230,945
Short-Term Investments			—			124,239,185			—			124,239,185
Total Investments, at fair value		$	—		$	7,720,740,183		$	611,156		$	7,721,351,339
Other Financial Instruments+
Centrally Cleared Swaps			—			7,886,470			—			7,886,470
Forward Premium Swaptions			—			1,251,890			—			1,251,890
Futures			12,747,982			—			—			12,747,982
Total Assets		$	12,747,982		$	7,729,878,543		$	611,156		$	7,743,237,681
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(10,316,537)		$	—		$	(10,316,537)
Forward Foreign Currency Contracts			—			(53,555)			—			(53,555)
Futures			(6,184,333)			—			—			(6,184,333)
Written Options			—			(35,857,987)			—			(35,857,987)
Total Liabilities		$	(6,184,333)		$	(46,228,079)		$	—		$	(52,412,412)

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

At March 31, 2023, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 2,502,864

EUR 2,352,139

Standard Chartered Bank

05/12/23

(53,555)

At March 31, 2023, the following futures contracts were outstanding for Voya Intermediate Bond Fund:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		730		06/21/23		$	83,892,969		$	271,399
U.S. Treasury 2-Year Note		894		06/30/23			184,569,094			1,525,497
U.S. Treasury Long Bond		618		06/21/23			81,054,562			1,091,208
U.S. Treasury Ultra Long Bond		2,211		06/22/23			312,027,375			9,859,878
						$	661,544,000		$	12,747,982
Short Contracts:
U.S. Treasury 5-Year Note		(1,476)		06/30/23			(161,633,531)			(1,467,647)
U.S. Treasury Ultra 10-Year Note		(1,622)		06/21/23			(196,490,094)			(4,716,686)
						$	(358,123,625)		$	(6,184,333)

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Fund:

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.255%

Annual

02/05/25

USD 34,084,000

(118,120)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.270

Annual

02/20/25

USD 157,310,000

(447,773)

Pay

1-day Secured Overnight
Financing Rate

Annual

2.988

Annual

03/16/33

USD 7,860,000

(1,469)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.058

Annual

05/10/33

USD 49,696,000

(514,818)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.085

Annual

05/10/33

USD 31,806,000

(257,666)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.289

Annual

05/10/33

USD 43,733,251

399,220

Pay

1-day Secured Overnight
Financing Rate

Annual

3.394

Annual

05/10/33

USD 19,879,000

357,580

Pay

1-day Secured Overnight
Financing Rate

Annual

3.475

Annual

05/10/33

USD 39,757,314

990,737

Pay

1-day Secured Overnight
Financing Rate

Annual

3.483

Annual

05/10/33

USD 59,635,973

1,521,462

Pay

1-day Secured Overnight
Financing Rate

Annual

3.065

Annual

05/11/33

USD 44,528,000

(434,202)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.234

Annual

05/11/33

USD 11,130,000

50,116

Pay

1-day Secured Overnight
Financing Rate

Annual

3.111

Annual

05/12/33

USD 15,903,000

(92,182)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.139

Annual

05/12/33

USD 25,841,220

(89,632)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.164

Annual

05/12/33

USD 23,855,000

(32,171)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.200

Annual

05/12/33

USD 31,806,000

54,226

Pay

1-day Secured Overnight
Financing Rate

Annual

3.212

Annual

05/12/33

USD 22,742,313

62,312

Pay

1-day Secured Overnight
Financing Rate

Annual

3.214

Annual

05/12/33

USD 21,866,844

64,018

Pay

1-day Secured Overnight
Financing Rate

Annual

3.216

Annual

05/12/33

USD 21,866,843

67,735

Pay

1-day Secured Overnight
Financing Rate

Annual

3.233

Annual

05/12/33

USD 25,843,000

116,262

Pay

1-day Secured Overnight
Financing Rate

Annual

3.610

Annual

05/12/33

USD 9,940,000

361,727

Pay

1-day Secured Overnight
Financing Rate

Annual

3.621

Annual

05/12/33

USD 17,892,000

667,812

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.674

Annual

05/12/33

USD 38,167,000

1,594,913

Pay

1-day Secured Overnight
Financing Rate

Annual

3.456

Annual

05/17/33

USD 30,216,000

712,203

Pay

1-day Secured Overnight
Financing Rate

Annual

3.275

Annual

09/11/33

USD 43,667,000

606,437

Pay

1-day Secured Overnight
Financing Rate

Annual

3.067

Annual

09/13/33

USD 18,777,000

(65,205)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.075

Annual

09/13/33

USD 23,581,000

(65,230)

Pay

1-day Secured Overnight
Financing Rate

Annual

3.163

Annual

09/13/33

USD 4,366,000

20,012

Pay

1-day Secured Overnight
Financing Rate

Annual

3.174

Annual

09/13/33

USD 21,832,000

120,061

Pay

1-day Secured Overnight
Financing Rate

Annual

2.843

Annual

06/16/53

USD 6,113,000

(110,508)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.437

Annual

02/20/25

USD 91,764,000

116,754

Receive

1-day Secured Overnight
Financing Rate

Annual

3.586

Annual

02/20/25

USD 49,814,000

(6,465)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.657

Annual

02/20/25

USD 31,988,000

(25,512)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.180

Annual

05/11/33

USD 133,188,000

2,883

Receive

1-day Secured Overnight
Financing Rate

Annual

3.252

Annual

05/11/33

USD 7,156,000

(43,115)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.275

Annual

05/11/33

USD 19,879,000

(159,512)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.337

Annual

05/11/33

USD 32,601,000

(431,648)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.392

Annual

05/11/33

USD 18,288,000

(327,201)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.408

Annual

05/11/33

USD 23,457,000

(451,859)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.302

Annual

05/12/33

USD 16,300,000

(168,850)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.311

Annual

05/12/33

USD 21,071,000

(233,150)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.314

Annual

05/12/33

USD 9,940,000

(112,701)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.421

Annual

05/12/33

USD 35,782,000

(729,427)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.483

Annual

05/12/33

USD 33,794,000

(866,019)

See Accompanying Notes to Financial Statements

149

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.598

Annual

05/12/33

USD 21,868,000

(773,073)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.643

Annual

05/12/33

USD 55,661,000

(2,178,532)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.689

Annual

05/12/33

USD 21,866,000

(941,984)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.184

Annual

09/13/33

USD6 ,549,000

(41,534)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.236

Annual

09/13/33

USD 5,328,000

(57,179)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.240

Annual

09/13/33

USD 5,677,000

(62,635)

Receive

1-day Secured Overnight
Financing Rate

Annual

3.353

Annual

09/13/33

USD 22,707,000

(464,230)

Receive

1-day Secured Overnight
Financing Rate

Annual

2.950

Annual

06/16/53

USD 1,747,000

(4,779)

Receive

1-day Secured Overnight
Financing Rate

Annual

2.956

Annual

06/16/53

USD 2,183,000

(8,156)

(2,430,067)

At March 31, 2023, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Fund:

Description	Counterparty	Expiration Date	Exercise Price	Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas	02/27/25	107.500	USD 19,009,400		$	942,866		$	303,741
Put USD vs. Call JPY	Goldman Sachs International	04/13/23	120.000	USD 71,026,000			805,577			1,334
Put USD vs. Call JPY	Morgan Stanley Capital Services LLC	04/13/23	120.000	USD 115,267,000			1,343,667			2,165
						$	3,092,110		$	307,240

At March 31, 2023, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Fund:

Description

Counterparty

Pay/Receive
Exercise Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap(1)

Bank of America N.A.

Pay

3.550%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 43,667,000

1,181,192

(2,054,244)

Call on 10-Year Interest Rate Swap(1)

Barclays Bank PLC

Pay

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 159,030,000

4,588,016

(8,057,809)

Call on 10-Year Interest Rate Swap(1)

Citibank N.A.

Pay

3.540%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 87,334,000

2,362,385

(4,056,248)

Call on 10-Year Interest Rate Swap(1)

Goldman Sachs
International

Pay

3.460%

1-day Secured
Overnight Financing
Rate

08/21/23

USD 79,516,000

2,007,779

(3,168,403)

Call on 10-Year Interest Rate Swap(1)

Goldman Sachs
International

Pay

3.570%

1-day Secured
Overnight Financing
Rate

09/07/23

USD 43,667,000

1,166,455

(2,094,727)

See Accompanying Notes to Financial Statements

150

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

Description

Counterparty

Pay/Receive
Exercise Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap(1)

JPMorgan Chase
Bank N.A.

Pay

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 79,516,000

2,437,165

(941,702)

Call on 1-Year Interest
Rate Swap(1)

Barclays Bank PLC

Pay

4.170%

1-day Secured
Overnight Financing
Rate

02/16/24

USD 262,182,000

1,233,566

(2,135,096)

Call on 1-Year Interest
Rate Swap(1)

Morgan Stanley Capital
Services LLC

Pay

3.520%

1-day Secured
Overnight Financing
Rate

01/24/24

USD 524,367,000

2,282,307

(2,363,915)

Call on 30-Year Interest Rate Swap(1)

Morgan Stanley Capital
Services LLC

Pay

2.994%

1-day Secured
Overnight Financing
Rate

06/14/23

USD 21,832,000

942,597

(775,318)

Put on 10-Year Interest Rate Swap(2)

Bank of America N.A.

Receive

3.550%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 43,667,000

1,181,192

(529,044)

Put on 10-Year Interest Rate Swap(2)

Barclays Bank PLC

Receive

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 159,030,000

4,588,016

(198,133)

Put on 10-Year Interest Rate Swap(2)

Citibank N.A.

Receive

3.540%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 87,334,000

2,362,385

(1,078,433)

Put on 10-Year Interest Rate Swap(2)

Goldman Sachs
International

Receive

3.460%

1-day Secured
Overnight Financing
Rate

08/21/23

USD 79,516,000

2,007,779

(1,060,163)

Put on 10-Year Interest Rate Swap(2)

Goldman Sachs
International

Receive

3.570%

1-day Secured
Overnight Financing
Rate

09/07/23

USD 43,667,000

1,166,455

(500,257)

Put on 10-Year Interest Rate Swap(2)

JPMorgan Chase
Bank N.A.

Receive

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 79,516,000

2,437,165

(2,068,124)

Put on 1-Year Interest
Rate Swap(2)

Barclays Bank PLC

Receive

4.170%

1-day Secured
Overnight Financing
Rate

02/16/24

USD 262,182,000

1,233,566

(822,536)

Put on 1-Year Interest
Rate Swap(2)

Morgan Stanley Capital
Services LLC

Receive

3.520%

1-day Secured
Overnight Financing
Rate

01/24/24

USD 524,367,000

2,282,307

(3,330,901)

Put on 30-Year Interest Rate Swap(2)

Morgan Stanley Capital
Services LLC

Receive

2.994%

1-day Secured
Overnight Financing
Rate

06/14/23

USD 21,832,000

942,597

(622,934)

36,402,924

(35,857,987)

At March 31, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

Description

Counterparty

Exercise
Rate(3)

Pay/Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/14/27

USD 39,935,000

(6,988,625)

315,179

Call on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

05/28/27

USD 66,490,400

(11,768,801)

437,003

Put on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

05/25/27

USD 61,700,000

(11,106,000)

248,443

(29,863,426)

1,000,625

See Accompanying Notes to Financial Statements

151

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

Description

Counterparty

Exercise
Rate(3)

Pay/Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap

Bank of America N.A.

0.000%

Pay

1-day Secured
Overnight Financing
Rate

03/27/28

USD 21,832,000

925,677

955

Call on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

03/14/28

USD 43,667,000

1,902,872

75,887

Put on 5-Year Interest Rate Swap

Bank of America N.A.

0.000%

Receive

1-day Secured
Overnight Financing
Rate

03/27/28

USD 21,832,000

925,677

19,599

Put on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

03/14/28

USD 43,667,000

1,902,872

154,824

5,657,098

251,265

(1)

Fund pays the exercise rate semi-annually and receives the floating rate index quarterly.

(2)

Fund receives the exercise rate semi-annually and pays the floating rate index quarterly.

(3)

Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

(4)

Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

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

The fair value of derivative instruments as of March 31, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	307,240
Interest rate contracts	Unrealized appreciation on forward premium swaptions			1,251,890
Interest rate contracts	Variation margin receivable on futures contracts**			12,747,982
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			7,886,470
Total Asset Derivatives			$	22,193,582
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	53,555
Interest rate contracts	Variation margin payable on futures contracts**			6,184,333
Interest rate contracts	Variation margin payable on centrally cleared swaps**			10,316,537
Interest rate contracts	Written options, at fair value			35,857,987
Total Liability Derivatives			$	52,412,412

Includes purchased options.

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

See Accompanying Notes to Financial Statements

152

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2023 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(807,519)		$	—		$	(807,519)
Equity contracts			—			—			(520,262)			—			—			(520,262)
Foreign exchange contracts			(2,818,986)			443,072			—			—			5,253,707			2,877,793
Interest rate contracts			524,360			—			(129,235,487)			(17,735,178)			10,729,793			(135,716,512)
Total		$	(2,294,626)		$	443,072		$	(129,755,749)		$	(18,542,697)		$	15,983,500		$	(134,166,500)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(1,040,371)		$	—		$	(1,040,371)
Foreign exchange contracts			(691,429)			(199,744)			—			—			(1,968,260)			(2,859,433)
Interest rate contracts			1,000,625			—			15,007,298			(1,596,059)			1,310,758			15,722,622
Total		$	309,196		$	(199,744)		$	15,007,298		$	(2,636,430)		$	(657,502)		$	11,822,818

Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	303,741		$	—		$	1,334		$	—		$	2,165		$	—		$	307,240
Forward premium swaptions			20,554			1,000,625			—			—			—			—			230,711			—			1,251,890
Total Assets		$	20,554		$	1,000,625		$	303,741		$	—		$	1,334		$	—		$	232,876		$	—		$	1,559,130
Liabilities:
Forward foreign currency contracts		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	53,555		$	53,555
Written options			2,583,288			11,213,574			—			5,134,681			6,823,549			3,009,827			7,093,068			—			35,857,987
Total Liabilities		$	2,583,288		$	11,213,574		$	—		$	5,134,681		$	6,823,549		$	3,009,827		$	7,093,068		$	53,555		$	35,911,542
Net OTC derivative instruments by counterparty, at fair value		$	(2,562,734)		$	(10,212,949)		$	303,741		$	(5,134,681)		$	(6,822,215)		$	(3,009,827)		$	(6,860,192)		$	(53,555)		$	(34,352,412)
Total collateral pledged by the Fund/(Received from counterparty)		$	2,562,734		$	10,212,949		$	(290,000)		$	5,134,681		$	6,800,000		$	3,009,827		$	6,860,192		$	—		$	34,290,383
Net Exposure(1)(2)		$	—		$	—		$	13,741		$	—		$	(22,215)		$	—		$	—		$	(53,555)		$	(62,029)

(1)

Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

(2)

At March 31, 2023, the Fund had pledged $2,620,000, $10,380,000, $5,460,000, $3,860,000 and $10,120,000 in cash collateral to Bank of America N.A., Barclays Bank PLC, Citibank N.A., JPMorgan Chase Bank N.A. and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

153

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Fund

as of March 31, 2023 (continued)

At March 31, 2023, 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 federal income tax purposes was $8,324,586,917.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	53,462,445
Gross Unrealized Depreciation		(687,234,904)
Net Unrealized Depreciation	$	(633,772,459)

See Accompanying Notes to Financial Statements

154

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Duration High Income Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 97.5%
	Basic Materials: 5.6%
500,000 (1)	Arconic Corp., 6.000%, 05/15/2025		$	501,250		1.9
500,000 (1)	INEOS Finance PLC, 6.750%, 05/15/2028			483,248		1.9
500,000 (1)	SCIL IV LLC / SCIL USA Holdings LLC, 5.375%, 11/01/2026			457,318		1.8
				1,441,816		5.6
	Communications: 21.9%
100,000	AMC Networks, Inc., 5.000%, 04/01/2024			98,745		0.4
500,000 (1)	Clear Channel Outdoor Holdings, Inc., 5.125%, 08/15/2027			449,270		1.7
1,000,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026			940,900		3.7
100,000 (1)	Consensus Cloud Solutions, Inc., 6.000%, 10/15/2026			86,966		0.3
500,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027			453,330		1.8
1,000,000 (1)	DISH DBS Corp., 5.250%, 12/01/2026			799,770		3.1
500,000 (1)	Gen Digital, Inc., 6.750%, 09/30/2027			503,125		1.9
900,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			586,134		2.3
500,000	Sprint LLC, 7.875%, 09/15/2023			504,147		2.0
500,000 (1)	Townsquare Media, Inc., 6.875%, 02/01/2026			473,455		1.8
500,000 (1)	Uber Technologies, Inc., 7.500%, 05/15/2025			506,902		2.0
250,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			237,275		0.9
				5,640,019		21.9
	Consumer, Cyclical: 16.9%
500,000 (1)	Delta Air Lines, Inc., 7.000%, 05/01/2025			512,961		2.0
500,000	Goodyear Tire & Rubber Co/The, 9.500%, 05/31/2025			514,352		2.0
500,000	MGM Resorts International, 6.750%, 05/01/2025			504,395		2.0
850,000 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			848,100		3.3
700,000 (1)	SeaWorld Parks & Entertainment, Inc., 8.750%, 05/01/2025			719,600		2.8

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
500,000 (1)	Six Flags Theme Parks, Inc., 7.000%, 07/01/2025		$	505,620		2.0
500,000 (1)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024			497,107		1.9
250,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025			245,608		0.9
				4,347,743		16.9
	Consumer, Non-cyclical: 8.2%
500,000 (1)	Albion Financing 2SARL, 8.750%, 04/15/2027			434,284		1.7
500,000 (1)	APX Group, Inc., 6.750%, 02/15/2027			498,052		1.9
500,000	HCA, Inc., 5.375%, 02/01/2025			500,532		2.0
750,000 (1)	RP Escrow Issuer LLC, 5.250%, 12/15/2025			569,010		2.2
100,000 (1)	Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.625%, 11/01/2026			94,120		0.4
				2,095,998		8.2
	Energy: 13.6%
500,000 (1)	CVR Energy, Inc., 5.250%, 02/15/2025			480,567		1.8
500,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028			458,270		1.8
650,000 (1)	Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 11.500%, 02/15/2028			623,044		2.4
500,000 (1)	New Fortress Energy, Inc., 6.500%, 09/30/2026			460,458		1.8
500,000 (1)	New Fortress Energy, Inc., 6.750%, 09/15/2025			481,780		1.9
500,000	PBF Holding Co. LLC / PBF Finance Corp., 7.250%, 06/15/2025			496,905		1.9
600,000 (1)	Sunnova Energy Corp., 5.875%, 09/01/2026			509,241		2.0
				3,510,265		13.6
	Financial: 17.7%
500,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.500%, 07/15/2025			504,023		2.0
500,000	Air Lease Corp., 5.850%, 12/15/2027			503,078		2.0

See Accompanying Notes to Financial Statements

155

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PORTFOLIO OF INVESTMENTS

Voya Short Duration High Income Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
125,000 (1)	Bread Financial Holdings, Inc., 7.000%, 01/15/2026		$	110,659		0.4
500,000 (1)	HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 06/15/2026			434,340		1.7
900,000 (1)	LD Holdings Group LLC, 6.500%, 11/01/2025			568,134		2.2
500,000	Navient Corp., 6.125%, 03/25/2024			493,795		1.9
500,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.500%, 06/01/2025			502,281		2.0
500,000 (1)	PennyMac Financial Services, Inc., 5.375%, 10/15/2025			467,525		1.8
500,000 (1)	United Wholesale Mortgage LLC, 5.500%, 11/15/2025			473,790		1.8
500,000 (1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.875%, 05/01/2027			483,983		1.9
				4,541,608		17.7
	Industrial: 10.2%
400,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 9.750%, 08/01/2027			422,416		1.6
500,000 (1)	LSB Industries, Inc., 6.250%, 10/15/2028			445,480		1.7
500,000 (1)	Spirit AeroSystems, Inc., 7.500%, 04/15/2025			500,490		1.9
500,000 (1)	TransDigm, Inc., 6.750%, 08/15/2028			505,625		2.0
250,000 (1)	Triumph Group, Inc., 9.000%, 03/15/2028			250,575		1.0
500,000 (1)	WESCO Distribution, Inc., 7.125%, 06/15/2025			508,710		2.0
				2,633,296		10.2
	Technology: 1.5%
500,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			376,882		1.5

	Utilities: 1.9%
500,000 (1)	Calpine Corp., 5.250%, 06/01/2026			488,033		1.9
	Total Corporate Bonds/Notes (Cost $25,366,797)			25,075,660		97.5

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
	Mutual Funds: 0.5%
138,488 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.720% (Cost $138,488)		$	138,488		0.5
	Total Short-Term Investments (Cost $138,488)			138,488		0.5
	Total Investments in Securities (Cost $25,505,285)		$	25,214,148		98.0
	Assets in Excess of Other Liabilities			517,037		2.0
	Net Assets		$	25,731,185		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Rate shown is the 7-day yield as of March 31, 2023.

See Accompanying Notes to Financial Statements

156

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PORTFOLIO OF INVESTMENTS

Voya Short Duration High Income Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	25,075,660		$	—		$	25,075,660
Short-Term Investments			138,488			—			—			138,488
Total Investments, at fair value		$	138,488		$	25,075,660		$	—		$	25,214,148

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

At March 31, 2023, 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 of investments for federal income tax purposes is the same as for financial statement purposes.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	129,193
Gross Unrealized Depreciation		(420,330)
Net Unrealized Depreciation	$	(291,137)

See Accompanying Notes to Financial Statements

157

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PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 38.0%
	Basic Materials: 0.4%
350,000 (1)	Albemarle Corp., 4.650%, 06/01/2027		$	344,643		0.1
600,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024			597,237		0.1
300,000 (2)	International Flavors & Fragrances, Inc., 1.832%, 10/15/2027			254,869		0.1
227,000	Nucor Corp., 2.000%, 06/01/2025			213,620		0.1
59,000	Nutrien Ltd., 4.900%, 03/27/2028			59,027		0.0
				1,469,396		0.4
	Communications: 2.0%
230,000 (1)	Alibaba Group Holding Ltd., 2.800%, 06/06/2023			229,036		0.1
160,000	AMC Networks, Inc., 5.000%, 04/01/2024			157,992		0.0
351,000	AT&T, Inc., 1.700%, 03/25/2026			323,085		0.1
501,000	Bell Telephone Co. of Canada or Bell Canada/The, 0.750%, 03/17/2024			478,848		0.1
759,000	British Telecommunications PLC, 4.500%, 12/04/2023			754,188		0.2
337,000	Comcast Corp., 5.250%, 11/07/2025			344,514		0.1
425,000	DISH DBS Corp., 5.875%, 11/15/2024			379,440		0.1
400,000	Fox Corp., 3.050%, 04/07/2025			384,874		0.1
626,000	Fox Corp., 4.030%, 01/25/2024			619,374		0.2
523,000	Meta Platforms, Inc., 3.500%, 08/15/2027			505,368		0.1
75,000	Motorola Solutions, Inc., 4.000%, 09/01/2024			73,718		0.0
671,000 (2)	NTT Finance Corp., 0.583%, 03/01/2024			643,550		0.2
423,000 (2)	NTT Finance Corp., 4.142%, 07/26/2024			419,285		0.1
527,000 (2)	Sky Ltd., 3.750%, 09/16/2024			517,027		0.1
386,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			359,351		0.1
255,000	T-Mobile USA, Inc., 2.625%, 04/15/2026			238,245		0.1
481,000	T-Mobile USA, Inc., 3.750%, 04/15/2027			462,679		0.1
180,000 (1)	T-Mobile USA, Inc., 4.950%, 03/15/2028			181,814		0.0
300,000 (2)	Univision Communications, Inc., 5.125%, 02/15/2025			295,010		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
416,000	Verizon Communications, Inc., 0.850%, 11/20/2025		$	378,880		0.1
				7,746,278		2.0
	Consumer, Cyclical: 3.9%
325,000 (2)	7-Eleven, Inc., 0.950%, 02/10/2026			292,377		0.1
20,719	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			19,095		0.0
544,000	American Axle & Manufacturing, Inc., 6.250%, 03/15/2026			522,911		0.1
450,000 (2)	Avient Corp., 5.750%, 05/15/2025			445,697		0.1
591,000 (2)	BMW US Capital LLC, 1.250%, 08/12/2026			530,549		0.1
615,000 (2)	BMW US Capital LLC, 3.250%, 04/01/2025			598,599		0.2
870,000 (2)	Daimler Trucks Finance North America LLC, 3.500%, 04/07/2025			843,819		0.2
400,000 (2)	Dana Financing Luxembourg Sarl, 5.750%, 04/15/2025			395,520		0.1
297,899	Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025			295,094		0.1
160,000	Delta Air Lines 2019-1 Class A Pass Through Trust, 3.404%, 10/25/2025			153,993		0.0
114,567	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			100,644		0.0
500,000	Ford Motor Credit Co. LLC, 4.389%, 01/08/2026			475,110		0.1
400,000	Ford Motor Credit Co. LLC, 5.584%, 03/18/2024			396,500		0.1
861,000	General Motors Financial Co., Inc., 1.700%, 08/18/2023			847,859		0.2
370,000	General Motors Financial Co., Inc., 3.800%, 04/07/2025			359,964		0.1
439,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			439,462		0.1
190,000 (2)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			170,361		0.1
800,000 (2)	Hilton Domestic Operating Co., Inc., 5.375%, 05/01/2025			800,500		0.2

See Accompanying Notes to Financial Statements

158

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
644,000	Honda Motor Co. Ltd., 2.534%, 03/10/2027		$	603,707		0.2
505,000 (2)	Hyundai Capital America, 1.300%, 01/08/2026			453,727		0.1
900,000 (2)	International Game Technology PLC, 4.125%, 04/15/2026			869,535		0.2
800,000	Lennar Corp., 4.500%, 04/30/2024			790,658		0.2
227,000	Lowe’s Cos, Inc., 3.350%, 04/01/2027			217,790		0.1
900,000 (2)	Mattel, Inc., 3.375%, 04/01/2026			848,043		0.2
320,450 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			319,734		0.1
1,002,000	Ross Stores, Inc., 4.600%, 04/15/2025			1,000,474		0.3
900,000 (2)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024			894,793		0.2
231,000	Toyota Motor Credit Corp., 4.625%, 01/12/2028			234,340		0.1
400,000	TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 06/15/2024			398,382		0.1
122,234	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			122,029		0.0
152,827	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			151,928		0.0
677,000 (2)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			638,123		0.2
				15,231,317		3.9
	Consumer, Non-cyclical: 3.1%
481,000	Amgen, Inc., 3.200%, 11/02/2027			455,026		0.1
634,000	Amgen, Inc., 5.250%, 03/02/2025			641,293		0.2
481,000	Becton Dickinson & Co., 4.693%, 02/13/2028			483,264		0.1
363,000	Boston Scientific Corp., 1.900%, 06/01/2025			343,300		0.1
494,000	Bunge Ltd. Finance Corp., 1.630%, 08/17/2025			457,315		0.1
194,000 (2)	Cargill, Inc., 3.500%, 04/22/2025			189,340		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
237,000 (2)	Cargill, Inc., 3.625%, 04/22/2027		$	230,006		0.1
800,000	Cigna Corp., 1.250%, 03/15/2026			725,449		0.2
283,000 (2)	CSL Finance PLC, 3.850%, 04/27/2027			276,076		0.1
481,000	Diageo Capital PLC, 5.300%, 10/24/2027			500,231		0.1
566,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			540,824		0.1
327,000 (2)	GE HealthCare Technologies, Inc., 5.600%, 11/15/2025			331,138		0.1
829,000	Global Payments, Inc., 1.200%, 03/01/2026			737,967		0.2
900,000	HCA, Inc., 5.875%, 02/15/2026			913,817		0.2
541,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			504,370		0.1
233,000 (1)(2)	Kenvue, Inc., 5.500%, 03/22/2025			236,959		0.1
539,000	Laboratory Corp. of America Holdings, 3.600%, 02/01/2025			524,632		0.1
203,000	Mylan, Inc., 4.200%, 11/29/2023			200,857		0.1
535,000	PerkinElmer, Inc., 0.850%, 09/15/2024			502,508		0.1
906,000	Royalty Pharma PLC, 0.750%, 09/02/2023			883,551		0.2
504,000	S&P Global, Inc., 2.450%, 03/01/2027			472,993		0.1
1,049,000 (2)	Triton Container International Ltd., 1.150%, 06/07/2024			987,010		0.3
594,000	Viatris, Inc., 1.650%, 06/22/2025			545,063		0.1
327,000	Zoetis, Inc., 5.400%, 11/14/2025			332,694		0.1
				12,015,683		3.1
	Energy: 1.5%
375,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			339,782		0.1
571,000	Canadian Natural Resources Ltd., 2.050%, 07/15/2025			533,840		0.1
668,000	Enbridge, Inc., 0.550%, 10/04/2023			650,583		0.2
358,000	EnLink Midstream Partners L.P., 4.150%, 06/01/2025			347,588		0.1
243,000	Equinor ASA, 2.875%, 04/06/2025			235,655		0.1

See Accompanying Notes to Financial Statements

159

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PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
430,000	Kinder Morgan, Inc., 1.750%, 11/15/2026		$	387,848		0.1
825,000	Occidental Petroleum Corp., 3.500%, 06/15/2025			803,591		0.2
347,000	Ovintiv Exploration, Inc., 5.375%, 01/01/2026			347,860		0.1
497,000	Phillips 66, 3.850%, 04/09/2025			486,503		0.1
209,000	Pioneer Natural Resources Co., 0.550%, 05/15/2023			207,843		0.0
449,000	Pioneer Natural Resources Co., 1.125%, 01/15/2026			408,291		0.1
300,000	TransCanada PipeLines Ltd., 1.000%, 10/12/2024			281,424		0.1
801,000	Williams Cos, Inc./The, 4.550%, 06/24/2024			795,392		0.2
				5,826,200		1.5
	Financial: 18.4%
427,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.650%, 10/29/2024			399,717		0.1
604,000	Ally Financial, Inc., 3.875%, 05/21/2024			580,687		0.1
329,000	American Express Co., 2.500%, 07/30/2024			317,854		0.1
481,000	American Express Co., 5.850%, 11/05/2027			505,024		0.1
394,000	American Tower Corp., 3.650%, 03/15/2027			374,525		0.1
481,000	Ameriprise Financial, Inc., 2.875%, 09/15/2026			449,551		0.1
766,000	Ameriprise Financial, Inc., 3.000%, 04/02/2025			737,248		0.2
760,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			750,894		0.2
517,000 (2)	Avolon Holdings Funding Ltd., 4.375%, 05/01/2026			485,648		0.1
1,556,000 (3)	Bank of America Corp., 0.810%, 10/24/2024			1,512,634		0.4
1,266,000 (3)	Bank of America Corp., 0.976%, 04/22/2025			1,206,737		0.3
1,016,000 (3)	Bank of America Corp., 1.319%, 06/19/2026			929,489		0.2
1,000,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			935,673		0.2
215,000 (3)	Bank of America Corp., 1.658%, 03/11/2027			194,818		0.1
481,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			431,712		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
329,000 (3)	Bank of America Corp., 2.015%, 02/13/2026		$	308,502		0.1
34,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			31,617		0.0
54,000 (3)	Bank of America Corp., 3.705%, 04/24/2028			51,088		0.0
341,000 (3)	Bank of America Corp., 4.376%, 04/27/2028			330,125		0.1
206,000 (3)	Bank of New York Mellon Corp./The, 4.414%, 07/24/2026			203,370		0.1
539,000	Bank of Nova Scotia/The, 0.700%, 04/15/2024			514,294		0.1
534,000	Bank of Nova Scotia/The, 1.450%, 01/10/2025			500,854		0.1
735,000	Bank of Nova Scotia/The, 3.450%, 04/11/2025			713,261		0.2
337,000 (2)	Blackstone Holdings Finance Co. LLC, 5.900%, 11/03/2027			344,064		0.1
595,000 (2)	BPCE SA, 5.700%, 10/22/2023			590,548		0.2
1,010,000	Brookfield Finance, Inc., 4.000%, 04/01/2024			990,006		0.3
437,000	Canadian Imperial Bank of Commerce, 3.300%, 04/07/2025			423,316		0.1
210,000	Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025			204,209		0.1
284,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			244,820		0.1
539,000 (3)	Capital One Financial Corp., 4.166%, 05/09/2025			522,404		0.1
332,000 (3)	Capital One Financial Corp., 5.468%, 02/01/2029			323,865		0.1
366,000 (3)	Citigroup, Inc., 1.678%, 05/15/2024			364,517		0.1
615,000 (2)	CNO Global Funding, 1.650%, 01/06/2025			575,938		0.1
550,000 (2)(3)	Cooperatieve Rabobank UA, 1.339%, 06/24/2026			502,773		0.1
457,000 (2)	Corebridge Financial, Inc., 3.650%, 04/05/2027			428,723		0.1
121,000	Credit Suisse AG/New York NY, 2.950%, 04/09/2025			112,595		0.0
1,500,000	Credit Suisse AG/New York NY, 3.625%, 09/09/2024			1,429,155		0.4
338,000 (2)(3)	Danske Bank A/S, 3.773%, 03/28/2025			330,049		0.1

See Accompanying Notes to Financial Statements

160

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
311,000 (2)(3)	Danske Bank A/S, 4.298%, 04/01/2028		$	293,878		0.1
801,000 (3)	Deutsche Bank AG/New York NY, 2.222%, 09/18/2024			779,058		0.2
853,000	Discover Financial Services, 3.950%, 11/06/2024			813,994		0.2
561,000 (2)(3)	DNB Bank ASA, 2.968%, 03/28/2025			547,698		0.1
636,000 (2)(3)	DNB Bank ASA, 5.896%, 10/09/2026			642,218		0.2
469,000	Equinix, Inc., 1.250%, 07/15/2025			430,043		0.1
859,000	Federal Realty Investment Trust, 3.950%, 01/15/2024			848,542		0.2
1,430,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			1,346,443		0.3
432,000 (2)	Five Corners Funding Trust, 4.419%, 11/15/2023			429,379		0.1
600,000 (2)	GA Global Funding Trust, 3.850%, 04/11/2025			581,523		0.1
257,000 (3)	Goldman Sachs Group, Inc./ The, 0.925%, 10/21/2024			250,126		0.1
319,000 (3)	Goldman Sachs Group, Inc./ The, 2.640%, 02/24/2028			291,277		0.1
292,000	Hanover Insurance Group, Inc./ The, 4.500%, 04/15/2026			288,814		0.1
300,000 (2)	HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 06/15/2026			260,604		0.1
1,123,000 (3)	HSBC Holdings PLC, 0.732%, 08/17/2024			1,099,932		0.3
321,000 (3)	HSBC Holdings PLC, 1.162%, 11/22/2024			311,590		0.1
467,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			412,080		0.1
1,000,000 (3)	HSBC Holdings PLC, 1.645%, 04/18/2026			913,980		0.2
407,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			385,364		0.1
535,000 (3)	ING Groep NV, 4.017%, 03/28/2028			506,725		0.1
642,000	Jackson Financial, Inc., 1.125%, 11/22/2023			622,962		0.2
1,340,000 (3)	JPMorgan Chase & Co., 0.824%, 06/01/2025			1,270,512		0.3
1,120,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			1,061,614		0.3
609,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			537,625		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
376,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		$	338,110		0.1
897,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026			839,818		0.2
32,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025			30,617		0.0
152,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			144,146		0.0
481,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028			446,275		0.1
1,000,000 (3)	JPMorgan Chase & Co., 3.797%, 07/23/2024			994,946		0.3
17,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027			16,523		0.0
1,411,000 (3)	JPMorgan Chase & Co., 5.546%, 12/15/2025			1,421,427		0.4
297,000	KeyBank NA/Cleveland OH, 4.390%, 12/14/2027			271,441		0.1
664,000 (3)	Lloyds Banking Group PLC, 0.695%, 05/11/2024			659,849		0.2
491,000 (3)	Lloyds Banking Group PLC, 3.870%, 07/09/2025			477,515		0.1
1,047,000 (2)	LSEGA Financing PLC, 0.650%, 04/06/2024			996,805		0.3
1,024,000	Marsh & McLennan Cos, Inc., 4.050%, 10/15/2023			1,021,268		0.3
406,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.848%, 09/15/2024			396,901		0.1
404,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.962%, 10/11/2025			376,505		0.1
400,000	Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025			367,051		0.1
491,000 (3)	Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027			434,889		0.1
316,000 (3)	Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025			313,064		0.1
896,000 (3)	Mitsubishi UFJ Financial Group, Inc., 5.719%, 02/20/2026			898,927		0.2
400,000 (3)	Mizuho Financial Group, Inc., 0.849%, 09/08/2024			391,684		0.1
200,000 (3)	Mizuho Financial Group, Inc., 2.555%, 09/13/2025			191,040		0.0

See Accompanying Notes to Financial Statements

161

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,037,000	Mizuho Financial Group, Inc., 5.588%, (US0003M + 0.630)%, 05/25/2024		$	1,032,260		0.3
1,463,000 (1)(3)	Morgan Stanley, 0.790%, 05/30/2025			1,385,520		0.4
1,097,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			1,055,660		0.3
1,086,000 (3)	Morgan Stanley, 1.164%, 10/21/2025			1,014,857		0.3
613,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			545,273		0.1
481,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			431,425		0.1
426,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			389,510		0.1
139,000 (3)	Morgan Stanley, 2.720%, 07/22/2025			134,052		0.0
329,000	Morgan Stanley, 4.000%, 07/23/2025			322,251		0.1
374,000	National Australia Bank Ltd./New York, 3.500%, 06/09/2025			362,317		0.1
487,000	National Bank of Canada, 0.750%, 08/06/2024			459,147		0.1
258,000 (2)	Nationwide Building Society, 1.500%, 10/13/2026			225,551		0.1
1,200,000 (3)	NatWest Group PLC, 2.359%, 05/22/2024			1,193,790		0.3
398,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025			390,741		0.1
900,000	Navient Corp., 6.750%, 06/25/2025			875,590		0.2
403,000 (2)	Nordea Bank Abp, 0.625%, 05/24/2024			382,908		0.1
374,000 (2)	Nordea Bank Abp, 3.600%, 06/06/2025			361,142		0.1
520,000 (1)(2)	Nordea Bank Abp, 5.375%, 09/22/2027			522,852		0.1
804,000	Old Republic International Corp., 4.875%, 10/01/2024			793,702		0.2
600,000	OneMain Finance Corp., 6.875%, 03/15/2025			582,000		0.1
198,000 (2)	Pacific Life Global Funding II, 1.200%, 06/24/2025			182,115		0.0
255,000 (2)	Pacific Life Global Funding II, 1.375%, 04/14/2026			228,884		0.1
275,000	Royal Bank of Canada, 1.150%, 07/14/2026			246,769		0.1
533,000	Royal Bank of Canada, 1.600%, 01/21/2025			502,682		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
210,000	Royal Bank of Canada, 5.442%, (US0003M + 0.660)%, 10/05/2023		$	209,914		0.1
506,000	Sixth Street Specialty Lending, Inc., 3.875%, 11/01/2024			482,922		0.1
810,000 (1)(2)	Skandinaviska Enskilda Banken AB, 0.650%, 09/09/2024			759,539		0.2
534,000 (2)	Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025			518,390		0.1
544,000 (2)(3)	Societe Generale SA, 2.226%, 01/21/2026			501,938		0.1
950,000 (2)	Starwood Property Trust, Inc., 3.625%, 07/15/2026			790,296		0.2
394,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 07/08/2025			361,038		0.1
750,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 07/16/2024			724,124		0.2
535,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 0.800%, 09/16/2024			503,438		0.1
533,000 (2)	Svenska Handelsbanken AB, 3.650%, 06/10/2025			516,225		0.1
447,000 (2)	Swedbank AB, 3.356%, 04/04/2025			431,311		0.1
535,000	Toronto-Dominion Bank/The, 0.700%, 09/10/2024			503,269		0.1
533,000 (1)	Toronto-Dominion Bank/The, 1.450%, 01/10/2025			501,778		0.1
519,000	Toronto-Dominion Bank/The, 3.766%, 06/06/2025			505,529		0.1
315,000 (3)	Truist Financial Corp., 4.873%, 01/26/2029			307,430		0.1
515,000 (2)	UBS AG/London, 0.700%, 08/09/2024			481,518		0.1
1,000,000 (2)(3)	UBS Group AG, 1.008%, 07/30/2024			980,264		0.3
451,000 (2)(3)	UBS Group AG, 4.488%, 05/12/2026			435,328		0.1
539,000 (2)(3)	UBS Group AG, 4.490%, 08/05/2025			526,136		0.1
900,000 (2)	VICI Properties L.P. / VICI Note Co., Inc., 3.500%, 02/15/2025			854,067		0.2
700,000 (2)	VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025			677,669		0.2
200,000 (2)	VICI Properties L.P. / VICI Note Co., Inc., 5.625%, 05/01/2024			198,500		0.1

See Accompanying Notes to Financial Statements

162

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
88,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026		$	82,839		0.0
503,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026			471,744		0.1
399,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			379,410		0.1
				72,132,700		18.4
	Industrial: 1.9%
481,000	Avnet, Inc., 6.250%, 03/15/2028			489,989		0.1
600,000	Ball Corp., 4.875%, 03/15/2026			596,160		0.1
830,000	Boeing Co/The, 4.875%, 05/01/2025			828,720		0.2
900,000 (2)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			844,852		0.2
433,000 (2)	Graphic Packaging International LLC, 0.821%, 04/15/2024			412,722		0.1
665,000	Huntington Ingalls Industries, Inc., 0.670%, 08/16/2023			654,012		0.2
481,000	Lockheed Martin Corp., 5.100%, 11/15/2027			499,802		0.1
136,000 (2)	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023			135,923		0.0
226,000	Raytheon Technologies Corp., 5.000%, 02/27/2026			229,536		0.1
700,000	Republic Services, Inc., 2.500%, 08/15/2024			678,337		0.2
300,000 (2)	Sealed Air Corp., 5.500%, 09/15/2025			296,717		0.1
350,000 (2)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			307,363		0.1
829,000	Teledyne Technologies, Inc., 0.950%, 04/01/2024			794,839		0.2
750,000 (2)	TransDigm, Inc., 8.000%, 12/15/2025			764,531		0.2
				7,533,503		1.9
	Technology: 3.4%
481,000	Broadcom, Inc., 3.459%, 09/15/2026			459,948		0.1
900,000	CDW LLC / CDW Finance Corp., 5.500%, 12/01/2024			899,851		0.2
332,000	CGI, Inc., 1.450%, 09/14/2026			298,437		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
992,000	Fidelity National Information Services, Inc., 0.600%, 03/01/2024		$	948,961		0.3
308,000	Fidelity National Information Services, Inc., 4.700%, 07/15/2027			303,547		0.1
941,000	Fiserv, Inc., 2.750%, 07/01/2024			913,293		0.2
481,000	Fiserv, Inc., 5.450%, 03/02/2028			491,507		0.1
954,000	HP, Inc., 2.200%, 06/17/2025			899,558		0.2
660,000	Intel Corp., 4.875%, 02/10/2026			668,695		0.2
514,000	International Business Machines Corp., 4.000%, 07/27/2025			508,434		0.1
441,000	International Business Machines Corp., 4.500%, 02/06/2026			440,406		0.1
308,000	International Business Machines Corp., 6.500%, 01/15/2028			335,493		0.1
505,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			439,166		0.1
900,000	Microchip Technology, Inc., 4.250%, 09/01/2025			886,536		0.2
909,000	NetApp, Inc., 1.875%, 06/22/2025			848,026		0.2
832,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 2.700%, 05/01/2025			790,062		0.2
447,000	Oracle Corp., 1.650%, 03/25/2026			410,849		0.1
282,000	Oracle Corp., 2.500%, 04/01/2025			270,107		0.1
570,000	Oracle Corp., 2.650%, 07/15/2026			532,825		0.1
615,000	Take-Two Interactive Software, Inc., 3.550%, 04/14/2025			599,270		0.2
703,000	VMware, Inc., 1.000%, 08/15/2024			663,685		0.2
380,000	VMware, Inc., 1.400%, 08/15/2026			336,301		0.1
262,000	Workday, Inc., 3.500%, 04/01/2027			250,849		0.1
				13,195,806		3.4

See Accompanying Notes to Financial Statements

163

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 3.4%
467,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025		$	450,867		0.1
360,000	AES Corp./The, 1.375%, 01/15/2026			324,194		0.1
269,000 (2)	AES Corp./The, 3.300%, 07/15/2025			255,391		0.1
522,000	Alabama Power Co., 3.750%, 09/01/2027			508,088		0.1
497,000 (1)	American Electric Power Co., Inc., 0.750%, 11/01/2023			485,327		0.1
507,000	American Electric Power Co., Inc., 2.031%, 03/15/2024			490,707		0.1
258,000 (2)	Aquarion Co., 4.000%, 08/15/2024			255,260		0.1
152,000	Arizona Public Service Co., 3.350%, 06/15/2024			148,825		0.0
282,000	Avangrid, Inc., 3.200%, 04/15/2025			270,105		0.1
363,000	Black Hills Corp., 1.037%, 08/23/2024			341,779		0.1
524,000 (3)	DTE Energy Co., 4.220%, 11/01/2024			518,433		0.1
930,000 (2)	East Ohio Gas Co/The, 1.300%, 06/15/2025			854,023		0.2
497,000 (2)	Enel Finance International NV, 6.800%, 10/14/2025			514,094		0.1
835,000	Entergy Corp., 0.900%, 09/15/2025			752,374		0.2
303,000	Eversource Energy, 2.900%, 03/01/2027			282,923		0.1
478,000	Interstate Power and Light Co., 3.250%, 12/01/2024			464,624		0.1
317,000	IPALCO Enterprises, Inc., 3.700%, 09/01/2024			308,231		0.1
376,000	National Rural Utilities Cooperative Finance Corp., 1.875%, 02/07/2025			356,807		0.1
359,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			324,857		0.1
327,000	NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027			326,359		0.1
440,000	NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028			443,257		0.1
559,000	NiSource, Inc., 0.950%, 08/15/2025			508,913		0.1
377,000 (2)	NRG Energy, Inc., 3.750%, 06/15/2024			365,902		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
883,000	OGE Energy Corp., 0.703%, 05/26/2023		$	876,857		0.2
703,626	PG&E Wildfire Recovery Funding LLC, 3.594%, 06/01/2032			672,435		0.2
180,000	Public Service Electric and Gas Co., 3.750%, 03/15/2024			176,273		0.1
153,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027			159,145		0.0
255,000	Southern Co. Gas Capital Corp., 3.250%, 06/15/2026			244,543		0.1
1,378,000	Southern Co/The, 0.600%, 02/26/2024			1,318,809		0.3
317,000 (2)	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025			308,600		0.1
46,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			46,048		0.0
64,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			65,167		0.0
				13,419,217		3.4
	Total Corporate Bonds/Notes (Cost $155,056,730)			148,570,100		38.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 6.1%
1,000,000 (2)	Connecticut Avenue Securities Trust 2021-R01 1M2, 6.110%, (SOFR30A + 1.550)%, 10/25/2041			972,051		0.3
75,609	Fannie Mae Interest Strip Series 404 8, 3.000%, 05/25/2040			70,595		0.0
215	Fannie Mae REMIC Trust 2010-137 XP, 4.500%, 10/25/2040			214		0.0
12,655	Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040			12,365		0.0
358,390	Fannie Mae REMICS 2013-114 NA, 3.000%, 08/25/2032			347,308		0.1
951,303	Freddie Mac 3049 XF, 5.034%, (US0001M + 0.350)%, 05/15/2033			940,332		0.2
133,844	Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028			137,440		0.0

See Accompanying Notes to Financial Statements

164

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
455,858	Freddie Mac REMICS 3255 FA, 4.964%, (US0001M + 0.280)%, 12/15/2036		$	446,567		0.1
26,715	Freddie Mac REMICS 3747 FA, 5.184%, (US0001M + 0.500)%, 10/15/2040			26,350		0.0
1,400,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 6.810%, (SOFR30A + 2.250)%, 08/25/2033			1,349,534		0.4
226,986 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2, 7.160%, (SOFR30A + 2.600)%, 11/25/2050			227,321		0.1
800,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 6.860%, (SOFR30A + 2.300)%, 08/25/2033			788,604		0.2
900,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 6.960%, (SOFR30A + 2.400)%, 02/25/2042			875,424		0.2
3,916,523	Ginnie Mae 2015-H32 FH, 5.226%, (US0001M + 0.660)%, 12/20/2065			3,902,098		1.0
339,947	Ginnie Mae Series 2010-H03 FA, 5.185%, (US0001M + 0.550)%, 03/20/2060			338,627		0.1
29,080	Ginnie Mae Series 2010-H10 FC, 5.635%, (US0001M + 1.000)%, 05/20/2060			29,139		0.0
1,879,162	Ginnie Mae Series 2010-H11 FA, 5.635%, (US0001M + 1.000)%, 06/20/2060			1,883,706		0.5
228,338	Ginnie Mae Series 2011-H03 FA, 5.066%, (US0001M + 0.500)%, 01/20/2061			227,236		0.1
66,052	Ginnie Mae Series 2011-H05 FA, 5.066%, (US0001M + 0.500)%, 12/20/2060			65,754		0.0
98,853	Ginnie Mae Series 2011-H05 FB, 5.066%, (US0001M + 0.500)%, 12/20/2060			98,317		0.0
495,024	Ginnie Mae Series 2011-H06 FA, 5.016%, (US0001M + 0.450)%, 02/20/2061			492,159		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
45,414	Ginnie Mae Series 2011-H07 FA, 5.066%, (US0001M + 0.500)%, 02/20/2061		$	45,172		0.0
111,529	Ginnie Mae Series 2011-H08 FD, 5.066%, (US0001M + 0.500)%, 02/20/2061			110,973		0.0
396,053	Ginnie Mae Series 2011-H08 FG, 5.046%, (US0001M + 0.480)%, 03/20/2061			393,884		0.1
545,045	Ginnie Mae Series 2011-H09 AF, 5.066%, (US0001M + 0.500)%, 03/20/2061			542,501		0.1
42,395	Ginnie Mae Series 2011-H11 FB, 5.066%, (US0001M + 0.500)%, 04/20/2061			42,197		0.0
127,435	Ginnie Mae Series 2012-H18 NA, 5.086%, (US0001M + 0.520)%, 08/20/2062			126,760		0.0
1,250,540	Ginnie Mae Series 2012-H23 SA, 5.096%, (US0001M + 0.530)%, 10/20/2062			1,246,667		0.3
668,480	Ginnie Mae Series 2012-H23 WA, 5.086%, (US0001M + 0.520)%, 10/20/2062			664,795		0.2
327,429	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			305,888		0.1
211,750 (3)	Ginnie Mae Series 2014-53 JM, 7.012%, 04/20/2039			222,920		0.1
3,782,628	Ginnie Mae Series 2016-H16 FE, 3.155%, (US0012M + 0.380)%, 06/20/2066			3,746,110		1.0
1,249,676	Ginnie Mae Series 2017-H06 FE, 5.116%, (US0001M + 0.550)%, 02/20/2067			1,242,716		0.3
1,089,386	Ginnie Mae Series 2017-H07 FG, 5.026%, (US0001M + 0.460)%, 02/20/2067			1,083,163		0.3
1,054,971 (2)(3)	JP Morgan Mortgage Trust 2021-INV6 A3, 2.500%, 04/25/2052			837,498		0.2
	Total Collateralized Mortgage Obligations (Cost $24,171,677)			23,842,385		6.1
U.S. TREASURY OBLIGATIONS: 25.4%
	U.S. Treasury Notes: 25.4%
27,813,000	0.125%, 01/15/2024			26,831,881		6.9
97,000	3.625%, 03/31/2028			97,167		0.0
4,818,000	3.875%, 03/31/2025			4,803,603		1.2
2,264,000 (1)	4.000%, 02/29/2028			2,305,123		0.6

See Accompanying Notes to Financial Statements

165

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
1,369,000 (1)	4.625%, 02/28/2025		$	1,382,423		0.3
62,635,000	4.625%, 03/15/2026			64,066,307		16.4
	Total U.S. Treasury Obligations (Cost $98,162,385)			99,486,504		25.4
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.6%
604,500 (2)	AREIT 2019-CRE3 C Trust, 6.674%, (TSFR1M + 2.015)%, 09/14/2036			574,254		0.1
4,000,000 (2)	BBCMS Trust 2021-AGW E, 7.834%, (US0001M + 3.150)%, 06/15/2036			3,460,949		0.9
1,000,000 (2)	BDS 2018-FL8 E, 7.011%, (US0001M + 2.250)%, 01/18/2036			918,577		0.2
2,917,000 (2)	BHMS 2018-ATLS C, 6.584%, (US0001M + 1.900)%, 07/15/2035			2,771,401		0.7
343,613 (2)	BX 2021-MFM1 B, 5.892%, (TSFR1M + 1.065)%, 01/15/2034			330,642		0.1
1,550,000 (2)	BX Trust 2021-ARIA C, 6.330%, (US0001M + 1.646)%, 10/15/2036			1,453,057		0.4
1,453,188 (2)	BX Trust 2022-PSB A, 7.278%, (TSFR1M + 2.451)%, 08/15/2039			1,447,748		0.4
2,000,000 (2)(3)	COMM 2013-CCRE11 C Mortgage Trust, 5.118%, 08/10/2050			1,953,797		0.5
120,000 (2)(3)	COMM 2013-CR10 E Mortgage Trust, 4.867%, 08/10/2046			112,776		0.0
800,000 (2)	CSWF 2021-SOP2 D, 7.001%, (US0001M + 2.317)%, 06/15/2034			708,776		0.2
2,200,000 (2)(4)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			1,249,290		0.3
548,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.050%, 11/29/2050			374,041		0.1
710,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.320%, 11/29/2050			470,976		0.1
5,052	Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056			5,003		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,396	Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049		$	3,370		0.0
65,075	Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052			62,089		0.0
16,448	Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057			16,044		0.0
3,757	Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053			3,699		0.0
4,559	Ginnie Mae 2017-70 A, 2.500%, 10/16/2057			4,508		0.0
61,235	Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051			59,026		0.0
27,317	Ginnie Mae 2017-89 A, 2.500%, 08/16/2057			26,870		0.0
7,748	Ginnie Mae 2018-41 A, 2.400%, 09/16/2058			7,623		0.0
330,000 (2)	GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034			285,799		0.1
1,039,000 (2)(3)	GS Mortgage Securities Corp. Trust 2017-SLP E, 4.600%, 10/10/2032			970,585		0.3
1,070,000 (2)	GS Mortgage Securities Corp. Trust 2019-70P C, 6.184%, (US0001M + 1.500)%, 10/15/2036			965,103		0.2
190,000 (2)	GSCG Trust 2019-600C A, 2.936%, 09/06/2034			167,165		0.0
330,000 (2)	Houston Galleria Mall Trust 2015-HGLR A1A2, 3.087%, 03/05/2037			305,809		0.1
210,000 (3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 C, 4.347%, 12/15/2047			195,749		0.1
360,000 (2)	JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX, 4.950%, 07/05/2033			301,860		0.1
100,000 (2)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038			69,709		0.0
1,100,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.176%, 11/15/2045			1,028,120		0.3

See Accompanying Notes to Financial Statements

166

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,000,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047		$	782,564		0.2
820,000 (3)	JPMBB Commercial Mortgage Securities Trust 2014-C19 C, 4.635%, 04/15/2047			776,098		0.2
1,000,000 (2)(3)	LSTAR Commercial Mortgage Trust 2016-4 F, 4.611%, 03/10/2049			666,770		0.2
172,173	Morgan Stanley Capital I Trust 2017-H1 A2, 3.089%, 06/15/2050			165,869		0.0
423,036 (2)	Ready Capital Mortgage Financing 2020-FL4 A LLC, 6.995%, (US0001M + 2.150)%, 02/25/2035			423,418		0.1
2,000,000 (2)	SMRT 2022-MINI F, 8.178%, (TSFR1M + 3.350)%, 01/15/2039			1,795,317		0.5
5,000,000 (2)(3)	UBS-Barclays Commercial Mortgage Trust 2013-C6 C, 4.102%, 04/10/2046			4,631,108		1.2
	Total Commercial Mortgage-Backed Securities (Cost $32,133,222)			29,545,559		7.6
ASSET-BACKED SECURITIES: 18.6%
	Automobile Asset-Backed Securities: 3.3%
400,000	AmeriCredit Automobile Receivables Trust 2020-1 C, 1.590%, 10/20/2025			389,964		0.1
371,745	AmeriCredit Automobile Receivables Trust 2020-2 B, 0.970%, 02/18/2026			366,042		0.1
1,100,000	AmeriCredit Automobile Receivables Trust 2021-3 A3, 0.760%, 08/18/2026			1,055,251		0.3
700,000	AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027			648,030		0.2
750,000	Americredit Automobile Receivables Trust 2023-1 A3, 5.620%, 11/18/2027			761,266		0.2
55,221	BMW Vehicle Owner Trust 2020-A A3, 0.480%, 10/25/2024			54,656		0.0
56,658	Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024			56,496		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
150,000	CarMax Auto Owner Trust 2021-2 B, 1.030%, 12/15/2026		$	138,167		0.0
300,000	CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027			277,062		0.1
700,000	Carvana Auto Receivables Trust 2022-P1 A3, 3.350%, 02/10/2027			675,877		0.2
1,210,177	Drive Auto Receivables Trust 2021-2 B, 0.580%, 12/15/2025			1,201,902		0.3
878,867	Exeter Automobile Receivables Trust 2021-3A B, 0.690%, 01/15/2026			868,765		0.2
900,000	Ford Credit Auto Owner Trust 2022-A B, 1.910%, 07/15/2027			835,846		0.2
264,416	GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025			262,474		0.1	��
450,000	GM Financial Automobile Leasing Trust 2023-1 A4, 5.160%, 01/20/2027			452,659		0.1
400,000	GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028			408,105		0.1
550,000	GM Financial Consumer Automobile Receivables Trust 2023-1 A3, 4.660%, 02/16/2028			552,174		0.1
99,340	Honda Auto Receivables 2020-2 A3 Owner Trust, 0.820%, 07/15/2024			98,355		0.0
1,050,000	Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027			954,962		0.3
323,287 (2)	JPMorgan Chase Bank NA - CACLN 2021-3 B, 0.760%, 02/26/2029			306,813		0.1
1,350,000 (2)	Oscar US Funding XIII LLC 2021-2A A3, 0.860%, 09/10/2025			1,294,033		0.3
994,827	Santander Drive Auto Receivables Trust 2021-3 B, 0.600%, 12/15/2025			990,180		0.3
169,335	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024			168,478		0.0
				12,817,557		3.3

See Accompanying Notes to Financial Statements

167

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Credit Card Asset-Backed Securities: 0.2%
800,000 (2)	CARDS II Trust 2021-1A A, 0.602%, 04/15/2027		$	764,204		0.2

	Other Asset-Backed Securities: 14.3%
550,000 (2)	AB BSL CLO 4 Ltd. 2023-4A A, 6.508%, (TSFR3M + 2.000)%, 04/20/2036			550,364		0.1
600,000 (2)	Allegany Park CLO Ltd. 2019-1A AR, 5.939%, (TSFR3M + 1.300)%, 01/20/2035			583,707		0.1
400,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 6.022%, (US0003M + 1.230)%, 01/15/2030			389,049		0.1
250,000 (2)	Babson CLO Ltd. 2017-1A A2, 6.145%, (US0003M + 1.350)%, 07/18/2029			245,521		0.1
1,900,000 (2)	Ballyrock CLO 17 Ltd. 2021-17A A1B, 6.208%, (US0003M + 1.400)%, 10/20/2034			1,840,182		0.5
500,000 (2)	Barings Clo Ltd. 2019-4A A1, 6.122%, (US0003M + 1.330)%, 01/15/2033			494,252		0.1
2,900,000 (2)	BDS 2021-FL10 E Ltd., 8.111%, (US0001M + 3.350)%, 12/16/2036			2,718,705		0.7
2,000,000 (2)	Benefit Street Partners CLO XX Ltd. 2020-20A AR, 5.962%, (US0003M + 1.170)%, 07/15/2034			1,955,020		0.5
2,500,000 (2)	BlueMountain CLO XXXII Ltd. 2021-32A A, 5.962%, (US0003M + 1.170)%, 10/15/2034			2,436,242		0.6
4,000,000 (2)	BRSP 2021-FL1 B Ltd., 6.661%, (US0001M + 1.900)%, 08/19/2038			3,803,003		1.0
450,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 6.208%, (US0003M + 1.400)%, 07/20/2031			441,888		0.1
500,000 (2)	Carlyle US CLO 2020-2A A1R Ltd., 5.958%, (US0003M + 1.140)%, 01/25/2035			487,319		0.1
800,000 (2)	Carlyle US Clo 2021-4A A2 Ltd., 6.208%, (US0003M + 1.400)%, 04/20/2034			779,302		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
500,000 (2)	Cedar Funding IV CLO Ltd.2014-4A ARR, 5.975%, (US0003M + 1.160)%, 07/23/2034		$	485,303		0.1
600,000 (2)	CIFC Funding 2019-6A A1 Ltd., 6.122%, (US0003M + 1.330)%, 01/16/2033			594,713		0.2
250,000 (2)	CIFC Funding 2019-6A A2 Ltd., 6.542%, (US0003M + 1.750)%, 01/16/2033			248,821		0.1
500,000 (2)	CIFC Funding 2020-2A AR Ltd., 5.978%, (US0003M + 1.170)%, 10/20/2034			489,671		0.1
2,750,000 (2)	CIFC Funding 2020-IA A1R Ltd., 5.942%, (US0003M + 1.150)%, 07/15/2036			2,695,671		0.7
2,481,118	CNH Equipment Trust 2021-B A3, 0.440%, 08/17/2026			2,375,534		0.6
650,000	CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026			616,555		0.2
233,974 (2)	Deer Creek Clo Ltd. 2017-1A A, 5.988%, (US0003M + 1.180)%, 10/20/2030			231,978		0.1
347,313 (2)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 6.064%, (US0003M + 1.200)%, 08/15/2030			345,047		0.1
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 6.058%, (US0003M + 1.250)%, 01/20/2030			241,096		0.1
254,598 (2)	Elevation CLO 2014-2A A1R Ltd., 6.124%, (TSFR3M + 1.230)%, 10/15/2029			253,059		0.1
250,000 (2)	Elmwood CLO IX Ltd. 2021-2A A, 5.938%, (US0003M + 1.130)%, 07/20/2034			244,602		0.1
400,000 (2)	HGI CRE CLO 2021-FL3 A Ltd., 6.258%, (SOFR30A + 1.700)%, 04/20/2037			393,162		0.1
2,500,000	John Deere Owner Trust 2021-B A3, 0.520%, 03/16/2026			2,392,788		0.6
450,000	John Deere Owner Trust 2022-A A4, 2.490%, 01/16/2029			428,662		0.1

See Accompanying Notes to Financial Statements

168

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value				Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
750,000 (2)	Kayne CLO 6 Ltd. 2019-6A A1, 6.188%, (US0003M + 1.380)%, 01/20/2033		$	743,098			0.2
500,000 (2)	Kayne CLO 7 Ltd. 2020-7A A1, 5.992%, (US0003M + 1.200)%, 04/17/2033			492,789			0.1
2,600,000 (2)	Kubota Credit Owner Trust 2021-2A A3, 0.560%, 11/17/2025			2,473,982			0.6
1,100,000 (2)	Kubota Credit Owner Trust 2023-1A A3, 5.020%, 06/15/2027			1,101,032			0.3
2,750,000 (2)	Magnetite XXVI Ltd. 2020-26A A2R, 6.218%, (US0003M + 1.400)%, 07/25/2034			2,671,631			0.7
500,000 (2)	Marble Point CLO XIV Ltd. 2018-2A A1R, 6.088%, (US0003M + 1.280)%, 01/20/2032			492,606			0.1
152,581 (2)	Marlette Funding Trust 2021-1A B, 1.000%, 06/16/2031			151,404	��		0.0
1,575,000 (2)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL6 C, 6.559%, (US0001M + 1.850)%, 07/16/2036			1,484,848			0.4
340,000 (2)	Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 6.138%, (US0003M + 1.340)%, 01/19/2033			335,794			0.1
400,000 (2)	Oaktree CLO Ltd. 2021-1A A1, 5.952%, (US0003M + 1.160)%, 07/15/2034			391,210			0.1
1,550,000 (2)	OCP CLO 2020-19A AR Ltd., 5.958%, (US0003M + 1.150)%, 10/20/2034			1,512,445			0.4
400,000 (2)	OCP CLO 2021-22A A Ltd., 5.988%, (US0003M + 1.180)%, 12/02/2034			389,622			0.1
300,000 (2)	Octagon 61 Ltd. 2023-2A A, 6.358%, (TSFR3M + 1.850)%, 04/20/2036			300,225			0.1
250,000 (2)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.148%, (US0003M + 1.350)%, 07/19/2030			241,940			0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
600,000 (2)	Octagon Loan Funding Ltd. 2014-1A ARR, 6.095%, (US0003M + 1.180)%, 11/18/2031		$	591,803		0.1
3,700,000 (2)	OHA Credit Partners XIII Ltd. 2016-13A AR, 5.985%, (US0003M + 1.170)%, 10/25/2034			3,612,299		0.9
3,000,000 (2)	OHA Credit Partners XVI 2021-16A A, 5.945%, (US0003M + 1.150)%, 10/18/2034			2,941,380		0.7
500,000 (2)	OHA Loan Funding 2015-1A AR3 Ltd., 5.948%, (US0003M + 1.150)%, 01/19/2037			489,080		0.1
474,622 (2)	Palmer Square CLO 2015-2A A1R2 Ltd., 5.908%, (US0003M + 1.100)%, 07/20/2030			470,901		0.1
1,650,000 (2)	Palmer Square CLO 2019-1A A1R Ltd., 6.019%, (US0003M + 1.150)%, 11/14/2034			1,613,040		0.4
350,000 (2)	PFS Financing Corp. 2021-B A, 0.770%, 08/15/2026			327,328		0.1
600,000 (2)	PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027			589,853		0.1
410,000 (2)	Sound Point CLO XXV Ltd. 2019-4A A1R, 5.940%, (TSFR3M + 1.280)%, 04/25/2033			396,087		0.1
500,000 (2)	THL Credit Wind River 2019-1A AR CLO Ltd., 5.968%, (US0003M + 1.160)%, 07/20/2034			485,302		0.1
1,650,000 (2)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025			1,538,665		0.4
300,000 (2)	Wellman Park CLO Ltd. 2021-1A A, 5.892%, (US0003M + 1.100)%, 07/15/2034			293,434		0.1
1,250,000 (2)	Wind River 2022-1A A CLO Ltd., 6.169%, (TSFR3M + 1.530)%, 07/20/2035			1,226,163		0.3
				56,119,177		14.3

See Accompanying Notes to Financial Statements

169

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: 0.8%
440 (2)	DRB Prime Student Loan Trust 2017-A A2B, 2.850%, 05/27/2042		$	439		0.0
26,441 (2)	Laurel Road Prime Student Loan Trust 2018-B A2FX, 3.540%, 05/26/2043			25,929		0.0
268,928 (2)	Navient Private Education Loan Trust 2014-AA A3, 6.284%, (US0001M + 1.600)%, 10/15/2031			268,239		0.1
198,882 (2)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068			184,097		0.0
61,873 (2)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069			55,369		0.0
109,765 (2)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069			96,068		0.0
1,610,182 (2)	Navient Private Education Refi Loan Trust 2021-EA A, 0.970%, 12/16/2069			1,368,616		0.4
380,697 (2)	Navient Private Education Refi Loan Trust 2021-F A, 1.110%, 02/18/2070			321,508		0.1
387,938 (2)	Sofi Professional Loan Program 2018-A A2B LLC, 2.950%, 02/25/2042			375,221		0.1
441,084 (2)	SoFi Professional Loan Program 2021-B AFX Trust, 1.140%, 02/15/2047			369,057		0.1
				3,064,543		0.8
	Total Asset-Backed Securities (Cost $75,367,469)			72,765,481		18.6
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%
	Federal Home Loan Mortgage Corporation: 0.1%(5)
11,646	5.500%, 01/01/2037			11,785		0.0
17,957	5.500%, 08/01/2038			18,173		0.0
5,411	5.500%, 10/01/2038			5,476		0.0
281	5.500%, 10/01/2038			284		0.0
121,919	5.500%, 11/01/2038			126,827		0.1
96,964	5.500%, 02/01/2039			98,127		0.0
				260,672		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities: 0.0%
6,014	5.000%, 03/01/2027		$	6,061		0.0
92,107	5.000%, 05/01/2042			94,149		0.0
				100,210		0.0
	Total U.S. Government Agency Obligations (Cost $374,397)			360,882		0.1
	Total Long-Term Investments
	(Cost $385,265,880)			374,570,911		95.8
SHORT-TERM INVESTMENTS: 7.6%
	Commercial Paper: 5.9%
2,000,000	American Electric Power Co., Inc., 4.950%, 04/25/2023			1,992,693		0.5
3,000,000	Berkshire Hathaway, Inc., 4.970%, 04/14/2023			2,993,986		0.8
3,000,000	Dominion Resources, Inc., 5.070%, 05/01/2023			2,986,448		0.7
3,700,000	EIDP Inc., 5.140%, 04/03/2023			3,698,421		0.9
3,000,000	EIDP Inc., 5.110%, 06/06/2023			2,971,419		0.7
2,400,000	Fiserv, Inc., 5.220%, 04/04/2023			2,398,643		0.6
3,000,000	Keurig Dr Pepper, Inc., 5.240%, 04/04/2023			2,998,377		0.8
1,500,000	McCormick & Co., Inc., 5.290%, 04/28/2023			1,493,835		0.4
2,000,000	Parker-Hannifin Corp., 5.340%, 06/20/2023			1,975,731		0.5
	Total Commercial Paper
	(Cost $23,510,972)			23,509,553		5.9

	Repurchase Agreements: 1.3%
1,183,850 (6)	Bank of America Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,184,319, collateralized by various U.S. Government Agency Obligations, 1.500%- 3.000%, Market Value plus accrued interest $1,207,527, due 11/01/49-02/01/51)			1,183,850		0.3

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
206,612 (6)	Citigroup, Inc., Repurchase Agreement dated 03/31/23, 4.81%, due 04/03/23 (Repurchase Amount $206,694, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $210,744, due 12/26/24-03/20/53)		$	206,612		0.1
1,183,850 (6)	HSBC Securities USA, Repurchase Agreement dated 03/31/23, 4.80%, due 04/03/23 (Repurchase Amount $1,184,317, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,207,527, due 06/15/24-02/15/53)			1,183,850		0.3
1,183,850 (6)	Jefferies LLC, Repurchase Agreement dated 03/31/23, 4.91%, due 04/03/23 (Repurchase Amount $1,184,328, collateralized by various U.S. Government Agency Obligations, 0.000%-5.750%, Market Value plus accrued interest $1,207,535, due 04/14/23-03/21/28)			1,183,850		0.3
1,183,850 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,184,319, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.375%, Market Value plus accrued interest $1,207,527, due 04/06/23-02/20/53)			1,183,850		0.3
	Total Repurchase Agreements (Cost $4,942,012)			4,942,012		1.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.4%
1,485,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730%
	(Cost $1,485,000)		$	1,485,000		0.4
	Total Short-Term Investments (Cost $29,937,984)			29,936,565		7.6
	Total Investments in Securities
	(Cost $415,203,864)		$	404,507,476		103.4
	Liabilities in Excess of Other Assets			(13,173,950)		(3.4)
	Net Assets		$	391,333,526		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Security, or a portion of the security, is on loan.

(2)

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.

(3)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(4)

(5)

(6)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(7)

Rate shown is the 7-day yield as of March 31, 2023.

Reference Rate Abbreviations:

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0012M

12-month LIBOR

See Accompanying Notes to Financial Statements

171

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PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	148,570,100		$	—		$	148,570,100
Collateralized Mortgage Obligations			—			23,842,385			—			23,842,385
Asset-Backed Securities			—			72,765,481			—			72,765,481
Commercial Mortgage-Backed Securities			—			29,545,559			—			29,545,559
U.S. Government Agency Obligations			—			360,882			—			360,882
U.S. Treasury Obligations			—			99,486,504			—			99,486,504
Short-Term Investments			1,485,000			28,451,565			—			29,936,565
Total Investments, at fair value		$	1,485,000		$	403,022,476		$	—		$	404,507,476
Other Financial Instruments+
Futures			1,671,150			—			—			1,671,150
Total Assets		$	3,156,150		$	403,022,476		$	—		$	406,178,626
Liabilities Table
Other Financial Instruments+
Futures		$	(461,023)		$	—		$	—		$	(461,023)
Total Liabilities		$	(461,023)		$	—		$	—		$	(461,023)

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

At March 31, 2023, the following futures contracts were outstanding for Voya Short Term Bond Fund:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		692		06/30/23		$	142,865,562		$	1,671,150
						$	142,865,562		$	1,671,150
Short Contracts:
U.S. Treasury 10-Year Note		(13)		06/21/23			(1,493,984)			(9,575)
U.S. Treasury 5-Year Note		(209)		06/30/23			(22,887,133)			(451,448)
						$	(24,381,117)		$	(461,023)

See Accompanying Notes to Financial Statements

172

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PORTFOLIO OF INVESTMENTS

Voya Short Term Bond Fund

as of March 31, 2023 (continued)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	1,671,150
Total Asset Derivatives			$	1,671,150
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	461,023
Total Liability Derivatives			$	461,023

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2023 was as follows:

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts		$	—		$	(130,992)		$	(130,992)
Equity contracts			(10,727)			—			(10,727)
Interest rate contracts			(6,094,095)			—			(6,094,095)
Total		$	(6,104,822)		$	(130,992)		$	(6,235,814)

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts		$	—		$	—		$	—
Interest rate contracts			2,375,076			—			2,375,076
Total		$	2,375,076		$	—		$	2,375,076

At March 31, 2023, 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 federal income tax purposes was $416,936,164.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,612,002
Gross Unrealized Depreciation		(12,830,562)
Net Unrealized Depreciation	$	(11,218,560)

See Accompanying Notes to Financial Statements

173

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 21.9%
	Basic Materials: 1.4%
200,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	160,060		0.0
425,000 (1)(2)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029			289,230		0.0
2,825,000 (1)	Braskem Netherlands Finance BV, 7.250%, 02/13/2033			2,716,944		0.2
1,350,000	Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027			1,239,638		0.1
1,500,000 (1)	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029			1,381,174		0.1
660,000 (1)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029			606,280		0.0
350,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			318,573		0.0
625,000 (1)	Coeur Mining, Inc., 5.125%, 02/15/2029			530,491		0.0
600,000 (1)	Consolidated Energy Finance S.A., 5.625%, 10/15/2028			516,768		0.0
625,000 (1)	Constellium SE, 5.625%, 06/15/2028			590,772		0.0
1,900,000 (1)	Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033			1,920,774		0.1
1,000,000 (1)	Equate Petrochemical BV, 2.625%, 04/28/2028			883,218		0.1
600,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027			578,971		0.0
1,800,000 (1)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			1,619,931		0.1
1,200,000 (1)	HudBay Minerals, Inc., 4.500%, 04/01/2026			1,109,546		0.1
685,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			607,880		0.0
800,000 (1)	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/2026			725,937		0.1
200,000	Inversiones CMPC SA, 4.375%, 04/04/2027			190,084		0.0
925,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750)%, 02/15/2026			855,049		0.1
825,000 (1)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			694,695		0.1
925,000 (1)	Mativ, Inc., 6.875%, 10/01/2026			847,344		0.1
765,000 (1)	Novelis Corp., 3.875%, 08/15/2031			645,446		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
315,000 (1)	Novelis Corp., 4.750%, 01/30/2030		$	289,800		0.0
675,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			595,448		0.0
325,000 (1)	OCP SA, 3.750%, 06/23/2031			267,101		0.0
490,000	Olin Corp., 5.000%, 02/01/2030			459,929		0.0
485,000	Olin Corp., 5.125%, 09/15/2027			465,603		0.0
800,000 (1)	Olympus Water US Holding Corp., 6.250%, 10/01/2029			592,893		0.0
200,000 (1)(2)	Olympus Water US Holding Corp., 7.125%, 10/01/2027			187,980		0.0
1,100,000 (1)	POSCO, 4.500%, 08/04/2027			1,080,725		0.1
600,000 (1)	SPCM SA, 3.125%, 03/15/2027			526,663		0.0
1,350,000	Suzano Austria GmbH, 5.000%, 01/15/2030			1,286,975		0.1
200,000	Suzano Austria GmbH, 6.000%, 01/15/2029			201,664		0.0
700,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			635,887		0.0
825,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			508,023		0.0
750,000 (1)	Tronox, Inc., 4.625%, 03/15/2029			628,924		0.0
				26,756,420		1.4
	Communications: 1.9%
700,000 (1)	Acuris Finance Us, Inc. / Acuris Finance SARL, 5.000%, 05/01/2028			550,420		0.0
1,000,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028			639,100		0.1
1,000,000 (1)	Altice France SA/France, 5.500%, 10/15/2029			765,556		0.1
575,000 (1)	Altice France SA/France, 8.125%, 02/01/2027			532,795		0.0
625,000	AMC Networks, Inc., 4.250%, 02/15/2029			384,934		0.0
875,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			581,975		0.0
825,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			646,128		0.1

See Accompanying Notes to Financial Statements

174

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,190,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032		$	974,503		0.1
755,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028			697,405		0.1
1,090,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027			1,031,402		0.1
3,016,000	Comcast Corp., 2.937%, 11/01/2056			2,011,112		0.1
325,000 (1)	CommScope Tech Finance LLC, 6.000%, 06/15/2025			306,389		0.0
200,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027			146,480		0.0
375,000 (1)	CommScope, Inc., 4.750%, 09/01/2029			312,937		0.0
675,000 (1)	CommScope, Inc., 7.125%, 07/01/2028			498,670		0.0
450,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026			423,405		0.0
800,000 (1)	CSC Holdings LLC, 4.625%, 12/01/2030			395,240		0.0
325,000	CSC Holdings LLC, 5.250%, 06/01/2024			313,995		0.0
1,300,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			685,750		0.1
400,000 (1)	CSC Holdings LLC, 7.500%, 04/01/2028			255,360		0.0
675,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027			611,995		0.0
950,000	DISH DBS Corp., 5.125%, 06/01/2029			506,901		0.0
275,000 (1)	DISH DBS Corp., 5.250%, 12/01/2026			219,937		0.0
425,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028			317,953		0.0
525,000	DISH DBS Corp., 7.375%, 07/01/2028			300,079		0.0
600,000	Embarq Corp., 7.995%, 06/01/2036			252,861		0.0
375,000 (1)	GCI LLC, 4.750%, 10/15/2028			323,949		0.0
900,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031			598,621		0.0
275,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027			225,077		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
600,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028		$	480,174		0.0
450,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029			379,775		0.0
720,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027			680,692		0.1
248,000 (1)(16)	Level 3 Financing, Inc., 10.500%, 05/15/2030			236,840		0.0
1,025,000 (1)	Match Group Holdings II LLC, 4.625%, 06/01/2028			953,250		0.1
655,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			537,922		0.0
825,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			537,290		0.0
440,000	Netflix, Inc., 5.875%, 11/15/2028			463,474		0.0
475,000 (4)	Paramount Global, 6.250%, 02/28/2057			355,932		0.0
3,650,000 (4)	Paramount Global, 6.375%, 03/30/2062			2,896,658		0.2
875,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028			359,927		0.0
325,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			262,421		0.0
460,000 (1)(2)	Sinclair Television Group, Inc., 5.500%, 03/01/2030			366,353		0.0
1,625,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			1,523,113		0.1
625,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			424,197		0.0
1,350,000	Sprint Corp., 7.125%, 06/15/2024			1,373,586		0.1
375,000	Sprint Corp., 7.625%, 03/01/2026			396,893		0.0
790,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			693,618		0.1
375,000	Telecom Italia Capital SA, 6.000%, 09/30/2034			322,031		0.0
405,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			367,116		0.0
550,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026			564,410		0.0
325,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029			273,379		0.0
1,330,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			1,262,303		0.1

See Accompanying Notes to Financial Statements

175

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
625,000 (1)	Urban One, Inc., 7.375%, 02/01/2028		$	568,375		0.0
600,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			569,418		0.0
140,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			131,586		0.0
325,000 (1)	ViaSat, Inc., 6.500%, 07/15/2028			240,500		0.0
625,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			535,129		0.0
1,300,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028			1,156,792		0.1
765,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			656,680		0.1
1,075,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028			654,783		0.1
				35,735,546		1.9
	Consumer, Cyclical: 3.3%
575,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			493,580		0.0
970,000 (1)	Academy Ltd., 6.000%, 11/15/2027			947,319		0.1
870,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			774,908		0.1
900,000 (1)	Adient Global Holdings Ltd., 4.875%, 08/15/2026			868,369		0.1
500,000 (1)	Adient Global Holdings Ltd., 8.250%, 04/15/2031			515,297		0.0
975,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			870,597		0.1
175,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			149,496		0.0
800,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			779,840		0.1
865,000 (1)	American Airlines, Inc., 7.250%, 02/15/2028			842,047		0.1
1,350,000 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029			1,296,406		0.1
725,000 (1)	Arko Corp., 5.125%, 11/15/2029			600,959		0.0
500,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028			455,685		0.0
475,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			425,688		0.0
1,025,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			917,160		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
150,000 (1)(3)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750)%, 04/01/2027		$	117,956		0.0
925,000 (1)(2)	Caesars Entertainment, Inc., 4.625%, 10/15/2029			809,870		0.1
665,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			665,653		0.0
400,000 (1)	Caesars Entertainment, Inc., 7.000%, 02/15/2030			407,366		0.0
1,595,000 (1)	Carnival Corp., 6.000%, 05/01/2029			1,269,859		0.1
1,090,000 (1)	Carnival Corp., 9.875%, 08/01/2027			1,123,812		0.1
650,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026			635,382		0.0
600,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			515,283		0.0
395,000 (1)	Cinemark USA, Inc., 8.750%, 05/01/2025			403,619		0.0
575,000 (1)	Crocs, Inc., 4.125%, 08/15/2031			474,262		0.0
750,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			697,571		0.1
200,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 7.375%, 01/15/2026			208,308		0.0
280,782 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			271,193		0.0
575,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			473,587		0.0
665,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			555,534		0.0
700,000 (2)	Ford Motor Co., 6.100%, 08/19/2032			679,323		0.1
1,400,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026			1,247,750		0.1
1,700,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027			1,559,929		0.1
1,225,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026			1,163,101		0.1
600,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			564,123		0.0
700,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			555,756		0.0

See Accompanying Notes to Financial Statements

176

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
700,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031		$	486,339		0.0
495,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			499,653		0.0
115,000 (2)	Goodyear Tire & Rubber Co/The, 4.875%, 03/15/2027			108,710		0.0
500,000 (2)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			432,430		0.0
600,000 (1)(2)	Hanesbrands, Inc., 4.875%, 05/15/2026			569,232		0.0
425,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031			372,555		0.0
2,920,000	Home Depot, Inc./The, 3.625%, 04/15/2052			2,353,946		0.1
725,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028			668,538		0.0
955,000 (1)	Interface, Inc., 5.500%, 12/01/2028			770,922		0.1
1,100,000 (1)(2)	International Game Technology PLC, 5.250%, 01/15/2029			1,054,350		0.1
700,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			536,547		0.0
850,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			712,083		0.1
850,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			559,793		0.0
2,183,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			1,784,511		0.1
265,000	M/I Homes, Inc., 3.950%, 02/15/2030			225,026		0.0
685,000	M/I Homes, Inc., 4.950%, 02/01/2028			634,518		0.0
305,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			222,250		0.0
210,000 (1)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030			186,630		0.0
540,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			475,843		0.0
400,000	Mattel, Inc., 5.450%, 11/01/2041			337,200		0.0
800,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029			655,600		0.0
150,000 (1)	Murphy Oil USA, Inc., 3.750%, 02/15/2031			126,529		0.0
450,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029			410,490		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
165,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027		$	159,902		0.0
810,000 (1)(2)	NCL Corp. Ltd., 7.750%, 02/15/2029			695,336		0.1
150,000 (1)	NCL Corp. Ltd., 8.375%, 02/01/2028			150,649		0.0
500,000 (1)(2)	NCL Finance Ltd., 6.125%, 03/15/2028			405,685		0.0
400,000 (1)	Penn Entertainment, Inc., 4.125%, 07/01/2029			333,942		0.0
400,000 (1)	Penn National Gaming, Inc., 5.625%, 01/15/2027			376,054		0.0
1,250,000 (1)	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/2029			1,228,350		0.1
825,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			610,763		0.0
310,000 (1)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031			325,274		0.0
1,785,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027			1,591,997		0.1
215,000 (1)	Royal Caribbean Cruises Ltd., 7.250%, 01/15/2030			216,537		0.0
420,000 (1)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027			451,500		0.0
850,000 (1)(2)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			751,939		0.1
665,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028			658,998		0.0
325,000 (1)	Scientific Games International, Inc., 8.625%, 07/01/2025			333,031		0.0
795,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			694,822		0.1
675,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			606,303		0.0
930,000 (1)(2)	Sonic Automotive, Inc., 4.625%, 11/15/2029			780,173		0.1
275,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029			227,461		0.0
625,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029			528,125		0.0
1,000,000 (1)(2)	Staples, Inc., 10.750%, 04/15/2027			726,325		0.1

See Accompanying Notes to Financial Statements

177

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
975,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028		$	881,083		0.1
700,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			615,524		0.0
675,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030			623,709		0.0
675,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			564,320		0.0
710,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			643,133		0.0
680,000 (2)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			663,819		0.0
315,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026			301,732		0.0
1,025,000 (1)	Victoria’s Secret & Co., 4.625%, 07/15/2029			831,654		0.1
950,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			818,995		0.1
255,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			269,576		0.0
1,956,000 (1)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			1,586,993		0.1
525,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028			455,888		0.0
275,000 (1)(3)	White Cap Parent LLC, 8.250% (PIK Rate 9.000%, Cash Rate 8.250)%, 03/15/2026			250,464		0.0
670,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			651,873		0.0
275,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			250,495		0.0
1,000,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			946,180		0.1
440,000 (1)(2)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.125%, 02/15/2031			446,719		0.0
				61,175,606		3.3
	Consumer, Non-cyclical: 1.7%
77,000 (1)	1375209 BC Ltd., 9.000%, 01/30/2028			76,423		0.0
750,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			727,237		0.1
805,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			718,885		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
650,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029		$	566,172		0.0
330,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030			308,375		0.0
730,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028			726,277		0.1
300,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.000%, 06/01/2029			224,281		0.0
150,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			144,300		0.0
450,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			401,512		0.0
825,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			771,387		0.1
875,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			812,147		0.1
450,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029			396,630		0.0
300,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029			257,952		0.0
225,000 (1)	Bausch Health Cos, Inc., 4.875%, 06/01/2028			132,952		0.0
310,000 (1)	Bausch Health Cos, Inc., 6.125%, 02/01/2027			200,948		0.0
137,000 (1)	Bausch Health Cos, Inc., 11.000%, 09/30/2028			101,495		0.0
675,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			684,362		0.0
225,000	Centene Corp., 2.625%, 08/01/2031			182,522		0.0
975,000	Centene Corp., 4.625%, 12/15/2029			917,612		0.1
1,000,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028			891,430		0.1
350,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031			258,755		0.0
600,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			471,210		0.0

See Accompanying Notes to Financial Statements

178

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
550,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027		$	483,417		0.0
400,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029			248,120		0.0
765,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026			758,039		0.1
275,000 (1)	DaVita, Inc., 3.750%, 02/15/2031			217,173		0.0
950,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			811,775		0.1
825,000	Encompass Health Corp., 4.750%, 02/01/2030			750,998		0.1
250,000 (1)	Garda World Security Corp., 6.000%, 06/01/2029			199,071		0.0
650,000 (1)	Garda World Security Corp., 7.750%, 02/15/2028			641,227		0.0
575,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			564,103		0.0
800,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029			736,720		0.1
599,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			598,683		0.0
700,000 (1)	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026			627,116		0.0
450,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			390,897		0.0
825,000 (1)(2)	Medline Borrower L.P., 5.250%, 10/01/2029			716,568		0.0
555,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			399,830		0.0
850,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			769,841		0.1
400,000	New Albertsons L.P., 7.450%, 08/01/2029			405,728		0.0
1,100,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031			977,435		0.1
630,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			419,136		0.0
568,000 (1)	Picasso Finance Sub, Inc., 6.125%, 06/15/2025			565,023		0.0
425,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			381,289		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028		$	980,930		0.1
575,000 (1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028			538,166		0.0
875,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			764,563		0.1
675,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			549,389		0.0
355,000 (1)	Spectrum Brands, Inc., 3.875%, 03/15/2031			290,666		0.0
375,000 (1)	Spectrum Brands, Inc., 5.500%, 07/15/2030			330,322		0.0
605,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028			576,051		0.0
410,000	Tenet Healthcare Corp., 4.250%, 06/01/2029			371,300		0.0
225,000	Tenet Healthcare Corp., 5.125%, 11/01/2027			216,225		0.0
1,075,000 (2)	Tenet Healthcare Corp., 6.125%, 10/01/2028			1,031,296		0.1
845,000 (1)	Tenet Healthcare Corp., 6.125%, 06/15/2030			834,353		0.1
725,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			576,382		0.0
675,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028			627,959		0.0
255,000	United Rentals North America, Inc., 3.750%, 01/15/2032			219,890		0.0
495,000	United Rentals North America, Inc., 4.875%, 01/15/2028			473,864		0.0
125,000	United Rentals North America, Inc., 5.250%, 01/15/2030			120,434		0.0
600,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027			588,247		0.0
				30,725,090		1.7
	Energy: 3.3%
510,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029			480,578		0.0

See Accompanying Notes to Financial Statements

179

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
625,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027		$	611,437		0.0
265,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			246,814		0.0
425,000	Apache Corp., 5.100%, 09/01/2040			360,836		0.0
325,000	Apache Corp., 5.250%, 02/01/2042			273,387		0.0
650,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028			624,624		0.0
250,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027			245,556		0.0
285,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			251,796		0.0
800,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028			718,720		0.0
675,000 (1)(2)	Baytex Energy Corp., 8.750%, 04/01/2027			691,831		0.0
825,000	Cenovus Energy, Inc., 5.250%, 06/15/2037			780,476		0.1
350,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			347,804		0.0
820,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026			813,182		0.1
575,000 (1)	CNX Midstream Partners LP, 4.750%, 04/15/2030			495,247		0.0
825,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			782,100		0.1
1,025,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			964,443		0.1
1,050,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029			1,000,907		0.1
350,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025			343,786		0.0
525,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028			481,183		0.0
162,000	Devon Energy Corp., 4.500%, 01/15/2030			154,871		0.0
275,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			241,408		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
575,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031		$	501,734		0.0
810,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			786,763		0.1
2,500,000	Ecopetrol SA, 6.875%, 04/29/2030			2,306,350		0.1
3,175,000	Ecopetrol SA, 8.875%, 01/13/2033			3,216,275		0.2
1,450,000 (1)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036			1,244,376		0.1
500,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			466,511		0.0
1,200,000	Empresa Nacional del Petroleo, 5.250%, 11/06/2029			1,147,500		0.1
340,000 (1)	Empresa Nacional del Petroleo, 5.250%, 11/06/2029			325,125		0.0
825,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			722,655		0.0
675,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027			657,089		0.0
5,725,000 (4)	Energy Transfer L.P., 7.125%, 12/31/2199			4,829,038		0.3
1,225,000 (2)	EnLink Midstream LLC, 5.375%, 06/01/2029			1,180,257		0.1
285,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028			259,225		0.0
131,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			129,666		0.0
725,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038			746,530		0.0
725,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042			764,885		0.1
560,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			500,805		0.0
505,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028			479,933		0.0
205,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030			190,928		0.0
400,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			368,716		0.0
400,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030			369,360		0.0

See Accompanying Notes to Financial Statements

180

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
475,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		$	439,132		0.0
920,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			868,462		0.1
925,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030			891,700		0.1
1,050,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026			974,883		0.1
400,000	Murphy Oil Corp., 5.875%, 12/01/2027			390,083		0.0
700,000	Murphy Oil Corp., 6.375%, 07/15/2028			690,388		0.0
675,000 (1)	Nabors Industries Ltd., 7.500%, 01/15/2028			623,566		0.0
255,000	Nabors Industries, Inc., 5.100%, 09/15/2023			254,847		0.0
275,000	Occidental Petroleum Corp., 4.625%, 06/15/2045			220,702		0.0
765,000	Occidental Petroleum Corp., 5.500%, 12/01/2025			764,825		0.1
775,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			816,916		0.1
650,000	Occidental Petroleum Corp., 8.500%, 07/15/2027			715,608		0.0
2,100,000 (1)	Pertamina Persero PT, 2.300%, 02/09/2031			1,732,931		0.1
1,000,000	Petroleos del Peru SA, 4.750%, 06/19/2032			744,410		0.0
6,450,000	Petroleos Mexicanos, 5.950%, 01/28/2031			4,941,035		0.3
33,000	Petroleos Mexicanos, 6.700%, 02/16/2032			26,293		0.0
4,700,000 (1)(2)	Petroleos Mexicanos, 10.000%, 02/07/2033			4,508,681		0.3
675,000 (1)	Precision Drilling Corp., 6.875%, 01/15/2029			613,170		0.0
1,625,000 (1)	Reliance Industries Ltd., 2.875%, 01/12/2032			1,352,017		0.1
1,700,000 (1)	Reliance Industries Ltd., 3.625%, 01/12/2052			1,203,682		0.1
875,000	Southwestern Energy Co., 5.375%, 02/01/2029			825,698		0.1
855,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			745,414		0.0
315,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			289,537		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
705,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030		$	638,381		0.0
400,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025			400,220		0.0
568,750 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027			558,058		0.0
95,000 (1)	Transocean Titan Financing Ltd., 8.375%, 02/01/2028			97,852		0.0
275,000	Transocean, Inc., 6.800%, 03/15/2038			190,730		0.0
475,000 (1)	Transocean, Inc., 7.500%, 01/15/2026			431,766		0.0
1,025,000 (1)	Weatherford International Ltd., 8.625%, 04/30/2030			1,049,559		0.1
975,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			851,648		0.1
				60,956,901		3.3
	Financial: 6.5%
475,000 (2)	Ally Financial, Inc., 5.750%, 11/20/2025			447,244		0.0
375,000	Ally Financial, Inc., 6.700%, 02/14/2033			333,625		0.0
3,624,000	American Express Co., 3.950%, 08/01/2025			3,555,919		0.2
625,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			511,762		0.0
1,250,000	Banco Nacional de Panama, 2.500%, 08/11/2030			970,913		0.1
1,628,000 (1)(4)	Bangkok Bank PCL/Hong Kong, 5.000%, 12/31/2199			1,483,545		0.1
2,100,000	Bank Hapoalim, 3.255%, 01/21/2032			1,754,550		0.1
7,636,000 (4)	Bank of America Corp., 1.530%, 12/06/2025			7,144,799		0.4
10,000,000 (4)	Bank of America Corp., 3.384%, 04/02/2026			9,594,767		0.5
346,000 (4)	Bank of America Corp., 3.846%, 03/08/2037			295,310		0.0
197,000 (4)	Bank of America Corp., 4.375%, 12/31/2199			167,970		0.0
825,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			698,643		0.1
625,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			538,618		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
5,076,000 (4)	Capital One Financial Corp., 4.166%, 05/09/2025		$	4,919,711		0.3
5,992,000 (1)(4)	Corebridge Financial, Inc., 6.875%, 12/15/2052			5,353,268		0.3
700,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			627,323		0.0
3,627,000 (1)(4)	Danske Bank A/S, 6.466%, 01/09/2026			3,632,825		0.2
255,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			196,471		0.0
527,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			487,396		0.0
10,000,000 (4)	JPMorgan Chase & Co., 2.083%, 04/22/2026			9,362,518		0.5
3,198,000 (4)	JPMorgan Chase & Co., 5.717%, 09/14/2033			3,278,553		0.2
825,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			597,230		0.0
7,906,000 (4)	Lloyds Banking Group PLC, 8.000%, 12/31/2199			7,303,167		0.4
800,000 (1)	LPL Holdings, Inc., 4.000%, 03/15/2029			720,784		0.1
400,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030			316,502		0.0
515,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			438,569		0.0
10,000,000 (4)	Morgan Stanley, 0.985%, 12/10/2026			8,921,260		0.5
10,000,000 (4)	Morgan Stanley, 2.188%, 04/28/2026			9,387,792		0.5
8,714,000 (4)	Morgan Stanley, 4.679%, 07/17/2026			8,607,070		0.5
535,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029			395,790		0.0
675,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027			555,933		0.0
2,591,000	Nasdaq, Inc., 3.950%, 03/07/2052			2,016,838		0.1
850,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030			654,049		0.0
875,000	Navient Corp., 4.875%, 03/15/2028			736,964		0.1
475,000	Navient Corp., 5.000%, 03/15/2027			418,993		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
165,000	Navient Corp., 7.250%, 09/25/2023		$	164,610		0.0
756,000	Northern Trust Corp., 6.125%, 11/02/2032			806,466		0.1
425,000	OneMain Finance Corp., 4.000%, 09/15/2030			319,132		0.0
950,000	OneMain Finance Corp., 5.375%, 11/15/2029			800,185		0.1
225,000	OneMain Finance Corp., 7.125%, 03/15/2026			216,518		0.0
900,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028			829,692		0.1
1,235,000 (2)(4)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			1,139,978		0.1
7,777,000 (4)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			7,252,052		0.4
700,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029			586,537		0.0
575,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			430,962		0.0
700,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			585,317		0.0
205,000	Service Properties Trust, 4.750%, 10/01/2026			171,376		0.0
220,000	Service Properties Trust, 5.500%, 12/15/2027			197,129		0.0
529,000 (4)	Truist Financial Corp., 4.800%, 12/31/2199			464,198		0.0
773,000 (4)	Truist Financial Corp., 5.100%, 12/31/2199			680,669		0.0
1,000,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			890,942		0.1
325,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			190,531		0.0
500,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029			305,628		0.0
350,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028			339,815		0.0

See Accompanying Notes to Financial Statements

182

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
700,000 (1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030		$	624,576		0.0
7,000,000 (4)	Wells Fargo & Co., 4.540%, 08/15/2026			6,877,460		0.4
725,000 (1)	XHR L.P., 4.875%, 06/01/2029			615,636		0.0
				120,916,080		6.5
	Industrial: 1.5%
1,025,000 (1)(3)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500)%, 06/30/2027			785,355		0.1
375,000 (2)	Ball Corp., 3.125%, 09/15/2031			310,674		0.0
335,000	Ball Corp., 6.875%, 03/15/2028			347,067		0.0
330,000 (1)	Bombardier, Inc., 7.500%, 02/01/2029			337,425		0.0
405,000 (1)	Bombardier, Inc., 7.875%, 04/15/2027			410,384		0.0
775,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			727,512		0.1
200,000 (1)	Builders FirstSource, Inc., 4.250%, 02/01/2032			174,458		0.0
475,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			440,346		0.0
725,000 (1)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			649,071		0.0
775,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			736,885		0.1
815,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030			843,093		0.1
225,000 (1)	Chart Industries, Inc., 9.500%, 01/01/2031			237,590		0.0
625,000 (1)	Clean Harbors, Inc., 6.375%, 02/01/2031			638,312		0.0
800,000 (1)	Energizer Holdings, Inc., 4.750%, 06/15/2028			720,999		0.1
775,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			708,009		0.0
875,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028			795,786		0.1
425,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029			380,949		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
325,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029		$	268,479		0.0
350,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032			301,613		0.0
625,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028			521,937		0.0
725,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			627,624		0.0
550,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027			560,139		0.0
935,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029			837,498		0.1
400,000 (1)(3)	Intelligent Packaging Holdco Issuer LP, 9.000% (PIK Rate 9.750%, Cash Rate 9.000)%, 01/15/2026			282,028		0.0
725,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			625,313		0.0
600,000 (1)	Koppers, Inc., 6.000%, 02/15/2025			600,255		0.0
3,425,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			3,240,962		0.2
800,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			764,720		0.1
790,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			714,950		0.1
575,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			514,142		0.0
400,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025			381,000		0.0
800,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027			797,692		0.1
875,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027			817,338		0.1
375,000 (1)	Sealed Air Corp./Sealed Air Corp. US, 6.125%, 02/01/2028			379,575		0.0
280,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025			278,236		0.0
895,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			783,931		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
890,000 (1)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031		$	716,289		0.1
510,000 (1)	Standard Industries, Inc./NJ, 4.375%, 07/15/2030			444,276		0.0
585,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029			553,682		0.0
445,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027			441,758		0.0
300,000 (1)	TK Elevator US Newco, Inc., 5.250%, 07/15/2027			283,622		0.0
425,000	TransDigm, Inc., 4.625%, 01/15/2029			378,267		0.0
500,000	TransDigm, Inc., 5.500%, 11/15/2027			472,001		0.0
575,000	TransDigm, Inc., 6.375%, 06/15/2026			562,669		0.0
760,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			641,702		0.0
				27,035,613		1.5
	Technology: 0.4%
820,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			688,303		0.1
625,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			518,874		0.0
345,000 (1)	Entegris Escrow Corp., 6.950%, 06/15/2030			334,733		0.0
275,000 (1)(2)	Entegris, Inc., 3.625%, 05/01/2029			237,617		0.0
1,175,000 (1)	NCR Corp., 5.125%, 04/15/2029			1,017,842		0.1
175,000 (1)	Open Text Corp., 3.875%, 02/15/2028			156,406		0.0
300,000 (1)	Open Text Corp., 3.875%, 12/01/2029			252,868		0.0
650,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030			558,285		0.0
2,291,000	Oracle Corp., 3.800%, 11/15/2037			1,904,849		0.1
1,253,000	Oracle Corp., 3.950%, 03/25/2051			944,715		0.1
600,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			500,235		0.0
775,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			297,184		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
310,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025		$	233,667		0.0
750,000 (1)	Virtusa Corp., 7.125%, 12/15/2028			590,129		0.0
				8,235,707		0.4
	Utilities: 1.9%
1,325,000 (1)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			1,140,772		0.1
1,250,000 (1)	Comision Federal de Electricidad, 4.688%, 05/15/2029			1,122,325		0.1
4,028,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			3,558,899		0.2
800,000 (1)	Drax Finco PLC, 6.625%, 11/01/2025			788,272		0.0
1,343,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			1,292,100		0.1
714,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			795,811		0.0
1,266,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			928,382		0.1
625,000	Inkia Energy Ltd., 5.875%, 11/09/2027			576,964		0.0
4,907,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			4,753,362		0.3
2,875,000 (4)	NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079			2,544,566		0.1
3,464,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			3,525,730		0.2
1,525,000 (1)	Perusahaan Listrik Negara PT, 3.875%, 07/17/2029			1,382,912		0.1
2,950,000	Perusahaan Listrik Negara PT, 5.450%, 05/21/2028			2,941,961		0.2
2,950,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			2,505,898		0.1
3,625,000 (4)	Southern Co/The, 4.000%, 01/15/2051			3,334,773		0.2
2,538,000 (4)	Southern Co/The, 4.475%, 08/01/2024			2,508,883		0.1
675,000	TransAlta Corp., 7.750%, 11/15/2029			710,181		0.0
300,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026			291,691		0.0

See Accompanying Notes to Financial Statements

184

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
625,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027		$	607,391		0.0
				35,310,873		1.9
	Total Corporate Bonds/Notes
	(Cost $442,836,195)			406,847,836		21.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 26.1%
212,494 (4)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.004%, 05/25/2036			181,744		0.0
1,208,073 (1)(4)	Agate Bay Mortgage Trust 2015-2 B3, 3.620%, 03/25/2045			1,107,897		0.1
475,938 (1)(4)	Agate Bay Mortgage Trust 2015-4 B3, 3.515%, 06/25/2045			393,568		0.0
1,571,490 (1)(4)	Agate Bay Mortgage Trust 2016-1 B3, 3.658%, 12/25/2045			1,333,251		0.1
1,000,000 (1)(4)	Agate Bay Mortgage Trust 2016-1 B4, 3.658%, 12/25/2045			863,043		0.1
1,137,085 (1)(4)	Agate Bay Mortgage Trust 2016-2 B4, 3.762%, 03/25/2046			766,349		0.0
389,876	Alternative Loan Trust 2004-J7 MI, 4.821%, (US0001M + 1.020)%, 10/25/2034			386,062		0.0
324,033	Alternative Loan Trust 2005-10CB 1A2, 5.295%, (US0001M + 0.450)%, 05/25/2035			244,492		0.0
321,245	Alternative Loan Trust 2005-23CB A15, 5.500%, 07/25/2035			272,709		0.0
35,445	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			30,229		0.0
174,607	Alternative Loan Trust 2005-J2 1A12, 5.245%, (US0001M + 0.400)%, 04/25/2035			134,893		0.0
30,562	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			15,797		0.0
474,837	Alternative Loan Trust 2006-18CB A10, 5.245%, (US0001M + 0.400)%, 07/25/2036			202,830		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
113,860	Alternative Loan Trust 2006-19CB A12, 5.245%, (US0001M + 0.400)%, 08/25/2036		$	56,596		0.0
482,170	Alternative Loan Trust 2006-19CB A28, 5.445%, (US0001M + 0.600)%, 08/25/2036			246,551		0.0
839,694	Alternative Loan Trust 2006-27CB A5, 6.000%, 11/25/2036			476,877		0.0
254,352	Alternative Loan Trust 2006-HY11 A1, 5.085%, (US0001M + 0.120)%, 06/25/2036			223,842		0.0
832,321	Alternative Loan Trust 2007-15CB A5, 5.750%, 07/25/2037			523,980		0.0
120,937	Alternative Loan Trust 2007-2CB 2A1, 5.445%, (US0001M + 0.600)%, 03/25/2037			53,269		0.0
178,872	Alternative Loan Trust 2007-HY8C A1, 5.165%, (US0001M + 0.320)%, 09/25/2047			151,451		0.0
548,015	Alternative Loan Trust 2007-OA4 A1, 5.185%, (US0001M + 0.170)%, 05/25/2047			456,625		0.0
484,555 (1)(4)	Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048			447,647		0.0
283,918	Banc of America Funding 2007-2 1A16 Trust, 5.445%, (US0001M + 0.600)%, 03/25/2037			212,854		0.0
1,460,420	Banc of America Funding 2007-C 7A1 Trust, 5.181%, (US0001M + 0.210)%, 05/20/2047			1,274,371		0.1
155,875 (4)	Bear Stearns ALT-A Trust 2005-3 4A3, 3.720%, 04/25/2035			151,755		0.0
391,393 (4)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.722%, 11/25/2036			218,384		0.0
562,775 (4)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.732%, 11/25/2036			295,099		0.0

See Accompanying Notes to Financial Statements

185

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
104,709 (4)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.947%, 01/26/2036		$	81,554		0.0
1,219,543 (1)	Bellemeade Re 2019-1A M2 Ltd., 7.545%, (US0001M + 2.700)%, 03/25/2029			1,222,976		0.1
2,100,000 (1)	Bellemeade RE 2021-3 A M1C Ltd., 6.110%, (SOFR30A + 1.550)%, 09/25/2031			2,029,789		0.1
136,560 (1)(4)	Chase Home Lending Mortgage Trust 2019-ATR2 A3, 3.500%, 07/25/2049			123,555		0.0
928,539 (1)(4)	Chase Mortgage Finance Corp. 2019-1 B2, 3.898%, 03/25/2050			793,506		0.1
1,207,862 (1)(4)	Chase Mortgage Finance Corp. 2019-1 B3, 3.898%, 03/25/2050			964,002		0.1
310,536 (4)	Chase Mortgage Finance Trust Series 2006-A1 2A3, 4.015%, 09/25/2036			262,975		0.0
41,220 (4)	CHL Mortgage Pass-Through Trust 2004-22 A3, 3.786%, 11/25/2034			36,753		0.0
258,143	CHL Mortgage Pass-Through Trust 2005-HYB9 2A1, 5.512%, (US0012M + 1.750)%, 02/20/2036			225,363		0.0
1,986,303 (1)(4)	CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067			1,784,603		0.1
152,866 (1)(4)	CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049			145,264		0.0
172,709 (1)(4)	CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049			162,412		0.0
173,689 (1)(4)	CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049			156,683		0.0
260,533 (1)(4)	CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049			235,689		0.0
1,612,803 (1)(4)	CIM Trust 2019-J1 B3, 3.941%, 08/25/2049			1,391,605		0.1
2,995,658 (1)(4)	CIM Trust 2019-J2 B2, 3.772%, 10/25/2049			2,562,117		0.1
1,882,785 (1)(4)	CIM Trust 2019-J2 B3, 3.772%, 10/25/2049			1,580,325		0.1
1,225,408 (1)(4)	CIM Trust 2020-J2 B3, 2.758%, 01/25/2051			876,769		0.1
1,826,351 (1)(4)	CIM Trust 2021-J3 B3, 2.619%, 06/25/2051			1,259,607		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
391,839	Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036		$	344,312		0.0
74,198 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 4.287%, 03/25/2036			56,765		0.0
32,905 (4)	Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.099%, 11/25/2036			27,429		0.0
172,441 (1)(4)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			163,671		0.0
71,076 (4)	Citigroup Mortgage Loan Trust, Inc. 2005-4 A, 4.193%, 08/25/2035			68,777		0.0
248,847	Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035			242,793		0.0
286,778 (1)	Connecticut Avenue Securities Trust 2019-R07 1M2, 6.945%, (US0001M + 2.100)%, 10/25/2039			287,693		0.0
3,540,000 (1)	Connecticut Avenue Securities Trust 2020-R02 2B1, 7.845%, (US0001M + 3.000)%, 01/25/2040			3,320,792		0.2
1,544,790 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 6.845%, (US0001M + 2.000)%, 01/25/2040			1,535,697		0.1
2,500,000 (1)	Connecticut Avenue Securities Trust 2022-R01 1B1, 7.710%, (SOFR30A + 3.150)%, 12/25/2041			2,324,928		0.1
2,000,000 (1)	Connecticut Avenue Securities Trust 2022-R02 2B1, 9.060%, (SOFR30A + 4.500)%, 01/25/2042			1,907,490		0.1
750,000 (1)	Connecticut Avenue Securities Trust 2022-R04 1B1, 9.810%, (SOFR30A + 5.250)%, 03/25/2042			763,579		0.0
19,395	Countrywide Alternative Loan Trust 2005-53T2 2A6, 5.345%, (US0001M + 0.500)%, 11/25/2035			9,812		0.0
295,506 (1)(4)	CSMC 2017-HL1 A12 Trust, 3.500%, 06/25/2047			267,772		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,690,915 (1)(4)(5)	CSMC 2019-AFC1 A3 Trust, 2.877% (Step Rate @ 3.877% on 08/01/2023), 07/25/2049		$	1,566,153		0.1
2,969,575 (1)(4)	CSMC 2021-AFC1 M1 Trust, 2.193%, 03/25/2056			1,806,701		0.1
295,025	CSMC Series 2007-2 3A6, 5.400%, 03/25/2037			164,137		0.0
431,127 (1)(4)	CSMC Trust 2013-7 A11, 3.500%, 08/25/2043			390,813		0.0
6,100,461 (1)(4)	Deephaven Residential Mortgage Trust 2022-2 A1, 4.300%, 03/25/2067			5,795,894		0.3
383,855	Deutsche ALT-A Securities, Inc. ALT 2007-AB1 A1, 5.145%, (US0001M + 0.300)%, 04/25/2037			265,371		0.0
82,502 (1)(4)	Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 3.484%, 06/27/2037			70,790		0.0
938,336 (1)(4)	Ellington Financial Mortgage Trust 2022-2 A1, 4.299%, 04/25/2067			899,139		0.1
1,700,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.495%, (US0001M + 3.650)%, 02/25/2040			1,698,340		0.1
382,624 (6)	Fannie Mae 2007-18 BS, 1.755%, (-1.000*US0001M + 6.600)%, 06/25/2035			40,108		0.0
1,421,622 (6)	Fannie Mae 2008-94 SI, 0.655%, (-1.000*US0001M + 5.500)%, 04/25/2036			115,073		0.0
155,089	Fannie Mae 2010-15 FD, 5.585%, (US0001M + 0.740)%, 03/25/2040			155,376		0.0
401,913	Fannie Mae 2011-47 GF, 5.415%, (US0001M + 0.570)%, 06/25/2041			398,807		0.0
47,128	Fannie Mae 2012-10 UF, 5.395%, (US0001M + 0.550)%, 02/25/2042			46,498		0.0
158,920 (6)	Fannie Mae 2012-84 KI, 6.000%, (US0001M + 6.000)%, 08/25/2042			31,342		0.0
357,752 (6)	Fannie Mae 2012-93 IL, 3.000%, 09/25/2027			13,883		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,309,067 (6)	Fannie Mae 2013-67 AI, 3.000%, 07/25/2028		$	94,111		0.0
29,071,708 (6)	Fannie Mae 2018-86 US, 1.355%, (-1.000*US0001M + 6.200)%, 12/25/2048			2,394,462		0.1
39,352	Fannie Mae Connecticut Avenue Securities 2014-CO4 1M2, 9.745%, (US0001M + 4.900)%, 11/25/2024			41,017		0.0
505,475	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 8.845%, (US0001M + 4.000)%, 05/25/2025			522,572		0.0
1,020,000	Fannie Mae Connecticut Avenue Securities 2018-C05 1B1, 9.095%, (US0001M + 4.250)%, 01/25/2031			1,075,773		0.1
167,922 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 7.145%, (US0001M + 2.300)%, 08/25/2031			167,935		0.0
103,047 (1)	Fannie Mae Connecticut Avenue Securities 2019-RO3 1M2, 6.995%, (US0001M + 2.150)%, 09/25/2031			103,057		0.0
489,070 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 7.295%, (US0001M + 2.450)%, 07/25/2031			489,795		0.0
824,489 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 8.945%, (US0001M + 4.100)%, 07/25/2039			833,988		0.1
1,197,439 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 6.895%, (US0001M + 2.050)%, 01/25/2040			1,201,831		0.1
3,898,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 8.495%, (US0001M + 3.650)%, 02/25/2040			3,921,992		0.2
17,917,859 (6)	Fannie Mae Interest Strip 427 C18, 3.500%, 03/25/2039			2,514,893		0.1

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
31,610,492 (6)	Fannie Mae Interest Strip 427 C38, 3.000%, 04/25/2049		$	5,644,793		0.3
436,634 (6)	Fannie Mae Interest Strip Series 346 6, 5.000%, 10/25/2033			68,694		0.0
86,684 (6)	Fannie Mae REMIC Trust 2000-26 SP, 3.655%, (-1.000*US0001M + 8.500)%, 08/25/2030			5,956		0.0
94,515 (6)	Fannie Mae REMIC Trust 2002-13 SR, 1.755%, (-1.000*US0001M + 6.600)%, 03/25/2032			4,753		0.0
90,110 (6)	Fannie Mae REMIC Trust 2004-64 SW, 2.205%, (-1.000*US0001M + 7.050)%, 08/25/2034			6,576		0.0
43,705 (6)	Fannie Mae REMIC Trust 2004-66 SE, 1.655%, (-1.000*US0001M + 6.500)%, 09/25/2034			3,188		0.0
222,304 (6)	Fannie Mae REMIC Trust 2009-25 SN, 1.705%, (-1.000*US0001M + 6.550)%, 04/25/2039			22,750		0.0
8,880,584 (6)	Fannie Mae REMIC Trust 2012-66 IB, 0.050%, (-1.000*US0001M + 6.050)%, 06/25/2042			19,342		0.0
195,706 (6)	Fannie Mae REMIC Trust 2013-116 SC, 1.355%, (-1.000*US0001M + 6.200)%, 04/25/2033			3,576		0.0
1,107,650 (6)	Fannie Mae REMICS 2004-53 UC, 2.705%, (-1.000*US0001M + 7.550)%, 07/25/2034			140,132		0.0
723,716 (6)	Fannie Mae REMICS 2005-59 NS, 1.905%, (-1.000*US0001M + 6.750)%, 05/25/2035			25,023		0.0
96,390	Fannie Mae REMICS 2006-46 SP, 6.434%, (-3.667*US0001M + 24.200)%, 06/25/2036			122,326		0.0
3,241,766 (6)	Fannie Mae REMICS 2007-22 SD, 1.555%, (-1.000*US0001M + 6.400)%, 03/25/2037			336,000		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,223,711 (6)	Fannie Mae REMICS 2007-30 IE, 1.895%, (-1.000*US0001M + 6.740)%, 04/25/2037		$	429,036		0.0
1,889,354 (6)	Fannie Mae REMICS 2007-55 S, 1.915%, (-1.000*US0001M + 6.760)%, 06/25/2037			190,676		0.0
276,045 (6)	Fannie Mae REMICS 2011-123 SD, 1.755%, (-1.000*US0001M + 6.600)%, 08/25/2039			1,112		0.0
8,462,397 (6)	Fannie Mae REMICS 2012-111 UI, 3.000%, 10/25/2027			351,358		0.0
665,259 (6)	Fannie Mae REMICS 2012-121 DI, 2.500%, 11/25/2027			23,538		0.0
6,846,419 (6)	Fannie Mae REMICS 2012-128 KI, 3.000%, 11/25/2027			302,509		0.0
7,184,146 (6)	Fannie Mae REMICS 2012-133 NS, 1.305%, (-1.000*US0001M + 6.150)%, 12/25/2042			854,718		0.1
1,575,059 (6)	Fannie Mae REMICS 2012-148 IB, 3.500%, 01/25/2028			74,426		0.0
3,872,876 (6)	Fannie Mae REMICS 2012-150 PS, 1.305%, (-1.000*US0001M + 6.150)%, 01/25/2043			426,788		0.0
7,110,180 (6)	Fannie Mae REMICS 2013-1 LI, 2.500%, 02/25/2028			276,269		0.0
1,485,812 (6)	Fannie Mae REMICS 2013-137 PI, 5.000%, 10/25/2041			290,213		0.0
7,104,148 (6)	Fannie Mae REMICS 2013-19 JS, 1.355%, (-1.000*US0001M + 6.200)%, 10/25/2041			377,848		0.0
1,263,434 (6)	Fannie Mae REMICS 2013-2 NI, 4.000%, 02/25/2043			180,026		0.0
2,813,099 (6)	Fannie Mae REMICS 2013-21 KI, 3.000%, 03/25/2028			116,495		0.0

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,050,145 (6)	Fannie Mae REMICS 2013-32 EI, 2.500%, 04/25/2033		$	307,935		0.0
1,063,540 (6)	Fannie Mae REMICS 2013-41 BI, 3.000%, 05/25/2028			49,693		0.0
1,283,143 (6)	Fannie Mae REMICS 2013-69 PI, 3.000%, 04/25/2033			86,331		0.0
3,057,068 (6)	Fannie Mae REMICS 2013-97 JS, 1.305%, (-1.000*US0001M + 6.150)%, 04/25/2038			252,344		0.0
8,845,864 (6)	Fannie Mae REMICS 2015-40 AI, 6.000%, 05/25/2037			1,630,309		0.1
6,121,444 (6)	Fannie Mae REMICS 2016-19 SB, 1.255%, (-1.000*US0001M + 6.100)%, 04/25/2046			503,563		0.0
1,964,533 (6)	Fannie Mae REMICS 2016-4 BI, 4.000%, 02/25/2046			355,293		0.0
1,377,139 (6)	Fannie Mae REMICS 2016-61 PI, 4.500%, 01/25/2046			229,929		0.0
13,884,314 (6)	Fannie Mae REMICS 2017-16 SG, 1.205%, (-1.000*US0001M + 6.050)%, 03/25/2047			1,629,703		0.1
9,147,841 (6)	Fannie Mae REMICS 2019-15 AI, 4.000%, 04/25/2059			1,905,234		0.1
14,306,707 (6)	Fannie Mae REMICS 2019-17 SA, 1.255%, (-1.000*US0001M + 6.100)%, 04/25/2049			1,235,903		0.1
12,616,566 (6)	Fannie Mae REMICS 2019-8 SB, 1.255%, (-1.000*US0001M + 6.100)%, 03/25/2049			1,091,288		0.1
13,458,879 (6)	Fannie Mae REMICS 2020-47 PI, 4.000%, 07/25/2050			2,691,602		0.2
19,599,988 (6)	Fannie Mae REMICS 2020-49 SB, 1.255%, (-1.000*US0001M + 6.100)%, 07/25/2050			3,052,155		0.2
16,541,351 (6)	Fannie Mae REMICS 2020-52 AI, 4.000%, 08/25/2050			2,692,355		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
39,847,581 (6)	Fannie Mae REMICS 2020-64 IO, 3.000%, 09/25/2050		$	7,388,152		0.4
22,709,906 (6)	Fannie Mae REMICS 2020-65 CI, 4.000%, 09/25/2050			4,120,111		0.2
23,009,386 (6)	Fannie Mae REMICS 2020-67 JI, 4.000%, 09/25/2050			4,558,199		0.3
17,393,135 (6)	Fannie Mae REMICS 2021-18 IY, 4.500%, 08/25/2049			3,973,495		0.2
21,469,803 (6)	Fannie Mae REMICS 2021-2 GI, 4.000%, 05/25/2051			4,266,402		0.2
19,386,139 (6)	Fannie Mae REMICS 2021-2 PI, 2.000%, 02/25/2051			1,995,946		0.1
40,159,852 (6)	Fannie Mae REMICS 2021-65 KI, 3.500%, 10/25/2051			6,959,987		0.4
319,995	Fannie Mae Series 2006-11 FA, 5.145%, (US0001M + 0.300)%, 03/25/2036			316,283		0.0
63,983	First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A7, 6.000%, 02/25/2037			28,350		0.0
176,839 (1)(4)	Flagstar Mortgage Trust 2017-2 A7, 3.500%, 10/25/2047			163,217		0.0
612,121 (1)(4)	Flagstar Mortgage Trust 2018-1 B3, 3.951%, 03/25/2048			526,549		0.0
4,467,082 (1)(4)	Flagstar Mortgage Trust 2018-2 B2, 4.010%, 04/25/2048			3,946,078		0.2
784,203 (1)(4)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			725,941		0.0
3,595,352 (1)(4)	Flagstar Mortgage Trust 2018-4 B3, 4.205%, 07/25/2048			3,217,534		0.2
905,717 (1)(4)	Flagstar Mortgage Trust 2018-5 B3, 4.496%, 09/25/2048			800,027		0.1
247,157 (1)(4)	Flagstar Mortgage Trust 2018-6RR 1A7, 4.000%, 10/25/2048			230,141		0.0

See Accompanying Notes to Financial Statements

189

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,414,035 (1)(4)	Flagstar Mortgage Trust 2018-6RR B1, 4.923%, 10/25/2048		$	3,178,664		0.2
1,395,745 (1)(4)	Flagstar Mortgage Trust 2019-2 B1, 4.030%, 12/25/2049			1,251,076		0.1
1,954,043 (1)(4)	Flagstar Mortgage Trust 2019-2 B2, 4.030%, 12/25/2049			1,723,783		0.1
3,301,975 (1)(4)	Flagstar Mortgage Trust 2020-1NV B2A, 4.216%, 03/25/2050			2,860,054		0.2
2,830,264 (1)(4)	Flagstar Mortgage Trust 2020-1NV B3, 4.216%, 03/25/2050			2,399,681		0.1
3,666,940 (1)(4)	Flagstar Mortgage Trust 2021-2 B3, 2.783%, 04/25/2051			2,588,874		0.1
889,819 (6)	Freddie Mac 2009-70 PS, 1.905%, (-1.000*US0001M + 6.750)%, 01/25/2037			98,627		0.0
224,136 (6)	Freddie Mac 2525 SM, 3.316%, (-1.000*US0001M + 8.000)%, 02/15/2032			25,762		0.0
210,742 (6)	Freddie Mac 2981 CS, 2.036%, (-1.000*US0001M + 6.720)%, 05/15/2035			15,776		0.0
236,955 (6)	Freddie Mac 2989 HS, 2.466%, (-1.000*US0001M + 7.150)%, 08/15/2034			42,808		0.0
107,707 (6)	Freddie Mac 3018 SM, 2.516%, (-1.000*US0001M + 7.200)%, 08/15/2035			13,067		0.0
1,333,725 (6)	Freddie Mac 3222 SN, 1.916%, (-1.000*US0001M + 6.600)%, 09/15/2036			126,588		0.0
219,860 (4)(6)	Freddie Mac 324 144, 6.000%, 06/15/2039			44,622		0.0
423,814 (6)	Freddie Mac 3523 SA, 1.316%, (-1.000*US0001M + 6.000)%, 09/15/2036			33,163		0.0
372,767 (6)	Freddie Mac 3582 MS, 1.466%, (-1.000*US0001M + 6.150)%, 10/15/2039			34,258		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
532,355 (6)	Freddie Mac 3688 BI, 5.000%, 07/15/2040		$	85,689		0.0
2,113,831 (6)	Freddie Mac 4186 IA, 3.000%, 03/15/2033			189,674		0.0
76,823 (6)	Freddie Mac 4333 AI, 5.500%, 02/15/2044			13,304		0.0
12,220,183 (6)	Freddie Mac 4813 IO, 5.500%, 08/15/2048			2,433,299		0.1
1,227 (6)	Freddie Mac REMIC Trust 2266 S, 3.866%, (-1.000*US0001M + 8.550)%, 11/15/2030			42		0.0
106,241 (6)	Freddie Mac REMIC Trust 2374 S, 3.416%, (-1.000*US0001M + 8.100)%, 06/15/2031			10,595		0.0
55,102 (6)	Freddie Mac REMIC Trust 2417 SY, 3.716%, (-1.000*US0001M + 8.400)%, 12/15/2031			6,717		0.0
111,118 (6)	Freddie Mac REMIC Trust 2577 SA, 2.766%, (-1.000*US0001M + 7.450)%, 02/15/2033			12,030		0.0
52,269 (6)	Freddie Mac REMIC Trust 2981 SU, 3.116%, (-1.000*US0001M + 7.800)%, 05/15/2030			4,342		0.0
127,480	Freddie Mac REMIC Trust 3031 BP, 8.000%, (-6.723*US0001M + 44.975)%, 08/15/2035			124,260		0.0
394,879 (6)	Freddie Mac REMIC Trust 3049 PI, 1.966%, (-1.000*US0001M + 6.650)%, 10/15/2035			40,912		0.0
48,666 (7)	Freddie Mac REMIC Trust 3151 PO, 0.000%, 05/15/2036			40,138		0.0
149,537 (6)	Freddie Mac REMIC Trust 3624 TS, 0.116%, (-1.000*US0001M + 4.800)%, 01/15/2040			7,202		0.0
111,182 (6)	Freddie Mac REMIC Trust 4261 ID, 6.500%, 06/15/2032			8,639		0.0
397,888 (6)	Freddie Mac REMIC Trust 4287 CI, 4.500%, 07/15/2041			42,381		0.0

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,059,151 (6)	Freddie Mac REMICS 2781 SB, 2.466%, (-1.000*US0001M + 7.150)%, 04/15/2034		$	105,926		0.0
227,125	Freddie Mac REMICS 2921 PF, 5.034%, (US0001M + 0.350)%, 01/15/2035			224,770		0.0
2,652,151 (6)	Freddie Mac REMICS 3128 JI, 1.946%, (-1.000*US0001M + 6.630)%, 03/15/2036			278,961		0.0
1,233,263 (6)	Freddie Mac REMICS 3298 S, 1.426%, (-1.000*US0001M + 6.110)%, 04/15/2037			101,087		0.0
2,018,023 (6)	Freddie Mac REMICS 4097 IC, 2.500%, 08/15/2027			68,195		0.0
805,554 (6)	Freddie Mac REMICS 4116 IL, 4.500%, 05/15/2042			96,771		0.0
7,092,972 (6)	Freddie Mac REMICS 4120 TI, 2.500%, 10/15/2027			259,074		0.0
970,120 (6)	Freddie Mac REMICS 4136 QI, 3.000%, 11/15/2032			49,361		0.0
584,127 (6)	Freddie Mac REMICS 4143 IK, 4.000%, 10/15/2041			43,023		0.0
11,935,298 (6)	Freddie Mac REMICS 4146 SA, 1.466%, (-1.000*US0001M + 6.150)%, 12/15/2042			1,428,370		0.1
507,023 (6)	Freddie Mac REMICS 4153 YI, 3.000%, 09/15/2042			15,185		0.0
1,684,063 (6)	Freddie Mac REMICS 4157 IH, 3.500%, 01/15/2043			258,833		0.0
916,289 (6)	Freddie Mac REMICS 4162 DI, 2.000%, 02/15/2028			26,968		0.0
3,401,380 (6)	Freddie Mac REMICS 4182 IL, 3.000%, 03/15/2028			156,099		0.0
231,565 (6)	Freddie Mac REMICS 4266 LI, 3.500%, 06/15/2028			2,822		0.0
24,153,209 (6)	Freddie Mac REMICS 4273 PS, 1.416%, (-1.000*US0001M + 6.100)%, 11/15/2043			2,146,368		0.1
1,696,187 (6)	Freddie Mac REMICS 4290 EI, 5.000%, 12/15/2043			312,378		0.0
1,046,048	Freddie Mac REMICS 4385 LS, 14.191%, (-2.333*US0001M + 9.333)%, 07/15/2037			772,640		0.0
1,868,329 (6)	Freddie Mac REMICS 4494 LI, 5.000%, 12/15/2043			198,666		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,486,191 (6)	Freddie Mac REMICS 4618 SA, 1.316%, (-1.000*US0001M + 6.000)%, 09/15/2046		$	809,644		0.1
1,570,779	Freddie Mac REMICS 4625 BI, 3.500%, 06/15/2046			260,867		0.0
1,755,404 (6)	Freddie Mac REMICS 4708 KI, 4.500%, 11/15/2046			260,680		0.0
20,974,796 (6)	Freddie Mac REMICS 4903 NS, 1.255%, (-1.000*US0001M + 6.100)%, 08/25/2049			2,393,127		0.1
11,573,494 (6)	Freddie Mac REMICS 4909 SJ, 1.205%, (-1.000*US0001M + 6.050)%, 09/25/2049			1,579,375		0.1
4,580,088 (6)	Freddie Mac REMICS 4910 SD, 1.366%, (-1.000*US0001M + 6.050)%, 06/15/2049			599,483		0.0
14,515,505 (6)	Freddie Mac REMICS 4910 SH, 1.205%, (-1.000*US0001M + 6.050)%, 09/25/2049			1,928,314		0.1
18,621,887 (6)	Freddie Mac REMICS 4924 SY, 1.205%, (-1.000*US0001M + 6.050)%, 10/25/2049			2,592,655		0.1
13,812,025 (6)	Freddie Mac REMICS 4967 IQ, 4.000%, 02/25/2050			2,759,470		0.2
36,962,591 (6)	Freddie Mac REMICS 4974 I, 4.000%, 04/25/2050			7,180,353		0.4
33,498,936 (6)	Freddie Mac REMICS 5010 MI, 3.000%, 09/25/2050			5,072,566		0.3
19,977,366 (6)	Freddie Mac REMICS 5036 CI, 4.000%, 12/25/2049			3,938,506		0.2
27,328,282 (6)	Freddie Mac REMICS 5049 UI, 3.000%, 12/25/2050			4,943,194		0.3
10,954,710 (6)	Freddie Mac REMICS 5052 BI, 5.000%, 12/25/2050			2,433,242		0.1
14,126,286 (6)	Freddie Mac REMICS 5074 GI, 2.000%, 02/25/2051			1,575,789		0.1
23,627,229 (6)	Freddie Mac REMICS 5081 CI, 2.000%, 03/25/2051			2,475,895		0.1
16,798,578 (6)	Freddie Mac REMICS 5133 CI, 4.500%, 07/25/2039			2,823,701		0.2
10,911,366 (6)	Freddie Mac REMICS 5142 LI, 2.500%, 09/25/2051			1,747,741		0.1
9,791,552 (6)	Freddie Mac REMICS 5261 IC, 4.000%, 01/25/2050			1,802,347		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,123,190 (6)	Freddie Mac REMICS 538 CI, 4.000%, 07/25/2050		$	3,593,921		0.2
376,994	Freddie Mac REMICS Trust 3740 FB, 5.184%, (US0001M + 0.500)%, 10/15/2040			369,412		0.0
811,545 (1)	Freddie Mac STACR Remic Trust 2020-DNA2 M2, 6.695%, (US0001M + 1.850)%, 02/25/2050			806,939		0.1
979,509 (1)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 6.745%, (US0001M + 1.900)%, 01/25/2050			979,094		0.1
5,100,000 (1)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.960%, (SOFR30A + 3.400)%, 10/25/2041			4,793,344		0.3
2,500,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.660%, (SOFR30A + 2.100)%, 09/25/2041			2,256,910		0.1
6,100,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.310%, (SOFR30A + 3.750)%, 12/25/2041			5,495,458		0.3
5,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.910%, (SOFR30A + 2.350)%, 12/25/2041			4,514,541		0.3
3,800,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.960%, (SOFR30A + 3.400)%, 01/25/2042			3,461,740		0.2
2,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M1B, 6.410%, (SOFR30A + 1.850)%, 01/25/2042			2,366,608		0.1
3,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 7.060%, (SOFR30A + 2.500)%, 01/25/2042			2,776,190		0.2
3,400,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA3 M2, 8.910%, (SOFR30A + 4.350)%, 04/25/2042			3,345,966		0.2
2,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA4 M2, 9.810%, (SOFR30A + 5.250)%, 05/25/2042			2,526,390		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA6 M2, 10.310%, (SOFR30A + 5.750)%, 09/25/2042		$	1,035,593		0.1
1,200,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 9.810%, (SOFR30A + 5.250)%, 03/25/2042			1,186,467		0.1
3,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.910%, (SOFR30A + 5.350)%, 08/25/2042			2,943,140		0.2
918,700 (6)	Freddie Mac Strips 287 IO, 3.000%, 10/15/2027			36,779		0.0
741,535 (6)	Freddie Mac Strips Series 224 IO, 6.000%, 03/01/2033			128,694		0.0
355,528 (6)	Freddie Mac Strips Series 237 S23, 2.416%, (-1.000*US0001M + 7.100)%, 05/15/2036			45,568		0.0
422,099 (6)	Freddie Mac Strips Series 260 33, 4.000%, 05/15/2039			66,632		0.0
1,840,000	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 B1, 7.995%, (US0001M + 3.150)%, 07/25/2030			1,855,010		0.1
3,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 6.860%, (SOFR30A + 2.300)%, 08/25/2033			2,957,264		0.2
2,300,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 8.210%, (SOFR30A + 3.650)%, 11/25/2041			2,164,942		0.1
2,500,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M2, 11.310%, (SOFR30A + 6.750)%, 06/25/2042			2,672,338		0.2
1,577,100 (1)(4)	Galton Funding Mortgage Trust 2018-2 B2, 4.611%, 10/25/2058			1,451,812		0.1
2,352,827 (1)(4)	Galton Funding Mortgage Trust 2019-1 B1, 4.250%, 02/25/2059			2,128,401		0.1

See Accompanying Notes to Financial Statements

192

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,886,566 (1)(4)	Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059		$	1,710,978		0.1
3,282,221 (6)	Ginnie Mae 2007-59 SC, 1.739%, (-1.000*US0001M + 6.500)%, 07/20/2037			370,650		0.0
107,384 (6)	Ginnie Mae 2011-101 EI, 6.000%, (-19.355*US0001M + 109.161)%, 10/16/2039			24,810		0.0
18,287,214 (6)	Ginnie Mae 2013-130 SB, 0.388%, (-1.000*US0001M + 5.050)%, 09/16/2043			764,294		0.0
7,618,372 (6)	Ginnie Mae 2014-58 SM, 1.372%, (-1.000*US0001M + 6.100)%, 04/16/2044			826,374		0.1
43,357,843 (6)	Ginnie Mae 2021-194 IK, 3.000%, 11/20/2051			7,184,915		0.4
279,509 (6)	Ginnie Mae Series 2008-40 SA, 1.672%, (-1.000*US0001M + 6.400)%, 05/16/2038			21,891		0.0
497,756 (6)	Ginnie Mae Series 2009-116 SJ, 1.752%, (-1.000*US0001M + 6.480)%, 12/16/2039			56,317		0.0
556,814 (6)	Ginnie Mae Series 2010-143 JI, 4.000%, 08/16/2039			30,127		0.0
884,061 (6)	Ginnie Mae Series 2010-4 IP, 5.000%, 01/16/2039			64,662		0.0
467,507 (6)	Ginnie Mae Series 2010-4 SL, 1.672%, (-1.000*US0001M + 6.400)%, 01/16/2040			51,568		0.0
26,186 (6)	Ginnie Mae Series 2010-98 QS, 1.839%, (-1.000*US0001M + 6.600)%, 01/20/2040			238		0.0
1,349,433 (6)	Ginnie Mae Series 2011-101 BI, 0.650%, (-1.000*US0001M + 6.650)%, 11/20/2037			30,563		0.0
1,413,004 (6)	Ginnie Mae Series 2011-124 KI, 4.000%, 08/20/2039			75,862		0.0
3,800,219 (6)	Ginnie Mae Series 2011-25 AS, 1.299%, (-1.000*US0001M + 6.060)%, 02/20/2041			315,954		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,432,420 (6)	Ginnie Mae Series 2012-148 IP, 3.500%, 04/20/2041		$	56,026		0.0
14,906 (6)	Ginnie Mae Series 2012-149 BI, 3.500%, 10/20/2041			1,347		0.0
1,738,866 (6)	Ginnie Mae Series 2012-39 PI, 4.000%, 03/16/2042			172,689		0.0
1,789,903 (6)	Ginnie Mae Series 2013-103 DS, 1.389%, (-1.000*US0001M + 6.150)%, 07/20/2043			194,990		0.0
68,390 (6)	Ginnie Mae Series 2013-134 DS, 1.339%, (-1.000*US0001M + 6.100)%, 09/20/2043			7,332		0.0
170,888 (6)	Ginnie Mae Series 2013-44 LI, 4.500%, 01/16/2043			21,114		0.0
701,570 (6)	Ginnie Mae Series 2013-81 IO, 4.500%, 01/16/2040			52,968		0.0
1,884,051 (6)	Ginnie Mae Series 2014-84 PI, 4.500%, 04/20/2043			210,859		0.0
1,711,813 (6)	Ginnie Mae Series 2015-132 BI, 4.000%, 11/20/2044			209,406		0.0
15,389,525 (6)	Ginnie Mae Series 2015-144 SA, 1.439%, (-1.000*US0001M + 6.200)%, 10/20/2045			1,984,932		0.1
2,764,429 (6)	Ginnie Mae Series 2015-69 IL, 0.200%, (-1.000*US0001M + 6.700)%, 07/20/2034			20,197		0.0
180,554 (6)	Ginnie Mae Series 2015-98 IU, 4.000%, 08/20/2044			24,121		0.0
5,876,569 (6)	Ginnie Mae Series 2016-66 ES, 1.289%, (-1.000*US0001M + 6.050)%, 05/20/2046			667,715		0.0
397,506 (6)	Ginnie Mae Series 2016-8 PI, 4.000%, 10/20/2044			47,053		0.0
5,583,040 (6)	Ginnie Mae Series 2018-153 SQ, 1.439%, (-1.000*US0001M + 6.200)%, 11/20/2048			527,228		0.0
13,767,192 (6)	Ginnie Mae Series 2018-93 SJ, 1.439%, (-1.000*US0001M + 6.200)%, 07/20/2048			1,367,468		0.1
153,591 (6)	Ginnie Mae Series 2019-111 TI, 5.000%, 09/20/2049			25,059		0.0
97,165 (6)	Ginnie Mae Series 2019-86 GI, 6.500%, 07/20/2049			17,548		0.0

See Accompanying Notes to Financial Statements

193

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
343,493 (6)	Ginnie Mae Series 2019-86 HI, 5.500%, 07/20/2049	��		$	65,708		0.0
11,409,523 (6)	Ginnie Mae Series 2019-89 SC, 1.339%, (-1.000*US0001M + 6.100)%, 07/20/2049				1,396,250		0.1
2,301,125 (1)(4)	GS Mortage-Backed Securities Trust 2020-PJ1 B2, 3.641%, 05/25/2050				1,915,740		0.1
1,479,646 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.075%, 08/25/2049				1,248,330		0.1
82,286 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049				77,727		0.0
3,685,218 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.393%, 11/25/2049				3,306,895		0.2
3,801,325 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.393%, 11/25/2049				3,296,369		0.2
451,018 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.982%, 03/25/2050				401,087		0.0
460,018 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.982%, 03/25/2050				401,300		0.0
1,752,595 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.425%, 10/25/2050				1,301,847		0.1
1,669,408 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.652%, 08/25/2051				1,167,072		0.1
3,815,000 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ4 B3, 2.618%, 09/25/2051				2,576,994		0.1
4,940,765 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ5 B3, 2.588%, 10/25/2051				3,490,463		0.2
264,423 (1)(4)	GS Mortgage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050				238,329		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
419,965 (1)(4)	GS Mortgage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050		$	375,238		0.0
1,057,743 (1)(4)	GS Mortgage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050			953,363		0.1
3,603,378 (1)(4)	GS Mortgage-Backed Securities Trust 2020-PJ1 B3, 3.641%, 05/25/2050			2,892,933		0.2
973,392 (1)(4)	GS Mortgage-Backed Securities Trust 2021-GR3 B3, 3.388%, 04/25/2052			701,127		0.0
973,748 (1)(4)	GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.388%, 04/25/2052			622,665		0.0
2,571,093 (1)(4)	GS Mortgage-Backed Securities Trust 2021-PJ9 A4, 2.500%, 02/26/2052			2,037,884		0.1
2,496,215 (1)(4)	GS Mortgage-Backed Securities Trust 2022-NQM1 A4, 4.000%, 05/25/2062			2,272,308		0.1
336,888	HarborView Mortgage Loan Trust 2007-5 A1A, 4.951%, (US0001M + 0.190)%, 09/19/2037			286,407		0.0
4,769,000 (1)	Home RE 2019-1 M2 Ltd., 8.095%, (US0001M + 3.250)%, 05/25/2029			4,810,365		0.3
1,135	HomeBanc Mortgage Trust 2004-1 2A, 5.705%, (US0001M + 0.860)%, 08/25/2029			1,063		0.0
2,600,000 (1)(4)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057			1,823,715		0.1
2,334,030 (1)(4)(5)	Imperial Fund Mortgage Trust 2022-NQM3 A1, 4.380% (Step Rate @ 5.380% on 04/01/2026), 05/25/2067			2,244,376		0.1
53,584	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 5.265%, (US0001M + 0.420)%, 04/25/2046			43,501		0.0
81,321 (1)(4)	J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049			78,565		0.0
1,046,050 (1)(4)	J.P. Morgan Mortgage Trust 2019-2 B1, 4.476%, 08/25/2049			980,301		0.1

See Accompanying Notes to Financial Statements

194

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,534,483 (1)(4)	J.P. Morgan Mortgage Trust 2019-2 B2, 4.476%, 08/25/2049		$	2,211,307		0.1
1,448,232 (1)(4)	J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.635%, 06/25/2049			1,365,833		0.1
2,430,792 (1)(4)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.160%, 05/25/2052			1,551,163		0.1
945,404 (1)(4)	J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052			776,883		0.0
1,553,516 (4)	JP Morgan Mortgage Trust 2005-A4 B1, 3.701%, 07/25/2035			1,374,469		0.1
71,012	JP Morgan Mortgage Trust 2005-S3 1A10, 6.000%, 01/25/2036			36,794		0.0
155,171	JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036			90,556		0.0
395,583	JP Morgan Mortgage Trust 2006-S3 1A30, 6.500%, 08/25/2036			166,691		0.0
784,352 (1)(4)	JP Morgan Mortgage Trust 2014-5 B3, 2.780%, 10/25/2029			688,797		0.0
463,921 (1)(4)	JP Morgan Mortgage Trust 2016-1 B3, 3.799%, 05/25/2046			417,517		0.0
2,095,000 (1)(4)	JP Morgan Mortgage Trust 2016-1 B4, 3.799%, 05/25/2046			1,487,215		0.1
373,387 (1)(4)	JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046			340,002		0.0
820,383 (1)(4)	JP Morgan Mortgage Trust 2017-1 B4, 3.448%, 01/25/2047			682,877		0.0
1,333,628 (1)(4)	JP Morgan Mortgage Trust 2017-3 B1, 3.748%, 08/25/2047			1,195,261		0.1
1,850,724 (1)(4)	JP Morgan Mortgage Trust 2017-5 B1, 3.300%, 10/26/2048			1,675,117		0.1
528,875 (1)(4)	JP Morgan Mortgage Trust 2017-6 B3, 3.782%, 12/25/2048			446,898		0.0
1,493,302 (1)(4)	JP Morgan Mortgage Trust 2017-6 B4, 3.782%, 12/25/2048			1,250,693		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,023,941 (1)(4)	JP Morgan Mortgage Trust 2017-6 B5, 3.782%, 12/25/2048		$	755,961		0.0
2,169,005 (1)(4)	JP Morgan Mortgage Trust 2018-1 B2, 3.613%, 06/25/2048			1,838,864		0.1
2,216,810 (1)(4)	JP Morgan Mortgage Trust 2018-3 B3, 3.711%, 09/25/2048			1,889,096		0.1
445,035 (1)(4)	JP Morgan Mortgage Trust 2018-4 B2, 3.713%, 10/25/2048			386,688		0.0
1,806,458 (1)(4)	JP Morgan Mortgage Trust 2018-5 A13, 3.500%, 10/25/2048			1,571,118		0.1
106,654 (1)(4)	JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048			95,190		0.0
169,143 (1)(4)	JP Morgan Mortgage Trust 2018-8 A3, 4.000%, 01/25/2049			158,479		0.0
7,760,079 (1)(4)	JP Morgan Mortgage Trust 2018-8 B1, 4.047%, 01/25/2049			6,726,026		0.4
3,616,488 (1)(4)	JP Morgan Mortgage Trust 2018-8 B2, 4.047%, 01/25/2049			3,114,904		0.2
917,223 (1)(4)	JP Morgan Mortgage Trust 2018-9 B2, 4.223%, 02/25/2049			815,140		0.1
1,812,818 (1)(4)	JP Morgan Mortgage Trust 2018-9 B3, 4.223%, 02/25/2049			1,576,660		0.1
211,592 (1)(4)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049			198,276		0.0
462,762 (1)(4)	JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049			435,348		0.0
2,778,534 (1)(4)	JP Morgan Mortgage Trust 2019-5 B1, 4.482%, 11/25/2049			2,607,097		0.1
4,636,297 (1)(4)	JP Morgan Mortgage Trust 2019-5 B2, 4.482%, 11/25/2049			4,265,971		0.2
115,936 (1)(4)	JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049			105,852		0.0
6,043,318 (1)(4)	JP Morgan Mortgage Trust 2019-6 B2, 4.234%, 12/25/2049			5,582,223		0.3

See Accompanying Notes to Financial Statements

195

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
919,422 (1)(4)	JP Morgan Mortgage Trust 2019-7 B3A, 3.250%, 02/25/2050		$	743,730		0.0
453,759 (1)(4)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050			409,288		0.0
931,724 (1)(4)	JP Morgan Mortgage Trust 2019-8 B3A, 3.416%, 03/25/2050			775,473		0.0
3,708,808 (1)(4)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.967%, 10/25/2049			3,440,507		0.2
276,031 (1)(4)	JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050			249,549		0.0
3,952,207 (1)(4)	JP Morgan Mortgage Trust 2019-INV3 B3, 4.382%, 05/25/2050			3,399,693		0.2
41,896 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			41,417		0.0
1,837,328 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 B2, 4.685%, 12/25/2049			1,737,681		0.1
1,862,472 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.685%, 12/25/2049			1,751,283		0.1
2,633,646 (1)(4)	JP Morgan Mortgage Trust 2019-LTV3 B2, 4.395%, 03/25/2050			2,331,298		0.1
6,130,241 (1)(4)	JP Morgan Mortgage Trust 2019-LTV3 B3, 4.395%, 03/25/2050			5,352,593		0.3
295,763 (1)(4)	JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050			264,394		0.0
2,921,623 (1)(4)	JP Morgan Mortgage Trust 2020-3 B2, 3.847%, 08/25/2050			2,506,436		0.1
4,709,102 (1)(4)	JP Morgan Mortgage Trust 2020-4 B1, 3.649%, 11/25/2050			3,994,281		0.2
1,695,277 (1)(4)	JP Morgan Mortgage Trust 2020-4 B2, 3.649%, 11/25/2050			1,397,575		0.1
156,661 (1)(4)	JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050			150,506		0.0
809,311 (1)(4)	JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050			777,843		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,474,094 (1)(4)	JP Morgan Mortgage Trust 2022-2 B3, 3.133%, 08/25/2052		$	1,744,284		0.1
569,684 (1)(4)	JP Morgan Trust 2015-3 B3, 3.595%, 05/25/2045			507,342		0.0
1,327,529 (1)(4)	JP Morgan Trust 2015-3 B4, 3.595%, 05/25/2045			925,007		0.1
1,221,277,201 (1)(6)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			3,494,429		0.2
72,027	Lehman XS Trust Series 2005-5N 1A2, 5.205%, (US0001M + 0.360)%, 11/25/2035			67,248		0.0
1,822,544 (1)(4)	Mello Mortgage Capital Acceptance 2021-MTG3 B3, 2.901%, 07/01/2051			1,333,513		0.1
2,805,569 (1)(4)	Mello Mortgage Capital Acceptance 2022-INV1 B3, 3.324%, 03/25/2052			1,994,758		0.1
2,000,000 (1)(4)	MFA 2021-INV2 M1 Trust, 3.199%, 11/25/2056			1,438,853		0.1
655,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 6.645%, (US0001M + 1.800)%, 09/25/2035			630,548		0.0
999,825	Morgan Stanley Mortgage Loan Trust 2006-9AR A2, 5.145%, (US0001M + 0.150)%, 08/25/2036			294,458		0.0
6,000,000 (1)	Mortgage Insurance-Linked Notes 2021-3 M1B, 7.460%, (SOFR30A + 2.900)%, 02/25/2034			5,854,976		0.3
335,198 (1)(4)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			320,308		0.0
1,300,000 (1)	Oaktown Re VII Ltd. 2021-2 M1C, 7.910%, (SOFR30A + 3.350)%, 04/25/2034			1,261,038		0.1
225,932 (1)(4)	OBX 2019-EXP3 1A9 Trust, 3.500%, 10/25/2059			209,478		0.0
373,660 (1)(4)	OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049			350,264		0.0
279,568 (1)(4)	OBX 2020-INV1 A21 Trust, 3.500%, 12/25/2049			248,950		0.0
1,876,550 (1)(4)	OBX 2022-J1 A14 Trust, 2.500%, 02/25/2052			1,482,707		0.1

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,500,000 (1)(4)(5)	OBX 2022-NQM4 A1B Trust, 3.900% (Step Rate @ 4.900% on 04/01/2026), 04/25/2062		$	2,207,071		0.1
2,193,324 (1)(4)	Oceanview Mortgage Trust 2021-1 B3, 2.724%, 05/25/2051			1,535,843		0.1
2,871,798 (1)(4)	Onslow Bay Mortgage Loan Trust 2021-NQM4 A1, 1.957%, 10/25/2061			2,343,788		0.1
17,888	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			15,009		0.0
153,559 (1)(4)	PSMC 2019-3 A12 Trust, 3.500%, 11/25/2049			147,268		0.0
6,856,000 (1)	Radnor RE 2021-1 M1C Ltd., 7.260%, (SOFR30A + 2.700)%, 12/27/2033			6,782,374		0.4
3,559,065 (1)(4)	RCKT Mortgage Trust 2019-1 B1A, 3.830%, 09/25/2049			3,236,600		0.2
2,310,805 (1)(4)	RCKT Mortgage Trust 2019-1 B2A, 3.830%, 09/25/2049			2,088,319		0.1
1,559,678 (1)(4)	RCKT Mortgage Trust 2020-1 B2A, 3.470%, 02/25/2050			1,306,011		0.1
2,556,097 (1)(4)	RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051			2,023,516		0.1
5,429,747 (1)(4)	RCKT Mortgage Trust 2021-6 B3, 2.796%, 12/25/2051			3,593,894		0.2
962,280 (1)(4)	RCKT Mortgage Trust 2022-3 A21, 3.000%, 05/25/2052			795,555		0.1
884,023 (1)	Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043			819,652		0.1
558,828 (1)(4)	Sequoia Mortgage Trust 2015-1 B1, 3.913%, 01/25/2045			532,102		0.0
1,383,134 (1)(4)	Sequoia Mortgage Trust 2017-1 B2, 3.605%, 02/25/2047			1,229,588		0.1
1,108,548 (1)(4)	Sequoia Mortgage Trust 2018-6 B1, 4.168%, 07/25/2048			1,001,339		0.1
528,647 (1)(4)	Sequoia Mortgage Trust 2018-CH1 B2B, 4.445%, 03/25/2048			483,514		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,621,668 (1)(4)	Sequoia Mortgage Trust 2019-2 B2, 4.261%, 06/25/2049		$	1,471,952		0.1
1,533,432 (1)(4)	Sequoia Mortgage Trust 2019-2 B3, 4.261%, 06/25/2049			1,344,248		0.1
1,996,761 (1)(4)	Sequoia Mortgage Trust 2019-5 B2, 3.719%, 12/25/2049			1,722,994		0.1
1,997,679 (1)(4)	Sequoia Mortgage Trust 2019-5 B3, 3.719%, 12/25/2049			1,689,989		0.1
838,316 (1)(4)	Sequoia Mortgage Trust 2019-CH1 B2B, 4.861%, 03/25/2049			820,920		0.1
92,837 (1)(4)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			91,392		0.0
185,962 (1)(4)	Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049			175,595		0.0
1,865,742 (1)(4)	Sequoia Mortgage Trust 2019-CH3 B1B, 4.503%, 09/25/2049			1,698,030		0.1
189,994 (1)(4)	Sequoia Mortgage Trust 2020-1 A1, 3.500%, 02/25/2050			170,908		0.0
1,416,794 (1)(4)	Sequoia Mortgage Trust 2020-2 B3, 3.640%, 03/25/2050			1,149,355		0.1
553,217 (1)(4)	Sequoia Mortgage Trust 2021-3 B3, 2.651%, 05/25/2051			390,819		0.0
1,203,746 (1)(4)	Sequoia Mortgage Trust 2021-5 B3, 3.050%, 07/25/2051			786,715		0.1
1,088,074 (1)(4)	Sequoia Mortgage Trust 2022-1 B3, 2.947%, 02/25/2052			708,600		0.0
2,185,603 (1)(4)	Shellpoint Co-Originator Trust 2017-2 B2, 3.640%, 10/25/2047			1,980,311		0.1
2,897,416 (1)(4)	Shellpoint Co-Originator Trust 2017-2 B3, 3.640%, 10/25/2047			2,598,154		0.1
2,000,000 (1)(4)	Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067			1,407,383		0.1
26,331 (4)	Structured Adjustable Rate Mortgage Loan Trust 2005-4 3A1, 4.708%, 03/25/2035			23,388		0.0

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,472,212 (1)(4)	UWM Mortgage Trust 2021-INV4 B3, 3.228%, 12/25/2051		$	1,713,164		0.1
56,371 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.187%, 10/25/2036			49,582		0.0
121,442 (4)	WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 3.470%, 06/25/2034			113,433		0.0
822,549 (4)	WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 3.495%, 07/25/2034			763,371		0.0
65,739,711 (4)(6)	WaMu Mortgage Pass-Through Certificates Series 2005-AR1 X Trust, 0.229%, 01/25/2045			661		0.0
139,278 (4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR10 1A3, 3.847%, 09/25/2035			121,693		0.0
24,248,088 (4)(6)	WaMu Mortgage Pass-Through Certificates Series 2005-AR2 X Trust, 0.148%, 01/25/2045			244		0.0
11,678 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.805%, 10/25/2036			10,257		0.0
74,736 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A3, 3.342%, 11/25/2036			62,230		0.0
287,218 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.342%, 11/25/2036			239,154		0.0
40,661 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.680%, 08/25/2046			35,120		0.0
70,439 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.489%, 12/25/2036			61,378		0.0
368,235 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.462%, 03/25/2037			284,644		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
45,115 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.366%, 07/25/2037			$	37,062		0.0
432,052	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 5.745%, (US0001M + 0.900)%, 11/25/2035				369,004		0.0
458,111	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A9, 6.000%, 11/25/2035				436,488		0.0
411,905	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036				342,044		0.0
517,764	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035				469,467		0.0
96,173	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035				90,563		0.0
602,130	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 2CB2, 5.445%, (US0001M + 0.600)%, 07/25/2036				341,991		0.0
1,626,151	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR5 3A Trust, 4.078%, (12MTA + 0.940)%, 07/25/2046				981,006		0.1
656,271	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 4.098%, (12MTA + 0.960)%, 08/25/2046	��			397,694		0.0

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
20,292	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.275%, (US0001M + 0.430)%, 06/25/2037		$	16,277		0.0
435,505 (4)	Wells Fargo Mortgage Backed Securities 2006-AR12 1A1, 4.093%, 09/25/2036			385,351		0.0
90,296 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.330%, 12/28/2037			77,593		0.0
1,344,784 (1)(4)	Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.639%, 07/25/2047			1,130,895		0.1
1,496,127 (1)(4)	Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.515%, 09/25/2049			996,041		0.1
1,895,985 (1)(4)	Wells Fargo Mortgage Backed Securities 2020-1 B3 Trust, 3.368%, 12/25/2049			1,539,434		0.1
2,801,339 (1)(4)	Wells Fargo Mortgage Backed Securities 2020-4 B2 Trust, 3.161%, 07/25/2050			2,300,762		0.1
1,934,582 (1)(4)	Wells Fargo Mortgage Backed Securities 2021-1 B3 Trust, 2.711%, 12/25/2050			1,279,543		0.1
389,127 (1)(4)	WinWater Mortgage Loan Trust 2015-5 B4, 3.756%, 08/20/2045			348,907		0.0
	Total Collateralized Mortgage Obligations
	(Cost $552,304,313)			483,999,970		26.1
SOVEREIGN BONDS: 3.6%
BRL 9,850,000	Brazil Notas do Tesouro Nacional Serie B, 6.000%, 05/15/2055			7,892,161		0.4
BRL 10,600,000	Brazil Notas do Tesouro Nacional Series B, 6.000%, 08/15/2050			8,351,796		0.4
1,000,000	Colombia Government International Bond, 5.200%, 05/15/2049			700,364		0.0
3,000,000	Colombia Government International Bond, 7.500%, 02/02/2034			2,954,544		0.2

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
MXN 385,750,000	Mexican Bonos, 7.750%, 05/29/2031		$	20,098,817		1.1
1,200,000 (2)	Mexico Government International Bond, 3.250%, 04/16/2030			1,077,322		0.1
700,000	Mexico Government International Bond, 3.750%, 04/19/2071			467,313		0.0
1,600,000	Mexico Government International Bond, 4.500%, 04/22/2029			1,564,896		0.1
600,000	Oman Government International Bond, 6.000%, 08/01/2029			604,804		0.0
500,000 (1)	Oman Government International Bond, 6.750%, 10/28/2027			523,317		0.0
1,300,000 (1)	Oman Government International Bond, 7.375%, 10/28/2032			1,421,621		0.1
600,000	Panama Government International Bond, 3.160%, 01/23/2030			528,117		0.0
1,200,000 (2)	Panama Government International Bond, 3.298%, 01/19/2033			1,004,813		0.1
ZAR 300,750,000	Republic of South Africa Government Bond, 8.875%, 02/28/2035			14,497,822		0.8
3,365,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029			3,027,995		0.2
800,000 (8)	Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029			48,000		0.0
1,075,000 (1)(2)	Serbia International Bond, 6.500%, 09/26/2033			1,070,051		0.1
450,000 (8)	Ukraine Government International Bond, 7.375%, 09/25/2034			78,638		0.0
975,000 (8)	Ukraine Government International Bond, 7.750%, 09/01/2025			198,083		0.0
4,550,000 (8)	Ukraine Government International Bond, 7.750%, 09/01/2027			843,809		0.0
	Total Sovereign Bonds
	(Cost $71,226,169)			66,954,283		3.6

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.7%
555,000 (4)	BANK 2017-BNK4 C, 4.372%, 05/15/2050		$	465,239		0.0
5,320,000 (1)(4)(6)	BANK 2017-BNK4 XE, 1.481%, 05/15/2050			247,436		0.0
4,380,000 (1)	BANK 2017-BNK6 D, 3.100%, 07/15/2060			2,961,829		0.2
1,600,000 (1)(4)	BANK 2017-BNK6 E, 2.628%, 07/15/2060			811,936		0.0
16,600,000 (1)(4)(6)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060			871,908		0.0
49,742,555 (4)(6)	BANK 2019-BN17 XA, 1.009%, 04/15/2052			2,347,764		0.1
9,886,293 (4)(6)	BANK 2019-BNK16 XA, 0.941%, 02/15/2052			402,652		0.0
28,964,122 (4)(6)	Bank 2019-BNK19 XA, 0.948%, 08/15/2061			1,332,063		0.1
57,976,729 (4)(6)	BANK 2019-BNK22 XA, 0.594%, 11/15/2062			1,811,323		0.1
1,500,000 (4)	BANK 2019-BNK24 C, 3.518%, 11/15/2062			1,149,971		0.1
10,698,609 (4)(6)	BBCMS Trust 2021-C10 XA, 1.295%, 07/15/2054			762,827		0.0
102,729,263 (4)(6)	Benchmark 2018-B7 XA Mortgage Trust, 0.425%, 05/15/2053			1,793,699		0.1
52,613,401 (4)(6)	Benchmark 2019-B10 XA Mortgage Trust, 1.220%, 03/15/2062			2,621,721		0.1
42,285,000 (1)(4)(6)	BENCHMARK 2019-B10 XB Mortgage Trust, 0.899%, 03/15/2062			1,961,739		0.1
42,085,320 (4)(6)	Benchmark 2019-B12 XA Mortgage Trust, 1.032%, 08/15/2052			1,697,612		0.1
3,090,000 (1)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052			1,952,750		0.1
7,330,000 (1)(4)(6)	Benchmark 2019-B9 XD Mortgage Trust, 2.001%, 03/15/2052			689,624		0.0
17,449,256 (4)(6)	Benchmark 2021-B24 XA Mortgage Trust, 1.150%, 03/15/2054			1,039,976		0.1
9,879,067 (4)(6)	Benchmark 2021-B28 XA Mortgage Trust, 1.281%, 08/15/2054			702,619		0.0
1,000,000 (1)	BLP Commercial Mortgage Trust 2023-IND D, 8.067%, (TSFR1M + 3.240)%, 03/15/2040			978,816		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,653,000 (1)(7)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		$	1,673,828		0.1
8,069,000 (1)(4)	BMD2 Re-Remic Trust 2019-FRR1 5B13, 2.205%, 05/25/2052			5,472,698		0.3
3,002,000 (1)(4)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.515%, 05/25/2052			2,080,748		0.1
4,500,000 (1)	BPR Trust 2021-WILL D, 9.684%, (US0001M + 5.000)%, 06/15/2038			4,175,742		0.2
5,289,582 (1)	BX Commercial Mortgage Trust 2021-21M E, 6.855%, (US0001M + 2.171)%, 10/15/2036			4,914,396		0.3
3,474,004 (1)	BX Commercial Mortgage Trust 2021-SOAR D, 6.085%, (US0001M + 1.400)%, 06/15/2038			3,266,427		0.2
750,000 (1)	BX Commercial Mortgage Trust 2021-VOLT D, 6.334%, (US0001M + 1.650)%, 09/15/2036			706,758		0.0
1,500,000 (1)	BX Commercial Mortgage Trust 2021-VOLT F, 7.084%, (US0001M + 2.400)%, 09/15/2036			1,384,708		0.1
3,500,000 (1)	BX Trust 2021-LBA EJV, 6.943%, (TSFR1M + 2.000)%, 02/15/2036			3,176,526		0.2
3,500,000 (1)	BX Trust 2021-LBA EV, 6.943%, (TSFR1M + 2.000)%, 02/15/2036			3,176,526		0.2
1,000,000 (1)	BX Trust 2021-SDMF D, 6.071%, (US0001M + 1.387)%, 09/15/2034			940,404		0.1
1,500,000 (1)	BX Trust 2021-SDMF E, 6.271%, (US0001M + 1.587)%, 09/15/2034			1,392,553		0.1
976,928 (1)	BX Trust 2022-FOX2 C, 6.137%, (TSFR1M + 1.309)%, 04/15/2039			908,397		0.0
1,180,000 (1)	BX Trust 2022-LBA6 C, 6.427%, (TSFR1M + 1.600)%, 01/15/2039			1,123,619		0.1
1,000,000 (1)	BX Trust 2022-LBA6 D, 6.827%, (TSFR1M + 2.000)%, 01/15/2039			933,024		0.1

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,500,000 (1)	BX Trust 2022-VAMF F, 8.126%, (TSFR1M + 3.299)%, 01/15/2039		$	1,385,727		0.1
7,000,000 (1)	BX Trust 2023-LIFE C, 5.884%, 02/15/2028			6,740,535		0.4
91,204,551 (4)(6)	Cantor Commercial Real Estate Lending 2019-CF1 XA, 1.132%, 05/15/2052			4,318,303		0.2
37,776,692 (4)(6)	Cantor Commercial Real Estate Lending 2019-CF2 XA, 1.193%, 11/15/2052			2,010,372		0.1
6,811,396 (4)(6)	CD 2016-CD1 Mortgage Trust XA, 1.366%, 08/10/2049			220,797		0.0
14,660,000 (1)(4)(6)	CD 2016-CD1 Mortgage Trust XB, 0.694%, 08/10/2049			285,155		0.0
1,000,000 (1)(4)	Citigroup Commercial Mortgage Trust 2013-GC17 D, 5.115%, 11/10/2046			891,738		0.0
4,126,000 (1)(4)	Citigroup Commercial Mortgage Trust 2014-GC19 E, 4.589%, 03/11/2047			3,728,071		0.2
6,540,000 (1)(4)	Citigroup Commercial Mortgage Trust 2016-P4 E, 4.692%, 07/10/2049			4,163,981		0.2
5,790,000 (1)(4)	Citigroup Commercial Mortgage Trust 2016-P4 F, 4.692%, 07/10/2049			3,300,899		0.2
8,661,000 (1)	Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049			6,085,541		0.3
23,250,923 (4)(6)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.027%, 10/12/2050			816,106		0.0
33,576,166 (4)(6)	Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.866%, 12/15/2072			1,436,288		0.1
40,323,889 (4)(6)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.041%, 08/10/2056			1,791,822		0.1
937,796 (4)(6)	COMM 2012-CR3 XA, 1.228%, 10/15/2045			1,995		0.0
196,233 (4)(6)	COMM 2012-CR4 XA, 1.188%, 10/15/2045			373		0.0
5,641,868 (1)(4)(6)	COMM 2012-LTRT XA, 0.788%, 10/05/2030			65,714		0.0
1,670,000 (1)(4)	COMM 2013-CR10 E Mortgage Trust, 4.867%, 08/10/2046			1,569,470		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,460,000 (1)(4)	COMM 2013-CR10 F Mortgage Trust, 4.867%, 08/10/2046		$	2,976,989		0.2
9,580,472 (4)(6)	COMM 2016-COR1 XA, 1.307%, 10/10/2049			321,004		0.0
2,000,000 (4)	COMM 2016-CR28 C Mortgage Trust, 4.605%, 02/10/2049			1,820,413		0.1
2,299,832 (4)(6)	COMM 2016-CR28 XA, 0.640%, 02/10/2049			34,703		0.0
19,615,676 (4)(6)	COMM 2017-COR2 XA, 1.155%, 09/10/2050			744,305		0.0
5,725,000 (1)(4)	COMM 2020-CBM F Mortgage Trust, 3.633%, 02/10/2037			4,950,136		0.3
2,792,000 (1)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			1,396,617		0.1
568,000 (1)	CSWF 2021-SOP2 D, 7.001%, (US0001M + 2.317)%, 06/15/2034			503,231		0.0
1,432,000 (1)	CSWF 2021-SOP2 E, 8.051%, (US0001M + 3.367)%, 06/15/2034			1,253,519		0.1
220,270 (1)(9)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650)%, 07/10/2044			219,683		0.0
7,759,844 (1)	EQUS 2021-EQAZ C Mortgage Trust, 6.034%, (US0001M + 1.350)%, 10/15/2038			7,292,417		0.4
976,192 (1)	Extended Stay America Trust 2021-ESH E, 7.535%, (US0001M + 2.850)%, 07/15/2038			925,353		0.0
1,952,384 (1)	Extended Stay America Trust 2021-ESH F, 8.385%, (US0001M + 3.700)%, 07/15/2038			1,838,565		0.1
2,400,000 (1)(4)	Fontainebleau Miami Beach Trust 2019-FBLU F, 3.963%, 12/10/2036			2,196,470		0.1
20,066,393 (4)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.582%, 04/25/2030			1,734,174		0.1

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,440,206 (4)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.980%, 08/25/2036		$	203,442		0.0
14,878,000 (1)(7)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			8,448,604		0.5
189,331,096 (1)(6)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			636,418		0.0
21,120,000 (1)(6)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			91,606		0.0
2,000,000 (1)(4)	FRR Re-REMIC Trust 2018-C1 B725, 2.838%, 02/27/2050			1,877,974		0.1
1,268,740 (1)(4)(10)	FRR Re-REMIC Trust 2018-C1 C725, 0.330%, 02/27/2050			1,162,380		0.1
2,975,000 (1)(4)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.420%, 09/27/2051			2,144,199		0.1
2,263,000 (1)(7)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			1,899,103		0.1
2,751,000 (1)(7)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			2,290,466		0.1
2,238,000 (1)(4)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.040%, 09/27/2051			1,856,371		0.1
1,900,000 (1)(7)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			1,108,108		0.1
2,263,000 (1)(7)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			1,897,633		0.1
2,237,000 (1)(7)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			1,746,544		0.1
3,000,000 (1)(7)	GAM Re-REMIC Trust 2021-FRR1 2D, 0.000%, 11/29/2050			1,558,420		0.1
4,690,000 (1)(4)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			3,431,468		0.2
3,192,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.200%, 01/29/2052			2,257,899		0.1

Principal Amount†			Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,476,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.830%, 01/27/2052			$	2,050,941		0.1
1,815,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 C728, 0.510%, 08/27/2050				1,577,071		0.1
1,850,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.870%, 05/27/2048				1,487,208		0.1
2,238,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.480%, 11/27/2049				1,510,421		0.1
1,563,000 (1)(4)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.400%, 01/29/2052				1,070,865		0.1
1,820,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.040%, 01/27/2052				1,012,157		0.1
1,816,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 D728, 0.560%, 01/29/2052				1,544,476		0.1
1,462,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.620%, 10/27/2047				1,255,165		0.1
1,849,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.970%, 05/27/2048	��			1,449,204		0.1
974,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.610%, 01/29/2052				818,044		0.0
5,000,000 (1)	Great Wolf Trust 2019-WOLF C, 6.575%, (TSFR1M + 1.633)%, 12/15/2036				4,861,824		0.3
2,000,000 (1)	GS Mortgage Securities Corp. II 2018-RIVR F, 6.784%, (US0001M + 2.100)%, 07/15/2035				930,000		0.0
10,000,000 (1)	GS Mortgage Securities Corp. II 2021-ARDN B, 6.334%, (US0001M + 1.650)%, 11/15/2036				9,647,661		0.5
1,464,112 (1)(4)	GS Mortgage Securities Trust 2012-GCJ7 E, 5.000%, 05/10/2045				1,046,813		0.1
500,000 (4)	GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051				452,847		0.0

See Accompanying Notes to Financial Statements

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
15,258,804 (4)(6)	GS Mortgage Securities Trust 2019-GC38 XA, 0.951%, 02/10/2052		$	648,830		0.0
40,548,856 (4)(6)	GS Mortgage Securities Trust 2019-GC40 XA, 1.077%, 07/10/2052			1,750,346		0.1
660,000	GS Mortgage Securities Trust 2019-GSA1 B, 3.511%, 11/10/2052			545,848		0.0
81,796,164 (4)(6)	GS Mortgage Securities Trust 2019-GSA1 XA, 0.810%, 11/10/2052			3,373,932		0.2
180,000 (1)(4)	IMT Trust 2017-APTS EFX, 3.497%, 06/15/2034			168,162		0.0
1,750,000 (1)	INTOWN 2022-STAY D Mortgage Trust, 8.961%, (TSFR1M + 4.134)%, 08/15/2039			1,707,709		0.1
5,910,000 (1)(4)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT FFX, 5.364%, 07/05/2033			4,450,230		0.2
4,050,000 (1)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP E, 6.844%, (US0001M + 2.160)%, 07/15/2036			3,804,100		0.2
2,000,000 (4)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 D, 4.347%, 12/15/2047			1,739,111		0.1
7,470,000 (1)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 F, 3.986%, 01/15/2046			6,299,051		0.3
3,810,000 (1)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038			2,655,919		0.1
675,000 (1)	JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH E, 6.524%, (US0001M + 1.840)%, 06/15/2038			610,092		0.0
1,000,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.176%, 11/15/2045			934,655		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,549,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.884%, 01/15/2047		$	2,344,591		0.1
9,560,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047			7,481,315		0.4
2,200,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			1,155,036		0.1
1,000,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2014-C19 D, 4.635%, 04/15/2047			902,432		0.0
1,405,000 (4)	JPMBB Commercial Mortgage Securities Trust 2014-C21 C, 4.644%, 08/15/2047			1,233,772		0.1
43,589,984 (4)(6)	JPMBB Commercial Mortgage Securities Trust 2015-C27 XA, 1.134%, 02/15/2048			690,298		0.0
43,902,044 (4)(6)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.945%, 10/15/2048			592,880		0.0
496,412 (1)	KIND Trust 2021-KIND D, 7.242%, (TSFR1M + 2.300)%, 08/15/2038			462,703		0.0
10,081,404 (1)(4)(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.795%, 03/10/2050			191,711		0.0
4,472,490 (1)	MBRT 2019-MBR H1, 9.034%, (US0001M + 4.000)%, 11/15/2036			4,328,216		0.2
9,970,379 (1)	Med Trust 2021-MDLN D, 6.685%, (US0001M + 2.000)%, 11/15/2038			9,513,991		0.5
5,250,000 (1)	MHP 2021-STOR F, 6.884%, (US0001M + 2.200)%, 07/15/2038			4,793,806		0.3
3,109,307 (1)	MHP 2022-MHIL E, 7.438%, (TSFR1M + 2.611)%, 01/15/2027			2,886,356		0.2

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
10,102,373 (4)(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 XA, 0.920%, 11/15/2046		$	20,599		0.0
12,125,191 (4)(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 0.954%, 12/15/2047			128,058		0.0
1,500,000 (1)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.891%, 04/15/2047			1,374,202		0.1
5,287,000	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 D, 3.068%, 10/15/2048			4,207,677		0.2
560,000 (1)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048			428,669		0.0
15,021,294 (4)(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 XA, 0.774%, 11/15/2052			410,856		0.0
5,970,000 (1)(9)	Morgan Stanley Capital I Trust 2011-C1 K, 4.193%, 09/15/2047			5,970,000		0.3
4,268,000 (1)(9)	Morgan Stanley Capital I Trust 2011-C1 L, 4.193%, 09/15/2047			1,422,951		0.1
2,021,315 (1)(9)	Morgan Stanley Capital I Trust 2011-C1 M, 4.193%, 09/15/2047			—		—
4,841,000 (1)(4)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049			3,213,281		0.2
25,660,000 (1)(4)(6)	Morgan Stanley Capital I Trust 2018-L1 XD, 1.792%, 10/15/2051			2,095,235		0.1
22,317,535 (4)(6)	Morgan Stanley Capital I Trust 2021-L6 XA, 1.226%, 06/15/2054			1,375,102		0.1
31,002,774 (4)(6)	Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.850%, 12/15/2050			1,015,852		0.1
13,000,000 (1)	Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/2050			10,687,140		0.6
7,030,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 1.040%, 03/28/2049			5,367,603		0.3

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,950,000 (1)(4)	RFM Reremic Trust 2022-FRR1 AB60, 2.450%, 11/08/2049		$	4,747,243		0.3
8,960,000 (1)(4)	RFM Reremic Trust 2022-FRR1 AB64, 2.300%, 03/01/2050			7,059,298		0.4
2,190,000 (1)(7)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			1,632,436		0.1
2,750,000 (1)(7)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			1,900,559		0.1
2,580,000 (1)(7)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			1,753,079		0.1
3,000,000 (1)	SMRT 2022-MINI E, 7.528%, (TSFR1M + 2.700)%, 01/15/2039			2,711,363		0.1
986,016 (1)	TTAN 2021-MHC D, 6.435%, (US0001M + 1.750)%, 03/15/2038			938,754		0.1
1,000,000 (1)(4)	UBS Commercial Mortgage Trust 2017-C5, 4.427%, 11/15/2050			731,226		0.0
22,287,619 (4)(6)	UBS Commercial Mortgage Trust 2019-C16 XA, 1.532%, 04/15/2052			1,348,249		0.1
5,940,000 (1)	Wells Fargo Commercial Mortgage Trust 2015-NXS3 D, 3.153%, 09/15/2057			4,636,877		0.2
78,780,000 (4)(6)	Wells Fargo Commercial Mortgage Trust 2016-NXS6 XB, 0.578%, 11/15/2049			1,405,888		0.1
19,184,567 (4)(6)	Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.870%, 10/15/2050			566,022		0.0
37,308,471 (4)(6)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.604%, 08/15/2052			2,573,714		0.1
2,500,000 (1)	Wells Fargo Commercial Mortgage Trust 2021-C59 C, 2.500%, 04/15/2054			1,209,794		0.1
19,181,521 (4)(6)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.533%, 04/15/2054			1,586,460		0.1
1,500,000 (1)(4)	WFLD 2014-MONT D Mortgage Trust, 3.755%, 08/10/2031			1,073,274		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
9,230,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 E, 4.147%, 03/15/2045		$	6,460,985		0.3
960,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.147%, 03/15/2045			590,400		0.0
8,000,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C17 D, 5.029%, 12/15/2046			7,418,110		0.4
760,000 (1)	WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046			685,414		0.0
21,966,329 (4)(6)	WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 0.903%, 03/15/2046			62,349		0.0
1,900,000 (1)	WFRBS Commercial Mortgage Trust 2014-C21 D, 3.497%, 08/15/2047			1,539,906		0.1
	Total Commercial Mortgage-Backed Securities
	(Cost $396,566,085)			347,889,373		18.7
U.S. TREASURY OBLIGATIONS: 1.7%
	U.S. Treasury Notes: 1.7%
684,000	0.125%, 01/15/2024			659,872		0.0
3,600,000	0.250%, 06/15/2024			3,424,570		0.2
858,000	0.375%, 09/30/2027			742,170		0.1
3,638,200	0.500%, 11/30/2023			3,538,406		0.2
6,348,300	0.875%, 01/31/2024			6,147,932		0.3
1,867,100	1.500%, 01/31/2027			1,719,409		0.1
94,000	2.750%, 08/15/2032			88,485		0.0
4,434,000	2.875%, 06/15/2025			4,330,425		0.2
529,900	3.500%, 02/15/2033			530,769		0.0
7,537,000	4.000%, 02/29/2028			7,673,903		0.4
2,669,000	4.000%, 02/28/2030			2,739,895		0.2
20,000	4.000%, 11/15/2052			21,231		0.0
220,000	4.625%, 02/28/2025			222,157		0.0
	Total U.S. Treasury Obligations
	(Cost $32,331,696)			31,839,224		1.7
ASSET-BACKED SECURITIES: 14.8%
	Automobile Asset-Backed Securities: 0.7%
2,450,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025			2,372,245		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
4,400,000	AmeriCredit Automobile Receivables Trust 2020-1 D, 1.800%, 12/18/2025		$	4,198,207		0.2
3,000,000	Carmax Auto Owner Trust 2019-2 D, 3.410%, 10/15/2025			2,984,294		0.2
1,495,122	Santander Drive Auto Receivables Trust 2019-2 D, 3.220%, 07/15/2025			1,487,274		0.1
1,662,943	Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025			1,655,082		0.1
				12,697,102		0.7
	Home Equity Asset-Backed Securities: 0.5%
2,211,369 (1)(4)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			1,729,539		0.1
2,826,752 (1)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038			2,208,703		0.1
310,010	GSAA Home Equity Trust 2006-3 A3, 5.445%, (US0001M + 0.300)%, 03/25/2036			165,589		0.0
1,948,502 (4)	GSAA Home Equity Trust 2006-4 4A3, 3.641%, 03/25/2036			1,235,518		0.1
840,173	GSAA Home Equity Trust 2007-1 1A1, 5.005%, (US0001M + 0.080)%, 02/25/2037			255,354		0.0
841,861 (4)	GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046			334,170		0.0
754,085 (4)	Morgan Stanley Mortgage Loan Trust 2007-10XS A2, 6.250%, 02/25/2037			359,585		0.0
355,021	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 5.305%, (US0001M + 0.230)%, 02/25/2037			312,674		0.0

See Accompanying Notes to Financial Statements

205

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
3,382,879 (4)	Renaissance Home Equity Loan Trust 2004-4 MF2, 5.818%, 02/25/2035		$	2,897,529		0.2
				9,498,661		0.5
	Other Asset-Backed Securities: 12.6%
3,089,000 (1)(4)	Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065			2,820,708		0.2
4,234,000 (1)	Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059			3,887,099		0.2
2,500,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 6.742%, (US0003M + 1.950)%, 04/14/2029			2,448,630		0.1
2,000,000 (1)	AMMC CLO XI Ltd. 2012-11A CR2, 6.702%, (US0003M + 1.900)%, 04/30/2031			1,879,380		0.1
2,700,000 (1)	Apidos CLO XXIV 2016-24A BRR, 6.858%, (US0003M + 2.050)%, 10/20/2030			2,572,555		0.1
2,900,000 (1)	Apidos CLO XXXIII 2020-33A CR, 6.716%, (US0003M + 1.900)%, 10/24/2034			2,722,218		0.1
1,633,500 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/05/2049			1,601,542		0.1
742,500 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049			696,579		0.0
353,275 (1)	Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040			334,319		0.0
500,000 (1)	Arbor Realty Commercial Real Estate Notes 2021-FL4 D Ltd., 7.584%, (US0001M + 2.900)%, 11/15/2036			473,814		0.0
750,000 (1)	Atrium CDO Corp. 12A CR, 6.465%, (US0003M + 1.650)%, 04/22/2027			731,541		0.0
2,500,000 (1)	Atrium XIV LLC 14A A2BR, 2.304%, 08/23/2030			2,240,000		0.1
2,000,000 (1)	Babson CLO Ltd. 2018-3A C, 6.708%, (US0003M + 1.900)%, 07/20/2029			1,939,324		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (1)	Benefit Street Partners CLO V-B Ltd. 2018-5BA B, 6.958%, (US0003M + 2.150)%, 04/20/2031		$	1,906,042		0.1
1,000,000 (1)	BlueMountain CLO 2013-2A CR, 6.765%, (US0003M + 1.950)%, 10/22/2030			942,185		0.1
1,000,000 (1)	BlueMountain CLO 2015-4 CR Ltd., 6.708%, (US0003M + 1.900)%, 04/20/2030			933,104		0.1
1,250,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 6.792%, (US0003M + 2.000)%, 04/15/2034			1,167,941		0.1
2,000,000 (1)	BlueMountain CLO XXIX Ltd. 2020-29A CR, 6.918%, (US0003M + 2.100)%, 07/25/2034			1,881,384		0.1
1,881,000 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			1,720,503		0.1
4,000,000 (1)	Bristol Park CLO Ltd. 2016-1A CR, 6.742%, (US0003M + 1.950)%, 04/15/2029			3,802,392		0.2
750,000 (1)	Buttermilk Park CLO Ltd. 2018-1A C, 6.892%, (US0003M + 2.100)%, 10/15/2031			711,695		0.0
1,000,000 (1)	Carlyle Global Market Strategies CLO 2014-3RA B Ltd., 6.715%, (US0003M + 1.900)%, 07/27/2031			927,047		0.0
1,500,000 (1)	Carlyle US CLO 2016-4A BR Ltd., 6.908%, (US0003M + 2.100)%, 10/20/2027			1,457,919		0.1
4,600,000 (1)	CARLYLE US CLO 2017-3A BR Ltd., 6.808%, (US0003M + 2.000)%, 07/20/2029			4,356,200		0.2
1,000,000 (1)	Cent CLO C17A BR Ltd., 6.652%, (US0003M + 1.850)%, 04/30/2031			939,257		0.1

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
5,900,000 (1)	CIFC Funding 2015-4A BR2 Ltd., 6.708%, (US0003M + 1.900)%, 04/20/2034		$	5,516,264		0.3
5,500,000 (1)	CIFC Funding 2019-2A CR Ltd., 6.892%, (US0003M + 2.100)%, 04/17/2034			5,236,753		0.3
805,533	Countrywide Asset-Backed Certificates 2005-AB2 M1, 5.550%, (US0001M + 0.705)%, 09/25/2035			748,875		0.0
5,000,000 (1)	Crown City CLO V 2023-1 A3, 8.108%, (TSFR3M + 3.600)%, 04/20/2034			4,990,960		0.3
820,250 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			776,354		0.0
434,250 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			414,108		0.0
4,048,750 (1)	DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051			3,281,233		0.2
3,000,000 (1)	Dewolf Park CLO Ltd. 2017-1A DR, 7.642%, (US0003M + 2.850)%, 10/15/2030			2,781,330		0.1
562,500 (1)	Domino’s Pizza Master Issuer LLC 2015-1A A1II, 4.474%, 10/25/2045			544,378		0.0
1,045,000 (1)	Domino’s Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047			989,196		0.1
2,259,700 (1)	Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048			2,173,925		0.1
3,443,500 (1)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			3,073,086		0.2
2,112,000 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,992,432		0.1
1,446,375 (1)	Driven Brands Funding LLC 2022-1A A2, 7.393%, 10/20/2052			1,462,048		0.1
1,190,625 (1)	Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048			1,144,652		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,750,000 (1)	Dryden 30 Senior Loan Fund 2013-30A DR, 7.464%, (US0003M + 2.600)%, 11/15/2028		$	2,573,409		0.1
1,750,000 (1)	Dryden 55 CLO Ltd. 2018-55A C, 6.692%, (US0003M + 1.900)%, 04/15/2031			1,638,460		0.1
5,000,000 (1)	Dryden 75 CLO Ltd. 2019-75A CR2, 6.592%, (US0003M + 1.800)%, 04/15/2034			4,604,665		0.2
6,000,000 (1)	Dryden 86 CLO Ltd. 2020-86A DR, 7.992%, (US0003M + 3.200)%, 07/17/2034			5,617,758		0.3
3,038,725 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			2,977,991		0.2
840,764 (1)	Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048			768,801		0.0
3,170,483 (1)	Helios Issuer, LLC 2018-1A B, 7.710%, 07/20/2048			2,702,026		0.1
1,750,000 (1)	Invesco US CLO 2023-1A A1R Ltd., 8.520%, (TSFR3M + 0.000)%, 04/22/2035			1,734,246		0.1
967,139 (1)	JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077			864,525		0.0
1,600,000 (1)	Kayne CLO 10 Ltd. 2021-10A C, 6.565%, (US0003M + 1.750)%, 04/23/2034			1,522,918		0.1
1,710,000 (1)	KAYNE CLO I Ltd. 2018-1A CR, 6.542%, (US0003M + 1.750)%, 07/15/2031			1,621,978		0.1
1,350,000 (1)	LCM XVIII L.P. 18A CR, 6.658%, (US0003M + 1.850)%, 04/20/2031			1,245,001		0.1
1,000,000 (1)	LCM XX L.P. 20A-CR, 6.758%, (US0003M + 1.950)%, 10/20/2027			979,585		0.1
2,800,000 (1)	LCM XXIV Ltd. 24A CR, 6.708%, (US0003M + 1.900)%, 03/20/2030			2,612,618		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
808,099 (1)	LCSS Financing 2018-A A LLC, 4.700%, 12/15/2062		$	692,267		0.0
1,000,000 (1)	Madison Park Funding XIII Ltd. 2014-13A CR2, 6.698%, (US0003M + 1.900)%, 04/19/2030			970,686		0.1
2,500,000 (1)	Madison Park Funding XIX Ltd. 2015-19A B1R2, 6.665%, (US0003M + 1.850)%, 01/22/2028			2,441,387		0.1
1,000,000 (1)	Magnetite VIII Ltd. 2014-8A CR2, 6.642%, (US0003M + 1.850)%, 04/15/2031			957,362		0.1
358,172 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			357,004		0.0
646,152 (1)	Marlette Funding Trust 2019-3A C, 3.790%, 09/17/2029			643,963		0.0
4,900,000 (1)	Marlette Funding Trust 2023-1A A, 6.070%, 04/15/2033			4,898,896		0.3
7,000,000 (1)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL6 D, 7.259%, (US0001M + 2.550)%, 07/16/2036			6,526,521		0.4
1,563,318 (1)	Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043			1,427,900		0.1
518,432 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			485,827		0.0
745,979 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			685,673		0.0
1,173,289 (1)	Mosaic Solar Loan Trust 2019-1A A, 4.370%, 12/21/2043			1,106,084		0.1
504,936 (1)	Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040			450,005		0.0
906,639 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			843,040		0.0
3,500,000 (1)	Neuberger Berman Loan Advisers CLO 24 Ltd. 2017-24A CR, 6.748%, (US0003M + 1.950)%, 04/19/2030			3,346,619		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
7,700,000 (1)	Neuberger Berman Loan Advisers CLO 30 Ltd. 2018-30A CR, 6.558%, (US0003M + 1.750)%, 01/20/2031		$	7,404,181		0.4
2,300,000 (1)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR, 6.692%, (US0003M + 1.900)%, 10/16/2033			2,175,158		0.1
4,750,000 (1)	Neuberger Berman Loan Advisers Clo 44 Ltd. 2021-44A C, 6.692%, (US0003M + 1.900)%, 10/16/2034			4,459,243		0.2
6,000,000 (1)	Oaktree CLO Ltd. 2021-1A C, 6.742%, (US0003M + 1.950)%, 07/15/2034			5,600,736		0.3
2,500,000 (1)	Oaktree CLO Ltd. 2021-1A D, 8.042%, (US0003M + 3.250)%, 07/15/2034			2,285,390		0.1
7,470,000 (1)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 6.858%, (US0003M + 2.050)%, 07/20/2030			7,255,536		0.4
4,500,000 (1)	Octagon Investment Partners 32 Ltd. 2017-1A CR, 6.842%, (US0003M + 2.050)%, 07/15/2029			4,290,867		0.2
600,000 (1)	Octagon Investment Partners 33 Ltd. 2017-1A B, 6.658%, (US0003M + 1.850)%, 01/20/2031			565,708		0.0
4,500,000 (1)	Octagon Investment Partners XIV Ltd. 2012-1A BRR, 6.892%, (US0003M + 2.100)%, 07/15/2029			4,324,302		0.2
1,500,000 (1)	OHA Credit Funding 9 Ltd. 2021-9A C, 6.698%, (US0003M + 1.900)%, 07/19/2035			1,427,768		0.1
5,000,000 (1)	Palmer Square CLO 2020-3A CR Ltd., 7.814%, (US0003M + 2.950)%, 11/15/2031			4,693,915		0.3
4,250,000 (1)	Palmer Square Loan Funding 2021-2A C Ltd., 7.315%, (US0003M + 2.400)%, 05/20/2029			4,085,525		0.2

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
133,987 (4)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.522%, 01/25/2036		$	130,885		0.0
2,370,375 (1)	Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049			2,230,703		0.1
1,100,000 (1)	Recette Clo Ltd. 2015-1A CRR, 6.558%, (US0003M + 1.750)%, 04/20/2034			1,021,988		0.1
2,050,000 (1)	Rockland Park CLO Ltd. 2021-1A C, 6.708%, (US0003M + 1.900)%, 04/20/2034			1,923,784		0.1
3,270,000 (1)	Shackleton 2019-15A CR CLO Ltd., 6.942%, (US0003M + 2.150)%, 01/15/2032			3,104,659		0.2
1,800,000 (1)	SoFi Consumer Loan Program 2023-1S A Trust, 5.810%, 05/15/2031			1,801,976		0.1
1,899,625 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,758,004		0.1
4,682,730 (1)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			4,020,184		0.2
1,800,140 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			1,736,544		0.1
3,493,834 (1)	Sunrun Atlas Issuer 2019-2 A LLC, 3.610%, 02/01/2055			3,120,059		0.2
5,564,467 (1)	Sunrun Jupiter Issuer 2022-1A A LLC, 4.750%, 07/30/2057			5,211,718		0.3
1,053,250 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,017,217		0.1
1,000,000 (1)	TCI-Flatiron Clo 2017-1A C Ltd., 6.727%, (US0003M + 1.850)%, 11/18/2030			948,689		0.1
2,250,000 (1)	TCI-Flatiron Clo 2018-1A CR Ltd., 6.552%, (US0003M + 1.750)%, 01/29/2032			2,133,644		0.1
4,100,000 (1)	TCW CLO 2020-1A DRR Ltd., 8.208%, (US0003M + 3.400)%, 04/20/2034			3,735,182		0.2
3,100,000 (1)	TCW CLO 2021-1A C Ltd., 6.708%, (US0003M + 1.900)%, 03/18/2034			2,875,355		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (1)	THL Credit Wind River 2014-1 CRR CLO Ltd., 6.745%, (US0003M + 1.950)%, 07/18/2031		$	1,821,450		0.1
2,000,000 (1)(4)	Towd Point Mortgage Trust 2015-6 M2, 3.750%, 04/25/2055			1,895,434		0.1
1,500,000 (1)	Upland CLO Ltd. 2016-1A BR, 6.658%, (US0003M + 1.850)%, 04/20/2031			1,414,679		0.1
2,100,000 (1)	Upstart Securitization Trust 2023-1 A, 6.590%, 02/20/2033			2,092,465		0.1
1,227,013 (1)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			1,137,271		0.1
3,085,500 (1)	Wendy’s Funding LLC 2019-1A A2I, 3.783%, 06/15/2049			2,908,284		0.2
				234,124,690		12.6
	Student Loan Asset-Backed Securities: 1.0%
63,570 (1)	Commonbond Student Loan Trust 2018-CGS C, 4.350%, 02/25/2046			58,612		0.0
213,861 (1)	ELFI Graduate Loan Program 2018-A B LLC, 4.000%, 08/25/2042			194,758		0.0
665,992 (1)(4)	ELFI Graduate Loan Program 2019-A B LLC, 2.940%, 03/25/2044			606,195		0.0
1,092,294 (1)	Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043			1,019,234		0.1
4,000,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			3,451,092		0.2
1,000,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			920,119		0.1
2,250,000 (1)(4)	SoFi Professional Loan Program 2017-A B LLC, 3.440%, 03/26/2040			2,148,990		0.1
1,000,000 (1)(4)	SoFi Professional Loan Program 2017-A C, 4.430%, 03/26/2040			918,449		0.0

See Accompanying Notes to Financial Statements

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Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
1,000,000 (1)(4)	SoFi Professional Loan Program 2017-C C, 4.210%, 07/25/2040		$	892,720		0.0
1,000,000 (1)	SoFi Professional Loan Program 2017-E C LLC, 4.160%, 11/26/2040			900,608		0.0
1,000,000 (1)	SoFi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			938,796		0.1
2,000,000 (1)	Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048			1,757,503		0.1
3,000,000 (1)	Sofi Professional Loan Program 2019-C BFX LLC, 3.050%, 11/16/2048			2,499,558		0.1
4,400,000 (1)	SoFi Professional Loan Program 2020-B BFX Trust, 2.730%, 05/15/2046			3,527,921		0.2
				19,834,555		1.0
	Total Asset-Backed Securities
	(Cost $295,472,921)			276,155,008		14.8
BANK LOANS: 8.2%
	Aerospace & Defense: 0.2%
265,257	ADS Tactical, Inc. 2021 Term Loan B, 10.590%, (US0001M + 5.750)%, 03/19/2026			244,699		0.0
600,000	Amentum Government Services Holdings LLC 2022 Term Loan, 8.906%, (TSFR1M + 4.000)%, 02/15/2029			588,375		0.0
193,784	Geo Group, Inc. (The) 2022 Tranche 1 Term Loan, 11.932%, (TSFR1M + 7.125)%, 03/23/2027			196,605		0.0
1,244,314	Peraton Corp. Term Loan B, 8.590%, (US0001M + 3.750)%, 02/01/2028			1,229,693		0.1
695,000	Setanta Aircraft Leasing Designated Activity Compa Term Loan B, 7.159%, (US0003M + 2.000)%, 11/05/2028			696,086		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Aerospace & Defense (continued)
199,496	Vertex Aerospace Services Corp. 2021 First Lien Term Loan, 8.340%, (US0001M + 3.500)%, 12/06/2028		$	198,748		0.0
				3,154,206		0.2
	Air Transport: 0.1%
1,484,867	United Airlines, Inc. 2021 Term Loan B, 8.568%, (US0003M + 3.750)%, 04/21/2028			1,478,975		0.1

	Auto Components: 0.0%
616,289	Broadstreet Partners, Inc. 2020 Term Loan B, 7.840%, (US0001M + 3.000)%, 01/27/2027			603,963		0.0

	Automotive: 0.3%
610,953	Autokiniton US Holdings, Inc. 2021 Term Loan B, 9.422%, (TSFR1M + 4.500)%, 04/06/2028			594,610		0.1
400,000	Belron Finance US LLC 2021 USD Term Loan B, 7.300%, (US0003M + 2.425)%, 04/13/2028			400,000		0.0
650,000	Clarios Global LP 2021 USD Term Loan B, 8.109%, (US0001M + 3.250)%, 04/30/2026			647,969		0.1
372,032	Dealer Tire Financial, LLC Term Loan B2, 9.307%, (TSFR1M + 4.500)%, 12/14/2027			370,288		0.0
763,196	Gates Global LLC 2021 Term Loan B3, 7.407%, (US0001M + 2.500)%, 03/31/2027			760,453		0.1
536,317	Holley Purchaser, Inc. 2021 Term Loan, 8.672%, (US0003M + 3.750)%, 11/17/2028			450,953		0.0
346,785	IXS Holdings, Inc. 2021 Term Loan B, 9.120%, (SOFRRATE + 4.250)%, 03/05/2027			288,265		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Automotive (continued)
442,120	Les Schwab Tire Centers Term Loan B, 8.064%, (US0003M + 3.250)%, 11/02/2027		$	439,357		0.0
322,575	Rough Country, LLC 2021 Term Loan, 8.340%, (US0001M + 3.500)%, 07/28/2028			303,220		0.0
398,669	Truck Hero, Inc. 2021 Term Loan B, 8.590%, (US0001M + 3.750)%, 01/31/2028			356,417		0.0
468,706	Wand NewCo 3, Inc. 2020 Term Loan, 7.590%, (US0001M + 2.750)%, 02/05/2026			461,299		0.0
				5,072,831		0.3
	Basic Materials: 0.1%
135,000	INEOS Quattro Holdings UK Ltd. 2023 USD Term Loan, 8.380%, (TSFR1M + 3.750)%, 03/01/2030			134,494		0.0
710,000	Ineos US Finance LLC 2023 USD Term Loan B, 8.130%, (TSFR1M + 3.500)%, 02/15/2030			706,228		0.1
648,375	Iris Holding, Inc. 2022 Term Loan 1L, 9.620%, (SOFRRATE + 4.750)%, 06/15/2028			557,062		0.0
605,000	Starfruit Finco B.V 2023 Term Loan, 8.630%, (TSFR1M + 4.000)%, 03/02/2028			604,244		0.0
398,000	U.S. Silica Company 2023 Term Loan B, 9.380%, (TSFR1M + 4.750)%, 03/01/2030			387,553		0.0
				2,389,581		0.1
	Beverage & Tobacco: 0.1%
–	City Brewing Company, LLC Closing Date Term Loan, 8.330%, (US0003M + 3.500)%, 04/05/2028			—		—
461,512	Naked Juice LLC Term Loan, 8.248%, (SOFRRATE + 3.250)%, 01/24/2029			410,073		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Beverage & Tobacco (continued)
592,619	Triton Water Holdings, Inc Term Loan, 8.659%, (US0003M + 3.500)%, 03/31/2028		$	535,284		0.1
				945,357		0.1
	Building & Development: 0.4%
491,094	American Builders & Contractors Supply Co., Inc. 2019 Term Loan, 6.907%, (TSFR1M + 2.000)%, 01/15/2027			489,674		0.0
1,130,688	Chamberlain Group Inc Term Loan B, 8.090%, (US0001M + 3.250)%, 11/03/2028			1,088,287		0.1
839,635	Core & Main LP 2021 Term Loan B, 7.367%, (TSFR1M + 2.500)%, 07/27/2028			834,387		0.1
101,076	Empire Today, LLC 2021 Term Loan, 9.709%, (US0001M + 5.000)%, 04/03/2028			79,681		0.0
404	Foley Products Company, LLC 2021 Term Loan, 9.798%, (SOFRRATE + 4.750)%, 12/29/2028			400		0.0
555,113	Foundation Building Materials Holding Company LLC 2021 Term Loan, 8.075%, (US0003M + 3.250)%, 01/31/2028			540,735		0.0
42,096 (11)	IPS Corporation 2021 Delayed Draw Term Loan, 8.130%, (TSFR1M + 3.500)%, 10/02/2028			39,430		0.0
234,719	IPS Corporation 2021 Term Loan, 8.352%, (US0001M + 3.500)%, 10/02/2028			219,853		0.0
743,737	LHS Borrower, LLC 2022 Term Loan B, 9.657%, (SOFRRATE + 4.750)%, 02/16/2029			604,287		0.1
498,741	Quikrete Holdings, Inc. 2021 Term Loan B1, 7.840%, (US0001M + 3.000)%, 03/18/2029			493,878		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Building & Development (continued)
446,563	Smyrna Ready Mix Concrete, LLC Term Loan B, 9.041%, (TSFR1M + 4.250)%, 04/02/2029		$	445,447		0.0
436,077	Specialty Building Products Holdings, LLC 2021 Term Loan B, 8.095%, (US0001M + 3.250)%, 10/15/2028			411,314		0.0
398,987	SRS Distribution Inc. 2021 Term Loan B, 8.340%, (US0001M + 3.500)%, 06/02/2028			385,522		0.0
447,785	Standard Industries Inc. 2021 Term Loan B, 7.116%, (US0001M + 2.250)%, 09/22/2028			446,385		0.0
796,566	White Cap Buyer LLC Term Loan B, 8.557%, (TSFR1M + 3.750)%, 10/19/2027			788,352		0.1
				6,867,632		0.4
	Business Equipment & Services: 0.6%
457,970	AlixPartners, LLP 2021 USD Term Loan B, 7.609%, (US0001M + 2.750)%, 02/04/2028			457,029		0.0
768,300	Allied Universal Holdco LLC 2021 USD Incremental Term Loan B, 8.657%, (TSFR1M + 3.750)%, 05/12/2028			730,365		0.1
657,894	APX Group, Inc. 2021 Term Loan B, 8.255%, (US0003M + 3.250)%, 07/10/2028			657,071		0.1
515,313	Ascend Learning, LLC 2021 Term Loan, 8.306%, (TSFR1M + 3.500)%, 12/11/2028			478,060		0.0
435,942	Belfor Holdings Inc. Term Loan B, 8.852%, (US0001M + 4.000)%, 04/06/2026			435,669		0.0
160,000	DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan, 11.590%, (US0001M + 6.750)%, 03/30/2029			141,650		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Business Equipment & Services (continued)
650,870	DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan, 8.557%, (US0001M + 3.750)%, 03/31/2028		$	634,598		0.1
465,243	Endure Digital Inc. Term Loan, 8.219%, (US0003M + 3.500)%, 02/10/2028			433,839		0.0
475,197	Ensono, LP 2021 Term Loan, 8.909%, (US0003M + 3.750)%, 05/26/2028			440,745		0.0
372,813	Garda World Security Corporation 2022 Term Loan B, 9.009%, (TSFR1M + 4.250)%, 02/01/2029			362,871		0.0
750,000	Garda World Security Corporation 2022 Term Loan B, 9.120%, (SOFRRATE + 4.250)%, 10/30/2026			745,000		0.1
292,180	Gloves Buyer, Inc. 2021 Term Loan, 8.840%, (US0001M + 4.000)%, 12/29/2027			270,267		0.0
256,724	Intrado Corporation 2017 Term Loan, 8.825%, (US0003M + 4.000)%, 10/10/2024			228,163		0.0
551,600	ION Trading Finance Limited 2021 USD Term Loan, 9.909%, (US0003M + 4.750)%, 04/03/2028			521,722		0.0
601,063	KUEHG Corp. 2018 Incremental Term Loan, 8.909%, (US0003M + 3.750)%, 02/21/2025			591,797		0.0
458,705	Paysafe Holdings (US) Corp USD Term Loan B1, 7.590%, (US0001M + 2.750)%, 06/28/2028			444,944		0.0
75,000	Pre-Paid Legal Services, Inc. 2021 2nd Lien Term Loan, 11.840%, (US0001M + 7.000)%, 12/14/2029			65,625		0.0
350,970	Pre-Paid Legal Services, Inc. 2021 Term Loan, 8.590%, (US0001M + 3.750)%, 12/15/2028			346,188		0.0

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Business Equipment & Services (continued)
244,324	Red Ventures, LLC 2023 Term Loan B, 7.807%, (TSFR1M + 1.500)%, 02/24/2030		$	242,644		0.0
350,000	Renaissance Holding Corp. 2022 Incremental Term Loan, 9.234%, (TSFR1M + 4.500)%, 04/01/2027			349,475		0.0
50,880	Service Logic Acquisition, Inc Term Loan, 8.825%, (US0003M + 4.000)%, 10/29/2027			50,244		0.0
520,127	Skopima Merger Sub Inc. Term Loan B, 8.840%, (US0001M + 4.000)%, 05/12/2028			486,319		0.0
1,022,156	Staples, Inc. 7 Year Term Loan, 9.814%, (US0003M + 5.000)%, 04/16/2026			941,296		0.1
500,000	Verifone Systems, Inc. 2018 1st Lien Term Loan, 8.958%, (US0003M + 4.000)%, 08/20/2025			432,625		0.0
969,287	Verscend Holding Corp. 2021 Term Loan B, 8.840%, (US0001M + 4.000)%, 08/27/2025			969,651		0.1
273,066	Virtusa Corporation First Lien Term Loan B, 8.590%, (US0001M + 3.750)%, 02/11/2028			270,250		0.0
194,871	Yak Access, LLC 1L Take-Back Debt, 11.815%, (TSFR6M + 6.400)%, 09/11/2023			157,845		0.0
				11,885,952		0.6
	Cable & Satellite Television: 0.2%
454,778	Atlantic Broadband Finance, LLC 2021 Term Loan, 7.340%, (US0001M + 2.500)%, 09/01/2028			449,591		0.0
941,016	DirecTV Financing, LLC Term Loan, 9.840%, (US0001M + 5.000)%, 08/02/2027			907,963		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Cable & Satellite Television (continued)
2,147,551	Telesat Canada Term Loan B5, 7.580%, (US0003M + 2.750)%, 12/07/2026		$	1,138,202		0.1
750,000	UPC Financing Partnership 2021 USD Term Loan AX, 7.609%, (US0001M + 2.925)%, 01/31/2029			740,062		0.0
650,000	Virgin Media Bristol LLC 2020 USD Term Loan Q, 7.934%, (US0001M + 3.250)%, 01/31/2029			644,661		0.0
330,813	WideOpenWest Finance LLC 2021 Term Loan B, 7.898%, (TSFR1M + 3.000)%, 12/20/2028			326,347		0.0
				4,206,826		0.2
	Chemicals & Plastics: 0.2%
115,000	CPC Acquisition Corp Second Lien Term Loan, 12.910%, (US0003M + 7.750)%, 12/29/2028			66,125		0.0
504	Hexion Holdings Corporation 2022 USD Term Loan, 9.454%, (SOFRRATE + 4.500)%, 03/15/2029			454		0.0
303,406	INEOS Styrolution US Holding LLC 2021 USD Term Loan B, 7.590%, (US0001M + 2.750)%, 01/29/2026			300,846		0.0
421,189	Ineos US Finance LLC 2021 USD Term Loan B, 7.306%, (TSFR1M + 2.500)%, 11/08/2028			407,062		0.0
368,279	Lonza Group AG USD Term Loan B, 9.159%, (US0003M + 4.000)%, 07/03/2028			342,806		0.0
697,328	LSF11 A5 Holdco LLC Term Loan, 8.422%, (SOFRRATE + 3.500)%, 10/15/2028			676,931		0.1
281,067	Olympus Water US Holding Corporation 2021 USD Term Loan B, 8.938%, (US0003M + 3.750)%, 11/09/2028			266,663		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Chemicals & Plastics (continued)
461,114	PQ Corporation 2021 Term Loan B, 7.325%, (US0003M + 2.500)%, 06/09/2028		$	457,944		0.1
300,000	Tronox Finance LLC 2021 Term Loan B, 7.078%, (US0003M + 2.250)%, 03/10/2028			294,000		0.0
				2,812,831		0.2
	Clothing/Textiles: 0.0%
535,950	ABG Intermediate Holdings 2 LLC 2021 Term Loan B1, 8.407%, (SOFRRATE + 3.500)%, 12/21/2028			528,581		0.0

	Communications: 0.2%
847,804	Charter Communications Operating, LLC 2019 Term Loan B2, 6.557%, (TSFR1M + 1.750)%, 02/01/2027			841,180		0.1
455,000	Crown Subsea Communications Holding,Inc. 2023 Incremental Term Loan, 9.880%, (TSFR1M + 5.250)%, 04/27/2027			451,019		0.0
399,000	Go Daddy Operating Company, LLC 2022 Term Loan B5, 7.880%, (TSFR1M + 3.250)%, 11/09/2029			399,471		0.0
123,484 (3)	GTT Communications, Inc. 2022 Holdco Term Loan, 13.998% (PIK Rate 0.000%, Cash Rate 0.000)%, 06/30/2028			66,475		0.0
154,191	GTT Communications, Inc. 2022 Opco Term Loan, 11.907%, (TSFR1M + 7.100)%, 12/30/2027			126,899		0.0
673,656	Maxar Technologies, Inc. 2022 Term Loan B 1L, 9.120%, (SOFRRATE + 4.250)%, 06/14/2029			674,399		0.1
495,000	Uber Technologies, Inc. 2023 Term Loan B, 7.380%, (TSFR1M + 2.750)%, 02/28/2030			494,588		0.0
				3,054,031		0.2

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Consumer, Cyclical: 0.2%
260,000	American Airlines, Inc. 2023 Term Loan B, 7.380%, (TSFR1M + 2.750)%, 02/15/2028		$	254,678		0.0
190,024	Avient Corp. 2022 Term Loan B, 8.120%, (SOFRRATE + 3.250)%, 08/29/2029			190,340		0.0
225,000	BBB Industries 2022 Term Loan B 1L, 10.120%, (SOFRRATE + 5.250)%, 07/25/2029			215,226		0.0
79,800	Bombardier Recreational Products, Inc. 2022 Incremental Term Loan B3, 8.370%, (SOFRRATE + 3.500)%, 12/13/2029			79,800		0.0
475,000	Caesars Entertainment Corp Term Loan B, 7.880%, (TSFR1M + 3.250)%, 02/06/2030			473,219		0.1
706,450	Flutter Entertainment 2022 Term Loan B 1L, 8.120%, (SOFRRATE + 3.250)%, 07/22/2028			708,443		0.1
250,000	Formula One Holdings Limited. Term Loan B, 8.120%, (SOFRRATE + 3.250)%, 01/15/2030			250,156		0.0
423,938	GVC Holdings (Gibraltar) Limited 2022 Term Loan B, 8.130%, (TSFR1M + 3.500)%, 10/31/2029			424,931		0.0
215,000	Hanesbrands, Inc. 2023 Term Loan B, 8.380%, (TSFR1M + 3.750)%, 03/08/2030			214,463		0.0
258,050	Penn National Gaming, Inc. 2022 Term Loan B 1L, 7.620%, (SOFRRATE + 2.750)%, 05/03/2029			258,030		0.0
180,000	Topgolf Callaway Brands Corp. Term Loan B, 8.130%, (TSFR1M + 3.500)%, 03/09/2030			179,175		0.0
				3,248,461		0.2

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Consumer, Non-cyclical: 0.2%
77,221	Alvogen Pharma US, Inc. 2022 Extended Term Loan, 12.548%, (US0003M + 7.500)%, 06/30/2025		$	67,954		0.0
560,763	Bausch + Lomb Corp. 1st Lien Term Loan B, 8.120%, (SOFRRATE + 3.250)%, 05/10/2027			546,086		0.1
465,000	Corgi Bidco, Inc. 2022 Term Loan 1L, 9.870%, (SOFRRATE + 5.000)%, 10/15/2029			437,100		0.0
185,000	Fugue Finance B.V. 2023 USD Term Loan B, 9.130%, (TSFR1M + 4.500)%, 01/25/2028			185,462		0.0
205,670	Indy US Bidco, LLC 2023 USD Incremental Fifth Amendment Term Loan, 10.880%, (TSFR1M + 6.250)%, 03/06/2028			181,504		0.0
424,330	Indy US Bidco, LLC 2023 USD Incremental Term Loan B, 10.880%, (TSFR1M + 6.250)%, 03/06/2028			374,471		0.0
550,000	Neptune Bidco US Inc 2022 USD Term Loan B, 9.870%, (SOFRRATE + 5.000)%, 04/11/2029			489,500		0.0
673,313	Refresco / Pegasus 2022 TL B 1L, 9.120%, (SOFRRATE + 4.250)%, 07/12/2029			663,634		0.1
273,625	Sabre GLBL Inc. 2022 1st Lien Term Loan B, 9.870%, (SOFRRATE + 5.000)%, 06/30/2028			236,002		0.0
				3,181,713		0.2
	Containers & Glass Products: 0.3%
146,530	Albea Beauty Holdings S.A 2018 USD Term Loan B2, 7.909%, (US0003M + 2.750)%, 04/22/2024			140,302		0.0
509,605	Altium Packaging LLC 2021 Term Loan B, 7.600%, (US0001M + 2.750)%, 02/03/2028			503,660		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Containers & Glass Products (continued)
1,039,625	Charter NEX US, Inc. 2021 Term Loan, 8.556%, (TSFR1M + 3.750)%, 12/01/2027		$	1,028,579		0.1
625,275	Clydesdale Acquisition Holdings Inc Term Loan, 9.082%, (TSFR1M + 4.175)%, 04/13/2029			612,485		0.1
249,364	Graham Packaging Company Inc. 2021 Term Loan, 7.840%, (US0001M + 3.000)%, 08/04/2027			247,462		0.0
421,759	Plastipak Packaging, Inc. 2021 Term Loan B, 7.375%, (US0001M + 2.500)%, 12/01/2028			420,309		0.0
636,938	Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan, 8.843%, (US0003M + 4.000)%, 10/02/2028			505,683		0.1
205,000	Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan, 11.648%, (US0003M + 6.750)%, 10/01/2029			131,648		0.0
436,169	Pro Mach Group, Inc. 2021 Term Loan B, 8.840%, (US0001M + 4.000)%, 08/31/2028			434,806		0.0
489,899	Reynolds Consumer Products LLC Term Loan, 6.657%, (TSFR1M + 1.750)%, 02/04/2027			486,685		0.0
344,111	Reynolds Group Holdings Inc. 2021 Term Loan B, 8.090%, (US0001M + 3.250)%, 09/24/2028			339,994		0.0
494,125	Titan Acquisition Limited 2018 Term Loan B, 8.151%, (US0003M + 3.000)%, 03/28/2025			469,934		0.0
483,844	TricorBraun Holdings, Inc. 2021 Term Loan, 8.090%, (US0001M + 3.250)%, 03/03/2028			473,865		0.0
363,748	Trident TPI Holdings, Inc. 2021 Incremental Term Loan, 9.159%, (US0003M + 4.000)%, 09/15/2028			353,973		0.0
				6,149,385		0.3

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Drugs: 0.1%
612,375	Amneal Pharmaceuticals LLC 2018 Term Loan B, 8.375%, (US0001M + 3.500)%, 05/04/2025		$	583,096		0.0
993,983	Jazz Financing Lux S.a.r.l. USD Term Loan, 8.340%, (US0001M + 3.500)%, 05/05/2028			991,395		0.1
367,068	Organon & Co USD Term Loan, 8.000%, (US0003M + 3.000)%, 06/02/2028			367,527		0.0
				1,942,018		0.1
	Electronics/Electrical: 0.8%
254,975	Altar Bidco, Inc. 2021 Term Loan, 6.635%, (SOFRRATE + 3.100)%, 02/01/2029			243,899		0.0
384,343	AP Core Holdings II, LLC Amortization Term Loan B1, 10.340%, (US0001M + 5.500)%, 09/01/2027			376,176		0.0
324,225	Atlas Purchaser, Inc. 2021 Term Loan, 10.385%, (US0003M + 5.250)%, 05/08/2028			225,944		0.0
801,992	Banff Merger Sub Inc 2021 USD Term Loan, 8.590%, (US0001M + 3.750)%, 10/02/2025			792,426		0.1
425,650	Cloudera, Inc. 2021 Term Loan, 8.590%, (US0001M + 3.750)%, 10/08/2028			402,239		0.0
483,747	CoreLogic, Inc. Term Loan, 8.375%, (US0001M + 3.500)%, 06/02/2028			413,906		0.0
250,000	Creation Technologies Inc. 2021 Term Loan, 10.282%, (US0003M + 5.500)%, 10/05/2028			217,500		0.0
509,863	Delta TopCo, Inc. 2020 Term Loan B, 8.656%, (TSFR1M + 3.750)%, 12/01/2027			473,960		0.0
250,000	Epicor Software Corporation 2020 Term Loan, 8.090%, (US0001M + 3.250)%, 07/30/2027			246,198		0.0
269,288	GoTo Group, Inc. Term Loan B, 9.590%, (US0001M + 4.750)%, 08/31/2027			155,899		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Electronics/Electrical (continued)
212,807	Grab Holdings Inc Term Loan B, 9.350%, (US0001M + 4.500)%, 01/29/2026		$	213,073		0.0
1,033,189	Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4, 8.840%, (US0001M + 4.000)%, 12/01/2027			1,021,566		0.1
413,571	Helios Software Holdings, Inc. 2021 USD Term Loan B, 8.626%, (TSFR1M + 3.750)%, 03/11/2028			404,008		0.0
459,608	Hyland Software, Inc. 2018 1st Lien Term Loan, 8.340%, (US0001M + 3.500)%, 07/01/2024			454,265		0.0
605,858	Informatica LLC 2021 USD Term Loan B, 7.602%, (US0001M + 2.750)%, 10/27/2028			602,576		0.1
1,063,217	Ingram Micro Inc. 2021 Term Loan B, 8.601%, (US0003M + 3.500)%, 06/30/2028			1,056,306		0.1
150,000	Ivanti Software, Inc. 2021 2nd Lien Term Loan, 12.212%, (US0003M + 7.250)%, 12/01/2028			91,200		0.0
930,986	Ivanti Software, Inc. 2021 Term Loan B, 9.212%, (US0003M + 4.250)%, 12/01/2027			764,476		0.1
710,159	Magenta Buyer LLC 2021 USD 1st Lien Term Loan, 9.580%, (US0003M + 4.750)%, 07/27/2028			585,881		0.1
375,000	Magenta Buyer LLC 2021 USD 2nd Lien Term Loan, 13.080%, (US0003M + 8.250)%, 07/27/2029			275,625		0.0
498,744	McAfee, LLC 2022 USD Term Loan B, 8.515%, (TSFR1M + 3.750)%, 03/01/2029			471,521		0.0
262,350	Mediaocean LLC 2021 Term Loan, 8.407%, (US0001M + 3.500)%, 12/15/2028			248,511		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Electronics/Electrical (continued)
280,000	MH Sub I, LLC 2021 2nd Lien Term Loan, 11.057%, (TSFR1M + 6.250)%, 02/23/2029		$	258,440		0.0
509,850	Mitchell International, Inc. 2021 Term Loan B, 8.502%, (US0001M + 3.750)%, 10/15/2028			484,118		0.0
471,590	Optiv Security, Inc. 1st Lien Term Loan, 8.090%, (US0003M + 3.250)%, 02/01/2024			464,163		0.0
880,099	Rackspace Technology Global, Inc. 2021 Term Loan, 7.595%, (US0003M + 2.750)%, 02/15/2028			475,254		0.0
166,667	RealPage, Inc 1st Lien Term Loan, 7.840%, (US0001M + 3.000)%, 04/24/2028			162,037		0.0
867,199	Redstone Buyer LLC 2021 Term Loan, 9.568%, (US0003M + 4.750)%, 04/27/2028			688,610		0.1
400,000	Rocket Software, Inc. 2018 Term Loan, 9.443%, (US0003M + 4.250)%, 11/28/2025			393,250		0.0
303,411	SkillSoft Corporation 2021 Term Loan, 10.098%, (TSFR1M + 5.250)%, 07/14/2028			258,355		0.0
538,589	Sovos Compliance, LLC 2021 Term Loan, 9.340%, (US0001M + 4.500)%, 08/11/2028			510,986		0.0
498,659	Symantec Corporation 2021 Term Loan B, 6.907%, (TSFR1M + 2.000)%, 09/12/2029			493,735		0.0
598,286	Travelport Finance (Luxembourg) S.a.r.l. 2021 Consented Term Loan, 10.159%, (US0003M + 6.750)%, 05/29/2026			344,014		0.0
992,462	Ultimate Software Group Inc (The) 2021 Term Loan, 8.032%, (US0003M + 3.250)%, 05/04/2026			968,359		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Electronics/Electrical (continued)
200,000	Watlow Electric Manufacturing Company Term Loan B, 8.688%, (TSFR1M + 3.750)%, 03/02/2028		$	197,750		0.0
240,058	Xperi Corporation 2020 Term Loan B, 8.340%, (US0001M + 3.500)%, 06/08/2028			237,358		0.0
				15,673,584		0.8
	Energy: 0.1%
405,000	Brazos Delaware II, LLC 2023 Term Loan B, 8.380%, (TSFR1M + 3.750)%, 02/01/2030			396,731		0.0
625,921	Oryx Midstream Services Permian Basin LLC 2023 Incremental Term Loan, 8.063%, (TSFR1M + 3.250)%, 10/05/2028			616,923		0.1
300,000	Profrac Services, LLC 2022 Term Loan, 12.630%, (TSFR1M + 8.000)%, 03/04/2025			297,750		0.0
190,000	Whitewater Whistler Holdings, LLC 2023 Term Loan B, 7.880%, (TSFR1M + 3.250)%, 02/15/2030			189,525		0.0
				1,500,929		0.1
	Equipment Leasing: 0.0%
286,375	Albion Financing 3 SARL USD Term Loan, 10.065%, (US0003M + 5.250)%, 08/17/2026			278,142		0.0
431,031	Rent-A-Center, Inc. 2021 First Lien Term Loan B, 8.125%, (US0003M + 3.250)%, 02/17/2028			427,798		0.0
				705,940		0.0
	Financial: 0.1%
483,788	AmWINS Group, Inc. 2023 Incremental Term Loan B, 7.380%, (TSFR1M + 2.750)%, 02/19/2028			477,286		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Financial (continued)
1,000,000	Hub International Limited 2022 Term Loan B, 8.870%, (SOFRRATE + 4.000)%, 11/10/2029		$	998,625		0.1
498,747	USI, Inc. 2022 Incremental Term Loan, 8.380%, (TSFR1M + 3.750)%, 11/14/2029			498,124		0.0
230,000	Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 7.870%, (SOFRRATE + 3.000)%, 12/18/2028			227,700		0.0
				2,201,735		0.1
	Financial Intermediaries: 0.5%
769,639	Advisor Group, Inc. 2021 Term Loan, 9.340%, (US0001M + 4.500)%, 07/31/2026			759,744		0.1
290,000	AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 11.313%, (US0001M + 6.500)%, 08/02/2029			261,000		0.0
533,263	AqGen Island Holdings, Inc. Term Loan, 8.601%, (US0003M + 3.500)%, 08/02/2028			519,265		0.0
561,450	Castlelake Aviation Limited Term Loan B, 7.616%, (US0003M + 2.750)%, 10/22/2026			556,818		0.0
684,982	Citadel Securities LP 2021 Term Loan B, 7.306%, (TSFR1M + 2.500)%, 02/02/2028			680,187		0.1
209,516	Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B, 7.590%, (US0001M + 2.750)%, 08/21/2025			204,016		0.0
85,316	Cushman & Wakefield U.S. Borrower, LLC 2023 Term Loan, 8.157%, (TSFR1M + 3.250)%, 01/31/2030			83,183		0.0
383,832	Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 8.559%, (TSFR1M + 3.750)%, 04/09/2027			372,637		0.0
1,089,805	Edelman Financial Center, LLC 2021 Term Loan B, 8.590%, (US0001M + 3.750)%, 04/07/2028			1,053,251		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Financial Intermediaries (continued)
606,757	First Eagle Holdings, Inc. 2020 Term Loan B, 7.659%, (US0003M + 2.500)%, 02/01/2027		$	591,968		0.0
383,038	Focus Financial Partners, LLC 2021 Term Loan, 7.307%, (TSFR1M + 2.500)%, 06/30/2028			377,703		0.0
506,031	HighTower Holdings LLC 2021 Term Loan B, 8.815%, (US0003M + 4.000)%, 04/21/2028			479,465		0.0
564,887	Jane Street Group, LLC 2021 Term Loan, 7.590%, (US0001M + 2.750)%, 01/26/2028			556,979		0.0
489,893	Trans Union, LLC 2019 Term Loan B5, 6.590%, (US0001M + 1.750)%, 11/16/2026			486,919		0.0
1,110,166	Trans Union, LLC 2021 Term Loan B6, 7.090%, (US0001M + 2.250)%, 12/01/2028			1,105,067		0.1
618,750	VFH Parent LLC 2022 Term Loan B, 7.859%, (SOFRRATE + 3.000)%, 01/13/2029			600,187		0.1
				8,688,389		0.5
	Food Products: 0.2%
484,810	8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 8.609%, (US0001M + 3.750)%, 10/01/2025			431,481		0.0
679,650	8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan, 9.609%, (US0001M + 4.750)%, 10/01/2025			607,012		0.1
285,000	BCPE North Star US HoldCo 2, Inc. 2021 2nd Lien Term Loan, 12.409%, (US0003M + 7.250)%, 06/08/2029			257,213		0.0
404,034	CHG PPC Parent LLC 2021 Term Loan, 7.852%, (US0001M + 3.000)%, 12/08/2028			400,499		0.0

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Food Products (continued)
555,038	IRB Holding Corp 2022 Term Loan B, 7.737%, (SOFRRATE + 3.000)%, 12/15/2027		$	546,105		0.1
472,625	Primary Products Finance LLC Term Loan, 8.743%, (US0003M + 4.000)%, 03/31/2029			467,013		0.0
387,634	Sigma Bidco B.V. 2018 USD Term Loan B2, 7.460%, (TSFR1M + 3.000)%, 07/02/2025			372,613		0.0
511,571	Weber-Stephen Products LLC Term Loan B, 8.090%, (US0001M + 3.250)%, 10/30/2027			444,428		0.0
				3,526,364		0.2
	Food Service: 0.1%
736,675	1011778 B.C. Unlimited Liability Company Term Loan B4, 6.590%, (US0001M + 1.750)%, 11/19/2026			729,861		0.0
744,361	Fertitta Entertainment, LLC 2022 Term Loan B, 8.807%, (SOFRRATE + 4.000)%, 01/27/2029			734,358		0.1
481,077	Flynn Restaurant Group LP 2021 Term Loan B, 9.090%, (US0001M + 4.250)%, 12/01/2028			470,252		0.0
732,471	US Foods, Inc. 2019 Term Loan B, 6.807%, (US0001M + 2.000)%, 09/13/2026			730,042		0.0
				2,664,513		0.1
	Health Care: 0.5%
119,903 (11)	Athenahealth, Inc. 2022 Delayed Draw Term loan, 8.370%, (SOFRRATE + 3.500)%, 02/15/2029			111,810		0.0
976,032	Athenahealth, Inc. 2022 Term Loan, 8.259%, (TSFR1M + 3.500)%, 02/15/2029			910,149		0.1
416,138	Bella Holding Company, LLC 2021 Term Loan B, 8.657%, (TSFR1M + 3.750)%, 05/10/2028			403,133		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Health Care (continued)
720,875	CHG Healthcare Services Inc. 2021 Term Loan, 8.109%, (US0001M + 3.250)%, 09/29/2028		$	714,511		0.1
940,856	Global Medical Response, Inc. 2020 Term Loan B, 9.236%, (US0003M + 4.250)%, 10/02/2025			670,360		0.1
432,353	Hunter Holdco 3 Limited USD Term Loan B, 9.409%, (US0003M + 4.250)%, 08/19/2028			425,327		0.0
376,453	ICON Luxembourg S.A.R.L. LUX Term Loan, 7.410%, (TSFR1M + 2.250)%, 07/03/2028			376,179		0.0
546,293	Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan, 8.241%, (TSFR1M + 3.250)%, 11/01/2028			531,270		0.0
1,296,900	Medline Borrower, LP USD Term Loan B, 8.090%, (US0001M + 3.250)%, 10/23/2028			1,266,009		0.1
150,000	National Mentor Holdings, Inc. 2021 2nd Lien Term Loan, 12.248%, (TSFR1M + 7.250)%, 03/02/2029			90,750		0.0
554,403	National Mentor Holdings, Inc. 2021 Term Loan, 8.766%, (US0003M + 3.750)%, 03/02/2028			427,999		0.0
23,743	National Mentor Holdings, Inc. 2021 Term Loan C, 8.748%, (TSFR1M + 3.750)%, 03/02/2028			18,330		0.0
216,150	New Trojan Parent, Inc. 1st Lien Term Loan, 7.971%, (US0001M + 3.250)%, 01/06/2028			147,703		0.0
253,635	Pacific Dental Services,LLC 2021 Term Loan, 8.279%, (US0001M + 3.500)%, 05/05/2028			252,129		0.0
99,728	PRA Health Sciences, Inc. US Term Loan, 7.409%, (US0003M + 2.250)%, 07/03/2028			99,655		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Health Care (continued)
500,000	Select Medical Corporation 2017 Term Loan B, 7.350%, (US0001M + 2.500)%, 03/06/2025		$	498,958		0.0
635,000	Sotera Health Holdings, LLC 2021 Term Loan, 7.575%, (US0003M + 2.750)%, 12/11/2026			613,966		0.0
732,544	Surgery Center Holdings, Inc. 2021 Term Loan, 8.460%, (US0001M + 3.750)%, 08/31/2026			729,173		0.1
409,223	US Anesthesia Partners Inc 2021 Term Loan, 8.912%, (US0001M + 4.250)%, 10/01/2028			395,192		0.0
295,450	Virgin Pulse, Inc. 2021 Term Loan, 8.840%, (US0001M + 4.000)%, 04/06/2028			244,485		0.0
				8,927,088		0.5
	Home Furnishings: 0.1%
522,050	Conair Holdings, LLC Term Loan B, 8.909%, (US0003M + 3.750)%, 05/17/2028			463,319		0.0
491,884	Illuminate Merger Sub Corp. Term Loan, 8.340%, (US0001M + 3.500)%, 07/21/2028			468,274		0.0
979,690	Prime Security Services Borrower, LLC 2021 Term Loan, 7.517%, (US0003M + 2.750)%, 09/23/2026			977,793		0.1
523,622	Solis IV BV USD Term Loan B1, 8.373%, (TSFR1M + 3.500)%, 02/26/2029			473,485		0.0
				2,382,871		0.1
	Industrial: 0.2%
900,000	Berry Global, Inc. 1st Lien Term Loan, 6.608%, (US0001M + 1.750)%, 07/01/2026			898,313		0.1
390,000	Chart Industries, Inc. 2022 Term Loan B, 8.620%, (SOFRRATE + 3.750)%, 12/07/2029			387,075		0.0
299,250	Oscar AcquisitionCo, LLC Term Loan B, 9.370%, (SOFRRATE + 4.500)%, 04/30/2029			289,244		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Industrial (continued)
572,125	Project Castle, Inc. Term Loan B 1L, 10.370%, (SOFRRATE + 5.500)%, 06/01/2029		$	490,597		0.0
380,566	STG Logistics, Inc. 2022 TL 1L, 10.870%, (SOFRRATE + 6.000)%, 03/24/2028			364,392		0.0
748,125	Transdigm, Inc. 2022 Term Loan H, 7.880%, (TSFR1M + 3.250)%, 02/22/2027			749,808		0.1
299,233	Tutor Perini Corporation Term Loan B, 9.608%, (US0001M + 4.750)%, 08/18/2027			277,538		0.0
				3,456,967		0.2
	Industrial Equipment: 0.1%
474,425	Alliance Laundry Systems LLC Term Loan B, 8.306%, (US0003M + 3.500)%, 10/08/2027			471,361		0.0
495,818	Kenan Advantage Group, Inc. 2021 Term Loan B, 8.590%, (US0001M + 3.750)%, 03/24/2026			492,534		0.0
494,975	Madison IAQ LLC Term Loan, 8.302%, (US0003M + 3.250)%, 06/21/2028			471,649		0.0
200,000	SPX Flow, Inc. 2022 Term Loan, 9.407%, (TSFR1M + 4.500)%, 04/05/2029			191,750		0.0
655,505	Vertical US Newco Inc Term Loan B, 8.602%, (US0006M + 3.500)%, 07/30/2027			640,288		0.1
				2,267,582		0.1
	Insurance: 0.3%
671,334	Acrisure, LLC 2020 Term Loan B, 8.359%, (US0001M + 3.500)%, 02/15/2027			650,355		0.1
457,630	Acrisure, LLC 2021 First Lien Term Loan B, 9.090%, (US0001M + 4.250)%, 02/15/2027			449,812		0.0
490,929	Alliant Holdings Intermediate, LLC 2021 Term Loan B4, 8.279%, (US0001M + 3.500)%, 11/06/2027			485,918		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Insurance (continued)
402,105	AmWINS Group, Inc. 2021 Term Loan B, 7.109%, (US0001M + 2.250)%, 02/19/2028		$	397,945		0.0
386,918	Aretec Group, Inc. 2018 Term Loan, 9.157%, (TSFR1M + 4.250)%, 10/01/2025			385,286		0.0
496,154	AssuredPartners, Inc. 2020 Term Loan B, 8.340%, (US0001M + 3.500)%, 02/12/2027			492,071		0.0
377,283	AssuredPartners, Inc. 2021 Term Loan B, 8.340%, (US0001M + 3.500)%, 02/12/2027			374,217		0.0
381,150	AssuredPartners, Inc. 2022 Term Loan, 8.291%, (TSFR1M + 3.500)%, 02/12/2027			377,497		0.0
640,875	NFP Corp. 2020 Term Loan, 8.090%, (US0001M + 3.250)%, 02/15/2027			626,589		0.1
817,839	OneDigital Borrower LLC 2021 Term Loan, 9.157%, (SOFRRATE + 4.250)%, 11/16/2027			789,215		0.1
				5,028,905		0.3
	Leisure Good/Activities/Movies: 0.3%
390,746 (3)	24 Hour Fitness Worldwide, Inc. 2021 Delayed Draw Term Loan, 13.953%, (US0003M + 9.000)% (PIK Rate 1.575%, Cash Rate 9.000)%, 09/29/2025			351,671		0.0
367,539 (3)	24 Hour Fitness Worldwide, Inc. 2021 Exit Delayed Draw Term Loan, 19.051%, (US0003M + 14.000)% (PIK Rate 12.000%, Cash Rate 3.000)%, 09/29/2026			202,147		0.0
1,077,754	Alterra Mountain Company 2021 Series B-2 Consenting Term Loan, 8.340%, (US0001M + 3.500)%, 08/17/2028			1,075,060		0.1
796,328	AppLovin Corporation 2021 Term Loan B, 7.907%, (TSFR1M + 3.100)%, 10/25/2028			793,342		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Leisure Good/Activities/ Movies (continued)
492,386	Bombardier Recreational Products, Inc. 2020 Term Loan, 6.859%, (US0001M + 2.000)%, 05/24/2027		$	480,261		0.0
1,019,935	CWGS Group, LLC 2021 Term Loan B, 7.218%, (US0001M + 2.500)%, 06/03/2028			942,164		0.1
564,563	Hayward Industries, Inc. 2021 Term Loan, 7.340%, (US0001M + 2.500)%, 05/30/2028			551,155		0.0
327,832	MajorDrive Holdings IV LLC Term Loan B, 9.000%, (US0003M + 4.000)%, 06/01/2028			311,850		0.0
491,228	Playtika Holding Corp 2021 Term Loan, 6.405%, (US0001M + 3.500)%, 03/13/2028			488,684		0.0
661,675	Scientific Games Holdings LP 2022 USD Term Loan B, 8.103%, (TSFR1M + 3.500)%, 04/04/2029			653,610		0.0
				5,849,944		0.3
	Lodging & Casinos: 0.2%
415,243	Aimbridge Acquisition Co., Inc. 2019 Term Loan B, 8.590%, (US0001M + 3.750)%, 02/02/2026			397,595		0.0
1,471	Century Casinos, Inc 2022 Term Loan, 10.870%, (SOFRRATE + 6.000)%, 04/02/2029			1,416		0.0
350,000	Hilton Domestic Operating Company, Inc. 2019 Term Loan B2, 6.642%, (US0001M + 1.750)%, 06/22/2026			350,049		0.0
736,263	Hilton Grand Vacations Borrower LLC 2021 Term Loan B, 7.840%, (US0001M + 3.000)%, 08/02/2028			736,263		0.1
694,750	Scientific Games International, Inc. 2022 USD Term Loan, 7.960%, (TSFR1M + 3.000)%, 04/14/2029			690,191		0.1

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Lodging & Casinos (continued)
491,055	Station Casinos LLC 2020 Term Loan B, 7.100%, (US0001M + 2.250)%, 02/08/2027		$	487,986		0.0
718,211	Twin River Worldwide Holdings, Inc. 2021 Term Loan B, 7.959%, (US0001M + 3.250)%, 10/02/2028			687,867		0.0
				3,351,367		0.2
	Mortgage REITs: 0.0%
366,673	BIFM CA Buyer Inc. Term Loan B, 8.340%, (US0001M + 3.500)%, 06/01/2026			360,715		0.0

	Oil & Gas: 0.1%
322,563	ITT Holdings LLC 2021 Term Loan, 7.556%, (TSFR1M + 2.750)%, 07/10/2028			315,507		0.0
466,373	NorthRiver Midstream Finance LP 2018 Term Loan B, 8.004%, (US0003M + 3.250)%, 10/01/2025			465,935		0.0
551,832	TransMontaigne Operating Company L.P. Term Loan B, 8.310%, (US0001M + 3.500)%, 11/17/2028			545,452		0.0
598,184	Traverse Midstream Partners LLC 2017 Term Loan, 8.726%, (TSFR1M + 3.750)%, 02/16/2028			588,463		0.1
535,032	Waterbridge Midstream Operating LLC Term Loan B, 10.568%, (US0003M + 5.750)%, 06/22/2026			527,048		0.0
				2,442,405		0.1
	Publishing: 0.0%
522,555	Cengage Learning, Inc. 2021 Term Loan B, 9.880%, (US0003M + 4.750)%, 07/14/2026			486,162		0.0
302,228	Houghton Mifflin Harcourt Publishing Company 2022 Term Loan, 10.157%, (TSFR1M + 5.250)%, 04/09/2029			271,722		0.0
				757,884		0.0
	Radio & Television: 0.2%
897,046	Clear Channel Outdoor Holdings, Inc. Term Loan B, 8.325%, (US0003M + 3.500)%, 08/21/2026			838,598		0.1

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Radio & Television (continued)
199,490	CMG Media Corporation 2021 Term Loan, 8.659%, (US0003M + 3.500)%, 12/17/2026		$	177,172		0.0
2,764,859	Diamond Sports Group, LLC 2022 2nd Lien Term Loan, 7.880%, (TSFR1M + 3.250)%, 08/24/2026			184,554		0.0
227,083	Gray Television, Inc. 2021 Term Loan D, 7.662%, (US0001M + 3.000)%, 12/01/2028			221,075		0.0
552,363	iHeartCommunications, Inc. 2020 Term Loan, 7.840%, (US0001M + 3.000)%, 05/01/2026			491,027		0.0
1,030,000	Univision Communications Inc. 2021 First Lien Term Loan B, 8.090%, (US0001M + 3.250)%, 03/15/2026			1,026,689		0.1
				2,939,115		0.2
	Rail Industries: 0.0%
736,709	Genesee & Wyoming Inc. (New) Term Loan, 6.998%, (US0003M + 2.000)%, 12/30/2026			733,151		0.0

	Retailers (Except Food & Drug): 0.3%
995	AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B, 8.657%, (TSFR1M + 3.750)%, 07/31/2028			960		0.0
1,138,919	Great Outdoors Group, LLC 2021 Term Loan B1, 8.590%, (US0001M + 3.750)%, 03/06/2028			1,126,581		0.1
923,622	Harbor Freight Tools USA, Inc. 2021 Term Loan B, 7.590%, (US0001M + 2.750)%, 10/19/2027			899,377		0.1
283,274	Jo-Ann Stores, Inc. 2021 Term Loan B1, 9.572%, (US0003M + 4.750)%, 07/07/2028			159,105		0.0
430,771	Leslies Poolmart, Inc. 2021 Term Loan B, 7.659%, (US0001M + 2.500)%, 03/09/2028			425,617		0.0

See Accompanying Notes to Financial Statements

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Retailers (Except Food & Drug) (continued)
756,525	Michaels Companies, Inc. 2021 Term Loan B, 9.409%, (US0003M + 4.250)%, 04/15/2028		$	697,354		0.0
543,480	Petco Animal Supplies, Inc. 2021 Term Loan B, 8.410%, (TSFR1M + 3.250)%, 03/03/2028			534,455		0.0
820,388	Pilot Travel Centers LLC 2021 Term Loan B, 6.907%, (TSFR1M + 2.000)%, 08/04/2028			817,824		0.1
545,118	Restoration Hardware, Inc. Term Loan B, 7.340%, (US0001M + 2.500)%, 10/20/2028			511,814		0.0
				5,173,087		0.3
	Surface Transport: 0.1%
480,459	American Trailer World Corp. Term Loan B, 8.657%, (TSFR1M + 3.750)%, 03/03/2028			418,480		0.0
781,485	LaserShip, Inc. 2021 Term Loan, 9.659%, (US0003M + 4.500)%, 05/07/2028			675,008		0.0
716,815	Worldwide Express Operations, LLC 2021 1st Lien Term Loan, 9.159%, (US0003M + 4.000)%, 07/26/2028			692,399		0.1
170,000	Worldwide Express Operations, LLC 2021 2nd Lien Term Loan, 12.159%, (US0003M + 7.000)%, 07/26/2029			140,037		0.0
				1,925,924		0.1
	Technology: 0.4%
525,000	Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 9.370%, (SOFRRATE + 4.500)%, 09/18/2026			524,891		0.0
1,683,475	Avaya 2022 Term Loan 1L, 14.870%, (SOFRRATE + 10.000)%, 12/15/2027			433,495		0.0
416,483	Avaya, Inc. 2023 DIP Term Loan, 12.630%, (TSFR1M + 8.000)%, 08/15/2023			431,059		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Technology (continued)
582,735	Bright Bidco B.V. 2022 Exit Term Loan, 12.676%, 10/31/2027		$	588,563		0.1
610,000	CDK Global 2022 Term Loan B 1L, 9.370%, (SOFRRATE + 4.500)%, 07/06/2029			609,292		0.1
200,000	ECI Macola Max Holding, LLC 2020 Term Loan, 8.943%, (US0003M + 3.750)%, 11/09/2027			197,500		0.0
415,000	Entegris, Inc. 2023 Term Loan B, 7.623%, (TSFR1M + 2.750)%, 07/06/2029			415,324		0.0
547,250	MKS Instruments, Inc. 2022 USD Term Loan B 1L, 7.620%, (SOFRRATE + 2.750)%, 08/17/2029			545,084		0.0
820,000	Open Text Corporation 2022 Term Loan B, 8.370%, (SOFRRATE + 3.500)%, 08/24/2029			818,719		0.1
370,000	Renaissance Holding Corp. 2023 Term Loan B, 9.380%, (TSFR1M + 4.750)%, 03/15/2030			359,594		0.0
298,385	SS&C Technologies Inc. 2022 Term Loan B6, 6.880%, (TSFR1M + 2.250)%, 03/22/2029			296,840		0.0
449,661	SS&C Technologies Inc. 2022 Term Loan B7, 6.880%, (TSFR1M + 2.250)%, 03/22/2029			447,332		0.0
450,000	Tibco Software Inc. 2022 USD Term Loan, 9.498%, (TSFR1M + 4.500)%, 03/30/2029			408,134		0.0
868,026	Veritas US Inc. 2021 USD Term Loan B, 9.840%, (US0001M + 5.000)%, 09/01/2025			661,869		0.1
				6,737,696		0.4
	Telecommunications: 0.4%
376,421	Altice Financing SA 2022 USD Term Loan, 9.566%, (TSFR1M + 5.000)%, 10/31/2027			373,598		0.0

See Accompanying Notes to Financial Statements

223

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Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Telecommunications (continued)
661,909	Asurion LLC 2018 Term Loan B7, 7.840%, (US0001M + 3.000)%, 11/03/2024		$	661,427		0.0
330,000	Asurion LLC 2021 2nd Lien Term Loan B3, 10.090%, (US0001M + 5.250)%, 01/31/2028			276,684		0.0
497,925	Avaya, Inc. 2020 Term Loan B, 9.443%, (US0003M + 4.250)%, 12/15/2027			125,104		0.0
1,075,332	CCI Buyer, Inc. Term Loan, 8.898%, (TSFR1M + 4.000)%, 12/17/2027			1,063,504		0.1
436,630	CenturyLink, Inc. 2020 Term Loan B, 7.172%, (TSFR1M + 2.250)%, 03/15/2027			290,723		0.0
764,945	CommScope, Inc. 2019 Term Loan B, 8.090%, (US0001M + 3.250)%, 04/06/2026			737,853		0.1
946,981	Connect Finco Sarl 2021 Term Loan B, 8.340%, (US0001M + 3.500)%, 12/11/2026			942,541		0.1
149,724	Cyxtera DC Holdings, Inc. Term Loan B, 7.820%, (US0003M + 3.000)%, 05/01/2024			122,250		0.0
211,324	Global Tel*Link Corporation 2018 1st Lien Term Loan, 9.076%, (US0003M + 4.250)%, 11/29/2025			186,064		0.0
250,538	GOGO Intermediate Holdings LLC Term Loan B, 8.697%, (TSFR1M + 3.750)%, 04/30/2028			249,128		0.0
397,752	Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B, 9.082%, (SOFRRATE + 4.250)%, 02/01/2029			394,064		0.0
268,650	Venga Finance Sarl 2021 USD Term Loan B, 9.703%, (US0003M + 4.750)%, 06/28/2029			256,561		0.0

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Telecommunications (continued)
370,944	ViaSat, Inc. Term Loan, 9.422%, (TSFR1M + 4.500)%, 03/02/2029		$	362,597		0.0
960,597	Zayo Group Holdings, Inc. USD Term Loan, 7.840%, (US0001M + 3.000)%, 03/09/2027			780,886		0.1
				6,822,984		0.4
	Utilities: 0.0%
260,171	Nautilus Power, LLC Term Loan B, 9.090%, (US0001M + 4.250)%, 05/16/2024			183,420		0.0
	Total Bank Loans
	(Cost $161,824,264)			151,824,902		8.2
CONVERTIBLE BONDS/NOTES: 0.0%
	Communications: 0.0%
210,000	DISH Network Corp., 3.375%, 08/15/2026			109,200		0.0
	Total Convertible Bonds/ Notes
	(Cost $205,803)			109,200		0.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%
	Uniform Mortgage-Backed Securities: 0.0%
3,047	5.500%,10/01/2039			3,166		0.0
	Total U.S. Government Agency Obligations (Cost $3,264)			3,166		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: 0.0%
	Consumer Discretionary: 0.0%
142,000 (9)(12)	24 Hour Fitness Worldwide, Inc.		852		0.0

	Consumer Staples: 0.0%
2,038 (9)(12)	Save-A-Lot, Inc. / Moran Foods		678		0.0
	Total Common Stock
	(Cost $290,412)		1,530		0.0

See Accompanying Notes to Financial Statements

224

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: 0.0%
	Consumer Discretionary: 0.0%
189,193 (9)(12)	24 Hour Fitness Worldwide, Inc.		$	946		0.0

	Information Technology: 0.0%
2,393 (9)(12)	Riverbed Technology, Inc.			24		0.0
	Total Preferred Stock
	(Cost $267,309)			970		0.0
WARRANTS: —%
	Communication Services: —%
26,686 (9)(12)	Cineworld Group PLC			—		—
	Total Warrants
	(Cost $—)			—		—
EQUITIES AND OTHER ASSETS: 0.0%
	Business Equipment & Services: 0.0%
5,366 (9)	Yak Access, LLC Series A Common Equity			268		0.0
137,359 (9)	Yak Access, LLC Series A Preferred Equity			68,679		0.0
1,157 (9)	Yak Access, LLC Series B Common Equity			58		0.0
175,362 (9)	Yak Access, LLC Series B-1 Preferred Equity			7,015		0.0
4,957 (9)	Yak Access, LLC Series B-2 Preferred Equity			50		0.0
				76,070		0.0
	Telecommunications: 0.0%
3,256 (9)	GTT Communications, Inc.			40,700		0.0
	Total Equities and Other Assets
	(Cost $108,494)			116,770		0.0

Value

Percentage
of Net
Assets

PURCHASED OPTIONS (13): 0.0%

Total Purchased Options

(Cost $2,918,451)

887,792

0.0

Total Long-Term
Investments

(Cost $1,956,355,377)

1,766,630,024

95.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.8%
	Commercial Paper: 0.3%
5,000,000	McCormick & Co., Inc., 5.290%, 04/28/2023
	(Cost $4,980,417)		$	4,979,452		0.3

	Repurchase Agreements: 1.1%
4,776,786 (14)	Bank of America Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $4,778,678, collateralized by various U.S. Government Agency Obligations, 1.500%- 3.000%, Market Value plus accrued interest $4,872,322, due 11/01/49-02/01/51)			4,776,786		0.3
3,034,806 (14)	Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/23, 4.83%, due 04/03/23 (Repurchase Amount $3,036,011, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,095,502, due 04/25/23-02/20/73)			3,034,806		0.2
2,144,898 (14)	Citadel Securities LLC, Repurchase Agreement dated 03/31/23, 4.88%, due 04/03/23 (Repurchase Amount $2,145,758, collateralized by various U.S. Government Securities, 0.000%-5.375%, Market Value plus accrued interest $2,188,686, due 04/04/23-02/15/53)			2,144,898		0.1
447,657 (14)	Citigroup, Inc., Repurchase Agreement dated 03/31/23, 4.81%, due 04/03/23 (Repurchase Amount $447,834, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $456,610, due 12/26/24-03/20/53)			447,657		0.0

See Accompanying Notes to Financial Statements

225

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
4,776,786 (14)	Jefferies LLC, Repurchase Agreement dated 03/31/23, 4.91%, due 04/03/23 (Repurchase Amount $4,778,714, collateralized by various U.S. Government Agency Obligations, 0.000%-5.750%, Market Value plus accrued interest $4,872,352, due 04/14/23-03/21/28)		$	4,776,786		0.2
4,776,786 (14)	RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $4,778,678, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.375%, Market Value plus accrued interest $4,872,322, due 04/06/23-02/20/53)			4,776,786		0.3
	Total Repurchase Agreements
	(Cost $19,957,719)			19,957,719		1.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.8%
	Mutual Funds: 2.4%
8,990,719 (15)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.720%			8,990,719		0.5
35,919,000 (15)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730%			35,919,000		1.9
	Total Mutual Funds
	(Cost $44,909,719)			44,909,719		2.4
	Total Short-Term Investments
	(Cost $69,847,855)			69,846,890		3.8
	Total Investments in Securities (Cost $2,026,203,232)		$	1,836,476,914		98.8
	Assets in Excess of Other Liabilities			23,025,912		1.2
	Net Assets		$	1,859,502,826		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Security, or a portion of the security, is on loan.

(3)

(4)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(5)

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, 2023.

(6)

(7)

(8)

Defaulted security.

(9)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2023.

(11)

All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 10 for additional details.

(12)

Non-income producing security.

(13)

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

(14)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(15)

Rate shown is the 7-day yield as of March 31, 2023.

(16)

Bond may be called prior to maturity date.

Currency Abbreviations:

BRL

Brazilian Real

MXN

Mexican Peso

ZAR

South African Rand

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

SOFRRATE

1-day Secured Overnight Financing Rate

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

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0006M

6-month LIBOR

US0012M

12-month LIBOR

See Accompanying Notes to Financial Statements

226

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	—		$	—		$	852		$	852
Consumer Staples			—			—			678			678
Total Common Stock			—			—			1,530			1,530
Preferred Stock			—			—			970			970
Warrants			—			—			—			—
Purchased Options			—			887,792			—			887,792
Corporate Bonds/Notes			—			406,847,836			—			406,847,836
Collateralized Mortgage Obligations			—			483,999,970			—			483,999,970
Asset-Backed Securities			—			276,155,008			—			276,155,008
Commercial Mortgage-Backed Securities			—			340,276,739			7,612,634			347,889,373
Sovereign Bonds			—			66,954,283			—			66,954,283
Convertible Bonds/Notes			—			109,200			—			109,200
U.S. Government Agency Obligations			—			3,166			—			3,166
U.S. Treasury Obligations			—			31,839,224			—			31,839,224
Bank Loans			—			151,824,902			—			151,824,902
Equities and Other Assets			—			—			116,770			116,770
Short-Term Investments			44,909,719			24,937,171			—			69,846,890
Total Investments, at fair value		$	44,909,719		$	1,783,835,291		$	7,731,904		$	1,836,476,914
Other Financial Instruments+
Centrally Cleared Swaps			—			4,937,253			—			4,937,253
Forward Foreign Currency Contracts			—			2,732,415			—			2,732,415
Forward Premium Swaptions			—			519,018			—			519,018
Futures			4,930,037			—			—			4,930,037
Total Assets		$	49,839,756		$	1,792,023,977		$	7,731,904		$	1,849,595,637
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(8,832,811)		$	—		$	(8,832,811)
Forward Foreign Currency Contracts			—			(3,679,059)			—			(3,679,059)
Futures			(14,825,255)			—			—			(14,825,255)
Volatility Swaps			—			(263)			—			(263)
Written Options			—			(21,851,529)			—			(21,851,529)
Total Liabilities		$	(14,825,255)		$	(34,363,662)		$	—		$	(49,188,917)

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

See Accompanying Notes to Financial Statements

227

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following forward foreign currency contracts were outstanding for Voya Strategic Income Opportunities Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

CAD 24,267,630

USD 17,739,557

Bank of America N.A.

05/12/23

227,065

CHF 12,549,701

USD 13,720,319

Bank of America N.A.

05/12/23

53,037

AUD 20,305,176

USD 13,639,189

Bank of America N.A.

05/12/23

(47,455)

USD 30,843,172

MXN 565,586,659

Bank of America N.A.

05/12/23

(309,486)

USD 12,273,550

GBP 9,900,116

Barclays Bank PLC

05/12/23

51,093

ZAR 61,112,874

USD 3,420,728

BNP Paribas

04/04/23

11,616

ZAR 60,886,996

USD 3,411,598

BNP Paribas

04/04/23

8,059

ZAR 76,577,816

USD 4,314,832

BNP Paribas

04/05/23

(13,915)

ZAR 61,318,165

USD 3,450,146

BNP Paribas

04/05/23

(6,273)

USD 18,889,154

JPY 2,456,083,396

BNP Paribas

05/12/23

279,803

GBP 19,473,836

USD 24,005,158

BNP Paribas

05/12/23

36,795

NZD 28,589,355

USD 17,918,378

BNP Paribas

05/12/23

84,907

USD 18,791,866

AUD 28,102,462

BNP Paribas

05/12/23

(19,160)

JPY 2,355,959,034

USD 17,844,642

BNP Paribas

05/12/23

45,674

MXN 169,900,173

USD 9,124,656

BNP Paribas

05/12/23

233,489

USD 11,276,435

GBP 9,256,870

BNP Paribas

05/12/23

(151,884)

NZD 14,359,528

USD 9,000,461

BNP Paribas

05/12/23

(21,069)

JPY 1,143,293,714

USD 8,735,865

BNP Paribas

05/12/23

(73,311)

USD 8,729,481

JPY 1,139,447,946

BNP Paribas

05/12/23

96,067

CAD 20,582,051

USD 15,083,450

BNP Paribas

05/12/23

154,540

JPY 1,246,871,398

USD 9,618,946

BNP Paribas

05/12/23

(171,601)

USD 12,538,606

GBP 10,199,429

BNP Paribas

05/12/23

(53,375)

MXN 110,103,895

USD 5,924,810

BNP Paribas

05/12/23

139,741

USD 4,298,071

ZAR 76,577,816

BNP Paribas

05/19/23

13,986

USD 3,436,711

ZAR 61,318,165

BNP Paribas

05/19/23

6,315

USD 3,397,913

ZAR 60,886,996

BNP Paribas

05/19/23

(7,979)

USD 3,406,919

ZAR 61,112,874

BNP Paribas

05/19/23

(11,607)

USD 586,516

MXN 10,933,918

Brown Brothers Harriman & Co.

05/12/23

(15,728)

EUR 10,797,972

USD 11,804,052

Brown Brothers Harriman & Co.

05/12/23

(68,291)

USD 2,807,192

EUR 2,574,792

Citibank N.A.

05/12/23

8,784

ZAR 1,778

USD 100

Goldman Sachs International

04/05/23

—

GBP 9,384,530

USD 11,488,542

Goldman Sachs International

05/12/23

97,385

MXN 54,967,100

USD 2,913,785

Goldman Sachs International

05/12/23

113,817

USD 18,359,044

NZD 29,385,049

Goldman Sachs International

05/12/23

(145,306)

CHF 10,970,411

USD 11,957,502

Goldman Sachs International

05/12/23

82,574

EUR 11,839,462

USD 12,787,211

Goldman Sachs International

05/12/23

80,491

CAD 24,589,443

USD 17,914,768

Goldman Sachs International

05/12/23

290,109

USD 15,631,486

CAD 21,198,405

Goldman Sachs International

05/12/23

(62,824)

USD 15,742,006

BRL 82,555,801

HSBC Bank USA N.A.

05/12/23

(437,622)

USD 16,338,662

CAD 22,082,986

JPMorgan Chase Bank N.A.

05/12/23

(10,551)

USD 13,592,957

AUD 20,422,433

Morgan Stanley Capital Services LLC

05/12/23

(77,266)

CHF 1,381,922

USD 1,517,586

Morgan Stanley Capital Services LLC

05/12/23

(921)

CAD 20,611,192

USD 15,107,634

Morgan Stanley Capital Services LLC

05/12/23

151,931

GBP 9,159,003

USD 11,259,369

Morgan Stanley Capital Services LLC

05/12/23

48,127

USD 43,191

SEK 454,692

Morgan Stanley Capital Services LLC

05/12/23

(711)

USD 13,404,702

CHF 12,266,106

Morgan Stanley Capital Services LLC

05/12/23

(57,407)

USD 22,225

CAD 30,457

Morgan Stanley Capital Services LLC

05/12/23

(324)

See Accompanying Notes to Financial Statements

228

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

NZD 30,116,252

USD 18,831,090

Morgan Stanley Capital Services LLC

05/12/23

1,400

MXN 51,257,352

USD 2,690,528

Morgan Stanley Capital Services LLC

05/12/23

132,740

USD 15,545,279

NZD 24,880,607

Morgan Stanley Capital Services LLC

05/12/23

(13,223)

JPY 8,976,593

USD 68,049

Morgan Stanley Capital Services LLC

05/12/23

(35)

EUR 13,810,224

USD 15,010,318

Morgan Stanley Capital Services LLC

05/12/23

(697)

USD 3,185,824

CHF 2,899,608

Morgan Stanley Capital Services LLC

05/12/23

3,490

USD 18,870,512

NZD 30,336,542

Morgan Stanley Capital Services LLC

05/12/23

(99,731)

USD 10,362,573

GBP 8,465,154

Morgan Stanley Capital Services LLC

05/12/23

(88,313)

USD 26,425,248

EUR 24,493,788

Morgan Stanley Capital Services LLC

05/12/23

(195,790)

NZD 139,911

USD 86,106

Standard Chartered Bank

05/12/23

1,384

USD 64,087

AUD 96,350

Standard Chartered Bank

05/12/23

(407)

USD 15,123,259

CAD 20,662,516

Standard Chartered Bank

05/12/23

(174,304)

NZD 10,503,118

USD 6,554,040

Standard Chartered Bank

05/12/23

13,838

JPY 1,132,258,690

USD 8,684,550

Standard Chartered Bank

05/12/23

(105,608)

AUD 12,738,677

USD 8,569,219

Standard Chartered Bank

05/12/23

(42,294)

EUR 516,600

USD 552,946

Standard Chartered Bank

05/12/23

8,519

AUD 27,165,458

USD 18,094,314

State Street Bank and Trust Co.

05/12/23

89,507

USD 8,958,376

NZD 14,485,619

State Street Bank and Trust Co.

05/12/23

(99,865)

USD 3,881,044

MXN 72,947,470

State Street Bank and Trust Co.

05/12/23

(136,921)

NZD 104,366

USD 64,828

State Street Bank and Trust Co.

05/12/23

435

USD 6,611,366

MXN 124,168,164

State Street Bank and Trust Co.

05/12/23

(227,849)

USD 8,824,762

JPY 1,161,080,652

State Street Bank and Trust Co.

05/12/23

27,440

USD 9,548,445

CAD 13,085,796

State Street Bank and Trust Co.

05/12/23

(139,668)

USD 8,794,935

AUD 13,164,131

State Street Bank and Trust Co.

05/12/23

(16,778)

EUR 3,509,895

USD 3,817,920

State Street Bank and Trust Co.

05/12/23

(3,196)

EUR 6,007,214

USD 6,459,874

State Street Bank and Trust Co.

05/12/23

69,059

USD 8,505,177

AUD 12,638,339

State Street Bank and Trust Co.

05/12/23

45,416

USD 7,088,411

EUR 6,627,249

State Street Bank and Trust Co.

05/12/23

(114,405)

NZD 2,697,326

USD 1,672,623

State Street Bank and Trust Co.

05/12/23

14,087

EUR 16,388

USD 17,445

State Street Bank and Trust Co.

05/12/23

367

USD 91,034

GBP 75,377

State Street Bank and Trust Co.

05/12/23

(2,024)

CHF 105,154

USD 113,965

State Street Bank and Trust Co.

05/12/23

1,441

USD 6,452,654

CAD 8,834,627

State Street Bank and Trust Co.

05/12/23

(88,092)

USD 2,167,281

NZD 3,497,924

State Street Bank and Trust Co.

05/12/23

(20,063)

USD 19,283,442

CAD 26,513,248

State Street Bank and Trust Co.

05/12/23

(345,730)

CHF 3,584,930

USD 3,936,835

State Street Bank and Trust Co.

05/12/23

7,887

(946,644)

At March 31, 2023, the following futures contracts were outstanding for Voya Strategic Income Opportunities Fund:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 5-Year Note		2,176		06/30/23		$	238,289,000		$	4,687,823
U.S. Treasury Ultra 10-Year Note		203		06/21/23			24,591,547			242,214
U.S. Treasury Ultra Long Bond		33		06/22/23			4,657,125			(60,597)
						$	267,537,672		$	4,869,440

See Accompanying Notes to Financial Statements

229

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short Contracts:
U.S. Treasury 10-Year Note		(4,113)		06/21/23			(472,673,672)			(11,756,042)
U.S. Treasury 2-Year Note		(328)		06/30/23			(67,716,625)			(717,885)
U.S. Treasury Long Bond		(484)		06/21/23			(63,479,625)			(2,290,731)
						$	(603,869,922)		$	(14,764,658)

At March 31, 2023, the following centrally cleared credit default swaps were outstanding for Voya Strategic Income Opportunities Fund:

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection(1)

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Prudential Financial Inc. 3.50%, due 05/15/2024		Buy		(1.000)		12/20/24		USD 15,120,000		$	(92,969)		$	61,101
										$	(92,969)		$	61,101

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

At March 31, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Strategic Income Opportunities Fund:

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

28-day MXN TIIE-BANXICO

Monthly

8.735%

Monthly

03/16/28

MXN 281,333,000

112,800

Pay

1-day Secured Overnight Financing Rate

Annual

3.391

Annual

08/25/24

USD 160,000,000

(2,750,870)

Pay

1-day Secured Overnight Financing Rate

Annual

3.255

Annual

02/05/25

USD 8,780,000

(30,428)

Pay

1-day Secured Overnight Financing Rate

Annual

3.270

Annual

02/20/25

USD 40,521,000

(115,341)

Pay

1-day Secured Overnight Financing Rate

Annual

2.988

Annual

03/16/33

USD 3,806,000

(711)

Pay

1-day Secured Overnight Financing Rate

Annual

3.058

Annual

05/10/33

USD 30,935,000

(320,466)

Pay

1-day Secured Overnight Financing Rate

Annual

3.085

Annual

05/10/33

USD 19,799,000

(160,395)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 27,222,874

248,505

Pay

1-day Secured Overnight Financing Rate

Annual

3.394

Annual

05/10/33

USD 12,374,000

222,581

Pay

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

05/10/33

USD 24,748,215

616,716

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 37,122,323

947,083

Pay

1-day Secured Overnight Financing Rate

Annual

3.065

Annual

05/11/33

USD 27,718,000

(270,284)

Pay

1-day Secured Overnight Financing Rate

Annual

3.234

Annual

05/11/33

USD 6,930,000

31,204

Pay

1-day Secured Overnight Financing Rate

Annual

3.111

Annual

05/12/33

USD 9,899,500

(57,383)

Pay

1-day Secured Overnight Financing Rate

Annual

3.139

Annual

05/12/33

USD 16,085,764

(55,794)

Pay

1-day Secured Overnight Financing Rate

Annual

3.164

Annual

05/12/33

USD 14,849,000

(20,025)

Pay

1-day Secured Overnight Financing Rate

Annual

3.200

Annual

05/12/33

USD 19,799,000

33,755

See Accompanying Notes to Financial Statements

230

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/12/33

USD 14,156,299

38,787

Pay

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

05/12/33

USD 13,611,351

39,849

Pay

1-day Secured Overnight Financing Rate

Annual

3.216

Annual

05/12/33

USD 13,611,350

42,163

Pay

1-day Secured Overnight Financing Rate

Annual

3.233

Annual

05/12/33

USD 16,086,000

72,368

Pay

1-day Secured Overnight Financing Rate

Annual

3.610

Annual

05/12/33

USD 6,187,000

225,151

Pay

1-day Secured Overnight Financing Rate

Annual

3.621

Annual

05/12/33

USD 11,137,000

415,684

Pay

1-day Secured Overnight Financing Rate

Annual

3.674

Annual

05/12/33

USD 23,758,000

992,793

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 18,809,000

443,335

Pay

1-day Secured Overnight Financing Rate

Annual

3.275

Annual

09/11/33

USD 21,146,000

293,671

Pay

1-day Secured Overnight Financing Rate

Annual

3.067

Annual

09/13/33

USD 9,093,000

(31,576)

Pay

1-day Secured Overnight Financing Rate

Annual

3.075

Annual

09/13/33

USD 11,419,000

(31,587)

Pay

1-day Secured Overnight Financing Rate

Annual

3.163

Annual

09/13/33

USD 2,115,000

9,695

Pay

1-day Secured Overnight Financing Rate

Annual

3.174

Annual

09/13/33

USD 10,573,000

58,144

Pay

1-day Secured Overnight Financing Rate

Annual

2.843

Annual

06/16/53

USD 2,960,000

(53,510)

Receive

1-day Secured Overnight Financing Rate

Annual

3.437

Annual

02/20/25

USD 23,637,000

30,074

Receive

1-day Secured Overnight Financing Rate

Annual

3.586

Annual

02/20/25

USD 12,832,000

(1,665)

Receive

1-day Secured Overnight Financing Rate

Annual

3.657

Annual

02/20/25

USD 8,239,000

(6,571)

Receive

1-day Secured Overnight Financing Rate

Annual

3.180

Annual

05/11/33

USD 82,907,000

1,794

Receive

1-day Secured Overnight Financing Rate

Annual

3.252

Annual

05/11/33

USD 4,455,000

(26,841)

Receive

1-day Secured Overnight Financing Rate

Annual

3.275

Annual

05/11/33

USD 12,374,000

(99,291)

Receive

1-day Secured Overnight Financing Rate

Annual

3.337

Annual

05/11/33

USD 20,294,000

(268,699)

Receive

1-day Secured Overnight Financing Rate

Annual

3.392

Annual

05/11/33

USD 11,384,000

(203,678)

Receive

1-day Secured Overnight Financing Rate

Annual

3.408

Annual

05/11/33

USD 14,601,000

(281,263)

Receive

1-day Secured Overnight Financing Rate

Annual

3.302

Annual

05/12/33

USD 10,147,000

(105,112)

Receive

1-day Secured Overnight Financing Rate

Annual

3.311

Annual

05/12/33

USD 13,117,000

(145,139)

Receive

1-day Secured Overnight Financing Rate

Annual

3.314

Annual

05/12/33

USD 6,187,000

(70,149)

Receive

1-day Secured Overnight Financing Rate

Annual

3.421

Annual

05/12/33

USD 22,273,000

(454,042)

Receive

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/12/33

USD 21,036,000

(539,077)

Receive

1-day Secured Overnight Financing Rate

Annual

3.598

Annual

05/12/33

USD 13,612,000

(481,209)

Receive

1-day Secured Overnight Financing Rate

Annual

3.643

Annual

05/12/33

USD 34,648,000

(1,356,098)

Receive

1-day Secured Overnight Financing Rate

Annual

3.689

Annual

05/12/33

USD 13,612,000

(586,403)

Receive

1-day Secured Overnight Financing Rate

Annual

3.184

Annual

09/13/33

USD 3,172,000

(20,117)

Receive

1-day Secured Overnight Financing Rate

Annual

3.236

Annual

09/13/33

USD 2,580,000

(27,688)

Receive

1-day Secured Overnight Financing Rate

Annual

3.240

Annual

09/13/33

USD 2,749,000

(30,330)

Receive

1-day Secured Overnight Financing Rate

Annual

3.353

Annual

09/13/33

USD 10,996,000

(224,806)

Receive

1-day Secured Overnight Financing Rate

Annual

2.950

Annual

06/16/53

USD 846,000

(2,314)

Receive

1-day Secured Overnight Financing Rate

Annual

2.956

Annual

06/16/53

USD 1,057,000

(3,949)

(3,956,659)

At March 31, 2023, the following OTC volatility swaps were outstanding for Voya Strategic Income Opportunities Fund:

Pay/Receive
Volatility(1)

Reference Entity

Volatility
Strike Rate

Counterparty

Maturity
Date

Currency

Notional
Amount

Fair Value

Unrealized
Appreciation
(Depreciation)

Receive

USD vs. CNH Spot
Exchange Rate

6.350%

Morgan Stanley Capital Services LLC

06/16/23

USD

44,252,000

$(263)

See Accompanying Notes to Financial Statements

231

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following OTC purchased foreign currency dual digital options were outstanding for Voya Strategic Income Opportunities Fund:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional Amount

Cost

Fair Value

AUD/USD & USD/JPY Dual Digital

Barclays Bank PLC

05/30/23

0.60 & 125

USD 2,386,000

45,334

2,603

AUD/USD & USD/JPY Dual Digital

Goldman Sachs International

05/30/23

0.6375 & 131.5

USD 1,045,000

60,767

44,871

USD/CNH & USD/JPY Dual Digital

BNP Paribas

05/30/23

7.2 & 131.5

USD 894,000

61,686

7,048

167,787

54,522

At March 31, 2023, the following OTC purchased foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25	107.500	USD 12,280,000		$	609,088		$	196,216
Call USD vs. Put JPY	Bank of America N.A.		09/09/32	140.000	USD 15,517,000			276,203			127,369
Call USD vs. Put JPY	BNP Paribas		09/09/32	140.000	USD 15,517,000			296,064			127,369
Put USD vs. Call JPY	Goldman Sachs International		04/13/23	120.000	USD 36,413,000			412,996			684
Put USD vs. Call JPY	Morgan Stanley Capital Services LLC		04/13/23	120.000	USD 59,233,000			690,479			1,113
Put USD vs. Call JPY	BNP Paribas		06/23/23	130.000	USD 17,945,000			87,572			23,890
Put USD vs. Call JPY	Goldman Sachs International		07/07/23	115.000	USD 2,095,300			188,577			91,424
Put USD vs. Call MXN	Goldman Sachs International		06/28/23	18.060	USD 17,910,000			189,685			265,206
							$	2,750,664		$	833,271

At March 31, 2023, the following OTC written foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Premiums Received				Fair Value
Call EUR vs. Put MXN	Goldman Sachs International		09/14/23	21.000	EUR 15,000,000		$	554,905			$	(347,366)
Call USD vs. Put JPY	Bank of America N.A.		09/09/27	140.000	USD 15,517,000			439,441				(177,908)
Call USD vs. Put JPY	BNP Paribas		09/09/27	140.000	USD 15,517,000			425,166				(177,908)
Call USD vs. Put MXN	Morgan Stanley Capital Services LLC		04/26/23	20.600	USD 21,107,000			668,501				(5,467)
Call USD vs. Put MXN	Goldman Sachs International		06/28/23	19.600	USD 17,910,000			193,267				(136,558)
Call USD vs. Put MXN	Bank of America N.A.		08/31/23	18.750	USD 42,307,000			1,310,248	��			(1,171,973)
Put USD vs. Call MXN	Morgan Stanley Capital Services LLC		04/26/23	20.000	USD 21,107,000			427,839				(2,210,403)
Put USD vs. Call MXN	Morgan Stanley Capital Services LLC		06/28/23	17.450	USD 17,910,000			79,108				(79,108)
							$	4,098,475			$	(4,306,691)

At March 31, 2023, the following OTC written interest rate swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap (2)

Bank of America N.A.

Pay

3.550%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 21,146,000

571,999

(994,780)

Call on 10-Year Interest Rate Swap (2)

Barclays Bank PLC

Pay

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 98,993,000

2,855,948

(5,015,825)

Call on 10-Year Interest Rate Swap (2)

Citibank N.A.

Pay

3.540%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 42,292,000

1,143,999

(1,964,262)

See Accompanying Notes to Financial Statements

232

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap (2)

Goldman Sachs
International

Pay

3.460%

1-day Secured
Overnight Financing
Rate

08/21/23

USD 49,496,000

1,249,774

(1,972,223)

Call on 10-Year Interest Rate Swap (2)

Goldman Sachs
International

Pay

3.570%

1-day Secured
Overnight Financing
Rate

09/07/23

USD 21,146,000

564,863

(1,014,384)

Call on 10-Year Interest Rate Swap (2)

JPMorgan Chase
Bank N.A.

Pay

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 49,496,000

1,517,052

(586,178)

Call on 1-Year Interest Rate Swap (2)

Barclays Bank PLC

Pay

4.170%

1-day Secured
Overnight Financing
Rate

02/16/24

USD 67,535,000

317,752

(549,975)

Call on 1-Year Interest Rate Swap (2)

Morgan Stanley Capital
Services LLC

Pay

3.520%

1-day Secured
Overnight Financing
Rate

01/24/24

USD 135,070,000

587,892

(608,913)

Call on 30-Year Interest Rate Swap (2)

Morgan Stanley Capital
Services LLC

Pay

2.994%

1-day Secured
Overnight Financing
Rate

06/14/23

USD 10,573,000

456,489

(375,478)

Put on 10-Year Interest Rate Swap (3)

Bank of America N.A.

Receive

3.550%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 21,146,000

571,999

(256,193)

Put on 10-Year Interest Rate Swap (3)

Barclays Bank PLC

Receive

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 98,993,000

2,855,948

(123,334)

Put on 10-Year Interest Rate Swap (3)

Citibank N.A.

Receive

3.540%

1-day Secured
Overnight Financing
Rate

09/11/23

USD 42,292,000

1,143,999

(522,237)

Put on 10-Year Interest Rate Swap (3)

Goldman Sachs
International

Receive

3.460%

1-day Secured
Overnight Financing
Rate

08/21/23

USD 49,496,000

1,249,774

(659,915)

Put on 10-Year Interest Rate Swap (3)

Goldman Sachs
International

Receive

3.570%

1-day Secured
Overnight Financing
Rate

09/07/23

USD 21,146,000

564,863

(242,252)

Put on 10-Year Interest Rate Swap (3)

JPMorgan Chase
Bank N.A.

Receive

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 49,496,000

1,517,053

(1,287,337)

Put on 1-Year Interest Rate Swap (3)

Barclays Bank PLC

Receive

4.170%

1-day Secured
Overnight Financing
Rate

02/16/24

USD 67,535,000

317,752

(211,876)

Put on 1-Year Interest Rate Swap (3)

Morgan Stanley Capital
Services LLC

Receive

3.520%

1-day Secured
Overnight Financing
Rate

01/24/24

USD 135,070,000

587,892

(857,996)

Put on 30-Year Interest Rate Swap (3)

Morgan Stanley Capital
Services LLC

Receive

2.994%

1-day Secured
Overnight Financing
Rate

06/14/23

USD 10,573,000

456,489

(301,680)

18,531,537

(17,544,838)

See Accompanying Notes to Financial Statements

233

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/14/27

USD 22,958,000

(4,017,650)

181,192

Put on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

05/25/27

USD 53,680,100

(9,662,418)

216,149

(13,680,068)

397,341

At March 31, 2023, the following OTC written forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap

Bank of America N.A.

0.000%

Pay

1-day Secured
Overnight Financing
Rate

03/27/28

USD 10,573,000

448,295

463

Call on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

03/14/28

USD 21,146,000

921,477

36,749

Put on 5-Year Interest Rate Swap

Bank of America N.A.

0.000%

Receive

1-day Secured
Overnight Financing
Rate

03/27/28

USD 10,573,000

448,295

9,491

Put on 5-Year Interest Rate Swap

Morgan Stanley Capital
Services LLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

03/14/28

USD 21,146,000

921,477

74,974

2,739,544

121,677

(1)

Payments made at maturity date.

(2)

Fund pays the exercise rate semi-annually and receives the floating rate index quarterly.

(3)

Fund receives the exercise rate semi-annually and pays the floating rate index quarterly.

(4)

(5)

Currency Abbreviations

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – EU Euro

GBP – British Pound

JPY – Japanese Yen

MXN – Mexican Peso

NZD – New Zealand Dollar

SEK – Swedish Krona

USD – United States Dollar

ZAR – South African Rand

See Accompanying Notes to Financial Statements

234

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	887,793
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			2,732,415
Interest rate contracts	Unrealized appreciation on forward premium swaptions			519,018
Interest rate contracts	Variation margin receivable on futures contracts**			4,930,037
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			4,937,253
Total Asset Derivatives			$	14,006,516
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	3,679,059
Interest rate contracts	Variation margin payable on futures contracts**			14,825,255
Interest rate contracts	Variation margin payable on centrally cleared swaps**			8,832,811
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements			263
Interest rate contracts	Written options, at fair value			17,544,838
Foreign exchange contracts	Written options, at fair value			4,306,691
Total Liability Derivatives			$	49,188,917

Includes purchased options.

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2023 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(3,637,677)		$	—		$	(3,637,677)
Equity contracts			—			—			(277,109)			—			—			(277,109)
Foreign exchange contracts			(2,244,167)			(7,229,584)			—			289,711			5,665,328			(3,518,712)
Interest rate contracts			1,284,602			—			28,458,854			(13,942,442)			11,236,672			27,037,686
Total		$	(959,565)		$	(7,229,584)		$	28,181,745		$	(17,290,408)		$	16,902,000		$	19,604,188

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(598,370)		$	—		$	(598,370)
Foreign exchange contracts			(1,026,446)			442,762			—			(71,550)			(1,346,365)			(2,001,599)
Interest rate contracts			397,341			—			(11,726,093)			(3,219,178)			1,450,638			(13,097,292)
Total		$	(629,105)		$	442,762		$	(11,726,093)		$	(3,889,098)		$	104,273		$	(15,697,261)

Amounts recognized for purchased options are included in net realized gain (loss) on investments and in net change in unrealized appreciation or depreciation on investments.

See Accompanying Notes to Financial Statements

235

TABLE OF CONTENTS

Voya Strategic Income

PORTFOLIO OF INVESTMENTS

Opportunities Fund

as of March 31, 2023 (continued)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Brown Brothers Harriman & Co.			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.				Morgan Stanley Capital Services LLC			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options		$	127,369		$	2,603		$	354,523		$	—		$	—		$	402,185		$	—		$	—			$	1,113		$	—		$	—		$	887,793
Forward premium swaptions			9,954			397,341			—			—			—			—			—			—				111,723			—			—			519,018
Forward foreign currency contracts			280,102			51,093			1,110,992			—			8,784			664,376			—			—				337,688			23,741			255,639			2,732,415
Total Assets		$	417,425		$	451,037		$	1,465,515		$	—		$	8,784		$	1,066,561		$	—		$	—			$	450,524		$	23,741		$	255,639		$	4,139,226
Liabilities:																									��
Forward foreign currency contracts		$	356,941		$	—		$	530,174		$	84,019		$	—		$	208,130		$	437,622		$	10,551			$	534,418		$	322,613		$	1,194,591		$	3,679,059
Volatility swaps			—			—			—			—			—			—			—			—				263			—			—			263
Written options			2,600,853			5,901,011			177,908			—			2,486,499			4,372,698						1,873,515				4,439,045			—			—			21,851,529
Total Liabilities		$	2,957,794		$	5,901,011		$	708,082		$	84,019		$	2,486,499		$	4,580,828		$	437,622		$	1,884,066			$	4,973,726		$	322,613		$	1,194,591		$	25,530,851
Net OTC derivative instruments by counterparty, at fair value		$	(2,540,369)		$	(5,449,974)		$	757,433		$	(84,019)		$	(2,477,715)		$	(3,514,267)		$	(437,622)		$	(1,884,066)			$	(4,523,202)		$	(298,872)		$	(938,952)		$	(21,391,625)
Total cash collateral pledged by the Fund/(Received from counterparty)		$	2,540,369		$	5,449,974		$	(420,000)		$	—		$	2,477,715		$	3,514,267		$	—		$	1,884,066			$	4,523,202		$	—		$	600,000		$	20,569,593
Net Exposure(1)(2)(3)		$	—		$	—		$	337,433		$	(84,019)		$	—		$	—		$	(437,622)		$	—			$	—		$	(298,872)		$	(338,952)		$	(822,032)

(1)

(2)

At March 31, 2023, the Fund had pledged $2,690,000, $5,740,000, $2,990,000, $4,150,000, $2,260,000, and $6,150,000 in cash collateral to Bank of America N.A., Barclays Bank PLC, Citibank N.A., Goldman Sachs International, JPMorgan Chase Bank N.A., and Morgan Stanley Capital Services LLC , respectively. Excess cash collateral is not shown for financial reporting purposes.

At March 31, 2023, 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 federal income tax purposes was $1,997,268,849.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	30,022,393
Gross Unrealized Depreciation		(225,939,053)
Net Unrealized Depreciation	$	(195,916,660)

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year or period ended March 31, 2023 were as follows:

Fund Name	Type	Per Share Amount
Voya GNMA Income Fund
Class A	NII		$	0.1944
Class C	NII		$	0.1369
Class I	NII		$	0.2175
Class R6	NII		$	0.2189
Class W	NII		$	0.2140
Voya High Yield Bond Fund
Class A	NII		$	0.3627
Class C	NII		$	0.3155
Class I	NII		$	0.3908
Class R	NII		$	0.3503
Class R6	NII		$	0.3960
Class W	NII		$	0.3853
All Classes	STCG		$	0.0414
All Classes	LTCG		$	0.0502
Voya Intermediate Bond Fund
Class A	NII		$	0.2519
Class C	NII		$	0.1852
Class I	NII		$	0.2807
Class R	NII		$	0.2301
Class R6	NII		$	0.2849

Fund Name	Type	Per Share Amount
Voya Intermediate Bond Fund (continued)
Class W	NII		$	0.2737
Voya Short Duration High Income Fund(1)
Class A	NII		$	0.0993
Class I	NII		$	0.1029
Class R6	NII		$	0.1025
Voya Short Term Bond Fund
Class A	NII		$	0.2083
Class C	NII		$	0.1383
Class I	NII		$	0.2356
Class R	NII		$	0.1855
Class R6	NII		$	0.2391
Class W	NII		$	0.2323
Voya Strategic Income Opportunities Fund
Class A	NII		$	0.3261
Class C	NII		$	0.2527
Class I	NII		$	0.3550
Class R	NII		$	0.2998
Class R6	NII		$	0.3598
Class W	NII		$	0.3471

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

(1)

Commenced operations on February 9, 2023.

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

	Voya GNMA Income Fund					100.00%
	Voya High Yield Bond Fund					98.44%
	Voya Intermediate Bond Fund					99.06%
	Voya Short Duration High Income Fund					93.20%
	Voya Short Term Bond Fund					99.85%
	Voya Strategic Income Opportunities Fund					99.82%

The Funds designate the following percentages of short-term capital gain distributions as short-term capital gain dividends as defined in Internal Revenue Code Section 871(k)(2):

Voya High Yield Bond Fund

100.00%

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

Voya High Yield Bond Fund

3,451,344

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TAX INFORMATION (Unaudited)

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.

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TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.

Name, Address and Year of Birth

Position(s)
Held with the
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen
by
Trustee(2)

Other Board Positions
Held by Trustee

Independent Trustees:

Colleen D. Baldwin
(1960)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Chairperson

Trustee

January 2020 – Present

November 2007 – Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

138

Stanley Global Engineering (2020 – Present).

John V. Boyer
(1953)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2005 – Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019).

138

None.

Patricia W. Chadwick
(1948)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2006 – Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

138

The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
(1950)
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258

Trustee

August 2015 – Present

Retired.

138

None.

Joseph E. Obermeyer
(1957)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

May 2013 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

138

None.

Sheryl K. Pressler
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2006 – Present

Consultant (May 2001 – Present).

138

Centerra Gold Inc. (May 2008 – Present).

Christopher P. Sullivan
(1954)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

October 2015 – Present

Retired.

138

None.

(1)

Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Fund (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of April 30, 2023.

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash (1967) 230 Park Avenue New York, New York 10169	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020).
James M. Fink (1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present).
Steven Hartstein (1963) 230 Park Avenue New York, New York 10169	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – December 2022).
Todd Modic (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).
Kimberly A. Anderson (1964) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	November 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).
Andrew K. Schlueter (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Formerly, Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Joanne F. Osberg (1982) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President Secretary	March 2023 – Present September 2020 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 – March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Robert Terris (1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya (1973) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).
Robyn L. Ichilov (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	October 2000 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).
Jason Kadavy (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present).
Erica McKenna (1972) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler (1969) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward (1993) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth			Position(s) Held With the Trust			Term of Office and Length of Time Served(1)			Principal Occupation(s) – During the Past 5 Years
Monia Piacenti (1976) One Orange Way Windsor, Connecticut 06095			Anti-Money Laundering Officer			June 2018 – Present			Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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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 17, 2022, the Board of Trustees (“Board”) of Voya Funds 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 GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Term Bond Fund, and Voya Strategic Income Opportunities Fund, each a series of the Trust (the “Funds”), 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 Trust, 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, 2023.

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

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

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 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 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 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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. 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 Trust’s 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 Sub-Adviser as a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Funds do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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.

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Fee Schedules, Profitability, and Fall-out Benefits

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

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to 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 each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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, including their ability to engage in soft-dollar transactions on behalf of 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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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.

Voya GNMA Income Fund

In considering whether to approve the renewal of the Contracts for Voya GNMA Income Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and ten-year periods, the second quintile for the one-year and five-year periods, and the third quintile for the three-year period; and (2) the Fund outperformed its primary benchmark for all periods presented.

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discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) 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 net management fee rate for the Fund is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Fund’s pricing is competitive.

Voya High Yield Bond Fund

In considering whether to approve the renewal of the Contracts for Voya High Yield Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (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 one-year and three-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) 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 net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio.

Voya Intermediate Bond Fund

In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Fund, the Board

considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the five-year and ten-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to date and one-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Fund’s performance during certain periods; and (2) the negative impact of the significant increase in interest rates on the Fund’s performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Short Term Bond Fund

In considering whether to approve the renewal of the Contracts for Voya Short Term Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year period, and the third quintile for the year-to-date, three-year and five-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Strategic Income Opportunities Fund

In considering whether to approve the renewal of the Contracts for Voya Strategic Income Opportunities Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the year-to-date period, and the fourth quintile for the one-year and three-year periods; and (2) the Fund outperformed its primary benchmark for the three-year and five-year periods and underperformed for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of stock selection and sector allocation on the Fund’s performance; (2) management’s representations regarding the competitiveness of the Fund’s performance during certain periods; and (3) management’s confidence in the Fund’s ability to deliver long-term performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

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, 2023.

BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT AND SUB-ADVISORY CONTRACTS FOR VOYA SHORT DURATION HIGH INCOME FUND

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), Voya Short Duration High Income Fund (the “Fund”), a series of Voya Funds Trust (“VFT”), can enter into a new investment management or sub-advisory contract only if the Board of Trustees of VFT (the “Board”), 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 the Fund, as such term is defined under the 1940 Act (the “Independent Trustees”), determines to approve the new arrangements. Thus, at its meeting held on November 17, 2022, the Board considered the initial approval of the investment management contract (the “Management Contract”) with Voya Investments, LLC (“VIL” or the “Adviser”) and the sub-advisory contract (the “Sub-Advisory Contract”) between VIL and the sub-adviser, Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”) (together, the “Management and Sub-Advisory Contracts”) for the Fund.

In determining whether to initially approve the Management Contract and Sub-Advisory Contract for the Fund, the Board requested, received, evaluated and discussed such information and supporting materials related to that information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts should be approved. Provided below is a general overview of the Board’s contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board’s consideration as to whether to approve the Management and Sub-Advisory Contracts.

The materials provided to the Board in support of the Fund and the Fund’s Management Contract included the following: (1) a memorandum and presentation materials presenting management’s rationale for proposing the launch of the Fund that discuss, among other things, the

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experience and expertise of VIL in the management of other funds within the Voya funds complex with similar investment objectives and strategies; (2) information about the Fund’s proposed investment objective and strategies and anticipated portfolio characteristics; (3) Fund Analysis and Comparison Tables sheets for the Fund that compare the Fund’s proposed fee structure to its comparable selected peer group (“SPG”) and/or Morningstar category median and/or average; (4) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Fund; (5) a memorandum provided by counsel to the Independent Trustees summarizing the guidelines relevant to the Board’s consideration of the approvals of the Management Contracts; (6) a memorandum and other information provided in response to Section 15(c) requests to the Adviser and Sub-Adviser by counsel to the Independent Trustees on behalf of the Board; and (7) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL’s oversight and management of the other funds in the Voya funds complex.

The Board’s consideration of whether to approve the Management Contract with VIL on behalf of the Fund took into account several factors, including, but not limited to, the following: (1) the nature, extent and quality of the services to be provided by VIL to the Fund under the proposed Management Contract; (2) VIL’s experience as a manager-of-managers overseeing sub-advisers to other funds within the Voya funds complex; (3) the fairness of the compensation under the proposed Management Contract in light of the services to be provided to the Fund; (4) the costs for the services to be provided by VIL, including that the proposed management fee would not be subject to breakpoint discounts; (5) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the Fund, including that: (a) the proposed management fee for the Fund is below the average and median management fees of the funds in the Fund’s SPG, and (b) the estimated expense ratio for the Fund is below the average and median expense ratios of the funds in the Fund’s SPG; (6) the projected profitability of VIL; (7) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIL, including its management team’s expertise in the management of other Voya funds; (8) VIL’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with their oversight of other funds in the Voya funds complex; (9) the information that had been provided by VIL at regular Board meetings,

and in anticipation of the November 17, 2022 meeting, with respect to its capabilities in overseeing similar asset allocation products; and (10) “fall-out benefits” to VIL and its affiliates that were anticipated to arise from VIL’s management of the Fund.

In reviewing the proposed Sub-Advisory Contract with Voya IM, the Board considered a number of factors, including, but not limited to, the following: (1) VIL’s view of the reputation of Voya IM and its sub-advisory services; (2) Voya IM’s strength and reputation in the industry; (3) the information that had been provided by Voya IM in advance of the November 17, 2022 meeting at which Voya IM presented with respect to its sub-advisory services; (4) the nature, extent and quality of the services to be provided by Voya IM under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Voya IM as the Fund’s Sub-Adviser; (7) Voya IM’s operations and compliance program, including its policies and procedures intended to prevent violation of the Federal securities laws, which had been reviewed and evaluated by VFT’s Chief Compliance Officer; (8) Voya IM’s financial condition; (9) the appropriateness of the selection of Voya IM in light of the Fund’s investment objective and prospective investor base; and (10) Voya IM’s Code of Ethics, which was previously approved by the Board.

With respect to the nature and quality of services to be provided by the Adviser and Sub-Adviser, the Board was mindful of the “manager-of-managers” platform that has been developed by the Adviser. The Board recognized that the Adviser would be responsible for monitoring the investment program, performance, and developments/ on-going operations of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Adviser provides to the Fund and the Sub-Adviser’s compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MR&S”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the Investment Review Committees (“IRCs”) at

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their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers’ investment processes and to try to identify issues that may be relevant to a sub-adviser’s services to a Voya fund and/or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Fund also can benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also

considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by the Adviser to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the Fund’s shareholders, beyond investment management services, from being part of the Voya family of funds. The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds’ service providers.

The Board reviewed the performance for accounts, including a prior fund, managed by the Sub-Adviser that were substantially similar in strategy to the strategy the Sub-Adviser will use for the Fund, noting that the accounts may not be subject to the same 1940 Act restrictions as the Fund.

After its deliberation, the Board concluded that, in its business judgment, the terms of the Management and Sub-Advisory Contracts are fair and reasonable to the Fund and that approval of the Management and Sub-Advisory 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 Management and Sub-Advisory 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 Management and Sub-Advisory Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2024.

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ADDITIONAL INFORMATION (Unaudited)

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
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.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163059 (0323-052523)

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Annual Report

March 31, 2023

Voya Government Money Market Fund

Classes A, C, I, and W

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from the fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let the fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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 fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully.

E-Delivery Sign-up – details inside

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					Go Paperless with E-Delivery!
		Sign up now for on-line prospectuses, fund reports, and proxy statements.
		Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
		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; (2) on the Fund’s website at www.voyainvestments.com; and (3) 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 www.voyainvestments.com and on the SEC’s website at www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

Please note that your investment: is not a bank deposit, is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. There is no guarantee that the Fund will achieve its investment objective. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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Portfolio Managers’ Report

Voya Government Money Market Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	U.S. Treasury Repurchase Agreement					35.1%
	U.S. Treasury Debt					31.4
	U.S. Government Agency Debt					15.3
	Assets in Excess of Other Liabilities					18.2
	Net Assets					100.0%
	Portfolio holdings are subject to change daily.

Voya Government Money Market Fund (the “Fund”) seeks to provide investors with a high level of current income consistent with preservation of capital and liquidity and the maintenance of a stable $1.00 net asset value per share. The Fund is managed by David S. Yealy, Portfolio Manager of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance Update: Preservation of capital, limiting interest rate risk and keeping an excess liquidity cushion were our primary objectives for the Fund during the Fund’s fiscal year. Maximizing the yield and the total return of the Fund remained a secondary objective. The Fund outperformed it’s benchmark before the deduction of fees and operating expenses and benefited from its high liquidity and by maintaining a very short weighted average maturity (“WAM”) to take advantage of the multiple large Federal Open Market Committee (“FOMC”) rate increases during the period. Exposure to floating rate US agency securities tied to secured overnight financing rate (“SOFR”) and US Treasury securities tied to 3-month T-Bills further added to performance.

Portfolio Specifics: The year saw the FOMC implement a total of eight increases in the Fed funds rate, moving from a range of 0.25 – 0.50% in April 2022 to 4.75 – 5.00% by the end of March 2023. In early February, Fed Chair Jerome Powell commented that the central bank’s efforts to tame inflation will “likely...take quite a bit of time. It’s not going to be smooth. So, we think we’re going to have to do further increases, and we think we’ll have to hold policy at a restrictive level for some time.” However, the collapse of Silicon Valley Bank in March may have moderated the Fed’s aggressive rate-hike plans. Powell indicated then that rate cuts later in 2023 were not the central bank’s baseline expectation but noted that the FOMC had contemplated pausing rate hikes, given the turbulence in the banking sector.

The Fund ended the period with a very short weighted average maturity (“WAM”), in an effort to maximize yield in a rising-rate environment.

Current Strategy & Outlook: For now, most investors expect a steady pace of rate cuts to start later in 2023 as the Fed attempts to maneuver a soft economic landing. We disagree. We believe the Fed will implement one more rate hike of 25 basis points in May 2023 before pausing for an extended period, followed by rate cuts starting during the fourth quarter as the economy moves toward a potential recession. Accordingly, we are maintaining a very short WAM unless the market starts to price longer-term money market maturities positioned for higher rates and/or a long pause by the FOMC.

The Fund’s strategy seeks to add incremental yield to take advantage of an additional rate hike and higher short-term rates for the near to medium term. We plan on maintaining our exposure to U.S. agency and US Treasury floating rate notes in order to add incremental yield over repo and interest rate sensitivity to higher rates.

Principal Risk Factors: Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.

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SHAREHOLDER EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2022 to March 31, 2023. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended March 31, 2023**			Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended March 31, 2023**
Class A		$	1,000.00		$	1,019.00		0.39%		$	1.96		$	1,000.00		$	1,022.99		0.39%		$	1.97
Class C			1,000.00			1,013.90		1.23			6.18			1,000.00			1,018.80		1.23			6.19
Class I			1,000.00			1,019.00		0.39			1.96			1,000.00			1,022.99		0.39			1.97
Class W			1,000.00			1,019.00		0.39			1.96			1,000.00			1,022.99		0.39			1.97

The annualized expense ratios reflect waivers of 0.01%, 0.18%, 0.01% and 0.01% of management, distribution and shareholder servicing fees for Classes A, C, I and W, respectively, in order to maintain a net yield of not less than zero (Note 4).

Expenses are equal to the Fund’s annualized expense ratios multiplied by the average account value over the period, multiplied by 182/365 to reflect the most recent fiscal half-year.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Government Money Market Fund and the Board of Trustees of Voya Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Voya Government Money Market Fund (the “Fund”) (one of the funds constituting Voya Funds Trust (the “Trust”)), including the portfolio of investments, as of March 31, 2023, 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 four 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 Funds Trust) at March 31, 2023, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended March 31, 2019, were audited by another independent registered public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on those financial highlights.

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.

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, 2023, 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.

[MISSING IMAGE: sg_ernstyoungllp-bw.jpg]

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

Boston, Massachusetts
May 30, 2023

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statement of assets and liabilities as of March 31, 2023

ASSETS:
Short-term investments at amortized cost		$	129,402,738
Repurchase agreements			97,502,000
Cash			14,349
Receivables:
Investment securities sold	��		42,415,590
Fund shares sold			8,799,862
Dividends			9,881
Interest			869,364
Prepaid expenses			43,699
Reimbursement due from Investment Adviser			43,838
Other assets			20,452
Total assets			279,121,773
LIABILITIES:
Income distribution payable			1,782
Payable for fund shares redeemed			1,463,301
Payable for investment management fees			82,017
Payable for distribution and shareholder service fees			1,875
Payable to trustees under the deferred compensation plan (Note 5)			20,452
Payable for trustee fees			84
Other accrued expenses and liabilities			242,506
Total liabilities			1,812,017
NET ASSETS		$	277,309,756
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	277,368,984
Total distributable loss			(59,228)
NET ASSETS		$	277,309,756

See Accompanying Notes to Financial Statements

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statement of assets and liabilities as of March 31, 2023 (continued)

Class A
Net assets	$	217,392,179
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		217,433,122
Net asset value and redemption price per share†	$	1.00
Class C
Net assets	$	2,219,877
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		2,220,283
Net asset value and redemption price per share†	$	1.00
Class I
Net assets	$	56,465,783
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		56,476,182
Net asset value and redemption price per share	$	1.00
Class W
Net assets	$	1,231,917
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		1,232,143
Net asset value and redemption price per share	$	1.00

†

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

See Accompanying Notes to Financial Statements

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STATEMENT OF OPERATIONS for the year ended March 31, 2023

INVESTMENT INCOME:
Dividends	$	50,882
Interest		7,277,851
Total investment income		7,328,733
EXPENSES:
Investment management fees		849,978
Distribution and shareholder service fees:
Class C		21,868
Transfer agent fees:
Class A		404,790
Class C		4,653
Class I		37,722
Class W		2,287
Shareholder reporting expense		16,425
Registration fees		67,101
Professional fees		28,665
Custody and accounting expense		14,600
Trustee fees		3,650
Miscellaneous expense		12,840
Total expenses		1,464,579
Waived and reimbursed fees		(499,026)
Net expenses		965,553
Net investment income		6,363,180
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investments		(4,142)
Increase in net assets resulting from operations	$	6,359,038

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
FROM OPERATIONS:
Net investment income		$	6,363,180		$	—
Net realized gain (loss)			(4,142)			135,524
Increase in net assets resulting from operations			6,359,038			135,524
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(5,001,800)			(148,550)
Class C			(35,525)			(2,129)
Class I			(1,290,155)			(42,621)
Class W			(36,370)			(313)
Total distributions			(6,363,850)			(193,613)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,140,832,736			1,095,071,009
Reinvestment of distributions			6,347,946			193,061
			1,147,180,682			1,095,264,070
Cost of shares redeemed			(1,070,424,026)			(1,099,422,799)
Net increase (decrease) in net assets resulting from capital share transactions			76,756,656			(4,158,729)
Net increase (decrease) in net assets			76,751,844			(4,216,818)
NET ASSETS:
Beginning of year or period			200,557,912			204,774,730
End of year or period		$	277,309,756		$	200,557,912

See Accompanying Notes to Financial Statements

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Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expenses net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Class A
03-31-23		1.00		0.03		(0.01)		0.02		0.02	—			—		0.02		—		1.00		2.48		0.62		0.39(4)		0.39		2.63		217,392		—
03-31-22		1.00		(0.00)*•		0.00*		0.00*	—			0.00*		—		0.00*		—		1.00		0.09		0.64		0.05(5)		0.05		(0.00)*		156,626		—
03-31-21		1.00		0.00*•		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.04		0.68		0.11(6)		0.11		0.01		156,808		—
03-31-20		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.61		0.63		0.41(7)		0.41		1.49		161,828		—
03-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.76		0.57		0.40		0.40		1.75		157,178		—
Class C
03-31-23		1.00		0.02•		0.00*		0.02		0.02	—			—		0.02		—		1.00		1.63		1.62		1.23(4)		1.23		1.62		2,220		—
03-31-22		1.00		—•		0.00*		0.00	—			0.00*		—		0.00*		—		1.00		0.09		1.64		0.05(5)		0.05		0.00		2,015		—
03-31-21		1.00		0.00*•		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.03		1.68		0.11(6)		0.11		0.01		2,321		—
03-31-20		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.65		1.63		1.41(7)		1.41		0.56		2,870		—
03-31-19		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.75		1.57		1.40		1.40		0.74		4,256		—
Class I
03-31-23		1.00		0.03		(0.01)		0.02		0.02	—			—		0.02		—		1.00		2.48		0.49		0.39(4)		0.39		2.63		56,466		—
03-31-22		1.00		(0.00)*•		0.00*		0.00*	—			0.00*		—		0.00*		—		1.00		0.09		0.50		0.05(5)		0.05		(0.00)*		41,745		—
03-31-21		1.00		0.00*•		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.03		0.57		0.11(6)		0.11		0.01		45,260		—
03-31-20		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.63		0.61		0.41(7)		0.41		1.53		43,994		—
03-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.76		0.57		0.40		0.40		1.72		39,581		—
Class W
03-31-23		1.00		0.03•		(0.01)		0.02		0.02	—			—		0.02		—		1.00		2.50		0.62		0.39(4)		0.39		3.37		1,232		—
03-31-22		1.00		0.00*•		0.00*		0.00*	—			0.00*		—		0.00*		—		1.00		0.09		0.64		0.05(5)		0.05		0.00*		173		—
03-31-21		1.00		0.00*•		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.04		0.68		0.11(6)		0.11		0.01		386		—
03-31-20		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.61		0.63		0.41(7)		0.41		1.52		236		—
03-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.76		0.57		0.40		0.40		1.82		269		—

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

Expense ratios reflect waivers of 0.01%, 0.18%, 0.01% and 0.01% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

(5)

Expense ratios reflect waivers of 0.35%, 1.35%, 0.35% and 0.35% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

(6)

Expense ratios reflect waivers of 0.30%, 1.30%, 0.30% and 0.30% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

(7)

Expense ratios reflect waivers of 0.01%, 0.01%, 0.01% and 0.01% of management fees, distribution and shareholder servicing fees for Classes A, C, I and W, respectively, in order to maintain a net yield of not less than zero.

•

Calculated using average number of shares outstanding throughout the year or period.

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023

NOTE 1 — ORGANIZATION

The Fund offers the following classes of shares: Class A, Class C, Class I and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), 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 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.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.

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 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. 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.

The Fund uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Fund’s Board of Trustees (“Board”) has established procedures designed to stabilize, to the extent reasonably possible, the share price of the Fund, there can be no assurance that the Fund’s NAV can be maintained at $1.00 per share.

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

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures. The Board has also 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).

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. Premium amortization and discount accretion are determined by the effective yield method.

C. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. Dividends are declared daily from net investment income and paid monthly. The Fund distributes capital gains, if any, annually. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.

D. 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.

E. 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.

F. Repurchase Agreements. The Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is generally short, from overnight to one week (although it may extend over a number of months), while the underlying securities generally have longer maturities. The Fund will receive, as collateral, securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (“MRA”) which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the Fund. Please refer to the table within the Portfolio of Investments for open repurchase agreements subject to the MRA on a net basis at March 31, 2023.

G. Restricted Securities. The Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(“1933 Act”) 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.

H. 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 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 0.35% 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 4 — DISTRIBUTION AND SERVICE FEES

Class C shares of the Fund have a service and distribution plan (the “Plan”), whereby the Distributor is paid an annual fee at the rate of 1.00% for Class C shares of the value of average daily net assets of the class for expenses incurred in the distribution and/or shareholder servicing of the Fund’s Class C shares. Pursuant to the Plan, the Distributor is entitled to a payment each month for the distribution and promotion of the Fund’s Class C 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 or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

The Distributor and Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist the Fund in maintaining a net yield of not less than zero through August 1, 2023. There is no guarantee the Fund will maintain such a yield. Distribution and shareholder servicing fees waived are not subject to recoupment. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser within three years subject to certain restrictions. For the year ended March 31, 2023, the Distributor waived $3,587 of class specific distribution and/or shareholder servicing fees and the Investment Adviser waived or reimbursed $25,222 of management fees and/or certain expenses to assist the Fund in maintaining a net yield of not less than zero. The class specific waiver was comprised of the following amounts:

			Distribution Fee						Shareholder Servicing Fee
Class C				$	3,105					$	482

Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations.

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 4 — DISTRIBUTION AND SERVICE FEES (continued)

As of March 31, 2023, 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,
2024	2025			2026			Total
$651,190		$	745,440		$	25,222		$	1,421,852

The Distributor may also retain the proceeds of the contingent deferred sales charge paid by shareholders upon certain redemptions for Class C shares. For the year ended March 31, 2023, the Distributor retained the following amounts in sales charges:

			Class C
Contingent Deferred Sales Charges:				$	307

NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At March 31, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the Fund:

Subsidiary	Percentage
Voya Institutional Trust Company		23.04%
Voya Investments Distributor, LLC		11.02
Voya Retirement Insurance and Annuity Company		27.66

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, 2023, the per account fees for affiliated recordkeeping services paid by the Fund were $186,964.

NOTE 6 — 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 C			Class I			Class W
0.40%			1.40%			0.40%			0.40%

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, 2023, 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,
2024	2025			2026			Total
$369,161		$	209,753		$	207,322		$	786,236

	March 31,
	2024			2025			2026			Total
Class A		$	184,848		$	230,726		$	258,466		$	674,040
Class C			2,910			3,050			2,972			8,932
Class W			385			452			1,457			2,294

The Expense Limitation Agreement is contractual through August 1, 2023 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 7 — LINE OF CREDIT

Effective June 13, 2022, 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 12, 2023. The proceeds may

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 7 — LINE OF CREDIT (continued)

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 13, 2022, 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 13, 2022. 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. During the year ended March 31, 2023, the Fund did not utilize the line of credit.

NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Class A
3/31/2023		1,112,542,488		—		4,989,049		(1,056,761,685)		60,769,852		1,112,542,488		—		4,989,049		(1,056,761,685)		60,769,852
3/31/2022		1,082,229,317		—		148,086		(1,082,514,007)		(136,604)		1,082,229,317		—		148,086		(1,082,514,007)		(136,604)
Class C
3/31/2023		672,786		—		35,247		(502,725)		205,308		672,786		—		35,247		(502,725)		205,308
3/31/2022		1,064,174		—		2,089		(1,371,981)		(305,718)		1,064,174		—		2,089		(1,371,981)		(305,718)
Class I
3/31/2023		25,864,127		—		1,287,280		(12,429,103)		14,722,304		25,864,127		—		1,287,280		(12,429,103)		14,722,304
3/31/2022		11,682,107		—		42,573		(15,228,373)		(3,503,693)		11,682,107		—		42,573		(15,228,373)		(3,503,693)
Class W
3/31/2023		1,753,335		—		36,370		(730,513)		1,059,192		1,753,335		—		36,370		(730,513)		1,059,192
3/31/2022		95,411		—		313		(308,438)		(212,714)		95,411		—		313		(308,438)		(212,714)

NOTE 9 — FEDERAL INCOME TAXES

The following permanent tax differences have been reclassified as of March 31, 2023:

	Paid-in Capital			Distributable Earnings
	$(14,179)				$	14,179

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

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

Year Ended March 31, 2023	Year Ended March 31, 2022
Ordinary Income	Ordinary Income
$6,363,850		$	193,613

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 9 — FEDERAL INCOME TAXES (continued)

Unrealized
Appreciation/
(Depreciation)

Capital Loss Carryforwards

Other

Total
Distributable
Earnings/
(Loss)

Amount

Character

Expiration

$(754)

(56,692)

Short-term

None

(1,782)

(59,228)

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

As of March 31, 2023, 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 10 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.

NOTE 11 — MARKET DISRUPTION

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, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. 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. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those 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 Fund’s investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. Management expects that the adoption of the guidance will not have a material impact on the fund’s financial statements.

NOTE 13 — SUBSEQUENT EVENTS

Dividends. Subsequent to March 31, 2023, the Fund declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Class A	$0.0037	May 1, 2023	Daily
Class C	$0.0029	May 1, 2023	Daily
Class I	$0.0037	May 1, 2023	Daily
Class W	$0.0037	May 1, 2023	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.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 15.3%
4,000,000	Federal Farm Credit Banks Funding Corp., 5.210%, (FEDL01 + 0.380)%, 05/11/2023		$	4,001,490		1.4
7,000,000	Federal Home Loan Bank Discount Notes, 4.860%, 05/30/2023			6,944,532		2.5
300,000	Federal Home Loan Bank Discount Notes, 5.080%, 08/22/2023			294,101		0.1
150,000	Federal Home Loan Bank Discount Notes, 5.100%, 01/12/2024			144,221		0.1
3,000,000 (1)	Federal Home Loan Banks, 3.000%, 04/28/2023			2,995,704		1.1
3,500,000	Federal Home Loan Banks, 4.850%, (SOFRRATE + 0.030)%, 04/14/2023			3,500,000		1.3
5,000,000	Federal Home Loan Banks, 4.850%, (SOFRRATE + 0.030)%, 05/18/2023			5,000,000		1.8
1,500,000	Federal Home Loan Banks, 4.880%, (SOFRRATE + 0.060)%, 04/18/2023			1,500,001		0.5
6,000,000	Federal Home Loan Banks, 4.885%, (SOFRRATE + 0.065)%, 06/21/2023			6,000,000		2.2
12,000,000	Federal Home Loan Banks, 4.940%, (SOFRRATE + 0.120)%, 09/06/2023			12,000,000		4.3
	Total U.S. Government Agency Debt (Cost $42,380,049)			42,380,049		15.3
U.S. TREASURY DEBT: 31.4%
87,000,000	United States Treasury Floating Rate Note, 4.760%, (USBMMY3M + 0.029)%, 07/31/2023			87,022,689		31.4
	Total U.S. Treasury Debt (Cost $87,022,689)			87,022,689		31.4

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 35.1%
97,502,000	Deutsche Bank Repurchase Agreement dated 03/31/23, 4.800%, due 04/03/23, $97,541,001 to be received upon repo (Collateralized by $105,463,850, Various U.S. Govt. Agn. Obli. , 0.000%, Mkt Value plus accrued int. and pri. $100,361,658 due 09/07/23-04/15/30), 4.800%, 04/03/2023		$	97,502,000		35.1
	Total U.S. Treasury Repurchase Agreement (Cost $97,502,000)			97,502,000		35.1
	Total Investments in Securities (Cost $226,904,738)		$	226,904,738		81.8
	Assets in Excess of Other Liabilities			50,405,018		18.2
	Net Assets		$	277,309,756		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

Reference Rate Abbreviations:

FEDL01

Federal Funds Effective Rate

SOFRRATE

1-day Secured Overnight Financing Rate

USBMMY3M

U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
U.S. Government Agency Debt		$	—		$	42,380,049		$	—		$	42,380,049
U.S. Treasury Debt			—			87,022,689			—			87,022,689
U.S. Treasury Repurchase Agreement			—			97,502,000			—			97,502,000
Total Investments, at fair value		$	—		$	226,904,738		$	—		$	226,904,738

The following table is a summary of the Fund’s treasury repurchase agreement by counterparty which is subject to offset under a MRA as of March 31, 2023:

Counterparty	U.S. Treasury Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$97,502,000		$	(97,502,000)		$	—
Totals	$97,502,000		$	(97,502,000)		$	—

(1)

Collateral with a fair value of $100,361,658 has been pledged in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

At March 31, 2023, 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 federal income tax purposes was $226,905,492.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(754)
Net Unrealized Depreciation	$	(754)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2023 were as follows:

Fund Name	Type	Per Share Amount
Voya Government Money Market Fund
Class A	NII		$	0.0245
Class C	NII		$	0.0162
Class I	NII		$	0.0245
Class W	NII		$	0.0247

NII – Net investment income

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Government Money Market Fund designates 99.52% of net investment income distributions as interest-related dividends.

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.

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited)

Name, Address and Year of
Birth

Position(s)
Held with
the Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen
by
Trustee(2)

Other Board Positions
Held by Trustee

Independent Trustees:

Colleen D. Baldwin
(1960)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Chairperson

Trustee

January 2020 – Present

November 2007 – Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

138

Stanley Global Engineering (2020 – Present).

John V. Boyer
(1953)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2005 – Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019).

138

None.

Patricia W. Chadwick
(1948)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2006 – Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

138

The Royce Funds
(22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
(1950)
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258

Trustee

August 2015 – Present

Retired.

138

None.

Joseph E. Obermeyer
(1957)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

May 2013 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

138

None.

Sheryl K. Pressler
(1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

January 2006 – Present

Consultant (May 2001 – Present).

138

Centerra Gold Inc. (May 2008 – Present).

Christopher P. Sullivan
(1954)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

October 2015 – Present

Retired.

138

None.

(1)

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

(2)

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash (1967) 230 Park Avenue New York, New York 10169	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020).
James M. Fink (1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present).
Steven Hartstein (1963) 230 Park Avenue New York, New York 10169	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022).
Todd Modic (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).
Kimberly A. Anderson (1964) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	November 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).
Andrew K. Schlueter (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018).

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Joanne F. Osberg (1982) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President Secretary	March 2023 – Present September 2020 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 – March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Robert Terris (1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya (1973) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).
Robyn L. Ichilov (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	October 2000 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).
Jason Kadavy (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present).
Erica McKenna (1972) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler (1969) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward (1993) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019).

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth			Position(s) Held With the Trust			Term of Office and Length of Time Served(1)			Principal Occupation(s) – During the Past 5 Years
Monia Piacenti (1976) One Orange Way Windsor, Connecticut 06095			Anti-Money Laundering Officer			June 2018 – Present			Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

TABLE OF CONTENTS

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 17, 2022, the Board of Trustees (“Board”) of Voya Funds 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 Government Money Market 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, 2023.

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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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

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

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 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.

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 Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. 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 as 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. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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

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

the fees payable by the Fund, including whether the Manager intends to propose 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 taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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, including their ability to engage in soft-dollar transactions on behalf of 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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Voya Government Money Market Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund outperformed its Morningstar category average for the one-year and three-year periods, and its performance was equal to the performance of its Morningstar category average for the year-to-date, five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

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

Board Conclusions

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, 2023.

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163052 (0323-052523)

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Annual Report

March 31, 2023

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Voya VACS Series EMCD Fund (formerly, Voya Emerging Markets Corporate Debt Fund)

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Voya VACS Series EMHCD Fund

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Voya VACS Series HYB Fund

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Voya VACS Series SC Fund

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from the fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

E-Delivery Sign-up – details inside

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PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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[This Page Intentionally Left Blank]

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Benchmark Descriptions

		Index				Description
		Bloomberg High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg U.S. Securitized MBS/ABS/CMBS Index				An index of asset-backed securities, collateralized mortgage-backed securities (ERISA eligible), and fixed-rate mortgage-backed securities.
		JP Morgan Corporate Emerging Markets Bond Index Diversified				A liquid global benchmark for US-dollar corporate emerging market bonds. The Corporate Emerging Markets Bond Index (“CEMBI”) Diversified limits the weights of those index countries with larger corporate debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. The CEMBI Diversified results in well-distributed, balanced weightings for countries included in the index.
		JP Morgan Emerging Markets Bond Index Global Diversified				Tracks total returns for US dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

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Portfolio Managers’ Report

Voya VACS Series EMCD Fund

	Geographic Diversification as of March 31, 2023 (as a percentage of net assets)

	South Korea			7.9%
	Mexico			7.4%
	Israel			6.0%
	India			5.9%
	Brazil			5.5%
	United Arab Emirates			5.4%
	Chile			5.0%
	Saudi Arabia			4.8%
	Colombia			4.6%
	Macau			3.8%
	Countries between 0.2% – 3.7%^			34.3%
	Assets in Excess of Other Liabilities*			9.4%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 22 countries, which each represents 0.2% – 3.7% of net assets.
	Portfolio holdings are subject to change daily.

Voya VACS Series EMCD Fund* (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by Anthony Routh and Anil Katarya, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s shares returned -1.27%, compared to the JP Morgan Corporate Emerging Markets Bond Index Diversified (the “Index” or “JPM CEMBI”), which returned -2.15% for the same period.

Portfolio Specifics: Emerging markets (“EM”) debt posted another quarter of positive returns despite a pullback in spreads in late February and through March. EM continued its rally from last year, with spreads tightening through late February around stronger global growth prospects and China’s continued reopening. Spreads retreated late in the quarter, however, amidst elevated inflation fears and several bank failures in the United States.

The Fund outperformed its benchmark, the JPM CEMBI, for the one-year period ending March 31, 2023. The main contributors to outperformance included the Fund’s allocation to Russian sovereign and corporate bonds, which rebounded strongly over the period, as well as underweight positioning to distressed names such as Pakistan. Other contributors included its underweight Ukraine, and overweights in Saudi Arabia and Chile. Detractors included the Fund’s allocations to China, South Korea, and United Arab Emirates.

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	Sands China Ltd., 5.900%, 08/08/28			1.7%
	Melco Resorts Finance Ltd., 5.750%, 07/21/28			1.4%
	Saudi Arabian Oil Co., 2.250%, 11/24/30			1.3%
	Ecopetrol SA, 8.875%, 01/13/33			1.2%
	Finance Department Government of Sharjah, 6.500%, 11/23/32			1.1%
	Medco Bell Pte Ltd., 6.375%, 01/30/27			1.1%
	JSW Steel Ltd., 5.050%, 04/05/32			1.0%
	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 09/15/31			1.0%
	POSCO, 5.625%, 01/17/26			1.0%
	Banco de Credito del Peru S.A., 3.125%, 07/01/30			1.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Strategy and Outlook: Continuing the trend from much of 2022, we believe external factors such as the U.S. growth outlook and developed market central banks’ attempts to combat high inflation continue to drive EM asset prices. The U.S. growth path is certainly the primary near term driver, while downside risks have increased following the banking stress in both the U.S. and Europe. China’s reopening appears to be maintaining its momentum driven by the services sector and a bottoming of the housing market, while also providing an increased optimism regarding the EM and global growth outlook. With that said, EM Purchasing Managers’ Index (“PMI”) is showing a mixed picture, with growth expected to be more muted in Latin America and Central and Eastern Europe, while pockets of southeast Asia and India holding up better. We believe the organization of the Petroleum Exporting Countries (“OPEC”) decisions to cut output should offset signs of weak demand and provide a floor to oil prices at levels that are supportive for exporters. In our opinion, absolute yields remain attractive relative to long term historical levels despite the recent rally, but we do expect defaults to pick up across distressed issuers. EM Hard Currency spreads screen more attractive after the widening later in the period, but we continue to favor an up-in-quality bias in the near term.

Effective November 17, 2022, the Fund changed its name from “Voya Emerging Markets Corporate Debt Fund” to “Voya VACS Series EMCD Fund.” In conjunction with the name change, the Fund’s shares are no longer designated as “Class P.”

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Voya VACS Series EMCD Fund

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year		5 Year		10 year
Voya VACS Series EMCD Fund		-1.27%		1.88%		3.04%
JPM CEMBI		-2.15%		1.59%		2.89%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Series EMCD Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reﬂect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

and expenses been considered, the total net returns would have been lower.

Fund holdings are subject to change daily.

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Portfolio Managers’ Report

Voya VACS Series EMHCD Fund

	Geographic Diversification as of March 31, 2023 (as a percentage of net assets)

	Mexico			8.9%
	Indonesia			7.0%
	Chile			5.3%
	Panama			4.5%
	Saudi Arabia			4.4%
	United Arab Emirates			3.5%
	Dominican Republic			3.2%
	Oman			3.0%
	South Africa			3.1%
	Colombia			2.8%
	Countries between 0.0% – 2.7%^			47.8%
	Assets in Excess of Other Liabilities*			6.5%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 43 countries, which each represents 0.0% – 2.7% of net assets.
	Portfolio holdings are subject to change daily.

Voya VACS Series EMHCD Fund (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by Anthony Routh and Anil Katarya, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the period since inception on February 17, 2023 through March 31, 2023, the Fund’s shares returned 0.98% compared to the JP Morgan Emerging Markets Bond Index Global Diversified (the “Index” or “JPM EMBI”), which returned 0.80% for the same period.

The Fund outperformed its benchmark for the period February 17 through March 31, 2023. Outperformance was driven by underweight positioning in Egypt, Pakistan, and Bolivia. Top detractors included overweight positioning in Panama, Indonesia, and Mexico. From an asset allocation perspective, the Fund’s underweight sovereigns was additive, while its overweight quasi-sovereigns and EM corporates detracted. From a quality standpoint,

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	Uruguay Government International Bond, 5.750%, 10/28/34			1.8%
	Saudi Government International Bond, 3.450%, 02/02/61			1.5%
	Bahrain Government International Bond, 7.375%, 05/14/30			1.5%
	MDGH GMTN RSC Ltd., 5.500%, 04/28/33			1.4%
	Republic of South Africa Government International Bond, 4.300%, 10/12/28			1.3%
	Petronas Capital Ltd., 4.800%, 04/21/60			1.2%
	OQ SAOC, 5.125%, 05/06/28			1.2%
	Indonesia Government International Bond, 8.500%, 10/12/35			1.2%
	Philippine Government International Bond, 5.000%, 07/17/33			1.1%
	Saudi Government International Bond, 5.500%, 10/25/32			1.1%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

the Fund’s underweight lower quality buckets such as Single-B and CCC-rated names was positive, while its overweight to BBBs detracted.

Current Strategy & Outlook: Continuing the trend from much of 2022, we believe external factors such as the U.S. growth outlook and developed market central banks’ attempts to combat high inflation continue to drive EM asset prices. The U.S. growth path is certainly the primary near term driver, while downside risks have increased following the banking stress in both the U.S. and Europe. China’s reopening appears to be maintaining its momentum driven by the services sector and a bottoming of the housing market, while also providing an increased optimism regarding the EM and global growth outlook. With that said, EM Purchasing Managers’ Index (“PMI”) is showing a mixed picture, with growth expected to be more muted in Latin America and Central and Eastern Europe, while pockets of southeast Asia and India holding up better. We believe the organization of the Petroleum Exporting Countries (“OPEC”) decisions to cut output should offset signs of weak demand and provide a floor to oil prices at levels that are supportive for exporters. In our opinion, absolute yields remain attractive relative to long term historical levels despite the recent rally, but we do expect defaults to pick up across distressed issuers. EM Hard Currency spreads screen more attractive after the widening later in the period, but we continue to favor an up-in-quality bias in the near term.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Voya VACS Series EMHCD Fund

Portfolio Managers’ Report

Cumulative Total Returns for the Period Ended March 31, 2023

Since
Inception
February 17,
2023

Voya VACS Series EMHCD Fund

0.98%

JPM EMBI(1)

0.80%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Series EMHCD Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reﬂect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

Fund holdings are subject to change daily.

(1)

Since inception performance for the index is shown as of February 17, 2023.

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Portfolio Managers’ Report

Voya VACS Series HYB Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Corporate Bonds/Notes			93.0%
	Bank Loans			1.0%
	Common Stock			0.3%
	Convertible Bonds/Notes			0.1%
	Assets in Excess of Other Liabilities			5.6%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

Voya VACS Series HYB Fund (the “Fund”) seeks seeks to provide investors with a high level of current income and total return. The Fund is managed by Mohamed Basma, CFA and Randall Parrish, CFA, Portfolio Managers* of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the period since inception on February 24, 2023, through March 31, 2023, the Fund’s shares provided a total return of 1.86% compared to the Bloomberg High Yield — 2% Issuer Constrained Composite, which returned 1.53% for the same period.

Portfolio Specifics: Financial markets came under pressure during the period due to the failure of three regional U.S. banks, with two being taken into receivership by the FDIC. The banking crisis had spread across the Atlantic, as Credit Suisse was acquired by UBS in a government-backed deal. These developments heightened recession concerns and worsened the outlook for lending, as rates rallied to end the period lower. Spreads for the high yield (“HY”) bond market widened 36 basis points (“bp”) on an option-adjusted basis (OAS) to 455 bp.

Within the Fund, security selection in retailers, as well as security selection in healthcare and pharmaceuticals and an underweight to wirelines, contributed to relative performance. By contrast, the Fund experienced detractions from security selection in media and entertainment, cable and satellite and chemicals.

	Top Ten Holdings as of March 31, 2023 (as a percentage of net assets)

	Royal Caribbean Cruises Ltd., 5.375%, 07/15/27			0.7%
	Sirius XM Radio, Inc., 5.000%, 08/01/27			0.6%
	Sprint Corp., 7.125%, 06/15/24			0.6%
	Ford Motor Credit Co. LLC, 4.125%, 08/17/27			0.6%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 04/20/29			0.6%
	Carnival Corp., 6.000%, 05/01/29			0.6%
	Univision Communications, Inc., 6.625%, 06/01/27			0.5%
	EnLink Midstream LLC, 5.375%, 06/01/29			0.5%
	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/29			0.5%
	International Game Technology PLC, 5.250%, 01/15/29			0.5%
	Portfolio holdings are subject to change daily.

Effective May 1, 2023, Mohamed Basma, CFA was added as a portfolio manager for the Fund and Richard Cumberledge, CFA was removed as a portfolio manager for the Fund.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Voya VACS Series HYB Fund

Portfolio Managers’ Report

Cumulative Total Returns for the Period Ended March 31, 2023

Since
Inception
February 24,
2023

Voya VACS Series HYB Fund

1.86%

Bloomberg High Yield Bond – 2% Issuer Constrained Composite(1)

1.53%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Series HYB Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reﬂect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

Fund holdings are subject to change daily.

(1)

Since inception performance for the index is shown as of February 24, 2023.

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Portfolio Managers’ Report

Voya VACS Series SC Fund

	Investment Type Allocation as of March 31, 2023 (as a percentage of net assets)

	Commercial Mortgage-Backed Securities			40.9%
	Collateralized Mortgage Obligations			30.1%
	Asset-Backed Securities			23.0%
	Assets in Excess of Other Liabilities*			6.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya VACS Series SC Fund (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by David Goodson and Jonathan Abshire, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the period since inception on March 3, 2023, through March 31, 2023, the Fund’s shares provided a total return of 0.35% compared to the Bloomberg U.S. Securitized MBS/ABS/CMBS Index (the “Index” or “Bloomberg U.S. Securitized”), which returned 2.26% for the same period.

Portfolio Specifics: Financial markets came under pressure during the period due to the failure of three regional U.S. banks, with two being taken into receivership by the FDIC. The banking crisis had spread across the Atlantic, as Credit Suisse was acquired by UBS in a government-backed deal. These developments heightened recession concerns and worsened the outlook for lending, as rates rallied to end the period lower. Yield spreads across securitized credit widened in March due to the stress in the banking sector. This was especially acute within commercial mortgage-backed securities (“CMBS”) where spreads were wider across the credit curve.

Within the Fund, allocations to CMBS and non-agency residential mortgage-backed securities (“RMBS”) detracted from performance. Security selection within CMBS also weighed on returns during the month of March as more credit sensitive tranches of the structure were impacted to a greater degree. By contrast, the Fund experienced contributions from its allocation to asset backed securities (“ABS”), though selection within ABS proved more challenging, driven by allocations to off-index collateralized loan obligations (“CLOs”).

	Top Ten Holdings as of March 31, 2023* (as a percentage of net assets)

	RFM Reremic Trust 2022-FRR1 AB64, 2.300%, 03/01/50			2.1%
	RFM Reremic Trust 2022-FRR1 AB55, 1.040%, 03/28/49			1.6%
	RFM Reremic Trust 2022-FRR1 AB60, 2.450%, 11/08/49			1.4%
	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.960%, 01/25/42			1.2%
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 B1, 9.310%, 02/25/42			1.2%
	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.975%, 06/15/46			1.1%
	LSTAR Commercial Mortgage Trust 2016-4 F, 4.611%, 03/10/49			1.1%
	Series RR 2014-1 F Trust, 05/25/47			1.1%
	Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/50			1.1%
	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/50			0.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Strategy & Outlook: We believe high levels of rate volatility illustrate the lack of certainty regarding the direction of the Fed, the economy and markets. On the one hand, we believe the risk of reaccelerating inflation has diminished, on the other a new scenario of a more widespread banking crisis has taken its place. While, in our opinion, the likelihood of either of these scenarios materializing remains slim, so does the likelihood of a soft landing. All of this adds to the challenges of navigating this environment.

We remain relatively defensive, with a preference for higher quality, and consumer-related risk. CMBS, in our opinion, also looks attractive for investors willing to accept a certain level of risk. Commercial real estate (“CRE”) will likely face difficult refinancing conditions going forward, and this will test more subordinated CMBS tranches. However, in a departure from the previous, long-standing paradigm of “location, location, location”, we believe property type has emerged as the key dimension that will likely drive future credit performance. In CMBS, our preference is tilted toward multi-family properties, and away from office. Our outlooks for ABS and RMBS are more constructive. Within ABS, we focus on the consumer-oriented products that provide access to a unique combination of fixed income attributes: U.S. centric, diverse mix of sub-sectors, wide array of forms of consumer credit, housed in robust structures that command liquidity with relatively short spread durations and an income component. Time tested performance and efficient capital regimes should contribute to favorable liquidity from a broad range of investor types over the long term. Turning to mortgage credit, housing markets have definitively slowed, with real implications for economic activity in recent quarters. However, the decline in prices and related activity has proven healthy, helping undermine inflation and correct excesses in home prices in certain areas. Mortgage credit behavior has remained stable throughout the slowdown, well underpinned by strong underwriting and regulatory oversight, historically high tappable equity, a burgeoning millennial demographic, affinity for home ownership, a low-rate mortgage base for most holders and a still strong labor market.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Voya VACS Series SC Fund

Portfolio Managers’ Report

Cumulative Total Returns for the Period Ended March 31, 2023

Since
Inception
March 3,
2023

Voya VACS Series SC Fund

0.35%

Bloomberg U.S. Securitized(1)

2.26%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya VACS Series SC Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reﬂect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

Fund holdings are subject to change daily.

(1)

Since inception performance for the index is shown as of March 3, 2023.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended March 31, 2023*			Beginning Account Value October 1, 2022			Ending Account Value March 31, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended March 31, 2023*
Voya VACS Series EMCD Fund		$	1,000.00		$	1,081.50		0.10%		$	0.52		$	1,000.00		$	1,024.43		0.10%		$	0.50
Voya VACS Series EMHCD Fund(1)			1,000.00			1,009.80		0.08%			0.09			1,000.00			1,024.53		0.08%			0.40
Voya VACS Series HYB Fund(2)			1,000.00			1,018.60		0.07%			0.07			1,000.00			1,024.58		0.07%			0.35
Voya VACS Series SC Fund(3)			1,000.00			1,003.50		0.05%			0.04			1,000.00			1,024.68		0.05%			0.25

Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/365 to reflect the most recent fiscal half-year.

(1)

Commencement of operations was February 17, 2023. Expenses paid for the actual Fund’s return reflect the 43-day period ended March 31, 2023.

(2)

Commencement of operations was February 24, 2023. Expenses paid for the actual Fund’s return reflect the 36-day period ended March 31, 2023.

(3)

Commencement of operations was March 3, 2023. Expenses paid for the actual Fund’s return reflect the 29-day period ended March 31, 2023.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya VACS Series EMCD Fund (formerly, Voya Emerging Markets Corporate Debt Fund), 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 EMCD Fund (formerly, Voya Emerging Markets Corporate Debt Fund), 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 Separate Portfolios Trust, Voya Funds Trust and Voya Separate Portfolios Trust, respectively (collectively referred to as the “Registrants”)), including the portfolios of investments, as of March 31, 2023, 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, 2023 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 Registrants	Statement of Operations	Statements of changes in net assets	Financial highlights
Voya VACS Series EMCD Fund (formerly, Voya Emerging Markets Corporate Debt Fund)	For the year ended March 31, 2023	For each of the two years in the period ended March 31, 2023	For each of the four years in the period ended March 31, 2023
Voya VACS Series EMHCD Fund	For the period from February 17, 2023 (commencement of operations) through March 31, 2023
Voya VACS Series HYB Fund	For the period from February 24, 2023 (commencement of operations) through March 31, 2023
Voya VACS Series SC Fund	For the period from March 3, 2023 (commencement of operations) through March 31, 2023

Basis for Opinion

These financial statements are the responsibility of the Registrants’ 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 Registrants 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 Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants’ 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 Registrants’ internal control over financial reporting. Accordingly, we express no such opinion.

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

Boston, Massachusetts
May 30, 2023

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STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2023

	Voya VACS Series EMCD Fund			Voya VACS Series EMHCD Fund			Voya VACS Series HYB Fund			Voya VACS Series SC Fund
ASSETS:
Investments in securities at fair value+*		$	83,988,102		$	132,504,091		$	116,952,217		$	222,323,670
Short-term investments at fair value†			12,542,035			10,162,867			—			12,591,633
Cash			602,367			297,570			5,413,209			922
Cash collateral for futures contracts			219,040			353,735			—			1,058,680
Receivables:
Investment securities sold			3,989,901			4,336,327			—			—
Fund shares sold			—			468			308,311			1,776
Dividends			8,520			18,504			—			18,844
Interest			1,061,109			1,761,211			2,052,616			993,140
Prepaid expenses			7,097			5,951			992			992
Prepaid offering expense			—			31,260			31,836			32,603
Reimbursement due from Investment Adviser			—			—			—			3,165
Other assets			2,923			—			—			—
Total assets			102,421,094			149,471,984			124,759,181			237,025,425
LIABILITIES:
Income distribution payable			—			—			—			434,588
Payable for investment securities purchased			4,907,094			7,708,521			499,002			—
Payable for fund shares redeemed			—			1,300			1,867			5,254
Payable upon receipt of securities loaned			4,672,984			—			—			—
Variation margin payable on futures contracts			16,547			41,790			—			104,171
Payable to trustees under the deferred compensation plan (Note 5)			2,923			—			—			—
Payable for trustee fees			458			316			278			528
Payable for foreign capital gains tax			61,827			—			—			—
Other accrued expenses and liabilities			48,806			17,018			12,090			17,849
Total liabilities			9,710,639			7,768,945			513,237			562,390
NET ASSETS		$	92,710,455		$	141,703,039		$	124,245,944		$	236,463,035
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	109,821,126		$	141,300,207		$	122,924,225		$	236,546,979
Total distributable earnings (loss)			(17,110,671)			402,832			1,321,719			(83,944)
NET ASSETS		$	92,710,455		$	141,703,039		$	124,245,944		$	236,463,035
+ Including securities loaned at value		$	4,505,929		$	—		$	—		$	—
* Cost of investments in securities		$	91,734,363		$	131,943,041		$	115,625,783		$	220,995,253
† Cost of short-term investments		$	12,542,882		$	10,163,968		$	—		$	12,592,794
Net assets		$	92,710,455		$	141,703,039		$	124,245,944		$	236,463,035
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			11,248,702			14,129,850			12,291,392			23,654,679
Net asset value and redemption price per share		$	8.24		$	10.03		$	10.11		$	10.00

See Accompanying Notes to Financial Statements

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STATEMENTS OF OPERATIONS for the year ended March 31, 2023

	Voya VACS Series EMCD Fund			Voya VACS Series EMHCD Fund			Voya VACS Series HYB Fund			Voya VACS Series SC Fund
				February 17, 2023(1) to March 31, 2023			February 24, 2023(1) to March 31, 2023			March 3, 2023(1) to March 31, 2023
INVESTMENT INCOME:
Dividends		$	68,995		$	18,505		$	—		$	18,844
Interest, net of foreign taxes withheld*			4,581,582			950,928			926,362			856,007
Securities lending income, net			16,975			—			—			—
Total investment income			4,667,552			969,433			926,362			874,851
EXPENSES:
Investment management fees			552,736			—			—			—
Transfer agent fees(2)			249			21			15			23
Shareholder reporting expense			547			156			—			494
Registration fees			25,853			49			8			8
Professional fees			30,035			3,120			2,046			3,848
Custody and accounting expense			23,950			2,964			2,145			3,510
Trustee fees			4,579			468			330			494
Offering expense			—			3,740			3,165			2,397
Miscellaneous expense			7,269			970			330			494
Interest expense			—			121			—			—
Total expenses			645,218			11,609			8,039			11,268
Waived and reimbursed fees			(552,736)			—			—			(3,164)
Net expenses			92,482			11,609			8,039			8,104
Net investment income			4,575,070			957,824			918,323			866,747
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(9,545,143)			(14,110)			(4,715)			—
Futures			439,573			151,437			—			(10,231)
Net realized gain (loss)			(9,105,570)			137,327			(4,715)			(10,231)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued)#			3,311,901			559,949			1,326,434			1,327,256
Futures			(274,813)			(299,404)			—			(1,447,042)
Net change in unrealized appreciation (depreciation)			3,037,088			260,545			1,326,434			(119,786)
Net realized and unrealized gain (loss)			(6,068,482)			397,872			1,321,719			(130,017)
Increase (decrease) in net assets resulting from operations		$	(1,493,412)		$	1,355,696		$	2,240,042		$	736,730
* Foreign taxes withheld		$	—		$	120		$	—		$	—
# Change in foreign capital gains taxes accrued		$	9,190		$	—		$	—		$	—

(1)

Commencement of operations.

(2)

Prior to November 18, 2022, Voya VACS Series EMCD Fund had a Class P shares designation.

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	Voya VACS Series EMCD Fund						Voya VACS Series EMHCD Fund			Voya VACS Series HYB Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			February 17, 2023(1) to March 31, 2023			February 24, 2023(1) to March 31, 2023
FROM OPERATIONS:
Net investment income		$	4,575,070		$	4,810,970		$	957,824		$	918,323
Net realized gain (loss)			(9,105,570)			1,549,340			137,327			(4,715)
Net change in unrealized appreciation (depreciation)			3,037,088			(15,386,404)			260,545			1,326,434
Increase (decrease) in net assets resulting from operations			(1,493,412)			(9,026,094)			1,355,696			2,240,042
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)(2)			(4,740,003)			(7,007,377)			(952,864)			(918,323)
Total distributions			(4,740,003)			(7,007,377)			(952,864)			(918,323)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			—			900,000			140,354,256			122,013,715
Reinvestment of distributions			4,740,003			7,007,377			952,864			918,323
			4,740,003			7,907,377			141,307,120			122,932,038
Cost of shares redeemed			(2,999,993)			—			(6,913)			(7,813)
Net increase in net assets resulting from capital share transactions			1,740,010			7,907,377			141,300,207			122,924,225
Net increase (decrease) in net assets			(4,493,405)			(8,126,094)			141,703,039			124,245,944
NET ASSETS:
Beginning of year or period			97,203,860			105,329,954			—			—
End of year or period		$	92,710,455		$	97,203,860		$	141,703,039		$	124,245,944

(1)

Commencement of operations.

(2)

Prior to November 18, 2022, Voya VACS Series EMCD Fund had a Class P shares designation.

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	Voya VACS Series SC Fund
	March 3, 2023(1) to March 31, 2023
FROM OPERATIONS:
Net investment income		$	866,747
Net realized loss			(10,231)
Net change in unrealized appreciation (depreciation)			(119,786)
Increase in net assets resulting from operations			736,730
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):			(820,674)
Total distributions			(820,674)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			236,189,763
Reinvestment of distributions			386,086
			236,575,849
Cost of shares redeemed			(28,870)
Net increase in net assets resulting from capital share transactions			236,546,979
Net increase in net assets			236,463,035
NET ASSETS:
Beginning of year or period			—
End of year or period		$	236,463,035

(1)

Commencement of operations.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions												Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains	From return of capital	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)	($)	($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya VACS Series EMCD Fund
03-31-23(4)		8.79		0.41•		(0.53)		(0.12)		0.41	0.02	—		0.43		—		8.24		(1.27)		0.71	0 .10	0 .10	5 .00		92,710		101
03-31-22		10.27		0.46•		(1.28)		(0.82)		0.45	0.21	—		0.66		—		8.79		(8.54)		1.02	0 .07	0 .07	4 .54		97,204		35
03-31-21		8.84		0.47•		1.44		1.91		0.48	—	—		0.48		—		10.27		21.79		1.03	0 .08	0 .08	4 .63		105,330		48
03-31-20		9.77		0.49•		(0.90)		(0.41)		0.49	—	0.03		0.52		—		8.84		(4.70)		1.04	0 .09	0 .09	4 .87		90,701		50
03-31-19	��	9.82		0.48		(0.04)		0.44		0.49	—	—		0.49		—		9.77		4.74		1.05	0 .10	0 .10	5 .01		96,445		69
Voya VACS Series EMHCD Fund
02-17-23(5) - 03-31-23		10.00		0.07•		0.03		0.10		0.07	—	—		0.07		—		10.03		0.98		0.08	0 .08	0 .08	6 .43		141,703		14
Voya VACS Series HYB Fund
02-24-23(5) - 03-31-23		10.00		0.08•		0.11		0.19		0.08	—	—		0.08		—		10.11		1.86		0.07	0 .07	0 .07	8 .38		124,241		2
Voya VACS Series SC Fund
03-03-23(5) - 03-31-23		10.00		0.04•		(0.01)		0.03		0.03	—	—		0.03		—		10.00		0.35		0.07	0 .05	0 .05	5 .17		236,463		—

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

Prior to November 18, 2022, Voya VACS Series EMCD Fund had a Class P shares designation.

(5)

Commencement of operations.

•

Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023

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 Investment Company Act of 1940, as amended (“1940 Act”). It was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fifteen separately managed series. This report is for Voya VACS Series EMCD Fund (“EMCD”), Voya VACS Series EMHCD Fund (“EMHCD”), and Voya Series SC Fund (“SC”), each a diversified series of Voya Separate Portfolios Trust, except EMHCD, which is non-diversified. Prior to November 18, 2022, EMCD was known as Voya Emerging Markets Corporate Debt Fund.

Voya Funds Trust and Voya Separate Portfolios Trust are each a “Trust” and collectively referred to as the “Trusts.” HYB, EMCD, 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’ shares are not registered under the Securities Act of 1933 (the “1933 Act”) because the shares are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the 1933 Act. Investments in a Fund may only be made by “accredited investors,” as defined in Regulation D under the 1933 Act.

The Funds do not have a share class designation. Prior to November 18, 2022, EMCD had a Class P shares 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.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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 class 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.

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Each 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.

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

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

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. A table summarizing each Fund’s investments under these levels of classification is included within the Portfolios of Investments.

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.

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (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.

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:

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.

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, 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. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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.

E. 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

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2023, EMCD, 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, 2023, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
EMCD		$	19,697,055		$	14,996,610
EMHCD			21,808,414			21,688,703
SC			7,381,500			88,957,469

Please refer to the tables within the Portfolio of Investments for open futures contracts at March 31, 2023. HYB did not enter into any futures contracts during the year ended March 31, 2023.

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.

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (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”) 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.

J. Offering Costs. Costs incurred with the offering of EMHCD, HYB and SC are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

K. 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, 2023, 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
EMCD		$	84,441,727		$	86,865,486
EMHCD			149,374,911			17,931,416
HYB			118,046,390			2,884,126
SC			201,766,564			849,814

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

	Purchases			Sales
EMCD		$	325,000		$	329,518
EMHCD			475,000			481,603
SC			20,085,470			20,138

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, SC and, effective November 18, 2022, EMCD. Prior to November 18, 2022, for EMCD, the Management Agreement compensated the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of the Fund, at an annual rate of 0.95%, which was fully waived for the Class P shares. The management fee waiver for Class P shares was not eligible for recoupment.

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At March 31, 2023, 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 Company	Fund	Percentage
Voya Intermediate Bond Portfolio	EMCD		95.20%
	EMHCD		84.14
	HYB		59.48
	SC		52.85
Voya Investment Management Co. LLC	EMHCD		11.09
	HYB		26.19
	SC		39.68

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, 2023, the Funds did not pay any amounts for affiliated recordkeeping services.

The Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), a common sub-adviser and/or common officers or trustees. For the period ended March 31, 2023, HYB and SC engaged in such transactions amounting to $117,543,432 and $221,875,254 of in-kind purchases, respectively.

NOTE 6 — EXPENSE LIMITATION AGREEMENT

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
EMCD		0.15%
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, 2023, 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,
	2024			2025			2026			Total
SC		$	—		$	—		$	3,165		$	3,165

The Expense Limitation Agreement is contractual through August 1, 2024 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 13, 2022 for EMCD, and on January 19, 2023 for EMHCD, HYB, and SC, in addition to certain other funds managed by the Investment Adviser, each Fund entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 12, 2023. 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 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit for EMCD was available paid a

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 7 — LINE OF CREDIT (continued)

commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

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 following Fund utilized the line of credit during the year ended March 31, 2023:

Fund			Days Utilized						Approximate Average Daily Balance For Days Utilized						Approximate Weighted Average Interest Rate For Days Utilized
EMHCD					1					$	781,000						5.58%

NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars are as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
EMCD(1)
3/31/2023		—		—		579,354		(386,597)		192,757		—		—		4,740,003		(2,999,993)		1,740,010
3/31/2022		93,071		—		704,164		—		797,235		900,000		—		7,007,377		—		7,907,377
EMHCD
2/17/2023(2) - 3/31/2023		14,035,444		—		95,098		(692)		14,129,850		140,354,256		—		952,864		(6,913)		141,300,207
HYB
2/24/2023(2) - 3/31/2023		12,201,299		—		90,872		(779)		12,291,392		122,013,715		—		918,323		(7,813)		122,924,225
SC
3/3/2023(2) - 3/31/2023		23,618,952		—		38,608		(2,881)		23,654,679		236,189,763		—		386,086		(28,870)		236,546,979

(1)

Prior to November 18, 2022, EMCD had a Class P shares designation.

(2)

Commencement of operations.

NOTE 9 — SECURITIES LENDING

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

Cash collateral received in connection with securities lending is invested in cash equivalents, money market

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

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 9 — SECURITIES LENDING (continued)

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, 2023:

EMCD

Counterparty			Securities Loaned at Value						Cash Collateral Received(1)						Net Amount
Barclays Capital Inc.				$	446,008					$	(446,008)					$	—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd			899,752			(899,752)			—
Goldman Sachs International			884,066			(884,066)
Goldman Sachs & Co. LLC			441,831			(441,831)			—
J.P. Morgan Securities LLC			510,590			(510,590)			—
Morgan Stanley & Co. LLC			773,142			(773,142)			—
NatWest Markets Securities Inc.			550,540			(550,540)			—
Total		$	4,505,929		$	(4,505,929)		$	—

(1)

Cash Collateral with a fair value of $4,672,984 has been 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

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

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

	Year or Period Ended March 31, 2023						Year Ended March 31, 2022
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
EMCD		$	4,565,018		$	174,985		$	4,859,024		$	2,148,353
EMHCD			952,864			—			—			—
HYB			918,323			—			—			—
SC			820,674			—			—			—

	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
EMCD		$	98,167		$	(7,767,552)		$	(428,773)		Short-term		None		$	(61,827)		$	(17,110,671)
									(8,950,686)		Long-term		None
								$	(9,379,459)
EMHCD			4,959			559,950			(73,296)		Short-term		None			—			402,832
									(88,781)		Long-term		None
								$	(162,077)
HYB			—			1,326,434			(4,715)		Short-term		None			—			1,321,719
SC			480,945			1,327,256			(583,193)		Short-term		None			(434,588)			(83,944)
									(874,364)		Long-term		None
								$	(1,457,557)

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

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on each Fund.

NOTE 12 — LIQUIDITY

monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Fund’s liquidity risk.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported EMCD’s ability to honor redemption requests in a timely manner and the Program Administrator’s management of EMCD’s liquidity risk, including during any periods of market volatility and net redemptions.

NOTE 13 — MARKET DISRUPTION

Each 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, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 13 — MARKET DISRUPTION (continued)

markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. 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 a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those 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 Fund’s investments. Any of these occurrences could disrupt the operations of the Funds and of the Funds service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

NOTE 15 — SUBSEQUENT EVENTS

Dividends. Subsequent to March 31, 2023, the Funds declared dividends from net investment income of:

Per Share
Amount

Payable
Date

Record
Date

EMCD

0.0361

May 1, 2023

Daily

EMHCD

0.0540

May 1, 2023

Daily

HYB

0.0683

May 1, 2023

Daily

0.0413

May 1, 2023

Daily

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 88.8%
	Argentina: 1.5%
510,000 (1)	Arcor SAIC, 8.250%, 10/09/2027		$	516,893		0.6
1,100,000 (1)	YPF SA, 8.500%, 06/27/2029			833,217		0.9
				1,350,110		1.5
	Brazil: 5.5%
750,000 (2)	Banco do Brasil SA/Cayman, 9.000%, 12/31/2199			738,938		0.8
750,000 (1)	Braskem Netherlands Finance BV, 7.250%, 02/13/2033			721,312		0.8
675,000 (1)	CSN Resources SA, 4.625%, 06/10/2031			520,370		0.6
250,000	Fibria Overseas Finance Ltd., 5.500%, 01/17/2027			251,223		0.3
950,000 (1)(3)	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.625%, 01/15/2032			788,234		0.9
600,000	Minerva Luxembourg SA, 4.375%, 03/18/2031			493,139		0.5
475,000 (1)	Minerva Luxembourg SA, 4.375%, 03/18/2031			390,402		0.4
900,000 (3)	Nexa Resources SA, 6.500%, 01/18/2028			876,930		0.9
300,000 (1)	Suzano Austria GmbH, 7.000%, 03/16/2047			310,215		0.3
				5,090,763		5.5
	Chile: 5.0%
475,000 (1)	Antofagasta PLC, 5.625%, 05/13/2032			472,934		0.5
525,000 (1)	ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par, 4.050%, 04/27/2026			451,848		0.5
800,000	Banco de Credito e Inversiones SA, 2.875%, 10/14/2031			648,600		0.7
600,000 (1)	Celulosa Arauco y Constitucion SA, 4.200%, 01/29/2030			545,831		0.6
200,000	Celulosa Arauco y Constitucion SA, 5.500%, 11/02/2047			175,587		0.2
370,000 (1)	Cia Cervecerias Unidas SA, 3.350%, 01/19/2032			313,923		0.3
350,000 (1)	Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033			353,827		0.4

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Chile (continued)
630,000	Engie Energia Chile SA, 3.400%, 01/28/2030		$	514,941		0.6
575,000 (1)	Inversiones CMPC SA, 3.000%, 04/06/2031			476,963		0.5
800,000	Telefonica Moviles Chile SA, 3.537%, 11/18/2031			638,672		0.7
				4,593,126		5.0
	China: 2.2%
650,000	Alibaba Group Holding Ltd., 3.600%, 11/28/2024			635,590		0.7
600,000 (1)	ENN Clean Energy International Investment Ltd., 3.375%, 05/12/2026			540,247		0.6
950,000 (1)	Tencent Holdings Ltd., 3.595%, 01/19/2028			897,578		0.9
				2,073,415		2.2
	Colombia: 4.6%
750,000 (2)	Bancolombia SA, 4.625%, 12/18/2029			630,746		0.7
975,000	Ecopetrol SA, 6.875%, 04/29/2030			899,477		1.0
1,100,000	Ecopetrol SA, 8.875%, 01/13/2033			1,114,300		1.2
625,000 (1)	Geopark Ltd., 5.500%, 01/17/2027			525,000		0.6
450,000 (1)	Millicom International Cellular SA, 5.125%, 01/15/2028			402,386		0.4
800,000	Oleoducto Central SA, 4.000%, 07/14/2027			684,908		0.7
				4,256,817		4.6
	Ghana: 0.3%
424,000 (1)	Tullow Oil PLC, 10.250%, 05/15/2026			327,298		0.3

	Guatemala: 1.5%
750,000 (1)	Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.250%, 04/27/2029			697,811		0.8
800,000 (1)	CT Trust, 5.125%, 02/03/2032			670,000		0.7
				1,367,811		1.5
	Hong Kong: 3.2%
600,000 (1)	CK Hutchison International 21 Ltd., 2.500%, 04/15/2031			515,869		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Hong Kong (continued)
650,000 (1)	Lenovo Group Ltd., 5.831%, 01/27/2028		$	654,620		0.7
635,000 (1)	Lenovo Group Ltd., 6.536%, 07/27/2032			645,530		0.7
550,000 (1)(2)(3)	Standard Chartered PLC, 6.170%, 01/09/2027			552,584		0.6
550,000 (1)(2)	Standard Chartered PLC, 6.301%, 01/09/2029			562,590		0.6
				2,931,193		3.2
	India: 5.2%
450,000	Adani Ports & Special Economic Zone Ltd., 4.375%, 07/03/2029			340,451		0.4
800,000 (1)	Bharti Airtel International Netherlands BV, 5.350%, 05/20/2024			802,113		0.9
1,200,000 (1)(3)	JSW Steel Ltd., 5.050%, 04/05/2032			983,418		1.0
525,000 (1)(2)	Network i2i Ltd., 3.975%, 12/31/2199			462,282		0.5
535,000 (1)	Reliance Industries Ltd., 2.875%, 01/12/2032			445,126		0.5
720,000 (1)	Reliance Industries Ltd., 3.667%, 11/30/2027			681,391		0.7
700,000 (1)	Summit Digitel Infrastructure Ltd., 2.875%, 08/12/2031			547,118		0.6
550,000 (1)	Vedanta Resources Finance II PLC, 8.950%, 03/11/2025			340,134		0.4
300,000 (1)	Vedanta Resources Finance II PLC, 13.875%, 01/21/2024			240,382		0.2
				4,842,415		5.2
	Indonesia: 2.6%
1,100,000 (1)	Medco Bell Pte Ltd., 6.375%, 01/30/2027			991,834		1.1
800,000 (1)	Pertamina Persero PT, 3.100%, 01/21/2030			710,196		0.8
250,000 (1)	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			239,625		0.2
600,000 (3)	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030			515,865		0.5
				2,457,520		2.6
	Israel: 6.0%
1,000,000 (1)(3)	Altice Financing SA, 5.750%, 08/15/2029			795,905		0.9

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Israel (continued)
925,000	Bank Hapoalim, 3.255%, 01/21/2032		$	772,837		0.8
800,000 (1)(2)	Bank Leumi Le-Israel BM, 3.275%, 01/29/2031			698,312		0.8
825,000 (1)	Israel Discount Bank Ltd., 5.375%, 01/26/2028			813,386		0.9
500,000 (1)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028			470,729		0.5
600,000 (1)(2)	Mizrahi Tefahot Bank Ltd., 3.077%, 04/07/2031			511,500		0.5
575,000 (3)	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 05/09/2029			521,414		0.6
900,000	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 09/15/2031			945,856		1.0
				5,529,939		6.0
	Kazakhstan: 0.9%
500,000	KazMunayGas National Co. JSC, 3.500%, 04/14/2033			376,170		0.4
500,000	KazMunayGas National Co. JSC, 6.375%, 10/24/2048			417,200		0.5
				793,370		0.9
	Kuwait: 2.0%
550,000 (1)	Equate Petrochemical BV, 2.625%, 04/28/2028			485,770		0.5
575,000	Equate Petrochemical BV, 4.250%, 11/03/2026			559,159		0.6
900,000 (1)(2)	NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199			818,604		0.9
				1,863,533		2.0
	Macau: 3.8%
1,500,000 (1)	Melco Resorts Finance Ltd., 5.750%, 07/21/2028			1,299,000		1.4
675,000	MGM China Holdings Ltd., 4.750%, 02/01/2027			605,397		0.7
1,675,000	Sands China Ltd., 5.900%, 08/08/2028			1,591,454		1.7
				3,495,851		3.8
	Malaysia: 1.6%
375,000 (1)	CIMB Bank Bhd, 2.125%, 07/20/2027			340,952		0.4
650,000 (1)	Genm Capital Labuan Ltd., 3.882%, 04/19/2031			505,762		0.5
725,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			686,043		0.7
				1,532,757		1.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Mexico: 7.4%
950,000 (1)	Alpek SAB de CV, 4.250%, 09/18/2029		$	855,785		0.9
600,000 (2)	Banco Mercantil del Norte SA/Grand Cayman, 7.500%, 12/31/2199			519,250		0.6
500,000 (1)(2)	Banco Mercantil del Norte SA/Grand Cayman, 7.500%, 12/31/2199			432,709		0.5
850,000 (1)	Cemex SAB de CV, 5.200%, 09/17/2030			784,797		0.8
750,000 (1)(2)	Cemex SAB de CV, 9.125%, 12/31/2199			752,028		0.8
650,000 (1)	GCC SAB de CV, 3.614%, 04/20/2032			545,975		0.6
500,000 (1)(2)	Grupo Bimbo SAB de CV, 5.950%, 12/31/2199			499,954		0.5
500,000 (1)	Industrias Penoles SAB de CV, 4.750%, 08/06/2050			392,292		0.4
675,000	Petroleos Mexicanos, 6.875%, 08/04/2026			641,449		0.7
875,000 (1)	Petroleos Mexicanos, 10.000%, 02/07/2033			839,382		0.9
625,000 (1)	Sigma Finance Netherlands BV, 4.875%, 03/27/2028			609,391		0.7
				6,873,012		7.4
	Morocco: 0.5%
500,000	OCP SA, 6.875%, 04/25/2044			455,748		0.5

	Oman: 1.0%
450,000 (1)	OQ SAOC, 5.125%, 05/06/2028			429,266		0.4
550,000 (1)	Oryx Funding Ltd., 5.800%, 02/03/2031			529,199		0.6
				958,465		1.0
	Panama: 1.7%
825,000 (1)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			710,292		0.8
1,000,000	C&W Senior Financing DAC, 6.875%, 09/15/2027			895,474		0.9
				1,605,766		1.7
	Peru: 1.0%
1,000,000 (2)	Banco de Credito del Peru S.A., 3.125%, 07/01/2030			901,014		1.0

Principal Amount†		Value				Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Poland: 0.8%
785,000 (1)	Canpack SA / Canpack US LLC, 3.125%, 11/01/2025		$	714,350			0.8

	Qatar: 1.8%
700,000	Commercial Bank PSQC/ THE, 4.500%, 12/31/2049			624,724			0.7
650,000 (1)	Ooredoo International Finance Ltd., 2.625%, 04/08/2031			564,678			0.6
650,000 (1)	QatarEnergy, 3.300%, 07/12/2051			485,973			0.5
				1,675,375			1.8
	Russia: 0.2%
1,000,000 (1)(2)(4)(5)	Alfa Bank AO Via Alfa Bond Issuance PLC, 5.950%, 04/15/2030			100,625			0.1
500,000 (1)(2)(5)	Sovcombank Via SovCom Capital DAC, 7.750%, 12/31/2199			43,437			0.1
				144,062			0.2
	Saudi Arabia: 4.8%
400,000 (1)	Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026			369,892			0.4
525,000 (1)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036			450,550			0.5
650,000	EIG Pearl Holdings Sarl, 4.387%, 11/30/2046			514,894			0.5
350,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038			360,394			0.4
325,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042			342,880			0.4
1,400,000 (1)	Saudi Arabian Oil Co., 2.250%, 11/24/2030			1,183,918			1.3
700,000	Saudi Arabian Oil Co., 2.875%, 04/16/2024			685,089			0.7
600,000	Saudi Electricity Global Sukuk Co. 2, 5.060%, 04/08/2043			586,980			0.6
				4,494,597	��		4.8
	Singapore: 0.8%
800,000 (1)(2)	Oversea-Chinese Banking Corp. Ltd., 1.832%, 09/10/2030			734,284			0.8

	South Africa: 3.7%
600,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028			534,031			0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	South Africa (continued)
400,000	AngloGold Ashanti Holdings PLC, 6.500%, 04/15/2040		$	391,471		0.4
875,000 (1)	Bidvest Group UK PLC/The, 3.625%, 09/23/2026			794,867		0.9
400,000	Bidvest Group UK PLC/The, 3.625%, 09/23/2026			363,368		0.4
775,000 (1)	Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			772,469		0.8
625,000	Sasol Financing USA LLC, 4.375%, 09/18/2026			565,669		0.6
				3,421,875		3.7
	South Korea: 7.9%
700,000 (1)	Kookmin Bank, 2.500%, 11/04/2030			570,545		0.6
550,000 (1)(2)	Kookmin Bank, 4.350%, 12/31/2199			522,428		0.6
650,000 (1)	Korea Electric Power Corp., 3.625%, 06/14/2025			634,452		0.7
500,000 (1)	Korea National Oil Corp., 4.750%, 04/03/2026			497,415		0.5
675,000 (1)	Korea National Oil Corp., 4.875%, 04/03/2028			678,414		0.7
550,000 (1)	KT Corp., 4.000%, 08/08/2025			538,616		0.6
925,000 (1)	POSCO, 5.625%, 01/17/2026			936,150		1.0
675,000 (1)	POSCO, 5.750%, 01/17/2028			697,069		0.7
200,000 (1)	POSCO, 5.875%, 01/17/2033			213,787		0.2
425,000 (1)(2)	Shinhan Financial Group Co. Ltd., 2.875%, 12/31/2199			359,210		0.4
700,000 (1)	SK Hynix, Inc., 2.375%, 01/19/2031			524,521		0.6
450,000 (1)	Woori Bank, 4.875%, 01/26/2028			451,420		0.5
725,000 (1)	Woori Bank Co. Ltd., 4.750%, 04/30/2024			718,493		0.8
				7,342,520		7.9
	Taiwan: 0.7%
650,000 (1)(3)	TSMC Global Ltd., 4.625%, 07/22/2032			655,743		0.7

	Thailand: 2.8%
500,000 (1)	Bangkok Bank PCL/Hong Kong, 4.450%, 09/19/2028			492,532		0.5

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Thailand (continued)
800,000 (1)(2)	Bangkok Bank PCL/Hong Kong, 5.000%, 12/31/2199		$	729,015		0.8
725,000 (1)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			652,472		0.7
1,000,000 (1)	PTTEP Treasury Center Co. Ltd., 3.903%, 12/06/2059			705,335		0.8
				2,579,354		2.8
	Turkey: 2.2%
250,000 (1)	Akbank TAS, 6.800%, 02/06/2026			242,475		0.3
550,000 (1)	Turk Telekomunikasyon AS, 6.875%, 02/28/2025			529,186		0.6
550,000	Turkiye Is Bankasi AS, 6.125%, 04/25/2024			545,339		0.6
700,000 (1)	Turkiye Sise ve Cam Fabrikalari AS, 6.950%, 03/14/2026			688,709		0.7
				2,005,709		2.2
	United Arab Emirates: 4.3%
700,000	DP World Ltd., 6.850%, 07/02/2037			781,159		0.9
650,000 (2)	Emirates NBD Bank PJSC, 6.125%, 12/31/2199			634,884		0.7
401,154	Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027			374,049		0.4
465,728 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034			401,652		0.4
379,940 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			308,696		0.3
500,000	MAF Global Securities Ltd., 4.750%, 05/07/2024			495,410		0.5
525,000 (1)	MDGH GMTN RSC Ltd., 5.500%, 04/28/2033			558,661		0.6
511,130 (1)	Sweihan PV Power Co. PJSC, 3.625%, 01/31/2049			420,529		0.5
				3,975,040		4.3
	United Kingdom: 1.3%
750,000 (2)	HSBC Holdings PLC, 7.390%, 11/03/2028			798,893		0.8
450,000 (2)(3)	HSBC Holdings PLC, 8.000%, 12/31/2199			449,955		0.5
				1,248,848		1.3
	Total Corporate Bonds/Notes (Cost $90,068,484)			82,291,680		88.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: 1.8%
	India: 0.7%
675,000 (1)	Export-Import Bank of India, 5.500%, 01/18/2033		$	675,238		0.7

	United Arab Emirates: 1.1%
1,000,000 (1)	Finance Department Government of Sharjah, 6.500%, 11/23/2032			1,021,184		1.1
	Total Sovereign Bonds (Cost $1,665,879)			1,696,422		1.8
	Total Long-Term Investments (Cost $91,734,363)			83,988,102		90.6
SHORT-TERM INVESTMENTS: 13.5%
	Commercial Paper: 6.5%
1,000,000	Agilent Technologies, Inc., 4.890%, 04/06/2023			999,152		1.1
1,000,000	Dollar General Corp., 4.990%, 04/03/2023			999,577		1.1
1,000,000	Dominion Energy, Inc., 5.040%, 04/03/2023			999,578		1.1
1,000,000	Duke Energy, 5.090%, 04/04/2023			999,434		1.1
1,000,000	Equifax, Inc., 5.200%, 04/06/2023			999,148		1.0
1,000,000	Medtronic, Inc., 5.300%, 04/06/2023			999,162		1.1
	Total Commercial Paper (Cost $5,996,898)			5,996,051		6.5

	Repurchase Agreements: 5.0%
1,117,089 (6)	Bank of America Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,117,532, collateralized by various U.S. Government Agency Obligations, 1.500%-3.000%, Market Value plus accrued interest $1,139,431, due 11/01/49-02/01/51)			1,117,089		1.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
204,628 (6)	Citigroup, Inc., Repurchase Agreement dated 03/31/23, 4.81%, due 04/03/23 (Repurchase Amount $204,709, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $208,721, due 12/26/24-03/20/53)		$	204,628		0.2
1,117,089 (6)	HSBC Securities USA, Repurchase Agreement dated 03/31/23, 4.80%, due 04/03/23 (Repurchase Amount $1,117,530, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,139,431, due 06/15/24-02/15/53)			1,117,089		1.2
1,117,089 (6)	Jefferies LLC, Repurchase Agreement dated 03/31/23, 4.91%, due 04/03/23 (Repurchase Amount $1,117,540, collateralized by various U.S. Government Agency Obligations, 0.000%-5.750%, Market Value plus accrued interest $1,139,438, due 04/14/23-03/21/28)			1,117,089		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,117,089 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/23, 4.82%, due 04/03/23 (Repurchase Amount $1,117,532, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.375%, Market Value plus accrued interest $1,139,431, due 04/06/23-02/20/53)		$	1,117,089		1.2
	Total Repurchase Agreements (Cost $4,672,984)			4,672,984		5.0

Shares		Value			Percentage of Net Assets
	Mutual Funds: 2.0%
1,873,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730% (Cost $1,873,000)			1,873,000		2.0
	Total Short-Term Investments (Cost $12,542,882)			12,542,035		13.5
	Total Investments in Securities (Cost $104,277,245)		$	96,530,137		104.1
	Liabilities in Excess of Other Assets			(3,819,682)		(4.1)
	Net Assets		$	92,710,455		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(3)

Security, or a portion of the security, is on loan.

(4)

Defaulted security.

(5)

Restricted security as to resale, excluding Rule 144A securities. As of March 31, 2023, the Fund held restricted securities with a fair value of $144,062 or 0.2% of net assets. Please refer to the table below for additional details.

(6)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(7)

Rate shown is the 7-day yield as of March 31, 2023.

Sector Diversification	Percentage of Net Assets
Financial		19.8%
Energy		18.7
Basic Materials		14.9
Consumer, Non-cyclical		8.7
Communications		8.5
Consumer, Cyclical		5.6
Utilities		5.1
Industrial		4.8
Technology		2.7
Sovereign Bonds		1.8
Short-Term Investments		13.5
Liabilities in Excess of Other Assets		(4.1)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	82,291,680		$	—		$	82,291,680
Sovereign Bonds			—			1,696,422			—			1,696,422
Short-Term Investments			1,873,000			10,669,035			—			12,542,035
Total Investments, at fair value		$	1,873,000		$	94,657,137		$	—		$	96,530,137
Other Financial Instruments+
Futures			183,353			—			—			183,353
Total Assets		$	2,056,353		$	94,657,137		$	—		$	96,713,490
Liabilities Table
Other Financial Instruments+
Futures		$	(322,981)		$	—		$	—		$	(322,981)
Total Liabilities		$	(322,981)		$	—		$	—		$	(322,981)

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

At March 31, 2023, Voya VACS Series EMCD Fund held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Alfa Bank AO Via Alfa Bond Issuance PLC		11/21/2019		$	1,005,425		$	100,625
Sovcombank Via SovCom Capital DAC		1/30/2020			500,000			43,437
				$	1,505,425		$	144,062

At March 31, 2023, the following futures contracts were outstanding for Voya VACS Series EMCD Fund:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note	58	06/30/23		$	11,974,281		$	138,983
U.S. Treasury 5-Year Note	22	06/30/23			2,409,172			32,362
U.S. Treasury Ultra Long Bond	17	06/22/23			2,399,125			12,008
				$	16,782,578		$	183,353
Short Contracts:
U.S. Treasury 10-Year Note	(46)	06/21/23			(5,286,407)			(90,369)
U.S. Treasury Long Bond	(5)	06/21/23			(655,781)			(24,761)
U.S. Treasury Ultra 10-Year Note	(58)	06/21/23			(7,026,156)			(207,851)
				$	(12,968,344)		$	(322,981)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMCD Fund

as of March 31, 2023 (continued)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	183,353
Total Asset Derivatives			$	183,353
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	322,981
Total Liability Derivatives			$	322,981

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	439,573
Total		$	439,573

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(274,813)
Total		$	(274,813)

At March 31, 2023, 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 federal income tax purposes was $104,158,062.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	764,147
Gross Unrealized Depreciation		(8,531,699)
Net Unrealized Depreciation	$	(7,767,552)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 34.5%
	Brazil: 0.8%
1,150,000 (1)	Braskem Netherlands Finance BV, 7.250%, 02/13/2033		$	1,106,012		0.8

	Chile: 4.4%
900,000 (1)	Corp Nacional del Cobre de Chile, 3.750%, 01/15/2031			828,921		0.6
1,150,000 (1)	Corp Nacional del Cobre de Chile, 4.250%, 07/17/2042			968,973		0.7
750,000 (1)	Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047			645,046		0.4
550,000 (1)	Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033			556,013		0.4
400,000 (1)	Empresa de Transporte de Pasajeros Metro SA, 3.693%, 09/13/2061			277,381		0.2
700,000 (1)	Empresa Nacional del Petroleo, 3.450%, 09/16/2031			580,231		0.4
1,500,000 (1)	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			1,399,532		1.0
300,000 (1)	Empresa Nacional del Petroleo, 4.500%, 09/14/2047			230,912		0.1
990,000	Engie Energia Chile SA, 3.400%, 01/28/2030			809,194		0.6
				6,296,203		4.4
	China: 0.6%
900,000 (1)	ENN Clean Energy International Investment Ltd., 3.375%, 05/12/2026			810,370		0.6

	Guatemala: 0.6%
290,000 (1)	Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.250%, 04/27/2029			269,820		0.2
700,000 (1)	CT Trust, 5.125%, 02/03/2032			586,250		0.4
				856,070		0.6
	Indonesia: 4.5%
750,000 (1)	Hutama Karya Persero PT, 3.750%, 05/11/2030			682,703		0.5
750,000 (1)	Pertamina Persero PT, 3.100%, 01/21/2030			665,809		0.5
1,000,000 (1)	Pertamina Persero PT, 3.650%, 07/30/2029			930,000		0.7
1,000,000	Pertamina Persero PT, 5.625%, 05/20/2043			947,650		0.7
1,500,000 (1)	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			1,437,750		1.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Indonesia (continued)
750,000	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027		$	718,875		0.5
500,000 (1)	Perusahaan Listrik Negara PT, 6.250%, 01/25/2049			485,578		0.3
550,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030			472,876		0.3
				6,341,241		4.5
	Israel: 0.5%
750,000 (1)	Israel Electric Corp. Ltd., 3.750%, 02/22/2032			654,887		0.5

	Kazakhstan: 0.8%
1,000,000 (1)	KazMunayGas National Co. JSC, 3.500%, 04/14/2033			752,341		0.5
500,000	KazMunayGas National Co. JSC, 5.750%, 04/19/2047			392,220		0.3
				1,144,561		0.8
	Malaysia: 1.9%
825,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			780,670		0.5
300,000	Petronas Capital Ltd., 2.480%, 01/28/2032			255,700		0.2
1,750,000 (1)	Petronas Capital Ltd., 4.800%, 04/21/2060			1,670,796		1.2
				2,707,166		1.9
	Mexico: 6.1%
750,000 (1)	Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025			728,177		0.5
1,100,000 (1)(2)	Cemex SAB de CV, 9.125%, 12/31/2199			1,102,974		0.8
500,000 (1)	Comision Federal de Electricidad, 4.677%, 02/09/2051			336,552		0.2
425,000 (1)	Comision Federal de Electricidad, 4.688%, 05/15/2029			381,591		0.3
1,000,000 (1)	Comision Federal de Electricidad, 6.264%, 02/15/2052			835,089		0.6
350,000	Petroleos Mexicanos, 5.500%, 06/27/2044			206,365		0.2
1,000,000	Petroleos Mexicanos, 6.500%, 03/13/2027			909,668		0.6
500,000	Petroleos Mexicanos, 6.500%, 01/23/2029			430,257		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Mexico (continued)
235,000	Petroleos Mexicanos, 6.700%, 02/16/2032		$	187,239		0.1
500,000	Petroleos Mexicanos, 6.750%, 09/21/2047			325,405		0.2
1,275,000	Petroleos Mexicanos, 6.875%, 08/04/2026			1,211,626		0.9
1,000,000	Petroleos Mexicanos, 6.950%, 01/28/2060			647,162		0.5
1,375,000 (1)	Petroleos Mexicanos, 10.000%, 02/07/2033			1,319,029		0.9
				8,621,134		6.1
	Nigeria: 0.3%
675,000	Republic of Nigeria, 7.875%, 02/16/2032			510,881		0.3

	Oman: 1.6%
1,750,000 (1)	OQ SAOC, 5.125%, 05/06/2028			1,669,369		1.2
700,000 (1)	Oryx Funding Ltd., 5.800%, 02/03/2031			673,525		0.4
				2,342,894		1.6
	Panama: 2.1%
1,000,000 (1)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			860,960		0.6
1,425,000	Banco Nacional de Panama, 2.500%, 08/11/2030			1,106,841		0.8
1,200,000 (1)	Empresa de Transmision Electrica SA, 5.125%, 05/02/2049			964,031		0.7
				2,931,832		2.1
	Peru: 1.0%
400,000 (1)	Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027			345,388		0.3
250,000	Petroleos del Peru SA, 4.750%, 06/19/2032			186,102		0.1
1,400,000 (1)	Petroleos del Peru SA, 5.625%, 06/19/2047			907,900		0.6
				1,439,390		1.0
	Qatar: 0.7%
1,350,000 (1)	QatarEnergy, 3.300%, 07/12/2051			1,009,327		0.7

	Saudi Arabia: 1.4%
1,000,000 (1)	EIG Pearl Holdings Sarl, 4.387%, 11/30/2046			792,145		0.6

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Saudi Arabia (continued)
550,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038		$	566,333		0.4
550,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042			580,258		0.4
				1,938,736		1.4
	South Africa: 1.1%
650,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028			578,534		0.4
1,000,000 (1)	Eskom Holdings SOC Ltd., 6.350%, 08/10/2028			947,750		0.7
				1,526,284		1.1
	South Korea: 2.1%
775,000 (1)	Korea National Oil Corp., 4.750%, 04/03/2026			770,993		0.5
1,000,000 (1)	Korea National Oil Corp., 4.875%, 04/03/2028			1,005,057		0.7
1,000,000 (1)	POSCO, 5.750%, 01/17/2028			1,032,694		0.7
225,000 (1)	POSCO, 5.875%, 01/17/2033			240,511		0.2
				3,049,255		2.1
	Thailand: 0.5%
850,000 (1)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			764,967		0.5

	United Arab Emirates: 2.5%
750,000	DP World Crescent Ltd., 3.875%, 07/18/2029			708,169		0.5
443,550 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034			382,526		0.3
593,656 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			482,338		0.3
1,850,000 (1)	MDGH GMTN RSC Ltd., 5.500%, 04/28/2033			1,968,616		1.4
				3,541,649		2.5
	United Kingdom: 0.9%
1,150,000 (2)	HSBC Holdings PLC, 7.390%, 11/03/2028			1,224,969		0.9

	Venezuela: 0.1%
1,000,000 (3)	Petroleos de Venezuela SA, 9.000%, 11/17/2021			46,250		0.0
1,750,000 (3)	Petroleos de Venezuela SA, 9.750%, 05/17/2035			87,500		0.1
				133,750		0.1
	Total Corporate Bonds/Notes (Cost $48,821,619)			48,951,578		34.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: 59.0%
	Angola: 0.8%
750,000 (1)	Angolan Government International Bond, 8.000%, 11/26/2029		$	645,300		0.5
500,000 (1)	Angolan Government International Bond, 9.500%, 11/12/2025			497,280		0.3
				1,142,580		0.8
	Argentina: 1.5%
1,883,777 (2)(4)	Argentine Republic Government International Bond, 0.500% (Step Rate @ 0.750% on 07/09/2023), 07/09/2030			550,401		0.4
374,111	Argentine Republic Government International Bond, 1.000%, 07/09/2029			105,608		0.1
4,906,220 (4)	Argentine Republic Government International Bond, 1.500% (Step Rate @ 3.625% on 07/09/2023), 07/09/2035			1,287,543		0.9
701,019 (4)	Argentine Republic Government International Bond, 3.875% (Step Rate @ 4.250% on 07/09/2023), 01/09/2038			220,873		0.1
				2,164,425		1.5
	Bahrain: 1.5%
2,000,000	Bahrain Government International Bond, 7.375%, 05/14/2030			2,071,942		1.5

	Brazil: 0.6%
1,000,000	Brazilian Government International Bond, 5.625%, 02/21/2047			844,626		0.6

	Chile: 0.9%
1,000,000	Chile Government International Bond, 3.500%, 01/31/2034			892,415		0.6
500,000	Chile Government International Bond, 4.000%, 01/31/2052			407,079		0.3
				1,299,494		0.9
	Colombia: 2.8%
500,000	Colombia Government International Bond, 3.000%, 01/30/2030			393,420		0.3

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Colombia (continued)
1,500,000	Colombia Government International Bond, 3.250%, 04/22/2032		$	1,119,940		0.8
1,000,000	Colombia Government International Bond, 4.125%, 05/15/2051			618,682		0.4
750,000	Colombia Government International Bond, 5.000%, 06/15/2045			526,100		0.3
400,000	Colombia Government International Bond, 5.200%, 05/15/2049			280,146		0.2
500,000	Colombia Government International Bond, 6.125%, 01/18/2041			410,518		0.3
664,000	Colombia Government International Bond, 8.000%, 04/20/2033			681,254		0.5
				4,030,060		2.8
	Costa Rica: 1.1%
1,500,000	Costa Rica Government International Bond, 6.125%, 02/19/2031			1,494,705		1.1

	Dominican Republic: 3.2%
700,000 (1)	Dominican Republic International Bond, 4.875%, 09/23/2032			596,143		0.4
500,000 (1)	Dominican Republic International Bond, 5.300%, 01/21/2041			390,991		0.3
1,700,000	Dominican Republic International Bond, 5.875%, 01/30/2060			1,306,112		0.9
925,000	Dominican Republic International Bond, 6.000%, 07/19/2028			906,090		0.7
500,000 (1)	Dominican Republic International Bond, 6.000%, 02/22/2033			459,508		0.3
500,000 (1)	Dominican Republic International Bond, 6.875%, 01/29/2026			508,850		0.4
300,000 (1)	Dominican Republic International Bond, 7.050%, 02/03/2031			305,355		0.2
				4,473,049		3.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Ecuador: 0.8%
717,550 (1)(4)	Ecuador Government International Bond, 1.500% (Step Rate @ 2.500% on 07/31/2023), 07/31/2040		$	217,848		0.1
1,807,845 (1)(4)	Ecuador Government International Bond, 2.500% (Step Rate @ 3.500% on 07/31/2023), 07/31/2035			609,741		0.4
800,850 (1)(2)(4)	Ecuador Government International Bond, 5.500% (Step Rate @ 6.000% on 07/31/2023), 07/31/2030			376,272		0.3
				1,203,861		0.8
	Egypt: 1.7%
1,000,000	Egypt Government International Bond, 5.800%, 09/30/2027			703,915		0.5
500,000 (1)	Egypt Government International Bond, 7.500%, 02/16/2061			271,808		0.2
1,750,000 (1)	Egypt Government International Bond, 8.700%, 03/01/2049			1,028,608		0.7
600,000 (1)	Egypt Government International Bond, 8.875%, 05/29/2050			355,627		0.3
				2,359,958		1.7
	El Salvador: 0.4%
1,000,000 (1)	El Salvador Government International Bond, 6.375%, 01/18/2027			563,811		0.4

	Gabon: 0.3%
500,000 (1)	Gabon Government International Bond, 6.625%, 02/06/2031			382,725		0.3

	Ghana: 0.9%
750,000 (3)	Ghana Government International Bond, 7.875%, 03/26/2027			278,813		0.2
2,000,000 (3)	Ghana Government International Bond, 7.875%, 02/11/2035			703,100		0.5
1,000,000 (3)	Ghana Government International Bond, 8.750%, 03/11/2061			340,000		0.2
				1,321,913		0.9

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Guatemala: 0.6%
860,000 (1)	Guatemala Government Bond, 5.250%, 08/10/2029		$	840,407		0.6

	Honduras: 0.3%
250,000	Honduras Government International Bond, 5.625%, 06/24/2030			198,396		0.2
200,000	Honduras Government International Bond, 6.250%, 01/19/2027			178,934		0.1
				377,330		0.3
	Hungary: 1.6%
1,750,000 (1)	Hungary Government International Bond, 3.125%, 09/21/2051			1,079,776		0.7
700,000 (1)	Hungary Government International Bond, 5.500%, 06/16/2034			675,825		0.5
500,000	Hungary Government International Bond, 7.625%, 03/29/2041			563,787		0.4
				2,319,388		1.6
	India: 1.0%
500,000	Export-Import Bank of India, 2.250%, 01/13/2031			401,418		0.3
1,000,000 (1)	Export-Import Bank of India, 5.500%, 01/18/2033			1,000,352		0.7
				1,401,770		1.0
	Indonesia: 2.5%
300,000	Indonesia Government International Bond, 4.750%, 02/11/2029			303,969		0.2
1,250,000	Indonesia Government International Bond, 5.250%, 01/17/2042			1,225,084		0.9
320,000	Indonesia Government International Bond, 5.450%, 09/20/2052			324,800		0.2
1,250,000	Indonesia Government International Bond, 8.500%, 10/12/2035			1,628,173		1.2
				3,482,026		2.5
	Ivory Coast: 0.7%
1,044,654 (2)	Ivory Coast Government International Bond, 5.750%, 12/31/2032			978,054		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Jamaica: 0.9%
600,000	Jamaica Government International Bond, 7.875%, 07/28/2045		$	705,169		0.5
500,000	Jamaica Government International Bond, 8.000%, 03/15/2039			604,426		0.4
				1,309,595		0.9
	Jordan: 0.6%
1,000,000 (1)	Jordan Government International Bond, 5.850%, 07/07/2030			893,589		0.6

	Kazakhstan: 0.7%
900,000 (1)	Kazakhstan Government International Bond, 6.500%, 07/21/2045			940,455		0.7

	Kenya: 0.6%
500,000 (1)	Kenya Government International Bond, 6.875%, 06/24/2024			463,390		0.3
500,000	Kenya Government International Bond, 7.250%, 02/28/2028			411,282		0.3
				874,672		0.6
	Lebanon: 0.2%
2,000,000 (3)	Lebanon Government International Bond, 6.100%, 10/04/2022			131,500		0.1
2,000,000 (3)	Lebanon Government International Bond, 6.850%, 03/23/2027			133,350		0.1
				264,850		0.2
	Malaysia: 0.7%
1,250,000 (1)	Malaysia Wakala Sukuk Bhd, 3.075%, 04/28/2051			975,825		0.7

	Mexico: 2.8%
940,000	Mexico Government International Bond, 3.250%, 04/16/2030			843,902		0.6
750,000	Mexico Government International Bond, 4.350%, 01/15/2047			594,813		0.4
1,000,000	Mexico Government International Bond, 4.500%, 04/22/2029			978,060		0.7

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Mexico (continued)
1,550,000	Mexico Government International Bond, 4.875%, 05/19/2033		$	1,485,883		1.1
				3,902,658		2.8
	Morocco: 0.5%
425,000 (1)	Morocco Government International Bond, 3.000%, 12/15/2032			343,700		0.3
500,000 (1)	Morocco Government International Bond, 4.000%, 12/15/2050			341,875		0.2
				685,575		0.5
	Nigeria: 1.7%
1,000,000	Nigeria Government International Bond, 6.500%, 11/28/2027			817,420		0.6
1,500,000 (1)	Nigeria Government International Bond, 7.375%, 09/28/2033			1,066,425		0.7
500,000	Nigeria Government International Bond, 7.696%, 02/23/2038			336,855		0.2
300,000	Nigeria Government International Bond, 7.875%, 02/16/2032			227,058		0.2
				2,447,758		1.7
	Oman: 1.4%
500,000 (1)	Oman Government International Bond, 5.375%, 03/08/2027			495,623		0.3
800,000	Oman Government International Bond, 6.000%, 08/01/2029			806,405		0.6
750,000 (1)	Oman Government International Bond, 6.500%, 03/08/2047			692,701		0.5
				1,994,729		1.4
	Panama: 2.4%
750,000	Panama Government International Bond, 3.298%, 01/19/2033			628,008		0.5
500,000	Panama Government International Bond, 4.500%, 04/16/2050			382,070		0.3
1,000,000	Panama Government International Bond, 4.500%, 01/19/2063			723,855		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Panama (continued)
1,000,000	Panama Government International Bond, 6.400%, 02/14/2035		$	1,044,933		0.7
550,000	Panama Government International Bond, 6.700%, 01/26/2036			583,455		0.4
				3,362,321		2.4
	Paraguay: 0.9%
750,000	Paraguay Government International Bond, 5.000%, 04/15/2026			746,348		0.5
650,000	Paraguay Government International Bond, 5.600%, 03/13/2048			579,456		0.4
				1,325,804		0.9
	Peru: 0.9%
500,000	Peruvian Government International Bond, 2.780%, 12/01/2060			299,299		0.2
500,000	Peruvian Government International Bond, 2.783%, 01/23/2031			428,009		0.3
500,000	Peruvian Government International Bond, 5.625%, 11/18/2050			505,178		0.4
				1,232,486		0.9
	Philippines: 2.4%
1,550,000	Philippine Government International Bond, 5.000%, 07/17/2033			1,577,071		1.1
750,000	Philippine Government International Bond, 5.500%, 01/17/2048			767,086		0.5
1,000,000	Philippine Government International Bond, 5.950%, 10/13/2047			1,081,148		0.8
				3,425,305		2.4
	Poland: 1.9%
1,400,000	Republic of Poland Government International Bond, 4.875%, 10/04/2033			1,395,590		1.0
1,225,000	Republic of Poland Government International Bond, 5.750%, 11/16/2032			1,304,625		0.9
				2,700,215		1.9
	Qatar: 1.4%
750,000 (1)	Qatar Government International Bond, 3.750%, 04/16/2030			734,142		0.5

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Qatar (continued)
750,000 (1)	Qatar Government International Bond, 4.400%, 04/16/2050		$	695,861		0.5
500,000 (1)	Qatar Government International Bond, 4.817%, 03/14/2049			491,270		0.4
				1,921,273		1.4
	Republic Of Serbia: 1.0%
1,500,000	Serbia International Bond, 2.125%, 12/01/2030			1,142,032		0.8
275,000 (1)	Serbia International Bond, 6.500%, 09/26/2033			273,734		0.2
				1,415,766		1.0
	Romania: 2.0%
1,500,000 (1)	Romanian Government International Bond, 3.000%, 02/14/2031			1,237,452		0.9
1,500,000 (1)	Romanian Government International Bond, 3.625%, 03/27/2032			1,269,321		0.9
400,000	Romanian Government International Bond, 5.125%, 06/15/2048			335,000		0.2
				2,841,773		2.0
	Russia: 0.0%
1,000,000 (3)	Russian Foreign Bond - Eurobond, 5.250%, 06/23/2047			60,000		0.0

	Saudi Arabia: 3.0%
3,000,000	Saudi Government International Bond, 3.450%, 02/02/2061			2,128,149		1.5
800,000	Saudi Government International Bond, 3.750%, 01/21/2055			616,821		0.4
1,475,000 (1)	Saudi Government International Bond, 5.500%, 10/25/2032			1,575,888		1.1
				4,320,858		3.0
	Senegal: 0.3%
500,000	Senegal Government International Bond, 6.250%, 05/23/2033			398,948		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	South Africa: 2.0%
2,000,000	Republic of South Africa Government International Bond, 4.300%, 10/12/2028		$	1,798,850		1.3
500,000	Republic of South Africa Government International Bond, 5.750%, 09/30/2049			368,478		0.3
800,000	Republic of South Africa Government International Bond, 6.300%, 06/22/2048			639,491		0.4
				2,806,819		2.0
	Sri Lanka: 0.8%
500,000 (1)(3)	Sri Lanka Government International Bond, 5.875%, 07/25/2022			196,043		0.1
2,000,000 (1)(3)	Sri Lanka Government International Bond, 6.825%, 07/18/2026			742,547		0.5
750,000 (3)	Sri Lanka Government International Bond, 7.550%, 03/28/2030			269,970		0.2
				1,208,560		0.8
	Turkey: 2.7%
950,000	Turkey Government International Bond, 4.875%, 10/09/2026			859,038		0.6
500,000	Turkey Government International Bond, 5.125%, 02/17/2028			438,410		0.3
750,000	Turkey Government International Bond, 6.000%, 01/14/2041			567,547		0.4
1,000,000	Turkey Government International Bond, 7.625%, 04/26/2029			954,058		0.7
1,000,000	Turkey Government International Bond, 9.875%, 01/15/2028			1,043,560		0.7
				3,862,613		2.7
	Ukraine: 0.6%
1,111,000 (3)	Ukraine Government International Bond, 7.253%, 03/15/2035			194,572		0.1
650,000 (3)	Ukraine Government International Bond, 7.375%, 09/25/2034			113,588		0.1
346,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2024			77,626		0.1

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Ukraine (continued)
346,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2025		$	70,294		0.1
346,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2026			64,889		0.0
346,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2027			64,167		0.0
346,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2028			65,334		0.1
225,000 (1)(3)	Ukraine Government International Bond, 7.750%, 09/01/2029			42,079		0.0
500,000 (3)	Ukraine Government International Bond, 9.750%, 11/01/2030			95,445		0.1
				787,994		0.6
	United Arab Emirates: 1.0%
1,400,000 (1)	Finance Department Government of Sharjah, 6.500%, 11/23/2032			1,429,658		1.0

	Uruguay: 1.9%
123,334	Uruguay Government International Bond, 4.375%, 10/27/2027			123,701		0.1
51,825	Uruguay Government International Bond, 4.375%, 01/23/2031			51,594		0.0
2,312,164	Uruguay Government International Bond, 5.750%, 10/28/2034			2,535,202		1.8
				2,710,497		1.9
	Venezuela: 0.1%
1,250,000 (3)	Venezuela Government International Bond, 9.250%, 09/15/2027			134,375		0.1

	Zambia: 0.4%
750,000 (1)(3)	Zambia Government International Bond, 8.500%, 04/14/2024			342,188		0.2
500,000 (1)(3)	Zambia Government International Bond, 8.970%, 07/30/2027			223,230		0.2
				565,418		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Principal Amount†		Value				Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Zambia (continued)
	Total Sovereign Bonds
	(Cost $83,121,422)		$	83,552,513			59.0
	Total Long-Term Investments
	(Cost $131,943,041)			132,504,091			93.5
SHORT-TERM INVESTMENTS: 7.2%
	Commercial Paper: 5.5%
1,300,000	Agilent Technologies, Inc., 4.890%, 04/06/2023			1,298,897			0.9
1,300,000	Dollar General Corp., 4.990%, 04/03/2023			1,299,450			0.9
1,300,000	Dominion Energy, Inc., 5.040%, 04/03/2023			1,299,452			1.0
1,300,000	Duke Energy, 5.090%, 04/04/2023			1,299,265			0.9
1,300,000	Equifax, Inc., 5.200%, 04/06/2023			1,298,893			0.9
1,300,000	Medtronic, Inc., 5.300%, 04/06/2023			1,298,910			0.9
	Total Commercial Paper				��
	(Cost $7,795,968)			7,794,867			5.5
Shares		Value				Percentage of Net Assets
	Mutual Funds: 1.7%
2,368,000 (5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730%
	(Cost $2,368,000)			2,368,000			1.7
	Total Short-Term Investments
	(Cost $10,163,968)			10,162,867			7.2
	Total Investments in Securities (Cost $142,107,009)		$	142,666,958			100.7
	Liabilities in Excess of Other Assets			(963,919)			(0.7)
	Net Assets		$	141,703,039			100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(3)

Defaulted security.

(4)

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, 2023.

(5)

Rate shown is the 7-day yield as of March 31, 2023.

Sector Diversification	Percentage of Net Assets
Sovereign Bonds		59.0%
Energy		15.2
Utilities		7.3
Basic Materials		4.7
Financial		3.8
Industrial		1.5
Consumer, Non-cyclical		1.2
Communications		0.4
Corporate Bonds/Notes		0.4
Short-Term Investments		7.2
Liabilities in Excess of Other Assets		(0.7)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	48,951,578		$	—		$	48,951,578
Sovereign Bonds			—			83,552,513			—			83,552,513
Short-Term Investments			2,368,000			7,794,867			—			10,162,867
Total Investments, at fair value		$	2,368,000		$	140,298,958		$	—		$	142,666,958
Other Financial Instruments+
Futures			284,834			—			—			284,834
Total Assets		$	2,652,834		$	140,298,958		$	—		$	142,951,792
Liabilities Table
Other Financial Instruments+
Futures		$	(584,238)		$	—		$	—		$	(584,238)
Total Liabilities		$	(584,238)		$	—		$	—		$	(584,238)

At March 31, 2023, the following futures contracts were outstanding for Voya VACS Series EMHCD Fund:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note	44	06/30/23		$	9,083,937		$	102,458
U.S. Treasury 5-Year Note	93	06/30/23			10,184,227			182,376
U.S. Treasury Ultra Long Bond	18	06/22/23			2,540,250			(59,605)
				$	21,808,414		$	225,229
Short Contracts:
U.S. Treasury 10-Year Note	(64)	06/21/23			(7,355,000)			(136,406)
U.S. Treasury Long Bond	(16)	06/21/23			(2,098,500)			(52,128)
U.S. Treasury Ultra 10-Year Note	(101)	06/21/23			(12,235,203)			(336,099)
				$	(21,688,703)		$	(524,633)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	284,834
Total Asset Derivatives			$	284,834
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	584,238
Total Liability Derivatives			$	584,238

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series EMHCD Fund

as of March 31, 2023 (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2023 was as follows:

			Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments			Futures
Interest rate contracts			$151,437
Total			$151,437

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(299,404)
Total		$	(299,404)

At March 31, 2023, 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 federal income tax purposes was $141,807,604.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,052,323
Gross Unrealized Depreciation		(1,492,373)
Net Unrealized Appreciation	$	559,950

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 93.0%
	Basic Materials: 5.9%
98,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	78,429		0.1
208,000 (1)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029			141,553		0.1
350,000 (1)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029			321,512		0.3
190,000 (1)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			172,940		0.1
325,000 (1)	Coeur Mining, Inc., 5.125%, 02/15/2029			275,855		0.2
393,000 (1)	Consolidated Energy Finance S.A., 5.625%, 10/15/2028			338,483		0.3
368,000 (1)	Constellium SE, 5.625%, 06/15/2028			347,847		0.3
245,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027			236,413		0.2
595,000 (1)	HudBay Minerals, Inc., 4.500%, 04/01/2026			550,150		0.4
374,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			331,893		0.3
436,000 (1)	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/2026			395,636		0.3
454,000 (1)(2)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750)%, 02/15/2026			419,668		0.3
436,000 (1)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			367,136		0.3
509,000 (1)	Mativ, Inc., 6.875%, 10/01/2026			466,268		0.4
417,000 (1)	Novelis Corp., 3.875%, 08/15/2031			351,831		0.3
165,000 (1)	Novelis Corp., 4.750%, 01/30/2030			151,800		0.1
405,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			357,269		0.3
257,000	Olin Corp., 5.000%, 02/01/2030			241,228		0.2
264,000	Olin Corp., 5.125%, 09/15/2027			253,442		0.2
393,000 (1)	Olympus Water US Holding Corp., 6.250%, 10/01/2029			291,259		0.2
280,000 (1)	SPCM SA, 3.125%, 03/15/2027			245,776		0.2
454,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			412,418		0.3
479,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			294,961		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
399,000 (1)	Tronox, Inc., 4.625%, 03/15/2029		$	334,587		0.3
				7,378,354		5.9
	Communications: 13.4%
380,000 (1)	Acuris Finance Us, Inc. / Acuris Finance SARL, 5.000%, 05/01/2028			298,800		0.2
491,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028			313,798		0.3
577,000 (1)	Altice France SA/France, 5.500%, 10/15/2029			441,726		0.4
245,000 (1)	Altice France SA/France, 8.125%, 02/01/2027			227,017		0.2
337,000	AMC Networks, Inc., 4.250%, 02/15/2029			207,557		0.2
448,000 (1)	Audacy Capital Corp., 6.500%, 05/01/2027			32,782		0.0
454,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			301,962		0.2
445,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			348,517		0.3
632,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032			517,551		0.4
399,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028			368,562		0.3
589,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027			557,335		0.4
159,000 (1)	CommScope Tech Finance LLC, 6.000%, 06/15/2025			149,895		0.1
98,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027			71,775		0.1
208,000 (1)	CommScope, Inc., 4.750%, 09/01/2029			173,576		0.1
331,000 (1)	CommScope, Inc., 7.125%, 07/01/2028			244,533		0.2
239,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026			224,875		0.2
546,000 (1)	CSC Holdings LLC, 4.625%, 12/01/2030			269,751		0.2
196,000	CSC Holdings LLC, 5.250%, 06/01/2024			189,363		0.2
669,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			352,898		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
374,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027		$	339,091		0.3
436,000	DISH DBS Corp., 5.125%, 06/01/2029			232,641		0.2
282,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028			210,971		0.2
221,000	DISH DBS Corp., 7.375%, 07/01/2028			126,319		0.1
159,000 (1)	DISH Network Corp., 11.750%, 11/15/2027			154,398		0.1
307,000	Embarq Corp., 7.995%, 06/01/2036			129,381		0.1
214,000 (1)	GCI LLC, 4.750%, 10/15/2028			184,867		0.2
503,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031			334,563		0.3
171,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027			139,957		0.1
343,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028			274,500		0.2
239,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029			201,703		0.2
374,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027			353,582		0.3
117,000 (1)(3)	Level 3 Financing, Inc., 10.500%, 05/15/2030			111,735		0.1
571,000 (1)	Match Group Holdings II LLC, 4.625%, 06/01/2028			531,030		0.4
362,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			297,294		0.2
411,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			267,668		0.2
261,000	Netflix, Inc., 5.875%, 11/15/2028			274,924		0.2
319,000 (4)	Paramount Global, 6.250%, 02/28/2057			239,036		0.2
472,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028			194,155		0.2
184,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			148,571		0.1
214,000 (1)	Sinclair Television Group, Inc., 5.500%, 03/01/2030			170,434		0.1
841,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			788,269		0.6
393,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			266,735		0.2
773,000	Sprint Corp., 7.125%, 06/15/2024			786,505		0.6

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
255,000	Sprint Corp., 7.625%, 03/01/2026		$	269,887		0.2
429,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			376,661		0.3
196,000	Telecom Italia Capital SA, 6.000%, 09/30/2034			168,315		0.1
214,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			193,982		0.2
290,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026			297,598		0.2
178,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029			149,727		0.1
712,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			675,759		0.5
331,000 (1)	Urban One, Inc., 7.375%, 02/01/2028			301,011		0.2
374,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			354,937		0.3
98,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			92,110		0.1
159,000 (1)	ViaSat, Inc., 6.500%, 07/15/2028			117,660		0.1
380,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			325,359		0.3
651,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028			579,286		0.5
417,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			357,955		0.3
546,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028			332,569		0.3
				16,643,418		13.4
	Consumer, Cyclical: 25.0%
340,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			291,856		0.2
528,000 (1)	Academy Ltd., 6.000%, 11/15/2027			515,654		0.4
472,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			420,410		0.3
515,000 (1)	Adient Global Holdings Ltd., 4.875%, 08/15/2026			496,900		0.4
235,000 (1)	Adient Global Holdings Ltd., 8.250%, 04/15/2031			242,190		0.2
540,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			482,177		0.4
122,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			104,220		0.1
460,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			448,408		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value				Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
455,000 (1)	American Airlines, Inc., 7.250%, 02/15/2028		$	442,927			0.4
719,000 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029			690,456			0.6
393,000 (1)	Arko Corp., 5.125%, 11/15/2029			325,761			0.3
270,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028			246,070			0.2
251,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			224,942	��		0.2
503,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			450,079			0.4
75,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025			80,200			0.1
85,000 (1)(2)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750)%, 04/01/2027			66,842			0.1
460,000 (1)	Caesars Entertainment, Inc., 4.625%, 10/15/2029			402,746			0.3
356,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			356,350			0.3
205,000 (1)	Caesars Entertainment, Inc., 7.000%, 02/15/2030			208,775			0.2
861,000 (1)	Carnival Corp., 6.000%, 05/01/2029			685,485			0.6
589,000 (1)	Carnival Corp., 9.875%, 08/01/2027			607,271			0.5
393,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026			384,161			0.3
319,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			273,959			0.2
203,000 (1)	Cinemark USA, Inc., 8.750%, 05/01/2025			207,430			0.2
325,000 (1)	Crocs, Inc., 4.125%, 08/15/2031			268,061			0.2
454,000	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			422,263			0.3
111,000	Delta Air Lines 2020-1 Class A Pass Through Trust, 7.375%, 01/15/2026			115,611			0.1
290,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			238,853			0.2
362,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			302,411			0.2
626,000	Ford Motor Co., 6.100%, 08/19/2032			607,509			0.5
581,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026			517,816			0.4

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
835,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		$	766,200		0.6
481,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026			456,695		0.4
400,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			376,082		0.3
368,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			292,169		0.2
411,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031			285,550		0.2
221,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			223,077		0.2
55,000	Goodyear Tire & Rubber Co/The, 4.875%, 03/15/2027			51,992		0.0
285,000	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			246,485		0.2
337,000 (1)	Hanesbrands, Inc., 4.875%, 05/15/2026			319,719		0.3
257,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031			225,286		0.2
436,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028			402,045		0.3
515,000 (1)	Interface, Inc., 5.500%, 12/01/2028			415,733		0.3
657,000 (1)	International Game Technology PLC, 5.250%, 01/15/2029			629,735		0.5
350,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			268,273		0.2
479,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			401,280		0.3
436,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			287,141		0.2
135,000	M/I Homes, Inc., 3.950%, 02/15/2030			114,636		0.1
362,000	M/I Homes, Inc., 4.950%, 02/01/2028			335,322		0.3
160,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			116,590		0.1
110,000 (1)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030			97,759		0.1
294,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			259,070		0.2
24,000 (1)	Mattel, Inc., 3.750%, 04/01/2029			21,587		0.0
245,000	Mattel, Inc., 5.450%, 11/01/2041			206,535		0.2
208,000 (1)	Melco Resorts Finance Ltd., 5.250%, 04/26/2026			187,669		0.2
472,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029			386,804		0.3
331,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029			301,938		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
104,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027		$	100,787		0.1
411,000 (1)	NCL Corp. Ltd., 7.750%, 02/15/2029			352,819		0.3
79,000 (1)	NCL Corp. Ltd., 8.375%, 02/01/2028			79,342		0.1
270,000 (1)	NCL Finance Ltd., 6.125%, 03/15/2028			219,070		0.2
210,000 (1)	Penn Entertainment, Inc., 4.125%, 07/01/2029			175,320		0.1
210,000 (1)	Penn National Gaming, Inc., 5.625%, 01/15/2027			197,428		0.2
657,000 (1)	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/2029			645,621		0.5
411,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			304,271		0.2
175,000 (1)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031			183,622		0.1
958,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027			854,416		0.7
116,000 (1)	Royal Caribbean Cruises Ltd., 7.250%, 01/15/2030			116,829		0.1
227,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025			242,252		0.2
227,000 (1)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027			244,025		0.2
294,000	Sands China Ltd., 5.625%, 08/08/2025			286,809		0.2
442,000	Sands China Ltd., 5.900%, 08/08/2028			419,954		0.3
405,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			358,277		0.3
356,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028			352,787		0.3
147,000 (1)	Scientific Games International, Inc., 8.625%, 07/01/2025			150,632		0.1
429,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			374,942		0.3
380,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			341,326		0.3
503,000 (1)	Sonic Automotive, Inc., 4.625%, 11/15/2029			421,964		0.3
122,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029			100,910		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
313,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029		$	264,485		0.2
470,000 (1)	Staples, Inc., 10.750%, 04/15/2027			341,373		0.3
509,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028			459,971		0.4
442,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			388,659		0.3
417,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030			385,313		0.3
423,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			353,641		0.3
380,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			344,212		0.3
362,000	United Airlines Holdings, Inc., 4.875%, 01/15/2025			353,386		0.3
165,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026			158,050		0.1
528,000 (1)	Victoria’s Secret & Co., 4.625%, 07/15/2029			428,403		0.3
485,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			418,119		0.3
159,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			168,088		0.1
276,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028			239,667		0.2
141,000 (1)(2)	White Cap Parent LLC, 8.250% (PIK Rate 9.000%, Cash Rate 8.250)%, 03/15/2026			128,420		0.1
356,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			346,368		0.3
178,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			162,139		0.1
583,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			551,623		0.4
223,000 (1)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.125%, 02/15/2031			226,405		0.2
				31,044,890		25.0
	Consumer, Non-cyclical: 13.3%
42,000 (1)	1375209 BC Ltd., 9.000%, 01/30/2028			41,685		0.0
429,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			415,980		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
485,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029		$	433,117		0.3
343,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			298,765		0.2
171,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030			159,794		0.1
393,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028			390,996		0.3
79,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			75,998		0.1
233,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			207,894		0.2
497,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			464,702		0.4
448,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			415,819		0.3
208,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029			183,331		0.1
171,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029			147,033		0.1
116,000 (1)	Bausch Health Cos, Inc., 4.875%, 06/01/2028			68,544		0.1
160,000 (1)	Bausch Health Cos, Inc., 6.125%, 02/01/2027			103,715		0.1
74,000 (1)	Bausch Health Cos, Inc., 11.000%, 09/30/2028			54,822		0.0
350,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			354,855		0.3
509,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028			453,738		0.4
196,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031			144,903		0.1
325,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			255,239		0.2
288,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027			253,135		0.2
215,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029			133,365		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
469,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026		$	464,732		0.4
147,000 (1)	DaVita, Inc., 3.750%, 02/15/2031			116,089		0.1
558,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			476,811		0.4
497,000	Encompass Health Corp., 4.750%, 02/01/2030			452,419		0.4
135,000 (1)	Garda World Security Corp., 6.000%, 06/01/2029			107,498		0.1
374,000 (1)	Garda World Security Corp., 7.750%, 02/15/2028			368,952		0.3
337,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			330,613		0.3
466,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029			429,139		0.3
368,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			367,805		0.3
380,000 (1)	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026			340,434		0.3
230,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			199,792		0.2
454,000 (1)	Medline Borrower L.P., 5.250%, 10/01/2029			394,330		0.3
36,000 (1)	ModivCare, Inc., 5.875%, 11/15/2025			34,561		0.0
282,000 (1)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			203,157		0.2
423,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			383,109		0.3
264,000	New Albertsons L.P., 7.450%, 08/01/2029			267,780		0.2
614,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031			545,587		0.4
325,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			216,221		0.2
313,000 (1)	Picasso Finance Sub, Inc., 6.125%, 06/15/2025			311,360		0.3
239,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			214,419		0.2
466,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028			457,113		0.4
325,000 (1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028			304,181		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
509,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029		$	444,757		0.4
374,000 (1)	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			304,402		0.2
190,000 (1)	Spectrum Brands, Inc., 3.875%, 03/15/2031			155,568		0.1
208,000 (1)	Spectrum Brands, Inc., 5.500%, 07/15/2030			183,219		0.1
313,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028			298,023		0.2
214,000	Tenet Healthcare Corp., 4.250%, 06/01/2029			193,801		0.2
122,000	Tenet Healthcare Corp., 5.125%, 11/01/2027			117,242		0.1
583,000	Tenet Healthcare Corp., 6.125%, 10/01/2028			559,298		0.5
458,000 (1)	Tenet Healthcare Corp., 6.125%, 06/15/2030			452,229		0.4
393,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/2027			367,328		0.3
386,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			306,874		0.2
331,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028			307,933		0.2
130,000	United Rentals North America, Inc., 3.750%, 01/15/2032			112,101		0.1
260,000	United Rentals North America, Inc., 4.875%, 01/15/2028			248,898		0.2
77,000	United Rentals North America, Inc., 5.250%, 01/15/2030			74,187		0.1
350,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027			343,144		0.3
				16,512,536		13.3
	Energy: 13.6%
270,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029			254,424		0.2
331,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			323,817		0.3
135,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			125,736		0.1
233,000	Apache Corp., 5.100%, 09/01/2040			197,823		0.2
165,000	Apache Corp., 5.250%, 02/01/2042			138,796		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
360,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028		$	345,946		0.3
135,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027			132,600		0.1
190,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			167,864		0.1
466,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028			418,654		0.3
386,000 (1)	Baytex Energy Corp., 8.750%, 04/01/2027			395,625		0.3
190,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			188,808		0.2
436,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026			432,375		0.4
362,000 (1)	CNX Midstream Partners LP, 4.750%, 04/15/2030			311,791		0.3
485,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			459,780		0.4
601,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			565,493		0.5
583,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029			555,742		0.4
208,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025			204,307		0.2
313,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028			286,877		0.2
171,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			150,112		0.1
313,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			273,118		0.2
436,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			423,492		0.3
405,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			354,758		0.3
355,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027			345,580		0.3
700,000	EnLink Midstream LLC, 5.375%, 06/01/2029			674,433		0.5
165,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028			150,077		0.1
72,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			71,267		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
294,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030		$	262,923		0.2
270,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028			256,598		0.2
110,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030			102,449		0.1
221,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			203,716		0.2
239,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030			220,693		0.2
251,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			232,047		0.2
491,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			463,494		0.4
557,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030			536,948		0.4
583,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026			541,292		0.4
239,000	Murphy Oil Corp., 5.875%, 12/01/2027			233,075		0.2
411,000	Murphy Oil Corp., 6.375%, 07/15/2028			405,356		0.3
350,000 (1)	Nabors Industries Ltd., 7.500%, 01/15/2028			323,331		0.3
171,000	Nabors Industries, Inc., 5.100%, 09/15/2023			170,897		0.1
147,000	Occidental Petroleum Corp., 4.625%, 06/15/2045			117,975		0.1
412,000	Occidental Petroleum Corp., 5.500%, 12/01/2025			411,906		0.3
417,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			439,553		0.4
350,000	Occidental Petroleum Corp., 8.500%, 07/15/2027			385,327		0.3
380,000 (1)	Precision Drilling Corp., 6.875%, 01/15/2029			345,192		0.3
445,000	Southwestern Energy Co., 5.375%, 02/01/2029			419,926		0.3
454,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			395,810		0.3
165,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			151,662		0.1
380,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030			344,092		0.3
230,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025			230,126		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
278,688 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027		$	273,448		0.2
52,000 (1)	Transocean Titan Financing Ltd., 8.375%, 02/01/2028			53,561		0.0
153,000	Transocean, Inc., 6.800%, 03/15/2038			106,115		0.1
233,000 (1)	Transocean, Inc., 7.500%, 01/15/2026			211,792		0.2
540,000 (1)	Weatherford International Ltd., 8.625%, 04/30/2030			552,938		0.4
558,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			487,405		0.4
				16,828,942		13.6
	Financial: 7.5%
210,000	Ally Financial, Inc., 5.750%, 11/20/2025			197,729		0.2
205,000	Ally Financial, Inc., 6.700%, 02/14/2033			182,381		0.1
350,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			286,587		0.2
411,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			348,051		0.3
393,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			338,683		0.3
393,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			352,197		0.3
165,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			127,128		0.1
300,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			277,455		0.2
454,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			328,657		0.3
472,000 (1)	LPL Holdings, Inc., 4.000%, 03/15/2029			425,263		0.3
214,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030			169,329		0.1
380,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			323,604		0.3
334,000	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029			247,091		0.2
384,000	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027			316,264		0.3
485,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030			373,193		0.3
485,000	Navient Corp., 4.875%, 03/15/2028			408,489		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
264,000	Navient Corp., 5.000%, 03/15/2027		$	232,872		0.2
92,000	Navient Corp., 7.250%, 09/25/2023			91,782		0.1
233,000	OneMain Finance Corp., 4.000%, 09/15/2030			174,960		0.1
522,000	OneMain Finance Corp., 5.375%, 11/15/2029			439,681		0.3
159,000	OneMain Finance Corp., 7.125%, 03/15/2026			153,006		0.1
522,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028			481,221		0.4
436,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029			365,329		0.3
300,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			224,850		0.2
411,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			343,665		0.3
30,000 (1)	Rocket Mortgage LLC, 2.875%, 10/15/2026			26,882		0.0
110,000	Service Properties Trust, 4.750%, 10/01/2026			91,958		0.1
115,000	Service Properties Trust, 5.500%, 12/15/2027			103,045		0.1
589,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			524,765		0.4
171,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			100,249		0.1
276,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029			168,706		0.1
190,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028			184,471		0.1
313,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027			289,232		0.2
362,000 (1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030			322,995		0.3
411,000 (1)	XHR L.P., 4.875%, 06/01/2029			349,002		0.3
				9,370,772		7.5
	Industrial: 10.6%
485,000 (1)(2)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500)%, 06/30/2027			371,607		0.3
233,000	Ball Corp., 3.125%, 09/15/2031			193,032		0.1

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Industrial (continued)
200,000		Ball Corp., 6.875%, 03/15/2028		$	207,204		0.2
196,000 (1)		Bombardier, Inc., 7.500%, 02/01/2029			200,410		0.2
234,000 (1)		Bombardier, Inc., 7.875%, 04/15/2027			237,111		0.2
454,000 (1)		Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			426,181		0.3
362,000 (1)	��	Builders FirstSource, Inc., 5.000%, 03/01/2030			335,590		0.3
390,000 (1)		Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			349,155		0.3
423,000 (1)		Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			402,197		0.3
439,000 (1)		Chart Industries, Inc., 7.500%, 01/01/2030			454,132		0.4
119,000 (1)		Chart Industries, Inc., 9.500%, 01/01/2031			125,659		0.1
337,000 (1)		Clean Harbors, Inc., 6.375%, 02/01/2031			344,178		0.3
400,000 (1)		Energizer Holdings, Inc., 4.750%, 06/15/2028			360,500		0.3
509,000 (1)		Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			465,002		0.4
460,000 (1)		GFL Environmental, Inc., 4.000%, 08/01/2028			418,356		0.3
221,000 (1)		GFL Environmental, Inc., 4.375%, 08/15/2029			198,093		0.2
184,000 (1)		Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029			152,001		0.1
196,000 (1)		Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032			168,903		0.1
368,000 (1)		GrafTech Finance, Inc., 4.625%, 12/15/2028			307,317		0.2
356,000 (1)		Graham Packaging Co., Inc., 7.125%, 08/15/2028			308,185		0.2
300,000		Howmet Aerospace, Inc., 5.900%, 02/01/2027			305,530		0.2
503,000 (1)		Imola Merger Corp., 4.750%, 05/15/2029			450,547		0.4
221,000 (1)(2)		Intelligent Packaging Holdco Issuer LP, 9.000% (PIK Rate 9.750%, Cash Rate 9.000)%, 01/15/2026			155,820		0.1
436,000 (1)		Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			376,050		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
319,000 (1)	Koppers, Inc., 6.000%, 02/15/2025		$	319,136		0.3
460,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			439,714		0.3
429,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			388,245		0.3
350,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			312,956		0.2
208,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025			198,120		0.2
386,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027			384,886		0.3
485,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027			453,039		0.4
202,000 (1)	Sealed Air Corp./Sealed Air Corp. US, 6.125%, 02/01/2028			204,464		0.2
147,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025			146,074		0.1
479,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			419,556		0.3
479,000 (1)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031			385,509		0.3
276,000 (1)	Standard Industries, Inc./NJ, 4.375%, 07/15/2030			240,432		0.2
319,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029			301,922		0.2
233,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027			231,302		0.2
356,000 (1)	TK Elevator US Newco, Inc., 5.250%, 07/15/2027			336,564		0.3
264,000	TransDigm, Inc., 4.625%, 01/15/2029			234,971		0.2
208,000	TransDigm, Inc., 5.500%, 11/15/2027			196,353		0.2
331,000	TransDigm, Inc., 6.375%, 06/15/2026			323,902		0.3
405,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			341,959		0.3
				13,171,864		10.6
	Technology: 2.6%
49,000	CDW LLC / CDW Finance Corp., 4.125%, 05/01/2025			47,589		0.0
411,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			344,991		0.3
380,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			315,475		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
233,000 (1)	Entegris Escrow Corp., 6.950%, 06/15/2030		$	226,066		0.2
153,000 (1)	Entegris, Inc., 3.625%, 05/01/2029			132,201		0.1
663,000 (1)	NCR Corp., 5.125%, 04/15/2029			574,323		0.5
178,000 (1)	Open Text Corp., 3.875%, 12/01/2029			150,035		0.1
196,000 (1)	Open Text Corp., 6.900%, 12/01/2027			202,370		0.2
386,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030			331,535		0.3
386,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			321,818		0.3
380,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			145,716		0.1
158,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			119,095		0.1
399,000 (1)	Virtusa Corp., 7.125%, 12/15/2028			313,949		0.2
				3,225,163		2.6
	Utilities: 1.1%
515,000 (1)	Drax Finco PLC, 6.625%, 11/01/2025			507,450		0.4
360,000	TransAlta Corp., 7.750%, 11/15/2029			378,763		0.3
178,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026			173,070		0.1
374,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			363,463		0.3
				1,422,746		1.1
	Total Corporate Bonds/Notes (Cost $114,252,430)			115,598,685		93.0
BANK LOANS: 0.8%
	Electronics/Electrical: 0.3%
368,000	AP Core Holdings II, LLC High-Yield Term Loan B2, 10.340%, (US0001M + 5.500)%, 09/01/2027			359,107		0.3

	Lodging & Casinos: 0.2%
294,000	Hilton Domestic Operating Company, Inc. 2019 Term Loan B2, 6.642%, (US0001M + 1.750)%, 06/22/2026			294,041		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Radio & Television: 0.3%
325,000	Clear Channel Outdoor Holdings, Inc. Term Loan B, 8.325%, (US0003M + 3.500)%, 08/21/2026		$	303,824		0.3
	Total Bank Loans (Cost $958,386)			956,972		0.8
CONVERTIBLE BONDS/NOTES: 0.0%
	Communications: 0.0%
128,000	DISH Network Corp., 3.375%, 08/15/2026			66,560		0.0
	Total Convertible Bonds/Notes (Cost $84,967)			66,560		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: 0.3%
	Consumer Staples: 0.3%
15,000 (5)(6)	Southeastern Grocers, Inc.			330,000		0.3
	Total Common Stock (Cost $330,000)			330,000		0.3
	Total Investments in Securities (Cost $115,625,783)		$	116,952,217		94.1
	Assets in Excess of Other Liabilities			7,293,727		5.9
	Net Assets		$	124,245,944		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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.

(2)

(3)

Bond may be called prior to maturity date.

(4)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(6)

Non-income producing security.

Reference Rate Abbreviations:

	US0001M			1-month LIBOR
	US0003M			3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Common Stock
Consumer Staples		$	—		$	—		$	330,000		$	330,000
Total Common Stock			—			—			330,000			330,000
Corporate Bonds/Notes			—			115,598,685			—			115,598,685
Bank Loans			—			956,972			—			956,972
Convertible Bonds/Notes			—			66,560			—			66,560
Total Investments, at fair value		$	—		$	116,662,217		$	330,000		$	116,952,217

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series HYB Fund

as of March 31, 2023 (continued)

At March 31, 2023, 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:

Gross Unrealized Appreciation	$	2,302,432
Gross Unrealized Depreciation		(975,998)
Net Unrealized Appreciation	$	1,326,434

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 30.1%
422,109 (1)(2)	Agate Bay Mortgage Trust 2015-1 B4, 3.674%, 01/25/2045		$	323,444		0.1
374,495 (1)(2)	Agate Bay Mortgage Trust 2016-2 B3, 3.762%, 03/25/2046			346,435		0.2
584,017 (1)(2)	Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.489%, 11/25/2051			430,266		0.2
747,175 (1)(2)	Bayview MSR Opportunity Master Fund Trust 2021-6 B3A, 3.392%, 10/25/2051			556,030		0.2
612,459 (1)(2)	Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.411%, 12/25/2051			439,382		0.2
433,225 (1)	Bear Stearns ALT-A Trust 2005-9 26A1, 3.613%, 11/25/2035			284,498		0.1
536,172 (1)(2)	CIM Trust 2019-INV3 B1A, 4.687%, 08/25/2049			497,647		0.2
447,179 (1)(2)	Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.858%, 09/25/2051			312,115		0.1
602,296 (2)	Connecticut Avenue Securities Trust 2020-R02 2B1, 7.845%, (US0001M + 3.000)%, 01/25/2040			565,000		0.2
1,054,019 (2)	Connecticut Avenue Securities Trust 2022-R01 1B1, 7.710%, (SOFR30A + 3.150)%, 12/25/2041			980,207		0.4
451,722 (2)	Connecticut Avenue Securities Trust 2022-R02 2B1, 9.060%, (SOFR30A + 4.500)%, 01/25/2042			430,828		0.2
1,761,717 (2)	Connecticut Avenue Securities Trust 2023-R02 1B1, 10.118%, (SOFR30A + 5.550)%, 01/25/2043			1,757,259		0.7
602,296 (1)(2)	Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066			416,057		0.2
301,148 (2)	Eagle RE 2021-2 M1C Ltd., 8.010%, (SOFR30A + 3.450)%, 04/25/2034			304,973		0.1
873,330 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.495%, (US0001M + 3.650)%, 02/25/2040			872,477		0.4

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
301,148 (2)	Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.860%, (SOFR30A + 3.300)%, 11/25/2041		$	284,188		0.1
416,041 (1)(2)	Flagstar Mortgage Trust 2018-4 B3, 4.205%, 07/25/2048			372,321		0.2
1,594,470 (1)(2)	Flagstar Mortgage Trust 2019-1INV B2A, 4.539%, 10/25/2049			1,441,748		0.6
1,420,506 (1)(2)	Flagstar Mortgage Trust 2020-1NV B2A, 4.216%, 03/25/2050			1,230,392		0.5
707,987 (1)(2)	Flagstar Mortgage Trust 2020-1NV B3, 4.216%, 03/25/2050			600,277		0.3
366,593 (2)	Freddie Mac STACR Remic Trust 2020-DNA2 M2, 6.695%, (US0001M + 1.850)%, 02/25/2050			364,512		0.2
329,850 (2)	Freddie Mac STACR REMIC Trust 2020-DNA5 M2, 7.360%, (SOFR30A + 2.800)%, 10/25/2050			333,744		0.1
336,264 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 7.945%, (US0001M + 3.100)%, 03/25/2050			344,803		0.1
1,174,478 (2)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.960%, (SOFR30A + 3.400)%, 10/25/2041			1,103,858		0.5
602,296 (2)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 6.810%, (SOFR30A + 2.250)%, 08/25/2033			580,585		0.2
1,505,741 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.310%, (SOFR30A + 3.750)%, 12/25/2041			1,356,514		0.6
3,011,482 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.960%, (SOFR30A + 3.400)%, 01/25/2042			2,743,412		1.2
903,444 (2)	Freddie Mac STACR REMIC Trust 2022-DNA4 M2, 9.810%, (SOFR30A + 5.250)%, 05/25/2042			912,981		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
481,837 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 6.860%, (SOFR30A + 2.300)%, 08/25/2033		$	474,973		0.2
903,444 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 8.210%, (SOFR30A + 3.650)%, 11/25/2041			850,393		0.4
2,845,850 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 B1, 9.310%, (SOFR30A + 4.750)%, 02/25/2042			2,715,087		1.2
1,505,741 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 6.960%, (SOFR30A + 2.400)%, 02/25/2042			1,464,625		0.6
1,656,315 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2, 8.310%, (SOFR30A + 3.750)%, 02/25/2042			1,598,791		0.7
498,304 (1)(2)	GCAT 2022-INV3 B1 Trust, 4.612%, 08/25/2052			444,542		0.2
1,045,277 (1)(2)	GCAT 2023-NQM1 A2 Trust, 4.250%, 10/25/2057			934,663		0.4
1,029,303 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.982%, 03/25/2050			897,920		0.4
881,423 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.982%, 03/25/2050			752,049		0.3
631,068 (1)(2)	GS Mortgage-Backed Securities Trust 2020-PJ1 B3, 3.641%, 05/25/2050			506,646		0.2
1,286,651 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ5 B3, 2.994%, 10/25/2052			930,348		0.4
952,027 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ6 A24, 3.000%, 01/25/2053			787,079		0.3
1,204,593 (2)	Home RE 2019-1 M2 Ltd., 8.095%, (US0001M + 3.250)%, 05/25/2029			1,215,041		0.5
739,805 (1)(2)	Hundred Acre Wood Trust 2021-INV3 B3, 3.327%, 12/25/2051			543,264		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
451,722 (1)(2)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057		$	316,851		0.1
711,104	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.265%, (US0001M + 0.420)%, 02/25/2046			495,256		0.2
298,407 (1)(2)	J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.635%, 06/25/2049			281,429		0.1
439,217 (1)(2)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.160%, 05/25/2052			280,278		0.1
498,766 (1)(2)	J.P. Morgan Mortgage Trust 2022-1 B3, 3.095%, 07/25/2052			351,618		0.2
1,200,110 (1)(2)	J.P. Morgan Mortgage Trust 2022-6 B3, 3.308%, 11/25/2052			881,714		0.4
1,074,377 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 A15B, 5.500%, 07/25/2053			1,042,608		0.4
299,144 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053			292,343		0.1
797,491 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 B3, 5.840%, 07/25/2053			714,320		0.3
334,762 (1)(2)	JP Morgan Mortgage Trust 2014-1 B5, 3.688%, 01/25/2044			288,282		0.1
988,227 (1)(2)	JP Morgan Mortgage Trust 2017-1 B4, 3.448%, 01/25/2047			822,589		0.4
395,259 (1)(2)	JP Morgan Mortgage Trust 2017-4 B2, 3.868%, 11/25/2048			339,926		0.1
399,856 (1)(2)	JP Morgan Mortgage Trust 2017-6 B4, 3.782%, 12/25/2048			334,894		0.1
432,330 (1)(2)	JP Morgan Mortgage Trust 2018-3 B2, 3.711%, 09/25/2048			375,113		0.2
612,579 (1)(2)	JP Morgan Mortgage Trust 2018-3 B3, 3.711%, 09/25/2048			522,021		0.2
616,498 (1)(2)	JP Morgan Mortgage Trust 2018-4 B2, 3.713%, 10/25/2048			535,672		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
544,549 (1)(2)	JP Morgan Mortgage Trust 2018-8 B1, 4.047%, 01/25/2049		$	471,986		0.2
576,636 (1)(2)	JP Morgan Mortgage Trust 2019-5 B2, 4.482%, 11/25/2049			530,577		0.2
559,979 (1)(2)	JP Morgan Mortgage Trust 2019-6 B2, 4.234%, 12/25/2049			517,254		0.2
829,539 (1)(2)	JP Morgan Mortgage Trust 2019-7 B3A, 3.250%, 02/25/2050			671,022		0.3
835,308 (1)(2)	JP Morgan Mortgage Trust 2019-8 B3A, 3.416%, 03/25/2050			695,225		0.3
727,675 (1)(2)	JP Morgan Mortgage Trust 2019-9 B2A, 3.410%, 05/25/2050			597,484		0.3
891,629 (1)(2)	JP Morgan Mortgage Trust 2019-HYB1 B1, 4.483%, 10/25/2049			822,035		0.4
486,131 (1)(2)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.967%, 10/25/2049			450,964		0.2
991,834 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 B3, 4.382%, 05/25/2050			853,176		0.4
560,880 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B2, 4.685%, 12/25/2049			530,460		0.2
560,880 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.685%, 12/25/2049			527,395		0.2
710,042 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 B3, 4.395%, 03/25/2050			619,970		0.3
422,054 (1)(2)	JP Morgan Mortgage Trust 2020-3 B2, 3.847%, 08/25/2050			362,076		0.2
439,623 (1)(2)	JP Morgan Mortgage Trust 2020-4 B1, 3.649%, 11/25/2050			372,890		0.2
708,842 (1)(2)	JP Morgan Mortgage Trust 2020-5 B1, 3.583%, 12/25/2050			609,773		0.3
423,221 (1)(2)	JP Morgan Mortgage Trust 2020-8 B3, 3.501%, 03/25/2051			338,209		0.1
381,243 (1)(2)	JP Morgan Mortgage Trust 2021-INV6 A3, 2.500%, 04/25/2052			302,653		0.1
454,303 (1)(2)	JP Morgan Trust 2015-1 B3, 5.695%, 12/25/2044			426,069		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
577,083 (1)(2)	Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.362%, 10/25/2048		$	522,449		0.2
735,200 (1)(2)	Mello Mortgage Capital Acceptance 2022-INV1 B3, 3.324%, 03/25/2052			522,727		0.2
1,050,706 (1)(2)	MFA 2021-INV2 M1 Trust, 3.199%, 11/25/2056			755,906		0.3
534,063 (1)(2)	New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057			497,133		0.2
1,144,363 (2)	Oaktown Re VII Ltd. 2021-2 M1C, 7.910%, (SOFR30A + 3.350)%, 04/25/2034			1,110,066		0.5
423,840 (1)(2)	OBX 2022-J1 A14 Trust, 2.500%, 02/25/2052			334,886		0.1
1,136,077 (1)(2)	Oceanview Mortgage Trust 2021-5 B3, 2.977%, 10/25/2051			758,916		0.3
873,330 (2)	Radnor RE 2021-1 M1C Ltd., 7.260%, (SOFR30A + 2.700)%, 12/27/2033			863,951		0.4
389,545 (1)(2)	RCKT Mortgage Trust 2019-1 B1A, 3.830%, 09/25/2049			354,251		0.2
570,017 (1)(2)	RCKT Mortgage Trust 2020-1 B2A, 3.470%, 02/25/2050			477,309		0.2
548,399 (1)(2)	Sequoia Mortgage Trust 2017-2 B2, 3.560%, 02/25/2047			485,231		0.2
761,475 (1)(2)	Sequoia Mortgage Trust 2017-5 B3, 3.781%, 08/25/2047			674,836		0.3
405,316 (1)(2)	Sequoia Mortgage Trust 2019-2 B3, 4.261%, 06/25/2049			355,311		0.2
490,274 (1)(2)	Sequoia Mortgage Trust 2019-CH2 B2B, 4.925%, 08/25/2049			474,464		0.2
858,249 (1)(2)	Sequoia Mortgage Trust 2019-CH3 B1B, 4.503%, 09/25/2049			781,100		0.3
505,398 (1)(2)	Sequoia Mortgage Trust 2019-CH3 B2B, 4.503%, 09/25/2049			479,261		0.2
709,117 (1)(2)	Sequoia Mortgage Trust 2020-2 B3, 3.640%, 03/25/2050			575,261		0.2
570,762 (1)(2)	Sequoia Mortgage Trust 2020-3 B3, 3.325%, 04/25/2050			452,447		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
740,476 (1)(2)	Sequoia Mortgage Trust 2021-7 B3, 2.866%, 11/25/2051		$	513,678		0.2
608,079 (1)(2)	Sequoia Mortgage Trust 2023-1 B2, 5.159%, 01/25/2053			545,278		0.2
2,730,209 (3)	Series RR 2014-1 F Trust, 0.000%, 05/25/2047			2,483,897		1.1
390,694 (1)(2)	Shellpoint Co-Originator Trust 2017-2 B3, 3.640%, 10/25/2047			350,341		0.2
384,027 (1)(2)	STAR 2021-1 A3 Trust, 1.528%, 05/25/2065			330,607		0.1
903,444 (1)(2)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			756,622		0.3
602,296 (1)(2)	Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065			524,070		0.2
752,870 (2)	Starwood Mortgage Residential Trust 2020-INV1 M1, 2.501%, 11/25/2055			621,596		0.3
1,131,433 (1)	TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037			279,447		0.1
579,530 (1)(2)	UWM Mortgage Trust 2021-INV1 B1, 3.161%, 08/25/2051			456,751		0.2
439,493 (1)(2)	UWM Mortgage Trust 2021-INV4 B3, 3.228%, 12/25/2051			304,555		0.1
1,436,355 (1)(2)	UWM Mortgage Trust 2021-INV5 B3, 3.240%, 01/25/2052			1,000,548		0.4
335,619 (1)(2)	Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066			281,124		0.1
604,089 (1)(2)	Wells Fargo Mortgage Backed Securities 2020-1 B3 Trust, 3.368%, 12/25/2049			490,487		0.2
	Total Collateralized Mortgage Obligations (Cost $71,151,069)			71,290,012		30.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 40.9%
776,962 (2)	Arbor Multifamily Mortgage Securities Trust 2020-MF3 D, 2.000%, 10/15/2054			444,997		0.2
1,701,186 (2)	Arbor Multifamily Mortgage Securities Trust 2020-MF3 E, 2.000%, 10/15/2054			924,427		0.4
1,054,000 (2)	AREIT 2019-CRE3 D Trust, 7.424%, (TSFR1M + 2.650)%, 09/14/2036			981,082		0.4

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
662,526 (2)	BANK 2017-BNK4 D, 3.357%, 05/15/2050		$	463,371		0.2
1,710,522 (2)	BANK 2017-BNK4 E, 3.357%, 05/15/2050			996,145		0.4
6,369,284 (1)(2)(4)	BANK 2017-BNK8 XE, 1.296%, 11/15/2050			307,012		0.1
15,857,958 (1)(4)	BANK 2020-BNK27 XA, 1.159%, 04/15/2063			965,766		0.4
5,342,295 (1)(4)	BANK 2020-BNK30 XA, 1.313%, 12/15/2053			366,710		0.2
4,458,205 (1)(4)	BANK 2021-BNK31 XA, 1.324%, 02/15/2054			319,711		0.1
13,768,920 (1)(4)	Barclays Commercial Mortgage Trust 2019-C4 XA, 1.552%, 08/15/2052			960,118		0.4
5,710,974 (1)(2)(4)	Benchmark 2018-B5 XD Mortgage Trust, 1.500%, 07/15/2051			363,329		0.2
6,050,392 (1)(4)	BENCHMARK 2019-B10 XA Mortgage Trust, 1.220%, 03/15/2062			301,490		0.1
4,489,366 (1)(2)(4)	Benchmark 2019-B14 XD Mortgage Trust, 1.274%, 12/15/2062			315,474		0.1
1,841,521 (2)	Benchmark 2020-B18 AGNF Mortgage Trust, 4.139%, 07/15/2053			1,583,332		0.7
6,801,316 (1)(4)	Benchmark 2020-B18 XA Mortgage Trust, 1.788%, 07/15/2053			512,128		0.2
4,795,656 (1)(4)	Benchmark 2020-B22 XA Mortgage Trust, 1.515%, 01/15/2054			423,025		0.2
5,540,203 (1)(4)	Benchmark 2021-B23 XA Mortgage Trust, 1.271%, 02/15/2054			358,716		0.2
10,382,521 (1)(4)	Benchmark 2021-B25 XA Mortgage Trust, 1.100%, 04/15/2054			634,775		0.3
1,981,555 (2)(3)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			1,250,200		0.5
1,008,846 (2)(3)	BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052			630,430		0.3
2,537,173 (1)(2)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.515%, 05/25/2052			1,758,567		0.7
1,505,741 (2)	BPR Trust 2021-WILL E, 11.434%, (US0001M + 6.750)%, 06/15/2038			1,375,310		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
723,659 (2)	BX Commercial Mortgage Trust 2019-IMC D, 6.584%, (US0001M + 1.900)%, 04/15/2034		$	685,374		0.3
602,296 (2)	BX Commercial Mortgage Trust 2021-VOLT F, 7.084%, (US0001M + 2.400)%, 09/15/2036			556,003		0.2
2,689,253 (2)	Cascade Funding Mortgage Trust 2021-FRR1 CK98, 9.760%, 08/29/2029			1,441,818		0.6
5,318,769 (1)(4)	CD 2019-CD8 XA Mortgage Trust, 1.403%, 08/15/2057			342,288		0.1
846,226 (1)(2)	Citigroup Commercial Mortgage Trust 2014-GC19 E, 4.589%, 03/11/2047			764,612		0.3
1,274,158 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 E, 4.692%, 07/10/2049			811,249		0.3
605,308 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 F, 4.692%, 07/10/2049			345,088		0.1
1,550,913 (2)	Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049			1,089,729		0.5
6,220,215 (1)(2)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.260%, 09/15/2050			293,878		0.1
674,572 (1)(2)	Citigroup Commercial Mortgage Trust 2018-C6 D, 5.064%, 11/10/2051			462,918		0.2
370,412 (1)(2)	COMM 2013-CR10 F Mortgage Trust, 4.867%, 08/10/2046			318,703		0.1
548,090 (1)(2)	COMM 2020-CBM F Mortgage Trust, 3.633%, 02/10/2037			473,907		0.2
4,450,765 (1)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K107 X1, 1.691%, 03/25/2030			414,925		0.2
7,416,911 (1)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.881%, 11/25/2030			382,887		0.2
8,945,182 (1)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K123 X1, 0.773%, 12/25/2030			410,182		0.2

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,921,626 (1)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.980%, 08/25/2036		$	326,949		0.1
6,637,004 (1)(4)	Freddie Mac Multifamily Structured Pass Through Certificates KG01 X3, 3.124%, 05/25/2029			1,026,760		0.4
1,455,653 (2)(3)	FREMF 2016-K57 D Mortgage Trust, 0.000%, 08/25/2049			1,053,268		0.4
692,641 (2)(3)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			393,322		0.2
2,134,237 (1)(2)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.420%, 09/27/2051			1,538,228		0.7
1,624,694 (2)(3)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			1,363,438		0.6
1,974,628 (2)(3)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			1,644,063		0.7
1,606,324 (1)(2)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.040%, 09/27/2051			1,332,410		0.6
1,362,997 (2)(3)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			794,920		0.3
1,623,791 (2)(3)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			1,361,626		0.6
1,605,421 (2)(3)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			1,253,437		0.5
903,444 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.050%, 11/29/2050			616,652		0.3
2,235,423 (2)(3)	GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050			1,487,975		0.6
3,356,899 (2)(3)	GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050			2,176,075		0.9
1,505,741 (2)(3)	GAM Re-REMIC Trust 2021-FRR1 1E, 0.000%, 11/29/2050			828,755		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,505,741 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.320%, 11/29/2050		$	998,828		0.4
2,415,208 (2)(3)	GAM Re-REMIC Trust 2021-FRR1 2C, 0.000%, 11/29/2050			1,502,654		0.6
4,818,371 (2)(3)	GAM RE-REMIC Trust 2022-FRR3 DK89, 0.000%, 01/27/2052			2,184,521		0.9
2,992,509 (1)(2)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			2,189,488		0.9
2,036,364 (2)(5)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.200%, 01/29/2052			1,440,446		0.6
2,216,752 (2)(5)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.830%, 01/27/2052			1,307,948		0.6
1,158,216 (2)(5)	GAM Resecuritization Trust 2022-FRR3 C728, 0.510%, 08/27/2050			1,006,385		0.4
1,178,995 (2)(5)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.870%, 05/27/2048			947,790		0.4
1,428,647 (2)(5)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.480%, 11/27/2049			964,191		0.4
996,800 (1)(2)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.400%, 01/29/2052			682,942		0.3
1,161,227 (2)(5)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.040%, 01/27/2052			645,793		0.3
1,159,119 (2)(5)	GAM Resecuritization Trust 2022-FRR3 D728, 0.560%, 01/29/2052			985,810		0.4
931,752 (2)(5)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.620%, 10/27/2047			799,933		0.3
1,178,694 (2)(5)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.970%, 05/27/2048			923,833		0.4
621,570 (2)(5)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.610%, 01/29/2052			522,045		0.2
653,492 (2)	GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052			416,370		0.2
542,067 (2)	GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054			277,748		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,760,000 (1)(2)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON E, 5.220%, 01/05/2034		$	1,662,601		0.7
401,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038			279,534		0.1
1,069,076 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.884%, 01/15/2047			983,345		0.4
3,914,926 (1)(2)	LSTAR Commercial Mortgage Trust 2016-4 F, 4.611%, 03/10/2049			2,610,356		1.1
1,490,683 (1)(2)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 E, 4.368%, 10/15/2048			1,082,544		0.5
2,367,326 (1)(2)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 F, 4.368%, 10/15/2048			1,597,598		0.7
1,099,191 (2)(6)	Morgan Stanley Capital I Trust 2011-C1 K, 4.193%, 09/15/2047			1,099,191		0.5
782,985 (2)(6)	Morgan Stanley Capital I Trust 2011-C1 L, 4.193%, 09/15/2047			261,047		0.1
478,826 (1)(2)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049			317,827		0.1
12,138,842 (1)(4)	Morgan Stanley Capital I Trust 2019-H7 XA, 1.298%, 07/15/2052			676,129		0.3
4,684,360 (1)(2)(4)	Morgan Stanley Capital I, Inc. 2017-HR2 XD, 1.590%, 12/15/2050			297,448		0.1
653,492 (2)	Prima Capital CRE Securitization 2019-7A C Ltd., 3.250%, 12/25/2050			603,328		0.3
3,011,482 (2)	Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/2050			2,475,702		1.1
4,842,462 (2)(5)	RFM Reremic Trust 2022-FRR1 AB55, 1.040%, 03/28/2049			3,697,356		1.6
4,104,649 (1)(2)	RFM Reremic Trust 2022-FRR1 AB60, 2.450%, 11/08/2049			3,274,918		1.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
6,179,560 (1)(2)	RFM Reremic Trust 2022-FRR1 AB64, 2.300%, 03/01/2050		$	4,868,678		2.1
1,508,752 (2)(3)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			1,124,631		0.5
1,897,233 (2)(3)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			1,311,201		0.6
1,776,774 (2)(3)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			1,207,297		0.5
1,000,000 (1)(2)	SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037			896,472		0.4
1,505,741 (2)(3)	TPI RE-REMIC Trust 2022-FRR1 AK34, 0.000%, 07/25/2046			1,475,597		0.6
9,624,891 (1)(4)	Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.870%, 10/15/2050			283,973		0.1
6,163,594 (1)(4)	Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.536%, 08/15/2054			522,101		0.2
4,333,522 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.975%, 06/15/2046			2,621,816		1.1
1,549,708 (2)	WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046			1,397,622		0.6
	Total Commercial Mortgage-Backed Securities (Cost $95,840,720)			96,652,591		40.9
ASSET-BACKED SECURITIES: 23.0%
	Automobile Asset-Backed Securities: 1.1%
542,000	Americredit Automobile Receivables Trust 2019-2 D, 2.990%, 06/18/2025			529,925		0.2
1,009,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025			976,977		0.4
708,000	AmeriCredit Automobile Receivables Trust 2020-2 D, 2.130%, 03/18/2026			666,634		0.3
452,000 (2)	Tesla Auto Lease Trust 2020-A E, 4.640%, 08/20/2024			451,465		0.2
				2,625,001		1.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: 19.1%
416,600 (2)	AIG CLO 2019-2A DR Ltd., 7.868%, (US0003M + 3.050)%, 10/25/2033		$	382,313		0.2
903,444 (1)(2)	Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065			824,976		0.3
451,722 (2)	Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059			414,711		0.2
327,690 (2)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049			307,423		0.1
1,747,000 (2)	Aqua Finance Trust 2017-A B, 2.400%, 07/17/2046			1,453,392		0.6
836,550 (2)	Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050			736,598		0.3
1,041,500 (2)	Atrium XIV LLC 14A A2BR, 2.304%, 08/23/2030			933,184		0.4
937,350 (2)	Babson CLO Ltd. 2018-3A B2R, 2.268%, 07/20/2029			853,901		0.4
1,041,500 (2)	Benefit Street Partners CLO XVIII Ltd. 2019-18A DR, 8.192%, (US0003M + 3.400)%, 10/15/2034			954,176		0.4
781,125 (2)	BlueMountain CLO XXX Ltd. 2020-30A CR, 6.808%, (TSFR3M + 2.150)%, 04/15/2035			714,070		0.3
1,371,150 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			1,254,156		0.5
840,412 (2)	CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046			731,114		0.3
556,308 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			529,163		0.2
418,428 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048			402,545		0.2
394,790 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			352,323		0.1
615,458 (2)	Driven Brands Funding LLC 2022-1A A2, 7.393%, 10/20/2052			622,127		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,197,725 (2)	Dryden 86 CLO Ltd. 2020-86A DR, 7.992%, (US0003M + 3.200)%, 07/17/2034		$	1,121,422		0.5
916,520 (2)	Dryden Senior Loan Fund 2021-92A E, 11.415%, (US0003M + 6.500)%, 11/20/2034			816,497		0.3
445,220 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			436,322		0.2
937,350 (2)	Galaxy XXIII CLO Ltd. 2017-23A DR, 8.216%, (US0003M + 3.400)%, 04/24/2029			886,632		0.4
676,305 (2)	Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052			642,382		0.3
678,000 (2)	Greystone Commercial Real Estate Notes 2021-FL3 E, 7.692%, (TSFR1M + 2.750)%, 07/15/2039			617,594		0.3
446,899 (2)	Helios Issuer LLC 2020-AA A, 2.980%, 06/20/2047			396,997		0.2
572,589 (2)	Helios Issuer, LLC 2018-1A B, 7.710%, 07/20/2048			487,986		0.2
535,448 (2)	Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047			414,323		0.2
1,041,500 (2)	Magnetite XXVI Ltd. 2020-26A DR, 7.668%, (US0003M + 2.850)%, 07/25/2034			996,716		0.4
1,747,000 (2)	Marlette Funding Trust 2023-1A A, 6.070%, 04/15/2033			1,746,606		0.7
542,067 (1)(2)	Mill City Mortgage Trust 2015-2 B2, 3.690%, 09/25/2057			484,461		0.2
448,010 (2)	Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043			409,203		0.2
303,628 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			284,532		0.1
386,670 (2)	Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046			334,139		0.1
297,017 (2)	Mosaic Solar Loan Trust 2023-1A B, 6.920%, 06/20/2053			293,478		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
625,004 (2)	Oaktree CLO 2020-1A ER Ltd., 11.302%, (US0003M + 6.510)%, 07/15/2034		$	554,545		0.2
624,900 (2)	Oaktree CLO Ltd. 2021-1A D, 8.042%, (US0003M + 3.250)%, 07/15/2034			571,256		0.2
1,249,800 (2)	OHA Credit Partners XVI 2021-16A D, 7.645%, (US0003M + 2.850)%, 10/18/2034			1,193,472		0.5
791,540 (2)	Palmer Square CLO Ltd. 2021-2A E, 11.142%, (US0003M + 6.350)%, 07/15/2034			724,636		0.3
650,937 (2)	Palmer Square Loan Funding 2021-2A D Ltd., 9.915%, (US0003M + 5.000)%, 05/20/2029			588,150		0.2
647,000 (2)	SoFi Consumer Loan Program 2023-1S A Trust, 5.810%, 05/15/2031			647,710		0.3
937,350 (2)	Sound Point Clo XIV Ltd. 2016-3A DR, 8.465%, (US0003M + 3.650)%, 01/23/2029			922,376		0.4
2,299,425 (2)	Sunnova Helios Issuer II LLC 2021-B B, 2.010%, 07/20/2048			1,841,505		0.8
1,132,809 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			889,970		0.4
997,331 (2)	Sunrun Atlas Issuer 2019-2 A LLC, 3.610%, 02/01/2055			890,635		0.4
1,973,971 (2)	Sunrun Jupiter Issuer 2022-1A A LLC, 4.750%, 07/30/2057			1,848,835		0.8
460,143 (2)	Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054			415,439		0.2
874,860 (2)	Symphony CLO XIV Ltd. 2014-14A DR, 7.892%, (US0003M + 3.100)%, 07/14/2026			874,815		0.4
1,458,100 (2)	Symphony Static CLO I Ltd. 2021-1A D, 7.568%, (US0003M + 2.750)%, 10/25/2029			1,361,183		0.6
416,600 (2)	TCW CLO 2017-1A DRR Ltd., 8.472%, (US0003M + 3.670)%, 10/29/2034			380,053		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,249,800 (2)	TCW CLO 2020-1A DRR Ltd., 8.208%, (US0003M + 3.400)%, 04/20/2034		$	1,138,593		0.5
416,600 (2)	THL Credit Wind River 2014-1 CRR CLO Ltd., 6.745%, (US0003M + 1.950)%, 07/18/2031			379,408		0.1
1,041,500 (2)	THL Credit Wind River 2017-3A CR Clo Ltd., 7.292%, (US0003M + 2.500)%, 04/15/2035			976,673		0.4
576,056 (2)	TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046			486,725		0.2
331,263 (1)(2)	Towd Point Mortgage Trust 2015-2 2B2, 4.320%, 11/25/2057			319,185		0.1
738,000 (2)	Trafigura Securitisation Finance PLC 2021-1A B, 1.780%, 01/15/2025			670,140		0.3
749,490 (2)	Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046			626,940		0.3
333,280 (2)	Venture 33 CLO Ltd. 2018-33A CR, 7.072%, (US0003M + 2.280)%, 07/15/2031			308,940		0.1
1,127,424 (2)	Venture XXI CLO Ltd. 2015-21A DR, 7.592%, (US0003M + 2.800)%, 07/15/2027			1,092,634		0.5
658,240 (2)	Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051			518,115		0.2
1,716,499 (2)	Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050			1,511,563		0.6
1,942,932 (2)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051			1,634,844		0.7
				45,203,802		19.1
	Student Loan Asset-Backed Securities: 2.8%
312,158 (2)	Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048			288,212		0.1
790,000 (2)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			681,591		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
459,000 (1)(2)	SoFi Professional Loan Program 2017-A C, 4.430%, 03/26/2040		$	421,568		0.2
376,000 (1)(2)	SoFi Professional Loan Program 2017-C C, 4.210%, 07/25/2040			335,663		0.1
376,000 (2)	SoFi Professional Loan Program 2017-D BFX LLC, 3.610%, 09/25/2040			336,836		0.2
1,205,000 (2)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			1,079,212		0.5
602,000 (2)	SoFi Professional Loan Program 2018-C BFX Trust, 4.130%, 01/25/2048			567,518		0.2
632,000 (2)	SoFi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			593,319		0.3
1,521,000 (2)	SoFi Professional Loan Program 2020-B BFX Trust, 2.730%, 05/15/2046			1,219,538		0.5
1,235,000 (2)	SoFi Professional Loan Program 2020-C BFX Trust, 3.360%, 02/15/2046			1,028,807		0.4
				6,552,264		2.8
	Total Asset-Backed Securities (Cost $54,003,464)			54,381,067		23.0
	Total Long-Term Investments (Cost $220,995,253)			222,323,670		94.0
SHORT-TERM INVESTMENTS: 5.3%
	Commercial Paper: 3.6%
3,500,000	Agilent Technologies, Inc., 4.890%, 04/06/2023			3,497,031		1.5
2,000,000	Dominion Energy, Inc., 5.040%, 04/03/2023			1,999,157		0.8
3,000,000	Equifax, Inc., 5.200%, 04/06/2023			2,997,445		1.3
	Total Commercial Paper (Cost $8,494,794)			8,493,633		3.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.7%
4,098,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.730% (Cost $4,098,000)		$	4,098,000		1.7
	Total Short-Term Investments (Cost $12,592,794)			12,591,633		5.3
	Total Investments in Securities (Cost $233,588,047)		$	234,915,303		99.3
	Assets in Excess of Other Liabilities			1,547,732		0.7
	Net Assets		$	236,463,035		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Variable rate security. Rate shown is the rate in effect as of March 31, 2023.

(2)

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.

(3)

(4)

(5)

Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2023.

(6)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(7)

Rate shown is the 7-day yield as of March 31, 2023.

Reference Rate Abbreviations:

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Collateralized Mortgage Obligations		$	—		$	71,290,012		$	—		$	71,290,012
Asset-Backed Securities			—			54,381,067			—			54,381,067
Commercial Mortgage-Backed Securities			—			95,292,353			1,360,238			96,652,591
Short-Term Investments			4,098,000			8,493,633			—			12,591,633
Total Investments, at fair value		$	4,098,000		$	229,457,065		$	1,360,238		$	234,915,303
Other Financial Instruments+
Futures			233,882			—			—			233,882
Total Assets		$	4,331,882		$	229,457,065		$	1,360,238		$	235,149,185
Liabilities Table
Other Financial Instruments+
Futures		$	(1,680,924)		$	—		$	—		$	(1,680,924)
Total Liabilities		$	(1,680,924)		$	—		$	—		$	(1,680,924)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya VACS Series SC Fund

as of March 31, 2023 (continued)

At March 31, 2023, the following futures contracts were outstanding for Voya VACS Series SC Fund:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Long Bond	24	06/21/23		$	3,147,750		$	83,199
U.S. Treasury Ultra Long Bond	30	06/22/23			4,233,750			150,683
				$	7,381,500		$	233,882
Short Contracts:
U.S. Treasury 10-Year Note	(27)	06/21/23			(3,102,891)			(103,415)
U.S. Treasury 2-Year Note	(116)	06/30/23			(23,948,563)			(47,207)
U.S. Treasury 5-Year Note	(510)	06/30/23			(55,848,984)			(1,305,980)
U.S. Treasury Ultra 10-Year Note	(50)	06/21/23			(6,057,031)			(224,322)
				$	(88,957,469)		$	(1,680,924)

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, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	233,882
Total Asset Derivatives			$	233,882
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	1,680,924
Total Liability Derivatives			$	1,680,924

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table 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, 202 3 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(10,231)
Total		$	(10,231)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(1,447,042)
Total		$	(1,447,042)

At March 31, 2023, 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 federal income tax purposes was $232,141,005.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,643,736
Gross Unrealized Depreciation		(1,316,480)
Net Unrealized Appreciation	$	1,327,256

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year or period ended March 31, 2023 were as follows:

Fund Name	Type	Per Share Amount
Voya VACS Series EMCD Fund(1)	NII		$	0.4091
	LTCG		$	0.0159
Voya VACS Series EMHCD Fund(2)	NII		$	0.0678
Voya VACS Series HYB Fund(3)	NII		$	0.0754
Voya VACS Series SC Fund(4)	NII		$	0.0348

NII – Net investment income

LTCG – Long-term capital gain

(1)

Formerly, Voya Emerging Markets Corporate Debt Fund. Fund had a Class P shares designation prior to November 18, 2022.

(2)

Commenced operations on February 17, 2023.

(3)

Commenced operations on February 24, 2023.

(4)

Commenced operations on March 3, 2023.

Voya VACS Series EMCD Fund designates $174,985 of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C).

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of each Trust are managed under the direction of the Board. A Trustee, who is not an interested person of a Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.

Name, Address and
Year of Birth

Position(s)
Held with the
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen
by
Trustee(2)

Other Board Positions
Held by Trustee

Independent Trustees:

Colleen D. Baldwin (1960)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Chairperson

Trustee

January 2020 –
Present

VFT – November 2007 –
Present

VSPT – July 2007 –
Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

138

Stanley Global Engineering (2020 – Present).

John V. Boyer (1953)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

VFT – January 2005 –
Present

VSPT – May 2007 – Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019).

138

None.

Patricia W. Chadwick (1948)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

VFT – January 2006 –
Present

VSPT – May 2007 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

138

The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin (1950)
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, Arizona 85258

Trustee

August 2015 – Present

Retired.

138

None.

Joseph E. Obermeyer (1957)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

May 2013 – Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

138

None.

Sheryl K. Pressler (1950)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

VFT – January 2006 –
Present

VSPT – May 2007 –
Present

Consultant (May 2001 – Present).

138

Centerra Gold Inc. (May 2008 – Present).

Christopher P. Sullivan (1954)
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258

Trustee

October 2015 – Present

Retired.

138

None.

(1)

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

(2)

TABLE OF CONTENTS

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash (1967) 230 Park Avenue New York, New York 10169	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020).
James M. Fink (1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 − Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present).
Steven Hartstein (1963) 230 Park Avenue New York, New York 10169	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – December 2022).
Todd Modic (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	VFT – March 2005 – Present VSPT – March 2007 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).
Kimberly A. Anderson (1964) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	VFT – November 2003 – Present VSPT – March 2007 – Present	Senior Vice President, Voya Investments, LLC (September 2003 − Present).
Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).
Andrew K. Schlueter (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Formerly, Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Joanne F. Osberg (1982) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President Secretary	March 2023 – Present September 2020 – Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 – March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Robert Terris (1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Senior Vice President	VFT – May 2006 – Present VSPT – March 2007 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya (1973) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 − Present).
Robyn L. Ichilov (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	VFT – October 2000 – Present VSPT – March 2007 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 − Present).
Jason Kadavy (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present).
Erica McKenna (1972) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler (1969) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward (1993) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 − April 2019).
Monia Piacenti (1976) One Orange Way Windsor, Connecticut 06095	Anti-Money Laundering Officer	June 2018 – Present	Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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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 17, 2022, 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 VACS Series EMCD Fund (formerly, Voya Emerging Markets Corporate Debt 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, 2023.

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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Nature, Extent and Quality of Services

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

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 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.

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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. 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

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

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

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 intends to propose 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 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 the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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.

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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year and five-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the three-year and five-year periods and underperformed for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Fund’s performance during certain periods.

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

quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio.

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, 2023.

BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS FOR NEW FUNDS

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), Voya VACS Series EMHCD Fund (“Series EMHCD Fund”), a series of Voya Separate Portfolios Trust (“VSPT”); Voya VACS Series HYB Fund (“Series HYB Fund”), a series of Voya Funds Trust (“VFT”); and Voya VACS Series SC Fund (“Series SC Fund”), a series of VSPT (each, a “VACS Fund” and collectively, the “VACS Series Funds”) can enter into a new investment management or sub-advisory contract only if the Boards of Trustees (the “Board”) of VSPT and VFT (together, the “Registrants”), 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 the VACS Series Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), determines to approve the new arrangements. Thus, at its meeting held on November 17, 2022, the Board considered the initial approval of the investment management

contracts (the “Management Contracts”) with Voya Investments, LLC (“VIL” or the “Adviser”) and the sub-advisory contracts (the “Sub-Advisory Contracts”) between VIL and the sub-adviser, Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”) (together, the “Contracts”) for the VACS Series Funds.

In determining whether to initially approve the Contracts for the VACS Series Funds, the Board requested, received, evaluated and discussed such information and supporting materials related to that information as it deemed necessary for an informed determination of whether the Contracts should be approved. Provided below is a general overview of the Board’s contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board’s consideration as to whether to approve the Contracts.

The materials provided to the Board in support of each VACS Fund and the VACS Series Funds’ Contracts included the following: (1) a memorandum and presentation materials presenting management’s rationale for proposing the launch of the VACS Series Funds that discuss, among other things, VIL’s experience and expertise in the management of other funds within the Voya funds complex with similar investment objectives and strategies, including the existing VACS Series Funds; (2) information about the VACS Series Funds’ proposed investment objective and strategies and anticipated portfolio characteristics; (3) Fund Analysis and Comparison Tables sheets for the VACS Series Funds that compare the VACS Series Funds’ proposed fee structure to its comparable selected peer group (“SPG”) and Morningstar/Lipper category medians; (4) supporting documentation, including copies of the forms of Contracts for the VACS Series Funds; (5) a memorandum provided by counsel to the Independent Trustees summarizing the guidelines relevant to the Board’s consideration of the approvals of the Management Contracts; (6) a memorandum and other information provided in response to Section 15(c) requests to the Adviser and Sub-Advisers by counsel to the Independent Trustees on behalf of the Board; and (7) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL’s oversight and management of other funds in the Voya funds complex.

The Board’s consideration of whether to approve the Management Contracts with VIL on behalf of each VACS

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

Fund took into account several factors including, but not limited to, the following: (1) the nature, extent and quality of the services to be provided by VIL to the VACS Series Funds under the proposed Management Contracts; (2) VIL’s experience as a manager-of-managers overseeing sub-advisers to other funds within the Voya funds complex; (3) the fairness of the compensation under the proposed Management Contracts in light of the services to be provided to the VACS Series Funds; (4) the costs for the services to be provided by VIL, including that the proposed management fee would not be subject to breakpoint discounts; (5) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the VACS Series Funds, including that: (a) the proposed management fee for each VACS Fund is below the average and median management fees of the funds in the Fund’s SPG, and (b) the estimated net annual operating expenses for each VACS Fund are below the average and median expense ratios of the funds in the Fund’s SPG; (6) management’s representations that the VACS Series Funds’ management fee structure is consistent within the VACS Series Funds suite; (7) the projected profitability of VIL; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIL, including its management team’s expertise in the management of other series of the Registrants; (9) VIL’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with their oversight of other funds in the Voya funds complex; (10) the information that had been provided by VIL at regular Board meetings, and in anticipation of the November 17, 2022 meeting, as well as the annual contract renewal Board meetings regarding existing series of the Voya funds, with respect to its capabilities in overseeing similar asset allocation products; and (11) “fall-out benefits” to VIL and its affiliates that were anticipated to arise from VIL’s management of the VACS Series Funds.

In reviewing the proposed Sub-Advisory Contracts with Voya IM, the Board considered a number of factors, including, but not limited to, the following: (1) VIL’s view of the reputation of Voya IM, including its strength and reputation in the industry, and its sub-advisory services; (2) the information that had been provided by Voya IM in advance of the November 17, 2022 meeting at which Voya IM presented with respect to its sub-advisory services; (3) the nature, extent and quality of the services to be provided by Voya IM under the proposed Sub-Advisory Contracts; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM; (6) the fairness

of the compensation under the Sub-Advisory Contracts in light of the services to be provided by Voya IM as the VACS Series Funds’ Sub-Adviser; (7) Voya IM’s operations and compliance program, including its policies and procedures intended to prevent violation of the Federal securities laws, which had been reviewed and evaluated by the Chief Compliance Officer of the Registrants; (8) Voya IM’s financial condition; (9) the appropriateness of the selection of Voya IM in light of the VACS Series Funds’ investment objectives and prospective investor base; and (10) Voya IM’s Code of Ethics, which was previously approved by the Board.

With respect to the nature, extent and quality of services to be provided by the Adviser and Sub-Adviser, the Board was mindful of the “manager-of-managers” platform that has been developed by the Adviser. The Board recognized that the Adviser would be responsible for monitoring the investment program, performance, and developments/ on-going operations of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Adviser provides to the VACS Series Funds and the Sub-Adviser’s compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MR&S”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the Investment Review Committees (“IRCs”) at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers’ investment processes and to try to identify issues that may be relevant to a sub-adviser’s services to a Voya fund and/or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report

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

directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.

The Board considered that the VACS Series Funds also can benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses

that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by the Adviser to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the VACS Series Funds’ shareholders, beyond investment management services, from being part of the Voya family of funds. The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds’ service providers.

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts with respect to each VACS Fund are fair and reasonable to the VACS Series Funds and that approval of the Contracts is in the best interests of each VACS 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 fees payable by each VACS Fund under the Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Contracts for each VACS Fund.

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02119

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

220645 (0323-052523)

Annual Report

March 31, 2023

Voya Floating Rate Fund

Classes A, C, I, R and W

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from the fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let the fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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 fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully.

E-Delivery Sign-up — details inside

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Portfolio Managers’ Report	3
Shareholder Expense Example	6
Report of Independent Registered Public Accounting Firm	7
Statement of Assets and Liabilities	8
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Portfolio of Investments	21
Tax Information	34
Trustee and Officer Information	35
Advisory and Sub-Advisory Contract Approval Discussion	38

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You will be notified by e-mail when these communications become available on the internet.

PROXY VOTING INFORMATION

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: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

Benchmark Descriptions

Index

Description

The S&P/LSTA Leveraged Loan Index

An unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor’s (“S&P”) and the Loan Syndications and Trading Association (“LSTA”) conceived the index to establish a performance benchmark for the syndicated leveraged loan industry.

Voya Floating Rate Fund

Portfolio Managers’ Report

	Ratings Distribution as of March 31, 2023
	BB or above		28.40%
	B		61.60%
	CCC or below		8.28%
	Not rated*		1.72%
	Loan ratings apply to the underlying holdings of the Fund and not the Fund itself. Ratings distribution shows the percentage of the Fund’s loan commitments (excluding cash and foreign cash) that are rated in each ratings category, based upon the categories provided by Standard & Poor. Ratings distribution is based on Standard & Poor’s senior secured facility ratings. The Standard & Poor’s rating scale is as follows, from excellent (high grade) to poor (including default): AAA to D, with intermediate ratings offered at each level between AA and CCC. Anything lower than a BBB- rating is considered a non-investment grade or junk bond. Any security that is not rated by Standard & Poor’s is placed in the NR (Not Rated) category. Ratings can change from time to time, and current ratings may not fully reflect the actual credit condition or risks posed by a loan. * Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn.

Voya Floating Rate Fund (the “Fund”) seeks to provide investors with a high level of current income. The Fund is managed by Mohamed Basma, CFA, and Randall Parrish, CFA Portfolio Managers* of Voya Investment Management Co. LLC – the Sub-Adviser.

Performance: For the year ended March 31, 2023, the Fund’s Class A shares, excluding sales charges, provided a total return of -1.28% compared to the S&P/LSTA Leveraged Loan Index (the “Index” or “S&P/LSTA Leveraged Loan”), which returned 2.54% for the same period.

Portfolio Specifics: The Fund’s fiscal period was marked by high inflation, geopolitical tension, peak hawkishness in central bank policy, recession concerns and rising global bond yields. The yield on the 10-year US Treasury notes increased by more than 300 basis points (“bp”), creating a notable reset in financial asset valuations and upending a prolonged period of low yields and excess liquidity. Nearly all risk assets felt the pain, but duration-sensitive assets bore the brunt of it. However, given the floating rate nature of loans, the U.S. loan market fared considerably better relative to other asset classes. The Index returned 2.54% during the fiscal year with higher interest returns, driven by rising base rates and stable nominal spreads, partially offset by sharp market value declines. For context, the average Index bid price closed out the period at 93.38, representing a 422 bp drop from the end of the prior fiscal period.

Although loans delivered a positive return, the path was less straightforward with various challenges along the way. Borrowers faced an increasingly difficult economic backdrop, putting both technical and fundamental factors under pressure, and causing performance dispersion at the rating and sector level. Unsurprisingly, higher-rated loans outperformed their riskier counterparts, with returns for BB, B and CCC rated loans coming in at 5.15%, 2.51%, and -7.92%, respectively. The stark difference between ratings reflects growing uncertainty around earnings growth and higher financing costs from aggressive hiking plans, as investors began to weigh the implications on issuer fundamental factors.

Amid the difficult macro conditions, market technical factors became less supportive. Starting with supply, new issuance was constrained by broad uncertainty and volatility. Following strong issuance in the prior fiscal period, total new issue volume was just $165 billion. The pullback was exacerbated by a handful of large deals that were shelved during syndication, leaving the various underwritten loans as hung deals on bank balance sheets. In general, the difficult economic backdrop, higher financing costs and notable declines in secondary trading levels were not supportive for the syndication of new loans. In contrast, investor demand for the asset class was highly mixed during the period. Collateralized loan obligations — the predominant buyers of loans — again proved to be the primary component of measurable demand, as managers found creative solutions to ink deals, such as tapping into the secondary loan market to build portfolios via “print-and-sprint” transactions and issuing shorter-dated or static structures. Total volumes amounted to a robust $131.3 billion during the period. Meanwhile, the other measurable sources of demand for loans — mutual funds and exchange-traded funds — experienced net outflows for the period, to the tune of $43.4 billion. Macro uncertainties and general investor unease, together with a more competitive yield opportunity set across other asset classes, outweighed any demand tailwind from the strong rise in short-term rates, which historically has been a positive driver of retail flows.

	TOP TEN LOAN ISSUERS AS OF MARCH 31, 2023 AS A PERCENTAGE OF:

		NET ASSETS
	Moran Foods	1.1%
	United Airlines, Inc.	0.9%
	Asurion, LLC	0.7%
	Peraton Holding Corp	0.7%
	Nautilus Power, LLC	0.7%
	Acrisure, LLC	0.7%
	Citadel Securities LP	0.7%
	Great Outdoors Group, LLC	0.7%
	Ineos US Finance LLC	0.6%
	DirecTV Financing, LLC	0.6%

Class I shares of the Fund underperformed the Index during the fiscal period on a NAV basis. By ratings, the Fund was negatively impacted by exposure to a few loans in the defaulted loan category, selection in B, as well as selection and overweight to D rated loans. From an industry perspective, selection in software was the primary drag, although the bulk of impact was concentrated in a single issuer. Additional but smaller impacts included overweights to the following sectors: trading companies and distributors, media and IT services. At the issuer level, the primary relative laggards were overweights to Avaya Inc., Diamond Sports Group, LLC, Yak Mat, Riverbed Technology, Inc. and Logmein, Inc. Each company experienced challenges related to weak earnings and liquidity challenges, with the former three filing for Chapter 11 bankruptcy during the period. In contrast, the Fund benefited from selection and underweight to entertainment, as well as selection and overweight to food products. The primary issuer-level contribution was due to the avoidance of Cineworld, which defaulted during the period. Away from loan-level performance, the Fund was weighed down by its exposure to high yield (“HY”) bonds, as the HY bond market underperformed loans during the timeframe (-3.34% return for the Bloomberg U.S. Corporate High Yield Index).

Current Strategy & Outlook: In the short term, we expect leveraged finance markets to remain impacted by a myriad of macro developments, evolving U.S. Federal Reserve policy, inflation and payroll data, fallout from regional banks and tighter financial conditions and most importantly, in our opinion, — corporate fundamental factors, first quarter 2023 earnings and forward guidance. Loan fundamental factors, while in our view are still favorable, are showing signs of deterioration especially across lower-rated issuers. In our

Voya Floating Rate Fund

Portfolio Managers’ Report

opinion, while overall metrics look favorable versus pre-pandemic levels, the market will be acutely focused on the impact of “higher for longer” rates environment (if sustained) and secondary impact from tighter credit conditions (regional banks), both of which will be a key focus during the next round of quarterly earnings. Unsurprisingly, loans have become more heavily correlated to movements in macro sentiment than is typical for the asset class given the recent developments that have impacted broad risk sentiment. As a result, careful credit selection and monitoring continues to be warranted, as risks remain skewed to the downside.

Effective May 1, 2023, Randall Parrish, CFA was added as a portfolio manager for the Fund and Kelly Byrne was removed as a portfolio manager for the Fund. Effective April 30, 2023, Jeffrey A. Bakalar no longer serves as a portfolio manager for the Fund. Effective October 4, 2022, Mohamed Basma, CFA was added as a portfolio manager to the Fund.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The commentary provided was based in part upon attribution analysis from FactSet and is for informational purposes only and is not intended as investment advice. The commentary may reference current holdings as well as holdings that may have been sold during the period. Performance figures for individual sectors and individual holdings in FactSet attribution are gross of fees. Results are on a gross of fees basis.

The attribution analysis from FactSet compares loan level performance of the portfolio to the index. FactSet attribution does not include any other fund performance attribution impact (e.g., structural impacts, intraday trade prices, fee income, cash, etc). Further, certain assumptions are made in FactSet’s model for the calculation of daily total returns for loans in the portfolio, including how FactSet accrues income and calculates coupon, both of which may have an impact on the derived total return used in the attribution analysis. FactSet obtains daily weights and returns for the index directly from S&P/LCD. The calculated returns used in the attribution analysis are not accounting-based returns. Investment performance presented differs from actual performance and was not constructed according to the input, calculation, presentation, and disclosure requirements of the Global Investment Performance Standards (GIPS). Attribution analysis is intended only to directionally understand drivers of performance and is not intended to convey unintended precision or accuracy. FactSet attribution results can vary, even for historical periods, from previously run attribution reports for those same periods. These variances can be a result of changes to FactSet’s system, improvements or revisions to calculation methodology, or data reconciliation efforts. Voya IM believes that attribution and statements based on attribution are directionally useful for understanding performance, but Voya IM does not represent that such information is accurate or complete.

Voya Floating Rate Fund

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended March 31, 2023
	1 Year	5 Year	10 Year
Including Sales Charge:
Class A⁽¹⁾	-3.75%	0.50%	1.77%
Class C⁽²⁾	-2.95%	0.20%	1.25%
Class I	-1.03%	1.24%	2.28%
Class R	-1.53%	0.73%	1.76%
Class W	-1.04%	1.21%	2.27%
Excluding Sales Charge:
Class A	-1.28%	1.00%	2.02%
Class C	-2.03%	0.20%	1.25%
Class I	-1.03%	1.24%	2.28%
Class R	-1.53%	0.73%	1.76%
Class W	-1.04%	1.21%	2.27%
S&P/LSTA Leveraged Loan	2.54%	3.63%	3.76%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Floating Rate Fund against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Fund’s performance is shown both with and without the imposition of sales charges.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

Fund holdings are subject to change daily.

⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 2.50%.
⁽²⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5%hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2022		Ending Account Value March 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2023*		Beginning Account Value October 1, 2022		Ending Account Value March 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2023*
Class A	$	1,000.00	$	1,050.10		1.06	%	$	5.42	$	1,000.00	$	1,019.65		1.06	%	$	5.34
Class C		1,000.00		1,044.90		1.81			9.23		1,000.00		1,015.91		1.81			9.10
Class I		1,000.00		1,051.40		0.81			4.14		1,000.00		1,020.89		0.81			4.08
Class R		1,000.00		1,047.60		1.31			6.69		1,000.00		1,018.40		1.31			6.59
Class W		1,000.00		1,050.00		0.81			4.14		1,000.00		1,020.89		0.81			4.08

*	Expenses are equal to the Fund’s annualized expense ratios multiplied by the average account value over the period, multiplied by 182/365 to reflect the most recent fiscal half-year.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Floating Rate Fund and the Board of Trustees of Voya Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Voya Floating Rate Fund (the “Fund”) (one of the funds constituting Voya Funds Trust (the “Trust”)), including the portfolio of investments, as of March 31, 2023, 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 four 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 Funds Trust) at March 31, 2023, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Boston, Massachusetts

May 30, 2023

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2023

ASSETS:
Investments in securities at fair value (Cost $273,852,270)	$	253,309,968
Cash		2,103,982
Receivables:
Investment securities sold		8,769,505
Fund shares sold		1,010,440
Interest		1,876,075
Dividend		39,071
Prepaid structuring fee (Note 7)		24,123
Prepaid expenses		47,614
Reimbursement due from Investment Adviser		41,473
Other assets		39,709
Total assets		267,261,960
LIABILITIES:
Notes payable		500,000
Payable for investment securities purchased		7,840,760
Payable for fund shares redeemed		489,002
Income distribution payable		51,078
Payable for investment management fees		141,113
Payable for distribution and shareholder service fees		50,733
Payable for trustee fees		27,704
Payable to trustees under the deferred compensation plan (Note 8)		39,709
Payable for commitment fees on line of credit (Note 7)		52,522
Unfunded loan commitments (Note 9)		230,965
Other accrued expenses and liabilities		749,096
Total liabilities		10,172,682
NET ASSETS	$	257,089,278
NET ASSETS WERE COMPRISED OF:
Paid-in capital		483,603,167
Total distributable loss		(226,513,889	)
NET ASSETS	$	257,089,278

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2023 (continued)

Class A:
Net assets	$	33,686,187
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		4,065,720
Net asset value and redemption price per share⁽²⁾	$	8.29
Maximum offering price per share (2.50%)⁽¹⁾	$	8.50

Class C:
Net assets	$	6,743,253
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		813,960
Net asset value and redemption price per share⁽²⁾	$	8.28

Class I:
Net assets	$	116,954,022
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		14,102,835
Net asset value and redemption price per share	$	8.29

Class R:
Net assets	$	88,958,567
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		10,756,284
Net asset value and redemption price per share	$	8.27

Class W:
Net assets	$	10,747,249
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		1,294,602
Net asset value and redemption price per share	$	8.30

⁽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.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charge.

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended March 31, 2023

INVESTMENT INCOME:
Interest	$	26,142,353
Dividend		865,649
Total investment income		27,008,002

EXPENSES:
Investment management fees		2,386,966
Distribution and shareholder service fees:
Class A		90,878
Class C		77,597
Class R		501,186
Transfer agent fees:
Class A		41,295
Class C		8,815
Class I		50,593
Class R		113,872
Class W		14,051
Shareholder reporting expense		10,950
Custody and accounting expense		219,000
Registration fees		121,718
Professional fees		49,275
Trustees fees		3,650
Commitment fees on line of credit (Note 7)		148,784
Miscellaneous expense		72,205
Structuring Fee (Note 7)		163,359
Interest expense		102,549
Total expenses		4,176,743
Waived and reimbursed fees		(795,364	)
Net expenses		3,381,379
Net investment income		23,626,623

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investments		(21,570,125	)
Net change in unrealized appreciation (depreciation) on Investments		(12,909,447	)
Net realized and unrealized loss		(34,479,572	)
Decrease in net assets resulting from operations		(10,852,949	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	March 31, 2023			March 31, 2022
FROM OPERATIONS:
Net investment income	$	23,626,623		$	18,646,837
Net realized loss		(21,570,125	)		(3,991,011	)
Net change in unrealized appreciation (depreciation)		(12,909,447	)		(4,050,628	)
Net increase (decrease) in net assets resulting from operations		(10,852,949	)		10,605,198
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(2,220,292	)		(1,594,693	)
Class C		(411,867	)		(295,898	)
Class I		(10,054,986	)		(8,279,050	)
Class P⁽¹⁾		(2,878,797	)		(4,674,962	)
Class R		(5,900,552	)		(2,930,331	)
Class W		(787,192	)		(416,280	)
Total distributions		(22,253,686	)		(18,191,214	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		88,312,943			200,165,448
Reinvestment of distributions		21,736,937			17,562,082
		110,049,880			217,727,530
Cost of shares redeemed		(305,895,536	)		(213,682,601	)
Net increase (decrease) in net assets resulting from capital share transactions		(195,845,656	)		4,044,929
Net decrease in net assets		(228,952,291	)		(3,541,087	)
NET ASSETS:
Beginning of year or period		486,041,569			489,582,656
End of year or period	$	257,089,278		$	486,041,569

⁽¹⁾	Class P liquidated on March 24, 2023.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less Distributions													Ratios to average net assets								Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Net asset value, end of year or period		Total return⁽¹⁾			Expenses before reductions/ additions⁽²⁾⁽³⁾		Expenses, net of fee waivers and/ or recoupments, if any⁽²⁾⁽³⁾		Expenses, net of all reductions/ additions⁽²⁾⁽³⁾		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio Turnover
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Class A
03-31-23		8.94		0.55	*		(0.68	)		(0.13	)		0.52		—		—		0.52		8.29		(1.28	)		1.26		1.06		1.06		6.48		33,686		38
03-31-22		9.04		0.30	*		(0.11	)		0.19			0.29		—		—		0.29		8.94		2.15			1.20		1.02		1.02		3.37		41,990		89
03-31-21		8.00		0.29	*		1.03			1.32			0.28		—		—		0.28		9.04		16.69			1.34		1.13		1.13		3.35		39,518		60
03-31-20		9.59		0.46			(1.58	)		(1.12	)		0.47		—		—		0.47		8.00		(12.34	)		1.18		1.10		1.10		4.83		52,014		52
03-31-19		9.86		0.46			(0.28	)		0.18			0.45		—		—		0.45		9.59		1.90			1.14		1.05		1.05		4.75		59,614		58
Class C
03-31-23		8.93		0.48	*		(0.67	)		(0.19	)		0.46		—		—		0.46		8.28		(2.03	)		2.01		1.81		1.81		5.69		6,743		38
03-31-22		9.04		0.23	*		(0.11	)		0.12			0.23		—		—		0.23		8.93		1.27			1.95		1.77		1.77		2.59		9,658		89
03-31-21		8.00		0.23	*		1.03			1.26			0.22		—		—		0.22		9.04		15.83			2.09		1.88		1.88		2.59		14,914		60
03-31-20		9.59		0.38			(1.58	)		(1.20	)		0.39		—		—		0.39		8.00		(13.00	)		1.93		1.85		1.85		4.12		20,446		52
03-31-19		9.87		0.38	*		(0.28	)		0.10			0.38		—		—		0.38		9.59		1.04			1.89		1.80		1.80		3.93		39,455		58
Class I
03-31-23		8.94		0.55	*		(0.65	)		(0.10	)		0.55		—		—		0.55		8.29		(1.03	)		0.92		0.81		0.81		6.50		116,954		38
03-31-22		9.04		0.33	*		(0.11	)		0.22			0.32		—		—		0.32		8.94		2.41			0.85		0.77		0.77		3.60		225,339		89
03-31-21		8.00		0.31	*		1.03			1.34			0.30		—		—		0.30		9.04		16.97			1.00		0.88		0.88		3.61		235,804		60
03-31-20		9.59		0.48			(1.58	)		(1.10	)		0.49		—		—		0.49		8.00		(12.12	)		0.88		0.85		0.85		5.15		427,504		52
03-31-19		9.87		0.48			(0.28	)		0.20			0.48		—		—		0.48		9.59		2.07			0.80		0.80		0.80		4.93		1,160,464		58
Class R
03-31-23		8.92		0.53	*		(0.68	)		(0.15	)		0.50		—		—		0.50		8.27		(1.53	)		1.51		1.31		1.31		6.26		88,959		38
03-31-22		9.03		0.28	*		(0.12	)		0.16			0.27		—		—		0.27		8.92		1.78			1.45		1.27		1.27		3.12		109,837		89
03-31-21		7.99		0.27	*		1.03			1.30			0.26		—		—		0.26		9.03		16.42			1.59		1.38		1.38		3.08		91,934		60
03-31-20		9.58		0.43			(1.58	)		(1.15	)		0.44		—		—		0.44		7.99		(12.57	)		1.43		1.35		1.35		4.60		99,774		52
03-31-19		9.85		0.44	*		(0.28	)		0.16			0.43		—		—		0.43		9.58		1.65			1.39		1.30		1.30		4.48		139,026		58
Class W
03-31-23		8.95		0.57	*		(0.67	)		(0.10	)		0.55		—		—		0.55		8.30		(1.04	)		1.01		0.81		0.81		6.76		10,747		38
03-31-22		9.06		0.33	*		(0.12	)		0.21			0.32		—		—		0.32		8.95		2.29			0.95		0.77		0.77		3.62		12,984		89
03-31-21		8.01		0.32	*		1.03			1.35			0.30		—		—		0.30		9.06		17.08			1.09		0.88		0.88		3.69		11,426		60
03-31-20		9.60		0.48			(1.58	)		(1.10	)		0.49		—		—		0.49		8.01		(12.10	)		0.93		0.85		0.85		5.11		35,543		52
03-31-19		9.89		0.46	*		(0.27	)		0.19			0.48		—		—		0.48		9.60		1.96			0.89		0.80		0.80		4.60		52,642		58

⁽¹⁾	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.
⁽²⁾	Annualized for periods less than one year.
⁽³⁾	Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed 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 an Investment Adviser and/or Distributor 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.

*	Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023

NOTE 1 — ORGANIZATION

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees, shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear 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 distinction between share classes. 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.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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. Loan and Other 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 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.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

or liability that are observable are classified as “Level 2” and 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. Security Transactions and Revenue Recognition. Security transactions and senior loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectible, unpaid accrued interest is also written off. Cash collections on non-accrual loans are generally applied as a reduction to the recorded investment of the loan. Loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. Premium amortization and discount accretion are deferred and recognized over the lives of the respective loans. Arrangement fees received on revolving credit facilities, which represent non-refundable fees or purchase discounts associated with the acquisition of loans, are deferred and recognized using the effective yield method over the lives of the respective loans. No such fees are recognized on loans which have been placed on non-accrual status. Arrangement fees associated with all other loans, except revolving credit facilities, are treated as discounts and are accreted as described above. Dividend income is recorded on the ex-dividend date. Amendment fees are earned as compensation for evaluating and accepting changes to an original loan agreement and are recognized when received. Amendment fees and other fees earned are reported as other income on the Statement of Operations.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Distributions to Shareholders. The Fund declares and goes ex-dividend daily and pays dividends monthly from net investment income. Distributions from capital gains, if any, are declared and paid annually. The Fund may make additional distributions to comply with the distribution requirements of the Internal Revenue Code. The character and amounts of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital. The Fund records distributions to its shareholders on the ex-dividend date.

D. When-Issued and Delayed-Delivery Transactions. Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the loans. Interest income on such loans is not accrued until settlement date.

E. 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.

F. 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.

G. Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any

foreign currency amounts are translated into U.S. dollars on the following basis:

(1)

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

(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, which 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 value. 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 the U.S. government. 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.

H. 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, management believes based on experience, the risk of loss from such claims is considered remote.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 3 — INVESTMENTS

For the year ended March 31, 2023, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $136,776,619 and $334,070,804, respectively.

The loans acquired by the Fund typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender’s interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

NOTE 4 — INVESTMENT MANAGEMENT FEES

Effective January 1, 2023, the Investment Adviser has agreed to waive 0.02% of the management fee through August 1, 2024. Any fees waived or reimbursed in relation to this waiver are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class A, Class C and Class R share of the Fund each has a distribution and/or distribution and service 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 shares (“Distribution and/or Service Fees”). Pursuant to the Plan, the Distributor is entitled to payment each month for expenses incurred in the distribution and promotion of the Fund’s 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. In addition, the Fund has a shareholder service plan for Class A and Class C shares (together with the Plan referenced above, the “Plans”). Under the Plans, each class of shares of the Fund pays the Distributor a Distribution and/ or Service Fee based on average daily net assets at the following annual rates:

	Class A		Class C		Class R
	0.25%		1.00%		0.50%

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 and Class C shares. For the year ended March 31, 2023, the Distributor retained the following amounts:

	Class A		Class R
Initial Sales Charges	$	3,424	$	—
Contingent Deferred Sales Charges		—		633

NOTE 6 — EXPENSE LIMITATION AGREEMENT

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

Maximum Operating Expense Limit⁽¹⁾
(as a percentage of average daily net assets)

Class A — 1.00%
Class C — 1.75%
Class I — 0.75%
Class R — 1.25%
Class W — 0.75%

(1).

Pursuant to a side letter agreement through August 1, 2023, the Investment Adviser has further lowered expenses to 0.95%, 1.70%, 0.70%, 1.20% and 0.70% for Class A, Class C, Class I, Class R and Class W, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for the Fund,

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 6 — EXPENSE LIMITATION AGREEMENT (continued)

the Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses assumed 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, 2023, 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,
2024	2025	2026	Total
$483,309	$—	$—	$483,309

As of March 31, 2023, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	March 31,
	2024		2025		2026		Total
Class A		$31,824		$—		$—		$31,824
Class C		13,636		—		—		13,636
Class R		69,455		—		—		69,455
Class W		12,533		—		—		12,533

The amounts subject to possible recoupment listed in the tables above were waived or reimbursed prior to January 1, 2021, which was the effective date of the non-recoupable side letter agreement.

The Expense Limitation Agreement is contractual through August 1, 2023 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 May 25, 2022, the Fund has entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with State Street Bank and Trust Company (“SSB”) for an aggregate amount of $100,000,000, through May 24, 2023. The proceeds may be used only: (1) for cash management purposes; or (2) to temporarily finance the redemption of shares of an investor in the Fund. The Fund pays a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears of $148,784 and a structuring fee of $163,058

which is expensed over a year. Prior to May 25, 2022, the aggregate amount was $100,000,000 and the commitment fee was equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears through May 25, 2022. Generally, borrowings under the Credit Agreement accrue interest at the higher of the federal funds rate and the overnight bank funding rate, plus a specified margin and 0.10%. Repayments generally must be made within 45 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the year ended March 31, 2023, as below:

Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
89		$8,895,506		2.12%

NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At March 31, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the Fund:

Subsidiary		Percentage
Voya Institutional Trust Company		36.56%

The Fund may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment adviser), a common sub-adviser

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

and/ or common officers or trustees. These interfund transactions are made pursuant to Rule 17a-7 under the1940 Act and in accordance with the “Rule 17a-7 Policy” adopted by the Board. For the year ended March 31, 2023, the Fund engaged in such transactions amounting to $2,038,561 in purchases and $4,937,472 in sales, resulting in a net realized loss of $(151,900).

NOTE 9 — UNFUNDED LOAN COMMITMENTS

The Fund may enter into credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Funded and unfunded portions of the credit agreements are presented within the Portfolio of Investments. At March 31, 2023 the Fund had the following unfunded loan commitments:

	Unfunded Loan Commitment
Athenahealth, Inc. 2022 Delayed Draw Term Loan		$	179,884
IPS Corporation 2021 Delayed Draw Term Loan			51,081
		$	230,965


	Shares sold		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#			#			($)		($)		($)			($)
Class A
03-31-23		573,399		249,450		(1,456,250	)		(633,401	)		4,904,872		2,083,167		(12,312,445	)		(5,324,406	)
03-31-22		2,807,222		166,299		(2,645,969	)		327,552			25,486,720		1,504,356		(23,735,826	)		3,255,250
Class C
03-31-23		168,424		45,196		(480,806	)		(267,186	)		1,441,713		377,266		(4,088,327	)		(2,269,348	)
03-31-22		286,932		30,341		(885,874	)		(568,601	)		2,593,297		274,709		(8,030,902	)		(5,162,896	)
Class I
03-31-23		7,929,585		1,182,486		(20,227,255	)		(11,115,184	)		66,613,524		9,899,009		(170,300,201	)		(93,787,668	)
03-31-22		11,313,808		858,414		(13,035,476	)		(863,254	)		102,408,364		7,767,659		(117,079,536	)		(6,903,513	)
Class P ⁽¹⁾
03-31-23		498		320,838		(10,009,923	)		(9,688,587	)		4,080		2,700,960		(83,216,320	)		(80,511,280	)
03-31-22		4,017,588		518,285		(5,493,305	)		(957,432	)		36,364,970		4,674,700		(49,120,082	)		(8,080,412	)
Class R
03-31-23		1,484,278		708,077		(3,751,074	)		(1,558,719	)		12,839,002		5,900,444		(31,468,699	)		(12,729,253	)
03-31-22		3,100,886		324,372		(1,296,530	)		2,128,728			28,008,280		2,930,129		(11,715,549	)		19,222,860
Class W
03-31-23		288,496		92,762		(537,377	)		(156,119	)		2,509,752		776,091		(4,509,544	)		(1,223,701	)
03-31-22		585,613		45,293		(441,949	)		188,957			5,303,817		410,529		(4,000,706	)		1,713,640


⁽¹⁾	Share class was fully redeemed on March 24, 2023.

NOTE 11 — FEDERAL INCOME TAXES

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

Year Ended March 31, 2023		Year Ended March 31, 2022
Ordinary Income		Ordinary Income
$22,253,686		$18,191,214

Undistributed

Unrealized

Total

Ordinary

Appreciation/

Capital Loss Carryforwards

Distributable

Income

(Depreciation)

Amount

Character

Expiration

Other

Earnings/(Loss)

$3,426,242

$(21,307,650)

(47,239,094)

Short-term

None

$(51,078)

$(226,513,889)

(161,342,309)

Long-term

None

(208,581,403)

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

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.

NOTE 13 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program to govern its approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Fund’s Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, the Fund’s liquidity risk.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2023 (continued)

NOTE 13 — LIQUIDITY (continued)

regarding the Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether the Fund will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported the Fund’s ability to honor redemption requests in a timely manner and the Program Administrator’s management of the Fund’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks.

NOTE 14 — MARKET DISRUPTION

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. The extent and duration of the military action, sanctions and resulting market disruptions are impossible

to predict and could be substantial. Those 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 Fund’s investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to March 31, 2023, the Fund declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Class A	$0.0565	May 1, 2023	Daily
Class C	$0.0514	May 1, 2023	Daily
Class I	$0.0582	May 1, 2023	Daily
Class R	$0.0548	May 1, 2023	Daily
Class W	$0.0582	May 1, 2023	Daily

Line of Credit Renewal: Effective May 25, 2023, the revolving Credit Agreement with State Street Bank and Trust Company was renewed for another 364 days.

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: 91.6%

		Advertising: 0.0%
	555	Dotdash Meredith Inc Term Loan B, 8.668%, (TSFR1M + 4.000%), 12/01/28	$	498		0.0

		Aerospace & Defense: 1.9%
	1,500,000	AAdvantage Loyalty IP Ltd. 2021 Term Loan, 9.558%, (US0003M + 4.750%), 04/20/28		1,524,792		0.6
	265,014	ADS Tactical, Inc. 2021 Term Loan B, 10.590%, (US0001M + 5.750%), 03/19/26		244,475		0.1
	895,477	Amentum Government Services Holdings LLC 2022 Term Loan, 8.906%, (TSFR1M + 4.000%), 02/15/29		878,128		0.3
	285,489	Geo Group, Inc. (The) 2022 Tranche 1 Term Loan, 11.932%, (TSFR1M + 7.125%), 03/23/27		289,644		0.1
	1,758,732	Peraton Corp. Term Loan B, 8.590%, (US0001M + 3.750%), 02/01/28		1,738,067		0.7
	299,244	Vertex Aerospace Services Corp. 2021 First Lien Term Loan, 8.340%, (US0001M + 3.500%), 12/06/28		298,122		0.1
				4,973,228		1.9

		Air Transport: 0.9%
	2,219,830	United Airlines, Inc. 2021 Term Loan B, 8.568%, (US0003M + 3.750%), 04/21/28		2,211,044		0.9

		Automotive: 3.9%
	835,814	Autokiniton US Holdings, Inc. 2021 Term Loan B, 9.422%, (US0001M + 4.500%), 04/06/28		813,456		0.3
	318,276	Avis Budget Car Rental, LLC 2022 Term Loan C, 8.407%, (TSFR1M + 3.500%), 03/16/29		318,475		0.1
	598,473	Belron Finance US LLC 2021 USD Term Loan B, 7.300%, (US0003M + 2.425%), 04/13/28		598,474		0.2
	1,000,000	Clarios Global LP 2021 USD Term Loan B, 8.109%, (US0001M + 3.250%), 04/30/26		996,875		0.4
	452,155	Dealer Tire Financial, LLC Term Loan B2, 9.307%, (TSFR1M + 4.500%), 12/14/27		450,035		0.2
	775,025	Gates Global LLC 2021 Term Loan B3, 7.407%, (US0001M + 2.500%), 03/31/27		772,239		0.3
	698,136	Holley Purchaser, Inc. 2021 Term Loan, 8.672%, (US0003M + 3.750%), 11/17/28		581,446		0.2
	445,866	IXS Holdings, Inc. 2020 Term Loan B, 6.000%, (US0003M + 5.000%), 03/05/27		370,626		0.2
	858,708	Les Schwab Tire Centers Term Loan B, 8.064%, (US0003M + 3.250%), 11/02/27		853,341		0.3
	608,234	Mister Car Wash Holdings, Inc. 2019 Term Loan B, 7.991%, (US0001M + 3.000%), 05/14/26		606,080		0.2
	483,863	RC Buyer, Inc. 2021 Term Loan, 8.340%, (US0003M + 3.500%), 07/28/28		454,831		0.2

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Automotive: (continued)
	1,122,086	Truck Hero, Inc. 2021 Term Loan B, 8.590%, (US0001M + 3.750%), 01/31/28	$	1,003,165		0.4
	969,925	Wand NewCo 3, Inc. 2020 Term Loan, 7.590%, (US0001M + 3.000%), 02/05/26		954,596		0.4
	1,605,550	Wheel Pros, LLC 2021 Term Loan, 9.316%, (US0003M + 4.500%), 05/11/28		1,153,320		0.5
				9,926,959		3.9

		Basic Materials: 1.0%
	385,000	Axalta Coating Systems Dutch Holding B.V 2022 USD Term Loan B4, 7.300%, (SOFRRATE + 3.000%), 12/20/29		386,155		0.1
	970,125	Iris Holdings, Inc. 2022 Term Loan 1L, 7.272%, (TSFR1M + 4.750%), 06/28/28		833,499		0.3
	905,000	Starfruit Finco B.V 2023 Term Loan, 8.802%, (TSFR1M + 4.000%), 03/02/28		903,869		0.4
	597,000	U.S. Silica Company 2023 Term Loan B, 9.552%, (TSFR1M + 4.750%), 03/15/30		581,329		0.2
				2,704,852		1.0

		Beverage & Tobacco: 0.7%
	365,000	Naked Juice LLC 2nd Lien Term Loan, 10.998%, (SOFRRATE + 6.000%), 01/24/30		279,453		0.1
	610,388	Naked Juice LLC Term Loan, 8.248%, (SOFRRATE + 3.250%), 01/24/29		542,355		0.2
	948,034	Triton Water Holdings, Inc Term Loan, 8.659%, (US0003M + 3.500%), 03/31/28		856,312		0.4
				1,678,120		0.7

		Brokers, Dealers & Investment Houses: 0.3%
	847,143	Forest City Enterprises, L.P. 2019 Term Loan B, 8.340%, (US0001M + 3.500%), 12/08/25		732,249		0.3

		Building & Development: 3.9%
	364,449	Aegion Corporation Term Loan, 9.590%, (US0003M + 4.750%), 05/17/28		356,933		0.1
	497,423	American Builders & Contractors Supply Co., Inc. 2019 Term Loan, 6.907%, (SOFRRATE + 2.000%), 01/15/27		495,985		0.2
	1,232,500	Applecaramel Buyer, LLC Term Loan B, 8.557%, (TSFR1M + 3.750%), 10/19/27		1,219,790		0.5
	1,223,259	Chamberlain Group Inc Term Loan B, 8.090%, (US0001M + 3.250%), 11/03/28		1,177,387		0.5
	427,806	Cornerstone Building Brands, Inc. 2021 Term Loan B, 7.934%, (US0001M + 3.250%), 04/12/28		379,677		0.1

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Building & Development: (continued)
	944,130		CP Atlas Buyer, Inc. 2021 Term Loan B, 8.407%, (US0001M + 3.500%), 11/23/27	$	842,111		0.3
	287,686		Empire Today, LLC 2021 Term Loan B, 9.709%, (US0001M + 5.000%), 04/03/28		226,792		0.1
	849,862		Foundation Building Materials Holding Company LLC 2021 Term Loan, 8.075%, (US0003M + 3.250%), 01/31/28		827,851		0.3
	51,081	(1)	IPS Corporation 2021 Delayed Draw Term Loan, 7.132%, (US0003M + 3.500%), 10/02/28		47,845		0.0
	284,814		IPS Corporation 2021 Term Loan, 8.352%, (US0001M + 3.500%), 10/02/28		266,776		0.1
	270,838		Kodiak Building Partners Inc. Term Loan B, 8.393%, (US0003M + 3.250%), 03/12/28		260,682		0.1
	391		Latham Pool Products, Inc. 2022 Term Loan B, 8.728%, (SOFRRATE + 3.750%), 02/23/29		363		0.0
	525,022		LBM Acquisition LLC Term Loan B, 8.960%, (US0006M + 3.750%), 12/17/27		496,333		0.2
	910,800		LHS Borrower, LLC 2022 Term Loan B, 9.657%, (SOFRRATE + 4.750%), 02/16/29		740,025		0.3
	418,674		Northstar Group Services, INC. 2020 Term Loan B, 10.422%, (US0001M + 5.500%), 11/12/26		414,488		0.2
	992,481		Quikrete Holdings, Inc. 2021 Term Loan B1, 7.840%, (US0001M + 3.000%), 06/11/28		982,805		0.4
	675,076		Smyrna Ready Mix Concrete, LLC Term Loan B, 9.041%, (TSFR1M + 4.250%), 04/02/29		673,388		0.3
	566,141		Specialty Building Products Holdings, LLC 2021 Term Loan B, 8.095%, (US0001M + 3.250%), 10/15/28		533,992		0.2
					9,943,223		3.9

			Business Equipment & Services: 7.6%
	492,500		Allied Universal Holdco LLC 2021 USD Incremental Term Loan B, 8.657%, (TSFR1M + 3.750%), 05/12/28		468,183		0.2
	375,250		Anticimex International AB 2021 USD Term Loan B1, 8.453%, (US0003M + 3.500%), 11/16/28		371,497		0.1
	983,756		APX Group, Inc. 2021 Term Loan B, 8.255%, (US0001M + 3.250%), 07/10/28		982,527		0.4
	997,375		Ascend Learning, LLC 2021 Term Loan, 8.306%, (TSFR1M + 3.500%), 12/11/28		925,273		0.4
	518,385		Belfor Holdings Inc. Term Loan B, 8.852%, (US0001M + 4.000%), 04/06/26		518,061		0.2
	250,000		Colorado Buyer Inc Term Loan B, 7.820%, (US0001M + 3.000%), 05/01/24		204,125		0.1

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Business Equipment & Services: (continued)
	225,000	DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan, 11.590%, (US0001M + 6.750%), 03/30/29	$	199,195		0.1
	570,143	DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan, 8.557%, (US0001M + 3.750%), 03/31/28		555,890		0.2
	593,846	Endure Digital Inc. Term Loan, 8.219%, (US0001M + 3.500%), 02/10/28		553,761		0.2
	565,091	Ensono, LP 2021 Term Loan, 8.909%, (US0003M + 3.750%), 05/26/28		524,122		0.2
	448,872	Garda World Security Corporation 2022 Term Loan B, 9.009%, (SOFRRATE + 4.250%), 02/01/29		436,902		0.2
	488,704	Gloves Buyer, Inc. 2021 Term Loan, 8.840%, (US0001M + 4.000%), 12/29/27		452,051		0.2
	749,732	Indy US Bidco, LLC 2021 USD Term Loan, 8.590%, (US0001M + 3.750%), 03/05/28		636,335		0.2
	65,292	Indy US Bidco, LLC 2023 USD Fifth Amendment Incremental Term Loan, 11.052%, (TSFR1M + 6.250%), 03/06/28		56,926		0.0
	134,708	Indy US Bidco, LLC 2023 USD Incremental Term Loan B, 10.892%, (TSFR1M + 6.250%), 03/06/28		118,880		0.0
	395,859	Intrado Corporation 2017 Term Loan, 8.825%, (US0001M + 4.000%), 10/10/24		351,820		0.1
	240,000	Intrado Corporation 2023 Term Loan B, 8.642%, (TSFR1M + 4.000%), 01/31/30		235,725		0.1
	810,563	ION Trading Finance Limited 2021 USD Term Loan, 9.909%, (US0003M + 4.750%), 04/03/28		766,657		0.3
	837,288	KUEHG Corp. 2018 Incremental Term Loan, 8.909%, (US0001M + 3.750%), 02/21/25		824,380		0.3
	548,556	Learning Care Group, Inc. 2018 1st Lien Term Loan, 8.082%, (US0003M + 3.250%), 03/13/25		538,957		0.2
	1,073,221	Milano Acquisition Corp Term Loan B, 8.998%, (US0003M + 4.000%), 10/01/27		1,022,914		0.4
	733,453	Paysafe Holdings (US) Corp USD Term Loan B1, 7.590%, (US0001M + 2.750%), 06/28/28		711,449		0.3
	765,313	PECF USS Intermediate Holding III Corporation Term Loan B, 9.090%, (US0001M + 4.250%), 12/15/28		647,646		0.3
	100,000	Pre-Paid Legal Services, Inc. 2021 2nd Lien Term Loan, 11.840%, (US0003M + 7.000%), 12/14/29		87,500		0.0
	542,763	Pre-Paid Legal Services, Inc. 2021 Term Loan, 8.590%, (US0001M + 3.750%), 12/15/28		535,368		0.2

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Business Equipment & Services: (continued)
	598,492	Renaissance Holding Corp. 2022 Incremental Term Loan, 9.234%, (SOFRRATE + 4.500%), 03/30/29	$	597,595		0.2
	550,000	Renaissance Holding Corp. 2023 Term Loan B, 9.552%, (TSFR1M + 4.750%), 03/15/30		534,531		0.2
	361,433	Rockwood Service Corporation 2020 Term Loan, 9.090%, (US0001M + 4.250%), 01/23/27		360,642		0.1
	866,133	Skopima Merger Sub Inc. Term Loan B, 8.840%, (US0001M + 4.000%), 05/12/28		809,834		0.3
	1,313,245	Staples, Inc. 7 Year Term Loan, 9.814%, (US0003M + 5.000%), 04/16/26		1,209,358		0.5
	1,087,113	Verifone Systems, Inc. 2018 1st Lien Term Loan, 8.958%, (US0003M + 4.000%), 08/20/25		940,625		0.4
	987,353	Verscend Holding Corp. 2021 Term Loan B, 8.840%, (US0001M + 4.000%), 08/27/25		987,723		0.4
	381,250	VM Consolidated, Inc. 2021 Term Loan B, 8.090%, (US0006M + 3.250%), 03/24/28		381,429		0.2
	1,363,016	Yak Access, LLC 1L Take-Back Debt, 11.815%, (TSFR6M + 6.400%), 09/11/23		1,104,043		0.4
				19,651,924		7.6

		Cable & Satellite Television: 2.4%
	663,300	Cogeco Financing 2 LP 2021 Incremental Term Loan B, 7.340%, (US0001M + 2.500%), 09/01/28		655,734		0.2
	1,664,831	DirecTV Financing, LLC Term Loan, 9.840%, (US0001M + 5.000%), 08/02/27		1,606,353		0.6
	498,737	Radiate Holdco, LLC 2021 Term Loan B, 8.090%, (US0001M + 3.250%), 09/25/26		410,211		0.2
	2,479,765	Telesat Canada Term Loan B5, 7.580%, (US0003M + 2.750%), 12/07/26		1,314,276		0.5
	750,000	UPC Financing Partnership 2021 USD Term Loan AX, 7.609%, (US0001M + 2.925%), 01/31/29		740,063		0.3
	750,000	Virgin Media Bristol LLC 2020 USD Term Loan Q, 7.934%, (US0001M + 3.250%), 01/31/29		743,840		0.3
	295,000	Virgin Media Bristol LLC 2023 USD Term Loan Y, 8.113%, (TSFR1M + 3.250%), 02/28/31		291,589		0.1
	434,500	WideOpenWest Finance LLC 2021 Term Loan B, 7.898%, (TSFR1M + 3.000%), 12/20/28		428,634		0.2
				6,190,700		2.4

		Chemicals & Plastics: 2.2%
	259,439	Avantor Funding, Inc. 2021 Term Loan B5, 7.090%, (US0001M + 2.250%), 11/08/27		259,581		0.1
	3,077	Hexion Holdings Corporation 2022 USD Term Loan, 9.454%, (SOFRRATE + 4.500%), 03/15/29		2,774		0.0

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Chemicals & Plastics: (continued)
	430,771		INEOS Styrolution US Holding LLC 2021 USD Term Loan B, 7.590%, (US0001M + 2.750%), 01/29/26	$	427,136		0.2
	583,478		Ineos US Finance LLC 2021 USD Term Loan B, 7.306%, (US0001M + 2.500%), 11/08/28		575,091		0.2
	1,100,000		Ineos US Finance LLC 2023 USD Term Loan B, 8.302%, (TSFR1M + 3.500%), 02/10/30		1,094,157		0.4
	412,702		Lonza Group AG USD Term Loan B, 9.159%, (US0003M + 4.000%), 07/03/28		384,157		0.1
	190,000		NIC Acquisition Corp. Second Lien Term Loan, 12.910%, (US0003M + 7.750%), 12/29/28		109,250		0.0
	431,442		Olympus Water US Holding Corporation 2021 USD Term Loan B, 8.938%, (US0003M + 3.750%), 11/09/28		409,331		0.2
	494,632		PMHC II, Inc. 2022 Term Loan B, 9.076%, (TSFR1M + 4.250%), 04/23/29		438,986		0.2
	530,257		Sparta U.S. HoldCo LLC 2021 Term Loan, 7.919%, (US0001M + 3.250%), 08/02/28		524,733		0.2
	422,590		Trinseo Materials Operating S.C.A. 2018 Term Loan, 6.852%, (US0001M + 2.000%), 09/06/24		417,722		0.2
	500,000		Tronox Finance LLC 2021 Term Loan B, 7.078%, (SOFRRATE + 2.250%), 03/10/28		490,000		0.2
	497,481		W.R. Grace & Co.-Conn. 2021 Term Loan B, 8.938%, (US0003M + 3.750%), 09/22/28		494,890		0.2
					5,627,808		2.2

			Clothing/Textiles: 0.5%
	699,713		ABG Intermediate Holdings 2 LLC 2021 Term Loan B1, 8.407%, (SOFRRATE + 3.600%), 12/21/28		690,091		0.2
	712,500		Crocs, Inc. Term Loan B, 8.407%, (SOFRRATE + 3.500%), 02/20/29		711,292		0.3
					1,401,383		0.5

			Communications: 1.0%
	330,763		Charter Communications Operating, LLC 2019 Term Loan B2, 6.557%, (TSFR1M + 1.750%), 02/01/27		328,179		0.1
	598,500		Go Daddy Operating Company, LLC 2022 Term Loan B5, 7.379%, (TSFR1M + 3.250%), 10/21/29		599,207		0.2
	65,691	(2)	GTT Communications, Inc. 2022 Holdco Term Loan, 13.998% (PIK Rate 0.000%, Cash Rate 0.000%), 06/30/28		35,801		0.0
	81,632		GTT Communications, Inc. 2022 Opco Term Loan, 11.907%, (TSFR1M + 4.618%), 12/30/27		67,754		0.0

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Communications: (continued)
	922,154	Maxar Technologies, Inc. 2022 Term Loan B 1L, 5.936%, (TSFR1M + 4.250%), 06/14/29	$	923,171		0.4
	733,163	Uber Technologies, Inc. 2023 Term Loan B, 7.659%, (TSFR1M + 2.750%), 02/28/30		732,552		0.3
				2,686,664		1.0

		Consumer, Cyclical: 2.2%
	443,888	American Axle and Manufacturing, Inc. 2022 Term Loan B, 7.800%, (SOFRRATE + 3.500%), 12/06/29		441,945		0.2
	279,300	BBB Industries LLC 2022 Term Loan, 7.772%, (TSFR1M + 5.250%), 07/25/29		267,168		0.1
	907,725	Bombardier Recreational Products, Inc. 2022 Incremental Term Loan B, 8.142%, (TSFR1M + 3.500%), 12/13/29		907,725		0.3
	720,000	Caesars Entertainment Corp Term Loan B, 7.892%, (TSFR1M + 3.250%), 01/20/30		717,300		0.3
	345,000	Formula One Holdings Limited. Term Loan B, 7.379%, (TSFR1M + 3.250%), 01/15/30		345,216		0.1
	325,000	Hanesbrands, Inc. 2023 Term Loan B, 8.392%, (TSFR1M + 3.750%), 02/14/30		324,187		0.1
	1,015,895	Hayward Industries, Inc. 2022 Term Loan, 7.550%, (TSFR1M + 3.250%), 05/30/28		991,344		0.4
	492,547	MOTION FINCO SARL USD TERM LOAN B1, 8.409%, (US0003M + 3.250%), 11/12/26		485,774		0.2
	367,225	Penn National Gaming, Inc. 2022 Term Loan B 1L, 3.831%, (TSFR1M + 2.750%), 05/03/29		367,196		0.1
	150,000	Sally Holdings, LLC 2023 Term Loan B, 7.409%, (TSFR1M + 2.500%), 02/28/30		149,625		0.1
	507,450	Stars Group Holdings B.V. 2022 USD Term Loan B, 7.608%, (TSFR1M + 3.250%), 07/22/28		508,882		0.2
	270,000	Topgolf Callaway Brands Corp. Term Loan B, 8.302%, (TSFR1M + 3.500%), 03/08/30		268,763		0.1
				5,775,125		2.2

		Consumer, Non-cyclical: 1.8%
	878,363	Bausch + Lomb Corp. 1st Lien Term Loan B, 4.331%, (TSFR1M + 3.250%), 05/10/27		855,374		0.3
	724,800	CoreLogic, Inc. TL B 1L, 8.375%, (US0001M + 3.500%), 06/02/28		620,157		0.2
	645,000	Covetrus, Inc. 2022 1st Lien Term Loan, 9.413%, (TSFR3M + 5.000%), 10/13/29		606,300		0.2
	280,000	Fugue Finance B.V. 2023 USD Term Loan B, 9.142%, (TSFR1M + 4.500%), 01/25/28		280,700		0.1
	410,000	Kingpin Intermediate Holdings LLC 2023 Term Loan B, 8.142%, (TSFR1M + 3.500%), 02/28/28		410,000		0.2

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*:(continued)

		Consumer, Non-cyclical: (continued)
	755,000	Neptune Bidco US Inc 2022 USD Term Loan B, 9.129%, (TSFR1M + 5.000%), 04/11/29	$	671,950		0.3
	398,000	Sabre GLBL, Inc. 2022 Term Loan B2 1L, 8.042%, (TSFR1M + 5.000%), 06/30/28		343,275		0.1
	957,600	SUNSHINE INVESTMENTS B V 2022 USD TERM LOAN, 5.331%, (TSFR1M + 4.250%), 07/12/29		943,834		0.4
				4,731,590		1.8

		Containers & Glass Products: 3.2%
	676,529	Altium Packaging LLC 2021 Term Loan B, 7.600%, (US0001M + 2.750%), 02/03/28		668,635		0.3
	935,746	Charter NEX US, Inc. 2021 Term Loan, 8.556%, (TSFR1M + 3.750%), 12/01/27		925,804		0.4
	903,175	Clydesdale Acquisition Holdings Inc Term Loan B, 9.082%, (TSFR1M + 4.175%), 04/13/29		884,701		0.3
	299,237	Graham Packaging Company Inc. 2021 Term Loan, 7.840%, (US0001M + 3.000%), 08/04/27		296,955		0.1
	584,634	Plastipak Packaging, Inc. 2021 Term Loan B, 7.375%, (US0001M + 2.500%), 12/01/28		582,624		0.2
	955,077	Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan, 8.843%, (US0003M + 4.000%), 10/02/28		758,263		0.3
	280,000	Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan, 11.648%, (US0003M + 6.750%), 10/01/29		179,813		0.1
	1,027,290	Pro Mach Group, Inc. 2021 Term Loan B, 8.840%, (US0001M + 4.000%), 08/31/28		1,024,080		0.4
	618,041	Reynolds Group Holdings Inc. 2021 Term Loan B, 8.090%, (US0001M + 3.500%), 09/24/28		610,647		0.2
	1,240,209	Titan Acquisition Limited 2018 Term Loan B, 8.151%, (US0003M + 3.000%), 03/28/25		1,179,491		0.5
	641,834	TricorBraun Holdings, Inc. 2021 Term Loan, 8.090%, (US0001M + 3.250%), 03/03/28		628,596		0.2
	433,476	Trident TPI Holdings, Inc. 2021 Incremental Term Loan, 9.159%, (US0003M + 4.000%), 09/15/28		421,826		0.2
				8,161,435		3.2

		Cosmetics/Toiletries: 0.2%
	396,387	Anastasia Parent, LLC 2018 Term Loan B, 8.909%, (US0003M + 3.750%), 08/11/25		319,422		0.1
	266,680	Olaplex, Inc 2022 Term Loan, 8.392%, (SOFRRATE + 3.750%), 02/23/29		239,345		0.1
				558,767		0.2

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Drugs: 0.8%
	979,319	Amneal Pharmaceuticals LLC 2018 Term Loan B, 8.375%, (US0001M + 3.500%), 05/04/25	$	932,496		0.3
	1,215,201	Jazz Financing Lux S.a.r.l. USD Term Loan, 8.340%, (US0001M + 3.500%), 05/05/28		1,212,036		0.5
				2,144,532		0.8

		Ecological Services & Equipment: 0.3%
	711,000	Clean Harbors Inc. 2021 Incremental Term Loan B, 6.859%, (US0001M + 2.000%), 10/08/28		714,301		0.3

		Electronics/Electrical: 11.1%
	422,128	ABC Financial Services, Inc. 1st Lien Term Loan, 9.102%, (US0001M + 4.250%), 01/02/25		409,991		0.2
	605,169	Altar Bidco, Inc. 2021 Term Loan, 6.635%, (SOFRRATE + 3.100%), 02/01/29		578,882		0.2
	527,980	AP Core Holdings II, LLC Amortization Term Loan B1, 10.340%, (US0001M + 5.500%), 09/01/27		516,761		0.2
	293,155	AP Core Holdings II, LLC High- Yield Term Loan B2, 10.340%, (US0001M + 5.500%), 09/01/27		286,070		0.1
	352,145	Atlas Purchaser, Inc. 2021 Term Loan, 10.385%, (US0003M + 5.250%), 05/08/28		245,401		0.1
	1,491,243	Banff Merger Sub Inc 2021 USD Term Loan, 8.590%, (US0001M + 3.750%), 10/02/25		1,473,457		0.6
	614,061	CentralSquare Technologies, LLC 2018 1st Lien Term Loan, 8.909%, (US0003M + 3.750%), 08/29/25		541,602		0.2
	879,859	Cloudera, Inc. 2021 Term Loan, 8.590%, (US0001M + 3.750%), 10/08/28		831,467		0.3
	399,938	ConnectWise, LLC 2021 Term Loan B, 8.340%, (US0003M + 3.500%), 09/29/28		387,815		0.2
	389,781	Constant Contact Inc Term Loan, 8.806%, (US0003M + 4.000%), 02/10/28		369,155		0.1
	445,475	Cornerstone OnDemand, Inc. 2021 Term Loan, 8.602%, (US0001M + 3.750%), 10/16/28		412,621		0.2
	271,067	Creation Technologies Inc. 2021 Term Loan, 10.282%, (US0003M + 5.500%), 10/05/28		235,828		0.1
	768,935	Delta TopCo, Inc. 2020 Term Loan B, 8.656%, (TSFR1M + 3.750%), 12/01/27		714,789		0.3
	433,169	EagleView Technology Corporation 2018 Add On Term Loan B, 8.659%, (US0003M + 3.500%), 08/14/25		373,500		0.1
	300,000	Grab Holdings Inc Term Loan B, 9.350%, (US0003M + 4.500%), 01/29/26		300,375		0.1

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Electronics/Electrical: (continued)
	1,148,092	Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B, 8.840%, (US0001M + 4.000%), 12/01/27	$	1,135,176		0.4
	545,429	Helios Software Holdings, Inc. 2021 USD Term Loan B, 8.626%, (TSFR1M + 3.750%), 03/11/28		532,815		0.2
	721,465	Hyland Software, Inc. 2018 1st Lien Term Loan, 8.340%, (US0001M + 3.500%), 07/01/24		713,078		0.3
	855,364	II-VI Incorporated 2022 Term Loan B, 7.590%, (US0001M + 2.750%), 07/02/29		848,949		0.3
	464,419	Imperva, Inc. 1st Lien Term Loan, 8.859%, (US0003M + 4.000%), 01/12/26		408,979		0.2
	1,368,871	Imperva, Inc. 2nd Lien Term Loan, 12.651%, (US0003M + 7.750%), 01/11/27		1,016,387		0.4
	1,007,811	Informatica LLC 2021 USD Term Loan B, 7.602%, (US0001M + 2.750%), 10/27/28		1,002,352		0.4
	402,726	Ingram Micro Inc. 2021 Term Loan B, 8.601%, (US0003M + 3.500%), 06/30/28		400,108		0.2
	150,000	Ivanti Software, Inc. 2021 2nd Lien Term Loan, 12.212%, (US0003M + 7.250%), 12/01/28		91,200		0.0
	254,800	Ivanti Software, Inc. 2021 Add On Term Loan B, 8.984%, (US0003M + 4.000%), 12/01/27		208,140		0.1
	1,223,166	Ivanti Software, Inc. 2021 Term Loan B, 9.212%, (US0003M + 4.250%), 12/01/27		1,004,398		0.4
	402,159	LogMeIn, Inc. Term Loan B, 9.590%, (US0001M + 4.750%), 08/31/27		232,821		0.1
	1,029,365	Magenta Buyer LLC 2021 USD 1st Lien Term Loan, 9.580%, (US0003M + 4.750%), 07/27/28		849,226		0.3
	560,000	Magenta Buyer LLC 2021 USD 2nd Lien Term Loan, 13.080%, (US0003M + 8.250%), 07/27/29		423,733		0.2
	997,487	McAfee, LLC 2022 USD Term Loan B, 8.515%, (TSFR1M + 3.750%), 03/01/29		943,042		0.4
	365,000	MH Sub I, LLC 2021 2nd Lien Term Loan, 11.057%, (TSFR1M + 6.250%), 02/23/29		336,895		0.1
	777,150	Mitchell International, Inc. 2021 Term Loan B, 8.502%, (US0001M + 3.750%), 10/15/28		737,928		0.3
	498,659	NortonLifeLock Inc. 2022 Term Loan B, 6.907%, (TSFR1M + 2.000%), 09/12/29		493,735		0.2
	769,679	Optiv Security, Inc. 1st Lien Term Loan, 8.090%, (US0003M + 3.250%), 02/01/24		757,557		0.3
	425,783	Panther Commercial Holdings L.P Term Loan, 9.075%, (US0003M + 4.500%), 01/07/28		397,575		0.2
	1,141	Planview Parent, Inc. Term Loan, 9.159%, (US0003M + 4.000%), 12/17/27		1,085		0.0

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Electronics/Electrical: (continued)
	987,500		Proofpoint, Inc. 1st Lien Term Loan, 8.090%, (US0003M + 3.250%), 08/31/28	$	967,287		0.4
	485,000		Quest Software US Holdings Inc. 2022 2nd Lien Term Loan, 12.326%, (SOFRRATE + 7.500%), 02/01/30		303,731		0.1
	1,472,717		Quest Software US Holdings Inc. 2022 Term Loan, 9.076%, (SOFRRATE + 4.250%), 02/01/29		1,208,364		0.5
	1,575,294		Rackspace Technology Global, Inc. 2021 Term Loan B, 7.595%, (US0003M + 2.750%), 02/15/28		850,659		0.3
	1,054,317		Redstone Buyer LLC 2021 Term Loan, 9.568%, (US0003M + 4.750%), 04/27/28		837,193		0.3
	1,457,081	(2),(3)	Riverbed Technology, Inc. 2021 PIK Exit Term Loan, 12.840%, (US0003M + 6.000%) (PIK Rate 2.000%, Cash Rate 10.840%), 12/07/26		480,837		0.2
	600,000		Rocket Software, Inc. 2018 Term Loan, 6.622%, (US0001M + 4.250%), 11/28/25		589,875		0.2
	363,729		SonicWall US Holdings Inc. 1st Lien Term Loan, 8.708%, (US0003M + 3.750%), 05/16/25		359,001		0.1
	1,000,000	(2)	Travelport Finance (Luxembourg) S.a.r.l. 2021 Consented Term Loan, 11.480%, (US0003M + 1.750%) (PIK Rate 1.750%, Cash Rate 9.730%), 05/29/26		575,000		0.2
	1,493,706		Ultimate Software Group Inc (The) 2021 Term Loan, 8.032%, (US0003M + 3.250%), 05/04/26		1,457,430		0.6
	332,421		Watlow Electric Manufacturing Company Term Loan B, 8.688%, (TSFR1M + 3.750%), 03/02/28		328,681		0.1
	382,834		Xperi Corporation 2020 Term Loan B, 8.340%, (US0001M + 3.500%), 06/08/28		378,527		0.1
					28,549,478		11.1

			Energy: 1.1%
	615,000		Brazos Delaware II, LLC 2023 Term Loan B, 8.392%, (TSFR1M + 3.750%), 02/11/30		602,443		0.2
	409,275		M6 ETX Holdings II Midco LLC 2022 Term Loan B 1L, 7.542%, (TSFR1M + 4.500%), 09/19/29		405,012		0.2
	860,641		Oryx Midstream Services Permian Basin LLC Term Loan B, 8.063%, (TSFR1M + 3.250%), 10/05/28		848,270		0.3
	459,188		Profrac Services, LLC 2022 Term Loan, 11.892%, (TSFR1M + 8.000%), 03/04/25		455,744		0.2
	199,500		UGI Energy Services, LLC 2023 Term Loan B, 8.052%, (TSFR1M + 3.250%), 02/22/30		197,754		0.1
	290,000		Whitewater Whistler Holdings, LLC 2023 Term Loan B, 8.159%, (TSFR1M + 3.250%), 02/15/30		289,275		0.1
					2,798,498		1.1

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Equipment Leasing: 0.4%
	375,250	Albion Financing 3 SARL USD Term Loan, 10.065%, (US0003M + 5.250%), 08/17/26	$	364,462		0.2
	588,083	Rent-A-Center, Inc. 2021 First Lien Term Loan B, 8.125%, (US0003M + 3.250%), 02/17/28		583,672		0.2
				948,134		0.4

		Financial: 1.5%
	585,000	Alliant Holdings Intermediate, LLC 2023 Term Loan B5, 8.142%, (TSFR1M + 3.500%), 11/05/27		579,424		0.2
	1,336,650	AmWINS Group, Inc. 2023 Incremental Term Loan B, 7.392%, (TSFR1M + 2.750%), 02/08/30		1,318,688		0.5
	1,496,250	Hub International Limited 2022 Term Loan B, 8.129%, (TSFR1M + 4.000%), 11/10/29		1,494,193		0.6
	345,000	Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 7.300%, (SOFRRATE + 3.000%), 12/17/29		341,550		0.2
				3,733,855		1.5

		Financial Intermediaries: 4.5%
	439,773	Advisor Group, Inc. 2021 Term Loan, 9.340%, (US0001M + 4.500%), 07/31/26		434,118		0.2
	246,448	AllSpring Buyer LLC Term Loan B, 8.163%, (US0003M + 3.000%), 11/01/28		245,935		0.1
	295,000	AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 11.313%, (US0003M + 6.500%), 08/02/29		265,500		0.1
	765,332	AqGen Island Holdings, Inc. Term Loan, 8.601%, (US0003M + 3.500%), 08/02/28		745,242		0.3
	733,825	Castlelake Aviation Limited Term Loan B, 7.616%, (US0003M + 2.750%), 10/22/26		727,771		0.3
	1,720,643	Citadel Securities LP 2021 Term Loan B, 7.306%, (TSFR1M + 2.500%), 02/02/28		1,708,598		0.7
	281,336	Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B, 7.590%, (US0001M + 2.750%), 08/21/25		273,951		0.1
	586,435	Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 8.559%, (TSFR1M + 3.750%), 04/09/27		569,331		0.2
	1,477,444	Edelman Financial Center, LLC 2021 Term Loan B, 8.590%, (US0001M + 3.500%), 04/07/28		1,427,887		0.5
	878,122	First Eagle Holdings, Inc. 2020 Term Loan B, 7.659%, (US0003M + 2.500%), 02/01/27		856,718		0.3
	438,544	Focus Financial Partners, LLC 2021 Term Loan, 7.307%, (TSFR1M + 2.500%), 06/30/28		432,435		0.2
	547,250	Focus Financial Partners, LLC 2022 Term Loan B5, 7.550%, (TSFR1M + 3.250%), 06/30/28		543,146		0.2

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Financial Intermediaries: (continued)
	698,106		HighTower Holdings LLC 2021 Term Loan B, 8.815%, (US0003M + 4.000%), 04/21/28	$	661,456		0.3
	1,264,379		Jane Street Group, LLC 2021 Term Loan, 7.590%, (US0001M + 2.750%), 01/26/28		1,246,678		0.5
	579,891		Trans Union, LLC 2021 Term Loan B6, 7.090%, (US0001M + 2.250%), 12/01/28		577,218		0.2
	811,800		VFH Parent LLC 2022 Term Loan B, 7.859%, (SOFRRATE + 3.000%), 01/13/29		787,446		0.3
					11,503,430		4.5

			Food Products: 2.0%
	974,555		8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 8.609%, (US0001M + 3.750%), 10/01/25		867,354		0.3
	542,984		8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan, 9.609%, (US0001M + 4.750%), 10/01/25		484,953		0.2
	660,000		BCPE North Star US HoldCo 2, Inc. 2021 2nd Lien Term Loan, 12.409%, (US0003M + 7.250%), 06/08/29		595,650		0.2
	636,684		CHG PPC Parent LLC 2021 Term Loan, 7.852%, (US0001M + 3.000%), 12/08/28		631,113		0.3
	802,024		IRB Holding Corp 2022 Term Loan B, 7.737%, (SOFRRATE + 3.000%), 12/15/27		789,116		0.3
	970,000	(3),(4)	NPC International, Inc. 2nd Lien Term Loan, 1.000%, 04/18/25		—		0.0
	733,517		Primary Products Finance LLC Term Loan, 8.743%, (US0003M + 4.000%), 03/31/29		724,806		0.3
	572,580		Sigma Bidco B.V. 2018 USD Term Loan B, 7.460%, (TSFR1M + 3.000%), 07/02/25		550,393		0.2
	664,430		Weber-Stephen Products LLC Term Loan B, 8.090%, (US0001M + 3.250%), 10/30/27		577,224		0.2
					5,220,609		2.0

			Food Service: 0.8%
	982,234		1011778 B.C. Unlimited Liability Company Term Loan B4, 6.590%, (US0001M + 1.750%), 11/19/26		973,148		0.4
	497,487		Fertitta Entertainment, LLC 2022 Term Loan B, 8.807%, (SOFRRATE + 4.000%), 01/27/29		490,802		0.2
	614,706		Flynn Restaurant Group LP 2021 Term Loan B, 9.090%, (US0001M + 4.250%), 12/01/28		600,876		0.2
					2,064,826		0.8

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Food/Drug Retailers: 1.3%
	431,155		EG Finco Limited 2018 USD Term Loan, 9.159%, (US0003M + 4.000%), 02/07/25	$	413,486		0.2
	1,241,117		Moran Foods, LLC 2022 Extended 2nd Lien Term Loan, 14.376%, (TSFR3M + 4.680%), 12/31/26		897,700		0.4
	1,524,627		Moran Foods, LLC 2022 Extended Term Loan, 12.126%, (TSFR3M + 4.680%), 06/30/26		1,387,410		0.5
	728,030		Moran Foods, LLC Incremental FLSO Loan, 11.930%, (TSFR3M + 4.680%), 06/30/26		589,704		0.2
					3,288,300		1.3

			Forest Products: 0.1%
	355,910		Spa Holdings 3 Oy USD Term Loan B, 8.851%, (US0003M + 3.750%), 02/04/28		348,791		0.1

			Health Care: 6.0%
	359,989		ADMI Corp. 2021 Term Loan B2, 8.215%, (US0001M + 3.375%), 12/23/27		333,890		0.1
	179,884	(1)	Athenahealth, Inc. 2022 Delayed Draw Term loan, 8.142%, (SOFRRATE + 3.500%), 02/15/29		167,742		0.1
	1,464,285		Athenahealth, Inc. 2022 Term Loan B, 8.259%, (TSFR1M + 3.500%), 02/15/29		1,365,446		0.5
	847,000		Bausch Health Companies Inc. 2022 Term Loan B, 9.993%, (TSFR1M + 5.250%), 02/01/27		633,794		0.2
	443,763		Carestream Dental Equipment, Inc 2021 Term Loan, 9.340%, (US0001M + 4.500%), 09/01/24		411,960		0.2
	398,980		CCRR Parent, Inc Term Loan B, 8.600%, (US0001M + 3.750%), 03/06/28		391,001		0.2
	960,375		CHG Healthcare Services Inc. 2021 Term Loan, 8.109%, (US0001M + 3.250%), 09/29/28		951,897		0.4
	490,856		Commerce Merger Sub, Inc. 2017 1st Lien Term Loan, 8.090%, (US0006M + 3.250%), 06/28/24		488,709		0.2
	723,088		Curia Global, Inc. 2021 Term Loan, 8.526%, (US0003M + 3.750%), 08/30/26		620,952		0.2
	492,604		DaVita, Inc. 2020 Term Loan B, 6.590%, (US0001M + 1.750%), 08/12/26		486,177		0.2
	494,811		GoodRx, Inc. 1st Lien Term Loan, 7.590%, (US0001M + 2.750%), 10/10/25		492,440		0.2
	123,371		Greenway Health, LLC 2017 1st Lien Term Loan, 8.960%, (US0001M + 3.750%), 02/16/24		91,294		0.0
	256,641		Heartland Dental, LLC 2021 Incremental Term Loan, 8.840%, (US0001M + 4.000%), 04/30/25		242,739		0.1
	398,997		Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan, 8.241%, (TSFR1M + 3.250%), 11/01/28		388,025		0.1

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Health Care: (continued)
	1,079,100	Medline Borrower, LP USD Term Loan B, 8.090%, (US0001M + 3.250%), 10/23/28	$	1,053,397		0.4
	150,000	National Mentor Holdings, Inc. 2021 2nd Lien Term Loan, 12.248%, (US0003M + 7.250%), 03/02/29		90,750		0.0
	28,622	National Mentor Holdings, Inc. 2021 Term Loan C, 8.748%, (US0003M + 3.750%), 03/02/28		22,097		0.0
	829,297	National Mentor Holdings, Inc. 2021 Term Loan, 8.766%, (US0003M + 3.750%), 03/02/28		640,217		0.2
	375,682	Pacific Dental Services, LLC 2021 Term Loan, 8.279%, (US0001M + 3.500%), 05/05/28		373,451		0.1
	749,675	Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan, 8.659%, (US0003M + 3.750%), 11/30/27		734,869		0.3
	442,764	Parexel International Corporation 2021 1st Lien Term Loan, 8.090%, (US0001M + 3.250%), 11/15/28		438,233		0.2
	600,079	Pathway Vet Alliance LLC 2021 Term Loan, 8.602%, (US0001M + 3.750%), 03/31/27		528,605		0.2
	267,975	Perrigo Investments, LLC Term Loan B, 7.291%, (TSFR1M + 2.500%), 04/20/29		266,635		0.1
	463,218	Phoenix Guarantor Inc 2020 Term Loan B, 8.090%, (US0001M + 3.250%), 03/05/26		452,072		0.2
	296,631	Pluto Acquisition I, Inc. 2021 1st Lien Term Loan, 8.953%, (US0003M + 4.000%), 06/22/26		212,462		0.1
	285,234	Press Ganey Holdings, Inc. 2022 Incremental Term Loan, 8.557%, (TSFR1M + 3.750%), 07/24/26		268,120		0.1
	432,803	RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 8.575%, (US0001M + 3.750%), 11/16/25		413,259		0.2
	252,254	RxBenefits, Inc. 2020 Term Loan, 9.198%, (US0003M + 4.500%), 12/20/27		245,948		0.1
	1,035,000	Sotera Health Holdings, LLC 2021 Term Loan, 7.575%, (US0003M + 2.750%), 12/11/26		1,000,716		0.4
	950,566	Surgery Center Holdings, Inc. 2021 Term Loan, 8.460%, (US0001M + 3.750%), 08/31/26		946,192		0.4
	451,060	U.S. Anesthesia Partners, Inc. 2021 Term Loan, 8.912%, (US0001M + 4.250%), 10/01/28		435,595		0.2
	283,113	Virgin Pulse, Inc. 2021 Term Loan, 8.840%, (US0001M + 4.000%), 04/06/28		234,276		0.1
				15,422,960		6.0

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Home Furnishings: 0.8%
	753,525	Conair Holdings, LLC Term Loan B, 8.909%, (US0003M + 3.750%), 05/17/28	$	668,754		0.3
	610,384	Illuminate Merger Sub Corp. 1st Lien Term Loan, 8.340%, (US0001M + 3.500%), 07/21/28		581,086		0.2
	898,188	Solis IV BV USD Term Loan B1, 8.373%, (TSFR1M + 3.500%), 02/26/29		812,186		0.3
				2,062,026		0.8

		Industrial: 1.7%
	600,000	Berry Global, Inc. 2021 Term Loan Z, 1.845%, (US0001M + 1.750%), 07/01/26		598,875		0.2
	363,175	Brown Group Holding LLC 2022 Term Loan B2 1L, 5.436%, (TSFR1M + 3.750%), 07/02/29		363,856		0.2
	625,000	Chart Industries, Inc. 2022 Term Loan B, 8.050%, (SOFRRATE + 3.750%), 12/07/29		620,312		0.2
	497,500	Oscar AcquisitionCo, LLC Term Loan B, 8.800%, (SOFRRATE + 4.500%), 04/29/29		480,865		0.2
	860,675	Project Castle, Inc. Term Loan B 1L, 7.186%, (SOFRRATE + 5.500%), 06/01/29		738,029		0.3
	578,578	ST GEO WARE + TR CO OF CAL INC 2022 TERM LOAN, 1.081%, (TSFR1M + 1.000%), 03/24/28		553,988		0.2
	455,000	TransDigm, Inc. 2023 Term Loan I, 8.159%, (TSFR1M + 3.250%), 08/24/28		454,400		0.2
	498,721	Tutor Perini Corporation Term Loan B, 9.608%, (US0001M + 4.750%), 08/18/27		462,564		0.2
				4,272,889		1.7

		Industrial Equipment: 1.4%
	492,361	Alliance Laundry Systems LLC Term Loan B, 8.306%, (US0003M + 3.500%), 10/08/27		489,181		0.2
	381,150	Clark Equipment Company 2022 Term Loan B, 7.498%, (TSFR1M + 2.500%), 04/20/29		381,269		0.1
	375,000	Crown Subsea Communications Holding, Inc. 2021 Term Loan, 9.530%, (US0003M + 4.750%), 04/27/27		370,156		0.1
	310,000	Crown Subsea Communications Holding, Inc. 2023 Incremental Term Loan, 10.052%, (TSFR1M + 5.250%), 04/27/27		307,288		0.1
	299,029	Kenan Advantage Group, Inc. 2021 Term Loan B1, 8.590%, (US0001M + 3.750%), 03/24/26		297,048		0.1
	493,719	Madison IAQ LLC Term Loan, 8.302%, (US0003M + 3.250%), 06/21/28		470,452		0.2
	450,000	SPX Flow, Inc. 2022 Term Loan, 9.407%, (TSFR1M + 4.500%), 04/05/29		431,438		0.2
	934,226	Vertical US Newco Inc Term Loan B, 8.602%, (US0006M + 3.500%), 07/30/27		912,539		0.4
				3,659,371		1.4

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Insurance: 2.3%
	769,344		Acrisure, LLC 2020 Term Loan B, 8.359%, (US0001M + 3.500%), 02/15/27	$	745,303		0.3
	723,014		Acrisure, LLC 2021 First Lien Term Loan B, 9.090%, (US0001M + 4.250%), 02/15/27		710,663		0.3
	262,219		Acrisure, LLC 2021 Incremental Term Loan B, 8.602%, (US0001M + 3.750%), 02/15/27		256,647		0.1
	733,317		Aretec Group, Inc. 2018 Term Loan, 9.157%, (TSFR1M + 4.250%), 10/01/25		730,223		0.3
	372,452		IMA Financial Group, Inc. Term Loan, 8.352%, (US0001M + 3.750%), 11/01/28		363,140		0.1
	897,762		NFP Corp. 2020 Term Loan, 8.090%, (US0001M + 3.250%), 02/15/27		877,749		0.3
	1,104,343		OneDigital Borrower LLC 2021 Term Loan, 9.157%, (SOFRRATE + 4.250%), 11/16/27		1,065,691		0.4
	1,204,240		Sedgwick Claims Management Services, Inc. 2023 Term Loan B, 8.626%, (TSFR1M + 3.750%), 02/17/28		1,191,696		0.5
					5,941,112		2.3

			Leisure Good/Activities/Movies: 3.1%
	685,502	(2)	24 Hour Fitness Worldwide, Inc. 2021 Delayed Draw Term Loan, 13.735% (PIK Rate 7.000%, Cash Rate 6.735%), 09/29/25		616,952		0.2
	1,124,339	(2)	24 Hour Fitness Worldwide, Inc. 2021 Exit Delayed Draw Term Loan, 18.735% (PIK Rate 12.000%, Cash Rate 6.735%), 09/29/26		618,387		0.2
	349,904		Alterra Mountain Company 2021 Series B-2 Consenting Term Loan, 8.340%, (US0001M + 3.500%), 08/17/28		349,029		0.1
	947,298		AppLovin Corporation 2021 Term Loan B, 7.907%, (TSFR1M + 3.100%), 10/25/28		943,746		0.4
	461,611		ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 7.893%, (US0003M + 2.750%), 09/18/24		442,425		0.2
	1,107,326		CWGS Group, LLC 2021 Term Loan B, 7.218%, (US0001M + 2.500%), 06/03/28		1,022,892		0.4
	493,932		MajorDrive Holdings IV LLC Term Loan B, 9.000%, (US0003M + 4.000%), 06/01/28		469,853		0.2
	645,063		Playtika Holding Corp 2021 Term Loan, 6.405%, (US0001M + 2.750%), 03/13/28		641,722		0.3
	489,873		PUG LLC USD Term Loan, 8.340%, (US0001M + 3.500%), 02/12/27		357,608		0.1
	573,562		RV Retailer, LLC Term Loan B, 8.554%, (SOFRRATE + 3.750%), 02/08/28		496,131		0.2
	275,406		Samsonite International S.A. 2020 Incremental Term Loan B2, 7.840%, (US0003M + 3.000%), 04/25/25		275,372		0.1

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

		Leisure Good/Activities/Movies: (continued)
	890,525	Scientific Games Holdings LP 2022 USD Term Loan B, 8.103%, (TSFR1M + 3.500%), 04/04/29	$	879,671		0.4
	509,978	SRAM, LLC 2021 Term Loan B, 7.590%, (US0001M + 2.750%), 05/18/28		504,878		0.2
	295,255	The Knot Worldwide Inc. 2022 Term Loan, 9.420%, (TSFR1M + 4.500%), 12/19/25		294,886		0.1
				7,913,552		3.1

		Lodging & Casinos: 1.6%
	734,648	Arches Buyer Inc. 2021 Term Loan B, 8.157%, (US0001M + 3.250%), 12/06/27		694,931		0.3
	789,203	Hilton Grand Vacations Borrower LLC 2021 Term Loan B, 7.840%, (US0001M + 3.000%), 08/02/28		789,203		0.3
	500,000	Hilton Worldwide Finance, LLC 2019 Term Loan B2, 6.642%, (US0001M + 1.750%), 06/22/26		500,070		0.2
	992,500	Scientific Games International, Inc. 2022 USD Term Loan, 7.960%, (TSFR1M + 3.000%), 04/14/29		985,987		0.4
	249,350	Station Casinos LLC 2020 Term Loan B, 7.100%, (US0001M + 2.250%), 02/08/27		247,791		0.1
	926,011	Twin River Worldwide Holdings, Inc. 2021 Term Loan B, 7.959%, (US0001M + 3.250%), 10/02/28		886,888		0.3
				4,104,870		1.6

		Mortgage REITs: 0.2%
	481,508	BIFM CA Buyer Inc. Term Loan B, 8.340%, (US0001M + 3.500%), 06/01/26		473,683		0.2

		Oil & Gas: 1.6%
	150,529	Glass Mountain Pipeline Holdings, LLC 2021 Exit Term Loan, 9.340%, (US0001M + 4.500%), 10/28/27		138,487		0.0
	478,919	ITT Holdings LLC 2021 Term Loan, 7.556%, (US0001M + 2.750%), 07/10/28		468,442		0.2
	474,480	Medallion Midland Acquisition, LLC 2021 Term Loan, 8.626%, (US0001M + 3.750%), 10/18/28		469,142		0.2
	663,280	NorthRiver Midstream Finance LP 2018 Term Loan B, 8.004%, (US0003M + 3.250%), 10/01/25		662,658		0.3
	671,416	TransMontaigne Operating Company L.P. Term Loan B, 8.310%, (US0003M + 3.500%), 11/17/28		663,653		0.3
	904,570	Traverse Midstream Partners LLC 2017 Term Loan, 8.726%, (TSFR1M + 3.750%), 09/27/24		894,394		0.3
	725,934	Waterbridge Midstream Operating LLC Term Loan B, 10.568%, (US0003M + 5.750%), 06/22/26		715,102		0.3
				4,011,878		1.6

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

LOANS*: (continued)

			Publishing: 0.5%
	883,370		Cengage Learning, Inc. 2021 Term Loan B, 9.880%, (US0003M + 4.750%), 07/14/26	$	821,850		0.3
	448,424		McGraw-Hill Global Education Holdings, LLC 2021 Term Loan, 9.822%, (US0006M + 4.750%), 07/28/28		420,157		0.2
					1,242,007		0.5

			Radio & Television: 2.0%
	1,369,933		Clear Channel Outdoor Holdings, Inc. Term Loan B, 8.325%, (US0003M + 3.500%), 08/21/26		1,280,674		0.5
	398,070		CMG Media Corporation 2021 Term Loan, 8.659%, (US0003M + 3.500%), 12/17/26		353,535		0.1
	4,767,826	(3),(5),(6)	Diamond Sports Group, LLC 2022 2nd Lien Term Loan, 8.052%, (TSFR1M + 3.250%), 08/24/26		318,252		0.1
	166,667		Entercom Media Corp. 2019 Term Loan, 7.331%, (US0001M + 2.500%), 11/18/24		107,778		0.1
	392,720		Gray Television, Inc. 2021 Term Loan D, 7.662%, (US0001M + 3.000%), 12/01/28		382,329		0.2
	280,000		iHeartCommunications, Inc. 2020 Incremental Term Loan, 8.090%, (US0001M + 3.250%), 05/01/26		248,990		0.1
	608,849		iHeartCommunications, Inc. 2020 Term Loan, 7.840%, (US0001M + 3.000%), 05/01/26		541,242		0.2
	483,699		NASCAR Holdings, Inc Term Loan B, 7.340%, (US0001M + 2.500%), 10/19/26		484,441		0.2
	1,332,908		Univision Communications Inc. 2021 First Lien Term Loan B, 8.090%, (US0001M + 3.250%), 03/15/26		1,328,624		0.5
					5,045,865		2.0

			Retailers (Except Food & Drug): 3.4%
	464,012		AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B, 8.657%, (TSFR1M + 3.750%), 07/31/28		447,772		0.2
	600,244		CNT Holdings I Corp 2020 Term Loan, 8.125%, (TSFR1M + 3.500%), 11/08/27		590,940		0.2
	1,691,270		Great Outdoors Group, LLC 2021 Term Loan B1, 8.590%, (US0001M + 3.750%), 03/06/28		1,672,948		0.7
	1,065,700		Harbor Freight Tools USA, Inc. 2021 Term Loan B, 7.590%, (US0001M + 2.750%), 10/19/27		1,037,726		0.4
	495,296		Jo-Ann Stores, Inc. 2021 Term Loan B1, 9.572%, (US0003M + 4.750%), 07/07/28		278,191		0.1
	508,433		Leslies Poolmart, Inc. 2021 Term Loan B, 7.659%, (US0003M + 2.500%), 03/09/28		502,350		0.2
	1,056,926		Michaels Companies, Inc. 2021 Term Loan B, 9.409%, (US0003M + 4.250%), 04/15/28		974,260		0.4
	969,181		Petco Health and Wellness Company, Inc. 2021 Term Loan B, 8.410%, (US0003M + 3.250%), 03/03/28		953,085		0.3

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

*LOANS: (continued)**

			Retailers (Except Food & Drug): (continued)
	1,228,125		Pilot Travel Centers LLC 2021 Term Loan B, 6.907%, (TSFR1M + 2.000%), 08/04/28	$	1,224,287		0.5
	991,123		Restoration Hardware, Inc. Term Loan B, 7.340%, (US0001M + 2.500%), 10/20/28		930,572		0.3
	253,613		Victorias Secret & Co. Term Loan B, 8.236%, (US0003M + 3.250%), 08/02/28		251,711		0.1
					8,863,842		3.4

			Surface Transport: 1.1%
	747,292		American Trailer World Corp. Term Loan B, 8.657%, (TSFR1M + 3.750%), 03/03/28		650,892		0.3
	909,189		LaserShip, Inc. 2021 Term Loan, 9.659%, (US0003M + 4.500%), 05/07/28		785,312		0.3
	386,172		Savage Enterprises LLC 2021 Term Loan B, 8.100%, (US0001M + 3.250%), 09/15/28		385,207		0.1
	878,875		Worldwide Express Operations, LLC 2021 1st Lien Term Loan, 9.159%, (US0003M + 4.000%), 07/26/28		848,939		0.3
	250,000		Worldwide Express Operations, LLC 2021 2nd Lien Term Loan, 12.159%, (US0003M + 7.000%), 07/26/29		205,937		0.1
					2,876,287		1.1

			Technology: 3.9%
	721,179		Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 8.800%, (SOFRRATE + 4.500%), 09/18/26		721,029		0.3
	2,586,104	(3),(5),(6)	Avaya 2022 Term Loan 1L, 11.686%, (TSFR1M + 10.000%), 12/15/27		665,922		0.3
	747,235	(3),(5),(6)	Avaya, Inc. 2020 Term Loan B, 9.443%, (US0003M + 4.250%), 12/15/27		187,743		0.1
	636,416		Avaya, Inc. 2023 DIP Term Loan, 12.642%, (TSFR1M + 8.000%), 08/14/23		658,690		0.2
	867,574		Bright Bidco B.V. 2022 Exit Term Loan, 12.676%, 10/31/27		769,249		0.3
	912,713		CDK Global, Inc. 2022 USD Term Loan B, 9.409%, (TSFR3M + 4.500%), 07/06/29		911,653		0.3
	300,000		ECI Macola Max Holding, LLC 2020 Term Loan, 8.943%, (US0003M + 3.750%), 11/09/27		296,250		0.1
	462,963		Misys (Finastra) - TL B 1L, 8.325%, (US0003M + 3.500%), 06/13/24		435,667		0.2
	1,487,525		MKS Instruments, Inc. 2022 Term Loan B 1L, 5.792%, (TSFR1M + 2.750%), 08/17/29		1,481,637		0.6
	332,489		RealPage, Inc. Term Loan B 1L, 7.635%, (US0001M + 3.000%), 04/24/28		323,254		0.1
	397,847		SS&C Technologies Inc. 2022 Term Loan B6, 7.052%, (TSFR1M + 2.250%), 03/22/29		395,787		0.1
	599,548		SS&C Technologies Inc. 2022 Term Loan B7, 7.052%, (TSFR1M + 2.250%), 03/22/29		596,443		0.2

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†		Borrower/Tranche Description	Fair Value		Percentage of Net Assets

*LOANS: (continued)**

		Technology: (continued)
	730,000	Tibco Software Inc. 2022 USD Term Loan, 9.498%, (TSFR1M + 4.500%), 03/30/29	$	662,084		0.3
	1,253,450	Veritas US Inc. 2021 USD Term Loan B, 9.840%, (US0003M + 5.000%), 09/01/25		955,755		0.4
	477,041	Virtusa Corporation 2022 Incremental Term Loan, 8.657%, (SOFRRATE + 3.750%), 02/15/29		471,773		0.2
	410,000	World Wide Technology Holding Co. LLC Term Loan, 8.052%, (TSFR1M + 3.250%), 03/01/30		409,487		0.2
				9,942,423		3.9

		Telecommunications: 3.5%
	641,247	Altice Financing SA 2022 USD Term Loan, 9.566%, (TSFR1M + 5.000%), 10/31/27		636,438		0.2
	499,016	Altice France S.A. USD Term Loan B11, 7.575%, (US0003M + 2.750%), 07/31/25		491,921		0.2
	967,514	Asurion LLC 2020 Term Loan B8, 8.090%, (US0001M + 3.250%), 12/23/26		902,207		0.3
	530,000	Asurion LLC 2021 2nd Lien Term Loan B3, 10.090%, (US0001M + 5.250%), 01/31/28		444,372		0.2
	462,640	Asurion LLC 2021 Term Loan B9, 8.090%, (US0001M + 3.250%), 07/31/27		425,629		0.1
	431,852	Cablevision Lightpath LLC Term Loan B, 7.934%, (US0001M + 3.250%), 11/30/27		428,397		0.2
	979,906	CCI Buyer, Inc. Term Loan, 8.898%, (TSFR1M + 4.000%), 12/17/27		969,127		0.4
	318,498	CenturyLink, Inc. 2020 Term Loan B, 7.172%, (US0001M + 2.250%), 03/15/27		212,066		0.1
	748,062	CommScope, Inc. 2019 Term Loan B, 8.090%, (US0001M + 3.250%), 04/06/26		721,568		0.3
	310,794	Global Tel*Link Corporation 2018 1st Lien Term Loan, 9.076%, (US0003M + 4.250%), 11/29/25		273,644		0.1
	378,263	GOGO Intermediate Holdings LLC Term Loan B, 8.697%, (US0003M + 3.750%), 04/30/28		376,135		0.1
	596,493	Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B, 9.082%, (SOFRRATE + 4.500%), 02/01/29		590,963		0.2
	287,580	Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 9.659%, (US0003M + 4.500%), 11/01/24		206,578		0.1
	298,500	Venga Finance Sarl 2021 USD Term Loan B, 9.703%, (US0003M + 4.750%), 06/28/29		285,068		0.1
	509,894	ViaSat, Inc. Term Loan, 9.422%, (TSFR1M + 4.500%), 03/02/29		498,421		0.2
	1,472,765	Zayo Group Holdings, Inc. USD Term Loan, 7.840%, (US0001M + 3.000%), 03/09/27		1,197,236		0.5
	450,000	Ziggo Financing Partnership USD Term Loan I, 7.184%, (US0001M + 2.500%), 04/30/28		445,078		0.2
				9,104,848		3.5

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

*LOANS: (continued)**

			Utilities: 0.9%
	2,453,615		Nautilus Power, LLC Term Loan B, 9.090%, (US0001M + 4.250%), 05/16/24	$	1,729,798		0.7
	487,575		Tiger Acquisition, LLC 2021 Term Loan, 8.157%, (TSFR1M + 3.250%), 06/01/28		477,214		0.2
					2,207,012		0.9

			Total Loans (Cost $253,273,071)		235,414,948		91.6

CORPORATE BONDS/NOTES: 6.1%

			Basic Materials: 0.3%
	500,000	#	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/26		453,710		0.2
	500,000	#	LSF11 A5 Holdco LLC, 6.625%, 10/15/29		421,028		0.1
					874,738		0.3

			Communications: 0.5%
	500,000	#	CommScope, Inc., 4.750%, 09/01/29		417,250		0.1
	500,000	#	LCPR Senior Secured Financing DAC, 6.750%, 10/15/27		472,703		0.2
	500,000	#	ViaSat, Inc., 5.625%, 04/15/27		469,950		0.2
					1,359,903		0.5

			Consumer, Cyclical: 1.6%
	500,000		Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/28		465,047		0.2
	500,000		Ford Motor Credit Co. LLC, 4.125%, 08/17/27		458,802		0.2
	500,000	#	Gap, Inc./The, 3.875%, 10/01/31		347,385		0.1
	220,000	#	Macy's Retail Holdings LLC, 5.875%, 03/15/30		195,517		0.1
	500,000	#	Sonic Automotive, Inc., 4.625%, 11/15/29		419,448		0.1
	500,000	#	SRS Distribution, Inc., 6.125%, 07/01/29		422,500		0.2
	500,000	#	Taylor Morrison Communities, Inc., 5.750%, 01/15/28		492,328		0.2
	500,000	#	Tempur Sealy International, Inc., 3.875%, 10/15/31		418,015		0.1
	500,000	#	Williams Scotsman International, Inc., 4.625%, 08/15/28		455,446		0.2
	500,000	#	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/27		473,090		0.2
					4,147,578		1.6

			Consumer, Non-cyclical: 0.7%
	500,000	#	ADT Security Corp./The, 4.125%, 08/01/29		446,512		0.2
	500,000	#	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/30		467,235		0.2
	500,000	#	Primo Water Holdings, Inc., 4.375%, 04/30/29		436,893		0.1
	500,000		Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/27		467,339		0.2
					1,817,979		0.7

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Principal Amount†			Borrower/Tranche Description	Fair Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)

			Energy: 1.1%
	500,000	#	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/28	$	480,480		0.2
	500,000	#	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/28		449,200		0.2
	500,000	#	Hess Midstream Operations L.P., 4.250%, 02/15/30		447,147		0.2
	500,000	#	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/30		461,700		0.2
	500,000	#	SunCoke Energy, Inc., 4.875%, 06/30/29		435,914		0.1
	500,000		Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/29		459,583		0.2
					2,734,024		1.1

			Financial: 0.7%
	500,000	#	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/28		448,088		0.2
	500,000		OneMain Finance Corp., 5.375%, 11/15/29		421,150		0.2
	500,000	#	PRA Group, Inc., 5.000%, 10/01/29		418,955		0.1
	500,000	#	United Wholesale Mortgage LLC, 5.750%, 06/15/27		445,471		0.2
					1,733,664		0.7

			Industrial: 0.8%
	500,000	#	Cargo Aircraft Management, Inc., 4.750%, 02/01/28		447,635		0.1
	250,000	#	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/28		237,705		0.1
	500,000	#	PGT Innovations, Inc., 4.375%, 10/01/29		452,500		0.2
	500,000	#	Rolls-Royce PLC, 5.750%, 10/15/27		498,557		0.2
	500,000	#	Standard Industries, Inc./NJ, 4.750%, 01/15/28		467,798		0.2
					2,104,195		0.8

			Technology: 0.4%
	550,000	#	Entegris Escrow Corp., 6.950%, 06/15/30		533,632		0.2
	500,000	#	Open Text Corp., 3.875%, 12/01/29		421,447		0.2
					955,079		0.4

			Total Corporate Bonds/Notes (Cost $16,327,225)		15,727,160		6.1

	Shares				Value		Percentage of Net Assets

EQUITIES AND OTHER ASSETS: 0.8%

	408,271	(4),(7)	24 Hour Fitness Worldwide, Inc.		2,450		0.0
	544,388	(4),(7)	24 Hour Fitness Worldwide, Inc. - Preferred		2,722		0.0
	50,201	(4)	Cineworld Group PLC		–		0.0
	69,381	(7)	Cumulus Media, Inc. Class-A		256,016		0.1
	1,674	(4)	GTT Communications, Inc.		20,925		0.0

Shares				Value		Percentage of Net Assets

EQUITIES AND OTHER ASSETS: (continued)

	7,543	(4),(7)	Harvey Gulf International Marine LLC	$	173,489		0.1
	4,783	(4),(7)	Harvey Gulf International Marine LLC - Warrants		110,009		0.0
	7,471	(4),(7)	iQor		5,603		0.0
	102,480	(4),(7)	Longview Power LLC		1,229,760		0.5
	6,829	(4)	Riverbed Technology, Inc.		69		0.0
	88,701	(4),(7)	Save-A-Lot, Inc. / Moran Foods		29,537		0.0
	42,856	(4),(7)	The Oneida Group (formerly EveryWare Global, Inc.)		428		0.0
	24,491	(4)	Yak Access, LLC Series A Common Equity		1,224		0.0
	580,823	(4)	Yak Access, LLC Series A Preferred Equity		290,412		0.1
	5,388	(4)	Yak Access, LLC Series B Common Equity		269		0.0
	1,117,890	(4)	Yak Access, LLC Series B-1 Preferred Equity		44,716		0.0
	23,080	(4)	Yak Access, LLC Series B-2 Preferred Equity		231		0.0

			Total Equities and Other Assets (Cost $4,251,974)		2,167,860		0.8
			Total Investments (Cost $273,852,270)	$	253,309,968		98.5
			Assets in Excess of Other Liabilities		3,779,310		1.5
			Net Assets	$	257,089,278		100.0

*	Loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates.
^†	Unless otherwise indicated, principal amount is shown in USD.
^#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
⁽¹⁾	All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 9 for additional details.
⁽²⁾	All or a portion of this Loan 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.
⁽³⁾	Loan is not accruing income because the borrower has missed or is expected to miss principal and/or interest payments. The rate shown is the contractual interest rate.
⁽⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
⁽⁵⁾	Defaulted loan. Currently, the borrower is partially or fully in default with respect to principal and/or interest payments.
⁽⁶⁾	The borrower has filed for protection in federal bankruptcy court.
⁽⁷⁾	Non-income producing security.

See Accompanying Notes to Financial Statements

VOYA FLOATING RATE FUND	PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2023 (CONTINUED)

Reference Rate Abbreviations:
SOFRRATE	1-day Secured Overnight Financing Rate
TSFR1M	1-month CME Term Secured Overnight Financing Rate
TSFR3M	3-month CME Term Secured Overnight Financing Rate
US0001M	1-month LIBOR
US0003M	3-month LIBOR
US0006M	6-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2023
Asset Table
Investments, at fair value
Loans	$	—	$	235,414,948	$	—	$	235,414,948
Equities and Other Assets		256,016		—		1,911,844		2,167,860
Corporate Bonds/Notes		—		15,727,160		—		15,727,160
Total Investments, at fair value	$	256,016	$	251,142,108	$	1,911,844	$	253,309,968

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

At March 31, 2023, 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 federal income tax purposes was $274,617,618.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,454,018
Gross Unrealized Depreciation		(22,761,668	)
Net Unrealized Depreciation	$	(21,307,650	)

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2023 were as follows:

Fund Name	Type	Per Share Amount
Voya Floating Rate Fund
Class A	NII	$0.5241
Class C	NII	$0.4607
Class I	NII	$0.5452
Class R	NII	$0.5030
Class W	NII	$0.5452

NII — Net investment income

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Floating Rate Fund designates 95.04% of net investment income distributions as interest-related dividends.

TRUSTEE AND OFFICER INFORMATION (Unaudited)

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served ⁽¹⁾	Principal Occupation(s) – During the Past 5 Years	Number of funds in Fund Complex Overseen by Trustee ⁽²⁾	Other Board Positions Held by Trustee
Independent Trustees:

Colleen D. Baldwin (1960) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Chairperson Trustee	January 2020 – Present July 2007 – Present	President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).	138	Stanley Global Engineering (2020 – Present).

John V. Boyer (1953) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	May 2007 – Present	Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019).	138	None.

Patricia W. Chadwick (1948) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	May 2007 – Present	Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).	138	The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin (1950) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	August 2015 – Present	Retired.	138	None.

Joseph E. Obermeyer (1957) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	May 2013 – Present	President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).	138	None.

Sheryl K. Pressler (1950) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	May 2007 – Present	Consultant (May 2001 – Present).	138	Centerra Gold Inc. (May 2008 – Present).

Christopher P. Sullivan (1954) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Trustee	October 2015 – Present	Retired.	138	None.

⁽¹⁾	Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Fund (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

⁽²⁾	For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of April 30, 2023.

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served ⁽¹⁾	Principal Occupation(s) – During the Past 5 Years
Andy Simonoff (1973) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	President and Chief Executive Officer	January 2023 - Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).

Jonathan Nash (1967) 230 Park Avenue New York, New York 10169	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020).

James M. Fink (1958) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Executive Vice President	March 2018 - Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present).

Steven Hartstein (1963) 230 Park Avenue New York, New York 10169	Chief Compliance Officer	December 2022 - Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Head of Funds Compliance, Brighthouse Financial, Inc. and Chief Compliance Officer – Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017- December 2022).

Todd Modic (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President, Chief/ Principal Financial Officer and Assistant Secretary	March 2007 - Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 – September 2022).

Kimberly A. Anderson (1964) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	March 2007 - Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).

Sara M. Donaldson (1959) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).

Andrew K. Schlueter (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President	June 2022 - Present	Senior Vice President, Head of Investment Operations Support, Voya Investment Management (April 2023 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018-Present); Formerly, Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – March 2023); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 – February 2018).

Joanne F. Osberg (1982) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Senior Vice President Secretary	March 2023 – Present September 2020 - Present	Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund Legal Department, Senior Vice President and Secretary, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2023 – Present). Formerly, Secretary, Voya Capital, LLC (August 2022 – March 2023); Vice President and Secretary, Voya Investments, LLC and Voya Funds Services, LLC, Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – March 2023). Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).

Robert Terris (1970) 5780 Powers Ferry Road NW Atlanta, Georgia 30327	Senior Vice President	March 2007 - Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served ⁽¹⁾	Principal Occupation(s) – During the Past 5 Years
Fred Bedoya (1973) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).

Robyn L. Ichilov (1967) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	March 2007 - Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).

Jason Kadavy (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	September 2012 - Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present).

Erica McKenna (1972) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).

Craig Wheeler (1969) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Vice President	May 2013 - Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).

Nicholas C.D. Ward (1993) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 - Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).

Gizachew Wubishet (1976) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258	Assistant Vice President and Assistant Secretary	June 2022 - Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019).

Monia Piacenti (1976) One Orange Way Windsor, Connecticut 06095	Anti-Money Laundering Officer	June 2018 - Present	Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

⁽¹⁾	Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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 17, 2022, the Board of Trustees (“Board”) of Voya Funds 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 Floating Rate 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 Contracts,” 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, 2023.

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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

Nature, Extent and Quality of Services

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

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 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.

Fund Performance

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 as 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 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 or the Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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.

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

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 intends to propose 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.

Although the Methodology Guide establishes a framework for profit calculation, 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.

Fund Analysis

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date and one-year periods, the fourth quintile for the ten-year period, and the fifth quintile for the three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of

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

the Fund’s performance during certain periods; (2) the impact of security selection and sector positioning on the Fund’s performance; (3) recent changes to the Fund’s investment strategy and the Board’s consideration that it is reasonable to provide more time for the purpose of evaluating any impact on performance; and (4) its confidence in the Sub-Adviser’s ability to execute the Fund’s investment strategy.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels.; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

Board Conclusions

Investment Adviser

Voya Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Distributor

Voya Investments Distributor, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts, 02116

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, Missouri 64105

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163061 (0323-052523)

(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 13(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 Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer 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, 2023 and March 31, 2022.

(a)

Audit Fees: 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 $227,340 for the year ended March 31, 2023 and $173,700 for the year ended March 31, 2022.

(b)

Audit-Related Fees: 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, 2023 and $0 for the year ended March 31, 2022.

(c)

Tax Fees: 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 $61,300 for the year ended March 31, 2023 and $61,300 for the year ended March 31, 2022. 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)

All Other Fees: 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, 2023 and $0 for the year ended March 31, 2022.

(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 Exhibit A 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 17, 2022

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2023 through December 31, 2023

Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
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

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, 2023 through December 31, 2023

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, 2023 through December 31, 2023

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 Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
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

Appendix C, continued Pre-Approved Tax Services for the Pre-Approval Period January 1, 2023 through December 31, 2023

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
Tax compliance services related to return preparation for the Funds (Adviser Fees)		√	As presented to Audit Committee³
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

Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2023 through December 31, 2023

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) Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.	√	√	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: January 1, 2023 to December 31, 2023

●

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

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY 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 STRATEGIC ALLOCATIONS PORTFOLIOS, INC.

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f)

Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%

Not applicable.

(g)

Non-Audit Fees: 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, 2023 and March 31, 2022; 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	2023		2022
Voya Funds Trust	$	61,300	$	61,300
Voya Investments, LLC ⁽¹⁾	$	12,786,749	$	12,427,919

__________________________________

⁽¹⁾ The Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h)

Principal Accountants Independence: 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. Schedule of Investments.

(a)

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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 second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

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.

(a)(2)(1) Not applicable.

(a)(2)(3) Not applicable.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

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 Funds Trust

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: June 7, 2023

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/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: June 7, 2023

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: June 7, 2023

Voya Intermediate Bond Fund Class I (IICIX) N-CSRCertified annual shareholder report (management investment company)