Voya Intermediate Bond Fund Class I (IICIX) N-CSRS Certified semi-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: April 1, 2023 to September 30, 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):

Semi-Annual Report

September 30, 2023

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

Fixed-Income Funds

■	Voya GNMA Income Fund	■	Voya Short Duration High Income Fund
■	Voya High Yield Bond Fund	■	Voya Short Term Bond Fund
■	Voya Intermediate Bond Fund	■	Voya Strategic Income Opportunities Fund

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

  E-Delivery Sign-up – details inside

  INVESTMENT MANAGEMENT voyainvestments.com

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TABLE OF CONTENTS

Shareholder Expense Examples	1
Statements of Assets and Liabilities	3
Statements of Operations	9
Statements of Changes in Net Assets	11
Financial Highlights	14
Notes to Financial Statements	20
Portfolios of Investments	40

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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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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 April 1, 2023 to September 30, 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

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	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	April 1,	September 30,	Expense	September 30,	April 1,	September 30,	Expense	September 30,
	2023	2023	Ratio	2023*	2023	2023	Ratio	2023*
Voya GNMA Income Fund
Class A	$1,000.00	$955.60	0.83%	$4.06	$1,000.00	$1,020.85	0.83%	$4.19
Class C	1,000.00	953.10	1.58	7.71	1,000.00	1,017.10	1.58	7.97
Class I	1,000.00	957.30	0.54	2.64	1,000.00	1,022.30	0.54	2.73
Class R6	1,000.00	957.60	0.49	2.40	1,000.00	1,022.55	0.49	2.48
Class W	1,000.00	957.20	0.58	2.84	1,000.00	1,022.10	0.58	2.93
Voya High Yield Bond Fund
Class A	$1,000.00	$1,012.30	1.03%	$5.18	$1,000.00	$1,019.85	1.03%	$5.20
Class C	1,000.00	1,008.50	1.78	8.94	1,000.00	1,016.10	1.78	8.97
Class I	1,000.00	1,015.50	0.69	3.48	1,000.00	1,021.55	0.69	3.49
Class R	1,000.00	1,011.00	1.28	6.44	1,000.00	1,018.60	1.28	6.46
Class R6	1,000.00	1,014.40	0.63	3.17	1,000.00	1,021.85	0.63	3.18
Class W	1,000.00	1,013.60	0.78	3.93	1,000.00	1,021.10	0.78	3.94
Voya Intermediate Bond Fund
Class A	$1,000.00	$948.80	0.73%	$3.56	$1,000.00	$1,021.35	0.73%	$3.69
Class C	1,000.00	967.10	1.48	7.28	1,000.00	1,017.60	1.48	7.47
Class I	1,000.00	973.70	0.36	1.78	1,000.00	1,023.20	0.36	1.82
Class R	1,000.00	968.50	0.98	4.82	1,000.00	1,020.10	0.98	4.95
Class R6	1,000.00	977.60	0.30	1.48	1,000.00	1,023.50	0.30	1.52
Class W	1,000.00	974.30	0.48	2.37	1,000.00	1,022.60	0.48	2.43

1

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Fund Return				Hypothetical (5% return before expenses)
	Beginning	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	April 1,	September 30,	Expense	September 30,	April 1,	September 30,	Expense	September 30,
	2023	2023	Ratio	2023*	2023	2023	Ratio	2023*
Voya Short Duration High Income Fund
Class A	$1,000.00	$1,047.20	0.85%	$4.35	$1,000.00	$1,020.75	0.85%	$4.29
Class C^	1,000.00	1,040.50	1.60	7.27	1,000.00	1,017.00	1.60	8.07
Class I	1,000.00	1,048.60	0.60	3.07	1,000.00	1,022.00	0.60	3.03
Class R6	1,000.00	1,048.50	0.60	3.07	1,000.00	1,022.00	0.60	3.03
Voya Short Term Bond Fund
Class A	$1,000.00	$1,006.00	0.63%	$3.16	$1,000.00	$1,021.85	0.63%	$3.18
Class C	1,000.00	1,002.20	1.38	6.91	1,000.00	1,018.10	1.38	6.96
Class I	1,000.00	1,007.40	0.35	1.76	1,000.00	1,023.25	0.35	1.77
Class R	1,000.00	1,003.70	0.88	4.41	1,000.00	1,020.60	0.88	4.45
Class R6	1,000.00	1,007.60	0.30	1.51	1,000.00	1,023.50	0.30	1.52
Class W	1,000.00	1,007.30	0.38	1.91	1,000.00	1,023.10	0.38	1.92
Voya Strategic Income Opportunities Fund
Class A	$1,000.00	$1,014.70	0.85%	$4.28	$1,000.00	$1,020.75	0.85%	$4.29
Class C	1,000.00	1,011.90	1.60	8.05	1,000.00	1,017.00	1.60	8.07
Class I	1,000.00	1,017.10	0.62	3.13	1,000.00	1,021.90	0.62	3.13
Class R	1,000.00	1,014.50	1.10	5.54	1,000.00	1,019.50	1.10	5.55
Class R6	1,000.00	1,017.40	0.55	2.77	1,000.00	1,022.25	0.55	2.78
Class W	1,000.00	1,017.10	0.60	3.03	1,000.00	1,022.00	0.60	3.03

*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year.
^	Commencement of operations was April 20, 2023. Expenses paid for the actual Fund’s return reflect the 163 day period ended September 30, 2023.

2

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)

	Voya GNMA		Voya High Yield		Voya Intermediate
	Income Fund		Bond Fund		Bond Fund
ASSETS:
Investments in securities at fair value+*	$	1,582,132,071	$	467,138,623	$	7,794,556,798
Short-term investments at fair value†		41,068,945		37,149,419		799,698,740
Cash		—		1,005,952		4,123,315
Cash collateral for futures contracts		4,201,770		—		10,258,053
Cash pledged for centrally cleared swaps (Note 2)		—		—		23,450,000
Cash pledged as collateral for OTC derivatives (Note 2)		—		—		19,920,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)		10,166,000		—		11,166,000
Receivables:
Investment securities sold		1,447,686		2,355,121		199,161,765
Investment securities sold on a delayed-delivery or when-issued basis		116,861,265		—		—
Fund shares sold		4,903,810		3,195,120		26,081,245
Dividends		—		3,596		10,247
Interest		4,529,768		8,486,109		52,699,942
Foreign tax reclaims		—		—		61,980
Variation margin on futures contracts		—		—		377,538
Unrealized appreciation on forward premium swaptions		—		—		5,775,192
Prepaid expenses		86,390		56,939		172,122
Reimbursement due from Investment Adviser		20,214		—		—
Other assets		41,056		18,022		168,799
Total assets		1,765,458,975		519,408,901		8,947,681,736
LIABILITIES:
Income distribution payable		3,906,577		2,852,491		3,739,678
Payable for investment securities purchased		9,927,105		4,641,951		471,756,648
Payable for investment securities purchased on a delayed-delivery or when-issued basis		509,249,657		—		516,224,369
Payable for fund shares redeemed		1,870,391		462,883		11,174,247
Payable upon receipt of securities loaned		—		24,778,404		239,112,408
Unrealized depreciation on forward foreign currency contracts		—		—		6,401
Unrealized depreciation on forward premium swaptions		—		—		8,397,160
Variation margin payable on centrally cleared swaps		—		—		93,233
Variation margin payable on futures contracts		398,189		—		—
Payable for investment management fees		443,861		228,434		1,720,387
Payable for distribution and shareholder service fees		82,852		12,532		92,848
Payable to custodian due to bank overdraft		506,846		—		—
Payable to trustees under the deferred compensation plan (Note 6)		41,056		18,022		168,799
Payable for trustee fees		3,304		1,166		19,280
Other accrued expenses and liabilities		476,021		238,397		3,104,107
Written options, at fair value^		—		—		18,450,221
Total liabilities		526,905,859		33,234,280		1,274,059,786
NET ASSETS	$	1,238,553,116	$	486,174,621	$	7,673,621,950

See Accompanying Notes to Financial Statements

3

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)(CONTINUED)

		Voya GNMA			Voya High Yield			Voya Intermediate
		Income Fund			Bond Fund			Bond Fund
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,514,759,853		$	557,516,373		$	9,501,899,529
Total distributable loss			(276,206,737	)		(71,341,752	)		(1,828,277,579	)
NET ASSETS		$	1,238,553,116		$	486,174,621		$	7,673,621,950
+	Including securities loaned at value	$	—		$	24,077,990		$	233,699,933
*	Cost of investments in securities	$	1,755,221,332		$	503,715,330		$	8,594,926,992
†	Cost of short-term investments	$	41,061,697		$	37,152,769		$	799,840,623
‡	Cost of foreign currencies	$	—		$	—		$	—
^	Premiums received on written options	$	—		$	—		$	9,059,311

See Accompanying Notes to Financial Statements

4

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)(CONTINUED)

	Voya GNMA		Voya High Yield		Voya Intermediate
	Income Fund		Bond Fund		Bond Fund
Class A
Net assets	$	338,950,845	$	35,436,949	$	212,606,814
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		48,257,368		5,360,126		26,117,140
Net asset value and redemption price per share†	$	7.02	$	6.61	$	8.14
Maximum offering price per share (2.50%)(1)	$	7.20	$	6.78	$	8.35
Class C
Net assets	$	13,541,181	$	6,129,002	$	7,265,573
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		1,937,762		927,937		873,994
Net asset value and redemption price per share†	$	6.99	$	6.60	$	8.31
Class I
Net assets	$	802,950,596	$	190,745,601	$	5,019,631,539
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		114,108,282		28,919,056		601,550,175
Net asset value and redemption price per share	$	7.04	$	6.60	$	8.34
Class R
Net assets		n/a	$	265,523	$	101,400,475
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		40,165		12,169,353
Net asset value and redemption price per share		n/a	$	6.61	$	8.33
Class R6
Net assets	$	27,781,444	$	206,289,959	$	2,274,139,763
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		3,945,798		31,205,929		271,528,085
Net asset value and redemption price per share	$	7.04	$	6.61	$	8.38
Class W
Net assets	$	55,329,050	$	47,307,587	$	58,577,786
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		7,851,912		7,146,217		7,022,435
Net asset value and redemption price per share	$	7.05	$	6.62	$	8.34

(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

5

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)

	Voya Short
	Duration				Voya Strategic
	High Income		Voya Short Term		Income
	Fund		Bond Fund		Opportunities Fund
ASSETS:
Investments in securities at fair value+*	$	33,259,971	$	555,009,451	$	1,497,628,544
Short-term investments at fair value†		1,021,251		44,185,386		127,220,401
Cash		—		40,935		561,189
Cash collateral for futures contracts		—		1,112,358		6,584,451
Cash pledged for centrally cleared swaps (Note 2)		—		—		5,096,846
Cash pledged as collateral for OTC derivatives (Note 2)		—		—		10,510,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)		—		—		873,000
Foreign currencies at value‡		—		—		5,696,386
Receivables:
Investment securities sold		505,258		24,554,481		2,037,702
Fund shares sold		234,619		2,214,033		1,567,207
Dividends		5,236		4,324		45,970
Interest		730,216		3,975,260		13,804,906
Variation margin on futures contracts		—		43,130		—
Unrealized appreciation on forward foreign currency contracts		—		—		1,665,655
Unrealized appreciation on forward premium swaptions		—		—		2,279,411
Prepaid expenses		21,594		47,090		119,074
Prepaid offering expense		35,517		—		—
Reimbursement due from Investment Adviser		59,648		755		—
Other assets		26		5,198		28,488
Total assets		35,873,336		631,192,401		1,675,719,230
LIABILITIES:
Income distribution payable		224,061		2,126,112		624,195
Payable for investment securities purchased		500,000		59,316,148		16,898,601
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—		—		72,651,785
Payable for fund shares redeemed		6,448		1,158,874		4,464,127
Payable upon receipt of securities loaned		—		3,743,901		16,916,732
Unrealized depreciation on forward foreign currency contracts		—		—		1,528,359
Unrealized depreciation on forward premium swaptions		—		—		3,429,179
Variation margin payable on centrally cleared swaps		—		—		12,685
Variation margin payable on futures contracts		—		—		220,104
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)		—		—		1,467
Cash received as collateral for OTC derivatives (Note 2)		—		—		420,000
Payable for investment management fees		14,064		117,502		619,377
Payable for distribution and shareholder service fees		2,326		1,433		47,000
Payable to trustees under the deferred compensation plan (Note 6)		26		5,198		28,488
Payable for trustee fees		81		1,293		4,084
Other accrued expenses and liabilities		9,605		96,474		606,063
Written options, at fair value^		—		—		11,109,923
Total liabilities		756,611		66,566,935		129,582,169
NET ASSETS	$	35,116,725	$	564,625,466	$	1,546,137,061

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)(CONTINUED)

		Voya Short
		Duration						Voya Strategic
		High Income			Voya Short Term			Income
		Fund			Bond Fund			Opportunities Fund
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	35,172,034		$	603,482,763		$	1,883,545,982
Total distributable loss			(55,309	)		(38,857,297	)		(337,408,921	)
NET ASSETS		$	35,116,725		$	564,625,466		$	1,546,137,061
+	Including securities loaned at value	$	—		$	3,647,236		$	16,426,239
*	Cost of investments in securities	$	33,376,814		$	566,115,813		$	1,668,845,173
†	Cost of short-term investments	$	1,021,251		$	44,195,087		$	127,246,186
‡	Cost of foreign currencies	$	—		$	—		$	5,851,611
^	Premiums received on written options	$	—		$	—		$	5,450,896

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2023 (UNAUDITED)(CONTINUED)

	Voya Short
	Duration				Voya Strategic
	High Income		Voya Short Term		Income
	Fund		Bond Fund		Opportunities Fund
Class A
Net assets	$	10,962,075	$	6,361,673	$	62,192,304
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		1,101,214		693,203		6,994,249
Net asset value and redemption price per share†	$	9.95	$	9.18	$	8.89
Maximum offering price per share (2.50%)(1)	$	10.21	$	9.42	$	9.12
Class C
Net assets	$	8,255	$	145,050	$	34,534,153
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		820		15,788		3,941,886
Net asset value and redemption price per share†	$	10.07	$	9.19	$	8.76
Class I
Net assets	$	15,420,145	$	34,971,943	$	1,381,308,464
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		1,549,108		3,814,132		155,200,739
Net asset value and redemption price per share	$	9.95	$	9.17	$	8.90
Class R
Net assets		n/a	$	28,673	$	17,088,509
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		3,112		1,937,427
Net asset value and redemption price per share		n/a	$	9.21	$	8.82
Class R6
Net assets	$	8,726,250	$	511,621,719	$	34,988,510
Shares authorized		unlimited		unlimited		unlimited
Par value		0.001	$	0.001	$	0.001
Shares outstanding		876,611		55,733,785		3,941,853
Net asset value and redemption price per share	$	9.95	$	9.18	$	8.88
Class W
Net assets		n/a	$	11,496,408	$	16,025,121
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		1,248,807		1,806,579
Net asset value and redemption price per share		n/a	$	9.21	$	8.87

(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

8

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

	Voya GNMA			Voya High Yield			Voya Intermediate
	Income Fund			Bond Fund			Bond Fund
INVESTMENT INCOME:
Dividends	$	—		$	26,269		$	138,489
Interest		26,676,402			16,588,570			169,784,498
Securities lending income, net		—			99,233			620,369
Other		4,376			1,472			25,394
Total investment income		26,680,778			16,715,544			170,568,750
EXPENSES:
Investment management fees		2,941,867			1,423,254			10,414,459
Distribution and shareholder service fees:
Class A		462,865			45,364			288,519
Class C		79,206			32,145			42,570
Class R		—			653			272,671
Transfer agent fees:
Class A		175,948			28,655			205,976
Class C		7,530			5,077			7,598
Class I		350,661			63,308			1,620,684
Class R		—			205			97,331
Class R6		45			508			14,971
Class W		33,519			49,412			54,393
Shareholder reporting expense		40,260			11,895			95,343
Registration fees		67,203			66,506			101,005
Professional fees		33,489			16,653			159,210
Custody and accounting expense		77,775			37,515			474,153
Trustee fees		16,522			5,828			96,401
Miscellaneous expense		31,780			15,054			123,561
Interest expense		520			1,654			306
Total expenses		4,319,190			1,803,686			14,069,151
Waived and reimbursed fees		(114,150	)		(116,718	)		—
Net expenses		4,205,040			1,686,968			14,069,151
Net investment income		22,475,738			15,028,576			156,499,599
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(17,250,552	)		(9,462,879	)		(150,175,204	)
Forward foreign currency contracts		—			—			20,832
Foreign currency related transactions		—			—			(67,872	)
Futures		5,656,659			—			(17,356,454	)
Swaps		—			—			(22,156,224	)
Written options		—			—			23,622,834
Net realized loss		(11,593,893	)		(9,462,879	)		(166,112,088	)
Net change in unrealized appreciation (depreciation) on:
Investments		(73,570,745	)		889,632			(216,427,438	)
Forward foreign currency contracts		—			—			47,155
Foreign currency related transactions		—			—			(1,509	)
Futures		5,171,119			—			(22,282,222	)
Swaps		—			—			6,557,158
Written options		—			—			(11,193,384	)
Net change in unrealized appreciation (depreciation)		(68,399,626	)		889,632			(243,300,240	)
Net realized and unrealized loss		(79,993,519	)		(8,573,247	)		(409,412,328	)
Increase (decrease) in net assets resulting from operations	$	(57,517,781	)	$	6,455,329		$	(252,912,729	)

See Accompanying Notes to Financial Statements

9

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

	Voya Short
	Duration						Voya Strategic
	High Income			Voya Short Term			Income
	Fund			Bond Fund			Opportunities Fund
INVESTMENT INCOME:
Dividends	$	24,570		$	138,878		$	402,421
Interest		1,393,610			11,264,523			49,687,573
Securities lending income, net		2,003			24,580			109,099
Other		80			1,457			5,847
Total investment income		1,420,263			11,429,438			50,204,940
EXPENSES:
Investment management fees		78,352			647,706			4,080,262
Distribution and shareholder service fees:
Class A		13,119			9,048			84,795
Class C		22			727			178,468
Class R		—			63			44,439
Transfer agent fees:
Class A		32			3,010			19,334
Class C		—			60			10,173
Class I		41			12,082			536,116
Class R		—			10			5,066
Class R6		25			560			136
Class W		—			5,046			4,853
Shareholder reporting expense		549			3,111			51,240
Registration fees		13,838			57,872			93,466
Professional fees		55,490			11,163			46,665
Custody and accounting expense		4,941			50,325			108,325
Trustee fees		407			6,465			20,422
Offering expense		49,241			—			—
Miscellaneous expense		1,372			13,651			61,442
Total expenses		217,429			820,899			5,345,202
Waived and reimbursed fees		(106,194	)		(16,609	)		—
Net expenses		111,235			804,290			5,345,202
Net investment income		1,309,028			10,625,148			44,859,738
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		60,806			(2,494,572	)		(41,008,794	)
Forward foreign currency contracts		—			—			(6,613,908	)
Foreign currency related transactions		—			—			(1,254,829	)
Futures		—			(2,499,078	)		(331,040	)
Swaps		—			—			(12,974,304	)
Written options		—			—			15,066,653
Net realized gain (loss)		60,806			(4,993,650	)		(47,116,222	)
Net change in unrealized appreciation (depreciation) on:
Investments		174,294			(419,675	)		17,293,559
Forward foreign currency contracts		—			—			1,083,940
Foreign currency related transactions		—			—			(225,086	)
Futures		—			(1,410,049	)		17,946,942
Swaps		—			—			1,434,247
Written options		—			—			(6,915,951	)
Net change in unrealized appreciation (depreciation)		174,294			(1,829,724	)		30,617,651
Net realized and unrealized gain (loss)		235,100			(6,823,374	)		(16,498,571	)
Increase in net assets resulting from operations	$	1,544,128		$	3,801,774		$	28,361,167

See Accompanying Notes to Financial Statements

10

STATEMENTS OF CHANGES IN NET ASSETS

		Voya GNMA Income Fund						Voya High Yield Bond Fund
		Six Months						Six Months
		Ended						Ended
		September 30,			Year Ended			September 30,				Year Ended
		2023			March 31,			2023				March 31,
		(Unaudited)			2023			(Unaudited)				2023
FROM OPERATIONS:
Net investment income	$	22,475,738		$	30,252,354		$	15,028,576		��	$	29,857,928
Net realized loss		(11,593,893	)		(32,427,693	)		(9,462,879	)			(39,906,407	)
Net change in unrealized appreciation (depreciation)		(68,399,626	)		(60,934,387	)		889,632				(23,857,257	)
Increase (decrease) in net assets resulting from operations		(57,517,781	)		(63,109,726	)		6,455,329				(33,905,736	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(6,181,124	)		(10,491,150	)		(1,097,247	)			(2,554,975	)
Class C		(205,939	)		(368,292	)		(170,175	)			(467,388	)
Class I		(15,138,201	)		(21,238,171	)		(6,197,323	)			(13,144,289	)
Class P(1)(2)		—			(13,469	)		—				(11,487,958	)
Class P3(3)		—			—			—				(64,348	)
Class R		—			—			(7,573	)			(14,866	)
Class R6		(667,165	)		(828,986	)		(5,445,196	)			(3,023,188	)
Class W		(1,268,089	)		(2,192,176	)		(1,956,481	)			(4,839,822	)
Total distributions		(23,460,518	)		(35,132,244	)		(14,873,995	)			(35,596,834	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		300,443,447			649,321,039			184,026,352				186,065,536
Reinvestment of distributions		13,134,247			28,796,975			11,472,694				33,440,427
		313,577,694			678,118,014			195,499,046				219,505,963
Cost of shares redeemed		(320,669,364	)		(714,135,201	)		(85,355,121	)			(416,193,851	)
Net increase (decrease) in net assets resulting from capital share transactions		(7,091,670	)		(36,017,187	)		110,143,925				(196,687,888	)
Net increase (decrease) in net assets		(88,069,969	)		(134,259,157	)		101,725,259				(266,190,458	)
NET ASSETS:
Beginning of year or period		1,326,623,085			1,460,882,242			384,449,362				650,639,820
End of year or period	$	1,238,553,116		$	1,326,623,085		$	486,174,621			$	384,449,362

⁽¹⁾  Class P of Voya High Yield Bond was fully redeemed on close of business February 24, 2023

⁽²⁾  Class P of Voya GNMA Income Bond was fully redeemed on close of business March 24, 2023

⁽³⁾  Class P3 of Voya High Yield Bond was fully redeemed on close of business February 22, 2023

See Accompanying Notes to Financial Statements

11

STATEMENTS OF CHANGES IN NET ASSETS

							Voya Short Duration
	Voya Intermediate Bond Fund						High Income Fund
	Six Months						Six Months
	Ended						Ended
	September 30,			Year Ended			September 30,			February 9, 2023
	2023			March 31,			2023			to March 31,
		(Unaudited)			2023			(Unaudited)			2023(1)
FROM OPERATIONS:
Net investment income	$	156,499,599		$	267,022,346		$	1,309,028		$	257,841
Net realized gain (loss)		(166,112,088	)		(683,303,625	)		60,806			1,108
Net change in unrealized appreciation (depreciation)		(243,300,240	)		(132,595,254	)		174,294			(291,137	)
Increase (decrease) in net assets resulting from operations		(252,912,729	)		(548,876,533	)		1,544,128			(32,188	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(4,248,787	)		(8,237,422	)		(412,358	)		(83,538	)
Class C		(124,322	)		(245,934	)		(155	)		—
Class I		(101,317,132	)		(165,463,655	)		(551,788	)		(88,802	)
Class P3(2)		—			(2,228,466	)		—			—
Class R		(1,870,345	)		(3,178,526	)		—			—
Class R6		(47,197,169	)		(74,737,088	)		(344,986	)		(85,623	)
Class W		(1,198,446	)		(2,588,610	)		—			—
Total distributions		(155,956,201	)		(256,679,701	)		(1,309,287	)		(257,963	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		1,128,776,162			3,059,416,633			8,386,466			25,763,674
Reinvestment of distributions		137,216,181			225,244,907			864,474			257,662
		1,265,992,343			3,284,661,540			9,250,940			26,021,336
Cost of shares redeemed		(857,271,288	)		(4,234,385,573	)		(100,241	)		—
Net increase (decrease) in net assets resulting from capital share transactions		408,721,055			(949,724,033	)		9,150,699			26,021,336
Net increase (decrease) in net assets		(147,875	)		(1,755,280,267	)		9,385,540			25,731,185
NET ASSETS:
Beginning of year or period		7,673,769,825			9,429,050,092			25,731,185			—
End of year or period	$	7,673,621,950		$	7,673,769,825		$	35,116,725		$	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

12

STATEMENTS OF CHANGES IN NET ASSETS

							Voya Strategic
	Voya Short Term Bond Fund						Income Opportunities Fund
	Six Months						Six Months
	Ended						Ended
	September 30,			Year Ended			September 30,			Year Ended
	2023			March 31,			2023			March 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	10,625,148		$	10,653,221		$	44,859,738		$	84,305,716
Net realized loss		(4,993,650	)		(16,755,431	)		(47,116,222	)		(52,095,846	)
Net change in unrealized appreciation (depreciation)		(1,829,724	)		2,890,194			30,617,651			(104,208,664	)
Increase (decrease) in net assets resulting from operations		3,801,774			(3,212,016	)		28,361,167			(71,998,794	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(128,219	)		(294,688	)		(1,675,244	)		(3,067,098	)
Class C		(2,055	)		(3,065	)		(748,066	)		(1,177,474	)
Class I		(632,734	)		(793,011	)		(37,544,679	)		(67,551,126	)
Class P(1)		—			—			—			(54	)
Class P2(2)		—			(296,816	)		—			—
Class P3(2)		—			(136,892	)		—			—
Class R		(422	)		(387	)		(416,840	)		(622,070	)
Class R6		(9,183,963	)		(8,453,611	)		(1,047,031	)		(6,248,389	)
Class W		(231,795	)		(369,048	)		(441,203	)		(916,333	)
Total distributions		(10,179,188	)		(10,347,518	)		(41,873,063	)		(79,582,544	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		239,981,029			185,484,275			234,458,093			654,401,823
Reinvestment of distributions		8,033,635			10,302,316			37,699,338			72,052,949
		248,014,664			195,786,591			272,157,431			726,454,772
Cost of shares redeemed		(68,345,310	)		(263,424,042	)		(572,011,300	)		(1,182,478,619	)
Net increase (decrease) in net assets resulting from capital share transactions		179,669,354			(67,637,451	)		(299,853,869	)		(456,023,847	)
Net increase (decrease) in net assets		173,291,940			(81,196,985	)		(313,365,765	)		(607,605,185	)
NET ASSETS:
Beginning of year or period		391,333,526			472,530,511			1,859,502,826			2,467,108,011
End of year or period	$	564,625,466		$	391,333,526		$	1,546,137,061		$	1,859,502,826

⁽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

13

FINANCIAL HIGHLIGHTS

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

		Income (loss)
		from investment																						Supplemental
		operations							Less Distributions									Ratios to average net assets						Data
Year or period ended	($)		($)		($)		($)		($)	($)		($)	($)	($)	($)	(%)			(%)	(%)	(%)	(%)			($000’s)	(%)
Voya GNMA Income Fund
Class A
09-30-23+	7.47		0.12	•	(0.45	)	(0.33	)	0.12	—		—	0.12	—	7.02	(4.44	)		0.83	0.83	0.83	3.20			338,951	239
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
09-30-23+	7.43		0.09	•	(0.44	)	(0.35	)	0.09	—		—	0.09	—	6.99	(4.69	)		1.58	1.58	1.58	2.45			13,541	239
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
09-30-23+	7.49		0.13	•	(0.45	)	(0.32	)	0.13	—		—	0.13	—	7.04	(4.27	)		0.57	0.54	0.54	3.50			802,951	239
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
09-30-23+	7.49		0.13	•	(0.44	)	(0.31	)	0.14	—		—	0.14	—	7.04	(4.24	)		0.49	0.49	0.49	3.54			27,781	239
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
09-30-23+	7.50		0.13	•	(0.45	)	(0.32	)	0.13	—		—	0.13	—	7.05	(4.28	)		0.58	0.58	0.58	3.44			55,329	239
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
09-30-23+	6.73		0.21	•	(0.13	)	0.08		0.20	—		—	0.20	—	6.61	1.23			1.08	1.03	1.03	6.11			35,437	28
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
Class C
09-30-23+	6.72		0.18	•	(0.12	)	0.06		0.18	—		—	0.18	—	6.60	0.85			1.83	1.78	1.78	5.36			6,129	28
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

See Accompanying Notes to Financial Statements

14

FINANCIAL HIGHLIGHTS (Continued)

		Income (loss)
		from investment																					Supplemental
		operations							Less Distributions										Ratios to average net assets				Data
Year or period ended	($)		($)		($)		($)			($)	($)		($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)
Voya High Yield Bond Fund (continued)
Class C (continued)
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
09-30-23+	6.71		0.22	•	(0.12	)	0.10			0.21	—		—	0.21	—	6.60	1.55		0.74	0.69	0.69	6.45	190,746	28
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
09-30-23+	6.73		0.20	•	(0.13	)	0.07			0.19	—		—	0.19	—	6.61	1.10		1.33	1.28	1.28	5.87	266	28
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
09-30-23+	6.73		0.22	•	(0.12	)	0.10			0.22	—		—	0.22	—	6.61	1.44		0.68	0.63	0.63	6.60	206,290	28
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
09-30-23+	6.74		0.21	•	(0.12	)	0.09			0.21	—		—	0.21	—	6.62	1.36		0.83	0.78	0.78	6.32	47,308	28
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
09-30-23+	8.74		0.16	•	(0.60	)	(0.44	)		0.16	—		—	0.16	—	8.14	(5.12	)	0.73	0.73	0.73	3.69	212,607	150
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
09-30-23+	8.72		0.13	•	(0.41	)	(0.28	)		0.13	—		—	0.13	—	8.31	(3.29	)	1.48	1.48	1.48	2.93	7,266	150
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	—	10.53	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	—	10.90	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
Class I
09-30-23+	8.74		0.17	•	(0.40	)	(0.23	)		0.17	—		—	0.17	—	8.34	(2.63	)	0.36	0.36	0.36	4.06	5,019,632	150
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

See Accompanying Notes to Financial Statements

15

FINANCIAL HIGHLIGHTS (Continued)

		Income (loss)
		from investment																					Supplemental
		operations							Less Distributions									Ratios to average net assets					Data
Year or period ended	($)		($)		($)		($)		($)	($)	($)	($)	($)		($)	($)			($)	(%)	(%)	(%)	($000’s)	(%)
Voya Intermediate Bond Fund (continued)
Class I (continued)
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
09-30-23+	8.75		0.15	•	(0.42	)	(0.27	)	0.15	—	—	0.15	—		8.33	(3.15	)		0.98	0.98	0.98	3.44	101,400	150
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
09-30-23+	8.75		0.18	•	(0.37	)	(0.19	)	0.18	—	—	0.18	—		8.38	(2.24	)		0.30	0.30	0.30	4.12	2,274,140	150
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
09-30-23+	8.73		0.17	•	(0.39	)	(0.22	)	0.17	—	—	0.17	—		8.34	(2.57	)		0.48	0.48	0.48	3.94	58,578	150
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
09-30-23+	9.88		0.39	•	0.07		0.46		0.39	—	—	0.39	—		9.95	4.72			1.50	0.85	0.85	7.86	10,962	38
02-09-23-
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 C														��
04-20-23-
09-30-23+	10.00		0.33	•	0.06		0.39		0.32	—	—	0.32	—		10.07	4.05			2.25	1.60	1.60	7.13	8	38
Class I
09-30-23+	9.88		0.40	•	0.07		0.47		0.40	—	—	0.40	—		9.95	4.86			1.25	0.60	0.60	8.12	15,420	38
02-09-23-
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
09-30-23+	9.88		0.40	•	0.07		0.47		0.40	—	—	0.40	—		9.95	4.85			1.25	0.60	0.60	8.10	8,726	38
02-09-23-
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
09-30-23+	9.29		0.17	•	(0.11	)	0.06		0.17	—	—	0.17	—		9.18	0.60			0.64	0.63	0.63	3.71	6,362	203
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
Class C
09-30-23+	9.30		0.14	•	(0.12	)	0.02		0.13	—	—	0.13	—		9.19	0.22			1.39	1.38	1.38	3.00	145	203

See Accompanying Notes to Financial Statements

16

FINANCIAL HIGHLIGHTS (Continued)

		Income (loss)
		from investment																					Supplemental
		operations							Less Distributions									Ratios to average net assets					Data
Year or period ended	($)		($)		($)		($)			($)	($)	($)	($)	($)	($)	(%)			(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Short Term Bond Fund (continued)
Class C (continued)
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
09-30-23+	9.28		0.19	•	(0.12	)	0.07			0.18	—	—	0.18	—	9.17	0.74			0.38	0.35	0.35	4.05	34,972	203
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
09-30-23+	9.33		0.16	•	(0.13	)	0.03			0.15	—	—	0.15	—	9.21	0.37			0.89	0.88	0.88	3.52	29	203
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
09-30-23+	9.29		0.19	•	(0.12	)	0.07			0.18	—	—	0.18	—	9.18	0.76			0.31	0.30	0.30	4.12	511,622	203
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
09-30-23+	9.32		0.18	•	(0.11	)	0.07			0.18	—	—	0.18	—	9.21	0.73			0.39	0.38	0.38	3.99	11,496	203
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
09-30-23+	8.98		0.24	•	(0.11	)	0.13			0.22	—	—	0.22	—	8.89	1.47			0.85	0.85	0.85	5.30	62,192	29
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
09-30-23+	8.84		0.20	•	(0.09	)	0.11			0.19	—	—	0.19	—	8.76	1.19			1.60	1.60	1.60	4.55	34,534	29
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	—	9.98	(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

17

FINANCIAL HIGHLIGHTS (Continued)

		Income (loss)
		from investment																				Supplemental
		operations						Less Distributions									Ratios to average net assets					Data
Year or period ended	($)		($)	($)		($)			($)	($)	($)	($)	($)	($)	(%)			(%)	(%)	(%)	(%)		($000’s)	(%)
Voya Strategic Income Opportunities Fund (continued)
Class I
09-30-23+	8.98		0.25•	(0.10	)	0.15			0.23	—	—	0.23	—	8.90	1.71			0.62	0.62	0.62	5.53		1,381,308	29
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
09-30-23+	8.90		0.22•	(0.09	)	0.13			0.21	—	—	0.21	—	8.82	1.45			1.10	1.10	1.10	5.05		17,089	29
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
09-30-23+	8.96		0.25•	(0.09	)	0.16			0.24	—	—	0.24	—	8.88	1.74			0.55	0.55	0.55	5.45		34,989	29
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
09-30-23+	8.95		0.25•	(0.10	)	0.15			0.23	—	—	0.23	—	8.87	1.71			0.60	0.60	0.60	5.55		16,025	29
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

⁺ Unaudited.

⁽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)%.

See Accompanying Notes to Financial Statements

18

FINANCIAL HIGHLIGHTS (continued)

^††  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 24% for the period ended September, 2023 and 36%, 33%, 39%, 40% and 35% for the fiscal years ended March 31, 2023, 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 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

19

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited)

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.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers,

20

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the

fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund’s investments under these levels of classification is included within the 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 each sub-adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund’s investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing

21

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 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.

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. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United

22

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

States experiences a high interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could 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.

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. 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.

At September 30, 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 $5,990,420 and $5,580,427, respectively, which represents the gross payments to be received by the Funds on OTC purchased options, forward premium swaptions and open forward foreign currency contracts were they to be unwound as of September 30, 2023. To reduce the amount of potential

23

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

loss to Strategic Income Opportunities, the Fund received $420,000, in cash collateral from certain counterparties at September 30, 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 September 30, 2023, Intermediate Bond and Strategic Income Opportunities had a liability position of $26,853,782 and $16,067,461, respectively, on open forward foreign currency contracts, forward premium swaptions, and OTC written options. If a contingent feature would have been triggered as of September 30, 2023, the Funds could have been required to pay this amount in cash to their counterparties. At September 30, 2023, Intermediate Bond and Strategic Income Opportunities had pledged $19,920,000 and 10,510,000, respectively, in cash collateral to certain counterparties for open OTC derivatives.

E. Forward 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 period ended September 30, 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 period ended September 30, 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 September 30, 2023.

	Buy		Sell
Intermediate Bond	$	175,799,842	$	103,715,913
Strategic Income Opportunities		358,967,222		406,453,092

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 the 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 the each Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the each Fund’s Statement of Operations. Realized gains (losses) are reported in the 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 period ended September 30, 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.

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NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended September 30, 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 September 30, 2023.

	Buy		Sell
GNMA Income	$	27,730,508	$	230,834,823
Intermediate Bond		620,641,786		390,514,906
Short Term Bond		170,646,299		26,823,779
Strategic Income Opportunities		381,854,901		510,047,865

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 September 30, 2023.

J. Securities Lending. Each Fund has the option to temporarily loan up to 33 1∕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. 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

25

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 or 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 September 30, 2023, GNMA Income, Intermediate Bond, and Strategic Income Opportunities had pledged

$10,166,000, $11,166,000 and $873,000, respectively in cash collateral with certain counterparties for open delayed-delivery or when issued transactions.

At September 30, 2023 Strategic Income Opportunities had received $1,467 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 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

26

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 period ended September 30, 2023, Intermediate Bond and Strategic Income Opportunities had purchased interest rate swaptions to generate income with an average notional value of $186,637,700 and $168,913,000 respectively. Please refer to the table within the Portfolio of Investments for open purchased interest rate swaptions contracts for Intermediate Bond and Strategic Income Opportunities at September 30, 2023.

During the period ended September 30, 2023, Intermediate Bond and Strategic Income Opportunities had written interest rate swaptions to generate income with an average notional value of $2,246,389,133 and $810,501,333, 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 September 30, 2023.

During the period ended September 30, 2023, Intermediate Bond and Strategic Income Opportunities had purchased foreign currency options to manage their foreign exchange exposure with average notional values of $81,107,067 and $130,549,200, 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 September 30, 2023.

During the period ended September 30, 2023, Strategic Income Opportunities had written foreign currency options to generate income with an average notional value $145,219,739. Please refer to the tables within the Portfolio of Investments for open written options on foreign currency contracts for Strategic Income Opportunities at September 30, 2023. There were no written options on foreign currency contracts for Intermediate Bond at September 30, 2023.

During the period ended September 30, 2023, Intermediate Bond and Strategic Income Opportunities had purchased

forward premium swaptions with average notional values of $168,125,400 and $76,638,100, 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 September 30, 2023.

During the period ended September 30, 2023, Intermediate Bond and Strategic Income Opportunities had written forward premium swaptions with average notional values of $1,951,549,667 and $334,348,800, 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 September 30, 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 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.

27

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 September 30, 2023, if any, for which a Fund is seller of protection, are disclosed in each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

For the period ended September 30, 2023, 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 Fund enters into CDX swap contracts to gain additional exposure within various credit sectors and to hedge the

28

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

credit risk associated within various sectors with the credit markets. In addition, for the period ended September 30, 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 period ended September 30, 2023, Strategic Income Opportunities had an average notional value on credit default swaps to buy protection of $15,120,000. There were no credit default swaps to buy protection for Strategic Income Opportunities at September 30, 2023.

Interest Rate Swap Agreements. 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 period ended September 30, 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 $940,510,266 and $576,080,837 respectively.

For the period ended September 30, 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 $1,062,951,024 and $588,940,567, respectively.

Please refer to the table within the Portfolio of Investments for Intermediate Bond and Strategic Income Opportunities for open centrally cleared interest rate swaps at September 30, 2023.

At September 30, 2023, Intermediate Bond and Strategic Income Opportunities had pledged $23,450,000 and 5,096,846 as cash collateral for open centrally cleared swaps, respectively.

Volatility Swap Contracts. Certain Portfolios 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, the Portfolio 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, the Portfolio 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 period ended September 30, 2023, Strategic Income Opportunities had an average notional amount of $44,252,000 on foreign currency volatility swaps (receiver). There were no foreign currency volatility swaps for Strategic Income Opportunities at September 30, 2023.

P. Offering Cost. 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 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 period ended September 30, 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	$	274,854,424	$	273,490,477
High Yield Bond		238,502,582		125,574,395
Intermediate Bond		1,713,038,758		1,695,634,649
Short Duration High Income		19,429,588		11,464,206
Short Term Bond		159,097,075		64,659,958
Strategic Income Opportunities		144,589,302		403,696,279

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

	Purchases		Sales
GNMA Income	$	3,435,469,104	$	3,365,252,528
Intermediate Bond		10,463,894,160		9,871,113,004
Short Term Bond		974,526,361		887,939,285
Strategic Income Opportunities		314,715,594		281,087,851

29

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

 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	Fees
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 each Funds’ assets in accordance with each 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:

	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%	0.25%	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 period ended September 30, 2023, the Distributor retained the following amounts in sales charges:

	Class A		Class C
Initial Sales Charges:
GNMA Income	$	1,421	$	—
High Yield Bond		650		—
Intermediate Bond		1,671		—
Short Term Bond		23		—
Strategic Income Opportunities		1,241		—
Contingent Deferred Sales Charges:
GNMA Income	$	975	$	1,902
High Yield Bond		252		—
Intermediate Bond		34		—
Short Term Bond		—		—
Strategic Income Opportunities		275		—

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At September 30, 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: 

30

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

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

Subsidiary/Affiliated
Investment Company	Fund	Percentage
Voya Global Diversified Payment Fund	High Yield Bond	5.70	%
Voya Index Solution Income Portfolio	Short Term Bond	7.01
Voya Institutional Trust Company	GNMA Income	14.03
Voya Investments, LLC	Short Duration	74.51
	High Income
Voya Retirement Conservative Portfolio	Short Term Bond	7.39
Voya Retirement Growth Portfolio	High Yield Bond	7.47
	Short Term Bond	22.52
Voya Retirement Insurance and Annuity Company	Intermediate Bond	8.92
Voya Retirement Moderate Growth Portfolio	High Yield Bond	5.15
	Short Term Bond	17.74
Voya Retirement Moderate Portfolio	High Yield Bond	5.81
	Short Term Bond	15.02

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 period ended September 30, 2023, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

Fund	Amount
GNMA Income	$	126,364
High Yield Bond		2,824
Intermediate Bond		137,221
Short Term Bond		5
Strategic Income Opportunities		8,992

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%	1.60%	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, 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 Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of September 30, 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:

	September 30,
	2024		2025		2026		Total
Short Duration High
Income	$	—	$	—	$	118,644	$	118,644
Short Term Bond		229,785		70,960		27,520		328,265

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of September 30, 2023, are as follows:

31

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

	September 30,
	2024		2025		2026		Total
GNMA Income
Class I	$	250,269	$	89,350	$	176,614	$	516,233
Short Duration High Income
Class I	$	—	$	—	$	48	$	48
Short Term Bond
Class I	$	7,934	$	8,959	$	9,926	$	26,819
Class R6		—		—		299		299

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 8 — LINE OF CREDIT

Effective June 12, 2023, 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 10, 2024. 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 12, 2023, 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 12, 2023.

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 period ended September 30, 2023:

				Approximate
		Approximate		Weighted
		Average		Average
		Daily Balance		Interest Rate
	Days	For Days		For Days
Fund	Utilized	Utilized		Utilized
GNMA Income	3	$	1,027,000	6.08%
High Yield Bond	4		2,448,500	6.08
Intermediate Bond	2		894,500	6.16

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
GNMA Income
Class A
9/30/2023	1,900,276	—	502,087	(6,316,741)	—	(3,914,378)	13,899,247	—	3,696,821	(46,134,418)	—	(28,538,350)
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)
Class C
9/30/2023	112,437	—	18,042	(570,729)	—	(440,250)	822,079	—	132,198	(4,162,355)	—	(3,208,078)
3/31/2023	426,198	—	45,979	(1,454,599)	—	(982,422)	3,208,894	—	342,488	(10,976,750)	—	(7,425,368)
Class I
9/30/2023	33,250,937	—	1,087,209	(30,137,188)	—	4,200,958	244,920,769	—	8,018,658	(221,493,568)	—	31,445,859
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
Class P(1)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
3/31/2023	150,796	—	1,514	(156,307)	—	(3,997)	1,141,188	—	11,243	(1,174,037)	—	(21,606)
Class R6
9/30/2023	2,087,380	—	60,284	(2,166,285)	—	(18,621)	15,668,205	—	445,739	(15,866,672)	—	247,272
3/31/2023	1,857,031	—	110,352	(979,878)	—	987,505	14,212,219	—	828,986	(7,503,872)	—	7,537,333
Class W
9/30/2023	3,364,564	—	113,597	(4,506,955)	—	(1,028,794)	25,133,147	—	840,831	(33,012,351)	—	(7,038,373)
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)
High Yield Bond
Class A
9/30/2023	266,649	—	118,707	(753,928)	—	(368,572)	1,793,820	—	797,878	(5,068,965)	—	(2,477,267)
3/31/2023	537,141	—	335,012	(1,187,397)	—	(315,244)	3,630,499	—	2,269,789	(8,164,961)	—	(2,264,673)
Class C
9/30/2023	5,570	—	20,788	(74,535)	—	(48,177)	36,851	—	139,636	(499,196)	—	(322,709)
3/31/2023	15,650	—	68,923	(360,897)	—	(276,324)	108,101	—	466,638	(2,470,810)	—	(1,896,071)

32

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment			Net
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
High Yield Bond (CONTINUED)
Class I
9/30/2023	3,647,481	—	690,258	(3,534,652)	—	803,087	24,445,101	—	4,629,828	(23,659,766)	—	5,415,163
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
Class P(2)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
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)
Class P3(3)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
3/31/2023	43,956	—	9,136	(171,175)	—	(118,083)	304,315	—	62,023	(1,158,263)	—	(791,925)
Class R
9/30/2023	2,640	—	914	(1,406)	—	2,148	17,706	—	6,144	(9,443)	—	14,407
3/31/2023	18,190	—	2,198	(6,368)	—	14,020	125,231	—	14,848	(43,427)	—	96,652
Class R6
9/30/2023	20,136,433	—	627,635	(3,405,974)	—	17,358,094	134,888,907	—	4,222,286	(22,809,684)	—	116,301,509
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
Class W
9/30/2023	3,382,964	—	249,282	(4,969,471)	—	(1,337,225)	22,843,967	—	1,676,922	(33,308,067)	—	(8,787,178)
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)
Intermediate Bond
Class A
9/30/2023	2,268,047	—	297,295	(4,761,647)	—	(2,196,305)	19,761,403	—	3,138,156	(43,744,698)	—	(20,845,139)
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)
Class C
9/30/2023	38,125	—	9,423	(281,784)	—	(234,236)	329,863	—	99,408	(2,423,748)	—	(1,994,477)
3/31/2023	112,160	—	21,933	(656,114)	—	(522,021)	973,316	—	192,151	(5,773,250)	—	(4,607,783)
Class I
9/30/2023	95,430,760	—	8,106,209	(64,871,423)	—	38,665,546	824,962,603	—	86,643,932	(563,453,279)	—	348,153,256
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)
Class P3(4)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
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)
Class R
9/30/2023	872,060	—	175,035	(2,068,860)	—	(1,021,765)	7,536,415	—	1,855,486	(17,964,803)	—	(8,572,902)
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)
Class R6
9/30/2023	30,959,798	—	4,162,195	(25,545,716)	—	9,576,277	269,630,384	—	44,430,262	(221,029,776)	—	93,030,870
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)
Class W
9/30/2023	756,930	—	99,382	(1,005,222)	—	(148,910)	6,555,494	—	1,048,937	(8,654,984)	—	(1,050,553)
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)
Short Duration High Income
Class A
9/30/2023	207,096	—	27,231	(3,743)	—	230,584	2,046,203	—	271,351	(37,295)	—	2,280,259
2/09/2023(5)-3/31/2023	862,214	—	8,416	—	—	870,630	8,617,007	—	83,236	—	—	8,700,243
Class C
4/20/2023-9/30/2023	811	—	9	—	—	820	8,156	—	91	—	—	8,247
Class I
9/30/2023	628,057	—	36,372	(6,251)	—	658,178	6,217,783	—	362,450	(62,946)	—	6,517,287
2/09/2023(5)-3/31/2023	881,952	—	8,979	—	—	890,931	8,813,333	—	88,803	—	—	8,902,136
Class R6
9/30/2023	11,478	—	23,142	—	—	34,620	114,323	—	230,582	—	—	344,905
2/09/2023(5)-3/31/2023	833,333	—	8,657	—	—	841,990	8,333,334	—	85,623	—	—	8,418,957
Short Term Bond
Class A
9/30/2023	18,006	—	11,463	(310,736)	—	(281,267)	166,028	—	105,957	(2,877,934)	—	(2,605,949)
3/31/2023	110,007	—	31,688	(770,084)	—	(628,389)	1,028,426	—	294,501	(7,126,977)	—	(5,804,050)
Class C
9/30/2023	162	—	175	(558)	—	(221)	1,491	—	1,621	(5,177)	—	(2,065)

33

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
Short Term Bond (continued)
Class C
3/31/2023	2,890	—	322	(33,367)	—	(30,155)	26,785	—	2,997	(312,357)	—	(282,575)
Class I
9/30/2023	853,469	—	53,771	(434,438)	—	472,802	7,867,973	—	496,289	(3,998,775)	—	4,365,487
3/31/2023	3,028,561	—	84,847	(3,084,170)	—	29,238	27,898,398	—	786,797	(28,724,920)	—	(39,725)
Class P2(6)
9/30/2023	—	—	—	—	—	—	748	—	—	—	—	748
3/31/2023	249,092	—	30,934	(3,094,620)	—	(2,814,594)	2,319,764	—	287,230	(28,457,191)	—	(25,850,197)
Class P3(7)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
3/31/2023	1,135,277	—	13,935	(1,758,058)	—	(608,846)	10,600,984	—	129,696	(16,137,633)	—	(5,406,953)
Class R
9/30/2023	743	—	36	(119)	—	660	6,878	—	330	(1,108)	—	6,100
3/31/2023	1,036	—	41	(377)	—	700	9,722	—	384	(3,543)	—	6,563
Class R6
9/30/2023	25,006,608	—	783,515	(6,475,463)	—	19,314,660	231,490,262	—	7,240,680	(59,809,018)	—	178,921,924
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)
Class W
9/30/2023	48,248	—	20,365	(178,327)	—	(109,714)	447,648	—	188,758	(1,653,298)	—	(1,016,892)
3/31/2023	242,070	—	39,541	(976,562)	—	(694,951)	2,280,395	—	368,976	(9,138,541)	—	(6,489,170)
Strategic Income Opportunities
Class A
9/30/2023	511,311	—	139,585	(1,726,620)	—	(1,075,724)	4,604,311	—	1,499,003	(15,662,700)	—	(9,559,386)
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)
Class C
9/30/2023	167,233	—	64,388	(437,019)	—	(205,398)	1,483,278	—	687,906	(4,016,615)	—	(1,845,431)
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)
Class I
9/30/2023	22,601,445	—	3,160,225	(43,022,704)	—	(17,261,034)	203,902,326	—	34,135,363	(390,331,819)	—	(152,294,130)
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)
Class P(8)
9/30/2023	—	—	—	—	—	—	—	—	—	—	—	—
3/31/2023	—	—	6	(346)	—	(340)	—	—	51	(3,182)	—	(3,131)
Class R
9/30/2023	71,132	—	38,951	(269,842)	—	(159,759)	708,577	—	416,837	(2,480,975)	—	(1,355,561)
3/31/2023	205,455	—	69,029	(376,994)	—	(102,510)	1,843,645	—	621,828	(3,419,516)	—	(954,043)
Class R6
9/30/2023	2,486,342	—	62,361	(17,290,405)	—	(14,741,702)	22,346,396	—	719,850	(155,064,781)	—	(131,998,535)
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
Class W
9/30/2023	156,960	—	22,522	(496,383)	—	(316,901)	1,413,205	—	240,379	(4,454,410)	—	(2,800,826)
3/31/2023	932,532	—	69,702	(2,669,069)	—	(1,666,835)	8,503,175	—	634,073	(24,406,942)	—	(15,269,694)

(1)	Class P was fully redeemed on close of business March 24, 2023
(2)	Class P was fully redeemed on close of business February 24, 2023
(3)	Class P3 was fully redeemed on close of business February 22, 2023
(4)	Class P3 was fully redeemed on close of business March 30, 2023
(5)	Commencement of operations.
(6)	Class P2 was fully redeemed on close of business November 29, 2022
(7)	Class P3 was fully redeemed on close of business November 3, 2022
(8)	Class P was fully redeemed on close of business September 8, 2022

34

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 10 — 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 September 30, 2023:

High Yield Bond	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
Barclays Capital Inc.	$	3,849,044	$	(3,849,044)	$	—
BNP Paribas		26,674		(26,674)		—
Citadel Clearing LLC		1,228,174		(1,228,174)		—
Goldman, Sachs & Co. LLC		2,353,547		(2,353,547)		—
J.P. Morgan Securities LLC		9,243,229		(9,243,229)		—
Jefferies LLC		517,400		(517,400)		—
Mizuho Securities USA LLC.		867,282		(867,282)		—
State Street Bank and Trust Company		457,791		(457,791)		—
TD Prime Services LLC		4,871,214		(4,871,214)		—
TD Securities (USA) Inc.		73,700		(73,700)		—
TD Securities INC		355,241		(355,241)		—
Wells Fargo Securities LLC		234,694		(234,694)		—
Total	$	24,077,990	$	(24,077,990)		—

⁽¹⁾ Cash collateral with a fair value of $24,778,404 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	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
Barclays Bank PLC	$	771,742	$	(771,742)	$	—
Barclays Capital Inc.		62,286,706		(62,286,706)		—
BMO Capital Markets Corp		1,444,806		(1,444,806)		—
BofA Securities Inc		39,972,236		(39,972,236)		—
Canadian Imperial Bank of Commerce		3,135,113		(3,135,113)		—
Citigroup Global Markets Inc.		82,034,016		(82,034,016)		—
Deutsche Bank, AG		451,292		(451,292)		—
Goldman, Sachs & Co. LLC		2,812,855		(2,812,855)		—
HSBC Bank PLC		2,256,461		(2,256,461)		—
J.P. Morgan Securities LLC		16,605,457		(16,605,457)		—
Jefferies LLC		172,263		(172,263)		—
Merrill Lynch International		1,774,526		(1,774,526)		—
Mizuho Securities USA LLC.		2,588,695		(2,588,695)		—
Morgan Stanley & Co. LLC		236,275		(236,275)		—
Nomura Securities International, Inc.		39,124		(39,124)		—
RBC Capital Markets, LLC		4,880,377		(4,880,377)		—
RBC Dominion Securities Inc		1,337,401		(1,337,401)		—

35

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
Scotia Capital (USA) INC	$	1,927,233	$	(1,927,233)	$	—
TD Prime Services LLC		2,311,578		(2,311,578)		—
TD Securities Inc.		2,102,377		(2,102,377)		—
Truist Securities INC		958,433		(958,433)		—
US Bancorp Investments		942,681		(942,681)		—
Wells Fargo Bank NA		2,658,286		(2,658,286)		—
Total	$	233,699,933	$	(233,699,933)	$	—

⁽¹⁾ Cash collateral with a fair value of $239,112,408 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.

Short Term Bond

	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
Barclays Capital Inc.	$	2,114,548	$	(2,114,548)	$	—
BofA Securities Inc		97,520		(97,520)		—
TD Securities (USA) Inc.		496,031		(496,031)		—
US Bancorp Investments		939,137		(939,137)		—
Total	$	3,647,236	$	(3,647,236)	$	—

⁽¹⁾ Cash collateral with a fair value of $3,743,901 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

	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
Barclays Capital Inc.	$	1,124,773	$	(1,124,773)	$	—
BNP Paribas		106,237		(106,237)		—
BofA Securities Inc		909,770		(909,770)		—
Citadel Clearing LLC		321,148		(321,148)		—
Citigroup Global Markets Inc.		426,907		(426,907)		—
Goldman Sachs & Co. LLC		1,058,728		(1,058,728)		—
J.P. Morgan Securities LLC		6,677,713		(6,677,713)		—
Jefferies LLC		370,393		(370,393)		—
Morgan Stanley & Co. LLC		449,402		(449,402)		—
Nomura Securities International, Inc.		1,585,839		(1,585,839)		—
RBC Capital Markets, LLC		151,891		(151,891)		—
State Street Bank and Trust Company		733,500		(733,500)		—
TD Prime Services LLC		2,245,762		(2,245,762)		—
Truist Securities INC		222,230		(222,230)		—
Wells Fargo Securities LLC		41,946		(41,946)		—
Total	$	16,426,239	$	(16,426,239)	$	—

⁽¹⁾ Cash collateral with a fair value of $16,916,732 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 11 — 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, 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.

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:

36

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

	Year Ended				Year Ended
	March 31, 2023				March 31, 2022
	Ordinary		Long-term		Ordinary		Return of
	Income		Capital Gains		Income		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

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		Unrealized								Total
	Ordinary		Appreciation/		Capital Loss Carryforwards						Distributable
	Income		(Depreciation)		Amount		Character	Expiration	Other		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)		(108,310)
						(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 September 30, 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 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 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

37

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

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).

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 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 13 — 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 have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, 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. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators

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

NOTE 14 — 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. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Funds' financial statements.

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to September 30, 2023, the Funds declared dividends from net investment income of:

	Per Share		Payable	Record
	Amount		Date	Date
GNMA Income
Class A	$	0.0225	November 1, 2023	Daily
Class C	$	0.0179	November 1, 2023	Daily
Class I	$	0.0243	November 1, 2023	Daily
Class R6	$	0.0246	November 1, 2023	Daily
Class W	$	0.0241	November 1, 2023	Daily
High Yield Bond
Class A	$	0.0373	November 1, 2023	Daily
Class C	$	0.0330	November 1, 2023	Daily
Class I	$	0.0392	November 1, 2023	Daily
Class R	$	0.0359	November 1, 2023	Daily
Class R6	$	0.0396	November 1, 2023	Daily
Class W	$	0.0387	November 1, 2023	Daily
Intermediate Bond
Class A	$	0.0268	November 1, 2023	Daily
Class C	$	0.0215	November 1, 2023	Daily

38

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS (continued)

Class I	$	0.0293	November 1, 2023	Daily
Class R	$	0.0250	November 1, 2023	Daily
Class R6	$	0.0297	November 1, 2023	Daily
Class W	$	0.0285	November 1, 2023	Daily
Short Duration High Income
Class A	$	0.0661	November 1, 2023	Daily
Class C	$	0.0599	November 1, 2023	Daily
Class I	$	0.0680	November 1, 2023	Daily
Class R6	$	0.0680	November 1, 2023	Daily
Short Term Bond
Class A	$	0.0341	November 1, 2023	Daily
Class C	$	0.0283	November 1, 2023	Daily
Class I	$	0.0361	November 1, 2023	Daily
Class R	$	0.0323	November 1, 2023	Daily
Class R6	$	0.0366	November 1, 2023	Daily

Class W	$	0.0361	November 1, 2023	Daily
Strategic Income Opportunities
Class A	$	0.0406	November 1, 2023	Daily
Class C	$	0.0345	November 1, 2023	Daily
Class I	$	0.0425	November 1, 2023	Daily
Class R	$	0.0384	November 1, 2023	Daily
Class R6	$	0.0429	November 1, 2023	Daily
Class W	$	0.0424	November 1, 2023	Daily

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

39

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited)

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 79.6%
	Federal Home Loan Mortgage Corporation: 1.1%(1)
680,063	3.500%, 07/01/2047	$	596,663	0.1
1,440,491	3.500%, 12/01/2047		1,268,067	0.1
2,864,446	3.500%, 03/01/2048		2,523,307	0.2
3,246,253	3.500%, 11/01/2048		2,858,650	0.2
925,806	4.000%, 07/01/2047		842,141	0.1
376,243	4.500%, 08/01/2047		353,640	0.0
419,602	5.000%, 11/01/2035		406,732	0.1
21,039	5.000%, 12/01/2035		20,636	0.0
9,847	5.000%, 01/01/2038		9,655	0.0
10,215	5.000%, 03/01/2038		10,017	0.0
36,292	5.000%, 03/01/2038		35,586	0.0
97,573	5.000%, 02/01/2039		93,540	0.0
381,596	5.000%, 07/01/2039		373,430	0.0
123,494	5.000%, 01/01/2040		121,025	0.0
430,390	5.000%, 04/01/2040		415,465	0.1
1,391,593	5.000%, 10/01/2040		1,359,175	0.1
149,052	5.000%, 05/01/2041		142,926	0.0
126,484	5.290%, 10/01/2037		123,250	0.0
23,328	5.410%, 07/01/2037		22,785	0.0
9,355	5.410%, 08/01/2037		9,059	0.0
33,703	5.440%, 01/01/2037		33,070	0.0
43,912	5.440%, 04/01/2037		43,139	0.0
27,583	5.440%, 09/01/2037		27,035	0.0
26,105	5.440%, 02/01/2038		25,542	0.0
93,959	5.450%, 12/01/2037		91,334	0.0
121,110	5.450%, 12/01/2037		117,773	0.0
31,183	5.460%, 08/01/2037		30,600	0.0
34,502	5.460%, 01/01/2038		33,620	0.0
50,647	5.500%, 08/01/2037		49,461	0.0
82,485	5.500%, 11/01/2037		80,596	0.0
34,176	5.620%, 12/01/2036		33,366	0.0
55,312	5.620%, 03/01/2037		54,060	0.0
58,773	5.620%, 08/01/2037		57,452	0.0
68,137	5.625%, 12/01/2036		66,482	0.0
94,866	5.625%, 01/01/2037		92,582	0.0
88,417	5.625%, 03/01/2037		86,274	0.0
82,949	5.625%, 06/01/2037		80,911	0.0
72,545	5.625%, 07/01/2037		70,787	0.0
40,015	5.625%, 02/01/2038		39,046	0.0
424,488	5.750%, 09/01/2037		423,020	0.1
71,290	5.750%, 10/01/2037		69,934	0.0
86,846	6.090%, 12/01/2037		86,188	0.0
3,529	7.500%, 01/01/2030		3,611	0.0
3,969	8.000%, 01/01/2030		3,963	0.0
			13,285,595	1.1
	Federal National Mortgage Association: 0.5%(1)
61,159	3.125%, 11/01/2041		56,560	0.0
25,719	3.250%, 04/01/2041		24,225	0.0
92,055	3.475%, 10/01/2041		86,744	0.0
82,896	3.750%, 09/01/2041		78,801	0.0
59,526	3.750%, 10/01/2041		56,582	0.0
4,458,326	4.000%, 07/01/2056		3,984,785	0.4
682,305	4.500%, 09/01/2047		661,903	0.1
84,310	5.290%, 09/01/2037		82,871	0.0
251,775	5.290%, 11/01/2037		246,856	0.0
73,770	5.290%, 12/01/2037		71,998	0.0
114,076	5.290%, 04/01/2038		112,070	0.0
37,571	5.350%, 04/01/2029		37,299	0.0
61,403	5.390%, 05/01/2038		60,462	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association: (continued)
110,941	5.440%, 08/01/2047	$	106,128	0.0
158,396	5.440%, 08/01/2047		151,738	0.0
168,311	5.440%, 08/01/2047		161,285	0.0
169,370	5.440%, 09/01/2047		162,304	0.0
265,143	5.440%, 10/01/2047		254,741	0.0
58,649	5.620%, 12/01/2036		57,891	0.0
98,990	5.890%, 08/01/2047		95,471	0.0
106,714	5.890%, 10/01/2047		103,157	0.0
6,525	6.600%, 07/01/2027		6,498	0.0
12,646	6.600%, 09/01/2027		12,574	0.0
18,356	6.600%, 11/01/2027		18,281	0.0
16,639	6.600%, 06/01/2028		16,571	0.0
			6,707,795	0.5
	Government National Mortgage Association: 72.7%
4,860,160	2.000%, 08/20/2050		3,868,690	0.3
34,201,856	2.000%, 12/20/2050		27,179,458	2.2
19,055,711	2.000%, 01/20/2051		15,124,751	1.2
16,045,791	2.000%, 02/20/2051		12,734,727	1.0
7,377,663	2.000%, 06/20/2051		5,856,062	0.5
3,734,201	2.000%, 10/20/2051		2,958,146	0.3
2,608,023	2.000%, 11/20/2051		2,064,236	0.2
92,929,000 (2)	2.000%, 10/15/2053		73,482,880	5.9
9,809,559	2.500%, 12/20/2050		7,980,359	0.7
35,335,981	2.500%, 03/20/2051		28,929,825	2.4
17,822,024	2.500%, 04/20/2051		14,606,047	1.2
17,674,610	2.500%, 05/20/2051		14,484,006	1.2
4,068,036	2.500%, 08/20/2051		3,330,512	0.3
29,895,690	2.500%, 09/20/2051		24,474,237	2.0
42,167,932	2.500%, 10/20/2051		34,520,006	2.8
28,206,658	2.500%, 11/20/2051		23,099,588	1.9
4,056,276	2.500%, 12/20/2051		3,320,646	0.3
17,913,681	2.500%, 03/20/2052		14,659,365	1.2
75,770,000 (2)	2.500%, 10/15/2053		61,938,887	5.0
159,556	3.000%, 12/15/2041		140,677	0.0
82,133	3.000%, 01/15/2042		72,627	0.0
165,734	3.000%, 01/15/2042		146,507	0.0
166,136	3.000%, 01/15/2042		146,688	0.0
524,639	3.000%, 02/15/2042		456,906	0.1
162,875	3.000%, 03/15/2042		141,848	0.0
135,423	3.000%, 04/15/2042		119,711	0.0
56,008	3.000%, 05/15/2042		49,508	0.0
43,852	3.000%, 06/15/2042		38,792	0.0
25,060,677	3.000%, 04/20/2045		21,614,544	1.8
330,137	3.000%, 11/20/2045		281,622	0.0
57,866	3.000%, 12/20/2045		49,496	0.0
90,181	3.000%, 12/20/2045		77,094	0.0
99,482	3.000%, 12/20/2045		84,962	0.0
57,485	3.000%, 01/20/2046		49,038	0.0
2,124,896	3.000%, 02/20/2050		1,761,582	0.2
2,837,414	3.000%, 10/20/2051		2,413,879	0.2
22,763,560	3.000%, 10/20/2051		19,577,199	1.6
18,234,808	3.000%, 11/20/2051		15,682,366	1.3
1,532,404	3.000%, 01/20/2052		1,300,195	0.1
8,547,056	3.000%, 03/20/2052		7,225,265	0.6
3,957,770	3.000%, 04/20/2052		3,358,017	0.3
48,640,000 (2)	3.000%, 10/15/2053		41,230,000	3.3
48,315	3.250%, 03/15/2041		42,763	0.0
242,342	3.250%, 04/15/2041		214,600	0.0
73,443	3.250%, 05/15/2041		64,996	0.0

See Accompanying Notes to Financial Statements

40

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
339,653	3.250%, 06/15/2041	$	300,634	0.0
57,342	3.250%, 07/15/2041		50,752	0.0
349,258	3.250%, 07/15/2041		309,274	0.0
605,812	3.250%, 08/15/2041		536,204	0.1
193,056	3.250%, 09/15/2041		170,887	0.0
255,977	3.250%, 09/15/2041		226,583	0.0
40,101	3.250%, 11/15/2041		35,492	0.0
139,589	3.250%, 11/15/2041		123,613	0.0
64,056	3.250%, 12/15/2041		56,697	0.0
37,268	3.250%, 04/15/2042		32,984	0.0
28,630	3.250%, 06/15/2042		25,332	0.0
76,403	3.250%, 06/15/2042		67,620	0.0
868,609	3.500%, 04/20/2043		769,227	0.1
993,650	3.500%, 06/20/2045		885,179	0.1
2,517,082	3.500%, 04/20/2046		2,241,339	0.2
3,984,042	3.500%, 03/20/2047		3,610,470	0.3
480,804	3.500%, 07/20/2047		427,340	0.1
813,153	3.500%, 07/20/2047		723,078	0.1
20,056,655	3.500%, 12/20/2047		17,849,818	1.5
7,270,820	3.500%, 01/20/2048		6,470,687	0.5
2,783,565	3.500%, 02/20/2048		2,477,003	0.2
5,413,742	3.500%, 02/20/2048		4,815,819	0.4
10,342,363	3.500%, 03/20/2048		9,198,773	0.8
28,344,182	3.500%, 03/20/2052		24,849,848	2.0
42,500,000 (2)	3.500%, 10/15/2053		37,230,664	3.0
50,220	3.650%, 12/15/2040		45,563	0.0
14,842	3.750%, 09/15/2041		13,368	0.0
241,665	3.750%, 09/15/2041		220,153	0.0
74,834	3.750%, 10/15/2041		68,348	0.0
108,699	3.750%, 10/15/2041		99,200	0.0
1,889,888	3.750%, 05/20/2042		1,687,800	0.2
2,509,833	3.750%, 05/20/2042		2,232,200	0.2
125,263	3.900%, 10/15/2041		115,311	0.0
52,569	4.000%, 05/20/2033		48,263	0.0
27,989	4.000%, 01/15/2034		25,672	0.0
290,254	4.000%, 05/20/2034		264,331	0.0
331,554	4.000%, 07/20/2034		301,573	0.0
458,321	4.000%, 07/20/2034		416,970	0.0
71,967	4.000%, 08/20/2035		66,556	0.0
611,316	4.000%, 09/20/2040		554,749	0.1
1,064,920	4.000%, 07/20/2041		995,784	0.1
4,318,126	4.000%, 08/20/2042		3,994,594	0.3
132,018	4.000%, 09/15/2042		122,215	0.0
737,290	4.000%, 10/20/2043		689,297	0.1
1,246,495	4.000%, 12/20/2044		1,136,439	0.1
1,173,406	4.000%, 01/20/2045		1,069,956	0.1
299,858	4.000%, 06/20/2045		276,045	0.0
1,232,032	4.000%, 07/20/2045		1,133,721	0.1
1,355,539	4.000%, 09/20/2045		1,245,747	0.1
101,192	4.000%, 12/20/2045		93,409	0.0
318,782	4.000%, 01/20/2046		293,686	0.0
2,936,233	4.000%, 01/20/2046		2,705,925	0.2
63,175	4.000%, 02/20/2046		58,069	0.0
1,554,651	4.000%, 03/20/2046		1,425,034	0.1
755,710	4.000%, 04/20/2046		693,213	0.1
324,669	4.000%, 08/20/2046		297,195	0.0
1,275,356	4.000%, 09/20/2047		1,150,086	0.1
12,223,101	4.000%, 02/20/2050		11,214,367	0.9

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
12,500,000 (2)	4.000%, 10/15/2053	$	11,263,184	0.9
4,307	4.308%, 09/20/2062		4,094	0.0
583,124	4.316%, 10/20/2064		577,998	0.1
8,819	4.436%, 10/20/2067		8,544	0.0
9,270	4.438%, 04/20/2066		9,033	0.0
107,854	4.450%, 07/15/2040		99,422	0.0
60,354	4.450%, 09/15/2040		56,038	0.0
58,811	4.450%, 10/15/2040		54,605	0.0
16,279	4.457%, 02/20/2068		15,789	0.0
566,831	4.458%, 01/20/2065		553,831	0.1
6,799	4.472%, 04/20/2065		6,617	0.0
1,124,753	4.482%, 01/20/2065		1,099,617	0.1
4,772	4.500%, 07/20/2036		4,498	0.0
379,513	4.500%, 10/15/2039		363,188	0.0
275,036	4.500%, 11/15/2039		261,535	0.0
285,138	4.500%, 11/15/2039		273,117	0.0
89,569	4.500%, 12/15/2039		85,637	0.0
218,902	4.500%, 01/15/2040		208,728	0.0
23,611	4.500%, 01/20/2040		21,994	0.0
989,430	4.500%, 02/15/2040		935,493	0.1
49,626	4.500%, 06/15/2040		46,717	0.0
22,167	4.500%, 07/20/2040		20,653	0.0
78,297	4.500%, 08/20/2040		73,064	0.0
561,663	4.500%, 09/20/2041		533,336	0.1
200,890	4.500%, 10/20/2048		188,329	0.0
93,328	4.500%, 11/20/2048		87,491	0.0
2,862,410	4.500%, 12/20/2048		2,683,123	0.2
70,037	4.500%, 01/20/2049		65,707	0.0
4,979,083	4.500%, 02/20/2049		4,666,854	0.4
243,779	4.500%, 03/20/2049		228,510	0.0
40,133	4.500%, 05/20/2049		37,548	0.0
4,457,365	4.500%, 11/20/2049		4,133,341	0.3
5,478,234	4.500%, 12/20/2049		5,135,305	0.4
732,604	4.500%, 01/20/2053		677,348	0.1
14,932,382	4.500%, 05/20/2053		13,802,523	1.1
9,937,614	4.500%, 06/20/2053		9,184,649	0.8
94,950,000 (2)	4.500%, 10/15/2053		87,721,189	7.1
1,228,582	4.529%, 02/20/2065		1,200,230	0.1
25,462	4.580%, 01/20/2034		23,827	0.0
39,272	4.580%, 03/20/2034		36,750	0.0
30,746	4.580%, 04/20/2034		28,771	0.0
39,881	4.580%, 04/20/2034		37,318	0.0
38,973	4.580%, 06/20/2034		36,468	0.0
107,914	4.653%, 09/20/2064		105,604	0.0
181,173	4.673%, 10/20/2064		177,573	0.0
120,034	4.693%, 09/20/2064		118,152	0.0
435	4.700%, 06/20/2061		420	0.0
1,632	4.700%, 08/20/2061		1,623	0.0
373,277	4.750%, 06/15/2029		352,648	0.0
91,538	4.750%, 01/15/2030		86,187	0.0
47,271	4.750%, 06/20/2033		44,217	0.0
19,560	4.750%, 07/20/2033		18,489	0.0
33,344	4.750%, 07/20/2033		31,483	0.0
42,702	4.750%, 07/20/2033		39,944	0.0
23,632	4.750%, 08/20/2033		22,059	0.0
52,510	4.750%, 08/20/2033		49,568	0.0
19,798	4.750%, 09/20/2033		18,481	0.0
27,381	4.750%, 10/20/2033		25,843	0.0

See Accompanying Notes to Financial Statements

41

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
22,026	4.750%, 11/20/2033	$	20,561	0.0
19,673	4.750%, 12/20/2033		18,354	0.0
171,680	4.750%, 09/15/2034		165,771	0.0
20,200	4.920%, 04/20/2033		18,995	0.0
40,697	4.920%, 04/20/2033		38,306	0.0
24,288	4.920%, 05/20/2033		22,832	0.0
25,566	4.920%, 05/20/2033		24,119	0.0
26,812	4.920%, 05/20/2033		25,204	0.0
1,165	5.000%, 03/20/2024		1,139	0.0
376,001	5.000%, 04/20/2030		363,393	0.0
136,744	5.000%, 07/15/2033		131,146	0.0
37,846	5.000%, 03/15/2034		36,307	0.0
57,690	5.000%, 01/15/2035		55,228	0.0
7,449	5.000%, 03/15/2035		7,187	0.0
41,028	5.000%, 03/15/2035		39,330	0.0
26,069	5.000%, 04/15/2035		25,029	0.0
167,870	5.000%, 04/15/2035		162,443	0.0
12,939	5.000%, 05/15/2035		12,543	0.0
37,156	5.000%, 05/20/2035		36,418	0.0
201,943	5.000%, 11/20/2035		198,306	0.0
93,344	5.000%, 04/20/2036		91,662	0.0
38,985	5.000%, 06/20/2038		36,539	0.0
13,850	5.000%, 08/20/2038		13,292	0.0
158,905	5.000%, 10/20/2038		151,566	0.0
28,201	5.000%, 11/20/2038		26,378	0.0
106,302	5.000%, 01/20/2039		101,994	0.0
34,510	5.000%, 02/15/2039		33,233	0.0
147,748	5.000%, 03/15/2039		142,699	0.0
56,277	5.000%, 11/15/2039		53,958	0.0
436,418	5.000%, 11/15/2039		418,909	0.0
548,918	5.000%, 11/15/2039		531,100	0.1
54,334	5.000%, 04/15/2040		52,189	0.0
582,214	5.000%, 09/15/2040		558,457	0.1
421,879	5.000%, 07/20/2041		414,268	0.0
19,209,200	5.000%, 11/20/2052		18,246,793	1.5
29,613,643	5.000%, 04/20/2053		28,079,898	2.3
45,400,000 (2)	5.000%, 10/15/2053		43,023,594	3.5
686	5.250%, 01/15/2024		674	0.0
15,315	5.250%, 06/15/2028		15,002	0.0
46,593	5.250%, 06/15/2029		45,514	0.0
774,597	5.250%, 01/20/2036		754,108	0.1
105,139	5.290%, 07/20/2037		103,195	0.0
73,043	5.290%, 08/20/2037		71,433	0.0
91,169	5.290%, 09/20/2037		89,158	0.0
113,399	5.290%, 09/20/2037		111,302	0.0
105,717	5.290%, 01/20/2038		103,762	0.0
949	5.350%, 01/15/2029		925	0.0
23,534	5.350%, 04/20/2029		22,833	0.0
22,243	5.350%, 06/20/2029		21,582	0.0
25,908	5.350%, 10/20/2029		25,132	0.0
67,355	5.350%, 07/20/2033		65,901	0.0
11,725	5.350%, 08/20/2033		11,374	0.0
135,392	5.390%, 08/20/2038		131,504	0.0
68,076	5.390%, 09/15/2038		66,521	0.0
22,869	5.490%, 08/20/2033		22,329	0.0
39,000	5.490%, 09/20/2033		38,010	0.0
40,838	5.490%, 09/20/2033		39,873	0.0
168,368	5.490%, 09/20/2033		164,507	0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
166,365	5.490%, 10/20/2033	$	162,553	0.0
250,007	5.490%, 10/20/2033		244,579	0.0
126,376	5.490%, 11/20/2033		123,581	0.0
237,221	5.490%, 11/20/2033		232,411	0.0
119,225	5.490%, 12/20/2033		116,588	0.0
150,135	5.490%, 12/20/2033		146,935	0.0
200,433	5.490%, 12/20/2033		195,463	0.0
41,046	5.490%, 01/20/2034		40,076	0.0
34,930	5.490%, 03/20/2034		34,107	0.0
85,497	5.490%, 03/20/2034		83,161	0.0
35,288	5.490%, 06/20/2034		34,454	0.0
5,093	5.500%, 08/15/2024		5,063	0.0
3,931	5.500%, 08/20/2024		3,832	0.0
133	5.500%, 04/20/2029		130	0.0
101,373	5.500%, 09/15/2029		99,918	0.0
71,041	5.500%, 10/15/2029		70,022	0.0
20,895	5.500%, 12/20/2032		20,712	0.0
65,540	5.500%, 08/20/2033		64,966	0.0
51,830	5.500%, 11/20/2033		51,289	0.0
18,735	5.500%, 12/20/2033		18,686	0.0
56,383	5.500%, 03/20/2034		55,788	0.0
100,994	5.500%, 04/20/2034		99,293	0.0
109,917	5.500%, 04/20/2034		110,035	0.0
58,649	5.500%, 06/20/2034		58,039	0.0
86,517	5.500%, 06/20/2034		84,106	0.0
64,155	5.500%, 07/20/2034		62,419	0.0
93,514	5.500%, 01/20/2035		92,302	0.0
63,958	5.500%, 05/15/2035		62,168	0.0
10,196	5.500%, 06/20/2035		9,917	0.0
146,426	5.500%, 07/15/2035		142,552	0.0
76,794	5.500%, 08/15/2035		74,648	0.0
75,622	5.500%, 09/20/2035		73,541	0.0
136,318	5.500%, 04/15/2036		132,649	0.0
25,131	5.500%, 06/20/2036		25,281	0.0
2,275	5.500%, 06/20/2038		2,219	0.0
11,056	5.500%, 08/20/2038		10,802	0.0
7,158	5.500%, 09/20/2038		6,971	0.0
1,413	5.500%, 10/20/2038		1,355	0.0
14,429	5.500%, 11/20/2038		14,075	0.0
718	5.500%, 12/20/2038		700	0.0
45,054	5.500%, 01/15/2039		43,799	0.0
5,457	5.500%, 01/20/2039		5,203	0.0
24,136	5.500%, 06/15/2039		23,462	0.0
15,377	5.500%, 06/20/2039		14,739	0.0
19,288	5.500%, 10/20/2039		19,404	0.0
158,697	5.500%, 09/15/2040		154,855	0.0
9,850,000 (2)	5.500%, 10/15/2053		9,559,117	0.8
34,701	5.580%, 12/20/2033		34,211	0.0
64,372	5.580%, 12/20/2033		62,795	0.0
120,199	5.580%, 01/20/2034		117,808	0.0
44,047	5.580%, 02/20/2034		43,016	0.0
36,048	5.580%, 03/20/2034		35,204	0.0
42,220	5.580%, 04/20/2034		41,642	0.0
56,810	5.580%, 04/20/2034		56,193	0.0
114,689	5.580%, 04/20/2034		112,405	0.0
31,661	5.580%, 06/20/2034		31,307	0.0
49,687	5.580%, 09/20/2034		49,007	0.0
181,990	5.590%, 06/20/2033		178,443	0.0

See Accompanying Notes to Financial Statements

42

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
12,450	5.590%, 07/20/2033	$	12,152	0.0
27,826	5.590%, 07/20/2033		27,513	0.0
83,355	5.590%, 07/20/2033		81,467	0.0
139,947	5.590%, 07/20/2033		137,220	0.0
74,697	5.590%, 08/20/2033		73,005	0.0
20,842	5.590%, 09/20/2033		20,548	0.0
37,085	5.590%, 09/20/2033		36,668	0.0
146,065	5.590%, 09/20/2033		143,218	0.0
56,210	5.590%, 10/20/2033		55,578	0.0
23,677	5.590%, 11/20/2033		23,353	0.0
40,656	5.590%, 11/20/2033		40,159	0.0
43,160	5.590%, 11/20/2033		42,679	0.0
68,302	5.590%, 12/20/2033		67,395	0.0
74,541	5.740%, 09/20/2037		73,282	0.0
228,904	5.740%, 09/20/2037		225,599	0.0
78,461	5.740%, 10/20/2037		77,135	0.0
80,892	5.740%, 04/20/2038		79,527	0.0
3,127	5.750%, 11/15/2024		3,049	0.0
317,971	5.750%, 07/15/2029		308,403	0.0
220,481	5.750%, 08/15/2029		213,586	0.0
33,783	5.750%, 11/15/2029		32,725	0.0
285,742	5.750%, 11/15/2029		277,113	0.0
35,056	5.770%, 03/20/2033		34,474	0.0
127,903	5.770%, 03/20/2033		126,352	0.0
31,246	5.770%, 04/20/2033		30,727	0.0
64,179	5.770%, 04/20/2033		63,199	0.0
72,147	5.770%, 05/20/2033		71,045	0.0
79,661	5.770%, 05/20/2033		78,444	0.0
54,693	5.770%, 07/20/2033		53,857	0.0
54,783	5.770%, 07/20/2033		53,881	0.0
22,885	5.900%, 05/20/2028		22,628	0.0
1,024,505	5.970%, 11/15/2031		1,021,734	0.1
8,303	6.000%, 10/15/2025		8,265	0.0
41,471	6.000%, 04/15/2026		40,313	0.0
22,416	6.000%, 10/20/2027		22,239	0.0
64,049	6.000%, 05/15/2029		63,548	0.0
45,634	6.000%, 07/15/2029		44,214	0.0
37,881	6.000%, 10/20/2034		39,069	0.0
99,488	6.000%, 03/15/2037		102,026	0.0
55,507	6.000%, 08/20/2038		56,189	0.0
11,324	6.000%, 09/20/2038		11,172	0.0
16,237	6.000%, 10/20/2038		16,348	0.0
65,846	6.000%, 11/15/2038		65,254	0.0
70,596	6.000%, 12/15/2038		69,962	0.0
141,452	6.000%, 08/15/2039		140,336	0.0
154,321	6.000%, 08/15/2039		153,176	0.0
12,460	6.500%, 07/20/2029		12,667	0.0
37,456	6.500%, 07/20/2032		37,350	0.0
60,467	6.500%, 02/15/2034		59,123	0.0
164	6.500%, 09/20/2034		162	0.0
3,020	7.500%, 08/20/2027		3,051	0.0
			900,123,724	72.7
	Uniform Mortgage-Backed Securities: 5.3%
2,707,568	2.000%, 12/01/2051		2,066,856	0.2
2,640,229	2.500%, 12/01/2051		2,100,488	0.2
1,721,302	2.500%, 02/01/2052		1,390,902	0.1
2,457,148	3.000%, 11/01/2051		2,038,893	0.2
11,396,835	3.000%, 11/01/2051		9,446,956	0.8

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,728,611	3.000%, 01/01/2052	$	1,452,325	0.1
1,647,901	3.500%, 02/01/2052		1,436,054	0.1
5,124,745	3.500%, 03/01/2052		4,471,989	0.4
3,400,000 (2)	3.500%, 10/01/2053		2,924,266	0.3
5,327,178	4.000%, 05/01/2042		4,880,830	0.4
308,765	4.000%, 05/01/2045		282,135	0.0
352,923	4.000%, 08/01/2046		321,039	0.0
295,770	4.250%, 08/01/2035		276,597	0.0
4,341,824	4.500%, 07/01/2052		3,991,470	0.3
5,000,000 (2)	4.500%, 11/01/2053		4,592,578	0.4
46,658	4.750%, 11/01/2034		44,601	0.0
271,945	4.750%, 11/01/2034		259,923	0.0
232,548	4.750%, 02/01/2035		222,261	0.0
321,104	4.750%, 04/01/2035		306,972	0.0
365,717	4.750%, 05/01/2035		349,645	0.0
65,485	4.750%, 07/01/2035		61,807	0.0
442,071	4.750%, 07/01/2035		425,229	0.0
5,479,110	5.000%, 08/01/2052		5,177,872	0.4
6,000,000 (2)	5.000%, 11/01/2053		5,668,359	0.5
30,061	5.030%, 05/01/2037		28,736	0.0
89,629	5.030%, 09/01/2037		86,030	0.0
139,606	5.155%, 01/01/2037		135,202	0.0
32,870	5.250%, 04/01/2032		31,810	0.0
52,611	5.250%, 04/01/2032		50,847	0.0
24,039	5.280%, 11/01/2036		23,316	0.0
84,675	5.280%, 11/01/2036		82,172	0.0
40,646	5.280%, 01/01/2037		39,422	0.0
82,343	5.290%, 08/01/2037		79,946	0.0
58,628	5.290%, 09/01/2037		56,919	0.0
64,276	5.290%, 09/01/2037		62,377	0.0
13,859	5.300%, 10/01/2036		13,359	0.0
66,780	5.300%, 12/01/2036		64,683	0.0
45,765	5.300%, 05/01/2037		44,451	0.0
194,162	5.300%, 08/01/2037		187,742	0.0
104,267	5.390%, 12/01/2037		101,864	0.0
151,920	5.405%, 11/01/2036		148,769	0.0
194,487	5.405%, 02/01/2037		190,692	0.0
6,202,133	5.500%, 12/01/2052		6,003,316	0.5
62,760	5.740%, 07/01/2037		61,404	0.0
4,400,000 (2)	6.000%, 10/01/2053		4,342,594	0.4
			66,025,698	5.3
	Total U.S. Government Agency Obligations
	(Cost $1,070,846,887)		986,142,812	79.6
COLLATERALIZED MORTGAGE OBLIGATIONS:45.1%
133,212 (3)	Fannie Mae REMIC Trust 2002-W1 3A, 3.621%, 04/25/2042		122,679	0.0
652,804 (3)	Fannie Mae REMIC Trust 2002-W6 3A, 4.560%, 01/25/2042		597,996	0.1
3,660,535	Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042		3,609,054	0.3
693,335	Fannie Mae REMIC Trust 2003-16 CX, 6.500%, 03/25/2033		702,230	0.1

See Accompanying Notes to Financial Statements

43

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,797,995	Fannie Mae REMIC Trust 2003-34 LN, 5.000%, 05/25/2033	$	1,751,418	0.1
2,830,440	Fannie Mae REMIC Trust 2003-W15 2A7, 5.550%, 08/25/2043		2,770,487	0.2
2,039,450	Fannie Mae REMIC Trust 2004-28 PZ, 6.000%, 05/25/2034		2,034,379	0.2
71,065 (3)	Fannie Mae REMIC Trust 2004-61 SH, 2.281%, (-1.000*SOFR30A + 23.530%), 11/25/2032		68,145	0.0
1,699,793	Fannie Mae REMIC Trust 2004-88 ZC, 6.500%, 12/25/2034		1,747,745	0.1
2,051,071 (3)	Fannie Mae REMIC Trust 2004-W11 2A, 4.079%, 03/25/2043		1,906,658	0.2
1,874,205	Fannie Mae REMIC Trust 2004-W3 A8, 5.500%, 05/25/2034		1,829,617	0.2
250,397 (3)	Fannie Mae REMIC Trust 2005-122 SE, 4.097%, (-1.000*SOFR30A + 22.699%),11/25/2035		247,047	0.0
4,498,078 (3)	Fannie Mae REMIC Trust 2005-17 B, 6.500%, 03/25/2035		4,479,972	0.4
195,873 (3)(4)	Fannie Mae REMIC Trust 2005-17 ES, 1.321%, (-1.000*SOFR30A + 6.636%), 03/25/2035		3,491	0.0
1,968,147 (3)(4)	Fannie Mae REMIC Trust 2005-17 SA, 1.271%, (-1.000*SOFR30A + 6.586%), 03/25/2035		144,729	0.0
1,159,566	Fannie Mae REMIC Trust 2005-43 PZ, 6.000%, 05/25/2035		1,177,414	0.1
207,582 (3)	Fannie Mae REMIC Trust 2005-59 NQ, 3.301%, (-1.000*SOFR30A + 16.589%), 05/25/2035		203,119	0.0
269,709 (3)	Fannie Mae REMIC Trust 2005-75 GS, 3.962%, (-1.000*SOFR30A + 19.907%), 08/25/2035		282,663	0.0
374,543	Fannie Mae REMIC Trust 2005-88 ZC, 5.000%, 10/25/2035		366,278	0.0
1,861,549	Fannie Mae REMIC Trust 2005-99 XA, 5.500%, 12/25/2035		1,822,139	0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
66,190 (3)	Fannie Mae REMIC Trust 2006-115 ES, 4.842%, (-1.000*SOFR30A + 26.102%), 12/25/2036	$	70,504	0.0
455,388 (3)(4)	Fannie Mae REMIC Trust 2006-36 SP, 1.271%, (-1.000*SOFR30A + 6.586%), 05/25/2036		21,123	0.0
2,631 (5)	Fannie Mae REMIC Trust 2006-44 P, 0.000%, 12/25/2033		2,127	0.0
1,968,766 (3)(4)	Fannie Mae REMIC Trust 2006-79 SH, 1.021%, (-1.000*SOFR30A + 6.336%), 08/25/2036		143,876	0.0
4,029,047 (3)(4)	Fannie Mae REMIC Trust 2006-8 HL, 1.271%, (-1.000*SOFR30A + 6.586%), 03/25/2036		267,643	0.0
580,446 (3)	Fannie Mae REMIC Trust 2007-1 NR, 6.236%, (-1.000*SOFR30A + 46.630%), 02/25/2037		755,452	0.1
610,749	Fannie Mae REMIC Trust 2007-60 ZB, 4.750%, 05/25/2037		591,011	0.1
112,750 (3)	Fannie Mae REMIC Trust 2009-12 LK, 13.546%, 03/25/2039		123,496	0.0
5,764,469 (3)(4)	Fannie Mae REMIC Trust 2010-147 LS, 1.021%, (-1.000*SOFR30A + 6.336%), 01/25/2041		515,791	0.0
5,793,765	Fannie Mae REMIC Trust 2010-2 LC, 5.000%, 02/25/2040		5,618,704	0.5
882,400 (3)	Fannie Mae REMIC Trust 2010-26 F, 6.199%, (SOFR30A + 0.884%), 11/25/2036		879,081	0.1
872,178 (3)	Fannie Mae REMIC Trust 2010-39 FN, 6.259%, (SOFR30A + 0.944%), 05/25/2040		865,977	0.1
713,104	Fannie Mae REMIC Trust 2010-80 PZ, 5.000%, 07/25/2040		695,406	0.1
1,000,000	Fannie Mae REMIC Trust 2010-87 PL, 4.000%, 06/25/2040		933,988	0.1
2,073,852 (3)(4)	Fannie Mae REMIC Trust 2010-95 SB, 1.171%, (-1.000*SOFR30A + 6.486%), 09/25/2040		107,575	0.0

See Accompanying Notes to Financial Statements

44

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
998,898	Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041	$	973,379	0.1
750,000	Fannie Mae REMIC Trust 2011-105 MB, 4.000%, 10/25/2041		631,392	0.1
1,078,893	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041		1,027,270	0.1
1,235,335 (3)	Fannie Mae REMIC Trust 2011-4 CS, 2.041%, (-1.000*SOFR30A + 12.671%), 05/25/2040		1,082,525	0.1
5,562,361	Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041		5,286,323	0.4
2,769,278 (3)(4)	Fannie Mae REMIC Trust 2012-128 VS, 0.821%, (-1.000*SOFR30A + 6.136%), 06/25/2042		106,182	0.0
1,500,592 (4)	Fannie Mae REMIC Trust 2012-137 EI, 3.000%, 12/25/2027		54,214	0.0
1,236,556 (4)	Fannie Mae REMIC Trust 2012-142 BI, 3.000%, 11/25/2027		35,260	0.0
4,172,650 (4)	Fannie Mae REMIC Trust 2012-148 HI, 3.500%, 05/25/2042		463,634	0.0
7,375,851 (4)	Fannie Mae REMIC Trust 2012-148 IM, 3.000%, 01/25/2028		301,771	0.0
1,733,250	Fannie Mae REMIC Trust 2012-148 KH, 3.000%, 03/25/2042		1,581,980	0.1
1,483,224 (4)	Fannie Mae REMIC Trust 2012-154 PI, 4.000%, 05/25/2042		191,687	0.0
3,938,486	Fannie Mae REMIC Trust 2012-17 QZ, 4.000%, 03/25/2042		3,638,648	0.3
2,688,315	Fannie Mae REMIC Trust 2012-27 EZ, 4.250%, 03/25/2042		2,463,038	0.2
2,500,000	Fannie Mae REMIC Trust 2012-40 MY, 3.500%, 04/25/2042		2,118,775	0.2
1,500,000	Fannie Mae REMIC Trust 2012-66 KE, 4.000%, 06/25/2042		1,352,212	0.1
1,105,978 (3)(4)	Fannie Mae REMIC Trust 2012-68 SD, 1.271%, (-1.000*SOFR30A + 6.586%), 06/25/2032		50,442	0.0
3,457,000	Fannie Mae REMIC Trust 2012-97 PC, 3.500%, 09/25/2042		2,756,152	0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
792,890	Fannie Mae REMIC Trust 2013-125 AZ, 4.000%, 11/25/2039	$	612,744	0.1
474,055 (4)	Fannie Mae REMIC Trust 2013-13 PI, 3.500%, 04/25/2042		36,824	0.0
1,142,720 (5)	Fannie Mae REMIC Trust 2013-135 PO, 0.000%, 01/25/2044		786,362	0.1
2,033,705 (4)	Fannie Mae REMIC Trust 2013-25 BI, 3.000%, 03/25/2033		143,167	0.0
1,114,158 (4)	Fannie Mae REMIC Trust 2013-54 ID, 3.000%, 01/25/2033		70,582	0.0
1,296,958	Fannie Mae REMIC Trust 2013-55 VZ, 3.000%, 06/25/2043		1,120,643	0.1
1,623,751 (4)	Fannie Mae REMIC Trust 2013-62 AI, 3.000%, 06/25/2033		134,143	0.0
1,401,927	Fannie Mae REMIC Trust 2015-22 DY, 3.000%, 04/25/2045		979,989	0.1
1,362,757	Fannie Mae REMIC Trust 2015-26 UZ, 3.000%, 05/25/2045		960,702	0.1
711,932	Fannie Mae REMIC Trust 2015-68 JW, 3.500%, 09/25/2030		644,147	0.1
2,630,000	Fannie Mae REMIC Trust 2016-103 PB, 3.000%, 01/25/2047		2,108,570	0.2
4,220,655 (3)(4)	Fannie Mae REMIC Trust 2016-4 DS, 0.671%, (-1.000*SOFR30A + 5.986%), 02/25/2046		362,489	0.0
2,543,904 (3)	Fannie Mae REMIC Trust 2016-51 S, 0.491%, (-1.000*SOFR30A + 5.806%), 10/25/2043		2,085,351	0.2
4,283,554	Fannie Mae REMIC Trust 2016-64 LD, 3.500%, 09/25/2046		3,636,894	0.3
5,572,776	Fannie Mae REMIC Trust 2017-22 DZ, 4.000%, 04/25/2047		4,953,539	0.4
7,510,000	Fannie Mae REMIC Trust 2018-16 TV, 3.000%, 05/25/2041		6,378,792	0.5
443,764	Fannie Mae REMIC Trust 2018-25 AL, 3.500%, 04/25/2048		366,817	0.0
556,811	Fannie Mae REMIC Trust 2018-37 DZ, 4.000%, 06/25/2048		498,813	0.0
5,399,322 (4)	Fannie Mae REMIC Trust 2019-49 IG, 3.000%, 03/25/2033		384,860	0.0

See Accompanying Notes to Financial Statements

45

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,215,565	Fannie Mae REMIC Trust 2019-6 GZ, 4.000%, 03/25/2059	$	1,786,356	0.1
25,635,387 (4)	Fannie Mae REMIC Trust 2020-34 AI, 3.500%, 06/25/2035		2,296,620	0.2
3,609,824 (4)	Fannie Mae REMIC Trust 2020-44 TI, 5.500%, 12/25/2035		552,381	0.0
1,192,551 (3)	Fannie Mae Trust 2004-W2 3A, 3.834%, 02/25/2044		1,131,604	0.1
1,013,163 (3)	Fannie Mae Trust 2004-W2 4A, 3.853%, 02/25/2044		967,023	0.1
136 (3)(4)	FHLMC-GNMA 21 SA, 2.571%,  (-1.000*SOFR30A + 7.886%), 10/25/2023		—	0.0
266,800 (3)	Freddie Mac REMIC Trust 2653 SC, 4.087%, (-1.000*SOFR30A + 6.743%), 07/15/2033		247,317	0.0
590,021	Freddie Mac REMIC Trust 2767 ZW, 6.000%, 03/15/2034		595,173	0.1
110,536 (5)	Freddie Mac REMIC Trust 2974 KO, 0.000%, 05/15/2035		85,972	0.0
53,926 (3)	Freddie Mac REMIC Trust 3012 ST, 2.420%, (-1.000*SOFR30A + 21.548%), 04/15/2035		52,282	0.0
181,207 (3)	Freddie Mac REMIC Trust 3065 DC, 3.577%, (-1.000*SOFR30A + 19.517%), 03/15/2035		173,473	0.0
258,378	Freddie Mac REMIC Trust 3158 NE, 5.500%, 05/15/2036		255,990	0.0
2,493,163 (3)(4)	Freddie Mac REMIC Trust 3181 TA, 0.500%, (-1.000*SOFR30A + 5.544%), 07/15/2036		43,228	0.0
3,934,502	Freddie Mac REMIC Trust 3196 ZK, 6.500%, 04/15/2032		4,053,781	0.3
148,097 (4)	Freddie Mac REMIC Trust 3507 IA, 5.500%, 09/15/2035		17,331	0.0
1,154,309	Freddie Mac REMIC Trust 3658 CZ, 5.000%, 04/15/2040		1,114,941	0.1
3,030,803	Freddie Mac REMIC Trust 3770 GA, 4.500%, 10/15/2040		2,862,915	0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
219,564 (3)	Freddie Mac REMIC Trust 3864 NT, 5.500%, (-1.000*SOFR30A + 59.451%), 03/15/2039	$	209,601	0.0
1,081,112	Freddie Mac REMIC Trust 3888 ZG, 4.000%, 07/15/2041		1,004,993	0.1
4,070,694 (3)(4)	Freddie Mac REMIC Trust 3960 SG, 0.572%, (-1.000*SOFR30A + 5.886%), 11/15/2041		299,795	0.0
1,491,809	Freddie Mac REMIC Trust 4040 UZ, 5.000%, 05/15/2042		1,367,994	0.1
5,075,000	Freddie Mac REMIC Trust 4059 DY, 3.500%, 06/15/2042		4,546,284	0.4
1,228,549	Freddie Mac REMIC Trust 4097 ZA, 3.500%, 08/15/2042		1,091,482	0.1
4,150,408	Freddie Mac REMIC Trust 4136 ZG, 3.000%, 11/15/2042		3,549,090	0.3
9,810,972	Freddie Mac REMIC Trust 4159 LZ, 3.500%, 01/15/2043		8,648,654	0.7
4,961,723 (4)	Freddie Mac REMIC Trust 4176 IA, 2.500%, 03/15/2028		174,706	0.0
1,871,677 (3)	Freddie Mac REMIC Trust 4249 CS, 0.580%, (-1.000*SOFR30A + 4.564%), 09/15/2043		1,213,930	0.1
2,747,739 (3)	Freddie Mac REMIC Trust 4274 US, 0.422%, (-1.000*SOFR30A + 5.736%), 10/15/2035		2,134,585	0.2
10,842,922	Freddie Mac REMIC Trust 4367 MZ, 4.000%, 07/15/2044		9,904,502	0.8
2,707,055	Freddie Mac REMIC Trust 4372 Z, 3.000%, 08/15/2044		2,318,985	0.2
7,132,027 (3)(4)	Freddie Mac REMIC Trust 4438 AS, 0.772%, (-1.000*SOFR30A + 6.086%), 02/15/2045		510,143	0.0
5,695,578	Freddie Mac REMIC Trust 4480 ZX, 4.000%, 11/15/2044		5,233,483	0.4
4,026,342	Freddie Mac REMIC Trust 4631 CZ, 3.500%, 11/15/2046		3,530,787	0.3
2,339,802	Freddie Mac REMIC Trust 4818 GZ, 4.000%, 08/15/2048		2,104,196	0.2

See Accompanying Notes to Financial Statements

46

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,597,868	Freddie Mac REMIC Trust 5000 DC, 2.500%, 03/25/2040	$	2,110,821	0.2
21,988,796 (4)	Freddie Mac REMIC Trust 5013 QI, 3.500%, 09/25/2050		4,032,294	0.3
1,498,654 (3)	Freddie Mac Securities REMIC Trust 2005-S001 2A2, 5.584%, (TSFR1M + 0.264%), 09/25/2045		1,422,127	0.1
910,409 (3)	Freddie Mac Structured Pass-Through Certificates T-48 2A, 4.004%, 07/25/2033		827,802	0.1
485,312 (3)	Freddie Mac Structured Pass-Through Certificates T-54 4A, 4.088%, 02/25/2043		433,055	0.0
5,132,519	Freddie Mac Whole Loan Securities Trust 2017-SC02 1A2, 3.000%, 05/25/2047		4,375,533	0.4
60,593	Ginnie Mae 2004-16 AE, 5.500%, 02/20/2034		60,172	0.0
576,575	Ginnie Mae 2004-17 MZ, 5.500%, 03/16/2034		572,501	0.0
399,080	Ginnie Mae 2004-28 CZ, 5.500%, 04/20/2034		396,843	0.0
198,309 (5)	Ginnie Mae 2004-37 OA, 0.000%, 04/17/2034		161,930	0.0
587,757	Ginnie Mae 2004-65 ZG, 5.500%, 07/20/2034		583,332	0.1
1,472,225	Ginnie Mae 2004-81 Z, 5.000%, 10/20/2034		1,446,271	0.1
602,509 (3)(4)	Ginnie Mae 2004-98 SA, 1.261%, (-1.000*TSFR1M + 6.586%), 11/20/2034		49,184	0.0
510,048	Ginnie Mae 2005-21 Z, 5.000%, 03/20/2035		500,578	0.0
97,019 (3)(4)	Ginnie Mae 2005-25 SI, 6.000%, (-1.000*TSFR1M + 42.513%), 01/20/2034		11,419	0.0
347,537 (3)(4)	Ginnie Mae 2005-7 AH, 1.325%, (-1.000*TSFR1M + 6.656%), 02/16/2035		21,456	0.0
452,147 (4)	Ginnie Mae 2005-73 IM, 5.500%, 09/20/2035		77,342	0.0
879,505	Ginnie Mae 2005-80 Z, 5.000%, 10/20/2035		863,336	0.1
69,231 (3)	Ginnie Mae 2005-91 UP, 3.410%, (-1.000*TSFR1M + 14.071%), 09/16/2031		68,155	0.0

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,736,395	Ginnie Mae 2006-10 ZT, 6.000%, 03/20/2036	$	4,734,052	0.4
1,467,789	Ginnie Mae 2006-17 TW, 6.000%, 04/20/2036		1,473,066	0.1
4,407,675 (3)(4)	Ginnie Mae 2006-26 TB, 0.250%, (-1.000*TSFR1M + 6.386%), 06/20/2036		38,982	0.0
1,313,237	Ginnie Mae 2006-7 ZA, 5.500%, 02/20/2036		1,305,815	0.1
970,429 (4)	Ginnie Mae 2007-17 CI, 7.500%, 04/16/2037		175,665	0.0
995,189 (5)	Ginnie Mae 2007-41 OL, 0.000%, 07/20/2037		778,568	0.1
57,768	Ginnie Mae 2007-45 PE, 5.500%, 07/16/2037		57,338	0.0
211,473 (3)	Ginnie Mae 2007-48 SY, 3.915%, (-1.000*TSFR1M + 19.907%), 08/16/2037		189,951	0.0
1,052,874 (3)(4)	Ginnie Mae 2007-53 SC, 1.061%, (-1.000*TSFR1M + 6.386%), 09/20/2037		84,014	0.0
35,028 (3)	Ginnie Mae 2007-53 SW, 3.887%, (-1.000*TSFR1M + 19.862%), 09/20/2037		34,418	0.0
591,518	Ginnie Mae 2007-60 YZ, 5.500%, 10/20/2037		586,970	0.1
2,641,677	Ginnie Mae 2008-20 PZ, 6.000%, 03/20/2038		2,637,109	0.2
335,699 (3)(4)	Ginnie Mae 2008-3 SA, 1.111%, (-1.000*TSFR1M + 6.436%), 01/20/2038		32,105	0.0
535,548 (3)(4)	Ginnie Mae 2008-40 PS, 1.055%, (-1.000*TSFR1M + 6.386%), 05/16/2038		31,671	0.0
757,167 (3)(4)	Ginnie Mae 2008-51 GS, 0.785%, (-1.000*TSFR1M + 6.116%), 06/16/2038		56,041	0.0
1,423,232 (3)(4)	Ginnie Mae 2008-82 SA, 0.561%, (-1.000*TSFR1M + 5.886%), 09/20/2038		107,493	0.0
1,160,326 (3)(4)	Ginnie Mae 2009-110 SA, 0.905%, (-1.000*TSFR1M + 6.236%), 04/16/2039		12,165	0.0
6,473,762	Ginnie Mae 2009-110 ZA, 5.500%, 11/16/2039 Ginnie Mae 2009-110		6,277,980	0.5
930,706	ZC, 4.500%, 11/16/2039		856,571	0.1
1,967,341	Ginnie Mae 2009-118 XZ, 5.000%, 12/20/2039		1,931,914	0.2

See Accompanying Notes to Financial Statements

47

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
880,508	Ginnie Mae 2009-121 ZQ, 5.500%, 09/20/2039	$	872,474	0.1
816,325	Ginnie Mae 2009-31 BP, 5.000%, 05/20/2039		794,101	0.1
1,185,745	Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039		1,144,027	0.1
900,265	Ginnie Mae 2009-32 QZ, 5.500%, 05/16/2039		887,844	0.1
734,243	Ginnie Mae 2009-32 YZ, 7.000%, 05/16/2039		763,874	0.1
1,183,650	Ginnie Mae 2009-34 Z, 4.500%, 05/16/2039		1,144,193	0.1
3,953,622	Ginnie Mae 2009-50 MZ, 6.000%, 07/16/2039		3,970,933	0.3
1,551,089	Ginnie Mae 2009-53 ZB, 6.000%, 07/16/2039		1,547,394	0.1
311,379	Ginnie Mae 2009-54 HZ, 5.000%, 07/20/2039		301,754	0.0
147,905 (3)(4)	Ginnie Mae 2009-55 BI, 1.000%, (-1.000*TSFR1M + 159.638%), 06/16/2037		5,256	0.0
2,163,728	Ginnie Mae 2009-61 EZ, 7.500%, 08/20/2039		2,249,445	0.2
7,420,750	Ginnie Mae 2009-61 PZ, 7.500%, 08/20/2039		7,875,147	0.6
6,397,984	Ginnie Mae 2009-61 ZQ, 6.000%, 08/16/2039		6,598,487	0.5
638,636 (3)(4)	Ginnie Mae 2009-66 QS, 0.661%, (-1.000*TSFR1M + 5.986%), 07/20/2039		18,930	0.0
450,248 (3)(4)	Ginnie Mae 2009-77 SA, 0.705%, (-1.000*TSFR1M + 6.036%), 09/16/2039		32,813	0.0
2,921,738	Ginnie Mae 2009-77 ZB, 5.500%, 09/16/2039		2,914,907	0.2
1,250,768	Ginnie Mae 2009-79 PZ, 6.000%, 09/20/2039		1,292,306	0.1
2,484,025	Ginnie Mae 2009-87 WZ, 6.000%, 10/20/2039		2,497,689	0.2
710,110	Ginnie Mae 2009-92 DZ, 4.500%, 10/16/2039		655,044	0.1
1,702,110	Ginnie Mae 2009-98 MZ, 5.000%, 10/16/2039		1,623,672	0.1
418,531 (3)	Ginnie Mae 2009-H01 FA, 6.589%, (TSFR1M + 1.264%), 11/20/2059		418,656	0.0
771,841 (4)	Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040		61,607	0.0
6,537,971	Ginnie Mae 2010-113 BE, 4.500%, 09/20/2040		6,295,639	0.5

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
785,893 (3)(4)	Ginnie Mae 2010-116 NS, 1.205%, (-1.000*TSFR1M + 6.536%), 09/16/2040	$	45,551	0.0
2,000,000	Ginnie Mae 2010-116 PB, 5.000%, 06/16/2040		1,941,313	0.2
3,985,116	Ginnie Mae 2010-117 ZQ, 4.500%, 09/20/2040		3,725,829	0.3
918,000	Ginnie Mae 2010-121 TB, 4.000%, 09/20/2040		827,429	0.1
2,205,203	Ginnie Mae 2010-125 BZ, 4.500%, 09/16/2040		2,178,570	0.2
14,539 (4)	Ginnie Mae 2010-130 KI, 5.500%, 09/16/2040		376	0.0
1,500,000	Ginnie Mae 2010-14 B, 4.500%, 02/16/2040		1,450,644	0.1
603,276 (3)(4)	Ginnie Mae 2010-158 SA, 0.611%, (-1.000*TSFR1M + 5.936%), 12/20/2040		46,965	0.0
838,239	Ginnie Mae 2010-162 ZE, 4.000%, 12/16/2040		788,410	0.1
7,608,567 (3)(4)	Ginnie Mae 2010-166 GS, 0.561%, (-1.000*TSFR1M + 5.886%), 12/20/2040		506,470	0.0
258,321 (4)	Ginnie Mae 2010-166 NI, 4.500%, 04/20/2039		6,093	0.0
777,711	Ginnie Mae 2010-169 AW, 4.500%, 12/20/2040		751,694	0.1
870,246	Ginnie Mae 2010-169 JZ, 4.000%, 12/20/2040		794,150	0.1
110,809 (4)	Ginnie Mae 2010-19 LI, 5.000%, 07/16/2039		3,886	0.0
855,462	Ginnie Mae 2010-31 BP, 5.000%, 03/20/2040		840,245	0.1
681,970 (4)	Ginnie Mae 2010-4 WI, 6.000%, 01/16/2040		90,337	0.0
4,357,073	Ginnie Mae 2010-42 VZ, 5.500%, 10/20/2039		4,325,321	0.4
666,488	Ginnie Mae 2010-59 ZA, 4.500%, 05/20/2040		641,727	0.1
5,159,364 (3)	Ginnie Mae 2010-H10 FB, 6.443%, (TSFR1M + 1.114%), 05/20/2060		5,170,034	0.4
2,549,248 (3)	Ginnie Mae 2010-H10 FC, 6.443%, (TSFR1M + 1.114%), 05/20/2060		2,553,646	0.2
984,544 (3)	Ginnie Mae 2010-H20 AF, 5.762%, (TSFR1M + 0.444%), 10/20/2060		978,392	0.1
126,099 (3)	Ginnie Mae 2010-H26 LF, 5.782%, (TSFR1M + 0.464%), 08/20/2058		125,368	0.0
140,907 (4)	Ginnie Mae 2011-123 QI, 5.000%, 05/20/2041		12,057	0.0

See Accompanying Notes to Financial Statements

48

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
404,656 (3)	Ginnie Mae 2011-128 TF, 5.895%, (TSFR1M + 0.564%), 05/16/2041	$	394,689	0.0
1,851,656 (3)(4)	Ginnie Mae 2011- 141 PS, 1.255%, (-1.000*TSFR1M + 6.586%), 06/16/2041	93,034		0.0
1,569,511 (4)	Ginnie Mae 2011-146 EI, 5.000%, 11/16/2041	279,617		0.0
945,000	Ginnie Mae 2011-151 PY, 3.000%, 11/20/2041	782,508		0.1
30,396	Ginnie Mae 2011-169 BC, 7.000%, 05/16/2032	30,646		0.0
110,499 (3)	Ginnie Mae 2011-169 BG, 5.450%, 04/16/2039	108,680		0.0
5,287,458	Ginnie Mae 2011-25 Z, 4.000%, 02/20/2041	4,990,843		0.4
1,218,723	Ginnie Mae 2011-59 QC, 4.000%, 12/20/2040	1,161,089		0.1
601,034	Ginnie Mae 2011-69 HW, 4.000%, 04/20/2040	593,948		0.1
2,081,982 (5)	Ginnie Mae 2011-70 PO, 0.000%, 05/16/2041	1,519,795		0.1
1,878,173	Ginnie Mae 2011-89 Z, 3.500%, 06/20/2041	1,710,674		0.1
868,994 (3)	Ginnie Mae 2011-H01 AF, 5.882%, (TSFR1M + 0.564%), 11/20/2060	865,560		0.1
1,240,221 (3)	Ginnie Mae 2011-H03 FA, 5.932%, (TSFR1M + 0.614%), 01/20/2061	1,234,776		0.1
239,433 (3)	Ginnie Mae 2011-H07 FA, 5.932%, (TSFR1M + 0.614%), 02/20/2061	238,338		0.0
136,217 (3)	Ginnie Mae 2011-H08 FD, 5.932%, (TSFR1M + 0.614%), 02/20/2061	135,631		0.0
304,147 (3)	Ginnie Mae 2011-H09 AF, 5.932%, (TSFR1M + 0.614%), 03/20/2061	302,966		0.0
284,085 (3)	Ginnie Mae 2011-H11 FB, 5.932%, (TSFR1M + 0.614%), 04/20/2061	282,901		0.0
487,594 (3)	Ginnie Mae 2011-H19 FA, 5.902%, (TSFR1M + 0.584%), 08/20/2061	485,391		0.0
904,446 (3)	Ginnie Mae 2011-H20 FA, 5.982%, (TSFR1M + 0.664%), 09/20/2061	901,219		0.1
906,385 (3)	Ginnie Mae 2011-H21 FT, 6.063%, (H15T1Y + 0.700%), 10/20/2061	904,861		0.1
748,041 (4)	Ginnie Mae 2012-103 IC, 3.500%, 08/16/2040	29,821		0.0
208,847 (4)	Ginnie Mae 2012-124 MI, 4.000%, 03/20/2042	17,978		0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
12,091,066 (4)	Ginnie Mae 2012-136 BI, 3.500%, 11/20/2042	$	1,667,160	0.1
1,515,452 (4)	Ginnie Mae 2012-146 AI, 3.000%, 10/20/2037	34,633		0.0
218,207 (3)(4)	Ginnie Mae 2012-34 MS, 1.255%, (-1.000*TSFR1M + 6.586%), 04/16/2041	8,374		0.0
2,401,154 (3)(4)	Ginnie Mae 2012-48 SA, 1.205%, (-1.000*TSFR1M + 6.536%), 04/16/2042	228,111		0.0
3,005,308 (3)(4)	Ginnie Mae 2012-60 SG, 0.655%, (-1.000*TSFR1M + 5.986%), 05/16/2042	202,610		0.0
3,293,728 (3)	Ginnie Mae 2012-77 FE, 5.835%, (TSFR1M + 0.504%), 05/16/2041	3,247,436		0.3
674,226 (3)(4)	Ginnie Mae 2012-93 NS, 0.661%, (-1.000*TSFR1M + 5.986%), 07/20/2042	44,194		0.0
696,683 (4)	Ginnie Mae 2012-98 EI, 4.000%, 04/20/2041	71,976		0.0
1,952,451 (3)	Ginnie Mae 2012-H06 FS, 5.469%, (TSFR1M + 0.814%), 03/20/2062	1,948,196		0.2
3,951,985 (3)	Ginnie Mae 2012-H08 FA, 6.032%, (TSFR1M + 0.714%), 01/20/2062	3,938,181		0.3
1,172,367 (3)	Ginnie Mae 2012-H08 FB, 6.032%, (TSFR1M + 0.714%), 03/20/2062	1,168,881		0.1
206,485 (3)	Ginnie Mae 2012-H11 FA, 6.132%, (TSFR1M + 0.814%), 02/20/2062	206,033		0.0
306,561 (3)	Ginnie Mae 2012-H11 GA, 6.012%, (TSFR1M + 0.694%), 05/20/2062	305,497		0.0
1,066,114 (3)	Ginnie Mae 2012-H11 VA, 6.082%, (TSFR1M + 0.764%), 05/20/2062	1,063,015		0.1
986,882 (3)	Ginnie Mae 2012-H12 FA, 5.982%, (TSFR1M + 0.664%), 04/20/2062	982,857		0.1
5,745,444 (3)	Ginnie Mae 2012-H12 FB, 6.482%, (TSFR1M + 1.164%), 02/20/2062	5,761,492		0.5
276,227 (3)	Ginnie Mae 2012-H14 FK, 6.012%, (TSFR1M + 0.694%), 07/20/2062	275,101		0.0
1,739,442 (3)	Ginnie Mae 2012-H20 BA, 5.992%, (TSFR1M + 0.674%), 09/20/2062	1,731,812		0.1
1,237,012 (3)	Ginnie Mae 2012-H26 BA, 5.782%, (TSFR1M + 0.464%), 10/20/2062	1,229,189		0.1
276,040 (3)	Ginnie Mae 2012-H29 FA, 5.947%, (TSFR1M + 0.629%), 10/20/2062	274,884		0.0

See Accompanying Notes to Financial Statements

49

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
627,063 (3)	Ginnie Mae 2012-H30 GA, 5.782%, (TSFR1M + 0.464%), 12/20/2062	$	623,111	0.1
1,090,405	Ginnie Mae 2013-119 TZ, 3.000%, 08/20/2043	947,614		0.1
7,000,000	Ginnie Mae 2013-147 BE, 4.000%, 12/20/2039	6,316,101		0.5
1,520,836	Ginnie Mae 2013-167 Z, 3.000%, 10/16/2043	1,301,997		0.1
1,900,000 (4)	Ginnie Mae 2013-186 UI, 2.500%, 11/20/2043	319,267		0.0
469,510 (4)	Ginnie Mae 2013-186 VI, 4.000%, 12/20/2042	65,917		0.0
2,934,114	Ginnie Mae 2013-186 ZE, 2.500%, 12/16/2043	2,460,167		0.2
2,622,310 (4)	Ginnie Mae 2013-20 LI, 4.500%, 12/16/2042	291,540		0.0
1,593,333 (4)	Ginnie Mae 2013-23 IO, 3.500%, 02/20/2043	252,196		0.0
50,554 (4)	Ginnie Mae 2013-41 PI, 3.500%, 04/20/2040	116		0.0
692,636 (3)(4)	Ginnie Mae 2013-88 AI, 0.406%, (-1.000*TSFR1M + 5.736%), 06/20/2043	42,512		0.0
1,160,723 (3)(4)	Ginnie Mae 2013-99 SK, 0.456%, (-1.000*TSFR1M + 5.786%), 07/20/2043	61,027		0.0
875,140 (3)	Ginnie Mae 2013-H02 FD, 5.772%, (TSFR1M + 0.454%), 12/20/2062	868,665		0.1
161,584 (3)	Ginnie Mae 2013-H07 HA, 5.842%, (TSFR1M + 0.524%), 03/20/2063	160,611		0.0
1,239,826 (3)	Ginnie Mae 2013-H08 BF, 5.832%, (TSFR1M + 0.514%), 03/20/2063	1,226,721		0.1
1,046,056 (3)	Ginnie Mae 2013-H10 FT, 5.830%, (H15T1Y + 0.450%), 04/20/2063	1,042,189		0.1
1,398,186 (3)	Ginnie Mae 2013-H13 FS, 6.432%, (TSFR1M + 1.114%), 06/20/2063	1,401,733		0.1
1,110,589 (3)	Ginnie Mae 2013-H14 FC, 5.902%, (TSFR1M + 0.584%), 06/20/2063	1,105,186		0.1
389,397 (3)	Ginnie Mae 2013-H14 FD, 5.902%, (TSFR1M + 0.584%), 06/20/2063	387,181		0.0
400,541 (3)	Ginnie Mae 2013-H14 FG, 5.902%, (TSFR1M + 0.584%), 05/20/2063	398,502		0.0
273,740 (3)	Ginnie Mae 2013-H15 FA, 5.972%, (TSFR1M + 0.654%), 06/20/2063	272,716		0.0
453,058 (3)	Ginnie Mae 2013-H17 FA, 5.982%, (TSFR1M + 0.664%), 07/20/2063	451,493		0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
280,265 (3)	Ginnie Mae 2013-H18 EA, 5.932%, (TSFR1M + 0.614%), 07/20/2063	$	279,353	0.0
1,050,476 (3)	Ginnie Mae 2013-H18 FA, 5.932%, (TSFR1M + 0.614%), 06/20/2063	1,045,844		0.1
1,013,566 (3)	Ginnie Mae 2013-H19 DF, 6.082%, (TSFR1M + 0.764%), 05/20/2063	1,007,047		0.1
271,550 (3)	Ginnie Mae 2013-H20 FB, 6.432%, (TSFR1M + 1.114%), 08/20/2063	272,165		0.0
295,838 (3)	Ginnie Mae 2013-H21 FB, 6.132%, (TSFR1M + 0.814%), 09/20/2063	295,441		0.0
511,869 (3)	Ginnie Mae 2013-H22 FB, 6.132%, (TSFR1M + 0.814%), 08/20/2063	510,951		0.0
3,819,979 (3)	Ginnie Mae 2013-H22 FT, 6.030%, (H15T1Y + 0.650%), 04/20/2063	3,814,625		0.3
538,996 (3)	Ginnie Mae 2013-H23 FA, 6.732%, (TSFR1M + 1.414%), 09/20/2063	541,333		0.0
39,692 (3)	Ginnie Mae 2013-H24 FB, 6.162%, (TSFR1M + 0.844%), 09/20/2063	39,635		0.0
1,729,857 (3)(4)	Ginnie Mae 2014-107 XS, 0.155%, (-1.000*TSFR1M + 5.486%), 07/16/2044	95,614		0.0
2,793,200	Ginnie Mae 2014-115 EM, 4.000%, 08/20/2044	2,496,402		0.2
2,640,447	Ginnie Mae 2014-118 ZP, 4.000%, 08/20/2044	2,414,143		0.2
1,118,731 (3)(4)	Ginnie Mae 2014-129 WS, 0.456%, (-1.000*TSFR1M + 5.786%), 09/20/2044	65,800		0.0
1,850,316	Ginnie Mae 2014-149 KL, 4.000%, 10/16/2044	1,582,311		0.1
911,438 (3)(4)	Ginnie Mae 2014-161 WS, 0.456%, (-1.000*TSFR1M + 5.786%), 11/20/2044	49,798		0.0
1,032,250 (4)	Ginnie Mae 2014-183 IM, 5.000%, 06/20/2035	156,650		0.0
1,211,934 (3)(4)	Ginnie Mae 2014-30 ES, 0.047%, (-1.000*TSFR1M + 4.886%), 03/20/2040	51,875		0.0
854,022 (3)(4)	Ginnie Mae 2014-96 SQ, 0.155%, (-1.000*TSFR1M + 5.486%), 07/16/2044	47,346		0.0
1,886,585 (4)	Ginnie Mae 2014-99 IO, 4.500%, 06/20/2044	371,252		0.0
7,041,058 (3)	Ginnie Mae 2014-H03 FS, 6.082%, (TSFR1M + 0.764%), 02/20/2064	7,018,223		0.6

See Accompanying Notes to Financial Statements

50

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,356,127 (3)	Ginnie Mae 2014-H04 FB, 6.082%, (TSFR1M + 0.764%), 02/20/2064	$	1,353,776	0.1
1,976,707 (3)	Ginnie Mae 2014-H05 FB, 6.032%, (TSFR1M + 0.714%), 12/20/2063	1,972,949		0.2
609,485 (3)	Ginnie Mae 2014-H06 FA, 6.002%, (TSFR1M + 0.684%), 03/20/2064	607,247		0.1
299,935 (3)	Ginnie Mae 2014-H06 HB, 6.082%, (TSFR1M + 0.764%), 03/20/2064	299,196		0.0
2,288,833 (3)	Ginnie Mae 2014-H11 VA, 5.932%, (TSFR1M + 0.614%), 06/20/2064	2,275,127		0.2
2,874,940 (3)	Ginnie Mae 2014-H15 FA, 5.932%, (TSFR1M + 0.614%), 07/20/2064	2,858,155		0.2
1,382,577 (3)	Ginnie Mae 2014-H21 FA, 4.654%, (TSFR1M + 0.764%), 10/20/2064	1,371,750		0.1
8,104,825 (3)	Ginnie Mae 2015-10 Q, 2.404%, 10/20/2044	6,661,846		0.5
130,000	Ginnie Mae 2015-123 GY, 3.000%, 09/20/2045	95,119		0.0
2,364,266 (3)(4)	Ginnie Mae 2015-141 IX, 0.311%, (-1.000*TSFR1M + 2.060%), 06/20/2045	30,499		0.0
15,125,000	Ginnie Mae 2015-143 B, 3.500%, 04/20/2045	13,199,282		1.1
1,913,410 (4)	Ginnie Mae 2015-149 IL, 4.500%, 10/20/2045	381,425		0.0
1,096,241 (4)	Ginnie Mae 2015-157 PI, 4.000%, 03/20/2044	114,502		0.0
2,466,950	Ginnie Mae 2015-165 ZA, 3.500%, 07/20/2045	2,287,886		0.2
4,777,861	Ginnie Mae 2015-64 ZH, 2.500%, 05/16/2045	3,945,920		0.3
1,006,907 (3)	Ginnie Mae 2015-H03 FA, 5.932%, (TSFR1M + 0.614%), 12/20/2064	1,002,730		0.1
2,418,948 (3)	Ginnie Mae 2015-H05 FC, 5.912%, (TSFR1M + 0.594%), 02/20/2065	2,395,778		0.2
979,751 (3)	Ginnie Mae 2015-H06 FA, 5.912%, (TSFR1M + 0.594%), 02/20/2065	974,434		0.1
1,673,576 (3)	Ginnie Mae 2015-H08 FC, 5.912%, (TSFR1M + 0.594%), 03/20/2065	1,665,424		0.1
1,470,524 (3)	Ginnie Mae 2015-H10 FH, 4.995%, (TSFR1M + 0.714%), 04/20/2065	1,453,057		0.1
174,635 (3)	Ginnie Mae 2015-H12 FA, 5.912%, (TSFR1M + 0.594%), 05/20/2065	173,753		0.0
3,536,457 (3)	Ginnie Mae 2015-H13 FG, 5.832%, (TSFR1M + 0.514%), 04/20/2065	3,516,734		0.3

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
340,666 (3)	Ginnie Mae 2015-H14 FB, 5.862%, (TSFR1M + 0.544%), 05/20/2065	$	339,081	0.0
941,986 (3)	Ginnie Mae 2015-H18 FB, 6.032%, (TSFR1M + 0.714%), 07/20/2065	934,864		0.1
828,910 (3)	Ginnie Mae 2015-H20 FB, 6.032%, (TSFR1M + 0.714%), 08/20/2065	822,652		0.1
1,309,586 (3)	Ginnie Mae 2015-H22 FC, 5.708%, (TSFR1M + 0.714%), 09/20/2065	1,298,610		0.1
1,654,055 (3)	Ginnie Mae 2015-H23 FB, 5.952%, (TSFR1M + 0.634%), 09/20/2065	1,645,692		0.1
1,150,847 (3)	Ginnie Mae 2015-H26 FA, 5.952%, (TSFR1M + 0.634%), 10/20/2065	1,144,793		0.1
745,360 (3)	Ginnie Mae 2015-H26 FC, 6.032%, (TSFR1M + 0.714%), 08/20/2065	743,871		0.1
970,295 (3)	Ginnie Mae 2015-H26 FG, 5.952%, (TSFR1M + 0.634%), 10/20/2065	961,220		0.1
3,079,157 (3)	Ginnie Mae 2015-H29 FL, 6.032%, (TSFR1M + 0.714%), 11/20/2065	3,055,916		0.3
2,543,687 (3)	Ginnie Mae 2015-H30 FE, 6.032%, (TSFR1M + 0.714%), 11/20/2065	2,533,733		0.2
769,127 (3)	Ginnie Mae 2015-H31 FT, 6.082%, (TSFR1M + 0.764%), 11/20/2065	767,754		0.1
11,546,938 (4)	Ginnie Mae 2016-120 IM, 3.500%, 07/20/2046	1,408,440		0.1
4,929,883 (4)	Ginnie Mae 2016-145 IU, 3.500%, 10/20/2046	796,974		0.1
4,996,730 (3)(4)	Ginnie Mae 2016-20 BS, 0.661%, (-1.000*TSFR1M + 5.986%), 02/20/2046	397,668		0.0
2,756,929 (3)	Ginnie Mae 2016-5 AB, 4.684%, 01/20/2046	2,640,269		0.2
4,316,858	Ginnie Mae 2016-69 B, 3.000%, 05/20/2046	3,732,129		0.3
168,463 (4)	Ginnie Mae 2016-84 IO, 5.000%, 12/20/2040	2,572		0.0
250,352 (3)	Ginnie Mae 2016-H01 FL, 6.082%, (TSFR1M + 0.764%), 12/20/2065	249,803		0.0
1,231,250 (3)	Ginnie Mae 2016-H02 FH, 6.432%, (TSFR1M + 1.114%), 01/20/2066	1,224,424		0.1
321,542 (3)	Ginnie Mae 2016-H03 FB, 6.082%, (TSFR1M + 0.764%), 01/20/2066	319,359		0.0
259,682 (3)	Ginnie Mae 2016-H07 FK, 4.952%, (TSFR1M + 1.114%), 03/20/2066	257,926		0.0

See Accompanying Notes to Financial Statements

51

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
918,491 (3)	Ginnie Mae 2016-H09 FB, 5.538%, (TSFR1M + 1.014%), 04/20/2066	$	912,255	0.1
2,738,356 (3)	Ginnie Mae 2016-H11 F, 6.232%, (TSFR1M + 0.914%), 05/20/2066		2,718,544	0.2
794,332 (3)	Ginnie Mae 2016-H11 FE, 5.480%, (TSFR1M + 0.964%), 04/20/2066		788,105	0.1
1,605,839 (3)	Ginnie Mae 2016-H13 FD, 5.830%, (H15T1Y + 0.450%), 05/20/2066		1,600,757	0.1
259,321 (3)	Ginnie Mae 2016-H13 FT, 6.012%, (TSFR1M + 0.694%), 05/20/2066		258,632	0.0
8,513,289 (3)	Ginnie Mae 2016-H20 FB, 5.982%, (TSFR1M + 0.664%), 09/20/2066		8,474,105	0.7
124,628 (3)	Ginnie Mae 2016-H20 FG, 6.132%, (TSFR1M + 0.814%), 08/20/2066		124,418	0.0
1,686,551 (3)	Ginnie Mae 2016-H21 FH, 6.282%, (TSFR1M + 0.964%), 09/20/2066		1,679,556	0.1
3,972,600 (3)	Ginnie Mae 2016-H23 F, 6.182%, (TSFR1M + 0.864%), 10/20/2066		3,974,666	0.3
3,846,097	Ginnie Mae 2017- 107 QZ, 3.000%, 08/20/2045		2,925,732	0.2
1,000,000	Ginnie Mae 2017- 117 BE, 2.500%, 08/20/2047		777,177	0.1
1,000,000	Ginnie Mae 2017- 117 NG, 2.500%, 08/20/2047		760,228	0.1
1,697,916	Ginnie Mae 2017-122 CZ, 3.000%, 08/20/2047		1,231,642	0.1
2,025,432 (4)	Ginnie Mae 2017-123 IO, 5.000%, 08/16/2047		424,727	0.0
2,890,000	Ginnie Mae 2017-162 PL, 3.000%, 10/20/2047		2,112,469	0.2
750,000	Ginnie Mae 2017-163 YA, 2.500%, 11/20/2047		576,667	0.1
10,000,000	Ginnie Mae 2017- 180 QB, 2.500%, 12/20/2047		8,085,873	0.7
1,244,338	Ginnie Mae 2017- 56 HM, 3.000%, 12/20/2046		1,100,637	0.1
5,121,331	Ginnie Mae 2017-56 JZ, 3.000%, 04/20/2047		3,974,587	0.3
649,709 (3)	Ginnie Mae 2017-H07 FG, 5.892%, (TSFR1M + 0.574%), 02/20/2067		646,333	0.1
785,212 (3)	Ginnie Mae 2017-H14 FD, 5.902%, (TSFR1M + 0.584%), 06/20/2067		776,823	0.1
1,072,938 (3)	Ginnie Mae 2017-H14 FV, 5.932%, (TSFR1M + 0.614%), 06/20/2067		1,066,594	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,388,264 (3)	Ginnie Mae 2017-H17 FG, 5.932%, (TSFR1M + 0.614%), 08/20/2067	$	1,381,485	0.1
634,567 (3)	Ginnie Mae 2017-H19 FA, 5.882%, (TSFR1M + 0.564%), 08/20/2067		631,656	0.1
1,388,148	Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048		1,228,559	0.1
350,341	Ginnie Mae 2018-163 DZ, 4.500%, 11/20/2048		302,109	0.0
696,820 (4)	Ginnie Mae 2018-78 IC, 4.000%, 02/20/2047		101,056	0.0
1,000,000	Ginnie Mae 2018-91 JN, 3.000%, 07/20/2048		788,641	0.1
1,589,951 (3)	Ginnie Mae 2018-H04 FM, 5.732%, (TSFR1M + 0.414%), 03/20/2068		1,576,070	0.1
237,561 (3)	Ginnie Mae 2018-H07 FE, 5.782%, (TSFR1M + 0.464%), 02/20/2068		236,331	0.0
3,503,865 (3)	Ginnie Mae 2018-H14 FG, 5.782%, (TSFR1M + 0.464%), 09/20/2068		3,476,804	0.3
2,683,712 (3)	Ginnie Mae 2018-H18 FC, 5.782%, (TSFR1M + 0.464%), 08/20/2065		2,668,909	0.2
9,797,236	Ginnie Mae 2019-1 LZ, 3.500%, 01/20/2049		7,468,903	0.6
1,435,941	Ginnie Mae 2019-1 Z, 4.000%, 01/20/2049		1,303,358	0.1
2,955,038 (3)	Ginnie Mae 2019-100 FD, 5.839%, (TSFR1M + 0.514%), 08/20/2049		2,855,647	0.2
11,177,362	Ginnie Mae 2019- 123 CA, 3.000%, 10/20/2049		9,599,020	0.8
816,406 (4)	Ginnie Mae 2019-29 AI, 5.000%, 07/20/2048		168,462	0.0
12,000,000 (4)	Ginnie Mae 2019-56 YI, 5.000%, 05/20/2049		3,004,018	0.2
109,899	Ginnie Mae 2019- 71 EN, 4.000%, 06/20/2049		87,052	0.0
329,327 (3)	Ginnie Mae 2019-H01 FJ, 4.525%, (TSFR1M + 0.414%), 09/20/2068		327,623	0.0
1,947,962 (3)	Ginnie Mae 2019-H01 FL, 5.882%, (TSFR1M + 0.564%), 12/20/2068		1,942,216	0.2
2,189,419 (3)	Ginnie Mae 2019-H05 FL, 5.912%, (TSFR1M + 0.594%), 03/20/2069		2,169,817	0.2
436,946 (3)	Ginnie Mae 2019-H10 FM, 5.832%, (TSFR1M + 0.514%), 05/20/2069		432,244	0.0
1,525,353 (3)	Ginnie Mae 2019-H19 FB, 5.882%, (TSFR1M + 0.564%), 11/20/2069		1,517,178	0.1
19,840,841 (4)	Ginnie Mae 2020-47 LI, 3.500%, 04/20/2050		3,448,318	0.3

See Accompanying Notes to Financial Statements

52 

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
569,609 (3)	Ginnie Mae 2020-H01 FT, 5.880%, (H15T1Y + 0.500%), 01/20/2070	$	567,301	0.0
3,288,152 (3)	Ginnie Mae 2020-H10 FD, 5.832%, (TSFR1M + 0.514%), 05/20/2070		3,274,840	0.3
8,667,759 (3)(4)	Ginnie Mae 2021- 58 SB, 0.861%, (-1.000*TSFR1M + 6.186%), 04/20/2051		722,741	0.1
6,070,489 (4)	Ginnie Mae 2021-74 KI, 3.000%, 04/20/2051		901,303	0.1
15,163,409 (3)(4)	Ginnie Mae 2021- 77 SK, 0.286%, (-1.000*TSFR1M + 3.186%), 05/20/2051		222,417	0.0
106,995 (3)	Ginnie Mae 2021-H09 Z, 3.080%, 10/20/2066		95,948	0.0
10,951,632	Ginnie Mae 2022- 205 ZG, 5.500%, 12/20/2052		9,999,654	0.8
2,346,452	Ginnie Mae 2022-47 EB, 3.000%, 03/20/2037		1,829,900	0.2
5,701,898	Seasoned Credit Risk Transfer Trust Series 2017-2 MA, 3.000%, 08/25/2056		5,092,375	0.4
1,482,530 (3)	Seasoned Credit Risk Transfer Trust Series 2018-2 HA, 3.000%, 11/25/2057		1,342,944	0.1
4,087,260	Seasoned Credit Risk Transfer Trust Series 2019-1 M55D, 4.000%, 07/25/2058		3,781,033	0.3
1,692,363	Seasoned Credit Risk Transfer Trust Series 2019-3 M55D, 4.000%, 10/25/2058		1,567,067	0.1
7,265,000	Seasoned Loans Structured Transaction Series 2019-1 A2, 3.500%, 05/25/2029		6,552,071	0.5
3,218,747	Seasoned Loans Structured Transaction Trust Series 2019- 2 A1C, 2.750%, 09/25/2029		2,913,536	0.2
5,875,000	Seasoned Loans Structured Transaction Trust Series 2019- 3 A2C, 2.750%, 11/25/2029		4,921,394	0.4
1,723,812	Vendee Mortgage Trust 2011-2 DZ, 3.750%, 10/15/2041		1,553,565	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
22,170,692 (3)(4)	Vendee Mortgage Trust 2011-2 IO, 0.351%, 10/15/2041	$	309,211	0.0
	Total Collateralized Mortgage Obligations  (Cost $631,496,133)		557,980,270	45.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.0%
9,244,346 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K106 X1, 1.477%, 01/25/2030		623,416	0.1
28,083,690 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K108 X1, 1.810%, 03/25/2030		2,377,610	0.2
19,387,765 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K110 X1, 1.813%, 04/25/2030		1,597,253	0.1
2,977,870 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 1.023%, 09/25/2030		149,039	0.0
16,461,047 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.629%, 05/25/2035		1,839,237	0.1
14,667,554 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035		1,383,172	0.1
34,085,166 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1519 X1, 0.693%, 12/25/2035		1,553,174	0.1
24,617,156 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K740 X1, 0.831%, 09/25/2027		611,734	0.0
31,466,000 (4)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.467%, 12/25/2029		1,903,331	0.2
34,672,783 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates KLU3 X1, 2.078%, 01/25/2031		3,431,832	0.3
251,114 (3)	Ginnie Mae 2004-23 Z, 5.757%, 03/16/2044		243,008	0.0

See Accompanying Notes to Financial Statements

53 

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,571,648 (3)(4)	Ginnie Mae 2006-67 IO, 0.608%, 11/16/2046	$	10,841	0.0
43,809 (3)	Ginnie Mae 2007-52 Z, 4.350%, 01/16/2048		43,661	0.0
472,125	Ginnie Mae 2008-39 Z, 4.500%, 02/16/2048		445,628	0.0
221,713 (3)(4)	Ginnie Mae 2008-45 IO, 0.859%, 02/16/2048		308	0.0
49,568 (3)	Ginnie Mae 2009-115 D, 4.824%, 01/16/2050		48,888	0.0
56,432 (3)(4)	Ginnie Mae 2010-123 IA, 2.050%, 10/16/2052		755	0.0
8,105,499 (3)(4)	Ginnie Mae 2011-47 IO, 0.196%, 01/16/2051		21,248	0.0
1,977,108 (3)	Ginnie Mae 2018-114 Z, 3.100%, 04/16/2060		1,353,973	0.1
11,160,648	Ginnie Mae 2018-116 Z, 3.000%, 06/16/2058		8,490,641	0.7
1,992,294	Ginnie Mae 2018-169 Z, 3.000%, 04/16/2061		1,188,964	0.1
1,981,911	Ginnie Mae 2019-17 Z, 3.000%, 12/16/2060		1,202,331	0.1
2,628,074 (3)	Ginnie Mae 2019-19 Z, 3.200%, 11/16/2060		1,960,911	0.2
3,427,895	Ginnie Mae 2019-53 Z, 3.000%, 06/16/2061		2,369,632	0.2
5,208,237	Ginnie Mae 2021-79 Z, 1.750%, 08/16/2063		2,084,145	0.2
2,588,993	Ginnie Mae 2021-80 Z, 1.500%, 12/16/2062		1,075,695	0.1
2,333,712	Ginnie Mae 2021-90 B, 1.750%, 05/16/2061		903,589	0.1
	Total Commercial Mortgage-Backed Securities
	(Cost $51,780,065)		36,914,016	3.0
ASSET-BACKED SECURITIES: 0.1%
	Other Asset-Backed Securities: 0.1%
990,067 (3)	Fannie Mae Grantor Trust 2001-T9 A1, 5.544%, (TSFR1M + 0.224%), 09/25/2031		981,249	0.1
96,360 (3)(6)	Fannie Mae Grantor Trust 2003-T4 2A6, 4.453%, 07/26/2033		93,363	0.0
8,463 (3)(6)	Fannie Mae REMIC Trust 2001-W4 AF6, 5.110%, 01/25/2032		8,343	0.0
6,597 (3)	Fannie Mae REMIC Trust 2002-W12 AF6, 5.066%, 02/25/2033		6,146	0.0

					Percentage
Principal					of Net
Amount†		Value			Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
6,053 (3)	Fannie Mae REMIC Trust 2002-W2 AF6, 6.000%, 05/25/2032	$	5,872		0.0
			1,094,973		0.1
	Total Asset-Backed Securities
	(Cost $1,098,247)		1,094,973		0.1
	Total Long-Term Investments
	(Cost $1,755,221,332)		1,582,132,071		127.8
					Percentage
Principal					of Net
Amount†	RA		Value		Assets
SHORT-TERM INVESTMENTS: 3.3%
	U.S. Government Agency Obligations: 0.6%
8,000,000 (3)	Federal Home Loan Banks, 5.400%, (SOFRRATE + 0.090%), 12/05/2023
	(Cost $8,000,000)		8,001,578		0.6
	U.S. Treasury Bills: 2.7%
10,475,000 (7)	United States Treasury Bill, 4.720%, 10/17/2023
	(Cost $10,450,213)		10,452,010		0.9
5,000,000 (7)	United States Treasury Bill, 5.220%, 11/21/2023
	(Cost $4,962,436)		4,963,125		0.4
5,000,000 (7)	United States Treasury Bill, 5.280%, 12/07/2023
	(Cost $4,950,538)		4,951,325		0.4
2,900,000 (7)	United States Treasury Bill, 5.340%, 01/09/2024
	(Cost $2,857,137)		2,857,772		0.2
10,000,000 (7)	United States Treasury Bill, 5.390%, 01/16/2024
	(Cost $9,841,373)		9,843,135		0.8
	Total U.S. Treasury Bills
	(Cost $33,061,697)		33,067,367		2.7
	Total Short-Term Investments
	(Cost $41,061,697)		41,068,945		3.3
	Total Investments in Securities
	(Cost $1,796,283,029)	$	1,623,201,016		131.1
	Liabilities in Excess of
	Other Assets		(384,647,900	)	(31.1	)
	Net Assets	$	1,238,553,116		100.0

See Accompanying Notes to Financial Statements

54 

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

^† Unless otherwise indicated, principal amount is shown in USD.

⁽¹⁾  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.

⁽²⁾  Represents or includes a TBA transaction.

⁽³⁾  Variable rate security. Rate shown is the rate in effect as of September 30, 2023.

⁽⁴⁾  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.

⁽⁵⁾  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.

⁽⁶⁾  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.

⁽⁷⁾  Represents a zero coupon bond. Rate shown reflects the effective yield as of September 30, 2023.

Reference Rate Abbreviations:
H15T1Y	U.S. Treasury 1-Year Constant Maturity
SOFR30A	30-day Secured Overnight Financing Rate
SOFRRATE	1-day Secured Overnight Financing Rate
TSFR1M	1-month CME Term Secured Overnight Financing Rate

	Investment Type Allocation
	as of September 30, 2023
	(as a percentage of net assets)
U.S. Government Agency Obligations		80.2%
Collateralized Mortgage Obligations		45.1%
Commercial Mortgage-Backed Securities		3.0%
U.S. Treasury Bills		2.7%
Asset-Backed Securities		0.1%
Liabilities in Excess of Other Assets		(31.1)%
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

55 

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
U.S. Government Agency Obligations	$	—	$	986,142,812	$	—	$	986,142,812
Collateralized Mortgage Obligations		—		557,980,270		—		557,980,270
Commercial Mortgage-Backed Securities		—		36,914,016		—		36,914,016
Asset-Backed Securities		—		1,094,973		—		1,094,973
Short-Term Investments		—		41,068,945		—		41,068,945
Total Investments, at fair value	$	—	$	1,623,201,016	$	—	$	1,623,201,016
Other Financial Instruments+
Futures		3,155,408		—		—		3,155,408
Total Assets	$	3,155,408	$	1,623,201,016	$	—	$	1,626,356,424
Liabilities Table
Other Financial Instruments+
Futures	$	(99,316)	$	—	$	—	$	(99,316	)
Total Liabilities	$	(99,316)	$	—	$	—	$	(99,316	)

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

At September 30, 2023, the following futures contracts were outstanding for Voya GNMA Income Fund:

						Unrealized
	Number	Expiration		Notional		Appreciation/
Description	of Contracts	Date		Amount		(Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note	201	12/29/23	$	40,744,898	$	(99,316)
			$	40,744,898	$	(99,316)
Short Contracts:
U.S. Treasury 5-Year Note	(676)	12/29/23		(71,222,937)		611,334
U.S. Treasury 10-Year Note	(1,224)	12/19/23		(132,268,500)		1,371,031
U.S. Treasury Long Bond	(110)	12/19/23		(12,515,937)		689,843
U.S. Treasury Ultra 10-Year Note	(141)	12/19/23		(15,730,313)		474,481
U.S. Treasury Ultra Long Bond	(1)	12/19/23		(118,688)		8,719
			$	(231,856,375)	$	3,155,408

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

The fair value of derivative instruments as of September 30, 2023 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*	$	3,155,408
Total Asset Derivatives		$	3,155,408
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	99,316
Total Liability Derivatives		$	99,316

See Accompanying Notes to Financial Statements

56 

	PORTFOLIO OF INVESTMENTS
Voya GNMA Income Fund	as of September 30, 2023 (Unaudited) (continued)

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 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	$	5,656,659
Total	$	5,656,659

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

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts	$	5,171,119
Total	$	5,171,119

At September 30, 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 $1,602,812,528.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	5,756,052
Gross Unrealized Depreciation		(176,479,042	)
Net Unrealized Depreciation	$	(170,722,990	)

See Accompanying Notes to Financial Statements

57 

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: 95.1%
	Basic Materials: 6.0%
1,225,000 (1)(2)	Arsenal AIC Parent LLC, 8.000%, 10/01/2030	$	1,220,431		0.2
625,000 (1)(2)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029		340,612		0.1
1,700,000	ATI, Inc., 7.250%, 08/15/2030		1,689,324		0.3
1,615,000 (1)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029		1,408,611		0.3
600,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031		511,751		0.1
1,610,000 (1)(2)	Coeur Mining, Inc., 5.125%, 02/15/2029		1,383,284		0.3
1,660,000 (1)	Consolidated Energy Finance SA, 5.625%, 10/15/2028		1,373,218		0.3
1,970,000 (1)	Constellium SE, 5.625%, 06/15/2028		1,856,029		0.4
1,350,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027		1,296,189		0.3
2,100,000 (1)	Hudbay Minerals, Inc., 4.500%, 04/01/2026		1,967,629		0.4
1,625,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028		1,536,720		0.3
1,550,000 (1)(2)	INEOS Quattro Finance 2 PLC, 3.375%, 01/15/2026		1,413,570		0.3
1,575,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026		1,422,083		0.3
1,770,000 (1)	Mativ Holdings, Inc., 6.875%, 10/01/2026		1,617,267		0.3
300,000 (1)	Novelis Corp., 3.250%, 11/15/2026		268,301		0.1
1,450,000 (1)	Novelis Corp., 3.875%, 08/15/2031		1,159,876		0.2
575,000 (1)	Novelis Corp., 4.750%, 01/30/2030		498,404		0.1
1,400,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030		1,237,047		0.3
1,135,000	Olin Corp., 5.000%, 02/01/2030		1,009,359		0.2
1,165,000	Olin Corp., 5.125%, 09/15/2027		1,090,382		0.2
800,000 (1)	Olympus Water US Holding Corp., 7.125%, 10/01/2027		740,914		0.2
1,775,000 (1)	SPCM SA, 3.125%, 03/15/2027		1,572,850		0.3
1,575,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026		1,473,506		0.3

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials: (continued)
1,650,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029	$	862,833		0.2
			28,950,190		6.0
	Communications: 14.4%
1,170,000 (1)	Acuris Finance US, Inc. / Acuris Finance Sarl, 5.000%, 05/01/2028		963,834		0.2
1,509,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028		748,375		0.2
2,825,000 (1)	Altice France SA/ France, 5.500%, 10/15/2029		2,035,653		0.4
1,000,000 (1)	Altice France SA/ France, 8.125%, 02/01/2027		888,071		0.2
2,185,000	AMC Networks, Inc., 4.250%, 02/15/2029		1,343,776		0.3
1,396,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026		897,520		0.2
2,475,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034		1,824,887		0.4
3,450,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032		2,711,262		0.6
2,025,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028		1,841,197		0.4
1,975,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027		1,842,203		0.4
650,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		628,538		0.1
460,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027		261,807		0.1
755,000 (1)	CommScope Technologies LLC, 6.000%, 06/15/2025		719,710		0.1
940,000 (1)	CommScope, Inc., 4.750%, 09/01/2029		692,648		0.1
1,485,000 (1)	CommScope, Inc., 7.125%, 07/01/2028		891,000		0.2
966,000 (1)	Connect Finco Sarl / Connect US Finco LLC, 6.750%, 10/01/2026		902,194		0.2
604,000	CSC Holdings LLC, 5.250%, 06/01/2024		575,514		0.1
3,700,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030		2,078,533		0.4

See Accompanying Notes to Financial Statements

58

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
800,000 (1)	CSC Holdings LLC, 7.500%, 04/01/2028	$	520,780		0.1
1,900,000 (1)(2)	CSC Holdings LLC, 11.250%, 05/15/2028		1,895,272		0.4
2,455,000 (1)	Directv Financing LLC / Directv Financing Co- Obligor, Inc., 5.875%, 08/15/2027		2,173,779		0.4
1,950,000	DISH DBS Corp., 5.125%, 06/01/2029		1,083,956		0.2
950,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028		732,094		0.1
1,350,000	DISH DBS Corp., 7.375%, 07/01/2028		852,881		0.2
2,350,000 (1)	DISH Network Corp., 11.750%, 11/15/2027		2,371,011		0.5
925,000	Embarq Corp., 7.995%, 06/01/2036		522,537		0.1
1,540,000 (1)	GCI LLC, 4.750%, 10/15/2028		1,329,959		0.3
2,600,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031		1,704,891		0.3
1,275,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027		1,012,410		0.2
1,392,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028		1,215,508		0.2
736,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029		592,943		0.1
1,575,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027		1,448,622		0.3
2,465,000 (1)	Level 3 Financing, Inc., 3.750%, 07/15/2029		1,381,280		0.3
1,400,000 (1)	Level 3 Financing, Inc., 10.500%, 05/15/2030		1,410,476		0.3
2,415,000 (1)	Match Group Holdings II LLC, 4.625%, 06/01/2028		2,168,018		0.4
1,315,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029		1,142,130		0.2
1,239,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026		989,695		0.2
1,105,000 (4)	Paramount Global, 6.250%, 02/28/2057		833,723		0.2
1,400,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028		737,114		0.2
670,000 (1)	Sirius XM Radio, Inc., 3.125%, 09/01/2026		597,834		0.1
3,980,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		3,639,332		0.7
1,207,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026		812,096		0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
1,475,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029	$	1,192,862		0.2
915,000	Telecom Italia Capital SA, 6.000%, 09/30/2034		763,797		0.2
1,010,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		876,728		0.2
960,000 (1)	Uber Technologies, Inc., 4.500%, 08/15/2029		859,903		0.2
1,400,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026		1,417,878		0.3
615,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029		501,415		0.1
2,385,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027		2,223,754		0.5
1,155,000 (1)	Urban One, Inc., 7.375%, 02/01/2028		992,359		0.2
425,000 (1)	Viasat, Inc., 5.625%, 04/15/2027		368,688		0.1
705,000 (1)	Viasat, Inc., 6.500%, 07/15/2028		489,185		0.1
415,000 (1)	Viasat, Inc., 7.500%, 05/30/2031		274,626		0.1
1,745,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029		1,420,343		0.3
2,975,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028		2,570,639		0.5
1,750,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031		1,415,869		0.3
2,275,000 (1)(2)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027		1,691,009		0.3
			70,074,118		14.4
	Consumer, Cyclical: 21.7%
755,000 (1)	1011778 BC ULC / New Red Finance, Inc., 3.500%, 02/15/2029		646,958		0.1
1,945,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030		1,618,520		0.3
1,745,000 (1)	Adient Global Holdings Ltd., 4.875%, 08/15/2026		1,647,795		0.3
925,000 (1)	Adient Global Holdings Ltd., 8.250%, 04/15/2031		927,264		0.2
1,940,000 (1)	Affinity Interactive, 6.875%, 12/15/2027		1,646,894		0.3
525,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031		424,938		0.1
1,435,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029		1,354,569		0.3

See Accompanying Notes to Financial Statements

59

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
1,820,000 (1)	American Airlines, Inc., 7.250%, 02/15/2028	$	1,741,916		0.4
522,500 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026		510,771		0.1
1,555,000 (1)	Arko Corp., 5.125%, 11/15/2029		1,255,989		0.3
1,175,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028		1,053,251		0.2
1,115,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		955,011		0.2
1,560,000 (1)	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 08/01/2029		1,318,160		0.3
1,450,000 (1)	Banijay Entertainment SASU, 8.125%, 05/01/2029		1,440,176		0.3
1,925,000	Bath & Body Works, Inc., 6.750%, 07/01/2036		1,688,819		0.3
345,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025		359,161		0.1
305,000 (1)(3)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027		266,078		0.1
1,075,000 (1)	Brinker International, Inc., 5.000%, 10/01/2024		1,049,470		0.2
445,000 (1)	Brinker International, Inc., 8.250%, 07/15/2030		428,742		0.1
1,950,000 (1)	Caesars Entertainment, Inc., 4.625%, 10/15/2029		1,654,058		0.3
1,625,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025		1,604,188		0.3
1,300,000 (1)	Caesars Entertainment, Inc., 7.000%, 02/15/2030		1,266,358		0.3
1,160,000 (1)	Carnival Corp., 4.000%, 08/01/2028		1,006,760		0.2
2,410,000 (1)(2)	Carnival Corp., 6.000%, 05/01/2029		2,058,508		0.4
1,450,000 (1)	Carrols Restaurant Group, Inc., 5.875%, 07/01/2029		1,218,383		0.3
1,755,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026		1,680,281		0.3
800,000 (2)	Delta Air Lines, Inc., 4.375%, 04/19/2028		736,152		0.2
490,000	Delta Air Lines, Inc., 7.375%, 01/15/2026		496,448		0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
1,245,000 (1)	Dream Finders Homes, Inc., 8.250%, 08/15/2028	$	1,254,661		0.3
1,580,000 (1)(2)	Foot Locker, Inc., 4.000%, 10/01/2029		1,141,242		0.2
2,200,000 (2)	Ford Motor Co., 6.100%, 08/19/2032		2,074,474		0.4
3,100,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026		2,769,449		0.6
3,400,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		3,099,528		0.6
1,400,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026		1,315,429		0.3
1,800,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029		1,649,528		0.3
425,000 (1)	Gap, Inc., 3.625%, 10/01/2029		315,023		0.1
1,425,000 (1)	Gap, Inc., 3.875%, 10/01/2031		1,002,900		0.2
775,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026		774,031		0.2
1,475,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031		1,241,384		0.3
1,525,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028		1,405,650		0.3
1,795,000 (1)	Interface, Inc., 5.500%, 12/01/2028		1,527,683		0.3
425,000 (1)	International Game Technology PLC, 4.125%, 04/15/2026		400,185		0.1
2,200,000 (1)	International Game Technology PLC, 5.250%, 01/15/2029		2,029,601		0.4
1,560,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029		1,280,768		0.3
1,645,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029		1,400,587		0.3
1,810,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029		1,196,025		0.2
500,000	M/I Homes, Inc., 3.950%, 02/15/2030		408,343		0.1
1,305,000	M/I Homes, Inc., 4.950%, 02/01/2028		1,177,723		0.2
685,000	Macy's Retail Holdings LLC, 4.500%, 12/15/2034		464,195		0.1
480,000 (1)	Macy's Retail Holdings LLC, 5.875%, 03/15/2030		407,458		0.1

See Accompanying Notes to Financial Statements

60

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
950,000 (1)(2)	Macy's Retail Holdings LLC, 6.125%, 03/15/2032	$	785,061		0.2
850,000 (1)(2)	Melco Resorts Finance Ltd., 5.250%, 04/26/2026		785,188		0.2
1,675,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029		1,383,810		0.3
850,000	MGM Resorts International, 4.625%, 09/01/2026		794,710		0.2
840,000	MGM Resorts International, 4.750%, 10/15/2028		741,015		0.2
1,520,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029		1,372,256		0.3
460,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027		444,407		0.1
1,425,000 (1)(2)	NCL Corp. Ltd., 7.750%, 02/15/2029		1,324,170		0.3
350,000 (1)	NCL Corp. Ltd., 8.375%, 02/01/2028		355,343		0.1
1,155,000 (1)(2)	NCL Finance Ltd., 6.125%, 03/15/2028		1,020,633		0.2
1,175,000 (1)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031		1,194,094		0.2
4,220,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027		3,909,563		0.8
259,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025		273,628		0.1
1,060,000 (1)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027		1,150,654		0.2
1,650,000	Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/01/2025		1,609,688		0.3
1,950,000	Sands China Ltd., 5.375%, 08/08/2025		1,891,247		0.4
1,400,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030		1,209,334		0.2
1,725,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028		1,697,279		0.3
1,720,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029		1,493,674		0.3
1,485,000 (1)(2)	Sonic Automotive, Inc., 4.625%, 11/15/2029		1,233,001		0.3
570,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029		479,436		0.1
1,375,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029		1,172,365		0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
2,220,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028	$	1,938,981		0.4
1,525,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026		1,413,896		0.3
1,550,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030		1,356,072		0.3
1,450,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031		1,120,389		0.2
275,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029		229,801		0.0
1,520,000	United Airlines Holdings, Inc., 4.875%, 01/15/2025		1,472,842		0.3
725,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026		671,195		0.1
2,105,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027		1,923,402		0.4
1,375,000 (1)	VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030		1,064,284		0.2
1,455,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028		1,287,727		0.3
1,540,000 (1)	William Carter Co., 5.625%, 03/15/2027		1,482,743		0.3
2,275,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027		2,118,447		0.4
123,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025		121,052		0.0
1,000,000 (1)	ZF North America Capital, Inc., 4.750%, 04/29/2025		962,460		0.2
1,475,000 (1)	ZF North America Capital, Inc., 6.875%, 04/14/2028		1,444,615		0.3
			105,319,947		21.7
	Consumer, Non-cyclical: 17.1%
1,200,000 (1)	1375209 BC Ltd., 9.000%, 01/30/2028		1,187,596		0.3
1,980,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028		1,843,597		0.4
1,735,000 (1)	ADT Security Corp., 4.125%, 08/01/2029		1,468,946		0.3
1,250,000 (1)	AHP Health Partners, Inc., 5.750%, 07/15/2029		1,056,056		0.2

See Accompanying Notes to Financial Statements

61

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
1,180,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029	$	1,007,095		0.2
600,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030		541,410		0.1
1,325,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028		1,276,722		0.3
1,750,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026		1,614,375		0.3
485,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027		438,838		0.1
710,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029		597,529		0.1
815,000 (1)	APi Group DE, Inc., 4.750%, 10/15/2029		716,645		0.2
1,975,000	B&G Foods, Inc., 5.250%, 09/15/2027		1,656,059		0.3
945,000 (1)	Bausch & Lomb Escrow Corp., 8.375%,10/01/2028		948,988		0.2
1,625,000 (1)	Bausch Health Cos., Inc., 4.875%, 06/01/2028		926,853		0.2
1,625,000 (1)	Bausch Health Cos., Inc., 6.125%, 02/01/2027		1,013,263		0.2
1,600,000 (1)	Bausch Health Cos., Inc., 11.000%, 09/30/2028		1,089,520		0.2
1,645,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030		1,621,944		0.3
2,200,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028		1,998,612		0.4
890,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031		631,099		0.1
1,500,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030		1,142,230		0.2
1,255,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027		1,078,045		0.2
1,375,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029		732,188		0.2
2,100,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026		2,071,325		0.4
625,000 (1)	DaVita, Inc., 3.750%, 02/15/2031		475,659		0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
2,500,000 (1)	DaVita, Inc., 4.625%, 06/01/2030	$	2,055,903		0.4
2,250,000	Encompass Health Corp., 4.750%, 02/01/2030		1,993,761		0.4
1,545,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026		1,494,911		0.3
702,000 (1)	IQVIA, Inc., 5.000%, 10/15/2026		671,874		0.1
1,000,000 (1)	IQVIA, Inc., 6.500%, 05/15/2030		980,019		0.2
2,170,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029		1,893,713		0.4
1,125,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026		1,129,480		0.2
2,300,000 (1)(2)	Legacy LifePoint Health LLC, 4.375%, 02/15/2027		1,980,806		0.4
1,660,000 (1)	Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026		1,628,651		0.3
1,985,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029		1,679,931		0.4
2,225,000 (1)	Medline Borrower L.P., 5.250%, 10/01/2029		1,925,751		0.4
1,450,000 (1)	ModivCare, Inc., 5.875%, 11/15/2025		1,379,719		0.3
855,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028		642,930		0.1
1,685,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029		1,480,620		0.3
811,000	New Albertsons L.P., 7.450%, 08/01/2029		820,030		0.2
2,755,000 (1)	Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031		2,211,556		0.5
1,275,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029		693,473		0.1
900,000	Perrigo Finance Unlimited Co., 4.375%, 03/15/2026		842,464		0.2
1,250,000	Perrigo Finance Unlimited Co., 4.650%, 06/15/2030		1,067,213		0.2
1,235,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030		1,059,074		0.2
2,400,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028		2,271,200		0.5
2,385,000 (1)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028		2,211,655		0.5

See Accompanying Notes to Financial Statements

62

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
1,735,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029	$	1,485,299		0.3
1,610,000 (1)	Select Medical Corp., 6.250%, 08/15/2026		1,574,365		0.3
1,590,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029		1,306,328		0.3
1,520,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028		1,361,327		0.3
1,350,000	Tenet Healthcare Corp., 4.250%, 06/01/2029		1,163,272		0.2
1,425,000	Tenet Healthcare Corp., 5.125%, 11/01/2027		1,327,572		0.3
2,400,000 (2)	Tenet Healthcare Corp., 6.125%, 10/01/2028		2,255,232		0.5
2,350,000	Tenet Healthcare Corp., 6.125%, 06/15/2030		2,206,178		0.5
1,750,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/2027		1,610,823		0.3
1,750,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029		1,432,690		0.3
1,534,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028		1,171,439		0.2
680,000	United Rentals North America, Inc., 3.750%, 01/15/2032		549,607		0.1
1,330,000	United Rentals North America, Inc., 4.875%, 01/15/2028		1,243,647		0.3
405,000	United Rentals North America, Inc., 5.250%, 01/15/2030		375,122		0.1
275,000	United Rentals North America, Inc., 5.500%, 05/15/2027		267,523		0.1
1,460,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027		1,465,044		0.3
1,425,000 (1)	VT Topco, Inc., 8.500%, 08/15/2030		1,412,966		0.3
670,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028		600,387		0.1
1,195,000 (1)	Williams Scotsman International, Inc., 6.125%, 06/15/2025		1,184,323		0.2
			83,242,472		17.1
	Energy: 12.4%
1,290,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029		1,182,527		0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
1,565,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027	$	1,495,121		0.3
905,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030		834,296		0.2
1,625,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028		1,514,743		0.3
620,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027		600,360		0.1
1,960,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029		1,764,753		0.4
2,040,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026		2,002,280		0.4
1,720,000 (1)	CNX Midstream Partners L.P., 4.750%, 04/15/2030		1,433,817		0.3
2,270,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026		2,227,018		0.5
240,000 (1)	Crescent Energy Finance LLC, 9.250%, 02/15/2028		245,258		0.1
2,625,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029		2,536,511		0.5
900,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025		882,932		0.2
1,320,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028		1,207,461		0.2
805,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029		697,027		0.1
1,475,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031		1,241,993		0.3
1,890,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027		1,936,154		0.4
1,850,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028		1,778,433		0.4
1,615,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027		1,596,500		0.3
3,175,000	EnLink Midstream LLC, 5.375%, 06/01/2029		2,939,974		0.6

See Accompanying Notes to Financial Statements

63

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
590,000	EnLink Midstream Partners L.P., 4.150%, 06/01/2025	$	563,775		0.1
1,555,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028		1,460,981		0.3
945,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025		931,202		0.2
1,150,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030		971,069		0.2
1,075,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028		989,962		0.2
400,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030		363,914		0.1
870,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029		786,544		0.2
955,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030		862,149		0.2
965,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		852,629		0.2
2,143,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030		2,011,527		0.4
2,090,000 (1)(2)	Matador Resources Co., 6.875%, 04/15/2028		2,054,099		0.4
1,350,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026		1,309,277		0.3
1,634,000	Murphy Oil Corp., 6.375%, 07/15/2028		1,607,708		0.3
1,305,000 (1)	Northern Oil and Gas, Inc., 8.750%, 06/15/2031		1,316,419		0.3
1,450,000	Occidental Petroleum Corp., 5.500%, 12/01/2025		1,432,517		0.3
2,005,000 (1)	Permian Resources Operating LLC, 5.875%, 07/01/2029		1,888,670		0.4
2,815,000	Southwestern Energy Co., 5.375%, 02/01/2029		2,595,141		0.5
750,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029		659,094		0.1
1,695,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030		1,469,968		0.3
1,230,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025		1,228,007		0.3

					Percentage
Principal					of Net
Amount†			Value		Assets
CORPORATE BONDS/NOTES: (continued)
		Energy: (continued)
1,113,750 (1)		Transocean Poseidon Ltd., 6.875%, 02/01/2027	$	1,097,679		0.2
230,000 (1)		Transocean Titan Financing Ltd., 8.375%, 02/01/2028		234,219		0.0
1,030,000 (1)		Transocean, Inc., 7.500%, 01/15/2026		1,007,747		0.2
700,000 (1)	��	Venture Global Calcasieu Pass LLC, 3.875%, 08/15/2029		589,794		0.1
2,300,000 (1)		Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031		1,889,751		0.4
975,000 (1)		Venture Global LNG, Inc., 8.125%, 06/01/2028		966,101		0.2
975,000 (1)		Venture Global LNG, Inc., 8.375%, 06/01/2031		959,441		0.2
				60,216,542		12.4
		Financial: 7.6%
1,010,000 (2)		Ally Financial, Inc., 5.750%, 11/20/2025		981,440		0.2
955,000		Ally Financial, Inc., 6.700%, 02/14/2033		829,991		0.2
1,450,000 (1)		Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029		1,291,809		0.3
1,795,000 (1)		BroadStreet Partners, Inc., 5.875%, 04/15/2029		1,585,736		0.3
1,425,000 (1)		Burford Capital Global Finance LLC, 6.875%, 04/15/2030		1,310,259		0.3
510,000 (1)		Freedom Mortgage Corp., 6.625%, 01/15/2027		448,767		0.1
925,000 (1)		Freedom Mortgage Corp., 8.250%, 04/15/2025		926,051		0.2
415,000 (1)		Freedom Mortgage Corp., 12.250%, 10/01/2030		424,705		0.1
3,100,000		Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 5.250%, 05/15/2027		2,728,480		0.6
1,371,000 (1)		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		1,109,270		0.2
650,000 (1)		Midcap Financial Issuer Trust, 5.625%, 01/15/2030		504,822		0.1
1,370,000 (1)		Midcap Financial Issuer Trust, 6.500%, 05/01/2028		1,184,267		0.2

See Accompanying Notes to Financial Statements

64

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,620,000	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029	$	1,149,849		0.2
1,870,000	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027		1,452,004		0.3
1,050,000 (1)	Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026		981,935		0.2
2,065,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030		1,679,344		0.3
1,465,000	Navient Corp., 4.875%, 03/15/2028		1,243,411		0.3
811,000 (2)	Navient Corp., 5.000%, 03/15/2027		729,831		0.2
825,000	OneMain Finance Corp., 4.000%, 09/15/2030		620,053		0.1
1,900,000	OneMain Finance Corp., 5.375%, 11/15/2029		1,593,530		0.3
575,000	OneMain Finance Corp., 7.125%, 03/15/2026		563,728		0.1
2,250,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028		2,058,266		0.4
1,175,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029		893,787		0.2
2,225,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029		1,611,768		0.3
2,025,000 (1)	RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028		1,991,452		0.4
350,000 (1)	RLJ Lodging Trust L.P., 3.750%, 07/01/2026		316,862		0.1
755,000	Service Properties Trust, 4.750%, 10/01/2026		648,459		0.1
745,000	Service Properties Trust, 5.500%, 12/15/2027		637,638		0.1
2,410,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027		2,184,026		0.5
1,450,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028		1,421,620		0.3
1,935,000 (1)	XHR L.P., 4.875%, 06/01/2029		1,646,830		0.3

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
305,000 (1)	XHR L.P., 6.375%, 08/15/2025	$	299,733		0.1
			37,049,723		7.6
	Industrial: 12.2%
930,000 (1)	AmeriTex HoldCo Intermediate LLC, 10.250%, 10/15/2028		920,700		0.2
2,300,000 (1)(3)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027		1,738,894		0.4
865,000	Ball Corp., 3.125%, 09/15/2031		678,625		0.1
300,000	Ball Corp., 4.875%, 03/15/2026		288,408		0.1
730,000	Ball Corp., 6.875%, 03/15/2028		735,187		0.2
1,095,000 (1)	Bombardier, Inc., 7.500%, 02/01/2029		1,040,531		0.2
1,290,000 (1)	Bombardier, Inc., 7.875%, 04/15/2027		1,259,823		0.3
1,570,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026		1,495,229		0.3
2,300,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030		2,053,376		0.4
295,000 (1)(2)	Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026		283,147		0.1
1,725,000 (1)	Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028		1,595,487		0.3
1,745,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030		1,756,744		0.4
1,625,000 (1)	Clean Harbors, Inc., 6.375%, 02/01/2031		1,582,118		0.3
1,535,000 (1)	Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030		1,479,624		0.3
2,390,000 (1)	Energizer Holdings, Inc., 4.750%, 06/15/2028		2,067,237		0.4
2,275,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028		2,064,964		0.4
475,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/01/2025		467,276		0.1
1,780,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028		1,557,067		0.3
525,000 (1)	GFL Environmental, Inc., 4.250%, 06/01/2025		505,063		0.1

See Accompanying Notes to Financial Statements

65

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
890,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029	$	774,189		0.2
700,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029		577,657		0.1
730,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032		625,471		0.1
1,275,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028		987,194		0.2
1,875,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028		1,573,787		0.3
1,555,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027		1,529,251		0.3
2,310,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029		2,026,762		0.4
775,000 (1)(3)	Intelligent Packaging Holdco Issuer L.P., 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026		644,832		0.1
1,525,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028		1,336,719		0.3
1,425,000 (1)	Maxim Crane Works Holdings Capital LLC, 11.500%, 09/01/2028		1,389,375		0.3
1,925,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028		1,903,257		0.4
1,650,000 (1)(2)	Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031		1,614,937		0.3
1,655,000 (1)(2)	PGT Innovations, Inc., 4.375%, 10/01/2029		1,527,852		0.3
1,205,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029		1,038,002		0.2
1,075,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025		1,010,500		0.2
1,600,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027		1,545,453		0.3
1,550,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027		1,384,773		0.3
275,000 (1)	Sealed Air Corp., 5.125%, 12/01/2024		271,793		0.1
910,000 (1)	Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028		882,323		0.2
690,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025		669,664		0.1
2,180,000 (1)	Sensata Technologies, Inc., 3.750%,02/15/2031		1,766,563		0.4

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
1,925,000 (1)	Standard Industries, Inc., 3.375%, 01/15/2031	$	1,490,404		0.3
1,125,000 (1)	Standard Industries, Inc., 4.375%, 07/15/2030		932,899		0.2
1,325,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029		1,204,377		0.2
1,000,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027		977,451		0.2
1,615,000 (2)	TransDigm, Inc., 4.625%, 01/15/2029		1,412,309		0.3
1,300,000	TransDigm, Inc., 5.500%, 11/15/2027		1,218,548		0.2
2,245,000 (1)	TransDigm, Inc., 6.875%, 12/15/2030		2,203,960		0.5
1,500,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028		1,303,388		0.3
			59,393,190		12.2
	Technology: 2.4%
2,035,000 (1)	Cloud Software Group, Inc., 6.500%, 03/31/2029		1,801,668		0.4
1,175,000 (1)(2)	Cloud Software Group, Inc., 9.000%, 09/30/2029		1,022,703		0.2
1,150,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028		981,168		0.2
1,065,000 (1)	Entegris Escrow Corp., 5.950%, 06/15/2030		988,796		0.2
725,000 (1)(2)	Entegris, Inc., 3.625%, 05/01/2029		616,388		0.1
1,200,000 (1)	McAfee Corp., 7.375%, 02/15/2030		1,006,036		0.2
1,550,000 (1)	NCR Atleos Escrow Corp., 9.500%, 04/01/2029		1,500,764		0.3
820,000 (1)	Open Text Corp., 3.875%, 12/01/2029		674,957		0.2
1,750,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030		1,465,960		0.3
1,125,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028		378,703		0.1
1,375,000 (1)	Virtusa Corp., 7.125%, 12/15/2028		1,112,052		0.2
			11,549,195		2.4
	Utilities: 1.3%
2,085,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028		1,801,799		0.4

See Accompanying Notes to Financial Statements

66

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
1,540,000	TransAlta Corp., 7.750%, 11/15/2029	$	1,560,690		0.3
1,005,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029		864,860		0.2
1,125,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026		1,073,920		0.2
1,350,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027		1,281,490		0.2
			6,582,759		1.3
	Total Corporate Bonds/ Notes (Cost $498,938,245)		462,378,136		95.1
BANK LOANS: 1.0%
	Communications: 0.2%
1,132,000	AP Core Holdings II, LLC, High-Yield Term Loan B2, 10.717%, (TSFR3M+5.500%), 09/01/2027		1,101,105		0.2
	Consumer, Non-cyclical: 0.3%
1,240,000	Nielsen Consumer Inc., 2023 USD Fifth Amendment Incremental Term Loan, 11.549%, (TSFR3M+6.250%), 03/05/2028		1,187,300		0.3
	Financial: 0.3%
1,555,000	HUB International Limited, 2023 Term Loan B, 9.369%, (TSFR3M+4.250%), 06/30/2030		1,561,630		0.3
	Lodging & Casinos: 0.2%
906,000	Hilton Worldwide, 2019 Term Loan B2, 6.939%, (TSFR1M+1.750%), 06/21/2026		906,688		0.2

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Radio & Television: 0.0%
3,866	Clear Channel Outdoor Holdings, Inc., Term Loan B, 8.807%, (TSFR3M+3.500%), 08/23/2026	$	3,764		0.0
	Total Bank Loans (Cost $4,777,085)		4,760,487		1.0
	Total Long-Term Investments (Cost $503,715,330)		467,138,623		96.1

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.6%
	Commercial Paper: 2.4%
1,500,000	Dominion Energy, Inc., 5.810%, 10/25/2023		1,494,056		0.3
3,000,000	EIDP Inc., 6.130%, 10/11/2023		2,994,486		0.6
700,000	Entergy Corp., 5.910%, 10/18/2023		697,966		0.1
2,000,000	Exelon Corp., 8.250%, 10/02/2023		1,999,096		0.4
4,000,000	HP, Inc., 6.040%, 10/11/2023		3,992,728		0.8
700,000	Mondelez International, Inc., 8.250%, 10/02/2023		699,683		0.2
	Total Commercial Paper (Cost $11,881,365)		11,878,015		2.4
	Repurchase Agreements: 5.1%
410,030 (5)	Bethesda Securities LLC, Repurchase Agreement dated 09/29/2023, 5.390%, due 10/02/2023 (Repurchase Amount $410,212, collateralized by various U.S. Government Agency Obligations, 3.062%- 6.000%, Market Value plus accrued interest $418,231, due 08/01/28-07/01/53)		410,030		0.1

See Accompanying Notes to Financial Statements

67

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
5,803,597 (5)	Cantor Fitzgerald, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $5,806,135, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $5,919,669, due 05/01/25-03/15/65)	$	5,803,597		1.2
4,158,688 (5)	CF Secured LLC, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $4,160,506, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.166%, Market Value plus accrued interest $4,241,862, due 11/15/23-08/20/72)		4,158,688		0.8
2,798,895 (5)	Citigroup Global Markets Inc., Repurchase Agreement dated 09/29/2023, 5.300%, due 10/02/2023 (Repurchase Amount $2,800,114, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.087%, Market Value plus accrued interest $2,854,873, due 08/05/25-05/20/72)		2,798,895		0.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
5,803,597 (5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 09/29/2023, 5.330%, due 10/02/2023 (Repurchase Amount $5,806,139, collateralized by various U.S. Government Securities, 0.000%- 7.500%, Market Value plus accrued interest $5,919,669, due 10/31/23-02/15/53)	$	5,803,597		1.2
5,803,597 (5)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 09/29/2023, 5.370%, due 10/02/2023 (Repurchase Amount $5,806,159, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.449%, Market Value plus accrued interest $5,922,318, due 02/15/25-04/20/71)		5,803,597		1.2
	Total Repurchase Agreements (Cost $24,778,404)		24,778,404		5.1

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.1%
493,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $493,000)	$	493,000			0.1
	Total Short-Term Investments (Cost $37,152,769)		37,149,419			7.6
	Total Investments in Securities (Cost $540,868,099)	$	504,288,042			103.7
	Liabilities in Excess of Other Assets		(18,113,421	)		(3.7	)
	Net Assets	$	486,174,621			100.0

See Accompanying Notes to Financial Statements

68

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

^†  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 September 30, 2023.

⁽⁵⁾  All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁶⁾  Rate shown is the 7-day yield as of September 30, 2023.

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate

TSFR3M 3-month CME Term Secured Overnight Financing Rate

Investment Type Allocation
as of September 30, 2023
(as a percentage of net assets)

Corporate Bonds/Notes	95.1	%
Repurchase Agreements	5.1	%
Commercial Paper	2.4	%
Bank Loans	1.0	%
Mutual Funds	0.1	%
Liabilities in Excess of Other Assets	(3.7	)%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

69

Voya High Yield Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		September 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—	$	462,378,136	$	—	$	462,378,136
Bank Loans		—		4,760,487		—		4,760,487
Short-Term Investments		493,000		36,656,419		—		37,149,419
Total Investments, at fair value	$	493,000	$	503,795,042	$	—	$	504,288,042

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

At September 30, 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 $542,181,561.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	642,312
Gross Unrealized Depreciation		(38,535,831	)
Net Unrealized Depreciation	$	(37,893,519	)

See Accompanying Notes to Financial Statements

70

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited)

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	$	1,476,143	0.0
1,377,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024		1,343,608	0.0
1,168,000 (1)	Anglo American Capital PLC, 4.750%, 03/16/2052		893,006	0.0
671,000 (1)	Anglo American Capital PLC, 4.875%, 05/14/2025		658,587	0.0
4,048,000 (1)(2)	Anglo American Capital PLC, 5.500%, 05/02/2033		3,797,530	0.1
3,800,000	AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030		3,068,120	0.0
3,424,000 (2)	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033		3,255,808	0.0
3,146,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030		3,074,847	0.0
3,462,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033		3,343,799	0.0
944,000	BHP Billiton Finance USA Ltd., 5.500%, 09/08/2053		904,345	0.0
4,505,000	Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027		4,071,191	0.1
3,735,000 (1)	Cleveland-Cliffs, Inc., 6.750%, 04/15/2030		3,495,461	0.1
5,200,000 (1)	Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034		5,049,574	0.1
2,700,000 (1)	Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053		2,575,125	0.0
1,420,000	FMC Corp., 5.150%, 05/18/2026		1,380,167	0.0
3,000,000 (1)(2)	GC Treasury Center Co. Ltd., 2.980%, 03/18/2031		2,371,335	0.0
1,625,000	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		1,389,026	0.0
4,410,000 (1)	Ingevity Corp., 3.875%, 11/01/2028		3,639,948	0.1
4,325,000 (1)	Novelis Corp., 4.750%, 01/30/2030		3,748,866	0.1
527,000	Nutrien Ltd., 5.800%, 03/27/2053		485,309	0.0
407,000	Nutrien Ltd., 5.875%, 12/01/2036		386,839	0.0
1,325,000 (1)	OCP SA, 3.750%, 06/23/2031		1,048,810	0.0

Principal Amount†		Value		Percentage  of Net  Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials: (continued)
4,100,000 (2)	Olin Corp., 5.000%, 02/01/2030	$	3,646,144	0.1
776,000 (2)	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033		745,783	0.0
3,754,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053		3,426,744	0.1
3,189,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		2,710,288	0.0
2,139,000	Steel Dynamics, Inc., 2.400%, 06/15/2025		2,010,647	0.0
2,425,000	Suzano Austria GmbH, 3.750%, 01/15/2031		2,005,172	0.0
4,825,000	Suzano Austria GmbH, 6.000%, 01/15/2029		4,712,819	0.1
			70,715,041	0.9
	Communications: 2.4%
2,939,000	Amazon.com, Inc., 2.100%, 05/12/2031		2,358,392	0.0
3,040,000	Amazon.com, Inc., 2.875%, 05/12/2041		2,149,851	0.0
1,928,000	Amazon.com, Inc., 3.150%, 08/22/2027		1,794,439	0.0
1,519,000	Amazon.com, Inc., 4.100%, 04/13/2062		1,157,583	0.0
1,376,000	Amazon.com, Inc., 4.550%, 12/01/2027		1,348,217	0.0
5,300,000 (1)(2)	ANGI Group LLC, 3.875%, 08/15/2028		4,153,456	0.1
1,750,000	AT&T, Inc., 3.500%, 06/01/2041		1,216,668	0.0
2,404,000	AT&T, Inc., 3.500%, 09/15/2053		1,486,628	0.0
481,000	AT&T, Inc., 3.550%, 09/15/2055		294,750	0.0
8,203,000	AT&T, Inc., 3.650%, 09/15/2059		4,996,335	0.1
3,539,000	AT&T, Inc., 3.800%, 12/01/2057		2,244,186	0.0
649,000	AT&T, Inc., 4.500%, 05/15/2035		553,963	0.0
3,480,000	AT&T, Inc., 4.900%, 08/15/2037		3,017,455	0.0
1,245,000	AT&T, Inc., 5.400%, 02/15/2034		1,165,730	0.0
6,536,000	Bell Telephone Co. of Canada or Bell Canada, 5.100%, 05/11/2033		6,114,379	0.1
2,314,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		1,888,209	0.0
4,012,000	Comcast Corp., 1.950%, 01/15/2031		3,138,364	0.0
4,396,000	Comcast Corp., 2.650%, 02/01/2030		3,715,399	0.1

See Accompanying Notes to Financial Statements

71

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
5,558,000	Comcast Corp., 3.900%, 03/01/2038	$	4,544,339	0.1
1,873,000	Comcast Corp., 5.350%, 11/15/2027		1,872,892	0.0
8,557,000	Comcast Corp., 5.500%, 05/15/2064		7,794,858	0.1
533,000	Corning, Inc., 5.450%, 11/15/2079		448,356	0.0
4,420,000 (1)	GCI LLC, 4.750%, 10/15/2028		3,817,156	0.1
4,245,000 (1)(2)	Gray Television, Inc., 7.000%, 05/15/2027		3,657,237	0.1
5,000,000 (1)	Match Group Holdings II LLC, 3.625%, 10/01/2031		3,950,375	0.1
2,528,000 (2)	Meta Platforms, Inc., 3.500%, 08/15/2027		2,385,345	0.0
7,870,000	Meta Platforms, Inc., 4.450%, 08/15/2052		6,235,100	0.1
884,000	Meta Platforms, Inc., 4.650%, 08/15/2062		704,235	0.0
6,909,000	Meta Platforms, Inc., 5.750%, 05/15/2063		6,520,385	0.1
2,000,000 (1)	Millicom International Cellular SA, 4.500%, 04/27/2031		1,435,000	0.0
2,160,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026		1,941,551	0.0
3,800,000 (1)	NBN Co. Ltd., 1.625%, 01/08/2027		3,353,973	0.0
4,617,000 (1)	NBN Co. Ltd., 6.000%, 10/06/2033		4,634,452	0.1
1,957,000 (2)	Paramount Global, 4.200%, 05/19/2032		1,556,656	0.0
2,755,000	Paramount Global, 4.375%, 03/15/2043		1,783,664	0.0
4,387,000 (2)	Paramount Global, 4.950%, 01/15/2031		3,768,951	0.1
3,871,000	Paramount Global, 4.950%, 05/19/2050		2,624,640	0.0
608,000	Paramount Global, 5.250%, 04/01/2044		425,350	0.0
3,121,000	Paramount Global, 5.850%, 09/01/2043		2,429,800	0.0
4,305,000 (1)	Sirius XM Radio, Inc., 5.500%, 07/01/2029		3,812,771	0.1
4,944,000	Sprint Capital Corp., 6.875%, 11/15/2028		5,108,988	0.1
8,010,000	Sprint Capital Corp., 8.750%, 03/15/2032		9,273,385	0.1
4,365,000	Telecom Italia Capital SA, 7.721%, 06/04/2038		3,997,838	0.1
5,387,000	Time Warner Cable LLC, 5.500%, 09/01/2041		4,217,500	0.1
2,829,000	Time Warner Cable LLC, 5.875%, 11/15/2040		2,345,883	0.0
2,569,000	T-Mobile USA, Inc., 2.050%, 02/15/2028		2,210,268	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
642,000	T-Mobile USA, Inc., 2.250%, 02/15/2026	$	591,574	0.0
1,948,000	T-Mobile USA, Inc., 2.625%, 02/15/2029		1,652,193	0.0
2,805,000	T-Mobile USA, Inc., 3.500%, 04/15/2031		2,374,599	0.0
5,747,000	T-Mobile USA, Inc., 3.875%, 04/15/2030		5,093,847	0.1
1,048,000	T-Mobile USA, Inc., 4.375%, 04/15/2040		842,578	0.0
899,000	T-Mobile USA, Inc., 4.500%, 04/15/2050		689,853	0.0
4,408,000	T-Mobile USA, Inc., 5.050%, 07/15/2033		4,091,329	0.1
3,697,000	T-Mobile USA, Inc., 5.800%, 09/15/2062		3,376,628	0.0
3,615,000	T-Mobile USA, Inc., 6.000%, 06/15/2054		3,448,239	0.1
311,000	Verizon Communications, Inc., 1.750%, 01/20/2031		234,485	0.0
315,000	Verizon Communications, Inc., 2.550%, 03/21/2031		250,979	0.0
1,312,000	Verizon Communications, Inc., 3.400%, 03/22/2041		930,768	0.0
3,610,000	Verizon Communications, Inc., 3.850%, 11/01/2042		2,671,044	0.0
1,361,000	Verizon Communications, Inc., 4.400%, 11/01/2034		1,181,073	0.0
6,432,000	Verizon Communications, Inc., 4.812%, 03/15/2039		5,547,936	0.1
4,085,000 (1)	Viasat, Inc., 5.625%, 04/15/2027		3,543,738	0.1
3,725,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031		3,013,779	0.0
1,625,000	Vodafone Group PLC, 5.750%, 02/10/2063		1,426,654	0.0
4,860,000 (1)(2)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027		3,612,440	0.1
			184,218,688	2.4
	Consumer, Cyclical: 1.6%
399,073	American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029		368,292	0.0
2,056,027	American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029		1,889,241	0.0
802,247	American Airlines Pass Through Trust 2016-2, A, 3.650%, 12/15/2029		700,186	0.0

See Accompanying Notes to Financial Statements

72

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
2,705,754	American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029	$	2,438,711	0.0
5,692,150	American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031		5,079,819	0.1
1,076,679	American Airlines Pass Through Trust 2019-1, AA, 3.150%, 08/15/2033		924,690	0.0
4,028,000	American Honda Finance Corp., 4.700%, 01/12/2028		3,916,467	0.1
2,921,000	American Honda Finance Corp., GMTN, 5.125%, 07/07/2028		2,877,235	0.0
4,430,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		3,794,350	0.1
4,405,000	Bath & Body Works, Inc., 6.750%, 07/01/2036		3,864,544	0.1
2,791,000 (1)	BMW US Capital LLC, 5.150%, 08/11/2033		2,658,941	0.0
3,738,647	Delta Air Lines Pass Through Trust 20-1, A, 2.500%, 12/10/2029		3,283,222	0.0
1,157,644	Delta Air Lines Pass Through Trust 2015-1, AA, 3.625%, 01/30/2029		1,081,217	0.0
685,049 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028		651,285	0.0
3,850,000 (2)	Ford Motor Co., 6.100%, 08/19/2032		3,630,329	0.1
3,720,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029		3,409,024	0.1
2,333,000	General Motors Co., 6.125%, 10/01/2025		2,331,474	0.0
1,732,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027		1,630,976	0.0
1,982,000	General Motors Financial Co., Inc., 5.850%, 04/06/2030		1,899,767	0.0
4,340,000 (1)	H&E Equipment Services, Inc., 3.875%, 12/15/2028		3,710,761	0.1
3,050,000 (1)	Hyundai Capital America, 5.680%, 06/26/2028		2,983,711	0.0
1,692,000	Lowe's Cos., Inc., 4.450%, 04/01/2062		1,236,774	0.0
2,043,000	Lowe's Cos., Inc., 5.750%, 07/01/2053		1,907,608	0.0
1,554,000	Lowe's Cos., Inc., 5.850%, 04/01/2063		1,431,986	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
5,000,000	Macy's Retail Holdings LLC, 4.500%, 12/15/2034	$	3,388,283	0.0
1,978,000	McDonald's Corp., 5.450%, 08/14/2053		1,862,420	0.0
2,742,000 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		2,719,506	0.0
4,690,000 (1)(2)	Sonic Automotive, Inc., 4.875%, 11/15/2031		3,738,891	0.1
2,152,000 (2)	Target Corp., 4.800%, 01/15/2053		1,842,737	0.0
1,170,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031		904,038	0.0
4,610,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029		3,852,304	0.1
1,503,000	Toyota Motor Credit Corp., MTN, 1.900%, 01/13/2027		1,348,353	0.0
5,032,000	Toyota Motor Credit Corp., MTN, 4.550%, 09/20/2027		4,897,418	0.1
1,339,036	United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029		1,329,181	0.0
682,307	United Airlines Pass Through Trust 2016-2, A, 3.100%, 04/07/2030		587,240	0.0
3,998,804	United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030		3,530,894	0.1
752,712	United Airlines Pass Through Trust 2018-1, AA, 3.500%, 09/01/2031		668,746	0.0
2,325,000 (1)	United Airlines, Inc., 4.625%, 04/15/2029		2,000,838	0.0
4,966,559	US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026		4,971,879	0.1
436,390	US Airways Pass Through Trust 2012-2, A, 4.625%, 12/03/2026		420,324	0.0
3,487,000 (1)	Volkswagen Group of America Finance LLC, 5.900%, 09/12/2033		3,372,961	0.0
4,943,000	Walmart, Inc., 4.000%, 04/15/2030		4,646,273	0.1
9,092,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027		8,397,848	0.1
3,270,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042		2,530,795	0.0
5,932,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		4,411,252	0.1

See Accompanying Notes to Financial Statements

73

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
1,163,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062	$	859,752	0.0
3,925,000 (1)	ZF North America Capital, Inc., 7.125%, 04/14/2030		3,850,704	0.1
			123,833,247	1.6
	Consumer, Non-cyclical: 4.8%
3,670,000	AbbVie, Inc., 2.600%, 11/21/2024		3,539,378	0.1
2,351,000	AbbVie, Inc., 4.050%, 11/21/2039		1,924,565	0.0
7,016,000	AbbVie, Inc., 4.300%, 05/14/2036		6,160,381	0.1
5,481,000	AbbVie, Inc., 4.500%, 05/14/2035		4,955,556	0.1
1,059,000	AbbVie, Inc., 4.550%, 03/15/2035		963,678	0.0
674,000	AbbVie, Inc., 4.625%, 10/01/2042		568,273	0.0
4,305,000 (1)	ADT Security Corp., 4.125%, 08/01/2029		3,644,850	0.1
2,339,000	Aetna, Inc., 6.625%, 06/15/2036		2,417,279	0.0
4,460,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029		3,806,478	0.1
2,610,000	Amgen, Inc., 2.770%, 09/01/2053		1,456,995	0.0
2,165,000	Amgen, Inc., 4.400%, 02/22/2062		1,605,910	0.0
3,741,000	Amgen, Inc., 5.250%, 03/02/2033		3,577,897	0.1
8,933,000	Amgen, Inc., 5.600%, 03/02/2043		8,310,410	0.1
3,434,000	Amgen, Inc., 5.650%, 03/02/2053		3,216,373	0.1
3,126,000	Amgen, Inc., 5.750%, 03/02/2063		2,886,350	0.0
2,321,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		2,024,316	0.0
4,324,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039		4,182,260	0.1
265,000	BAT Capital Corp., 3.557%, 08/15/2027		242,579	0.0
2,393,000	BAT Capital Corp., 3.734%, 09/25/2040		1,606,718	0.0
1,771,000	BAT Capital Corp., 4.390%, 08/15/2037		1,356,548	0.0
2,482,000	BAT Capital Corp., 6.421%, 08/02/2033		2,414,419	0.0
2,657,000	BAT Capital Corp., 7.079%, 08/02/2043		2,550,707	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
3,704,000	BAT Capital Corp., 7.081%, 08/02/2053	$	3,502,477	0.1
4,315,000	Becton Dickinson & Co., 4.693%, 02/13/2028		4,185,275	0.1
1,474,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		1,230,193	0.0
2,552,000 (1)	Cargill, Inc., 1.700%, 02/02/2031		1,972,390	0.0
2,183,000 (1)	Cargill, Inc., 2.125%, 04/23/2030		1,788,301	0.0
4,313,000 (1)	Cargill, Inc., 2.125%, 11/10/2031		3,361,691	0.1
1,790,000	Centene Corp., 2.625%, 08/01/2031		1,373,221	0.0
25,057,000	Centene Corp., 3.000%, 10/15/2030		20,241,671	0.3
3,190,000	Centene Corp., 4.625%, 12/15/2029		2,876,726	0.0
2,705,000 (2)	Central Garden & Pet Co., 4.125%, 10/15/2030		2,258,172	0.0
3,471,000	Cigna Group, 3.250%, 04/15/2025		3,340,572	0.1
7,297,000	Cigna Group, 4.800%, 08/15/2038		6,433,359	0.1
2,284,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052		1,935,162	0.0
1,398,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062		1,163,486	0.0
4,475,000	CVS Health Corp., 2.700%, 08/21/2040		2,824,402	0.0
2,465,000	CVS Health Corp., 3.875%, 07/20/2025		2,382,657	0.0
3,492,000	CVS Health Corp., 4.125%, 04/01/2040		2,716,527	0.0
2,326,000	CVS Health Corp., 4.780%, 03/25/2038		2,004,191	0.0
3,342,000	CVS Health Corp., 5.050%, 03/25/2048		2,779,208	0.0
690,000	CVS Health Corp., 5.300%, 06/01/2033		653,987	0.0
2,253,000	CVS Health Corp., 6.000%, 06/01/2063		2,071,199	0.0
7,379,000 (1)	Danone SA, 2.947%, 11/02/2026		6,856,843	0.1
3,850,000 (1)	DaVita, Inc., 3.750%, 02/15/2031		2,930,059	0.1
4,395,000 (1)	DaVita, Inc., 4.625%, 06/01/2030		3,614,278	0.1
1,778,000	Elevance Health, Inc., 4.900%, 02/08/2026		1,744,589	0.0
2,221,000 (1)	ERAC USA Finance LLC, 5.400%, 05/01/2053		2,054,111	0.0
1,960,000 (2)	Estee Lauder Cos., Inc., 4.650%, 05/15/2033		1,829,294	0.0
2,801,000 (1)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026		2,444,023	0.0

See Accompanying Notes to Financial Statements

74

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
2,374,000	Gilead Sciences, Inc., 5.550%, 10/15/2053	$	2,284,216	0.0
10,098,000	Global Payments, Inc., 1.200%, 03/01/2026		9,010,861	0.1
1,760,000	Global Payments, Inc., 5.950%, 08/15/2052		1,580,614	0.0
1,282,000	HCA, Inc., 2.375%, 07/15/2031		982,123	0.0
2,570,000	HCA, Inc., 3.125%, 03/15/2027		2,336,047	0.0
1,245,000	HCA, Inc., 3.500%, 09/01/2030		1,053,758	0.0
8,542,000	HCA, Inc., 4.125%, 06/15/2029		7,736,896	0.1
3,544,000	HCA, Inc., 4.375%, 03/15/2042		2,714,739	0.0
3,076,000	HCA, Inc., 4.500%, 02/15/2027		2,937,621	0.1
1,449,000	HCA, Inc., 5.250%, 04/15/2025		1,431,586	0.0
2,509,000 (1)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025		2,323,207	0.0
3,870,000 (1)	JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg Sarl, 6.750%, 03/15/2034		3,768,974	0.1
2,210,000 (1)	JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg Sarl, 7.250%, 11/15/2053		2,138,628	0.0
3,259,000	Johnson & Johnson, 3.625%, 03/03/2037		2,749,040	0.0
5,044,000 (1)	Kenvue, Inc., 4.900%, 03/22/2033		4,823,399	0.1
2,085,000 (1)	Kenvue, Inc., 5.050%, 03/22/2028		2,058,691	0.0
1,734,000 (1)	Kenvue, Inc., 5.100%, 03/22/2043		1,602,309	0.0
3,660,000 (1)	Kenvue, Inc., 5.200%, 03/22/2063		3,305,407	0.1
3,255,000	Kraft Heinz Foods Co., 6.875%, 01/26/2039		3,416,988	0.1
2,495,000 (1)	Mars, Inc., 3.875%, 04/01/2039		1,985,191	0.0
3,221,000	McKesson Corp., 5.250%, 02/15/2026		3,186,006	0.1
4,875,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029		4,125,774	0.1
4,301,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033		4,009,195	0.1
1,170,000	Merck & Co., Inc., 4.500%, 05/17/2033		1,095,466	0.0
2,012,000	Merck & Co., Inc., 4.900%, 05/17/2044		1,837,244	0.0
2,858,000	Merck & Co., Inc., 5.000%, 05/17/2053		2,601,459	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
2,983,000	Merck & Co., Inc., 5.150%, 05/17/2063	$	2,722,923	0.0
10,375,000 (1)	Minerva Luxembourg SA, 8.875%, 09/13/2033		10,307,562	0.1
1,416,000	Molson Coors Beverage Co., 4.200%, 07/15/2046		1,066,257	0.0
2,889,000 (1)	Nestle Holdings, Inc., 3.900%, 09/24/2038		2,460,045	0.0
3,573,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027		3,447,174	0.1
4,220,000 (1)	Organon & Co / Organon Foreign Debt Co-Issuer BV, 4.125%, 04/30/2028		3,670,825	0.1
5,271,000 (2)	PayPal Holdings, Inc., 2.300%, 06/01/2030		4,311,858	0.1
7,861,000	PayPal Holdings, Inc., 5.250%, 06/01/2062		6,985,724	0.1
2,350,000	Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030		2,252,697	0.0
9,947,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033		9,406,665	0.1
513,000	Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043		471,419	0.0
4,353,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053		4,047,818	0.1
9,333,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063		8,533,312	0.1
5,188,000	Philip Morris International, Inc., 5.375%, 02/15/2033		4,920,956	0.1
3,850,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030		3,301,566	0.1
4,410,000 (1)	Post Holdings, Inc., 5.500%, 12/15/2029		4,002,954	0.1
4,380,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029		3,749,630	0.1
3,855,000	Reynolds American, Inc., 5.850%, 08/15/2045		3,197,312	0.1
1,626,000	Royalty Pharma PLC, 1.200%, 09/02/2025		1,478,524	0.0
2,055,000	Royalty Pharma PLC, 1.750%, 09/02/2027		1,754,510	0.0
1,466,000	Royalty Pharma PLC, 2.200%, 09/02/2030		1,138,902	0.0
4,423,000	Royalty Pharma PLC, 3.300%, 09/02/2040		2,899,346	0.1
3,374,000	Royalty Pharma PLC, 3.350%, 09/02/2051		1,955,578	0.0
1,749,000	S&P Global, Inc., 1.250%, 08/15/2030		1,336,535	0.0

See Accompanying Notes to Financial Statements

75

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
5,049,000	S&P Global, Inc., 2.700%, 03/01/2029	$	4,418,045	0.1
3,423,000	S&P Global, Inc., 2.900%, 03/01/2032		2,819,434	0.0
1,626,000 (1)	S&P Global, Inc., 5.250%, 09/15/2033		1,585,819	0.0
4,774,000	Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030		4,648,332	0.1
3,588,000	Thermo Fisher Scientific, Inc., 5.086%, 08/10/2033		3,470,726	0.1
1,914,000 (2)	Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043		1,830,382	0.0
2,461,000 (1)	Triton Container International Ltd., 2.050%, 04/15/2026		2,199,137	0.0
1,814,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031		1,373,125	0.0
1,874,000	Unilever Capital Corp., 5.000%, 12/08/2033		1,815,514	0.0
1,470,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040		999,961	0.0
748,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041		528,165	0.0
2,117,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039		1,632,484	0.0
1,590,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047		1,171,646	0.0
2,182,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032		1,992,260	0.0
1,905,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053		1,705,935	0.0
3,168,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063		2,831,698	0.0
2,190,000	UnitedHealth Group, Inc., 5.875%, 02/15/2053		2,200,655	0.0
3,434,000	Viatris, Inc., 2.700%, 06/22/2030		2,686,537	0.0
7,314,000	Viatris, Inc., 3.850%, 06/22/2040		4,767,844	0.1
			367,173,214	4.8
	Energy: 2.8%
4,114,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051		2,516,247	0.0
1,754,000	BP Capital Markets America, Inc., 4.893%, 09/11/2033		1,647,627	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
3,175,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199	$	2,846,541	0.0
1,209,000	Cenovus Energy, Inc., 5.400%, 06/15/2047		1,040,073	0.0
2,845,000 (1)	Cheniere Energy Partners L.P., 5.950%, 06/30/2033		2,747,473	0.0
2,016,000	ConocoPhillips Co., 5.300%, 05/15/2053		1,854,210	0.0
3,795,000	ConocoPhillips Co., 5.550%, 03/15/2054		3,609,800	0.1
3,837,000	ConocoPhillips Co., 5.700%, 09/15/2063		3,660,511	0.1
2,000,000 (1)	Cosan Luxembourg SA, 7.500%, 06/27/2030		1,990,000	0.0
5,032,000	Coterra Energy, Inc., 3.900%, 05/15/2027		4,728,335	0.1
3,555,000 (1)	Crescent Energy Finance LLC, 9.250%, 02/15/2028		3,632,890	0.1
3,975,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027		3,813,324	0.1
5,138,000	Diamondback Energy, Inc., 4.250%, 03/15/2052		3,654,250	0.1
836,000	Diamondback Energy, Inc., 6.250%, 03/15/2033		836,932	0.0
914,000	Diamondback Energy, Inc., 6.250%, 03/15/2053		872,836	0.0
4,425,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031		3,725,978	0.1
8,250,000	Ecopetrol SA, 6.875%, 04/29/2030		7,524,000	0.1
2,175,000	Ecopetrol SA, 8.625%, 01/19/2029		2,185,549	0.0
3,450,000 (1)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036		2,804,332	0.0
2,900,000	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036		2,357,265	0.0
7,100,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026		6,607,864	0.1
400,000 (1)	Empresa Nacional del Petroleo, 3.750%, 08/05/2026		372,274	0.0
3,108,000	Enbridge, Inc., 5.700%, 03/08/2033		2,979,280	0.1
3,241,000 (3)	Enbridge, Inc., 7.375%, 01/15/2083		3,090,191	0.1
3,241,000 (3)	Enbridge, Inc., 7.625%, 01/15/2083		3,102,794	0.1
757,000 (3)	Enbridge, Inc., 8.500%, 01/15/2084		751,523	0.0

See Accompanying Notes to Financial Statements

76

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
5,373,000 (3)	Enbridge, Inc. 20-A, 5.750%, 07/15/2080	$	4,685,421	0.1
325,000	Energy Transfer L.P., 4.250%, 04/01/2024		322,121	0.0
444,000	Energy Transfer L.P., 4.900%, 03/15/2035		391,127	0.0
4,946,000	Energy Transfer L.P., 5.300%, 04/01/2044		4,031,444	0.1
6,849,000	Energy Transfer L.P., 5.300%, 04/15/2047		5,572,463	0.1
1,003,000	Energy Transfer L.P., 5.350%, 05/15/2045		823,746	0.0
2,561,000	Energy Transfer L.P., 5.750%, 02/15/2033		2,464,587	0.0
554,000	Energy Transfer L.P., 6.000%, 06/15/2048		492,485	0.0
2,704,000	Energy Transfer L.P. 20Y, 5.800%, 06/15/2038		2,473,543	0.0
1,263,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		1,261,121	0.0
3,800,000 (1)	EnLink Midstream LLC, 6.500%, 09/01/2030		3,690,149	0.1
2,292,000 (3)	Enterprise Products Operating LLC D, 8.619%, (TSFR3M + 3.248%), 08/16/2077		2,267,986	0.0
2,642,000 (2)	Equinor ASA, 3.125%, 04/06/2030		2,339,597	0.0
700,722 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		585,569	0.0
933,120 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040		721,418	0.0
2,875,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038		2,822,905	0.0
2,875,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042		2,838,142	0.0
4,045,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		3,573,975	0.1
1,295,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		1,274,310	0.0
1,099,000	Kinder Morgan Energy Partners L.P., 5.000%, 08/15/2042		889,715	0.0
2,141,000	Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043		1,734,972	0.0
1,871,000	Kinder Morgan, Inc., 4.800%, 02/01/2033		1,687,984	0.0
3,850,000	Marathon Petroleum Corp., 5.125%, 12/15/2026		3,790,377	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
431,000	Marathon Petroleum Corp., 6.500%, 03/01/2041	$	426,886	0.0
1,491,000	MPLX L.P., 1.750%, 03/01/2026		1,352,427	0.0
5,080,000	MPLX L.P., 4.000%, 03/15/2028		4,702,223	0.1
1,847,000 (1)	Northern Natural Gas Co., 3.400%, 10/16/2051		1,156,092	0.0
1,885,000	Occidental Petroleum Corp., 6.125%, 01/01/2031		1,859,798	0.0
1,859,000	Occidental Petroleum Corp., 6.600%, 03/15/2046		1,828,838	0.0
1,524,000	Occidental Petroleum Corp., 7.500%, 05/01/2031		1,619,049	0.0
946,000	Occidental Petroleum Corp., 8.500%, 07/15/2027		1,013,833	0.0
2,785,000	ONEOK Partners L.P., 6.200%, 09/15/2043		2,596,511	0.0
1,900,000	ONEOK, Inc., 5.850%, 01/15/2026		1,901,908	0.0
274,000	ONEOK, Inc., 6.100%, 11/15/2032		270,735	0.0
1,169,000	Ovintiv, Inc., 5.650%, 05/15/2028		1,144,223	0.0
1,566,000	Ovintiv, Inc., 6.250%, 07/15/2033		1,515,483	0.0
1,378,000	Ovintiv, Inc., 7.100%, 07/15/2053		1,367,712	0.0
750,000	Pertamina Persero PT, 5.625%, 05/20/2043		656,850	0.0
2,280,000	Petroleos del Peru SA, 4.750%, 06/19/2032		1,613,852	0.0
4,000,000 (1)	Petroleos del Peru SA, 4.750%, 06/19/2032		2,831,320	0.0
10,350,000	Petroleos Mexicanos, 5.950%, 01/28/2031		7,408,013	0.1
8,053,000	Petroleos Mexicanos, 6.700%, 02/16/2032		5,993,445	0.1
3,050,000 (2)	Petroleos Mexicanos, 10.000%, 02/07/2033		2,716,025	0.0
3,468,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025		3,368,544	0.1
2,025,000 (1)	QatarEnergy, 3.300%, 07/12/2051		1,316,189	0.0
5,250,000 (1)	Reliance Industries Ltd., 3.625%, 01/12/2052		3,362,914	0.1
1,971,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028		1,837,438	0.0
4,352,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027		4,224,073	0.1

See Accompanying Notes to Financial Statements

77

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
2,369,000	Schlumberger Investment SA, 2.650%, 06/26/2030	$	2,007,003	0.0
1,381,000	Targa Resources Corp., 4.950%, 04/15/2052		1,064,008	0.0
1,937,000	Targa Resources Corp., 6.250%, 07/01/2052		1,781,729	0.0
606,000	Targa Resources Corp., 6.500%, 02/15/2053		579,360	0.0
3,394,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031		3,043,823	0.1
729,000	Teck Resources Ltd., 6.000%, 08/15/2040		653,245	0.0
2,452,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041		1,711,625	0.0
3,850,000 (1)	Venture Global LNG, Inc., 8.375%, 06/01/2031		3,788,562	0.1
9,065,000	Western Midstream Operating L.P., 5.300%, 03/01/2048		7,086,674	0.1
10,875,000	Williams Cos., Inc., 4.000%, 09/15/2025		10,484,198	0.1
			215,971,864	2.8
	Financial: 9.9%
4,863,000 (1)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037		3,583,095	0.1
513,000	Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052		326,356	0.0
501,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053		418,828	0.0
7,674,000	Alleghany Corp., 3.250%, 08/15/2051		4,987,215	0.1
1,468,000 (3)	American Express Co., 4.990%, 05/01/2026		1,442,728	0.0
6,293,000 (3)	American Express Co., 5.282%, 07/27/2029		6,137,255	0.1
1,264,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031		965,142	0.0
2,841,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		2,352,750	0.0
2,099,000	American International Group, Inc., 3.400%, 06/30/2030		1,801,611	0.0
678,000	American International Group, Inc., 3.900%, 04/01/2026		649,610	0.0
6,093,000	American International Group, Inc., 5.125%, 03/27/2033		5,674,628	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
2,537,000	American Tower Corp., 3.650%, 03/15/2027	$	2,352,571	0.0
1,787,000	American Tower Corp., 5.250%, 07/15/2028		1,727,377	0.0
3,872,000	American Tower Corp., 5.550%, 07/15/2033		3,693,812	0.1
1,938,000	American Tower Corp., 5.650%, 03/15/2033		1,865,097	0.0
3,539,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053		3,246,485	0.0
4,433,000	Assurant, Inc., 3.700%, 02/22/2030		3,733,754	0.1
2,337,000 (1)	Aviation Capital Group LLC, 1.950%, 09/20/2026		2,041,891	0.0
4,559,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024		4,483,916	0.1
10,471,000 (1)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027		8,847,026	0.1
3,750,000 (1)	Banco Nacional de Panama, 2.500%, 08/11/2030		2,919,600	0.0
2,000,000 (2)	Banco Nacional de Panama, 2.500%, 08/11/2030		1,557,120	0.0
4,200,000	Banco Santander SA, 2.746%, 05/28/2025		3,956,587	0.1
3,975,000 (1)(3)	Bank Hapoalim BM, 3.255%, 01/21/2032		3,406,376	0.1
7,399,000 (3)	Bank of America Corp., 1.734%, 07/22/2027		6,558,682	0.1
1,181,000 (3)	Bank of America Corp., 2.299%, 07/21/2032		895,453	0.0
2,568,000 (3)	Bank of America Corp., 2.482%, 09/21/2036		1,870,408	0.0
4,388,000 (3)	Bank of America Corp., 2.572%, 10/20/2032		3,373,952	0.1
4,997,000 (3)	Bank of America Corp., 2.687%, 04/22/2032		3,929,658	0.1
9,300,000 (3)	Bank of America Corp., 3.419%, 12/20/2028		8,345,919	0.1
6,065,000 (3)	Bank of America Corp., 3.846%, 03/08/2037		4,937,586	0.1
3,221,000 (3)	Bank of America Corp., 5.202%, 04/25/2029		3,104,236	0.0
6,156,000 (3)	Bank of America Corp., 5.288%, 04/25/2034		5,731,662	0.1
30,817,000 (3)	Bank of America Corp., 5.872%, 09/15/2034		30,006,619	0.4
4,136,000 (3)	Bank of America Corp., GMTN, 3.593%, 07/21/2028		3,779,074	0.1
8,000,000 (3)	Bank of America Corp., MTN, 1.530%, 12/06/2025		7,556,419	0.1

See Accompanying Notes to Financial Statements

78

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,968,000 (3)	Bank of America Corp., MTN, 1.843%, 02/04/2025	$	1,935,937	0.0
1,495,000 (3)	Bank of America Corp., MTN, 2.015%, 02/13/2026		1,407,214	0.0
4,896,000 (3)	Bank of America Corp., MTN, 2.087%, 06/14/2029		4,100,363	0.1
2,299,000 (3)	Bank of America Corp., MTN, 2.551%, 02/04/2028		2,050,959	0.0
3,179,000 (3)	Bank of America Corp., MTN, 2.676%, 06/19/2041		2,037,555	0.0
4,396,000 (3)	Bank of America Corp., MTN, 2.884%, 10/22/2030		3,665,143	0.1
3,188,000 (3)	Bank of America Corp., MTN, 3.194%, 07/23/2030		2,726,692	0.0
8,454,000 (3)	Bank of America Corp., MTN, 4.271%, 07/23/2029		7,794,575	0.1
2,980,000 (3)	Bank of America Corp. N, 2.651%, 03/11/2032		2,346,797	0.0
11,464,000 (3)	Bank of America Corp. RR, 4.375%, 12/31/2199		9,636,053	0.1
9,006,000 (3)	Bank of Nova Scotia, 4.588%, 05/04/2037		7,512,309	0.1
6,605,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026		6,431,298	0.1
2,407,000	BlackRock, Inc., 4.750%, 05/25/2033		2,260,807	0.0
1,667,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028		1,375,688	0.0
6,326,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032		4,618,752	0.1
695,000 (1)	Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030		564,202	0.0
3,592,000	Blue Owl Credit Income Corp., 7.750%, 09/16/2027		3,565,882	0.1
2,094,000 (1)	BPCE SA, 5.150%, 07/21/2024		2,061,215	0.0
7,020,000 (1)	BPCE SA, 5.700%, 10/22/2023		7,013,434	0.1
4,614,000 (1)(3)	CaixaBank SA, 6.840%, 09/13/2034		4,525,560	0.1
3,482,000	Canadian Imperial Bank of Commerce, 6.092%, 10/03/2033		3,460,759	0.1
3,280,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027		2,856,012	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
5,432,000 (3)	Capital One Financial Corp., 3.273%,03/01/2030	$	4,547,044	0.1
3,019,000 (3)	Capital One Financial Corp., 6.377%,06/08/2034		2,851,566	0.0
2,188,000 (2)	CBRE Services, Inc., 5.950%, 08/15/2034		2,066,382	0.0
3,821,000 (3)	Charles Schwab Corp., 5.643%, 05/19/2029		3,744,250	0.1
13,103,000 (3)	Charles Schwab Corp., 6.136%, 08/24/2034		12,753,230	0.2
1,874,000 (3)	Charles Schwab Corp. H, 4.000%, 12/31/2199		1,324,583	0.0
1,971,000	CI Financial Corp., 4.100%, 06/15/2051		1,142,595	0.0
2,101,000 (3)	Citizens Bank NA/ Providence RI, 4.575%, 08/09/2028		1,920,004	0.0
4,234,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030		3,292,065	0.0
6,918,000 (3)	Citizens Financial Group, Inc., 5.641%, 05/21/2037		5,798,477	0.1
1,520,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039		1,065,738	0.0
4,480,000	Corebridge Financial, Inc., 3.900%, 04/05/2032		3,774,752	0.1
3,017,000 (1)	Corebridge Financial, Inc., 6.050%, 09/15/2033		2,935,057	0.0
6,315,000 (3)	Corebridge Financial, Inc., 6.875%, 12/15/2052		6,063,766	0.1
2,700,000 (1)	Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027		2,330,289	0.0
1,962,000	Credit Suisse AG/ New York NY, 1.250%, 08/07/2026		1,715,420	0.0
3,808,000	Credit Suisse AG/ New York NY, 5.000%, 07/09/2027		3,659,696	0.1
2,389,000 (1)(3)	Credit Suisse Group AG, 9.016%,11/15/2033		2,760,716	0.0
596,000	Crown Castle, Inc., 2.100%, 04/01/2031		455,153	0.0
386,000	Crown Castle, Inc., 2.500%, 07/15/2031		301,400	0.0
2,566,000	Crown Castle, Inc., 2.900%, 03/15/2027		2,329,517	0.0
1,216,000	Crown Castle, Inc., 4.800%, 09/01/2028		1,155,271	0.0
3,580,000	CubeSmart L.P., 2.250%, 12/15/2028		2,997,378	0.0

See Accompanying Notes to Financial Statements

79

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
2,407,000 (1)(3)	Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199	$	1,788,251	0.0
2,897,000	Discover Bank, 4.250%, 03/13/2026		2,744,020	0.0
2,404,000 (3)	Discover Bank, 5.974%, 08/09/2028		2,201,973	0.0
2,647,000	Discover Financial Services, 6.700%, 11/29/2032		2,560,654	0.0
1,662,000	Extra Space Storage L.P., 4.000%, 06/15/2029		1,491,902	0.0
7,853,000 (3)	Fifth Third Bancorp, 6.339%, 07/27/2029		7,761,902	0.1
6,749,000	First Horizon Bank, 5.750%, 05/01/2030		6,044,702	0.1
95,000 (3)	Goldman Sachs Group, Inc., 3.210%, 04/22/2042		64,468	0.0
1,030,000	Hartford Financial Services Group, Inc., 5.950%, 10/15/2036		1,013,638	0.0
8,526,000 (1)(3)	Hartford Financial Services Group, Inc. ICON, 7.751%, (TSFR3M + 2.387%), 02/12/2067		7,258,738	0.1
3,980,000	Healthpeak OP LLC, 5.250%, 12/15/2032		3,705,862	0.1
2,116,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027		1,866,515	0.0
9,069,000 (3)	HSBC Holdings PLC, 2.099%, 06/04/2026		8,455,591	0.1
6,688,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029		5,516,002	0.1
4,759,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025		4,561,738	0.1
3,307,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026		3,152,416	0.0
1,835,000 (3)	Huntington Bancshares, Inc., 2.487%, 08/15/2036		1,294,664	0.0
2,884,000 (3)	Huntington Bancshares, Inc., 6.208%, 08/21/2029		2,822,882	0.0
679,000	Huntington National Bank, 5.650%, 01/10/2030		640,350	0.0
5,220,000 (3)	ING Groep NV, 6.114%, 09/11/2034		5,074,043	0.1
3,681,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032		3,492,522	0.1
5,108,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030		4,095,502	0.1
3,483,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040		2,271,863	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
2,528,000 (1)(3)	Intesa Sanpaolo SpA, 7.778%, 06/20/2054	$	2,281,977	0.0
2,002,000	Invitation Homes Operating Parternship L.P., 5.450%, 08/15/2030		1,908,136	0.0
1,022,000	Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033		954,997	0.0
7,190,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028		6,021,178	0.1
2,607,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025		2,502,649	0.0
3,479,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027		3,097,098	0.0
3,444,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027		3,018,346	0.0
3,798,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		3,390,384	0.1
5,582,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029		4,706,483	0.1
3,784,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028		3,317,306	0.1
1,361,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025		1,305,786	0.0
1,531,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026		1,458,051	0.0
6,475,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028		5,876,932	0.1
2,503,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029		2,271,701	0.0
755,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027		721,923	0.0
2,485,000 (3)	JPMorgan Chase & Co., 4.452%, 12/05/2029		2,320,347	0.0
1,568,000	KeyBank NA/ Cleveland OH, 4.900%, 08/08/2032		1,263,184	0.0
1,971,000	KeyCorp, MTN, 2.550%, 10/01/2029		1,538,853	0.0
7,549,000 (3)	KeyCorp, MTN, 4.789%, 06/01/2033		6,296,959	0.1
1,287,000	Kite Realty Group L.P., 4.000%, 10/01/2026		1,173,240	0.0
4,890,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		3,956,476	0.1
1,718,000 (1)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060		1,080,827	0.0
3,503,000 (3)	Lloyds Banking Group PLC, 5.871%, 03/06/2029		3,427,419	0.1
9,427,000 (3)	Lloyds Banking Group PLC, 8.000%, 12/31/2199		8,474,557	0.1

See Accompanying Notes to Financial Statements

80

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
4,022,000	Marsh & McLennan Cos., Inc., 5.400%, 09/15/2033	$	3,918,341	0.1
5,258,000	Marsh & McLennan Cos., Inc., 5.700%, 09/15/2053		5,086,105	0.1
3,912,000 (3)	Morgan Stanley, 0.790%, 05/30/2025		3,758,433	0.1
3,968,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		3,532,717	0.1
5,414,000 (3)	Morgan Stanley, 2.188%, 04/28/2026		5,087,925	0.1
2,425,000 (3)	Morgan Stanley, 2.475%, 01/21/2028		2,163,117	0.0
1,722,000 (3)	Morgan Stanley, 3.591%, 07/22/2028		1,571,955	0.0
2,439,000 (3)	Morgan Stanley, 4.457%, 04/22/2039		2,038,898	0.0
5,907,000 (3)	Morgan Stanley, 5.297%, 04/20/2037		5,266,762	0.1
15,924,000 (3)	Morgan Stanley, 5.948%, 01/19/2038		14,895,427	0.2
1,334,000 (3)	Morgan Stanley, 6.296%, 10/18/2028		1,344,714	0.0
4,461,000 (3)	Morgan Stanley, 6.342%, 10/18/2033		4,488,793	0.1
3,075,000 (3)	Morgan Stanley, GMTN, 0.791%, 01/22/2025		3,015,833	0.0
17,410,000 (3)	Morgan Stanley, GMTN, 1.512%, 07/20/2027		15,388,775	0.2
2,750,000	Morgan Stanley, GMTN, 3.875%, 01/27/2026		2,630,110	0.0
1,986,000 (3)	Morgan Stanley, MTN, 2.720%, 07/22/2025		1,927,890	0.0
2,412,000	Morgan Stanley, MTN, 3.125%, 07/27/2026		2,241,356	0.0
4,138,000 (3)	Morgan Stanley, MTN, 5.164%, 04/20/2029		3,982,710	0.1
13,591,000 (3)	Morgan Stanley, MTN, 5.250%, 04/21/2034		12,627,515	0.2
12,215,000 (3)	Morgan Stanley, MTN, 5.424%, 07/21/2034		11,527,575	0.2
5,135,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031		3,212,917	0.0
3,513,000 (3)	NatWest Group PLC, 5.808%, 09/13/2029		3,410,348	0.1
4,255,000 (2)	Navient Corp., 5.000%, 03/15/2027		3,829,138	0.1
2,485,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032		2,194,923	0.0
2,748,000	Northern Trust Corp., 6.125%, 11/02/2032		2,715,237	0.0
7,000,000	ORIX Corp., 3.250%, 12/04/2024		6,766,145	0.1
12,860,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050		10,926,009	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)				��
2,118,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032	$	1,381,681	0.0
2,078,000 (3)	PNC Financial Services Group, Inc. U, 6.000%, 12/31/2199		1,827,359	0.0
11,052,000 (3)	PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199		9,501,566	0.1
726,000	Realty Income Corp., 3.950%, 08/15/2027		681,364	0.0
1,250,000	Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/2023		1,246,844	0.0
10,656,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031		7,953,849	0.1
5,055,000 (1)	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.875%, 03/01/2031		4,037,353	0.1
1,792,000	Sabra Health Care L.P., 3.200%, 12/01/2031		1,342,726	0.0
3,082,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028		2,684,267	0.0
4,478,000	Sixth Street Specialty Lending, Inc., 6.950%, 08/14/2028		4,432,931	0.1
4,554,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 5.550%, 09/14/2028		4,530,686	0.1
2,281,000 (3)	Truist Financial Corp., 6.321%, (TSFR3M + 0.912%), 03/15/2028		2,078,196	0.0
1,384,000 (3)	Truist Financial Corp., MTN, 1.267%, 03/02/2027		1,226,857	0.0
2,877,000 (3)	Truist Financial Corp., MTN, 4.916%, 07/28/2033		2,442,659	0.0
27,841,000 (3)	Truist Financial Corp., MTN, 5.867%, 06/08/2034		26,224,227	0.3
2,587,000 (3)	Truist Financial Corp. N, 4.800%, 12/31/2199		2,224,112	0.0
3,828,000 (3)	Truist Financial Corp. Q, 5.100%, 12/31/2199		3,291,935	0.0
3,180,000	UBS AG, 5.125%, 05/15/2024		3,139,296	0.0
5,876,000	UBS AG/London, 5.650%, 09/11/2028		5,780,996	0.1
3,853,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027		3,424,826	0.1
1,375,000 (1)(3)	UBS Group AG, 1.494%, 08/10/2027		1,200,678	0.0
3,222,000 (1)(3)	UBS Group AG, 2.193%, 06/05/2026		2,997,877	0.0

See Accompanying Notes to Financial Statements

81

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,999,000 (1)(3)	UBS Group AG, 4.751%, 05/12/2028	$	1,889,591	0.0
4,737,000 (1)(3)	UBS Group AG, 6.301%, 09/22/2034		4,629,999	0.1
7,862,000 (3)	US Bancorp, MTN, 4.967%, 07/22/2033		6,848,630	0.1
1,005,000	Ventas Realty L.P., 5.700%, 09/30/2043		867,394	0.0
1,564,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041		1,051,729	0.0
15,588,000 (3)	Wells Fargo & Co., 5.389%, 04/24/2034		14,579,281	0.2
2,994,000 (3)	Wells Fargo & Co., MTN, 2.164%, 02/11/2026		2,827,341	0.0
5,017,000 (3)	Wells Fargo & Co., MTN, 2.393%, 06/02/2028		4,401,376	0.1
5,247,000 (3)	Wells Fargo & Co., MTN, 3.526%, 03/24/2028		4,821,351	0.1
3,547,000 (3)	Wells Fargo & Co., MTN, 4.540%, 08/15/2026		3,445,895	0.1
17,298,000 (3)	Wells Fargo & Co., MTN, 5.557%, 07/25/2034		16,388,638	0.2
1,397,000	Weyerhaeuser Co., 4.750%, 05/15/2026		1,364,000	0.0
1,747,000	Willis North America, Inc., 5.050%, 09/15/2048		1,403,761	0.0
3,850,000 (1)	XHR L.P., 4.875%, 06/01/2029		3,276,639	0.0
			760,434,638	9.9
	Industrial: 2.1%
2,418,000 (1)	AP Moller - Maersk A/S, 5.875%, 09/14/2033		2,350,953	0.0
2,571,000	Avnet, Inc., 5.500%, 06/01/2032		2,367,107	0.0
2,611,000	Avnet, Inc., 6.250%, 03/15/2028		2,605,905	0.0
4,500,000	Berry Global, Inc., 1.650%, 01/15/2027		3,872,698	0.1
3,395,000	Boeing Co., 3.250%, 02/01/2028		3,063,992	0.0
3,884,000	Boeing Co., 3.250%, 02/01/2035		2,989,205	0.0
1,177,000	Boeing Co., 3.625%, 02/01/2031		1,017,393	0.0
791,000	Boeing Co., 3.850%, 11/01/2048		541,173	0.0
3,324,000	Boeing Co., 4.875%, 05/01/2025		3,267,424	0.1
3,715,000	Boeing Co., 5.150%, 05/01/2030		3,550,834	0.1
3,937,000	Boeing Co., 5.805%, 05/01/2050		3,568,379	0.1

				Percentage
Principal				of Net
Amount†			Value	Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
2,916,000	Boeing Co., 5.930%, 05/01/2060	$	2,621,909	0.0
3,103,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046		2,336,469	0.0
1,326,000	Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043		1,110,240	0.0
2,567,000	Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043		2,356,312	0.0
3,814,000	Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054		3,499,548	0.1
3,090,000 (1)	Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028		2,858,003	0.0
4,250,000 (2)(3)	Cemex SAB de CV, 5.125%, 12/31/2199		3,969,819	0.1
4,625,000	CNH Industrial Capital LLC, 5.500%, 01/12/2029		4,547,829	0.1
3,375,000 (1)	Embraer Netherlands Finance BV, 7.000%, 07/28/2030		3,348,675	0.1
2,580,000 (1)	Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030		2,486,926	0.0
3,850,000 (1)	Energizer Holdings, Inc., 4.375%, 03/31/2029		3,217,156	0.0
1,354,000	FedEx Corp., 4.550%, 04/01/2046		1,073,006	0.0
2,524,624	FedEx Corp. Class AA Pass Through Trust 20-1, AA, 1.875%, 08/20/2035		2,042,420	0.0
2,097,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033		2,021,430	0.0
4,825,000	HEICO Corp., 5.250%, 08/01/2028		4,710,492	0.1
7,572,000	John Deere Capital Corp., MTN, 4.700%, 06/10/2030		7,285,076	0.1
3,608,000	John Deere Capital Corp., MTN, 4.750%, 01/20/2028		3,544,399	0.1
3,402,000	Lennox International, Inc., 5.500%, 09/15/2028		3,340,477	0.1
1,465,000	Lockheed Martin Corp., 4.750%, 02/15/2034		1,387,643	0.0
2,924,000	Lockheed Martin Corp., 5.200%, 02/15/2055		2,720,540	0.0
1,470,000	Lockheed Martin Corp., 5.900%, 11/15/2063		1,500,506	0.0
1,888,000 (2)	Mohawk Industries, Inc., 5.850%, 09/18/2028		1,874,994	0.0

See Accompanying Notes to Financial Statements

82

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
1,616,000	Nordson Corp., 5.600%, 09/15/2028	$	1,601,595	0.0
1,616,000	Nordson Corp., 5.800%, 09/15/2033		1,579,754	0.0
1,953,000	Norfolk Southern Corp., 5.050%, 08/01/2030		1,883,091	0.0
1,929,000	Norfolk Southern Corp., 5.350%, 08/01/2054		1,764,183	0.0
3,258,000	Otis Worldwide Corp., 5.250%, 08/16/2028		3,204,736	0.0
3,618,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025		3,256,291	0.0
4,922,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026		4,366,476	0.1
6,481,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.200%, 06/15/2030		6,392,057	0.1
3,933,000	Raytheon Technologies Corp., 4.450%, 11/16/2038		3,313,757	0.1
7,750,000	Raytheon Technologies Corp., 4.500%, 06/01/2042		6,348,928	0.1
2,083,000	Raytheon Technologies Corp., 5.150%, 02/27/2033		1,973,543	0.0
3,438,000	Ryder System, Inc., MTN, 5.250%, 06/01/2028		3,348,987	0.1
3,235,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026		2,818,000	0.0
6,239,000 (1)	SMBC Aviation Capital Finance DAC, 5.700%, 07/25/2033		5,796,152	0.1
3,850,000 (1)	Standard Industries, Inc., 3.375%, 01/15/2031		2,980,809	0.0
4,925,000 (1)	Standard Industries, Inc., 4.375%, 07/15/2030		4,084,027	0.1
5,745,000 (1)	TTX Co., 3.600%, 01/15/2025		5,581,890	0.1
502,000 (1)	TTX Co., 4.200%, 07/01/2046		384,803	0.0
1,757,000	Union Pacific Corp., 3.799%, 10/01/2051		1,297,409	0.0
1,851,000	Union Pacific Corp., 3.839%, 03/20/2060		1,301,244	0.0
1,161,000 (1)	Veralto Corp., 5.450%, 09/18/2033		1,123,715	0.0
1,992,000	Waste Management, Inc., 4.625%, 02/15/2030		1,903,881	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
4,714,000	Waste Management, Inc., 4.875%, 02/15/2034	$	4,463,992	0.1
			163,818,252	2.1
	Technology: 1.6%
4,391,000	Activision Blizzard, Inc., 2.500%, 09/15/2050		2,618,012	0.0
5,075,000 (2)	Advanced Micro Devices, Inc., 3.924%, 06/01/2032		4,564,267	0.1
7,089,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052		5,783,271	0.1
1,937,000	Apple, Inc., 2.850%, 08/05/2061		1,145,186	0.0
1,147,000	Apple, Inc., 4.100%, 08/08/2062		883,288	0.0
4,934,000 (1)	Broadcom, Inc., 3.187%, 11/15/2036		3,544,536	0.1
12,216,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037		10,535,524	0.1
3,477,000	Concentrix Corp., 6.600%, 08/02/2028		3,357,347	0.0
6,134,000	Concentrix Corp., 6.850%, 08/02/2033		5,671,552	0.1
1,117,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		1,121,546	0.0
3,948,000	Fiserv, Inc., 5.625%, 08/21/2033		3,826,873	0.1
3,218,000	HP, Inc., 2.650%, 06/17/2031		2,516,276	0.0
2,322,000	International Business Machines Corp., 3.500%, 05/15/2029		2,100,655	0.0
6,382,000	Intuit, Inc., 5.125%, 09/15/2028		6,316,211	0.1
5,342,000	Intuit, Inc., 5.200%, 09/15/2033		5,204,769	0.1
7,108,000	Intuit, Inc., 5.500%, 09/15/2053		6,824,733	0.1
2,819,000	KLA Corp., 5.250%, 07/15/2062		2,534,610	0.0
2,252,000	Marvell Technology, Inc., 5.750%, 02/15/2029		2,232,282	0.0
6,127,000	Microsoft Corp., 2.921%, 03/17/2052		4,022,879	0.1
4,533,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026		4,483,681	0.1
1,628,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051		986,275	0.0
1,900,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030		1,629,820	0.0

See Accompanying Notes to Financial Statements

83

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
4,775,000 (1)	Open Text Holdings, Inc., 4.125%, 12/01/2031	$	3,814,983	0.1
6,520,000	Oracle Corp., 2.300%, 03/25/2028		5,651,982	0.1
2,948,000	Oracle Corp., 3.650%, 03/25/2041		2,105,201	0.0
4,921,000	Oracle Corp., 3.800%, 11/15/2037		3,756,669	0.1
297,000	Oracle Corp., 3.850%, 07/15/2036		234,988	0.0
2,979,000	Oracle Corp., 6.150%, 11/09/2029		3,025,632	0.0
5,883,000	QUALCOMM, Inc., 6.000%, 05/20/2053		5,973,024	0.1
2,799,900 (1)	Seagate HDD Cayman, 9.625%, 12/01/2032		3,019,684	0.0
1,470,000	Texas Instruments, Inc., 4.900%, 03/14/2033		1,422,701	0.0
3,003,000	Texas Instruments, Inc., 5.000%, 03/14/2053		2,723,724	0.0
6,116,000	Texas Instruments, Inc., 5.050%, 05/18/2063		5,428,987	0.1
			119,061,168	1.6
	Utilities: 4.1%
3,671,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025		3,513,062	0.1
2,870,000	AES Corp., 1.375%, 01/15/2026		2,557,221	0.0
4,136,000	AES Corp., 2.450%, 01/15/2031		3,184,342	0.1
2,714,000 (1)	AES Corp., 3.950%, 07/15/2030		2,342,413	0.0
3,051,000	AES Corp., 5.450%, 06/01/2028		2,947,568	0.1
3,377,000 (3)	American Electric Power Co., Inc., 3.875%, 02/15/2062		2,765,080	0.0
2,784,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032		2,203,374	0.0
4,130,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044		3,532,141	0.1
1,793,000	Appalachian Power Co. Y, 4.500%, 03/01/2049		1,366,200	0.0
9,776,000	Avangrid, Inc., 3.200%, 04/15/2025		9,349,933	0.1
2,544,000	Avangrid, Inc., 3.800%, 06/01/2029		2,263,195	0.0
2,237,000	Black Hills Corp., 3.050%, 10/15/2029		1,893,580	0.0
1,720,000	Black Hills Corp., 4.250%, 11/30/2023		1,714,539	0.0
1,893,000	Black Hills Corp., 4.350%, 05/01/2033		1,616,672	0.0
2,166,000 (1)	Cleveland Electric Illuminating Co., 3.500%, 04/01/2028		1,964,640	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
1,593,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050	$	1,200,405	0.0
7,338,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050		6,278,099	0.1
2,224,000	Connecticut Light and Power Co., 5.250%, 01/15/2053		2,035,456	0.0
731,000	Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035		686,421	0.0
1,209,000	Constellation Energy Generation LLC, 6.500%, 10/01/2053		1,213,250	0.0
4,328,000	Consumers Energy Co., 4.900%, 02/15/2029		4,234,187	0.1
4,603,000	Dominion Energy, Inc., 5.375%, 11/15/2032		4,399,728	0.1
731,000 (3)	Dominion Energy, Inc. C, 4.350%, 12/31/2199		634,809	0.0
1,295,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031		1,062,524	0.0
587,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045		422,728	0.0
1,542,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046		1,125,302	0.0
2,366,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042		1,817,825	0.0
55,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041		44,110	0.0
3,011,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053		2,759,064	0.0
735,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199		717,204	0.0
4,024,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		3,184,339	0.1
2,285,000	Duke Energy Florida LLC, 5.950%, 11/15/2052		2,247,309	0.0
1,834,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050		1,053,901	0.0
1,998,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053		1,831,521	0.0
1,662,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030		1,335,693	0.0
2,693,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046		1,876,152	0.0
906,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053		856,616	0.0

See Accompanying Notes to Financial Statements

84

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
3,413,000	Duke Energy Progress LLC, 3.700%, 10/15/2046	$	2,380,408	0.0
1,792,000	Duke Energy Progress LLC, 4.100%, 05/15/2042		1,392,534	0.0
104,000	Duke Energy Progress LLC, 4.100%, 03/15/2043		80,452	0.0
2,505,000	Duke Energy Progress LLC, 4.200%, 08/15/2045		1,919,674	0.0
1,645,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030		1,280,766	0.0
861,000 (1)	Enel Finance America LLC, 7.100%, 10/14/2027		891,149	0.0
2,695,000	Entergy Arkansas LLC, 2.650%, 06/15/2051		1,505,911	0.0
706,000	Entergy Arkansas LLC, 3.350%, 06/15/2052		452,802	0.0
2,090,000	Entergy Arkansas LLC, 4.200%, 04/01/2049		1,567,616	0.0
1,432,000 (2)	Entergy Arkansas LLC, 5.150%, 01/15/2033		1,376,311	0.0
4,202,000	Entergy Corp., 0.900%, 09/15/2025		3,817,672	0.1
2,722,000	Entergy Corp., 2.400%, 06/15/2031		2,123,227	0.0
1,286,000	Entergy Corp., 2.800%, 06/15/2030		1,068,071	0.0
3,667,000	Entergy Louisiana LLC, 4.200%, 04/01/2050		2,774,603	0.0
3,014,000	Entergy Mississippi LLC, 5.000%, 09/01/2033		2,836,186	0.0
2,172,000	Entergy Texas, Inc., 4.000%, 03/30/2029		2,003,869	0.0
992,000	Entergy Texas, Inc., 5.800%, 09/01/2053		950,870	0.0
1,643,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049		1,054,169	0.0
3,888,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053		3,654,164	0.1
2,216,000	Evergy Metro, Inc. 2020, 2.250%, 06/01/2030		1,790,483	0.0
4,991,000	Eversource Energy, 2.900%, 03/01/2027		4,561,043	0.1
2,041,000	Eversource Energy, 5.125%, 05/15/2033		1,899,983	0.0
3,026,000	Eversource Energy, 5.450%, 03/01/2028		2,993,127	0.1
2,943,000	Eversource Energy Q, 0.800%, 08/15/2025		2,684,008	0.0
2,750,000	Eversource Energy U, 1.400%, 08/15/2026		2,439,781	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
4,871,000	Exelon Corp., 5.150%, 03/15/2028	$	4,783,478	0.1
1,961,000	Florida Power & Light Co., 4.625%, 05/15/2030		1,872,433	0.0
1,373,000	Florida Power & Light Co., 4.800%, 05/15/2033		1,299,145	0.0
1,609,000	Georgia Power Co., 4.650%, 05/16/2028		1,553,442	0.0
3,055,000	Georgia Power Co. A, 2.200%, 09/15/2024		2,947,187	0.1
3,433,000	Idaho Power Co., MTN, 5.800%, 04/01/2054		3,295,585	0.1
898,000	Inkia Energy Ltd., 5.875%, 11/09/2027		862,080	0.0
3,066,000	Interstate Power and Light Co., 3.250%, 12/01/2024		2,971,619	0.1
2,383,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030		2,091,916	0.0
1,087,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032		852,167	0.0
3,199,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026		3,084,716	0.1
1,461,000	Kentucky Utilities Co. KENT, 5.450%, 04/15/2033		1,429,160	0.0
1,461,000	Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033		1,432,718	0.0
2,942,000	MidAmerican Energy Co., 5.850%, 09/15/2054		2,903,756	0.1
271,000	Mississippi Power Co., 4.750%, 10/15/2041		212,424	0.0
4,552,000	Mississippi Power Co. 12-A, 4.250%, 03/15/2042		3,528,147	0.1
2,460,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027		2,278,244	0.0
3,279,000 (1)	Monongahela Power Co., 5.850%, 02/15/2034		3,221,933	0.1
2,983,000 (1)	Narragansett Electric Co., 3.395%, 04/09/2030		2,588,825	0.0
4,763,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030		3,911,560	0.1
3,798,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032		3,025,448	0.1

See Accompanying Notes to Financial Statements

85

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
1,016,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032	$	905,723	0.0
2,571,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033		2,570,114	0.0
2,099,000 (3)	National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053		2,132,836	0.0
2,160,000 (3)	National Rural Utilities Cooperative Finance Corp., 8.541%, (TSFR3M + 3.172%), 04/30/2043		2,127,221	0.0
1,234,000	Nevada Power Co., 6.000%, 03/15/2054		1,206,570	0.0
4,273,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		3,786,347	0.1
5,461,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082		4,650,058	0.1
3,711,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024		3,652,305	0.1
4,500,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025		4,508,416	0.1
4,000,000	NiSource, Inc., 0.950%, 08/15/2025		3,650,144	0.1
1,684,000	NSTAR Electric Co., 1.950%, 08/15/2031		1,289,608	0.0
2,827,000	ONE Gas, Inc., 1.100%, 03/11/2024		2,768,379	0.0
4,188,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045		2,840,640	0.1
2,484,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042		1,778,295	0.0
5,149,000	PacifiCorp, 5.350%, 12/01/2053		4,285,472	0.1
3,209,000	PacifiCorp, 5.500%, 05/15/2054		2,729,137	0.0
2,167,000	PECO Energy Co., 4.900%, 06/15/2033		2,063,625	0.0
2,473,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026		2,427,907	0.0
1,150,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.450%, 05/21/2028		1,124,533	0.0
493,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053		445,369	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
2,826,000	Public Service Electric and Gas Co., 5.200%, 08/01/2033	$	2,762,988	0.0
2,243,000	Public Service Electric and Gas Co., 5.450%, 08/01/2053		2,142,351	0.0
2,889,000	Public Service Enterprise Group, Inc., 0.800%, 08/15/2025		2,639,244	0.0
1,749,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030		1,343,557	0.0
6,396,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		4,964,652	0.1
3,312,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027		3,333,980	0.1
3,213,000	San Diego Gas & Electric Co., 4.950%, 08/15/2028		3,130,385	0.1
6,575,000 (3)	Sempra Energy, 4.125%, 04/01/2052		5,329,423	0.1
2,518,000	Sempra Energy, 5.500%, 08/01/2033		2,411,610	0.0
4,593,000	South Jersey Industries, Inc., 5.020%, 04/15/2031		3,484,567	0.1
813,000	Southern California Edison Co., 4.050%, 03/15/2042		610,790	0.0
3,430,000	Southern Co., 5.113%, 08/01/2027		3,363,926	0.1
4,457,000 (3)	Southern Co. 21-A, 3.750%, 09/15/2051		3,898,525	0.1
4,975,000 (3)	Southern Co. B, 4.000%, 01/15/2051		4,614,225	0.1
1,958,000	Southwestern Electric Power Co., 5.300%, 04/01/2033		1,850,591	0.0
4,444,000	Southwestern Electric Power Co. N, 1.650%, 03/15/2026		4,029,002	0.1
1,709,000	Tampa Electric Co., 4.350%, 05/15/2044		1,336,676	0.0
2,672,000	Virginia Electric and Power Co., 5.450%, 04/01/2053		2,435,880	0.0
1,885,000	Virginia Electric and Power Co., 5.700%, 08/15/2053		1,772,797	0.0
8,850,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029		7,615,929	0.1
4,673,000	WEC Energy Group, Inc., 1.375%, 10/15/2027		3,963,317	0.1
2,748,000	WEC Energy Group, Inc., 2.200%, 12/15/2028		2,331,698	0.0

See Accompanying Notes to Financial Statements

86

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
927,000	WEC Energy Group, Inc., 5.000%, 09/27/2025	$	913,938	0.0
1,297,000	WEC Energy Group, Inc., 5.150%, 10/01/2027		1,276,147	0.0
1,500,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028		1,278,147	0.0
3,590,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042		2,516,473	0.0
			310,168,982	4.1
	Total Corporate Bonds/ Notes (Cost $2,554,789,060)		2,315,395,094	30.2
U.S. GOVERNMENT AGENCY OBLIGATIONS: 25.4%
	Federal Home Loan Mortgage Corporation: 1.7%(4)
203,063	2.500%, 05/01/2030		185,153	0.0
339,960	2.500%, 05/01/2030		309,581	0.0
445,107	2.500%, 06/01/2030		405,374	0.0
743,834	3.000%, 11/01/2042		637,313	0.0
710,651	3.000%, 02/01/2043		608,877	0.0
702,105	3.000%, 03/01/2045		595,607	0.0
955,595	3.000%, 03/01/2045		815,113	0.0
2,271,769	3.000%, 04/01/2045		1,927,541	0.0
2,382,828	3.000%, 04/01/2045		2,023,268	0.0
1,057,333	3.000%, 10/01/2046		896,980	0.0
8,809,312	3.000%, 10/01/2046		7,461,361	0.1
3,337,371	3.000%, 03/01/2048		2,826,814	0.0
4,297,613	3.000%, 03/01/2048		3,639,287	0.1
10,533,629	3.000%, 08/01/2048		8,887,073	0.1
3,385,853	3.500%, 01/01/2045		2,988,958	0.1
1,144,654	3.500%, 03/01/2045		1,007,222	0.0
5,506,553	3.500%, 12/01/2046		4,861,905	0.1
9,461,514	3.500%, 12/01/2046		8,306,058	0.1
4,101,278	3.500%, 04/01/2047		3,642,192	0.1
2,827,082	3.500%, 07/01/2047		2,480,381	0.0
2,622,010	3.500%, 10/01/2047		2,302,466	0.0
10,249,724	3.500%, 01/01/2048		8,991,494	0.1
1,391,027	3.500%, 03/01/2048		1,220,279	0.0
25,046,437	3.500%, 03/01/2048		22,063,551	0.3
16,591,960	3.500%, 11/01/2048		14,610,875	0.2
286,036	4.000%, 10/01/2041		260,667	0.0
559,427	4.000%, 12/01/2041		509,816	0.0
1,432,472	4.000%, 08/01/2044		1,310,196	0.0
395,216	4.000%, 07/01/2045		362,096	0.0
574,175	4.000%, 09/01/2045		521,354	0.0
984,402	4.000%, 09/01/2045		900,071	0.0
1,254,454	4.000%, 09/01/2045		1,146,209	0.0
9,119,167	4.000%, 11/01/2045		8,323,785	0.1
982,333	4.000%, 05/01/2046		894,974	0.0
638,535	4.000%, 05/01/2047		583,399	0.0
3,418,711	4.000%, 11/01/2047		3,085,613	0.1
198,827	4.000%, 03/01/2048		180,842	0.0
3,907,070	4.000%, 06/01/2048		3,581,645	0.1
3,500,000	4.350%, 01/01/2030		3,277,969	0.1
144,902	4.500%, 08/01/2041		136,408	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
413,980	4.500%, 09/01/2041	$	391,871	0.0
383,231	4.500%, 10/01/2041		362,765	0.0
1,027,243	4.500%, 03/01/2044		965,948	0.0
1,795,129	4.500%, 02/01/2048		1,683,020	0.0
237,109	4.500%, 06/01/2048		222,252	0.0
38,764	5.000%, 01/01/2041		37,821	0.0
205,721	5.000%, 04/01/2041		201,779	0.0
12,412	5.500%, 07/01/2037		12,423	0.0
762,253	5.500%, 11/01/2038		761,991	0.0
2,536 (3)	5.553%, (RFUCCT1Y + 1.803%), 05/01/2037		2,513	0.0
839	6.000%, 12/01/2028		830	0.0
9,843	6.000%, 01/01/2029		9,738	0.0
63	6.500%, 01/01/2024		64	0.0
2,207	6.500%, 12/01/2031		2,236	0.0
216,397	6.500%, 09/01/2034		220,304	0.0
			133,645,322	1.7
	Federal National Mortgage Association: 0.4%(4)
16,192,920	3.000%, 12/01/2054		13,396,640	0.2
2,314,436	3.500%, 01/01/2044		2,040,868	0.0
2,933,443	4.000%, 12/01/2046		2,677,927	0.1
1,049,218	4.500%, 09/01/2047		1,017,845	0.0
8,114,827	5.000%, 08/01/2056		7,749,556	0.1
23,007 (3)	5.637%, (RFUCCT1Y + 1.387%), 07/01/2035		22,570	0.0
53,794	6.000%, 05/01/2038		53,656	0.0
			26,959,062	0.4
	Government National Mortgage Association: 3.4%
9,070,922	2.500%, 03/20/2051		7,426,430	0.1
5,341,629	2.500%, 04/20/2051		4,353,326	0.1
21,386,429	2.500%, 04/20/2051		17,527,256	0.2
7,364,421	2.500%, 05/20/2051		6,035,003	0.1
19,119,767	2.500%, 08/20/2051		15,653,404	0.2
8,304,359	2.500%, 09/20/2051		6,798,399	0.1
32,495,371	2.500%, 10/20/2051		26,601,741	0.3
14,353,770	2.500%, 11/20/2051		11,754,890	0.2
19,063,069	2.500%, 12/20/2051		15,605,867	0.2
25,074,018	2.500%, 04/20/2052		20,518,509	0.3
5,889,675	3.000%, 10/20/2049		5,084,586	0.1
3,037,661	3.000%, 11/20/2049		2,623,108	0.0
2,675,276	3.000%, 10/20/2051		2,275,943	0.0
4,479,576	3.000%, 10/20/2051		3,852,541	0.1
2,735,221	3.000%, 11/20/2051		2,352,355	0.0
615,423	3.500%, 07/20/2046		539,545	0.0
3,010,157	3.500%, 07/20/2046		2,579,553	0.0
984,750	3.500%, 10/20/2046		871,091	0.0
451,994	3.500%, 02/20/2047		402,201	0.0
380,734	3.500%, 03/20/2047		338,492	0.0
288,483	3.500%, 07/20/2047		256,404	0.0
567,853	3.500%, 08/20/2047		505,295	0.0
896,949	3.500%, 09/20/2047		793,004	0.0
5,977,148	3.500%, 12/20/2047		5,319,482	0.1
3,635,410	3.500%, 01/20/2048		3,235,343	0.0
3,119,373	3.500%, 02/20/2048		2,774,853	0.0
5,582,659	3.500%, 02/20/2048		4,967,823	0.1
566,091	3.500%, 03/20/2048		503,278	0.0
14,479,308	3.500%, 03/20/2048		12,878,282	0.2
110,408	4.000%, 11/20/2040		102,311	0.0

See Accompanying Notes to Financial Statements

87

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
630,924	4.000%, 03/20/2046	$	578,321	0.0
7,957,486	4.000%, 09/20/2047		7,317,161	0.1
3,864,438	4.000%, 02/20/2050		3,545,518	0.0
6,184,892	4.000%, 05/20/2053		5,577,038	0.1
144,016	4.500%, 10/15/2039		137,821	0.0
105,373	4.500%, 11/15/2039		100,930	0.0
116,697	4.500%, 11/15/2039		110,969	0.0
36,804	4.500%, 12/15/2039		35,188	0.0
6,613,173	4.500%, 08/20/2040		6,279,771	0.1
7,749,968	4.500%, 09/20/2040		7,356,655	0.1
5,079,176	4.500%, 06/20/2041		4,823,129	0.1
33,056	4.500%, 08/20/2041		31,389	0.0
642,346	4.500%, 09/15/2047		606,950	0.0
38,156,000 (5)	5.000%, 10/15/2053		36,158,772	0.5
			257,189,927	3.4
	Uniform Mortgage-Backed Securities: 19.9%
18,800,788	2.000%, 12/01/2050		14,409,316	0.2
11,775,540	2.000%, 05/01/2051		9,111,678	0.1
25,366,622	2.000%, 05/01/2051		19,354,787	0.3
34,056,613	2.000%, 05/01/2051		26,039,336	0.3
965,068	2.000%, 07/01/2051		738,155	0.0
4,986,959	2.000%, 08/01/2051		3,817,658	0.1
10,456,302	2.000%, 08/01/2051		7,997,182	0.1
20,313,080	2.000%, 09/01/2051		15,494,444	0.2
9,567,555	2.000%, 10/01/2051		7,309,295	0.1
944,801	2.000%, 11/01/2051		725,126	0.0
2,111,029	2.000%, 11/01/2051		1,620,198	0.0
17,133,953	2.000%, 11/01/2051		13,217,311	0.2
8,835,574	2.000%, 12/01/2051		6,810,702	0.1
28,802,872	2.000%, 12/01/2051		21,987,036	0.3
4,907,540	2.000%, 01/01/2052		3,793,550	0.1
4,306,145	2.000%, 02/01/2052		3,317,861	0.1
4,998,425	2.000%, 02/01/2052		3,844,636	0.1
8,488,767	2.000%, 02/01/2052		6,537,908	0.1
8,515,362	2.000%, 02/01/2052		6,572,903	0.1
11,934,833	2.000%, 02/01/2052		9,204,027	0.1
11,997,484	2.000%, 02/01/2052		9,247,949	0.1
14,343,530	2.000%, 02/01/2052		11,071,829	0.2
24,550,207	2.000%, 02/01/2052		18,702,835	0.3
26,812,885	2.000%, 02/01/2052		20,638,314	0.3
4,799,539	2.000%, 03/01/2052		3,694,317	0.1
5,319,010	2.000%, 03/01/2052		4,116,118	0.1
5,779,428	2.000%, 03/01/2052		4,419,555	0.1
27,796,479	2.000%, 03/01/2052		21,197,116	0.3
6,467,303	2.000%, 04/01/2052		4,992,069	0.1
654,776	2.500%, 05/01/2030		597,312	0.0
948,360	2.500%, 06/01/2030		865,263	0.0
1,275,288	2.500%, 06/01/2030		1,163,530	0.0
533,850	2.500%, 07/01/2030		487,064	0.0
14,368	2.500%, 02/01/2050		11,510	0.0
22,928	2.500%, 04/01/2050		18,362	0.0
18,950	2.500%, 05/01/2050		15,176	0.0
35,055	2.500%, 05/01/2050		28,066	0.0
36,169	2.500%, 05/01/2050		28,967	0.0
67,805	2.500%, 05/01/2050		54,304	0.0
180,380	2.500%, 05/01/2050		144,460	0.0
15,713	2.500%, 06/01/2050		12,584	0.0
1,713,926	2.500%, 06/01/2050		1,381,641	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
20,502,948	2.500%, 06/01/2050	$	16,548,953	0.2
231,397	2.500%, 07/01/2050		185,160	0.0
3,393,799	2.500%, 07/01/2050		2,719,955	0.0
26,729,447	2.500%, 07/01/2050		21,431,541	0.3
107,111	2.500%, 08/01/2050		85,700	0.0
726,118	2.500%, 08/01/2050		582,103	0.0
1,924,864	2.500%, 08/01/2050		1,540,998	0.0
2,164,141	2.500%, 08/01/2050		1,732,659	0.0
23,340,772	2.500%, 08/01/2050		18,834,483	0.3
26,724	2.500%, 09/01/2050		21,444	0.0
83,341	2.500%, 09/01/2050		66,746	0.0
209,651	2.500%, 09/01/2050		167,904	0.0
838,510	2.500%, 09/01/2050		671,330	0.0
968,112	2.500%, 09/01/2050		777,689	0.0
4,124,146	2.500%, 10/01/2050		3,296,981	0.0
4,421,283	2.500%, 10/01/2050		3,540,883	0.1
3,609,145	2.500%, 11/01/2050		2,915,440	0.0
86,284	2.500%, 01/01/2051		69,082	0.0
10,082,706	2.500%, 02/01/2051		8,056,046	0.1
23,411,275	2.500%, 04/01/2051		18,658,694	0.2
3,486,776	2.500%, 05/01/2051		2,794,597	0.0
38,677,860	2.500%, 06/01/2051		30,837,634	0.4
4,262,363	2.500%, 09/01/2051		3,398,075	0.1
19,168,449	2.500%, 11/01/2051		15,351,453	0.2
2,633,483	2.500%, 12/01/2051		2,113,357	0.0
16,962,760	2.500%, 12/01/2051		13,646,092	0.2
16,277,437	2.500%, 01/01/2052		13,031,273	0.2
26,877,624	2.500%, 01/01/2052		21,575,329	0.3
4,073,153	2.500%, 02/01/2052		3,291,320	0.0
4,161,989	2.500%, 02/01/2052		3,346,301	0.1
6,553,740	2.500%, 02/01/2052		5,241,994	0.1
7,394,034	2.500%, 02/01/2052		5,914,715	0.1
11,702,265	2.500%, 02/01/2052		9,315,441	0.1
114,100,131	2.500%, 02/01/2052		90,881,418	1.2
6,620,720	2.500%, 03/01/2052		5,317,617	0.1
9,986,821	2.500%, 03/01/2052		8,014,216	0.1
30,171,316	2.500%, 03/01/2052		24,231,498	0.3
18,383,527	2.500%, 04/01/2052		14,752,311	0.2
288,679,000 (5)	2.500%, 10/01/2053		229,172,296	3.0
887,786	3.000%, 08/01/2030		828,243	0.0
436,633	3.000%, 09/01/2030		407,364	0.0
841,593	3.000%, 08/01/2035		767,218	0.0
1,688,193	3.000%, 04/01/2043		1,444,331	0.0
1,482,546	3.000%, 07/01/2043		1,268,367	0.0
494,240	3.000%, 08/01/2043		422,864	0.0
313,363	3.000%, 09/01/2043		268,134	0.0
5,212,208	3.000%, 04/01/2045		4,417,740	0.1
970,853	3.000%, 08/01/2046		821,527	0.0
2,182,693	3.000%, 08/01/2046		1,847,062	0.0
695,290	3.000%, 11/01/2046		588,346	0.0
1,584,173	3.000%, 12/01/2046		1,343,729	0.0
6,197,910	3.000%, 12/01/2046		5,245,582	0.1
11,767,843	3.000%, 01/01/2047		9,958,036	0.1
2,854,401	3.000%, 02/01/2047		2,412,252	0.0
3,467,273	3.000%, 03/01/2047		2,930,197	0.0
2,811,224	3.000%, 07/01/2047		2,377,507	0.0
21,733,066	3.000%, 10/01/2050		18,102,003	0.2
2,056,282	3.000%, 03/01/2051		1,710,434	0.0
5,442,648	3.000%, 01/01/2052		4,572,743	0.1

See Accompanying Notes to Financial Statements

88

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
44,045,591	3.000%, 01/01/2052	$	36,809,665	0.5
3,854,279	3.000%, 02/01/2052		3,236,611	0.0
4,617,240	3.000%, 02/01/2052		3,865,059	0.1
5,485,961	3.000%, 02/01/2052		4,586,712	0.1
5,888,398	3.000%, 02/01/2052		4,944,565	0.1
5,944,205	3.000%, 02/01/2052		4,975,839	0.1
11,812,794	3.000%, 02/01/2052		9,880,186	0.1
10,602,655	3.000%, 03/01/2052		8,875,393	0.1
16,496,794	3.000%, 03/01/2052		13,766,153	0.2
21,028,367	3.000%, 05/01/2052		17,547,430	0.2
46,083,759	3.000%, 05/01/2052		38,325,966	0.5
13,515,170	3.500%, 06/01/2034		12,706,396	0.2
1,898,180	3.500%, 10/01/2042		1,683,839	0.0
874,766	3.500%, 04/01/2043		775,480	0.0
2,501,323	3.500%, 08/01/2043		2,217,679	0.0
1,511,799	3.500%, 03/01/2044		1,335,768	0.0
181,597	3.500%, 01/01/2046		159,750	0.0
133,255	3.500%, 02/01/2046		117,290	0.0
269,864	3.500%, 02/01/2046		237,397	0.0
11,230,153	3.500%, 08/01/2046		9,895,945	0.1
742,669	3.500%, 08/01/2047		650,668	0.0
987,881	3.500%, 09/01/2047		865,488	0.0
13,064,624	3.500%, 11/01/2047		11,529,728	0.2
383,641	3.500%, 12/01/2047		336,111	0.0
917,517	3.500%, 02/01/2048		803,822	0.0
810,842	3.500%, 05/01/2048		710,378	0.0
7,777,698	3.500%, 07/01/2048		6,840,188	0.1
1,876,010	3.500%, 10/01/2049		1,651,348	0.0
2,471,851	3.500%, 02/01/2052		2,154,081	0.0
104,557	4.000%, 03/01/2042		95,800	0.0
104,300	4.000%, 07/01/2042		95,562	0.0
304,139	4.000%, 07/01/2042		277,140	0.0
823,982	4.000%, 07/01/2042		754,936	0.0
430,411	4.000%, 09/01/2043		394,339	0.0
1,057,097	4.000%, 01/01/2045		963,881	0.0
8,493,655	4.000%, 01/01/2045		7,797,432	0.1
960,836	4.000%, 03/01/2045		877,896	0.0
3,049,970	4.000%, 05/01/2045		2,786,921	0.0
846,820	4.000%, 06/01/2045		772,406	0.0
869,362	4.000%, 11/01/2045		794,379	0.0
2,549,408	4.000%, 02/01/2046		2,323,798	0.0
4,345,878	4.000%, 07/01/2047		3,946,741	0.1
385,455	4.000%, 08/01/2047		350,035	0.0
1,164,195	4.000%, 08/01/2047		1,057,212	0.0
97,642	4.000%, 03/01/2048		88,432	0.0
458,302	4.000%, 03/01/2048		416,044	0.0
3,886,702	4.000%, 06/01/2048		3,526,093	0.1
3,172,365	4.000%, 09/01/2048		2,882,222	0.0
8,339,212	4.000%, 04/01/2049		7,541,700	0.1
9,214,624	4.000%, 05/01/2052		8,236,509	0.1
6,056,163	4.000%, 06/01/2052		5,443,344	0.1
27,260,474	4.000%, 08/01/2052		24,298,967	0.3
3,405,950	4.000%, 11/01/2052		3,087,665	0.0
1,012,139	4.250%, 11/01/2043		938,573	0.0
82,158	4.500%, 11/01/2040		77,665	0.0
215,952	4.500%, 11/01/2040		204,135	0.0
1,320,006	4.500%, 11/01/2040		1,247,815	0.0
2,063	4.500%, 12/01/2040		1,950	0.0
3,717	4.500%, 12/01/2040		3,513	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
2,394	4.500%, 01/01/2041	$	2,263	0.0
3,937	4.500%, 01/01/2041		3,722	0.0
154,435	4.500%, 10/01/2041		145,978	0.0
251,735	4.500%, 10/01/2044		234,040	0.0
389,733	4.500%, 12/01/2045		365,981	0.0
269,010	4.500%, 04/01/2047		251,591	0.0
927,093	4.500%, 04/01/2047		870,538	0.0
1,642,315	4.500%, 04/01/2047		1,541,813	0.0
2,181,455	4.500%, 04/01/2047		2,048,411	0.0
774,997	4.500%, 05/01/2047		727,401	0.0
826,637	4.500%, 05/01/2047		776,235	0.0
853,703	4.500%, 05/01/2047		795,203	0.0
914,443	4.500%, 05/01/2047		858,294	0.0
975,072	4.500%, 05/01/2047		915,607	0.0
298,184	4.500%, 06/01/2047		279,747	0.0
433,915	4.500%, 06/01/2047		407,025	0.0
826,518	4.500%, 06/01/2047		775,938	0.0
1,527,142	4.500%, 07/01/2047		1,431,134	0.0
102,375	4.500%, 08/01/2047		95,533	0.0
7,860,038	4.500%, 08/01/2052		7,251,466	0.1
23,529,331	4.500%, 10/01/2052		21,628,025	0.3
1,331,900	5.000%, 05/01/2042		1,304,177	0.0
14,738,795	5.000%, 10/01/2052		13,925,004	0.2
64,024	5.500%, 03/01/2037		63,397	0.0
75,581	5.500%, 06/01/2039		75,543	0.0
614,663	5.500%, 10/01/2039		611,977	0.0
247,607,169 (5)	5.500%, 10/01/2053		239,298,622	3.1
36,809	6.000%, 09/01/2036		36,364	0.0
117	6.500%, 02/01/2028		118	0.0
114	6.500%, 09/01/2031		115	0.0
426	6.500%, 09/01/2031		441	0.0
11,786	6.500%, 11/01/2031		12,028	0.0
4,673	6.500%, 04/01/2032		4,730	0.0
1,046	6.500%, 08/01/2032		1,059	0.0
3,381	6.500%, 08/01/2032		3,400	0.0
3,762	7.000%, 12/01/2027		3,731	0.0
703	7.000%, 10/01/2031		694	0.0
498	7.000%, 03/01/2032		493	0.0
525	7.500%, 09/01/2030		540	0.0
1,585	7.500%, 09/01/2031		1,614	0.0
10,763	7.500%, 02/01/2032		10,868	0.0
			1,530,184,757	19.9
	Total U.S. Government Agency Obligations (Cost $2,162,907,527)		1,947,979,068	25.4
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.0%
1,382,954 (3)	Alternative Loan Trust 2004-J7 M1, 4.574%, (TSFR1M + 1.134%), 10/25/2034		1,370,909	0.0
379,976 (3)	Alternative Loan Trust 2005-53T2 2A6, 5.934%, (TSFR1M + 0.614%), 11/25/2035		193,180	0.0
413,248	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		287,174	0.0

See Accompanying Notes to Financial Statements

89

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
485,490	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035	$	400,624	0.0
961,656 (3)	Alternative Loan Trust 2005-J2 1A12, 5.500%, (TSFR1M + 0.514%), 04/25/2035		737,338	0.0
625,649	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		313,510	0.0
116,746 (3)	Alternative Loan Trust 2006-18CB A10, 5.834%, (TSFR1M + 0.514%), 07/25/2036		49,079	0.0
695,237 (3)	Alternative Loan Trust 2006-19CB A28, 6.000%, (TSFR1M + 0.714%), 08/25/2036		344,981	0.0
839,101 (3)	Alternative Loan Trust 2007-23CB A3, 5.934%, (TSFR1M + 0.614%), 09/25/2037		336,415	0.0
1,918,397 (3)	Alternative Loan Trust 2007-2CB 2A1, 5.750%, (TSFR1M + 0.714%), 03/25/2037		806,918	0.0
821,545	Alternative Loan Trust 2007-3T1 1A11, 6.000%, 04/25/2037		384,173	0.0
735,689 (3)	Alternative Loan Trust 2007-8CB A3, 5.934%, (TSFR1M + 0.614%), 05/25/2037		325,408	0.0
1,317,342 (3)	American Home Mortgage Assets Trust 2007-4 A4, 6.014%, (TSFR1M + 0.694%), 08/25/2037		1,158,503	0.0
666,412 (1)(3)	Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048		606,165	0.0
528,275 (3)	Banc of America Funding Trust 2007- 2 1A16, 6.000%, (TSFR1M + 0.714%), 03/25/2037		393,824	0.0
626,633 (6)	Banc of America Mortgage Trust 2007-2 A8, 6.000%, 05/25/2037		60,258	0.0
2,631,659 (1)(3)	Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051		2,401,654	0.0
714,836 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 4.398%, 05/25/2035		671,409	0.0
883,662 (3)	Bear Stearns ALT-A Trust 2005-7 21A1, 5.216%, 09/25/2035		711,341	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,470,876 (1)(3)	Bellemeade Re Ltd. 2019-1A M2, 8.134%, (US0001M + 2.700%), 03/25/2029	$	1,481,682	0.0
1,000,000 (1)(3)	Bellemeade Re Ltd. 2022-1 M1C, 9.015%, (SOFR30A + 3.700%), 01/26/2032		1,011,108	0.0
13,147,000 (1)(3)	Bellemeade RE Ltd. 2021-3A M1C, 6.865%, (SOFR30A + 1.550%), 09/25/2031		12,976,691	0.2
1,761,793 (1)(3)	Chase Home Lending Mortgage Trust 2019-1 B2, 3.892%, 03/25/2050		1,464,820	0.0
2,059,322 (1)(3)	Chase Home Lending Mortgage Trust 2019-1 B3, 3.892%, 03/25/2050		1,642,029	0.0
927,215 (3)	CHL Mortgage Pass- Through Trust 2004-22 A3, 3.861%, 11/25/2034		831,056	0.0
455,978	CHL Mortgage Pass- Through Trust 2007-7 A7, 5.750%, 06/25/2037		227,175	0.0
720,374 (1)(3)	CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067		637,978	0.0
96,555 (1)(3)	CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049		89,072	0.0
244,060 (1)(3)	CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049		211,175	0.0
2,722,143 (1)(3)	CIM Trust 2019-J2 B2, 3.770%, 10/25/2049		2,238,527	0.0
908,224 (1)(3)	CIM Trust 2019-J2 B3, 3.770%, 10/25/2049		733,814	0.0
2,600,000 (1)(3)	CIM Trust 2019- R5 M2, 3.250%, 09/25/2059		2,189,948	0.0
3,054,480 (1)(3)	CIM Trust 2020-J1 B3, 3.443%, 07/25/2050		2,357,897	0.0
699,347	Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036		593,002	0.0
615,816 (3)	Citigroup Mortgage Loan Trust 2006-AR9 2A, 5.107%, 11/25/2036		523,896	0.0
286,982 (3)	Citigroup Mortgage Loan Trust 2007- 10 22AA, 4.510%, 09/25/2037		252,741	0.0
724,241 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058		677,618	0.0
1,315,413 (1)(3)	Citigroup Mortgage Loan Trust 2021- J2 B2W, 2.769%, 07/25/2051		979,855	0.0

See Accompanying Notes to Financial Statements

90

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,478,434 (1)(3)	Citigroup Mortgage Loan Trust 2021- J2 B3W, 2.769%, 07/25/2051	$	1,030,590	0.0
768,598 (1)(3)	Connecticut Avenue Securities Trust 2019- R05 1B1, 9.529%, (SOFR30A + 4.214%), 07/25/2039		794,882	0.0
1,696,442 (1)(3)	Connecticut Avenue Securities Trust 2020- R02 2M2, 7.429%, (SOFR30A + 2.114%), 01/25/2040		1,701,977	0.0
800,000 (1)(3)	Connecticut Avenue Securities Trust 2020- SBT1 1M2, 9.079%, (SOFR30A + 3.764%), 02/25/2040		834,700	0.0
13,600,000 (1)(3)	Connecticut Avenue Securities Trust 2022- R01 1B1, 8.465%, (SOFR30A + 3.150%), 12/25/2041		13,694,898	0.2
650,189 (1)	CSMC Series 2008- 2R 1A1, 6.000%, 07/25/2037		534,766	0.0
685,540 (1)(3)	CSMC Trust 2015-2 B3, 3.876%, 02/25/2045		628,816	0.0
51,655,068 (3)(6)	Deutsche Alt-B Securities Mortgage Loan Trust Series 2007-AB1 X, 0.781%, 04/25/2037		1,869,433	0.0
171,349 (3)	Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 12.379%, (SOFR30A + 7.064%), 08/25/2028		180,022	0.0
741,689 (1)(3)	Fannie Mae Connecticut Avenue Securities 2019-R01 2M2, 7.879%, (SOFR30A + 2.564%), 07/25/2031		744,612	0.0
789,723 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020-R01 1M2, 7.479%, (SOFR30A + 2.164%), 01/25/2040		792,961	0.0
4,578,457 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.429%, (SOFR30A + 3.114%), 01/25/2040		4,588,301	0.1
500,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020-SBT1 2M2, 9.079%, (SOFR30A + 3.764%), 02/25/2040		522,200	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,500,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 8.615%, (SOFR30A + 3.300%), 11/25/2041	$	2,487,729	0.1
2,697 (3)	Fannie Mae Grantor Trust 1998-T2 A6, 0.027%, (US0001M + 0.550%), 01/25/2032		2,695	0.0
123,900 (6)	Fannie Mae Interest Strip 418 20, 3.000%, 05/25/2043		16,438	0.0
379,028 (6)	Fannie Mae Interest Strip 418 59, 3.000%, 08/25/2028		15,303	0.0
30,779 (3)(6)	Fannie Mae REMIC Trust 1997- 18 SG, 2.672%, (-1.000*SOFR30A + 7.986%), 03/17/2027		415	0.0
47,342	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029		46,717	0.0
156,753 (3)(6)	Fannie Mae REMIC Trust 2001- 72 SC, 1.000%, (-1.000*SOFR30A + 8.386%), 12/25/2031		3,199	0.0
21,043 (3)(6)	Fannie Mae REMIC Trust 2001- 8 SK, 3.322%, (-1.000*SOFR30A + 8.636%), 03/18/2031		452	0.0
3,130,698	Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042		3,086,668	0.1
569,393	Fannie Mae REMIC Trust 2003-105 AZ, 5.500%, 10/25/2033		563,208	0.0
226,006 (3)	Fannie Mae REMIC Trust 2003-45 FJ, 6.926%, (SOFR30A + 1.614%), 06/25/2033		230,230	0.0
596,767 (3)(6)	Fannie Mae REMIC Trust 2003- 49 SW, 1.571%, (-1.000*SOFR30A + 6.886%), 01/25/2033		39,449	0.0
690,878 (3)(6)	Fannie Mae REMIC Trust 2003- 66 SA, 2.221%, (-1.000*SOFR30A + 7.536%), 07/25/2033		66,456	0.0
144,951 (6)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033		26,127	0.0
308,668	Fannie Mae REMIC Trust 2003-84 PZ, 5.000%, 09/25/2033		298,937	0.0

See Accompanying Notes to Financial Statements

91 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
571,621	Fannie Mae REMIC Trust 2004-50 VZ, 5.500%, 07/25/2034	$	561,330	0.0
2,634,910 (3)(6)	Fannie Mae REMIC Trust 2004-54 SN, 1.621%, (-1.000*SOFR30A +6.936%), 07/25/2034		171,234	0.0
11,457 (3)	Fannie Mae REMIC Trust 2004-56 FE, 5.879%, (SOFR30A +0.564%), 10/25/2033		11,381	0.0
250,505	Fannie Mae REMIC Trust 2004-7 Z, 5.500%, 02/25/2034		246,495	0.0
527,209	Fannie Mae REMIC Trust 2004-75 ZG, 4.500%, 10/25/2034		506,350	0.0
1,511,902	Fannie Mae REMIC Trust 2005-25 Z, 5.000%, 04/25/2035		1,478,401	0.0
5,386,208 (3)(6)	Fannie Mae REMIC Trust 2005-75 ES, 0.621%, (-1.000*SOFR30A +5.936%), 09/25/2035		307,278	0.0
431,534 (3)(6)	Fannie Mae REMIC Trust 2005-75 SP, 1.321%, (-1.000*SOFR30A +6.636%), 08/25/2035		19,333	0.0
70,185 (3)	Fannie Mae REMIC Trust 2006-104 ES, 6.303%, (-1.000*SOFR30A +32.878%), 11/25/2036		83,991	0.0
1,066,797 (3)(6)	Fannie Mae REMIC Trust 2006-12 SD, 1.321%, (-1.000*SOFR30A +6.636%), 10/25/2035		53,669	0.0
414,349 (3)(6)	Fannie Mae REMIC Trust 2006-123 UI, 1.311%, (-1.000*SOFR30A +6.626%), 01/25/2037		31,916	0.0
1,342,743 (3)(6)	Fannie Mae REMIC Trust 2006-56 SM, 1.321%, (-1.000*SOFR30A +6.636%), 07/25/2036		80,116	0.0
48,213 (3)(6)	Fannie Mae REMIC Trust 2006-72 HS, 1.271%, (-1.000*SOFR30A +6.586%), 08/25/2026		776	0.0
9,993	Fannie Mae REMIC Trust 2007-10 Z, 6.000%, 02/25/2037		9,930	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
371,452 (3)(6)	Fannie Mae REMIC Trust 2007-21 SB, 0.971%, (-1.000*SOFR30A +6.286%), 03/25/2037	$	10,408	0.0
896,623 (3)(6)	Fannie Mae REMIC Trust 2007-52 NS, 1.021%, (-1.000*SOFR30A +6.336%), 06/25/2037		67,994	0.0
776,378 (3)(6)	Fannie Mae REMIC Trust 2007-85 SM, 1.031%, (-1.000*SOFR30A +,6.346%), 09/25/2037		54,941	0.0
1,935,376 (3)(6)	Fannie Mae REMIC Trust 2007-91 AS, 0.971%, (-1.000*SOFR30A +6.286%), 10/25/2037		142,701	0.0
1,996,039 (3)(6)	Fannie Mae REMIC Trust 2008-12 SC, 0.921%, (-1.000*SOFR30A +6.236%), 03/25/2038		112,961	0.0
231,246	Fannie Mae REMIC Trust 2008-16 Z, 5.500%, 03/25/2038		223,180	0.0
911,017	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036		865,106	0.0
4,263,250 (3)	Fannie Mae REMIC Trust 2009-50 HZ, 5.540%, 02/25/2049		4,083,697	0.1
4,238,231 (3)(6)	Fannie Mae REMIC Trust 2009-66 SP, 0.671%, (-1.000*SOFR30A +5.986%), 09/25/2039		182,957	0.0
959,660 (3)(6)	Fannie Mae REMIC Trust 2009-90 TS, 0.721%, (-1.000*SOFR30A +6.036%), 11/25/2039		66,329	0.0
2,756,123 (3)(6)	Fannie Mae REMIC Trust 2010-1 S, 0.821%, (-1.000*SOFR30A +6.136%), 02/25/2040		187,514	0.0
8,220,374 (3)(6)	Fannie Mae REMIC Trust 2010-107 SB, 1.161%, (-1.000*SOFR30A + 6.476%), 09/25/2040		711,145	0.0
2,426,246 (3)(6)	Fannie Mae REMIC Trust 2010-123 SL, 0.641%, (-1.000*SOFR30A +5.956%), 11/25/2040		127,330	0.0

See Accompanying Notes to Financial Statements

92 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,480,225 (3)(6)	Fannie Mae REMIC Trust 2010-150 SJ, 1.051%, (-1.000*SOFR30A +6.366%), 01/25/2041	$	351,889	0.0
890,451 (3)(6)	Fannie Mae REMIC Trust 2010-35 CS, 1.021%, (-1.000*SOFR30A +6.336%), 04/25/2050		56,557	0.0
3,072,722 (3)(6)	Fannie Mae REMIC Trust 2010-41 SB, 0.971%, (-1.000*SOFR30A +6.286%), 05/25/2040		184,496	0.0
771,924 (3)(6)	Fannie Mae REMIC Trust 2010-43 VS, 1.021%, (-1.000*SOFR30A +6.336%), 05/25/2040		50,992	0.0
1,815,532	Fannie Mae REMIC Trust 2010-53 JZ, 5.000%, 07/25/2040		1,645,602	0.0
4,548,548	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040		4,429,949	0.1
832,415	Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041		811,149	0.0
4,589,205	Fannie Mae REMIC Trust 2011-101 DB, 4.000%, 10/25/2041		4,246,479	0.1
586,166 (3)(6)	Fannie Mae REMIC Trust 2011-102 SA, 1.171%, (-1.000*SOFR30A +6.486%), 10/25/2041		51,165	0.0
2,723,362	Fannie Mae REMIC Trust 2011-116 ZA, 3.500%, 11/25/2041		2,440,256	0.1
60,371	Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041		54,421	0.0
6,311,842	Fannie Mae REMIC Trust 2011-136 PZ, 4.000%, 01/25/2042		5,816,391	0.1
1,942,007	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041		1,849,085	0.0
5,469,138 (3)(6)	Fannie Mae REMIC Trust 2011-47 GS, 0.501%, (-1.000*SOFR30A +5.816%), 06/25/2041		251,344	0.0
1,717,748	Fannie Mae REMIC Trust 2011-8 ZA, 4.000%, 02/25/2041		1,554,746	0.0
4,555,479	Fannie Mae REMIC Trust 2011-84 Z, 5.250%, 09/25/2041		4,436,612	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,530,310	Fannie Mae REMIC Trust 2011-87 GB, 4.500%, 09/25/2041	$	6,138,593	0.1
1,615,083 (3)(6)	Fannie Mae REMIC Trust 2011-93 GS, 1.121%, (-1.000*SOFR30A +6.436%), 04/25/2039		131,501	0.0
7,576,708	Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041		7,200,707	0.1
367,081	Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042		317,638	0.0
1,732,333 (3)(6)	Fannie Mae REMIC Trust 2012-111 SL, 0.671%, (-1.000*SOFR30A +5.986%), 05/25/2041		117,076	0.0
3,211,061	Fannie Mae REMIC Trust 2012-111 ZK, 3.500%, 10/25/2042		2,839,785	0.1
2,555,411 (6)	Fannie Mae REMIC Trust 2012-120 WI, 3.000%, 11/25/2027		94,506	0.0
2,882,046 (3)(6)	Fannie Mae REMIC Trust 2012-122 SB, 0.721%, (-1.000*SOFR30A +6.036%), 11/25/2042		247,624	0.0
1,282,006 (6)	Fannie Mae REMIC Trust 2012-128 LI, 3.500%, 06/25/2042		75,045	0.0
3,523,105 (3)(6)	Fannie Mae REMIC Trust 2012-133 AS, 0.771%, (-1.000*SOFR30A +6.086%), 10/25/2042		274,837	0.0
12,487,888 (3)(6)	Fannie Mae REMIC Trust 2012-133 NS, 0.721%, (-1.000*SOFR30A +6.036%), 12/25/2042		1,056,309	0.0
499,923 (6)	Fannie Mae REMIC Trust 2012-149 GI, 3.500%, 06/25/2042		44,325	0.0
10,148,733	Fannie Mae REMIC Trust 2012-15 PZ, 4.000%, 03/25/2042		8,997,834	0.1
65,881 (3)(6)	Fannie Mae REMIC Trust 2012-15 SP, 1.191%, (-1.000*SOFR30A +6.506%), 06/25/2040		141	0.0
3,992,547	Fannie Mae REMIC Trust 2012-17 QZ, 4.000%, 03/25/2042		3,688,594	0.1
3,201,853	Fannie Mae REMIC Trust 2012-2 HE, 4.000%, 02/25/2042		2,961,265	0.1

See Accompanying Notes to Financial Statements

93 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
580,267 (3)(6)	Fannie Mae REMIC Trust 2012-24 HS, 1.121%, (-1.000*SOFR30A +6.436%), 09/25/2040	$	9,673	0.0
855,032	Fannie Mae REMIC Trust 2012-30 AB, 4.000%, 04/25/2042		791,273	0.0
196,515 (3)(6)	Fannie Mae REMIC Trust 2012-30 QS, 1.171%, (-1.000*SOFR30A +6.486%), 04/25/2031		570	0.0
1,198,382	Fannie Mae REMIC Trust 2012-33 BW, 4.000%, 04/25/2042		1,104,421	0.0
3,492	Fannie Mae REMIC Trust 2012-44 KW, 3.500%, 05/25/2032		3,419	0.0
1,727,663	Fannie Mae REMIC Trust 2012-55 PC, 3.500%, 05/25/2042		1,548,020	0.0
8,254,372	Fannie Mae REMIC Trust 2012-63 MW, 4.000%, 05/25/2034		7,780,823	0.1
5,919,751	Fannie Mae REMIC Trust 2012-66 EP, 4.000%, 06/25/2042		5,271,124	0.1
442,030 (3)(6)	Fannie Mae REMIC Trust 2012-68 YS, 1.271%, (-1.000*SOFR30A +6.586%), 07/25/2042		36,241	0.0
500,000	Fannie Mae REMIC Trust 2012-80 MY, 3.250%, 08/25/2042		404,754	0.0
13,417,462	Fannie Mae REMIC Trust 2012-94 LZ, 3.500%, 09/25/2042		11,980,946	0.2
2,247,777	Fannie Mae REMIC Trust 2013-111 BA, 3.000%, 11/25/2033		2,069,127	0.0
1,198,582	Fannie Mae REMIC Trust 2013-116 UB, 4.000%, 11/25/2043		1,064,887	0.0
1,403,000	Fannie Mae REMIC Trust 2013-13 BE, 4.000%, 03/25/2043		1,262,925	0.0
123,147	Fannie Mae REMIC Trust 2013-16 GD, 3.000%, 03/25/2033		120,126	0.0
1,423,250	Fannie Mae REMIC Trust 2013-20 DL, 4.000%, 03/25/2033		1,341,677	0.0
946,282 (3)(6)	Fannie Mae REMIC Trust 2013-26 JS, 0.771%, (-1.000*SOFR30A +6.086%), 10/25/2032		31,346	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,795,199 (3)(6)	Fannie Mae REMIC Trust 2013-40 LS, 0.721%, (-1.000*SOFR30A +6.036%), 05/25/2043	$	307,494	0.0
15,303,201 (6)	Fannie Mae REMIC Trust 2013-44 DI, 3.000%, 05/25/2033		1,369,526	0.0
3,896,865 (3)(6)	Fannie Mae REMIC Trust 2013-60 DS, 0.771%, (-1.000*SOFR30A +6.086%), 06/25/2033		197,480	0.0
4,547,669 (6)	Fannie Mae REMIC Trust 2013-70 BI, 3.000%, 07/25/2033		396,177	0.0
4,043,150	Fannie Mae REMIC Trust 2013-70 JZ, 3.000%, 07/25/2043		3,332,578	0.1
914,827 (3)(6)	Fannie Mae REMIC Trust 2013-72 YS, 0.721%, (-1.000*SOFR30A +6.036%), 07/25/2033		44,065	0.0
3,762,557 (3)(6)	Fannie Mae REMIC Trust 2013-9 SM, 0.821%, (-1.000*SOFR30A +6.136%), 02/25/2033		170,253	0.0
5,787,542 (3)(6)	Fannie Mae REMIC Trust 2014-15 SB, 1.221%, (-1.000*SOFR30A +6.536%), 04/25/2044		548,667	0.0
802,232 (3)(6)	Fannie Mae REMIC Trust 2014-17 DS, 0.771%, (-1.000*SOFR30A +6.086%), 02/25/2043		14,315	0.0
874,227 (3)(6)	Fannie Mae REMIC Trust 2014-28 BS, 0.771%, (-1.000*SOFR30A +6.086%), 08/25/2043		36,728	0.0
970,000	Fannie Mae REMIC Trust 2014-61 PY, 3.500%, 10/25/2044		787,321	0.0
5,914,934 (6)	Fannie Mae REMIC Trust 2014-70 IO, 5.500%, 10/25/2044		1,005,507	0.0
23,829,536 (3)(6)	Fannie Mae REMIC Trust 2014-79 KS, 0.721%, (-1.000*SOFR30A +6.036%), 12/25/2044		2,071,452	0.0
18,679,189	Fannie Mae REMIC Trust 2015-20 EZ, 3.500%, 04/25/2045		16,215,539	0.2
3,902,991 (6)	Fannie Mae REMIC Trust 2015-56 IC, 6.000%, 08/25/2045		689,588	0.0

See Accompanying Notes to Financial Statements

94 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,000,000	Fannie Mae REMIC Trust 2015-67 AV, 3.500%, 01/25/2036	$	1,768,093		0.0
3,253,813	Fannie Mae REMIC Trust 2015-67 QV, 3.000%, 12/25/2040		3,121,338		0.1
1,620,590 (6)	Fannie Mae REMIC Trust 2015-76 PI, 6.000%, 09/25/2045		272,698		0.0
25,129,921 (3)(6)	Fannie Mae REMIC Trust 2015-79 SA, 0.821%, (-1.000*SOFR30A +6.136%), 11/25/2045		1,779,897		0.0
13,808,635 (3)(6)	Fannie Mae REMIC Trust 2015-86 BS, 0.271%, (-1.000*SOFR30A +5.586%), 11/25/2045		569,969		0.0
23,142,706 (6)	Fannie Mae REMIC Trust 2015-88 IO, 6.500%, 12/25/2045		5,738,519		0.1
10,144,757 (6)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045		2,061,044		0.0
4,938,190 (6)	Fannie Mae REMIC Trust 2015-97 BI, 5.500%, 01/25/2046		866,150		0.0
3,054,073 (6)	Fannie Mae REMIC Trust 2016-104 BI, 6.000%, 01/25/2047		570,489		0.0
5,007,410 (6)	Fannie Mae REMIC Trust 2016-52 MI, 4.000%, 12/25/2045		795,777		0.0
15,751,064 (3)(6)	Fannie Mae REMIC Trust 2016-60 SB, 0.671%, (-1.000*SOFR30A +5.986%), 09/25/2046		996,765		0.0
20,045,695 (3)(6)	Fannie Mae REMIC Trust 2016-81 CS, 0.671%, (-1.000*SOFR30A +5.986%), 11/25/2046		1,037,838		0.0
13,101,203 (3)(6)	Fannie Mae REMIC Trust 2016-82 SD, 0.621%, (-1.000*SOFR30A +5.936%), 11/25/2046		840,797		0.0
322,655	Fannie Mae REMIC Trust 2016-88 EA, 3.500%, 01/25/2045		315,300		0.0
344,893	Fannie Mae REMIC Trust 2016-9 D, 3.000%, 03/25/2046		298,874
17,296,965 (3)(6)	Fannie Mae REMIC Trust 2017-10 SA, 0.671%, (-1.000*SOFR30A +5.986%), 03/25/2047		1,081,379		0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,023,510	Fannie Mae REMIC Trust 2017-108 ZD, 3.000%, 01/25/2048	$	3,524,036		0.1
4,650,894	Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047		3,976,070		0.1
24,558,443 (3)(6)	Fannie Mae REMIC Trust 2018-15 SC, 0.871%, (-1.000*SOFR30A +6.186%), 03/25/2048		1,870,538		0.0
3,552,196	Fannie Mae REMIC Trust 2018-26 KA, 3.500%, 04/25/2048		3,129,767		0.1
1,075,466	Fannie Mae REMIC Trust 2018-38 LA, 3.000%, 06/25/2048		908,906		0.0
10,828,191	Fannie Mae REMIC Trust 2018-73 AB, 3.000%, 10/25/2048		9,424,993		0.1
1,123,568	Fannie Mae REMIC Trust 2018-8 AB, 3.500%, 10/25/2047		1,013,200		0.0
31,050,449 (3)(6)	Fannie Mae REMIC Trust 2018-82 SA, 0.771%, (-1.000*SOFR30A +6.086%), 11/25/2048		2,110,251		0.0
6,999,094 (3)(6)	Fannie Mae REMIC Trust 2018-86 AS, 0.771%, (-1.000*SOFR30A +6.086%), 12/25/2048		389,742		0.0
31,713,301 (3)(6)	Fannie Mae REMIC Trust 2018-86 SM, 0.771%, (-1.000*SOFR30A +6.086%), 12/25/2048		1,983,248		0.0
27,562,208 (3)(6)	Fannie Mae REMIC Trust 2018-91 SB, 0.671%, (-1.000*SOFR30A +(-1.000*SOFR30A +5.986%), 12/25/2058		2,338,401		0.0
9,545,723 (6)	Fannie Mae REMIC Trust 2019-21 AI, 5.000%, 05/25/2059		2,474,899		0.1
8,555,146 (3)(6)	Fannie Mae REMIC Trust 2019-30 SB, 0.671%, (-1.000*SOFR30A +5.986%), 07/25/2049		593,456		0.0
13,541,048 (3)(6)	Fannie Mae REMIC Trust 2019-34 BS, 0.621%, (-1.000*SOFR30A +5.936%), 07/25/2049		1,148,866		0.0
7,019,339 (3)(6)	Fannie Mae REMIC Trust 2019-39 SA, 0.671%, (-1.000*SOFR30A +5.986%), 08/25/2049		441,184		0.0

See Accompanying Notes to Financial Statements

95 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
48,191,485 (3)(6)	Fannie Mae REMIC Trust 2019-41 S, 0.571%, (-1.000*SOFR30A +5.886%), 08/25/2059	$	2,856,449		0.1
4,926,782 (3)(6)	Fannie Mae REMIC Trust 2019-47 SB, 0.671%, (-1.000*SOFR30A +5.986%), 05/25/2040		302,083		0.0
13,084,483 (3)(6)	Fannie Mae REMIC Trust 2019-79 SB, 0.571%, (-1.000*SOFR30A +(-1.000*SOFR30A +5.886%), 01/25/2050		1,027,753		0.0
6,928,115 (3)(6)	Fannie Mae REMIC Trust 2020-10 SE, 0.571%, (-1.000*SOFR30A +5.886%), 03/25/2050		544,186		0.0
20,549,361 (6)	Fannie Mae REMIC Trust 2020-35 IO, 5.000%, 06/25/2050		3,160,257		0.1
22,127,919 (6)	Fannie Mae REMIC Trust 2020-44 DI, 2.500%, 07/25/2050		2,768,428		0.1
10,136,887 (6)	Fannie Mae REMIC Trust 2020-44 EI, 3.500%, 09/25/2042		1,585,414		0.0
9,408,796 (6)	Fannie Mae REMIC Trust 2020-53 CI, 4.500%, 08/25/2050		2,070,737		0.0
26,290,455 (6)	Fannie Mae REMIC Trust 2020-74 GI, 5.000%, 10/25/2050		5,185,595		0.1
32,561,152 (6)	Fannie Mae REMIC Trust 2020-99 IB, 3.500%, 05/25/2050		5,954,119		0.1
48,111,699 (6)	Fannie Mae REMIC Trust 2021-1 BI, 3.000%, 02/25/2049		7,451,126		0.1
156,763,102 (6)	Fannie Mae REMIC Trust 2021-10 AI, 3.000%, 03/25/2041		17,316,624		0.2
28,097,818 (6)	Fannie Mae REMIC Trust 2021-22 BI, 4.000%, 04/25/2051		5,699,317		0.1
37,659,037 (6)	Fannie Mae REMIC Trust 2021-41 MI, 5.000%, 06/25/2048		6,939,608		0.1
37,548,204 (3)(6)	Fannie Mae REMIC Trust 2021-55 SA, 0.153%, (-1.000*SOFR30A +3.150%), 08/25/2061		591,489		0.0
82,350,357 (6)	Fannie Mae REMIC Trust 2021-77 AI, 3.500%, 11/25/2051		16,363,914		0.2
26,491,923 (6)	Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051		5,399,038		0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
17,305,287 (6)	Fannie Mae REMIC Trust 2021-81 LI, 2.500%, 11/25/2051	$	2,434,134		0.0
65,065,898 (6)	Fannie Mae REMIC Trust 2021-93 AI, 3.000%, 01/25/2052		10,498,090		0.2
36,382,605 (6)	Fannie Mae REMIC Trust 2023-23 AI, 4.000%, 12/25/2051		7,293,530		0.1
18	Fannie Mae REMIC Trust G93-35 ZQ, 6.500%, 11/25/2023		18		0.0
521,654	First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A11, 6.000%, 02/25/2037		214,621		0.0
1,083,220 (1)(3)	First Republic Mortgage Trust 2020-1 B2, 2.886%, 04/25/2050		874,941		0.0
1,696,931 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.941%,03/25/2048		1,444,616		0.0
2,212,798 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.941%,03/25/2048		1,838,636		0.0
1,165,316 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.009%,04/25/2048		1,004,883		0.0
726,049 (1)(3)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%,05/25/2048		652,085		0.0
883,489 (1)(3)	Flagstar Mortgage Trust 2018-4 B3, 4.181%,07/25/2048		763,935		0.0
1,678,913 (1)(3)	Flagstar Mortgage Trust 2018-5 B3, 4.455%,09/25/2048		1,436,024		0.0
2,788,633 (1)(3)	Flagstar Mortgage Trust 2018-6RR B3, 4.919%,10/25/2048		2,495,062		0.1
1,356,909 (1)(3)	Flagstar Mortgage Trust 2019-2 B2, 4.030%,12/25/2049		1,149,098		0.0
1,915,586 (1)(3)	Flagstar Mortgage Trust 2020-1INV B1A, 4.209%, 03/25/2050		1,619,953		0.0
2,318,671 (1)(3)	Flagstar Mortgage Trust 2020-1INV B2A, 4.209%, 03/25/2050		1,934,392		0.0
1,435,957 (1)(3)	Flagstar Mortgage Trust 2021-6INV B1, 3.490%,08/25/2051		1,132,620		0.0
1,585,150	Freddie Mac Reference REMIC R007 ZA, 6.000%, 05/15/2036		1,610,865		0.0
172,607	Freddie Mac Reference REMIC R008 ZA, 6.000%, 07/15/2036		171,251		0.0
41,585	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029		41,475		0.0

See Accompanying Notes to Financial Statements

96 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
36,444	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029	$	36,215		0.0
281,950	Freddie Mac REMIC Trust 2143 ZB, 6.000%, 04/15/2029		283,612		0.0
3,070 (3)(6)	Freddie Mac REMIC Trust2232 SA, 3.172%,(-1.000*SOFR30A +8.486%), 05/17/2030		32		0.0
3,367 (3)(6)	Freddie Mac REMIC Trust2301 SP, 3.822%,(-1.000*SOFR30A +9.136%), 04/15/2031		62		0.0
136,411	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032		135,214		0.0
39,148 (6)	Freddie Mac REMIC Trust 2594 IY, 6.000%,04/15/2033		6,424		0.0
302,047	Freddie Mac REMIC Trust 2845 QH, 5.000%, 08/15/2034		295,766		0.0
63,127	Freddie Mac REMIC Trust 2861 Z, 5.500%,09/15/2034		61,889		0.0
102,940	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035		100,794		0.0
157,462	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035		154,179		0.0
169,080 (3)(6)	Freddie Mac REMIC Trust2993 GS, 0.722%,(-1.000*SOFR30A +6.036%), 06/15/2025		684		0.0
527,332 (3)(6)	Freddie Mac REMIC Trust 3006 SI, 1.312%,(-1.000*SOFR30A +6.626%), 07/15/2035		41,195		0.0
524,274 (3)(6)	Freddie Mac REMIC Trust 3006 YI, 1.312%,(-1.000*SOFR30A +6.626%), 07/15/2035		37,987		0.0
3,236,494 (3)(6)	Freddie Mac REMIC Trust 3045 DI, 1.302%,(-1.000*SOFR30A +6.616%), 10/15/2035		214,965		0.0
591,998	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036		575,186		0.0
514,617 (3)(6)	Freddie Mac REMIC Trust3171 PS, 1.057%,(-1.000*SOFR30A +6.371%), 06/15/2036		25,452		0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,383,697 (3)(6)	Freddie Mac REMIC Trust 3199 S, 1.022%,(-1.000*SOFR30A +6.336%), 08/15/2036	$	249,580		0.0
3,054,569 (3)(6)	Freddie Mac REMIC Trust3213 JS, 1.772%,(-1.000*SOFR30A +7.086%), 09/15/2036		298,466		0.0
10,879,253 (3)(6)	Freddie Mac REMIC Trust3346 SC, 1.122%,(-1.000*SOFR30A +6.436%), 10/15/2033		608,237		0.0
276,188	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037		275,600		0.0
760,928 (3)(6)	Freddie Mac REMIC Trust 3375 QI, 0.600%,(-1.000*SOFR30A +63.455%), 10/15/2037		16,665		0.0
90,603	Freddie Mac REMIC Trust 3394 ZY, 6.000%, 11/15/2037		89,602		0.0
5,120,048 (3)(6)	Freddie Mac REMIC Trust3510 AS, 0.982%,(-1.000*SOFR30A +6.296%), 04/15/2037		376,536		0.0
141,873 (3)(6)	Freddie Mac REMIC Trust 3524 LA, 5.085%, 03/15/2033		134,050		0.0
9,749 (3)	Freddie Mac REMIC Trust 3556 NT, 8.528%, (SOFR30A +3.214%), 03/15/2038		9,830		0.0
5,274,615 (3)(6)	Freddie Mac REMIC Trust3629 CS, 0.922%,(-1.000*SOFR30A +6.236%), 01/15/2040		427,454		0.0
3,111,035	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034		3,068,253		0.1
269,194	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036		270,142		0.0
204,248	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037		202,955		0.0
2,029,935	Freddie Mac REMIC Trust 3736 ZP, 4.000%, 10/15/2040		1,880,052		0.0
1,481,719	Freddie Mac REMIC Trust 3740 KE, 4.000%, 10/15/2040		1,373,599		0.0
18,182,730	Freddie Mac REMIC Trust 3753 KZ, 4.500%, 11/15/2040		17,300,095		0.2

See Accompanying Notes to Financial Statements

97 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,129,548	Freddie Mac REMIC Trust 3775 GZ, 4.500%, 12/15/2040	$	3,697,337		0.1
1,900,000	Freddie Mac REMIC Trust 3820 NC, 4.500%, 03/15/2041		1,794,150		0.0
846,538	Freddie Mac REMIC Trust 3843 JZ, 5.100%, 04/15/2041		801,880		0.0
361,085	Freddie Mac REMIC Trust 3848 WX, 5.000%, 04/15/2041		352,372		0.0
635,867 (3)(6)	Freddie Mac REMIC Trust 3856 KS, 1.122%, (-1.000*SOFR30A + 6.436%), 05/15/2041		51,410		0.0
2,650,000	Freddie Mac REMIC Trust 3890 ME, 5.000%, 07/15/2041		2,549,014		0.1
1,898,563	Freddie Mac REMIC Trust 3893 PU, 4.000%, 07/15/2041		1,765,073		0.0
3,673,366	Freddie Mac REMIC Trust 3919 BY, 4.000%, 09/15/2041		3,396,083		0.1
7,162,836	Freddie Mac REMIC Trust 3919 ZB, 4.000%, 09/15/2041		6,606,159		0.1
2,969,495	Freddie Mac REMIC Trust 3923 GY, 4.000%, 09/15/2041		2,758,094		0.1
248,926 (3)(6)	Freddie Mac REMIC Trust 3925 SD, 0.622%, (-1.000*SOFR30A + 5.936%), 07/15/2040		5,103		0.0
952,238 (3)(6)	Freddie Mac REMIC Trust 3925 SL, 0.622%, (-1.000*SOFR30A + 5.936%), 01/15/2041		12,125		0.0
1,306,189	Freddie Mac REMIC Trust 3934 CB, 4.000%, 10/15/2041		1,206,117		0.0
324,654	Freddie Mac REMIC Trust 3934 KB, 5.000%, 10/15/2041		316,174		0.0
4,142,925	Freddie Mac REMIC Trust 3982 LZ, 4.000%, 01/15/2042		3,793,690		0.1
783,264	Freddie Mac REMIC Trust 3997 PB, 4.000%, 02/15/2042		726,839		0.0
129,382	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042		124,299		0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,528,721 (3)(6)	Freddie Mac REMIC Trust 4057 SN, 1.222%, (-1.000*SOFR30A + 6.536%), 12/15/2041	$	156,824		0.0
2,470,431	Freddie Mac REMIC Trust 4057 ZB, 3.500%, 06/15/2042		2,204,493		0.0
11,217,581	Freddie Mac REMIC Trust 4084 TZ, 4.000%, 07/15/2042		10,334,840		0.2
705,959 (3)(6)	Freddie Mac REMIC Trust 4088 CS, 0.572%, (-1.000*SOFR30A + 5.886%), 08/15/2042		53,710		0.0
1,341,292 (3)(6)	Freddie Mac REMIC Trust 4090 SN, 1.272%, (-1.000*SOFR30A + 6.586%), 08/15/2032		75,344		0.0
520,789	Freddie Mac REMIC Trust 4100 JA, 3.500%, 10/15/2041		486,753		0.0
3,703,888 (6)	Freddie Mac REMIC Trust 4161 WI, 3.000%, 02/15/2033		300,010		0.0
3,544,450 (3)(6)	Freddie Mac REMIC Trust 4191 SA, 0.772%, (-1.000*SOFR30A + 6.086%), 03/15/2043		219,608		0.0
2,128,000	Freddie Mac REMIC Trust 4193 BP, 4.000%, 04/15/2043		1,821,436		0.0
1,874,342 (6)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		304,711		0.0
2,708,941	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		2,474,710		0.1
2,080,000	Freddie Mac REMIC Trust 4235 QD, 3.000%, 08/15/2033		1,878,581		0.0
962,003	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041		914,287		0.0
798,648 (6)	Freddie Mac REMIC Trust 4293 KI, 4.500%, 08/15/2043		102,226		0.0
21,577,094 (3)(6)	Freddie Mac REMIC Trust 4301 SD, 0.672%, (-1.000*SOFR30A + 5.986%), 07/15/2037		1,167,103		0.0
6,657,384	Freddie Mac REMIC Trust 4310 BZ, 4.000%, 02/15/2044		6,050,543		0.1
4,835,209	Freddie Mac REMIC Trust 4316 XZ, 4.500%, 03/15/2044		4,513,145		0.1

See Accompanying Notes to Financial Statements

98 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,726,256	Freddie Mac REMIC Trust 4335 XZ, 4.250%, 05/15/2044	$	7,054,241	0.1
5,128,696	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044		4,684,538	0.1
11,145,520	Freddie Mac REMIC Trust 4348 ZX, 4.250%, 06/15/2044		10,465,813	0.2
411,037	Freddie Mac REMIC Trust 4370 AD, 3.000%, 08/15/2040		403,251	0.0
2,561,613 (3)(6)	Freddie Mac REMIC Trust 4386 LS, 0.672%, (-1.000*SOFR30A + 5.986%), 09/15/2044		194,858	0.0
2,644,600	Freddie Mac REMIC Trust 4401 BL, 3.500%, 10/15/2034		2,450,363	0.1
8,553,625 (3)(6)	Freddie Mac REMIC Trust 4407 CS, 0.772%, (-1.000*SOFR30A + 6.086%), 06/15/2044		529,960	0.0
12,441,151 (3)(6)	Freddie Mac REMIC Trust 4407 PS, 0.172%, (-1.000*SOFR30A + 5.486%), 06/15/2044		534,150	0.0
6,466,381	Freddie Mac REMIC Trust 4444 CZ, 3.000%, 02/15/2045		5,264,034	0.1
11,938,669 (3)(6)	Freddie Mac REMIC Trust 4461 AS, 0.172%, (-1.000*SOFR30A + 5.486%), 04/15/2045		580,766	0.0
3,124,000	Freddie Mac REMIC Trust 4492 VB, 3.500%, 05/15/2035		2,867,018	0.1
36,306	Freddie Mac REMIC Trust 4500 HC, 3.000%, 11/15/2042		35,917	0.0
2,913,000	Freddie Mac REMIC Trust 4505 PB, 3.000%, 08/15/2045		2,336,984	0.0
8,068,266	Freddie Mac REMIC Trust 4545 PL, 3.500%, 01/15/2046		6,784,757	0.1
11,226,657 (3)(6)	Freddie Mac REMIC Trust 4574 ST, 0.572%, (-1.000*SOFR30A + 5.886%), 04/15/2046		958,496	0.0
58,118,619 (3)(6)	Freddie Mac REMIC Trust 4585 AS, 0.672%, (-1.000*SOFR30A + 5.986%), 05/15/2046		3,763,994	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,203,783	Freddie Mac REMIC Trust 4608 JV, 3.500%, 01/15/2055	$	3,103,677	0.1
16,435,516 (3)(6)	Freddie Mac REMIC Trust 4611 BS, 0.672%, (-1.000*SOFR30A + 5.986%), 06/15/2041		1,110,502	0.0
10,505,600	Freddie Mac REMIC Trust 4664 KZ, 3.500%, 02/15/2047		9,190,122	0.1
5,820,073	Freddie Mac REMIC Trust 4680 GZ, 3.500%, 03/15/2047		4,851,521	0.1
5,942,437	Freddie Mac REMIC Trust 4682 HZ, 3.500%, 04/15/2047		5,225,908	0.1
2,280,050	Freddie Mac REMIC Trust 4700 KZ, 3.500%, 07/15/2047		1,925,572	0.0
4,147,687	Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047		3,008,250	0.1
3,396,006	Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048		2,768,923	0.1
36,464,151	Freddie Mac REMIC Trust 4771 HZ, 3.500%, 03/15/2048		30,893,986	0.4
583,670	Freddie Mac REMIC Trust 4772 VG, 4.500%, 08/15/2036		577,020	0.0
14,803,287	Freddie Mac REMIC Trust 4776 AZ, 4.000%, 07/15/2047		13,318,688	0.2
403,933	Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048		363,541	0.0
7,839,975	Freddie Mac REMIC Trust 4795 D, 5.000%, 05/15/2048		7,448,886	0.1
2,047,077	Freddie Mac REMIC Trust 4834 AZ, 3.500%, 10/15/2048		1,809,325	0.0
32,223,022 (3)(6)	Freddie Mac REMIC Trust 4879 DS, 0.672%, (-1.000*SOFR30A + 5.986%), 08/15/2034		1,463,560	0.0
27,918,366 (3)(6)	Freddie Mac REMIC Trust 4892 SA, 0.622%, (-1.000*SOFR30A + 5.936%), 07/15/2049		2,362,167	0.0
1,632,872	Freddie Mac REMIC Trust 4904 HB, 3.000%, 08/25/2049		1,127,307	0.0

See Accompanying Notes to Financial Statements

99 

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,665,981 (3)(6)	Freddie Mac REMIC Trust 4906 SQ, 0.621%, (-1.000*SOFR30A + 5.936%), 09/25/2049	$	634,401	0.0
606,535	Freddie Mac REMIC Trust 4914 DB, 3.000%, 09/25/2049		393,004	0.0
2,237,830	Freddie Mac REMIC Trust 4941 CZ, 3.000%, 11/25/2049		1,784,014	0.0
2,873,517	Freddie Mac REMIC Trust 4941 WZ, 3.000%, 11/25/2049		2,421,943	0.0
4,641,819	Freddie Mac REMIC Trust 4950 KE, 2.500%, 12/25/2049		3,897,971	0.1
54,520,467 (6)	Freddie Mac REMIC Trust 4998 AI, 3.500%, 12/25/2049		11,121,554	0.2
49,824,105 (6)	Freddie Mac REMIC Trust 5014 HI, 4.000%, 09/25/2050		10,043,747	0.1
31,379,383 (6)	Freddie Mac REMIC Trust 5019 HI, 3.500%, 10/25/2050		5,736,236	0.1
23,676,533 (3)(6)	Freddie Mac REMIC Trust 5045 BS, 0.885%, (-1.000*SOFR30A + 6.200%), 11/25/2050		2,629,298	0.1
100,450,846 (6)	Freddie Mac REMIC Trust 5051 BI, 3.000%, 11/25/2050		16,561,954	0.2
28,672,023 (6)	Freddie Mac REMIC Trust 5072 NI, 3.000%, 01/25/2050		4,730,703	0.1
56,687,003 (6)	Freddie Mac REMIC Trust 5072 QI, 3.500%, 10/25/2050		11,703,287	0.2
44,807,591 (6)	Freddie Mac REMIC Trust 5082 IQ, 3.000%, 03/25/2051		7,355,184	0.1
21,218,214 (6)	Freddie Mac REMIC Trust 5103 HI, 4.000%, 05/25/2051		4,347,794	0.1
22,617,495 (6)	Freddie Mac REMIC Trust 5113 AI, 4.000%, 06/25/2041		3,663,672	0.1
68,642,606 (6)	Freddie Mac REMIC Trust 5117 IO, 3.000%, 06/25/2051		9,575,911	0.1
27,142,469 (6)	Freddie Mac REMIC Trust 5128 IC, 5.500%, 09/25/2041		5,443,544	0.1
72,031,206 (6)	Freddie Mac REMIC Trust 5200 IC, 4.000%, 03/25/2051		14,419,697	0.2
1,486,717	Freddie Mac REMIC Trust 5228 EC, 4.000%, 02/25/2050		1,321,711	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
43,453,070 (6)	Freddie Mac REMIC Trust 5322 IO, 4.000%, 09/25/2051	$	8,671,369		0.1
3,250,594 (1)(3)	Freddie Mac STACR Remic Trust 2020- DNA2 M2, 7.279%, (SOFR30A + 1.964%), 02/25/2050		3,257,471		0.1
1,179,461 (1)(3)	Freddie Mac STACR REMIC Trust 2020- HQA1 M2, 7.329%, (SOFR30A + 2.014%), 01/25/2050		1,180,049		0.0
8,740,000 (1)(3)	Freddie Mac STACR REMIC Trust 2020- HQA2 B1, 9.529%, (SOFR30A + 4.214%), 03/25/2050		9,461,380		0.1
2,687,002 (1)(3)	Freddie Mac STACR REMIC Trust 2020- HQA2 M2, 8.529%, (SOFR30A + 3.214%), 03/25/2050		2,773,258		0.1
1,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021- DNA7 M2, 7.115%, (SOFR30A + 1.800%), 11/25/2041		978,192		0.0
3,112,544 (1)(3)	Freddie Mac STACR REMIC Trust 2021- HQA1 M2, 7.565%, (SOFR30A + 2.250%), 08/25/2033		3,098,682		0.1
6,500,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021- HQA3 M2, 7.415%, (SOFR30A + 2.100%), 09/25/2041		6,383,199		0.1
15,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021- HQA4 B1, 9.065%, (SOFR30A + 3.750%), 12/25/2041		14,943,593		0.2
10,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021- HQA4 M2, 7.665%, (SOFR30A + 2.350%), 12/25/2041		9,688,062		0.1
13,500,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA1 B1, 8.715%, (SOFR30A + 3.400%), 01/25/2042		13,541,985		0.2
9,200,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA1 M1B, 7.165%, (SOFR30A + 1.850%), 01/25/2042		9,092,358		0.1

See Accompanying Notes to Financial Statements

100 

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA1 M2, 7.815%, (SOFR30A + 2.500%), 01/25/2042	$	6,858,748	0.1
2,420,817	Freddie Mac Strips 27730, 3.000%, 09/15/2042		2,089,820	0.0
5,113,505 (6)	Freddie Mac Strips 303 C17, 3.500%, 01/15/2043		804,770	0.0
25,876,165 (3)(6)	Freddie Mac Strips 311 S1, 0.522%, (-1.000*SOFR30A + 5.836%), 08/15/2043		2,185,705	0.0
9,652,582	Freddie Mac Strips 326 350, 3.500%, 03/15/2044		8,577,864	0.1
779,121 (3)(6)	Freddie Mac Strips 344 68, 3.000%, 02/15/2045		91,896	0.0
239,451 (3)(6)	Freddie Mac Strips 344 89, 4.500%, 02/15/2045		42,935	0.0
3,302,766 (6)	Freddie Mac Strips 344 C13, 4.500%, 02/15/2045		681,579	0.0
4,857,560 (6)	Freddie Mac Strips 344 C17, 4.000%, 02/15/2045		920,967	0.0
2,388,380 (3)(6)	Freddie Mac Strips 344 C18, 4.000%, 02/15/2045		392,864	0.0
2,922,412 (3)(6)	Freddie Mac Strips 344 C19, 3.500%, 02/15/2045		380,277	0.0
4,754,160 (6)	Freddie Mac Strips 344 C2, 4.000%, 02/15/2045		899,437	0.0
4,023,032 (6)	Freddie Mac Strips 344 C4, 4.000%, 02/15/2045		750,059	0.0
6,789,512 (6)	Freddie Mac Strips 344 C5, 3.500%, 02/15/2045		1,147,164	0.0
7,054,541 (6)	Freddie Mac Strips 344 C6, 4.000%, 02/15/2045		1,348,314	0.0
3,852,282 (6)	Freddie Mac Strips 344 C7, 4.000%, 02/15/2045		744,988	0.0
2,988,731 (6)	Freddie Mac Strips 344 C8, 3.500%, 02/15/2045		508,843	0.0
3,526,039 (6)	Freddie Mac Strips 344 C9, 3.500%, 02/15/2045		589,137	0.0
8,238,000 (6)	Freddie Mac Strips 347 C14, 3.500%, 02/15/2044		1,396,544	0.0
4,874,880 (6)	Freddie Mac Strips 347 C22, 4.000%, 02/15/2044		895,425	0.0
5,338,949 (6)	Freddie Mac Strips 347 C23, 4.000%, 02/15/2044		988,281	0.0
5,007,863 (6)	Freddie Mac Strips 347 C24, 4.000%, 02/15/2044		917,501	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,451,804 (6)	Freddie Mac Strips 347 C25, 4.000%, 02/15/2044	$	819,494	0.0
6,240,359 (6)	Freddie Mac Strips 347 C26, 4.000%, 02/15/2044		1,187,957	0.0
5,689,100 (6)	Freddie Mac Strips 347 C28, 4.500%, 02/15/2044		1,186,702	0.0
9,374,994 (6)	Freddie Mac Strips 347 C5, 3.000%, 05/15/2043		1,416,886	0.0
19,769,612 (6)	Freddie Mac Strips 365 C23, 3.500%, 10/15/2047		3,507,572	0.1
5,519,950 (1)(3)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 7.615%, (SOFR30A + 2.300%), 08/25/2033		5,568,217	0.1
838,512 (3)	Freddie Mac Structured Pass-Through Certificates T-48 1A, 4.422%, 07/25/2033		781,850	0.0
2,453,160	Freddie Mac Whole Loan Securities Trust 2017-SC01 1A, 3.000%, 12/25/2046		2,035,761	0.0
2,448,501	Freddie Mac Whole Loan Securities Trust 2017-SC01 2A, 3.500%, 12/25/2046		2,110,354	0.0
555,990 (1)(3)	Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058		515,548	0.0
3,733,985 (1)(3)	Galton Funding Mortgage Trust 2018-2 B2, 4.725%, 10/25/2058		3,315,166	0.1
1,055,256 (3)(6)	Ginnie Mae 2005- 37 SI, 0.711%, (-1.000*TSFR1M + 6.036%), 05/20/2035		59,358	0.0
260,202 (3)(6)	Ginnie Mae 2005- 7 AH, 1.325%, (-1.000*TSFR1M + 6.656%), 02/16/2035		16,064	0.0
5,403,781 (3)(6)	Ginnie Mae 2007- 17 IC, 0.805%, (-1.000*TSFR1M + 6.136%), 04/16/2037		226,782	0.0
931,586 (3)(6)	Ginnie Mae 2007- 23 ST, 0.761%, (-1.000*TSFR1M + 6.086%), 04/20/2037		55,004	0.0
1,149,096 (3)(6)	Ginnie Mae 2007- 40 SE, 1.311%, (-1.000*TSFR1M + 6.636%), 07/20/2037		104,337	0.0

See Accompanying Notes to Financial Statements

101

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,971,133 (3)(6)	Ginnie Mae 2007- 41 SL, 1.261%, (-1.000*TSFR1M + 6.586%), 07/20/2037	$	441,443	0.0
743,838 (3)(6)	Ginnie Mae 2007- 7 EI, 0.761%, (-1.000*TSFR1M + 6.086%), 02/20/2037		52,722	0.0
683,686 (3)(6)	Ginnie Mae 2008- 2 SW, 1.111%, (-1.000*TSFR1M + 6.436%), 01/20/2038		57,129	0.0
346,927 (3)(6)	Ginnie Mae 2008- 35 SN, 0.961%, (-1.000*TSFR1M + 6.286%), 04/20/2038		21,673	0.0
184,991 (3)(6)	Ginnie Mae 2008- 40 PS, 1.055%, (-1.000*TSFR1M + 6.386%), 05/16/2038		10,940	0.0
527,855 (3)(6)	Ginnie Mae 2009- 25 KS, 0.761%, (-1.000*TSFR1M + 6.086%), 04/20/2039		40,283	0.0
400,045	Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039		390,356	0.0
362,311	Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039		349,564	0.0
8,091,132	Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039		7,927,152	0.1
789,100	Ginnie Mae 2009-34 Z, 4.500%, 05/16/2039		762,796	0.0
853,502	Ginnie Mae 2009- 98 DA, 3.250%, 07/16/2039		803,909	0.0
2,149,661	Ginnie Mae 2010- 108 WL, 4.000%, 04/16/2040		2,034,436	0.0
2,674,121 (3)(6)	Ginnie Mae 2010- 11 SA, 0.975%, (-1.000*TSFR1M + 6.306%), 01/16/2040		192,222	0.0
888,401 (3)(6)	Ginnie Mae 2010- 116 NS, 1.205%, (-1.000*TSFR1M + 6.536%), 09/16/2040		51,492	0.0
3,002,846 (3)(6)	Ginnie Mae 2010- 116 SK, 1.181%, (-1.000*TSFR1M + 6.506%), 08/20/2040		216,769	0.0
1,160,035 (3)(6)	Ginnie Mae 2010- 14 SB, 1.361%, (-1.000*TSFR1M + 6.686%), 11/20/2035		95,190	0.0
2,266,602 (3)(6)	Ginnie Mae 2010- 149 HS, 0.655%, (-1.000*TSFR1M + 5.986%), 05/16/2040		24,668	0.0
321,377	Ginnie Mae 2010- 164 MD, 4.000%, 12/20/2040		302,733	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,166,016 (6)	Ginnie Mae 2010-168 BI, 5.000%, 04/20/2040	$	186,949	0.0
706,278 (3)(6)	Ginnie Mae 2010- 68 MS, 0.411%, (-1.000*TSFR1M + 5.736%), 06/20/2040		46,014	0.0
828,672 (6)	Ginnie Mae 2010-99 IT, 5.000%, 08/16/2040		107,989	0.0
960,140	Ginnie Mae 2011-52 PA, 4.250%, 02/16/2041		926,075	0.0
1,631,240 (3)(6)	Ginnie Mae 2011- 72 SA, 0.192%, (-1.000*TSFR1M + 5.236%), 05/16/2041		83,155	0.0
188,286 (6)	Ginnie Mae 2012-91 QI, 4.500%, 09/20/2041		16,985	0.0
2,450,969 (3)(6)	Ginnie Mae 2013- 111 SA, 1.261%, (-1.000*TSFR1M + 6.586%), 07/20/2043		217,312	0.0
686,798	Ginnie Mae 2013- 116 KB, 3.500%, 12/20/2042		655,607	0.0
3,186,340 (6)	Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043		485,353	0.0
7,670,157	Ginnie Mae 2013-170 ZD, 2.500%, 11/16/2043		6,439,509	0.1
71,010	Ginnie Mae 2013-27 KA, 2.250%, 02/20/2043		62,203	0.0
375,976	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042		320,793	0.0
173,224 (6)	Ginnie Mae 2014-10 GI, 4.500%, 01/16/2029		3,263	0.0
2,386,808 (3)(6)	Ginnie Mae 2014- 185 SB, 0.161%, (-1.000*TSFR1M + 5.486%), 12/20/2044		122,353	0.0
1,563,178 (3)(6)	Ginnie Mae 2014- 3 QS, 0.711%, (-1.000*TSFR1M + 6.036%), 03/20/2043		62,505	0.0
4,051,482 (3)(6)	Ginnie Mae 2014- 3 SU, 0.611%, (-1.000*TSFR1M + 5.936%), 07/20/2039		270,887	0.0
2,296,319 (3)(6)	Ginnie Mae 2014- 56 SP, 0.755%, (-1.000*TSFR1M + 6.086%), 12/16/2039		126,012	0.0
5,785,579 (3)(6)	Ginnie Mae 2014- 58 SG, 0.155%, (-1.000*TSFR1M + 5.486%), 04/16/2044		229,638	0.0
15,789,205 (3)(6)	Ginnie Mae 2015- 110 MS, 0.271%, (-1.000*TSFR1M + 5.596%), 08/20/2045		1,040,910	0.0
1,194,455	Ginnie Mae 2015-27 PB, 3.000%, 08/20/2044		1,143,239	0.0

See Accompanying Notes to Financial Statements

102

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,262,880 (3)(6)	Ginnie Mae 2016- 160 GS, 0.661%, (-1.000*TSFR1M + 5.986%), 11/20/2046	$	1,048,949	0.0
386,130	Ginnie Mae 2016-44 JA, 3.500%, 03/20/2046		339,488	0.0
30,735,544 (3)(6)	Ginnie Mae 2016- 6 SB, 0.211%, (-1.000*TSFR1M + 5.536%), 01/20/2046		1,820,697	0.0
6,994,673 (3)(6)	Ginnie Mae 2017- 101 SA, 0.761%, (-1.000*TSFR1M + 6.086%), 07/20/2047		606,286	0.0
14,913,689 (3)(6)	Ginnie Mae 2017- 163 SH, 0.761%, (-1.000*TSFR1M + 6.086%), 11/20/2047		1,397,489	0.0
4,503,203	Ginnie Mae 2018-1 LZ, 3.000%, 01/20/2048		3,420,527	0.1
338,764	Ginnie Mae 2018-104 HZ, 3.500%, 08/20/2048		242,201	0.0
1,151,010	Ginnie Mae 2018- 120 DE, 3.500%, 09/20/2048		1,014,891	0.0
202,704	Ginnie Mae 2018- 122 GZ, 3.500%, 09/20/2048		147,467	0.0
1,547,298	Ginnie Mae 2018-126 A, 3.500%, 09/20/2048		1,394,628	0.0
202,988	Ginnie Mae 2018-147 KZ, 3.750%, 10/20/2048		152,898	0.0
15,264,684 (3)(6)	Ginnie Mae 2018- 167 CS, 0.661%, (-1.000*TSFR1M + 5.986%), 12/20/2048		1,136,051	0.0
176,532	Ginnie Mae 2019-100 JB, 3.000%, 08/20/2049		124,394	0.0
532,322	Ginnie Mae 2019- 100 KB, 3.000%, 08/20/2049		374,300	0.0
1,349,931	Ginnie Mae 2019- 100 MC, 3.000%, 08/20/2049		905,822	0.0
20,329,836 (3)(6)	Ginnie Mae 2019- 159 SM, 0.611%, (-1.000*TSFR1M + 5.936%), 12/20/2049		1,822,456	0.0
1,081,376	Ginnie Mae 2019- 23 NG, 3.500%, 02/20/2049		786,224	0.0
71,326	Ginnie Mae 2019-54 AB, 3.000%, 04/20/2049		51,992	0.0
798,785	Ginnie Mae 2019- 78 MB, 3.000%, 06/20/2049		560,238	0.0
416,445	Ginnie Mae 2019-89 KB, 3.000%, 07/20/2049		294,929	0.0
299,424	Ginnie Mae 2019- 89 WB, 3.000%, 07/20/2049		207,492	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
20,844,812 (6)	Ginnie Mae 2020-188 PI, 3.500%, 06/20/2050	$	3,563,191	0.1
19,351,748 (3)(6)	Ginnie Mae 2020- 32 SG, 0.661%, (-1.000*TSFR1M + 5.986%), 03/20/2050		1,691,329	0.0
29,925,949 (3)(6)	Ginnie Mae 2020- 46 BS, 0.336%, (-1.000*TSFR1M + 3.236%), 04/20/2050		415,845	0.0
15,579,398 (3)(6)	Ginnie Mae 2020- 77 JS, 0.661%, (-1.000*TSFR1M + 5.986%), 10/20/2048		940,126	0.0
88,151,304 (6)	Ginnie Mae 2021-139 PI, 2.500%, 08/20/2051		11,449,629	0.2
309,021 (1)(3)	GS Mortage-Backed Securities Trust 2020- PJ1 A1, 3.500%, 05/25/2050		266,052	0.0
495,610 (1)(3)	GS Mortage-Backed Securities Trust 2020- PJ1 A4, 3.500%, 05/25/2050		423,153	0.0
1,236,144 (1)(3)	GS Mortage-Backed Securities Trust 2020- PJ1 A8, 3.500%, 05/25/2050		1,064,260	0.0
340,805 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		310,961	0.0
2,814,967 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.378%, 11/25/2049		2,417,683	0.0
1,064,353 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.961%, 03/25/2050		916,221	0.0
1,529,456 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B2A, 3.424%, 10/25/2050		1,195,190	0.0
942,579 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.424%, 10/25/2050		661,155	0.0
1,417,152 (1)(3)	GS Mortgage-Backed Securities Trust 2021- GR3 B4, 3.384%, 04/25/2052		957,415	0.0
3,934,130 (1)(3)	GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054		3,833,492	0.1
113,942	GSR Mortgage Loan Trust 2007-1F 3A13, 6.000%, 01/25/2037		69,384	0.0

See Accompanying Notes to Financial Statements

103

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,445,993 (3)	HarborView Mortgage Loan Trust 2007-5 A1A, 5.632%, (TSFR1M + 0.304%), 09/19/2037	$	1,219,962	0.0
48,486 (3)	HomeBanc Mortgage Trust 2004-1 2A, 6.294%, (TSFR1M + 0.974%), 08/25/2029		46,212	0.0
446,478 (3)	Impac CMB Trust Series 2005-1 M1, 6.124%, (TSFR1M + 0.804%), 04/25/2035		407,726	0.0
2,000,000 (1)(3)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057		1,263,456	0.0
1,527,606 (3)	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.854%, (TSFR1M + 0.534%), 02/25/2046		1,106,228	0.0
51,988 (1)(3)	J.P. Morgan Mortgage Trust 2019-2 A3, 3.979%, 08/25/2049		48,403	0.0
2,197,212 (1)(3)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.158%, 05/25/2052		1,416,798	0.0
2,299,000 (1)(3)	J.P. Morgan Mortgage Trust 2023-8 B3, 6.356%, 02/25/2054		2,108,149	0.0
305,692	JP Morgan Alternative Loan Trust 2005- S1 1A1, 5.500%, 12/25/2035		104,525	0.0
1,714,049 (3)	JP Morgan Mortgage Trust 2005-A4 B1, 4.797%, 07/25/2035		1,562,575	0.0
946,000 (1)(3)	JP Morgan Mortgage Trust 2017-1 B4, 3.449%, 01/25/2047		767,917	0.0
1,286,619 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.777%, 12/25/2048		1,095,881	0.0
1,854,381 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.610%, 06/25/2048		1,544,882	0.0
1,784,917 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.610%, 06/25/2048		1,463,576	0.0
2,358,758 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.610%, 06/25/2048		1,933,775	0.0
1,985,867 (1)(3)	JP Morgan Mortgage Trust 2018-4 B2, 3.714%, 10/25/2048		1,674,723	0.0
2,706,158 (1)(3)	JP Morgan Mortgage Trust 2018-9 B3, 4.264%, 02/25/2049		2,284,874	0.0
163,057 (1)(3)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049		147,116	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
274,017 (1)(3)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050	$	233,444	0.0
608,929 (1)(3)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050		519,301	0.0
1,851,634 (1)(3)	JP Morgan Mortgage Trust 2019-9 B2A, 3.398%, 05/25/2050		1,496,648	0.0
1,682,685 (1)(3)	JP Morgan Mortgage Trust 2019-INV1 B3, 4.932%, 10/25/2049		1,474,017	0.0
6,106 (1)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		6,077	0.0
800,763 (1)(3)	JP Morgan Mortgage Trust 2020-1 A7, 3.500%, 06/25/2050		685,487	0.0
270,328 (1)(3)	JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050		227,392	0.0
296,907 (1)(3)	JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050		252,465	0.0
737,837 (1)(3)	JP Morgan Mortgage Trust 2020-3 B2, 3.844%, 08/25/2050		599,048	0.0
1,997,650 (1)(3)	JP Morgan Mortgage Trust 2020-5 B3, 3.578%, 12/25/2050		1,538,972	0.0
922,787 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.504%, 03/25/2051		719,482	0.0
225,898 (1)(3)	JP Morgan Mortgage Trust 2020-INV1 A3, 3.500%, 08/25/2050		189,906	0.0
12,084,998 (3)(6)	Lehman Mortgage Trust 2006-7 2A4, 1.116%, (-1.000*TSFR1M + 6.436%), 11/25/2036		1,056,351	0.0
8,449,522 (3)(6)	Lehman Mortgage Trust 2006-9 2A5, 1.186%, (-1.000*TSFR1M + 6.506%), 01/25/2037		635,416	0.0
265,047 (1)(3)	MFA Trust 2020-NQM3 A3, 1.632%, 01/26/2065		236,270	0.0
1,100,000 (1)(3)	Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058		1,033,321	0.0
3,200,000 (1)(3)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		2,901,965	0.1
2,482,000 (1)(3)	Mill City Mortgage Trust 2015-2 B2, 3.704%, 09/25/2057		2,109,410	0.0
1,000,000 (1)(3)	Morgan Stanley Residential Mortgage Loan Trust 2020- 1 A5A, 2.500%, 12/25/2050		634,682	0.0

See Accompanying Notes to Financial Statements

104

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,008,198 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057	$	1,892,382	0.0
666,657 (1)(3)	New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057		611,402	0.0
1,000,000 (1)(3)	Oaktown Re VI Ltd. 2021-1A M1C, 8.315%, (SOFR30A + 3.000%), 10/25/2033		1,019,434	0.0
6,000,000 (1)(3)	Oaktown Re VII Ltd. 2021-2 M1C, 8.665%, (SOFR30A + 3.350%), 04/25/2034		6,035,312	0.1
99,596 (1)(3)	OBX Trust 2019- EXP1 1A3, 4.000%, 01/25/2059		94,901	0.0
303,493 (1)(3)	OBX Trust 2019- INV2 A25, 4.000%, 05/27/2049		272,037	0.0
1,610,665,115 (1)(6)	PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048		5,142,773	0.1
67,482	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		55,406	0.0
1,182,889 (1)(3)	Provident Funding Mortgage Trust 2020-1 B3, 3.250%, 02/25/2050		886,784	0.0
10,000,000 (1)(3)	Radnor RE Ltd. 2021- 1 M1C, 8.015%, (SOFR30A + 2.700%), 12/27/2033		10,150,281	0.2
728,506 (1)(3)	RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049		618,564	0.0
33,815,143 (3)	Seasoned Credit Risk Transfer Trust 2017-4 HT, 3.250%, 06/25/2057		29,433,640	0.4
217,444 (1)(3)	Seasoned Credit Risk Transfer Trust Series 2016-1 M2, 3.750%, 09/25/2055		193,130	0.0
3,477,522	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057		2,850,616	0.1
7,951,020	Seasoned Credit Risk Transfer Trust Series 2018-2 MV, 3.500%, 11/25/2057		7,062,561	0.1
3,643,480	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057		2,963,367	0.1
2,846,069	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058		2,313,091	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,272,770	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058	$	2,684,545	0.1
1,667,939	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058		1,367,014	0.0
754,041	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058		618,268	0.0
1,975,776	Seasoned Credit Risk Transfer Trust Series 2019-3 MA, 3.500%, 10/25/2058		1,812,016	0.0
682,260	Seasoned Credit Risk Transfer Trust Series 2019-4 M55D, 4.000%, 02/25/2059		631,354	0.0
90,040	Seasoned Credit Risk Transfer Trust Series 2020-3 TTU, 2.500%, 05/25/2060		80,507	0.0
32,340,000	Seasoned Loans Structured Transaction Trust Series 2019- 3 A2C, 2.750%, 11/25/2029		27,090,704	0.4
936,883 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.764%, 05/25/2045		770,257	0.0
982,625 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.726%, 07/25/2045		662,598	0.0
660,918 (1)(3)	Sequoia Mortgage Trust 2017-5 B3, 3.779%, 08/25/2047		555,378	0.0
146,780 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		131,759	0.0
2,301,743 (1)	Sequoia Mortgage Trust 2018-CH1 B2B, 4.452%, 03/25/2048		2,038,019	0.0
571,970 (1)(3)	Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049		492,500	0.0
94,900 (1)(3)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049		93,028	0.0
1,860,775 (1)(3)	Sequoia Mortgage Trust 2020-2 B2, 3.637%, 03/25/2050		1,495,042	0.0
2,831,441 (1)(3)	Sequoia Mortgage Trust 2020-3 B2, 3.324%, 04/25/2050		2,228,370	0.0
1,105,766 (1)(3)	Sequoia Mortgage Trust 2021-5 A19, 2.500%, 07/25/2051		813,758	0.0

See Accompanying Notes to Financial Statements

105

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
946,939 (1)(3)	Sequoia Mortgage Trust 2021-5 B3, 3.050%, 07/25/2051	$	625,824	0.0
1,686,804 (1)(3)	Shellpoint Co-Originator Trust 2017-2 B2, 3.646%, 10/25/2047		1,464,849	0.0
1,000,000 (1)(3)	Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067		683,612	0.0
2,183,403 (1)(3)	TIAA Bank Mortgage Loan Trust 2018-2 B2, 3.676%, 07/25/2048		1,842,016	0.0
1,400,000 (1)(3)	Towd Point Mortgage Trust 2015-2 1B1, 3.627%, 11/25/2060		1,323,654	0.0
2,640,000 (1)(3)	Towd Point Mortgage Trust 2015-2 2B2, 4.527%, 11/25/2057		2,491,314	0.1
4,346,000 (1)(3)	Towd Point Mortgage Trust 2016-2 M1, 3.000%, 08/25/2055		4,119,937	0.1
3,200,000 (1)(3)	Towd Point Mortgage Trust 2017-1 M1, 3.750%, 10/25/2056		2,990,454	0.1
2,200,000 (1)(3)	Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057		1,999,042	0.0
10,200,000 (1)(3)	Triangle Re Ltd. 2021-3 M1B, 8.215%, (SOFR30A + 2.900%), 02/25/2034		10,245,275	0.2
359,251 (3)	Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A1, 5.035%, 10/20/2035		343,805	0.0
1,161,189 (3)	WaMu Mortgage Pass- Through Certificates 2005-AR11 A1C3, 6.454%, (TSFR1M + 1.134%), 08/25/2045		1,084,447	0.0
40,651,460 (3)(6)	WaMu Mortgage Pass- Through Certificates 2005-AR11 X, 1.410%, 08/25/2045		36,044	0.0
223,680 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR12 1A1, 3.946%, 10/25/2036		199,949	0.0
161,401 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR12 2A3, 3.523%, 10/25/2036		142,936	0.0
485,079 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR14 1A4, 3.347%, 11/25/2036		412,538	0.0
566,096 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR16 2A1, 3.444%, 12/25/2036		486,030	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
767,482 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR8 1A4, 4.435%, 08/25/2046	$	673,241	0.0
1,114,087 (3)	WaMu Mortgage Pass- Through Certificates 2007-HY2 1A1, 3.907%, 12/25/2036		977,130	0.0
312,826 (3)	WaMu Mortgage Pass- Through Certificates 2007-HY3 1A1, 3.479%, 03/25/2037		246,781	0.0
1,969,866 (3)	WaMu Mortgage Pass- Through Certificates Series Trust 2004-AR4 A6, 5.056%, 06/25/2034		1,841,522	0.0
839,313 (3)	WaMu Mortgage Pass- Through Certificates Series Trust 2005- AR13 A1C3, 6.414%, (TSFR1M + 1.094%), 10/25/2045		778,794	0.0
1,308,753 (3)	WaMu Mortgage Pass- Through Certificates Series Trust 2006- AR16 2A3, 3.444%, 12/25/2036		1,123,648	0.0
959,602 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-10 2A3, 5.750%, (TSFR1M + 1.014%), 11/25/2035		801,194	0.0
547,190	Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-5 CB3, 5.500%, 07/25/2035		482,055	0.0
2,979,715 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.586%, (12MTA + 0.960%), 08/25/2046		1,626,687	0.0
958,344 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2007-OC1 A4, 5.754%, (TSFR1M + 0.754%), 01/25/2047		875,415	0.0
239,963	Washington Mutual Mortgage Pass- Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035		206,685	0.0

See Accompanying Notes to Financial Statements

106

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
462,589 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2007-OC1 A3, 5.664%, (TSFR1M + 0.574%), 01/25/2047	$	418,404	0.0
396,478 (3)	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.864%, (TSFR1M + 0.544%), 06/25/2037		318,586	0.0
412,466	Wells Fargo Alternative Loan Trust 2007- PA3 3A1, 6.250%, 07/25/2037		341,020	0.0
120,547 (3)	Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 4.770%, 04/25/2036		112,449	0.0
1,880,709 (1)(3)	Wells Fargo Mortgage Backed Securities Trust 2019-4 B3, 3.524%, 09/25/2049		1,166,598	0.0
578,645 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B3, 3.752%, 08/20/2045		516,706	0.0
943,956 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.752%, 08/20/2045		820,422	0.0
	Total Collateralized Mortgage Obligations (Cost $1,348,639,428)		1,151,638,925	15.0

U.S. TREASURY OBLIGATIONS: 14.8%
	United States Treasury Bonds: 3.2%
58,000	1.250%, 05/15/2050	27,379	0.0
2,699,000	1.375%, 11/15/2040	1,598,525	0.0
268,000	1.625%, 11/15/2050	140,443	0.0
9,469,100	2.875%, 05/15/2052	6,716,033	0.1
14,333,300	3.250%, 05/15/2042	11,424,928	0.2
46,758,400	3.625%, 05/15/2053	38,725,453	0.5
195,214,000 (2)	4.375%, 08/15/2043	182,159,064	2.4
		240,791,825	3.2
	United States Treasury Notes: 11.6%
100,000 (2)	0.125%, 10/15/2023	99,813	0.0
25,162,000	0.500%, 11/30/2023	24,962,737	0.3
132,000	0.625%, 05/15/2030	102,181	0.0
32,536,700	0.875%, 01/31/2024	32,052,981	0.4
8,184,600	1.250%, 11/30/2026	7,345,039	0.1
25,131,200	1.250%, 09/30/2028	21,362,011	0.3
3,309,100	1.500%, 01/31/2027	2,980,000	0.0
17,183,400	1.500%, 11/30/2028	14,727,382	0.2
20,000,000	2.125%, 09/30/2024	19,360,307	0.3
50,000,000	2.750%, 05/15/2025	48,107,422	0.6
4,089,400	2.750%, 08/15/2032	3,541,804	0.0
61,956,300	3.875%, 08/15/2033	58,548,704	0.8
27,552,500	4.125%, 08/31/2030	26,747,450	0.3
27,102,600	4.375%, 08/31/2028	26,835,809	0.4
186,909,000	4.500%, 09/30/2028	187,040,419	2.4
131,515,000	4.500%, 09/30/2030	131,576,648	1.7
174,998,000	4.625%, 09/15/2026	174,150,353	2.3

				Percentage
Principal				of Net
Amount†		Value		Assets
U.S. TREASURY OBLIGATIONS: (continued)
	United States Treasury Notes: (continued)
26,932,200	5.000%, 08/31/2025	$	26,879,598	0.4
83,887,000	5.125%, 09/30/2025		83,811,633	1.1
			890,232,291	11.6
	Total U.S. Treasury Obligations
	(Cost $1,157,044,675)		1,131,024,116	14.8
ASSET-BACKED SECURITIES: 9.5%
	Automobile Asset-Backed Securities: 0.2%
5,050,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025		4,967,011	0.1
550,000	Drive Auto Receivables Trust 2021-2 D, 1.390%, 03/15/2029		515,491	0.0
3,250,000 (1)	GLS Auto Receivables Issuer Trust 2021-4A C, 1.940%, 10/15/2027		3,103,201	0.0
2,555,490	Santander Drive Auto Receivables Trust 2020-2 D, 2.220%, 09/15/2026		2,518,415	0.0
6,050,000 (1)	Westlake Automobile Receivables Trust 2021-2A C, 0.890%, 07/15/2026		5,857,973	0.1
			16,962,091	0.2
	Home Equity Asset-Backed Securities: 0.1%
2,686,011 (3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038		2,055,514	0.0
4,404,728 (3)	Freddie Mac Structured Pass-Through Certificates T-31 A7, 5.679%, (SOFR30A + 0.364%), 05/25/2031		4,382,100	0.1
2,679,086 (3)	GSAA Trust 2006- 7 AF2, 5.995%, 03/25/2046		1,008,502	0.0
129,159 (1)(3)	HSI Asset Loan Obligation Trust 2007- WF1 A6, 4.515%, 12/25/2036		93,139	0.0
470,769 (3)	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A3, 5.754%, (TSFR1M + 0.434%), 02/25/2037		420,342	0.0
568,770 (3)	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 5.894%, (TSFR1M + 0.574%), 02/25/2037		500,564	0.0

See Accompanying Notes to Financial Statements

107

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities: (continued)
878,454 (1)(3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035	$	859,437	0.0
			9,319,598	0.1
	Other Asset-Backed Securities: 8.2%
6,800,000 (1)(3)	AB BSL CLO 4 Ltd. 2023-4A A, 6.957%, (TSFR3M + 2.000%), 04/20/2036		6,815,654	0.1
6,750,000 (1)(3)	AIG CLO LLC 2021-1A C, 7.357%, (TSFR3M + 2.012%), 04/22/2034		6,642,904	0.1
1,029,751 (1)(3)(6)(7)	American Homes 4 Rent Trust 2015- SFR1 XS, 3.232%, 04/17/2052		—	—
1,850,000 (1)(3)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.523%, (TSFR3M + 2.212%), 04/14/2029		1,852,588	0.0
10,000,000 (1)(3)	Apidos CLO XXXV 2021-35A C, 7.238%, (TSFR3M + 1.912%), 04/20/2034		9,630,870	0.1
2,029,500 (1)	Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049		1,893,650	0.0
618,527 (1)	Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040		573,028	0.0
1,503,039 (1)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046		1,390,413	0.0
6,550,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 AS, 6.847%, (TSFR1M + 1.514%), 05/15/2036		6,434,029	0.1
8,130,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A, 6.517%, (TSFR1M + 1.184%), 08/15/2034		8,023,054	0.1
5,100,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.797%, (TSFR1M + 1.464%), 11/15/2036		5,067,392	0.1
7,081,000 (1)	Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050		6,296,984	0.1
3,750,000 (1)(3)	Barings Clo Ltd. 2019-4A C, 8.370%, (TSFR3M + 3.062%), 01/15/2033		3,759,124	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
3,890,000 (1)(3)	Barings CLO Ltd. 2017-1A A2, 6.922%, (TSFR3M + 1.612%), 07/18/2029	$	3,865,201	0.0
6,361,000 (1)(3)	Barings CLO Ltd. 2018-3A A2, 6.888%, (TSFR3M + 1.562%), 07/20/2029		6,359,378	0.1
7,032,500 (1)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046		6,008,496	0.1
6,500,000 (1)(3)	Benefit Street Partners CLO IV Ltd. 2014- IVA BRRR, 7.738%, (TSFR3M + 2.412%), 01/20/2032		6,413,608	0.1
450,000 (1)(3)	Benefit Street Partners CLO VIII Ltd. 2015- 8A A1BR, 6.788%, (TSFR3M + 1.462%), 01/20/2031		443,394	0.0
5,000,000 (1)(3)	Benefit Street Partners CLO XIV Ltd. 2018-14A A2, 6.738%, (TSFR3M + 1.412%), 04/20/2031		4,921,015	0.1
4,600,000 (1)(3)	Benefit Street Partners CLO XXIII Ltd. 2021- 23A C, 7.813%, (TSFR3M + 2.462%), 04/25/2034		4,555,559	0.1
2,000,000 (1)(3)	BlueMountain CLO Ltd. 2014-2A A2R2, 6.988%, (TSFR3M + 1.662%), 10/20/2030		1,982,910	0.0
5,350,000 (1)(3)	BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.570%, (TSFR3M + 2.262%), 04/15/2034		5,241,550	0.1
6,402,500 (1)	Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050		5,872,006	0.1
7,570,000 (1)(3)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 6.758%, (TSFR3M + 1.432%), 07/20/2034		7,492,869	0.1
4,400,000 (1)(3)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 7.588%, (TSFR3M + 2.262%), 07/20/2034		4,216,986	0.1
5,000,000 (1)(3)	BSPRT Issuer Ltd. 2023-FL10 A, 7.559%, (TSFR1M + 2.259%), 09/15/2035		4,996,342	0.1
6,600,000 (1)(3)	California Street CLO IX L.P. 2012-9A CR3, 8.070%, (TSFR3M + 2.762%), 07/16/2032		6,441,838	0.1

See Accompanying Notes to Financial Statements

108

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
3,250,000 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 6.700%, (TSFR3M + 1.392%), 04/17/2031	$	3,201,848	0.0
10,000,000 (1)(3)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 7.607%, (TSFR3M + 2.262%), 07/23/2034		9,785,320	0.1
11,200,000 (1)(3)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 7.020%, (TSFR3M + 1.712%), 10/17/2034		11,055,565	0.1
37,149 (3)	Chase Funding Trust Series 2003-5 2A2, 6.034%, (TSFR1M + 0.714%), 07/25/2033		35,555	0.0
3,000,000 (1)(3)	CIFC Funding Ltd. 2019-6A A2, 7.320%, (TSFR3M + 2.012%), 01/16/2033		3,001,503	0.0
2,318,200 (1)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045		2,005,765	0.0
7,327,381 (1)	CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046		6,268,438	0.1
9,096,213 (1)	CLI Funding VIII LLC 2022-1A A, 2.720%, 01/18/2047		7,720,293	0.1
4,560,000 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049		4,132,499	0.1
2,352,000 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049		2,206,194	0.0
15,523,500 (1)	DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051		12,009,268	0.2
2,524,125 (1)	Domino's Pizza Master Issuer LLC 2018- 1A A2II, 4.328%, 07/25/2048		2,349,971	0.0
10,808,000 (1)	Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049		9,377,785	0.1
11,534,500 (1)	Domino's Pizza Master Issuer LLC 2021- 1A A2II, 3.151%, 04/25/2051		9,321,279	0.1
2,226,625 (1)	DRIVEN BRANDS FUNDING LLC 2018- 1A A2, 4.739%, 04/20/2048		2,150,760	0.0
5,586,750 (1)	DRIVEN BRANDS FUNDING LLC 2019- 1A A2, 4.641%, 04/20/2049		5,283,594	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
5,354,625 (1)	DRIVEN BRANDS FUNDING LLC 2021- 1A A2, 2.791%, 10/20/2051	$	4,400,441	0.1
6,400,000 (1)(3)	Dryden 49 Senior Loan Fund 2017-49A CR, 7.622%, (TSFR3M + 2.312%), 07/18/2030		6,275,571	0.1
11,400,000 (1)(3)	Dryden 75 CLO Ltd. 2019-75A CR2, 7.370%, (TSFR3M + 2.062%), 04/15/2034		10,890,523	0.1
8,000,000 (1)(3)	Eaton Vance Clo Ltd. 2015-1A A2R, 6.838%, (TSFR3M + 1.512%), 01/20/2030		7,863,136	0.1
4,196,100 (1)	Five Guys Funding LLC 2017-1A A2, 4.600%, 07/25/2047		4,129,742	0.1
7,500,000 (1)(3)	FS Rialto 2021-FL3 A, 6.695%, (TSFR1M + 1.364%), 11/16/2036		7,386,558	0.1
4,714,375 (1)(7)	Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052		4,383,379	0.1
490,496 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040		436,336	0.0
477,930 (1)	HERO Funding Trust 2016-2A A, 3.750%, 09/20/2041		419,678	0.0
1,206,252 (1)	HERO Funding Trust 2016-4A A2, 4.290%, 09/20/2047		1,074,724	0.0
3,243,454 (1)	JG Wentworth XLII LLC 2018-2A A, 3.960%, 10/15/2075		2,749,439	0.0
2,326,968 (1)	JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077		1,907,838	0.0
6,000,000 (1)(3)	LCM 26 Ltd. 26A A2, 6.838%, (TSFR3M + 1.512%), 01/20/2031		5,873,538	0.1
5,000,000 (1)(3)	LCM XVIII L.P. 18A A2R, 6.808%, (TSFR3M + 1.482%), 04/20/2031		4,908,335	0.1
11,900,000 (1)(3)	LCM XXIV Ltd. 24A CR, 7.488%, (TSFR3M + 2.162%), 03/20/2030		11,789,984	0.2
8,094,572 (1)	Loanpal Solar Loan Ltd. 2021-2GS A, 2.220%, 03/20/2048		5,853,331	0.1
6,150,000 (1)(3)	Madison Park Funding XLVIII Ltd. 2021-48A C, 7.582%, (TSFR3M + 2.262%), 04/19/2033		6,070,517	0.1

See Accompanying Notes to Financial Statements

109

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
6,250,000 (1)(3)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 6.970%, (TSFR3M + 1.662%), 10/15/2032	$	6,183,462	0.1
1,400,000 (1)(3)	Madison Park Funding XXVII Ltd. 2018-27A B, 7.388%, (TSFR3M + 2.062%), 04/20/2030		1,382,814	0.0
4,000,000 (1)(3)	MF1 LLC 2023-FL12 A, 7.366%, (TSFR1M + 2.066%), 10/19/2038		3,980,000	0.1
10,000,000 (1)(3)	MF1 Ltd. 2021-FL6 AS, 6.895%, (TSFR1M + 1.564%), 07/16/2036		9,750,124	0.1
6,142,000 (1)(3)	MF1 Ltd. 2022-FL8 A, 6.677%, (TSFR1M + 1.350%), 02/19/2037		6,072,346	0.1
663,805 (1)	Mill City Solar Loan Ltd. 2019-1A A, 4.340%, 03/20/2043		579,426	0.0
3,376,920 (1)	Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043		2,824,277	0.0
2,337,524 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		2,104,515	0.0
3,965,080 (1)	Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044		3,534,695	0.0
509,765 (1)	Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044		445,027	0.0
2,862,722 (1)	Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040		2,445,544	0.0
3,654,983 (1)	Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046		3,124,034	0.0
7,296,057 (1)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046		5,895,265	0.1
3,222,361 (1)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046		2,441,773	0.0
1,400,002 (1)	Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043		1,255,284	0.0
3,500,000 (1)(3)	Octagon Investment Partners 32 Ltd. 2017-1A CR, 7.620%, (TSFR3M + 2.312%), 07/15/2029		3,441,221	0.0
4,060,000 (1)(3)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.932%, (TSFR3M + 1.612%), 07/19/2030		4,017,078	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
6,000,000 (1)(3)	Octagon Investment Partners XXI Ltd. 2014-1A BR3, 7.381%, (TSFR3M + 2.012%), 02/14/2031	$	5,785,668	0.1
5,750,000 (1)(3)	OHA Credit Funding 8 Ltd. 2021-8A C, 7.472%, (TSFR3M + 2.162%), 01/18/2034		5,717,392	0.1
6,700,000 (1)(3)	OHA Credit Funding 9 Ltd. 2021-9A C, 7.482%, (TSFR3M + 2.162%), 07/19/2035		6,658,641	0.1
10,700,000 (1)(3)	OHA Credit Partners VII Ltd. 2012-7A CR3, 7.441%, (TSFR3M + 2.062%), 02/20/2034		10,517,469	0.1
191,095 (1)	Pagaya AI Debt Selection Trust 2021-3 A, 1.150%, 05/15/2029		190,389	0.0
1,441,396 (1)	Pagaya AI Debt Selection Trust 2021- HG1 A, 1.220%, 01/16/2029		1,388,270	0.0
3,155,512 (1)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029		3,090,045	0.0
5,800,000 (1)(3)	Palmer Square CLO Ltd. 2021-1A B, 7.288%, (TSFR3M + 1.962%), 04/20/2034		5,701,470	0.1
7,550,000 (1)(3)	Palmer Square CLO Ltd. 2021-3A A2, 6.970%, (TSFR3M + 1.662%), 01/15/2035		7,517,588	0.1
110,217 (1)(3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.521%, 01/25/2036		107,558	0.0
4,885,875 (1)	Primrose Funding LLC 2019-1A A2, 4.475%, 07/30/2049		4,548,240	0.1
7,130,000 (1)(3)	Rad CLO 1 Ltd. 2018-1A CR, 7.320%, (TSFR3M + 2.012%), 07/15/2031		7,071,876	0.1
6,000,000 (1)(3)	Rad CLO 6 Ltd. 2019-6A A2, 7.438%, (TSFR3M + 2.112%), 01/20/2033		5,923,350	0.1
9,150,000 (1)(3)	Rockland Park CLO Ltd. 2021-1A C, 7.488%, (TSFR3M + 2.162%), 04/20/2034		8,958,134	0.1
2,350,000 (1)	SoFi Consumer Loan Program Trust 2021-1 C, 1.610%, 09/25/2030		2,242,594	0.0
7,074,917 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050		6,432,459	0.1

See Accompanying Notes to Financial Statements

110

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
3,920,000 (1)	Sonic Capital LLC 2021-1A A2II, 2.636%, 08/20/2051	$	2,907,304	0.0
18,000,000 (1)(3)	Sound Point Clo XVI Ltd. 2017-2A CR, 7.813%, (TSFR3M + 2.462%), 07/25/2030		18,012,222	0.2
9,950,000 (1)(3)	Sound Point CLO XXIX Ltd. 2021-1A C1, 7.913%, (TSFR3M + 2.562%), 04/25/2034		9,541,990	0.1
4,123,920 (1)	Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048		3,757,628	0.0
3,192,378 (1)	Sunnova Helios V Issuer LLC 2021-A A, 1.800%, 02/20/2048		2,690,120	0.0
13,462,265 (1)	Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050		12,890,570	0.2
7,354,135 (1)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055		5,789,781	0.1
8,868,040 (1)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056		6,970,995	0.1
4,435,845 (1)	Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049		4,061,879	0.1
4,250,545 (1)	Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057		3,706,340	0.0
3,431,918 (1)	Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054		3,007,715	0.0
8,450,000 (1)(3)	Symphony CLO XXVI Ltd. 2021-26A CR, 7.588%, (TSFR3M + 2.262%), 04/20/2033		8,197,751	0.1
5,857,875 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048		5,519,083	0.1
12,969,000 (1)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051		9,901,912	0.1
5,000,000 (1)(3)	TCW CLO Ltd. 2017- 1A A2RR, 7.081%, (TSFR3M + 1.712%), 10/29/2034		4,801,280	0.1
13,150,000 (1)(3)	TCW CLO Ltd. 2021-1A C, 7.488%, (TSFR3M + 2.162%), 03/18/2034		12,779,038	0.2
13,950,000 (1)(3)	Texas Debt Capital CLO Ltd. 2023-1A A, 6.622%, (TSFR3M + 1.800%), 04/20/2036		13,990,622	0.2
5,750,000 (1)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046		4,720,722	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
4,879,000 (1)	Textainer Marine Containers VII Ltd. 2021-1A A, 1.680%, 02/20/2046	$	4,122,140	0.1
4,500,000 (1)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025		4,267,057	0.1
9,883,125 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046		8,269,213	0.1
3,477,825 (1)	Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048		3,125,007	0.0
8,406,500 (1)	Wendy's Funding LLC 2021-1A A2II, 2.775%, 06/15/2051		6,626,393	0.1
10,000,000 (1)(3)	Wind River CLO Ltd. 2021-1A C, 7.538%, (TSFR3M + 2.212%), 04/20/2034		9,436,010	0.1
15,533,000 (1)	Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051		12,949,983	0.2
			626,880,332	8.2
	Student Loan Asset-Backed Securities: 1.0%
265,915 (1)	Commonbond Student Loan Trust 2016-B B, 4.000%, 10/25/2040		233,829	0.0
667,922 (1)	Commonbond Student Loan Trust-GS 2017- BGS B, 3.260%, 09/25/2042		587,201	0.0
1,033,121 (1)	Commonbond Student Loan Trust-GS 2018- AGS A1, 3.210%, 02/25/2044		940,924	0.0
69,007 (1)	Commonbond Student Loan Trust-GS 2018- AGS C, 3.820%, 02/25/2044		53,687	0.0
1,034,364 (1)(3)	Commonbond Student Loan Trust-GS 2018- CGS A2, 6.234%, (TSFR1M + 0.914%), 02/25/2046		1,015,966	0.0
3,241,412 (1)	Commonbond Student Loan Trust-GS 2020- AGS A, 1.980%, 08/25/2050		2,731,538	0.0
1,686,520 (1)(3)	ELFI Graduate Loan Program LLC 2021-A B, 2.090%, 12/26/2046		1,370,272	0.0
452,715 (1)	Laurel Road Prime Student Loan Trust 2017-B BFX, 3.020%, 08/25/2042		424,310	0.0

See Accompanying Notes to Financial Statements

111

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
4,694,500 (1)	Laurel Road Prime Student Loan Trust 2020-A A2FX, 1.400%, 11/25/2050	$	4,197,516	0.1
2,501,066 (1)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069		2,243,846	0.0
2,978,090 (1)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069		2,637,852	0.0
3,924,912 (1)	Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069		3,383,679	0.1
1,850,000 (1)	Navient Private Education Refi Loan Trust 2021-FA B, 2.120%, 02/18/2070		1,137,785	0.0
2,700,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045		2,272,987	0.0
1,450,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041		1,328,855	0.0
2,724,758 (1)	SMB Private Education Loan Trust 2023- A A1A, 5.380%, 01/15/2053		2,662,720	0.0
11,919,475 (1)	SMB Private Education Loan Trust-A 2020- PTA A2A, 1.600%, 09/15/2054		10,575,725	0.2
3,000,000 (1)(3)	Sofi Professional Loan Program LLC 2017-C B, 3.560%, 07/25/2040		2,817,861	0.0
3,250,000 (1)	Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042		2,864,108	0.0
3,000,000 (1)	Sofi Professional Loan Program LLC 2019- B BFX, 3.730%, 08/17/2048		2,538,041	0.0
3,900,000 (1)	SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041		3,447,745	0.1
8,000,000 (1)	Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047		7,143,538	0.1
3,390,762 (1)	Sofi Professional Loan Program Trust 2018- C A2FX, 3.590%, 01/25/2048		3,257,988	0.1
5,800,000 (1)	Sofi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048		5,115,264	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
1,594,867 (1)	Sofi Professional Loan Program Trust 2018- D A2FX, 3.600%, 02/25/2048	$	1,525,930	0.0
6,000,000 (1)	Sofi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048		5,270,203	0.1
7,230,253 (1)	SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046		6,456,211	0.1
			78,235,581	1.0
	Total Asset-Backed Securities
	(Cost $791,105,817)		731,397,602	9.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.3%
12,000,000 (1)(3)	AREIT LLC 2023-CRE8 A, 7.442%, (TSFR1M + 2.112%), 02/17/2028		12,000,994	0.2
98,891,434 (3)(6)	Bank 2019-BN19 XA, 1.078%, 08/15/2061		4,128,416	0.1
4,656,000 (1)	BANK 2017-BNK4 D, 3.357%, 05/15/2050		3,287,984	0.0
28,956,186 (3)(6)	BANK 2017-BNK4 XA, 1.499%, 05/15/2050		1,033,045	0.0
167,655,000 (3)(6)	BANK 2017-BNK8 XB, 0.230%, 11/15/2050		1,157,926	0.0
3,600,000 (1)	BANK 2017-BNK9 D, 2.800%, 11/15/2054		1,992,209	0.0
180,558,745 (3)(6)	BANK 2018-BN14 XA, 0.646%, 09/15/2060		3,461,067	0.0
19,110,000 (1)(3)(6)	BANK 2018-BN14 XD, 1.764%, 09/15/2060		1,258,339	0.0
23,614,973 (3)(6)	BANK 2019-BN16 XA, 1.102%, 02/15/2052		933,721	0.0
1,000,000 (3)	BANK 2019-BN24 C, 3.635%, 11/15/2062		687,407	0.0
6,100,016 (3)(6)	BANK 2020-BN30 XA, 1.407%, 12/15/2053		393,864	0.0
92,840,000 (1)(3)(6)	BBCCRE Trust 2015- GTP XA, 0.749%, 08/10/2033		917,644	0.0
8,200,000 (1)(3)	BBCMS Mortgage Trust 2021-AGW E, 8.596%, (TSFR1M + 3.264%), 06/15/2036		7,034,722	0.1
10,896,836 (3)(6)	BBCMS Mortgage Trust 2022-C17 XA, 1.325%, 09/15/2055		804,310	0.0
20,194,701 (3)(6)	BBCMS Trust 2021- C10 XA, 1.412%, 07/15/2054		1,324,684	0.0
52,088,370 (3)(6)	Benchmark Mortgage Trust 2019-B12 XA, 1.161%, 08/15/2052		1,856,555	0.0

See Accompanying Notes to Financial Statements

112

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
34,995,514 (3)(6)	Benchmark Mortgage Trust 2019-B9 XA, 1.183%, 03/15/2052	$	1,468,692	0.0
92,302,803 (3)(6)	Benchmark Mortgage Trust 2020-B17 XA, 1.537%, 03/15/2053		4,838,554	0.1
109,645,307 (3)(6)	Benchmark Mortgage Trust 2020-B19 XA, 1.880%, 09/15/2053		7,546,245	0.1
59,752,780 (3)(6)	Benchmark Mortgage Trust 2020-B20 XA, 1.727%, 10/15/2053		4,022,294	0.1
47,349,966 (3)(6)	Benchmark Mortgage Trust 2020-B21 XA, 1.560%, 12/17/2053		3,229,275	0.0
4,924,586 (3)(6)	Benchmark Mortgage Trust 2021-B28 XA, 1.389%, 08/15/2054		322,942	0.0
2,670,000 (7)	Benchmark Mortgage Trust 2023-V3 A3, 6.363%, 07/15/2056		2,702,604	0.0
1,000,000 (1)(3)	BLP Commercial Mortgage Trust 2023- IND D, 8.572%, (TSFR1M + 3.240%), 03/15/2040		982,537	0.0
11,041,000 (1)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		7,276,297	0.1
5,414,000 (1)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.453%, 05/25/2052		3,880,345	0.1
3,000,000 (1)(3)	BOCA Commercial Mortgage Trust 2022- BOCA A, 7.102%, (TSFR1M + 1.770%), 05/15/2039		2,992,271	0.0
5,643,462 (1)(3)	BX Commercial Mortgage Trust 2021- 21M E, 7.617%, (TSFR1M + 2.285%), 10/15/2036		5,405,730	0.1
4,000,000 (1)(3)	BX Commercial Mortgage Trust 2021- IRON E, 7.796%, (TSFR1M + 2.464%), 02/15/2038		3,724,373	0.1
3,281,911 (1)(3)	BX Commercial Mortgage Trust 2021- SOAR D, 6.847%, (TSFR1M + 1.514%), 06/15/2038		3,188,209	0.0
1,898,475 (1)(3)	BX Commercial Mortgage Trust 2021- VOLT A, 6.147%, (TSFR1M + 0.814%), 09/15/2036		1,849,480	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
750,108 (1)(3)	BX Commercial Mortgage Trust 2021- VOLT D, 7.097%, (TSFR1M + 1.764%), 09/15/2036	$	717,100	0.0
1,500,000 (1)(3)	BX Commercial Mortgage Trust 2021- VOLT F, 7.847%, (TSFR1M + 2.514%), 09/15/2036		1,412,915	0.0
5,270,000 (1)(3)	BX Commercial Mortgage Trust 2023- VLT2 A, 7.613%,(TSFR1M + 2.281%), 06/15/2040		5,275,667	0.1
3,800,000 (1)(3)	BX Trust 2021-LBA EJV, 7.447%, (TSFR1M + 2.114%), 02/15/2036		3,637,482	0.1
1,423,458 (1)(3)	BX Trust 2021-LBA EV, 7.447%, (TSFR1M + 2.114%), 02/15/2036		1,362,579	0.0
1,000,000 (1)(3)	BX Trust 2021-SDMF E, 7.033%, (TSFR1M + 1.701%), 09/15/2034		960,615	0.0
905,950 (1)(3)	BX Trust 2022-FOX2 C, 6.642%, (TSFR1M + 1.309%), 04/15/2039		862,413	0.0
1,180,000 (1)(3)	BX Trust 2022-LBA6 C, 6.932%, (TSFR1M + 1.600%), 01/15/2039		1,149,518	0.0
1,250,000 (1)(3)	BX Trust 2022-LBA6 D, 7.332%, (TSFR1M + 2.000%), 01/15/2039		1,221,194	0.0
71,797,620 (3)(6)	CCUBS Commercial Mortgage Trust 2017- C1 XA, 1.161%, 11/15/2050		2,276,200	0.0
20,629,149 (3)(6)	CD Mortgage Trust 2016-CD1 XA, 1.497%, 08/10/2049		551,631	0.0
45,113,000 (1)(3)(6)	CD Mortgage Trust 2016-CD1 XB, 0.825%, 08/10/2049		743,140	0.0
26,709,646 (3)(6)	CD Mortgage Trust 2017-CD4 XA, 1.379%, 05/10/2050		875,292	0.0
35,544,745 (3)(6)	Citigroup Commercial Mortgage Trust 2016- P4 XA, 2.049%, 07/10/2049		1,377,601	0.0
69,124,745 (3)(6)	Citigroup Commercial Mortgage Trust 2017- C4 XA, 1.172%, 10/12/2050		2,129,688	0.0
38,453,726 (3)(6)	Citigroup Commercial Mortgage Trust 2017- P8 XA, 1.010%, 09/15/2050		998,236	0.0

See Accompanying Notes to Financial Statements

113

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
70,167,645 (3)(6)	Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.827%, 06/10/2051	$	1,844,371	0.0
1,000,000 (1)	Citigroup Commercial Mortgage Trust 2023- SMRT D, 6.048%, 10/12/2040		927,658	0.0
4,100,000 (1)(3)	CLNY Trust 2019-IKPR A, 6.572%, (TSFR1M + 1.243%), 11/15/2038		4,019,651	0.1
6,146,982 (3)(6)	COMM Mortgage Trust 2012-CR4 XA, 1.288%, 10/15/2045		4,716	0.0
27,260,000 (1)(3)(6)	COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045		51,953	0.0
3,657,886 (1)(3)	COMM Mortgage Trust 2013-CR10 E, 4.508%, 08/10/2046		3,136,638	0.0
5,695,000 (1)(3)	COMM Mortgage Trust 2013-CR10 F, 4.508%, 08/10/2046		4,458,789	0.1
86,568,001 (1)(3)(6)	COMM Mortgage Trust 2015-PC1 XA, 0.515%, 07/10/2050		420,405	0.0
55,847,088 (3)(6)	COMM Mortgage Trust 2016-CR28 XA, 0.752%, 02/10/2049		677,688	0.0
32,823,057 (3)(6)	COMM Mortgage Trust 2017-COR2 XA, 1.307%, 09/10/2050		1,136,282	0.0
8,261,000 (1)(3)	COMM Mortgage Trust 2020-CBM F, 3.754%, 02/10/2037 CX10 D, 4.314%,		7,396,438	0.1
4,340,000 (1)(3)	CSAIL Commercial Mortgage Trust 2017- 11/15/2050		2,195,727	0.0
8,000,000 (1)(3)	CSWF 2021-SOP2 E, 8.814%, (TSFR1M + 3.481%), 06/15/2034		6,339,998	0.1
5,000,000 (1)	DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040		4,993,660	0.1
4,752,438 (1)(3)	Extended Stay America Trust 2021-ESH A, 6.526%, (TSFR1M + 1.194%), 07/15/2038		4,716,696	0.1
3,668,882 (1)(3)	Extended Stay America Trust 2021-ESH E, 8.296%, (TSFR1M + 2.964%), 07/15/2038		3,603,207	0.1
10,174,120 (1)(3)(6)	Freddie Mac Multifamily ML Certificates 2021- ML11 XUS, 0.770%, 03/25/2038		531,633	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
15,416,459	Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037	$	1,987,562	0.0
68,325,698 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.696%, 04/25/2030		5,428,979	0.1
100,850,526 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 1.023%, 09/25/2030		5,047,463	0.1
40,916,706 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K123 X1, 0.863%, 12/25/2030		1,712,415	0.0
74,671,977 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K151 X1, 0.508%, 04/25/2030		1,425,488	0.0
13,287,833 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.629%, 05/25/2035		1,484,685	0.0
5,000,000 (1)(3)	FRR Re-REMIC Trust 2018-C1 B725, 2.757%, 02/27/2050		4,828,052	0.1
5,000,000 (1)(8)	FRR Re-REMIC Trust 2018-C1 C725, 0.000%, 02/27/2050		4,809,634	0.1
8,971,340 (1)(8)	FRR Re-REMIC Trust 2018-C1 CK43, 0.000%, 02/27/2048		7,832,913	0.1
9,132,000 (1)(8)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050		6,448,272	0.1
15,763,000 (1)(8)	GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050		10,727,183	0.1
12,445,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049		9,314,901	0.1
18,282,000 (1)	GAM RE-REMIC Trust 2022-FRR3 BK71, 2.021%, 11/27/2050		13,919,786	0.2
10,668,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052		6,705,657	0.1
7,076,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050		6,435,443	0.1
7,212,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		6,184,886	0.1

See Accompanying Notes to Financial Statements

114

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
8,725,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 CK61, 0.000%, 11/27/2049	$	6,198,001	0.1
7,080,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050		6,334,968	0.1
5,626,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 DK41, 0.000%, 10/27/2047		5,094,385	0.1
7,208,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		6,084,469	0.1
11,599,000 (1)	GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.420%, 09/27/2051		8,451,145	0.1
8,825,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051		7,778,195	0.1
10,728,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051		9,342,338	0.1
6,689,324 (1)	GAM RE-REMIC TRUST 2021-FRR2 CK49, 1.030%, 09/27/2051		5,700,104	0.1
7,409,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051		4,568,977	0.1
8,821,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051		7,720,630	0.1
8,724,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051		7,155,101	0.1
7,815,000 (1)(3)	Great Wolf Trust 2019- WOLF A, 6.480%, (TSFR1M + 1.148%), 12/15/2036		7,779,197	0.1
4,400,000 (1)(3)	GS Mortgage Securities Corp. Trust 2018-RIVR F, 7.730%, (TSFR1M + 2.397%), 07/15/2035		670,962	0.0
2,800,000 (1)(3)	GS Mortgage Securities Corp. Trust 2021- ARDN A, 6.697%, (TSFR1M + 1.364%), 11/15/2036		2,727,267	0.0
52,952,618 (3)(6)	GS Mortgage Securities Trust 2014-GC22 XA, 1.087%, 06/10/2047		133,941	0.0
56,921,479 (3)(6)	GS Mortgage Securities Trust 2016-GS4 XA, 0.689%, 11/10/2049		770,654	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
67,088,500 (3)(6)	GS Mortgage Securities Trust 2017-GS6 XA, 1.156%, 05/10/2050	$	1,946,154	0.0
500,000 (3)	GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051		438,309	0.0
77,412,509 (3)(6)	GS Mortgage Securities Trust 2019-GC38 XA, 1.109%, 02/10/2052		3,385,330	0.0
7,345,454 (1)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 E, 3.744%, 12/15/2046		5,982,775	0.1
76,050,254 (3)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP4 XA, 0.710%, 12/15/2049		1,049,254	0.0
650,000 (1)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2021- NYAH E, 7.287%, (TSFR1M + 1.954%), 06/15/2038		562,954	0.0
6,363,797 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.171%, 11/15/2045		5,638,977	0.1
4,110,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047		2,081,704	0.0
6,289,244 (3)(6)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.714%, 04/15/2047		1,373	0.0
1,085,430 (3)(6)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.058%, 10/15/2048		11,741	0.0
4,964,123 (1)(3)	KIND Trust 2021-KIND A, 6.396%, (TSFR1M + 1.064%), 08/15/2038		4,796,378	0.1
496,412 (1)(3)	KIND Trust 2021-KIND D, 7.746%, (TSFR1M + 2.414%), 08/15/2038		466,088	0.0
4,037,768 (1)(3)	LAQ Mortgage Trust 2023-LAQ A, 7.424%, (TSFR1M + 2.091%), 03/15/2036		4,029,510	0.1
589,782 (1)(3)	Life Mortgage Trust 2021-BMR F, 7.796%, (TSFR1M + 2.464%), 03/15/2038		564,936	0.0
5,000,000 (1)(3)	Life Mortgage Trust 2022-BMR2 A1, 6.627%, (TSFR1M + 1.295%), 05/15/2039		4,916,888	0.1

See Accompanying Notes to Financial Statements

115

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
36,321,957 (1)(3)(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.956%, 03/10/2050	$	617,913	0.0
10,449,849 (1)(3)	Med Trust 2021-MDLN D, 7.446%, (TSFR1M + 2.114%), 11/15/2038		10,041,036	0.1
2,089,970 (1)(3)	Med Trust 2021-MDLN F, 9.446%, (TSFR1M + 4.114%), 11/15/2038		1,992,021	0.0
4,340,000 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 D, 5.006%, 11/15/2046		4,098,064	0.1
500,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 B, 4.643%, 12/15/2047		456,932	0.0
63,437,892 (3)(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 2014-C19 XA, 1.099%, 12/15/2047		376,326	0.0
37,363,176 (3)(6)	Morgan Stanley Capital I 2017-HR2 XA, 0.993%, 12/15/2050		1,084,143	0.0
31,300,223 (3)(6)	Morgan Stanley Capital I Trust 2021-L6 XA, 1.327%, 06/15/2054		1,747,006	0.0
10,000,000 (1)(3)	PFP Ltd. 2023-10 A, 7.696%, (TSFR1M + 2.365%), 09/16/2038		10,022,198	0.1
16,840,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049		13,620,474	0.2
14,290,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.440%, 11/08/2049		11,691,713	0.2
19,500,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB64, 2.290%, 03/01/2050		15,694,894	0.2
5,260,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049		4,079,827	0.1
6,590,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049		4,843,178	0.1
6,190,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050		4,529,133	0.1
1,000,000 (1)(3)	SMRT 2022-MINI C, 6.883%, (TSFR1M + 1.550%), 01/15/2039		964,306	0.0
859,124 (1)(3)	TTAN 2021-MHC D, 7.197%, (TSFR1M + 1.864%), 03/15/2038		838,918	0.0
3,920,000 (1)	WFRBS Commercial Mortgage Trust 2013- C17 E, 3.500%, 12/15/2046		3,542,209	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,000,000 (1)	WFRBS Commercial Mortgage Trust 2014-C21 D, 3.497%, 08/15/2047	$	1,513,118	0.0
71,007,988 (3)(6)	WFRBS Commercial Mortgage Trust 2014-C25 XA, 0.929%, 11/15/2047		400,748	0.0
7,000,000 (1)	WSTN Trust 2023-MAUI A, 6.518%, 07/05/2037		6,833,562	0.1
	Total Commercial Mortgage-Backed Securities (Cost $522,745,514)		483,373,259	6.3
SOVEREIGN BONDS: 0.4%
1,000,000	Colombia Government International Bond, 3.125%, 04/15/2031		742,000	0.0
350,000	Colombia Government International Bond, 3.875%, 04/25/2027		318,941	0.0
3,000,000	Mexico Government International Bond, 3.750%, 04/19/2071		1,709,250	0.0
1,750,000	Mexico Government International Bond, 3.771%, 05/24/2061		1,027,933	0.0
1,346,000	Mexico Government International Bond, 6.338%, 05/04/2053		1,226,206	0.0
2,500,000 (1)(2)	Morocco Government International Bond, 2.375%, 12/15/2027		2,151,950	0.0
1,450,000 (1)	Morocco Government International Bond, 4.000%, 12/15/2050		901,081	0.0
3,400,000	Oman Government International Bond, 6.000%, 08/01/2029		3,340,874	0.1
1,200,000 (2)	Panama Government International Bond, 3.298%, 01/19/2033		938,508	0.0
3,600,000	Panama Government International Bond, 6.875%, 01/31/2036		3,616,038	0.1
2,525,000	Peruvian Government International Bond, 2.780%, 12/01/2060		1,344,979	0.0
8,700,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029		7,482,870	0.1
EUR2,050,000 (1)	Romanian Government International Bond, 2.625%, 12/02/2040		1,280,109	0.0
2,600,000 (9)	Russian Foreign Bond - Eurobond, 4.250%, 06/23/2027		1,404,000	0.0

See Accompanying Notes to Financial Statements

116

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
SOVEREIGN BONDS: (continued)
2,450,000 (1)	Saudi Government International Bond, 3.450%, 02/02/2061	$	1,504,471	0.0
500,000 (9)	Ukraine Government International Bond, 7.375%, 09/25/2034		132,625	0.0
10,400,000 (9)	Ukraine Government International Bond, 7.750%, 09/01/2027		3,005,600	0.1
1,890,000 (9)	Ukraine Government International Bond, 7.750%, 09/01/2028		546,210	0.0
850,000 (9)	Ukraine Government International Bond, 7.750%, 09/01/2029		244,800	0.0
389,000 (9)	Ukraine Government International Bond, 9.750%, 11/01/2030		116,311	0.0
1,500,000 (9)	Ukraine Government International Bond regs, 7.750%, 09/01/2025		498,750	0.0
	Total Sovereign Bonds (Cost $54,724,541)		33,533,506	0.4
PURCHASED OPTIONS(10): 0.0%
	Total Purchased Options (Cost $2,970,430)		215,228	0.0
	Total Long-Term Investments (Cost $8,594,926,992)		7,794,556,798	101.6

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: 10.4%
	Commercial Paper: 6.4%
11,000,000	American Electric Power Co., Inc, 5.820%, 11/06/2023		10,935,465	0.1
13,550,000	American Electric Power Co., Inc., 5.840%, 10/30/2023		13,485,231	0.2
15,000,000	American Electric Power Co., Inc., 5.850%, 10/25/2023		14,940,102	0.2
27,050,000	American Honda Finance Corp., 5.820%, 11/21/2023		26,827,744	0.3
21,564,000	American Honda Finance Corp., 5.820%, 11/27/2023		21,366,479	0.3
5,320,000	American Honda Finance Corp., 5.830%, 11/07/2023		5,287,921	0.1
5,100,000	American Honda Finance Corp., 5.840%, 10/23/2023		5,081,307	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
10,000,000	American Honda Finance Corp., 5.880%, 10/16/2023	$	9,974,273	0.1
22,510,000	American Honda Finance Corp., 6.860%, 10/04/2023		22,493,096	0.3
12,000,000	Cigna Group, 5.850%, 01/03/2024		11,820,128	0.2
15,000,000	Dominion Energy, Inc., 5.830%, 12/06/2023		14,841,220	0.2
17,400,000	EIDP Inc., 6.680%, 10/05/2023		17,384,082	0.2
6,700,000	EIDP Inc., 8.340%, 10/02/2023		6,696,938	0.1
8,500,000	Enbridge, Inc., 6.300%, 10/10/2023		8,485,401	0.1
14,000,000	Entergy Corp., 5.700%, 11/28/2023		13,872,133	0.2
8,100,000	Entergy Corp., 5.810%, 11/13/2023		8,043,654	0.1
24,900,000	Entergy Corp., 6.080%, 10/10/2023		24,858,565	0.3
2,100,000	Entergy Corp., 8.210%, 10/02/2023		2,099,056	0.0
11,500,000	General Mills, Inc., 8.250%, 10/02/2023		11,494,802	0.1
13,000,000	Keurig Dr Pepper, Inc., 5.880%, 10/16/2023		12,966,580	0.2
20,000,000	Old Line Funding, 5.930%, 05/01/2024		19,329,917	0.3
20,000,000	Oracle Corp., 5.790%, 11/09/2023		19,873,948	0.3
5,550,000	Parker-Hannifin Corp., 5.780%, 12/04/2023		5,493,407	0.1
2,700,000	Parker-Hannifin Corp., 5.790%, 11/17/2023		2,679,593	0.0
25,000,000	Parker-Hannifin Corp., 5.790%, 11/22/2023		24,791,650	0.3
20,000,000	Parker-Hannifin Corp., 5.790%, 12/18/2023		19,752,578	0.3
10,000,000	Parker-Hannifin Corp., 8.250%, 10/02/2023		9,995,480	0.1
89,025,000	Sysco Corp., 8.210%, 10/02/2023		88,984,946	1.2
33,875,000	UnitedHealth Group, Inc., 8.090%, 10/02/2023		33,859,985	0.4
1,690,000	Virginia Electric and Power Co., 6.040%, 10/12/2023		1,686,651	0.0
	Total Commercial Paper (Cost $489,544,215)		489,402,332	6.4

See Accompanying Notes to Financial Statements

117

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 2.8%
3,258,543 (11)	Bethesda Securities LLC, Repurchase Agreement dated 09/29/2023, 5.390%, due 10/02/2023 (Repurchase Amount $3,259,987, collateralized by various U.S. Government Agency Obligations, 3.062%-6.000%, Market Value plus accrued interest $3,323,714, due 08/01/28-07/01/53)	$	3,258,543	0.0
56,002,703 (11)	Cantor Fitzgerald, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $56,027,191, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $57,122,757, due 05/01/25-03/15/65)		56,002,703	0.7
22,914,154 (11)	CF Secured LLC, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $22,924,173, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.166%, Market Value plus accrued interest $23,372,441, due 11/15/23-08/20/72)		22,914,154	0.3
3,858,560 (11)	Citadel Securities LLC, Repurchase Agreement dated 09/29/2023, 5.350%, due 10/02/2023 (Repurchase Amount $3,860,257, collateralized by various U.S. Government Securities, 0.000%- 4.625%, Market Value plus accrued interest $3,937,486, due 11/15/23-08/15/53)		3,858,560	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
10,810,709 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 09/29/2023, 5.330%, due 10/02/2023 (Repurchase Amount $10,815,445, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $11,026,923, due 10/15/23-10/01/53)	$	10,810,709	0.1
3,988,544 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 09/29/2023, 5.360%, due 10/02/2023 (Repurchase Amount $3,990,301, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.500%, Market Value plus accrued interest $4,068,315, due 10/15/23-10/01/53)		3,988,544	0.1
44,291,982 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 09/29/2023, 5.370%, due 10/02/2023 (Repurchase Amount $44,311,531, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.449%, Market Value plus accrued interest $45,198,039, due 02/15/25-04/20/71)		44,291,982	0.6

See Accompanying Notes to Financial Statements

118

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
6,913,998 (11)	National Bank Financial, Repurchase Agreement dated 09/29/2023, 5.340%, due 10/02/2023 (Repurchase Amount $6,917,033, collateralized by various U.S. Government Securities, 0.000%- 4.750%, Market Value plus accrued interest $7,052,278, due 10/02/23)	$	6,913,998	0.1
6,167,599 (11)	Santander U.S. Capital Markets LLC, Repurchase Agreement dated 09/29/2023, 5.330%, due 10/02/2023 (Repurchase Amount $6,170,301, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 5.972%, Market Value plus accrued interest $6,290,951, due 10/01/27-06/01/62)		6,167,599	0.1
57,145,616 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 09/29/2023, 5.380%, due 10/02/2023 (Repurchase Amount $57,170,885, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $58,288,551, due 07/15/25-02/15/51)		57,145,616	0.7
	Total Repurchase Agreements (Cost $215,352,408)		215,352,408	2.8
	Time Deposits: 0.3%
5,350,000 (11)	Barclays Bank PLC, 5.340%, 10/02/2023 (Cost $5,350,000)		5,350,000	0.1
5,130,000 (11)	Canadian Imperial Bank of Commerce, 5.310%, 10/02/2023 (Cost $5,130,000)		5,130,000	0.0
5,490,000 (11)	DZ Bank AG, 5.290%, 10/02/2023 (Cost $5,490,000)		5,490,000	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
2,450,000 (11)	Mizuho Bank Ltd., 5.320%, 10/02/2023 (Cost $2,450,000)	$	2,450,000	0.0
5,340,000 (11)	Royal Bank of Canada, 5.320%, 10/02/2023 (Cost $5,340,000)		5,340,000	0.1
	Total Time Deposits (Cost $23,760,000)		23,760,000	0.3

				Percentage
				of Net
Shares		Value		Assets
	Mutual Funds: 0.9%
71,184,000 (12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $71,184,000)	$	71,184,000	0.9
	Total Short-Term Investments (Cost $799,840,623)		799,698,740	10.4
	Total Investments in Securities (Cost $9,394,767,615)	$	8,594,255,538	112.0
	Liabilities in Excess of Other Assets		(920,633,588)	(12.0	)
	Net Assets	$	7,673,621,950	100.0

See Accompanying Notes to Financial Statements

119

Voya Intermediate Bond Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

^† 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 September 30, 2023.

⁽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⁾ 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.

⁽⁷⁾ For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

⁽⁸⁾ 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.

⁽⁹⁾ Defaulted security.

⁽¹⁰⁾ The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

⁽¹¹⁾ All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽¹²⁾ Rate shown is the 7-day yield as of September 30, 2023.

Currency Abbreviations:

EUR EU Euro

JPY Japanese Yen

Reference Rate Abbreviations:

12MTA 12-month Treasury Average

RFUCCT1Y FTSE USD IBOR Consumer Cash Fallbacks Term 1Y

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

Investment Type Allocation

as of September 30, 2023

(as a percentage of net assets)

Corporate Bonds/Notes	30.2%
U.S. Government Agency Obligations	25.4%
Collateralized Mortgage Obligations	15.0%
U.S. Treasury Obligations	14.8%
Asset-Backed Securities	9.5%
Commercial Paper	6.4%
Commercial Mortgage-Backed Securities	6.3%
Repurchase Agreements	2.8%
Mutual Funds	0.9%
Sovereign Bonds	0.4%
Time Deposits	0.3%
Liabilities in Excess of Other Assets	(12.0)%
Net Assets	100.0%

Portfolio holdings are subject to change daily. 

See Accompanying Notes to Financial Statements

120

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets			Significant Other			Significant		Fair Value
	for Identical			Observable			Unobservable		at
	Investments			Inputs			Inputs		September 30,
	(Level 1)			(Level 2)			(Level 3)		2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—		$	2,315,395,094		$	—	$	2,315,395,094
U.S. Government Agency Obligations		—			1,947,979,068			—		1,947,979,068
Collateralized Mortgage Obligations		—			1,151,638,925			—		1,151,638,925
U.S. Treasury Obligations		—			1,131,024,116			—		1,131,024,116
Asset-Backed Securities		—			727,014,223			4,383,379		731,397,602
Commercial Mortgage-Backed Securities		—			480,670,655			2,702,604		483,373,259
Sovereign Bonds		—			33,533,506			—		33,533,506
Purchased Options		—			215,228			—		215,228
Short-Term Investments		71,184,000			728,514,740			—		799,698,740
Total Investments, at fair value	$	71,184,000		$	8,515,985,555		$	7,085,983	$	8,594,255,538
Other Financial Instruments+
Centrally Cleared Interest Rate Swap		—			5,766,174			—		5,766,174
Forward Premium Swaptions		—			5,775,192			—		5,775,192
Futures		5,644,955			—			—		5,644,955
Total Assets	$	76,828,955		$	8,527,526,921		$	7,085,983	$	8,611,441,859
Liabilities Table
Other Financial Instruments+
Centrally Cleared Interest Rate Swap	$	—		$	(1,639,082	)	$	—	$	(1,639,082	)
Forward Foreign Currency Contracts		—			(6,401	)		—		(6,401	)
Forward Premium Swaptions		—			(8,397,160	)		—		(8,397,160	)
Futures		(21,363,527	)		—			—		(21,363,527	)
Written Options		—			(18,450,221	)		—		(18,450,221	)
Total Liabilities	$	(21,363,527	)	$	(28,492,864	)	$	—	$	(49,856,391	)

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

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

At September 30, 2023, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	1,386,801	EUR	1,315,204	BNP Paribas	11/17/23	$	(6,401	)
						$	(6,401	)

At September 30, 2023, the following futures contracts were outstanding for Voya Intermediate Bond Fund:

							Unrealized
	Number		Expiration	Notional			Appreciation/
Description	of Contracts		Date	Amount			(Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		1,282	12/29/23	$	259,875,422		$	(622,317	)
U.S. Treasury Long Bond		458	12/19/23		52,111,812			(2,882,125	)
U.S. Treasury Ultra Long Bond		2,054	12/19/23		243,784,125			(17,859,085	)
				$	555,771,359		$	(21,363,527	)
Short Contracts:
U.S. Treasury 5-Year Note		(310)	12/29/23		(32,661,406	)		270,902
U.S. Treasury 10-Year Note		(173)	12/19/23		(18,694,812	)		51,542
U.S. Treasury Ultra 10-Year Note		(2,263)	12/19/23		(252,465,938	)		5,322,511
				$	(303,822,156	)	$	5,644,955

See Accompanying Notes to Financial Statements

121

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

At September 30, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Fund:

Floating

Rate Index

Fixed Rate

Unrealized

Pay/Receive

Payment

Fixed

Payment

Maturity

Notional

Fair

Appreciation/

Floating Rate

Floating Rate Index

Frequency

Rate

Frequency

Date

Amount

Value

(Depreciation)

Pay

28-day MXN TIIE-BANXICO

Monthly

9.000%

Monthly

08/14/28

MXN

489,980,000

$

(676,126)

$

(676,126)

Pay

28-day MXN TIIE-BANXICO

Monthly

8.860

Monthly

08/09/28

MXN

493,596,000

(834,892)

(834,892)

Pay

1-day Secured Overnight Financing Rate

Annual

3.759

Annual

08/11/33

USD

2,632,000

(35,520)

(35,929)

Pay

1-day Secured Overnight Financing Rate

Annual

4.603

Annual

09/05/25

USD

61,458,000

25,992

25,992

Receive

1-day Secured Overnight Financing Rate

Annual

4.805

Annual

02/20/25

USD

36,705,000

128,754

128,754

Receive

1-day Secured Overnight Financing Rate

Annual

4.875

Annual

02/20/25

USD

49,814,000

141,771

141,771

Receive

1-day Secured Overnight Financing Rate

Annual

4.807

Annual

06/20/25

USD

49,814,000

607

607

Receive

1-day Secured Overnight Financing Rate

Annual

4.601

��

Annual

06/20/25

USD

57,680,000

110,892

110,892

Receive

1-day Secured Overnight Financing Rate

Annual

4.975

Annual

02/20/25

USD

59,255,000

112,435

112,435

Receive

1-day Secured Overnight Financing Rate

Annual

4.561

Annual

09/05/25

USD

60,340,000

(2,435)

(2,435)

Receive

1-day Secured Overnight Financing Rate

Annual

4.667

Annual

06/20/25

USD

62,923,000

82,301

82,301

Receive

1-day Secured Overnight Financing Rate

Annual

5.061

Annual

02/20/25

USD

63,448,000

68,833

68,833

Receive

1-day Secured Overnight Financing Rate

Annual

4.884

Annual

02/20/25

USD

67,121,000

185,696

185,696

Receive

1-day Secured Overnight Financing Rate

Annual

4.073

Annual

02/20/25

USD

68,168,000

711,204

711,204

Receive

1-day Secured Overnight Financing Rate

Annual

4.986

Annual

02/20/25

USD

71,733,000

129,276

129,276

Receive

1-day Secured Overnight Financing Rate

Annual

4.745

Annual

06/20/25

USD

83,899,000

49,052

49,052

Receive

1-day Secured Overnight Financing Rate

Annual

4.657

Annual

09/05/25

USD

89,393,000

(83,239)

(83,239)

Receive

1-day Secured Overnight Financing Rate

Annual

4.464

Annual

02/20/25

USD

92,813,000

625,686

625,686

Receive

1-day Secured Overnight Financing Rate

Annual

4.551

Annual

09/09/25

USD

94,981,000

(6,461)

(6,461)

Receive

1-day Secured Overnight Financing Rate

Annual

3.559

Annual

02/20/25

USD

107,495,000

1,643,491

1,643,491

Receive

1-day Secured Overnight Financing Rate

Annual

4.586

Annual

02/20/25

USD

110,118,000

614,806

614,806

Receive

1-day Secured Overnight Financing Rate

Annual

4.756

Annual

02/20/25

USD

115,361,000

458,177

458,177

Receive

1-day Secured Overnight Financing Rate

Annual

4.668

Annual

06/20/25

USD

131,092,000

170,648

170,648

Receive

1-day Secured Overnight Financing Rate

Annual

4.784

Annual

02/20/25

USD

136,335,000

506,553

506,553

$

4,127,501

$

4,127,092

At September 30, 2023, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Fund:

		Expiration	Exercise
Description	Counterparty	Date	Price	Notional Amount		Cost		Fair Value
Call JPY vs. Put USD	BNP Paribas	02/27/25	107.500	JPY	19,009,400	$	942,866	$	52,468
						$	942,866	$	52,468

At September 30, 2023, the following OTC purchased interest rate swaptions were outstanding for Voya Intermediate Bond Fund:

		Pay/
		Receive
		Exercise	Exercise	Floating Rate	Expiration	Notional
Description	Counterparty	Rate	Rate	Index	Date	Amount		Cost		Fair Value
Call on 10-Year Interest Rate Swap(1)	BNP Paribas	Receive	2.225%	1-day Secured Overnight Financing Rate	05/16/24	USD	101,802,400	$	1,102,859	$	89,710
Call on 10-Year Interest Rate Swap(1)	JPMorgan Chase Bank N.A.	Receive	2.213%	1-day Secured Overnight Financing Rate	05/16/24	USD	84,835,300		924,705		73,050
								$	2,027,564	$	162,760

At September 30, 2023, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Fund:

		Pay/Receive
		Exercise	Exercise	Floating Rate	Expiration	Notional		Premiums
Description	Counterparty	Rate	Rate	Index	Date	Amount		Received		Fair Value
Call on 1-Year Interest Rate Swap(2)	Barclays Bank PLC	Pay	4.170%	1-day Secured Overnight Financing Rate	02/16/24	USD	262,182,000	$	1,233,566	$	(114,869)
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	524,367,000		2,282,308		(43,796)
Put on 10-Year Interest Rate Swap(1)	BNP Paribas	Receive	4.050%	1-day Secured Overnight Financing Rate	05/16/24	USD	101,802,400		1,102,859		(3,607,681)
Put on 10-Year Interest Rate Swap(1)	JPMorgan Chase Bank N.A.	Receive	4.050%	1-day Secured Overnight Financing Rate	05/16/24	USD	84,835,300		924,705		(3,006,399)

See Accompanying Notes to Financial Statements

122

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

Pay/Receive

Exercise

Exercise

Floating Rate

Expiration

Notional

Premiums

Description

Counterparty

Rate

Rate

Index

Date

Amount

Received

Fair Value

Put on 1-Year Interest Rate Swap(1)

Barclays Bank PLC

Receive

4.170%

1-day Secured Overnight Financing Rate

02/16/24

USD

262,182,000

$

1,233,566

$

(2,772,022

)

Put on 1-Year Interest Rate Swap(1)

Morgan Stanley Capital Services LLC

Receive

3.520%

1-day Secured Overnight Financing Rate

01/24/24

USD

524,367,000

2,282,307

(8,905,454

)

$

9,059,311

$

(18,450,221

)

At September 30, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

			Pay/					Premium
			Receive					receivable/			Unrealized
		Exercise	Exercise	Floating Rate	Expiration	Notional		(payable)			Appreciation/
Description	Counterparty	Rate(3)	Rate	Index	Date	Amount		at expiration(4)			(Depreciation)
Call on 30-Year Interest Rate Swap	Barclays Bank PLC	17.500%	Receive	1-day Secured Overnight Financing Rate	06/14/27	USD	39,935,000	$	(6,988,625	)	$	(306,845	)
Call on 30-Year Interest Rate Swap	Barclays Bank PLC	17.700%	Receive	1-day Secured Overnight Financing Rate	05/28/27	USD	66,490,400		(11,768,801	)		(600,125	)
Put on 30-Year Interest Rate Swap	Barclays Bank PLC	18.000%	Pay	1-day Secured Overnight Financing Rate	05/25/27	USD	61,700,000		(11,106,000	)		(708,726	)
								$	(29,863,426	)	$	(1,615,696	)

At September 30, 2023, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

			Pay/					Premium
			Receive					receivable/		Unrealized
		Exercise	Exercise	Floating Rate	Expiration	Notional		(payable)		Appreciation/
Description	Counterparty	Rate(3)	Rate	Index	Date	Amount		at expiration(4)		(Depreciation)
Call on 1-Year Interest Rate Swap	Bank of America N.A.	4.150%	Pay	1-day Secured Overnight Financing Rate	09/03/24	USD	279,355,000	$	1,564,388	$	604,970
Call on 1-Year Interest Rate Swap	BNP Paribas	4.150%	Pay	1-day Secured Overnight Financing Rate	09/03/24	USD	558,708,000		3,121,781		1,203,296
Call on 1-Year Interest Rate Swap	Goldman Sachs International	3.900%	Pay	1-day Secured Overnight Financing Rate	06/17/24	USD	462,434,000		2,637,029		1,726,105
Call on 1-Year Interest Rate Swap	Morgan Stanley Capital Services LLC	3.800%	Pay	1-day Secured Overnight Financing Rate	06/14/24	USD	462,434,000		2,789,710		2,089,151
Call on 5-Year Interest Rate Swap	Bank of America N.A.	4.160%	Pay	1-day Secured Overnight Financing Rate	09/28/28	USD	11,625,000		516,150		6,863
Call on 5-Year Interest Rate Swap	Barclays Bank PLC	3.858%	Pay	1-day Secured Overnight Financing Rate	08/21/28	USD	1,471,000		65,018		9,476
Call on 5-Year Interest Rate Swap	Morgan Stanley Capital Services LLC	3.525%	Pay	1-day Secured Overnight Financing Rate	08/08/28	USD	11,625,000		492,319		124,629
Put on 1-Year Interest Rate Swap	Bank of America N.A.	4.150%	Receive	1-day Secured Overnight Financing Rate	09/03/24	USD	279,355,000		1,564,388		(588,349	)
Put on 1-Year Interest Rate Swap	BNP Paribas	4.150%	Receive	1-day Secured Overnight Financing Rate	09/03/24	USD	558,708,000		3,121,781		(1,183,334	)
Put on 1-Year Interest Rate Swap	Goldman Sachs International	3.900%	Receive	1-day Secured Overnight Financing Rate	06/17/24	USD	462,434,000		2,637,029		(2,281,348	)
Put on 1-Year Interest Rate Swap	Morgan Stanley Capital Services LLC	3.800%	Receive	1-day Secured Overnight Financing Rate	06/14/24	USD	462,434,000		2,826,256		(2,532,688	)
Put on 2-Year Interest Rate Swap	Goldman Sachs International	3.400%	Receive	6-month EUR-EURIBOR	08/29/25	EUR	167,613,000		1,399,568		(51,831	)
Put on 5-Year Interest Rate Swap	Bank of America N.A.	4.160%	Receive	1-day Secured Overnight Financing Rate	09/28/28	USD	11,625,000		516,150		10,702
Put on 5-Year Interest Rate Swap	Barclays Bank PLC	3.858%	Receive	1-day Secured Overnight Financing Rate	08/21/28	USD	1,471,000		65,018		(5,982	)
Put on 5-Year Interest Rate Swap	Morgan Stanley Capital Services LLC	3.525%	Receive	1-day Secured Overnight Financing Rate	08/08/28	USD	11,625,000		492,319		(137,932	)
								$	23,808,904	$	(1,006,272	)

⁽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.

See Accompanying Notes to Financial Statements

123

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

⁽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:			Currency Abbreviations:
EUR	—	EU Euro	USD  —  United States Dollar
JPY	—	Japanese Yen
MXN	—	Mexican Peso

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

The fair value of derivative instruments as of September 30, 2023 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	52,468
Interest rate contracts	Investments in securities at value*		162,760
Interest rate contracts	Unrealized appreciation on forward premium swaptions		5,775,192
Interest rate contracts	Variation margin receivable on futures contracts**		5,644,955
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		5,766,174
Total Asset Derivatives		$	17,401,549
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	6,401
Interest rate contracts	Unrealized depreciation on forward premium swaptions		8,397,160
Interest rate contracts	Variation margin payable on futures contracts**		21,363,527
Interest rate contracts	Variation margin payable on centrally cleared swaps**		1,639,082
Interest rate contracts	Written options, at fair value		18,450,221
Total Liability Derivatives		$	49,856,391

* 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).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2023 was as follows:

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

			Forward
			foreign
Derivatives not accounted for as hedging			currency								Written
instruments	Investments*		contracts		Futures			Swaps			options		Total
Equity contracts	$	—	$	—	$	(462,331	)	$	—		$	—	$	(462,331	)
Foreign exchange contracts		—		20,832		—			—			—		20,832
Interest rate contracts		92,847		—		(16,894,123	)		(22,156,224	)		23,622,834		(15,334,666	)
Total	$	92,847	$	20,832	$	(17,356,454	)	$	(22,156,224	)	$	23,622,834	$	(15,776,165	)

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

				Forward
				foreign
Derivatives not accounted for as hedging				currency							Written
instruments	Investments*			contracts		Futures			Swaps		options			Total
Foreign exchange contracts	$	1,894,471		$	47,155	$	—		$	—	$	—		$	1,941,626
Interest rate contracts		(4,481,125	)		—		(22,282,222	)		6,557,158		(11,193,384	)		(31,399,573	)
Total	$	(2,586,654	)	$	47,155	$	(22,282,222	)	$	6,557,158	$	(11,193,384	)	$	(29,457,947	)

See Accompanying Notes to Financial Statements

124

	PORTFOLIO OF INVESTMENTS
Voya Intermediate Bond Fund	as of September 30, 2023 (Unaudited) (continued)

^* 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 September 30, 2023:

												JPMorgan			Morgan
	Bank of		Barclays Bank						Goldman Sachs			Chase Bank			Stanley Capital
	America N.A.		PLC			BNP Paribas			International			N.A.			Services LLC			Total
Assets:
Purchased options	$	—	$	—		$	142,178		$	—		$	73,050		$	—		$	215,228
Forward premium swaptions		622,535		9,476			1,203,296			1,726,105			—			2,213,780			5,775,192
Total Assets	$	622,535	$	9,476		$	1,345,474		$	1,726,105		$	73,050		$	2,213,780		$	5,990,420
Liabilities:
Forward foreign currency contracts	$	—	$	—		$	6,401		$	—		$	—		$	—		$	6,401
Forward premium swaptions		588,349		1,621,678			1,183,334			2,333,179			—			2,670,620			8,397,160
Written options		—		2,886,891			3,607,681			—			3,006,399			8,949,250			18,450,221
Total Liabilities	$	588,349	$	4,508,569		$	4,797,416		$	2,333,179		$	3,006,399		$	11,619,870		$	26,853,782
Net OTC derivative instruments by counterparty, at fair value	$	34,186	$	(4,499,093	)	$	(3,451,942	)	$	(607,074	)	$	(2,933,349	)	$	(9,406,090	)	$	(20,863,362	)
Total collateral pledged by the Fund/(Received from counterparty)	$	—	$	3,760,000		$	3,451,942		$	607,074		$	2,730,000		$	9,180,000		$	19,729,016
Net Exposure(1),(2)	$	34,186	$	(739,093	)	$	—		$	—		$	(203,349	)	$	(226,090	)	$	(1,134,346	)

⁽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 September 30, 2023, the Fund had pledged $3,630,000 and $620,000 in cash collateral to BNP Paribas and Goldman Sachs International, respectively. Excess cash collateral is not shown for financial reporting purposes.

At September 30, 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 $9,699,055,140.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	4,244,563
Gross Unrealized Depreciation		(881,317,261	)
Net Unrealized Depreciation	$	(877,072,698	)

See Accompanying Notes to Financial Statements

125

	PORTFOLIO OF INVESTMENTS
Voya Short Duration High Income Fund	as of September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 94.7%
	Basic Materials: 4.1%
500,000 (1)	Cleveland-Cliffs, Inc., 6.750%, 03/15/2026	$	499,093	1.4
500,000 (1)	INEOS Finance PLC, 6.750%, 05/15/2028		468,203	1.4
500,000 (1)	SCIL IV LLC / SCIL USA Holdings LLC, 5.375%, 11/01/2026		457,415	1.3
			1,424,711	4.1
	Communications: 16.7%
100,000	AMC Networks, Inc., 5.000%, 04/01/2024		98,729	0.3
250,000 (1)	Clear Channel Outdoor Holdings, Inc., 9.000%, 09/15/2028		247,855	0.7
750,000 (1)	Connect Finco Sarl / Connect US Finco LLC, 6.750%, 10/01/2026		700,461	2.0
500,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027		442,725	1.3
250,000 (1)	DISH DBS Corp., 5.250%, 12/01/2026		212,931	0.6
500,000 (1)	DISH Network Corp., 11.750%, 11/15/2027		504,471	1.4
400,000 (1)	Gen Digital, Inc., 6.750%, 09/30/2027		392,508	1.1
900,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026		718,907	2.1
250,000	Sprint LLC, 7.125%, 06/15/2024		251,737	0.7
250,000	Sprint LLC, 7.625%, 02/15/2025		253,857	0.7
500,000 (1)	Townsquare Media, Inc., 6.875%, 02/01/2026		472,800	1.4
300,000 (1)	Uber Technologies, Inc., 7.500%, 05/15/2025		302,213	0.9
250,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026		253,192	0.7
500,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027		466,196	1.3
550,000 (1)	Univision Communications, Inc., 8.000%, 08/15/2028		533,789	1.5
			5,852,371	16.7
	Consumer, Cyclical: 17.3%
250,000 (1)	Banijay Entertainment SASU, 8.125%, 05/01/2029		248,306	0.7
500,000 (1)	Delta Air Lines, Inc., 7.000%, 05/01/2025		505,602	1.5
500,000 (1)	Dream Finders Homes, Inc., 8.250%, 08/15/2028		503,880	1.4

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
1,000,000	Goodyear Tire & Rubber Co., 9.500%, 05/31/2025	$	1,015,996	2.9
200,000	Marriott International, Inc., 5.450%, 09/15/2026		198,240	0.6
200,000	MGM Resorts International, 6.750%, 05/01/2025		199,148	0.6
750,000 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		743,847	2.1
700,000 (1)	SeaWorld Parks & Entertainment, Inc., 8.750%, 05/01/2025		710,098	2.0
500,000 (1)	Six Flags Theme Parks, Inc., 7.000%, 07/01/2025		499,203	1.4
500,000 (1)	VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.875%, 05/01/2027		431,317	1.2
700,000 (1)	VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/2028		615,511	1.8
400,000 (1)	ZF North America Capital, Inc., 6.875%, 04/14/2028		391,760	1.1
			6,062,908	17.3
	Consumer, Non-cyclical: 8.9%
1,200,000 (1)	Albion Financing 2SARL, 8.750%, 04/15/2027		1,119,000	3.2
250,000	HCA, Inc., 5.375%, 02/01/2025		247,485	0.7
500,000 (1)	Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026		490,557	1.4
500,000 (1)	Mobius Merger Sub, Inc., 9.000%, 06/01/2030		462,948	1.3
1,000,000 (1)	RP Escrow Issuer LLC, 5.250%, 12/15/2025		726,925	2.1
100,000 (1)	Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,4.625%, 11/01/2026		94,393	0.2
			3,141,308	8.9

See Accompanying Notes to Financial Statements

126

	PORTFOLIO OF INVESTMENTS
Voya Short Duration High Income Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 18.9%
600,000 (1)	CITGO Petroleum Corp., 8.375%, 01/15/2029	$	599,619	1.7
120,000 (1)	CVR Energy, Inc., 5.250%, 02/15/2025		117,190	0.3
750,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028		686,057	1.9
500,000 (1)	Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.375%, 04/15/2027		491,382	1.4
675,000 (1)	Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 11.500%, 02/15/2028		686,661	2.0
1,000,000 (1)	New Fortress Energy, Inc., 6.500%, 09/30/2026		921,812	2.6
500,000 (1)	New Fortress Energy, Inc., 6.750%, 09/15/2025		477,863	1.4
1,100,000 (1)	Sunnova Energy Corp., 5.875%, 09/01/2026		944,405	2.7
500,000 (1)	Sunnova Energy Corp., 11.750%, 10/01/2028		482,061	1.4
500,000 (1)	Sunoco L.P. / Sunoco Finance Corp., 7.000%, 09/15/2028		493,850	1.4
750,000 (1)	Venture Global LNG, Inc., 8.125%, 06/01/2028		743,155	2.1
			6,644,055	18.9
	Financial: 19.6%
500,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.500%, 07/15/2025		500,743	1.4
500,000	Air Lease Corp., 5.850%, 12/15/2027		493,621	1.4
250,000 (1)	Avolon Holdings Funding Ltd., 6.375%, 05/04/2028		245,869	0.7
625,000 (1)	Bread Financial Holdings, Inc., 7.000%, 01/15/2026		586,059	1.7
200,000 (1)	Castlelake Aviation Finance DAC, 5.000%, 04/15/2027		182,895	0.5
250,000 (1)	HAT Holdings I LLC / HAT Holdings II LLC, 6.000%, 04/15/2025		243,535	0.7
250,000 (1)	Iron Mountain, Inc., 7.000%, 02/15/2029		244,736	0.7
900,000 (1)	LD Holdings Group LLC, 6.500%, 11/01/2025		748,649	2.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
750,000 (1)	Macquarie Airfinance Holdings Ltd., 8.375%, 05/01/2028	$	761,089	2.2
200,000	Nasdaq, Inc., 5.650%, 06/28/2025		199,458	0.6
500,000	Navient Corp., 9.375%, 07/25/2030		493,638	1.4
500,000	Navient Corp., MTN, 6.125%, 03/25/2024		497,781	1.4
500,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.500%, 06/01/2025		499,752	1.4
250,000 (1)	PennyMac Financial Services, Inc., 5.375%, 10/15/2025		237,934	0.7
250,000 (1)	RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028		245,858	0.7
500,000	SLM Corp., 4.200%, 10/29/2025		468,350	1.3
250,000 (1)	United Wholesale Mortgage LLC, 5.500%, 11/15/2025		238,066	0.7
			6,888,033	19.6
	Industrial: 4.7%
400,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 9.750%, 08/01/2027		414,118	1.2
750,000 (1)	Spirit AeroSystems, Inc., 7.500%, 04/15/2025		736,667	2.1
500,000 (1)	WESCO Distribution, Inc., 7.125%, 06/15/2025		501,710	1.4
			1,652,495	4.7
	Technology: 3.1%
586,000 (1)	Consensus Cloud Solutions, Inc., 6.000%, 10/15/2026		540,113	1.5
150,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028		127,978	0.4
500,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025		418,572	1.2
			1,086,663	3.1

See Accompanying Notes to Financial Statements

127

	PORTFOLIO OF INVESTMENTS
Voya Short Duration High Income Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 1.4%
500,000 (1)	AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/2028	$	507,427	1.4
	Total Corporate Bonds/Notes (Cost $33,376,814)		33,259,971	94.7
	Total Long-Term Investments (Cost $33,376,814)		33,259,971	94.7

Shares		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.9%
	Mutual Funds: 2.9%
1,021,251 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.240% (Cost $1,021,251)	$	1,021,251	2.9
	Total Short-Term Investments (Cost $1,021,251)		1,021,251	2.9
	Total Investments in Securities (Cost $34,398,065)	$	34,281,222	97.6
	Assets in Excess of Other Liabilities		835,503	2.4
	Net Assets	$	35,116,725	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 September 30, 2023.

Investment Type Allocation
as of September 30, 2023

(as a percentage of net assets)

Corporate Bonds/Notes	94.7	%
Mutual Funds	2.9	%
Assets in Excess of Other Liabilities	2.4	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

128

	PORTFOLIO OF INVESTMENTS
Voya Short Duration High Income Fund	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table Investments, at fair value
Corporate Bonds/Notes	$	—	$	33,259,971	$	—	$	33,259,971
Short-Term Investments		1,021,251		—		—		1,021,251
Total Investments, at fair value	$	1,021,251	$	33,259,971	$	—	$	34,281,222

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

At September 30, 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 $34,398,065.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	371,959
Gross Unrealized Depreciation		(488,802	)
Net Unrealized Depreciation	$	(116,843	)

See Accompanying Notes to Financial Statements

129

	PORTFOLIO OF INVESTMENTS
Voya Short Term Bond Fund	as of September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 38.8%
	Basic Materials: 1.0%
389,000	Albemarle Corp., 4.650%, 06/01/2027	$	371,094	0.1
450,000 (1)	Avient Corp., 5.750%,05/15/2025		442,255	0.1
656,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026		651,984	0.1
641,000	Ecolab, Inc., 1.650%, 02/01/2027		569,089	0.1
678,000	Ecolab, Inc., 2.700%, 11/01/2026		628,964	0.1
417,000	EIDP, Inc., 4.500%, 05/15/2026		406,332	0.1
666,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		654,545	0.1
827,000 (1)	Georgia-Pacific LLC, 1.750%, 09/30/2025		764,720	0.1
252,000	Nucor Corp., 2.000%, 06/01/2025		236,737	0.0
65,000	Nutrien Ltd., 4.900%, 03/27/2028		62,822	0.0
1,098,000	Nutrien Ltd., 5.950%, 11/07/2025		1,099,567	0.2
			5,888,109	1.0
	Communications: 2.2%
906,000	Amazon.com, Inc., 3.000%, 04/13/2025		875,640	0.2
339,000	Amazon.com, Inc., 3.150%, 08/22/2027		315,516	0.1
243,000	Amazon.com, Inc., 4.550%, 12/01/2027		238,094	0.0
160,000	AMC Networks, Inc., 5.000%, 04/01/2024		157,967	0.0
513,000	AT&T, Inc., 1.700%, 03/25/2026		465,591	0.1
557,000	Bell Telephone Co. of Canada or Bell Canada  US-3, 0.750%, 03/17/2024		544,030	0.1
759,000	British Telecommunications PLC, 4.500%, 12/04/2023		756,659	0.1
529,000	Comcast Corp., 4.550%, 01/15/2029		508,148	0.1
406,000	Comcast Corp., 5.250%, 11/07/2025		404,244	0.1
444,000	Fox Corp., 3.050%, 04/07/2025		426,196	0.1
695,000	Fox Corp., 4.030%, 01/25/2024		690,123	0.1
581,000	Meta Platforms, Inc., 3.500%, 08/15/2027		548,214	0.1
83,000	Motorola Solutions, Inc., 4.000%, 09/01/2024		81,374	0.0
1,497,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026		1,345,602	0.2

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
349,000 (1)	NBN Co. Ltd., 5.750%, 10/06/2028	$	350,581	0.1
671,000 (1)	NTT Finance Corp., 0.583%, 03/01/2024		656,547	0.1
423,000 (1)	NTT Finance Corp., 4.142%, 07/26/2024		417,124	0.1
1,147,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,185,277	0.2
429,000	T-Mobile USA, Inc., 2.250%, 02/15/2026		395,304	0.1
283,000	T-Mobile USA, Inc., 2.625%, 04/15/2026		261,978	0.0
733,000	T-Mobile USA, Inc., 3.750%, 04/15/2027		685,176	0.1
291,000	T-Mobile USA, Inc., 4.950%, 03/15/2028		282,536	0.1
212,000 (1)	Univision Communications, Inc., 5.125%, 02/15/2025		206,869	0.0
649,000	Verizon Communications, Inc., 0.850%, 11/20/2025		587,351	0.1
			12,386,141	2.2
	Consumer, Cyclical: 3.1%
361,000 (1)	7-Eleven, Inc., 0.950%, 02/10/2026		323,142	0.1
18,006	American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029		16,545	0.0
544,000	American Axle & Manufacturing, Inc., 6.250%, 03/15/2026		528,240	0.1
195,000	American Honda Finance Corp., MTN, 1.300%, 09/09/2026		173,117	0.0
656,000 (1)	BMW US Capital LLC, 1.250%, 08/12/2026		585,161	0.1
682,000 (1)	BMW US Capital LLC, 3.250%, 04/01/2025		660,400	0.1
1,035,000 (1)	Daimler Truck Finance North America LLC, 3.500%, 04/07/2025		999,537	0.2
200,000 (1)	Dana Financing Luxembourg Sarl, 5.750%, 04/15/2025		195,870	0.0
198,996	Delta Air Lines Pass Through Trust  20-1, A, 2.500%, 12/10/2029		174,755	0.0
160,000	Delta Air Lines Pass Through Trust  2019-1, A, 3.404%, 10/25/2025		156,291	0.0
400,000	Ford Motor Credit Co. LLC, 5.584%, 03/18/2024		397,867	0.1
500,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 01/08/2026		472,450	0.1

See Accompanying Notes to Financial Statements

130

	PORTFOLIO OF INVESTMENTS
Voya Short Term Bond Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
410,000	General Motors Financial Co., Inc., 3.800%, 04/07/2025	$	395,319	0.1
586,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026		572,689	0.1
415,000	General Motors Financial Co., Inc., 5.400%, 04/06/2026		406,521	0.1
800,000 (1)	Hilton Domestic Operating Co., Inc., 5.375%, 05/01/2025		788,051	0.1
874,000	Honda Motor Co. Ltd., 2.534%, 03/10/2027		794,824	0.1
561,000 (1)(2)	Hyundai Capital America, 1.300%, 01/08/2026		505,371	0.1
264,000 (1)	Hyundai Capital America, 5.650%, 06/26/2026		261,847	0.0
262,000 (1)(2)	Hyundai Capital America, 5.950%, 09/21/2026		261,359	0.0
900,000 (1)	International Game Technology PLC, 4.125%, 04/15/2026		847,450	0.2
888,000	Lennar Corp., 4.500%, 04/30/2024		879,741	0.2
252,000	Lowe's Cos., Inc., 3.350%, 04/01/2027		234,757	0.0
999,000 (1)	Mattel, Inc., 3.375%, 04/01/2026		924,849	0.2
493,000 (1)	Mercedes-Benz Finance North America LLC, 5.100%, 08/03/2028		483,179	0.1
320,579 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		317,949	0.1
1,112,000	Ross Stores, Inc., 4.600%, 04/15/2025		1,090,165	0.2
344,000	Toyota Motor Credit Corp., 4.625%, 01/12/2028		336,164	0.1
708,000	Toyota Motor Credit Corp., 5.600%, 09/11/2025		709,332	0.1
400,000	TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 06/15/2024		397,570	0.1
55,992	United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029		55,580	0.0
143,309	US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026		143,462	0.0
588,000 (1)	Volkswagen Group of America Finance LLC, 5.650%, 09/12/2028		578,626	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
409,000	Walmart, Inc., 3.950%, 09/09/2027	$	394,908	0.1
710,000	Walmart, Inc., 4.000%, 04/15/2026		691,597	0.1
864,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027		798,036	0.1
			17,552,721	3.1
	Consumer, Non-cyclical: 4.9%
728,000	AbbVie, Inc., 2.600%, 11/21/2024		702,089	0.1
1,088,000	AbbVie, Inc., 3.200%, 05/14/2026		1,028,162	0.2
680,000	Amgen, Inc., 3.200%, 11/02/2027		624,942	0.1
1,044,000	Amgen, Inc., 5.250%, 03/02/2025		1,036,436	0.2
1,215,000	AstraZeneca PLC, 3.375%, 11/16/2025		1,166,156	0.2
695,000	Becton Dickinson & Co., 4.693%, 02/13/2028		674,106	0.1
403,000	Boston Scientific Corp., 1.900%, 06/01/2025		378,859	0.1
645,000	Bristol-Myers Squibb Co., 0.750%, 11/13/2025		586,395	0.1
760,000	Bunge Ltd. Finance Corp., 1.630%, 08/17/2025		702,943	0.1
215,000 (1)	Cargill, Inc., 3.500%, 04/22/2025		208,610	0.0
263,000 (1)	Cargill, Inc., 3.625%, 04/22/2027		248,944	0.0
888,000	Cigna Group, 1.250%, 03/15/2026		799,590	0.1
314,000 (1)	CSL Finance PLC, 3.850%, 04/27/2027		297,658	0.1
1,247,000	CVS Health Corp., 3.875%, 07/20/2025		1,205,344	0.2
1,398,000	Diageo Capital PLC, 1.375%, 09/29/2025		1,292,650	0.2
681,000	Diageo Capital PLC, 5.300%, 10/24/2027		680,238	0.1
629,000 (1)	Element Fleet Management Corp., 3.850%, 06/15/2025		599,717	0.1
315,000	Equifax, Inc., 2.600%, 12/15/2025		293,311	0.1
410,000	Estee Lauder Cos., Inc., 4.375%, 05/15/2028		395,145	0.1
933,000	GE HealthCare Technologies, Inc., 5.600%, 11/15/2025		927,796	0.2
920,000	Global Payments, Inc., 1.200%, 03/01/2026		820,954	0.2
999,000	HCA, Inc., 5.875%, 02/15/2026		993,707	0.2

See Accompanying Notes to Financial Statements

131

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
600,000 (1)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025	$	555,570	0.1
1,129,000	Humana, Inc., 3.700%, 03/23/2029		1,030,406	0.2
259,000 (1)	Kenvue, Inc., 5.500%, 03/22/2025		258,454	0.1
598,000	Laboratory Corp. of America Holdings, 3.600%, 02/01/2025		579,263	0.1
225,000	Mylan, Inc., 4.200%, 11/29/2023		224,311	0.0
766,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027		739,025	0.1
715,000	PepsiCo, Inc., 3.600%, 02/18/2028		677,090	0.1
1,360,000	Pfizer Investment Enterprises Pte Ltd., 4.450%, 05/19/2026		1,328,863	0.2
594,000	Revvity, Inc., 0.850%, 09/15/2024		564,616	0.1
1,361,000	Royalty Pharma PLC, 1.200%, 09/02/2025		1,237,559	0.2
748,000	S&P Global, Inc., 2.450%, 03/01/2027		681,797	0.1
1,151,000	S&P Global, Inc., 2.700%, 03/01/2029		1,007,164	0.2
1,164,000 (1)	Triton Container International Ltd., 1.150%, 06/07/2024		1,117,696	0.2
498,000	UnitedHealth Group, Inc., 2.950%, 10/15/2027		455,848	0.1
486,000	UnitedHealth Group, Inc., 3.375%, 04/15/2027		456,238	0.1
659,000	Viatris, Inc., 1.650%, 06/22/2025		608,982	0.1
522,000	Zoetis, Inc., 5.400%, 11/14/2025		519,902	0.1
			27,706,536	4.9
	Energy: 1.7%
516,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026		463,394	0.1
748,000	Canadian Natural Resources Ltd., 2.050%, 07/15/2025		698,402	0.1
741,000	Enbridge, Inc., 0.550%, 10/04/2023		740,880	0.1
358,000	EnLink Midstream Partners L.P., 4.150%, 06/01/2025		342,087	0.1
243,000	Equinor ASA, 2.875%, 04/06/2025		234,042	0.0
590,000	Kinder Morgan, Inc., 1.750%, 11/15/2026		525,040	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
916,000	Occidental Petroleum Corp., 3.500%, 06/15/2025	$	877,386	0.2
1,252,000	ONEOK, Inc., 5.850%, 01/15/2026		1,253,257	0.2
385,000	Ovintiv Exploration, Inc., 5.375%, 01/01/2026		379,742	0.1
551,000	Phillips 66, 3.850%, 04/09/2025		536,156	0.1
647,000	Pioneer Natural Resources Co., 1.125%, 01/15/2026		584,989	0.1
1,252,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025		1,216,095	0.2
263,000	Schlumberger Investment SA, 4.500%, 05/15/2028		254,947	0.0
333,000	TransCanada PipeLines Ltd., 1.000%, 10/12/2024		316,450	0.1
889,000	Williams Cos., Inc., 4.550%, 06/24/2024		879,585	0.2
			9,302,452	1.7
	Financial: 16.5%
427,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.650%, 10/29/2024		406,334	0.1
653,000	Aflac, Inc., 1.125%, 03/15/2026		585,935	0.1
670,000	Ally Financial, Inc., 3.875%, 05/21/2024		657,662	0.1
366,000	American Express Co., 2.500%, 07/30/2024		356,051	0.1
298,000 (3)	American Express Co., 4.990%, 05/01/2026		292,870	0.0
541,000 (3)	American Express Co., 5.389%, 07/28/2027		533,573	0.1
438,000	American Tower Corp., 3.650%, 03/15/2027		406,159	0.1
112,000	American Tower Corp., 5.250%, 07/15/2028		108,263	0.0
679,000	Ameriprise Financial, Inc., 2.875%, 09/15/2026		633,099	0.1
850,000	Ameriprise Financial, Inc., 3.000%, 04/02/2025		815,606	0.1
958,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024		942,222	0.2
1,175,000 (1)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027		992,766	0.2
400,000	Banco Santander SA, 5.588%, 08/08/2028		391,500	0.1

See Accompanying Notes to Financial Statements

132

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,406,000 (3)	Bank of America Corp., 0.976%, 04/22/2025	$	1,362,455	0.2
1,422,000 (3)	Bank of America Corp., 1.734%, 07/22/2027		1,260,501	0.2
38,000 (3)	Bank of America Corp., 3.419%, 12/20/2028		34,102	0.0
123,000 (3)	Bank of America Corp., 3.705%, 04/24/2028		113,345	0.0
422,000 (3)	Bank of America Corp., 4.376%, 04/27/2028		398,594	0.1
1,165,000 (3)	Bank of America Corp., 5.202%, 04/25/2029		1,122,768	0.2
1,727,000 (3)	Bank of America Corp., MTN, 0.810%, 10/24/2024		1,720,405	0.3
1,281,000 (3)	Bank of America Corp., MTN, 1.319%, 06/19/2026		1,175,161	0.2
1,110,000 (3)	Bank of America Corp., MTN, 1.530%, 12/06/2025		1,048,453	0.2
684,000 (3)	Bank of America Corp., MTN, 2.015%, 02/13/2026		643,836	0.1
239,000 (3)	Bank of America Corp. N, 1.658%, 03/11/2027		214,496	0.0
271,000	Bank of America NA, 5.526%, 08/18/2026		269,780	0.0
1,055,000	Bank of Montreal, 5.300%, 06/05/2026		1,041,081	0.2
229,000 (3)	Bank of New York Mellon Corp., 4.414%, 07/24/2026		222,588	0.0
447,000 (3)	Bank of New York Mellon Corp., 4.947%, 04/26/2027		436,414	0.1
598,000	Bank of Nova Scotia, 0.700%, 04/15/2024		581,637	0.1
593,000	Bank of Nova Scotia, 1.450%, 01/10/2025		560,583	0.1
816,000	Bank of Nova Scotia, MTN, 3.450%, 04/11/2025		785,847	0.1
362,000	Berkshire Hathaway, Inc., 3.125%, 03/15/2026		345,548	0.1
788,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028		650,295	0.1
329,000 (1)	Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030		267,083	0.0
457,000 (1)	Blackstone Holdings Finance Co. LLC, 5.900%, 11/03/2027		458,059	0.1
595,000 (1)	BPCE SA, 5.700%, 10/22/2023		594,443	0.1
297,000	Brookfield Finance, Inc., 4.000%, 04/01/2024		293,775	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
328,000 (1)(3)	CaixaBank SA, 6.684%, 09/13/2027	$	327,995	0.1
304,000	Camden Property Trust, 4.100%, 10/15/2028		284,498	0.0
315,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027		274,282	0.0
598,000 (3)	Capital One Financial Corp., 4.166%, 05/09/2025		587,131	0.1
535,000 (3)	Capital One Financial Corp., 5.468%, 02/01/2029		509,566	0.1
419,000 (3)	Charles Schwab Corp., 5.643%, 05/19/2029		410,584	0.1
526,000	Charles Schwab Corp., 5.875%, 08/24/2026		524,473	0.1
615,000 (1)	CNO Global Funding, 1.650%, 01/06/2025		576,370	0.1
550,000 (1)(3)	Cooperatieve Rabobank UA, 1.339%, 06/24/2026		506,299	0.1
507,000	Corebridge Financial, Inc., 3.650%, 04/05/2027		469,734	0.1
651,000 (1)	Corebridge Global Funding, 0.900%, 09/22/2025		590,312	0.1
121,000	Credit Suisse AG/ New York NY, 2.950%, 04/09/2025		115,016	0.0
1,776,000	Credit Suisse AG/New York NY, MTN, 3.625%, 09/09/2024		1,729,165	0.3
1,210,000	Crown Castle, Inc., 1.350%, 07/15/2025		1,115,250	0.2
628,000 (1)(3)	Danske Bank A/S, 0.976%, 09/10/2025		595,433	0.1
338,000 (1)(3)	Danske Bank A/S, 3.773%, 03/28/2025		333,023	0.1
556,000 (1)(3)	Danske Bank A/S, 4.298%, 04/01/2028		518,105	0.1
947,000	Discover Financial Services, 3.950%, 11/06/2024		921,327	0.2
561,000 (1)(3)	DNB Bank ASA, 2.968%, 03/28/2025		551,802	0.1
836,000 (1)(3)	DNB Bank ASA, 5.896%, 10/09/2026		833,483	0.1
703,000	Equinix, Inc., 1.250%, 07/15/2025		646,966	0.1
954,000	Federal Realty OP L.P., 3.950%, 01/15/2024		948,216	0.2
1,654,000 (1)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025		1,566,181	0.3
597,000	Fifth Third Bank NA, 3.850%, 03/15/2026		552,480	0.1

See Accompanying Notes to Financial Statements

133

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
432,000 (1)	Five Corners Funding Trust, 4.419%, 11/15/2023	$	430,891	0.1
600,000 (1)	GA Global Funding Trust, 3.850%, 04/11/2025		576,748	0.1
285,000 (3)	Goldman Sachs Group, Inc., 0.925%, 10/21/2024		282,753	0.0
354,000 (3)	Goldman Sachs Group, Inc., 2.640%, 02/24/2028		315,789	0.1
324,000	Hanover Insurance Group, Inc., 4.500%, 04/15/2026		312,525	0.1
300,000 (1)	HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 06/15/2026		266,972	0.0
321,000 (3)	HSBC Holdings PLC, 1.162%, 11/22/2024		317,995	0.1
667,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027		588,358	0.1
1,000,000 (3)	HSBC Holdings PLC, 2.099%, 06/04/2026		932,362	0.2
407,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025		390,130	0.1
736,000 (3)	ING Groep NV, 4.017%, 03/28/2028		683,728	0.1
309,000 (3)	ING Groep NV, 6.083%, 09/11/2027		307,786	0.1
713,000	Jackson Financial, Inc., 1.125%, 11/22/2023		707,628	0.1
1,487,000 (3)	JPMorgan Chase & Co., 0.824%, 06/01/2025		1,431,777	0.2
519,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025		498,226	0.1
593,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027		519,709	0.1
519,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		463,299	0.1
203,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029		171,160	0.0
995,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026		934,186	0.2
36,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025		34,540	0.0
169,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026		160,948	0.0
691,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028		627,175	0.1
500,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029		453,796	0.1
119,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027		113,787	0.0
300,000 (3)	JPMorgan Chase & Co., 5.299%, 07/24/2029		292,011	0.0
1,566,000 (3)	JPMorgan Chase & Co., 5.546%, 12/15/2025		1,555,732	0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
597,000	KeyBank NA/ Cleveland OH, 4.390%, 12/14/2027	$	538,296	0.1
491,000 (3)	Lloyds Banking Group PLC, 3.870%, 07/09/2025		481,543	0.1
707,000 (3)	Lloyds Banking Group PLC, 5.985%, 08/07/2027		700,858	0.1
1,047,000 (1)	LSEGA Financing PLC, 0.650%, 04/06/2024		1,018,391	0.2
1,136,000	Marsh & McLennan Cos., Inc., 4.050%, 10/15/2023		1,135,103	0.2
681,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.953%, 07/19/2025		652,892	0.1
753,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.962%, 10/11/2025		712,273	0.1
400,000	Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025		369,165	0.1
720,000 (3)	Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027		638,006	0.1
316,000 (3)	Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025		312,395	0.1
200,000 (3)	Mizuho Financial Group, Inc., 2.555%, 09/13/2025		193,106	0.0
1,624,000 (3)	Morgan Stanley, 0.790%, 05/30/2025		1,560,249	0.3
715,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		636,566	0.1
311,000 (3)	Morgan Stanley, 2.188%, 04/28/2026		292,269	0.0
574,000 (3)	Morgan Stanley, 2.475%, 01/21/2028		512,012	0.1
425,000 (3)	Morgan Stanley, 5.123%, 02/01/2029		409,437	0.1
1,218,000 (3)	Morgan Stanley, GMTN, 0.791%, 01/22/2025		1,194,564	0.2
914,000 (3)	Morgan Stanley, GMTN, 1.512%, 07/20/2027		807,889	0.1
1,381,000 (3)	Morgan Stanley, MTN, 1.164%, 10/21/2025		1,304,027	0.2
154,000 (3)	Morgan Stanley, MTN, 2.720%, 07/22/2025		149,494	0.0
447,000	Morgan Stanley, MTN, 3.125%, 07/27/2026		415,376	0.1
1,167,000 (3)	Morgan Stanley, MTN, 5.164%, 04/20/2029		1,123,205	0.2
533,000	Morgan Stanley Bank NA, 4.754%, 04/21/2026		521,132	0.1
207,000 (1)	Mutual of Omaha Cos. Global Funding, 5.800%, 07/27/2026		205,139	0.0

See Accompanying Notes to Financial Statements

134

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
374,000	National Australia Bank Ltd./New York, 3.500%, 06/09/2025	$	361,614	0.1
487,000	National Bank of Canada FXD, 0.750%, 08/06/2024		465,228	0.1
556,000 (1)	National Securities Clearing Corp., 5.000%, 05/30/2028		544,291	0.1
532,000 (1)	Nationwide Building Society, 1.500%, 10/13/2026		465,070	0.1
398,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025		393,793	0.1
900,000	Navient Corp., 6.750%, 06/25/2025		887,467	0.2
403,000 (1)	Nordea Bank Abp, 0.625%, 05/24/2024		389,723	0.1
374,000 (1)	Nordea Bank Abp, 3.600%, 06/06/2025		360,719	0.1
893,000	Old Republic International Corp., 4.875%, 10/01/2024		879,499	0.2
600,000	OneMain Finance Corp., 6.875%, 03/15/2025		595,814	0.1
219,000 (1)	Pacific Life Global Funding II, 1.200%, 06/24/2025		202,899	0.0
394,000 (1)	Pacific Life Global Funding II, 1.375%, 04/14/2026		353,017	0.1
352,000	Prologis L.P., 4.875%, 06/15/2028		343,270	0.1
340,000	Public Storage Operating Co., 5.125%, 01/15/2029		334,828	0.1
234,000 (3)	Royal Bank of Canada, 6.190%, (TSFR3M + 0.922%), 10/05/2023		234,005	0.0
457,000	Royal Bank of Canada, GMTN, 1.150%, 07/14/2026		404,117	0.1
592,000	Royal Bank of Canada, GMTN, 1.600%, 01/21/2025		560,677	0.1
722,000	Royal Bank of Canada, GMTN, 5.200%, 07/20/2026		714,384	0.1
562,000	Sixth Street Specialty Lending, Inc., 3.875%, 11/01/2024		545,861	0.1
810,000 (1)	Skandinaviska Enskilda Banken AB, 0.650%, 09/09/2024		770,968	0.1
534,000 (1)(2)	Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025		514,913	0.1
744,000 (1)(3)	Societe Generale SA, 2.226%, 01/21/2026		700,660	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
950,000 (1)	Starwood Property Trust, Inc., 3.625%, 07/15/2026	$	843,382		0.1
888,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 07/08/2025		821,762		0.1
750,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 07/16/2024		731,026		0.1
230,000	Sumitomo Mitsui Financial Group, Inc., 5.716%, 09/14/2028		227,102		0.0
535,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 0.800%, 09/16/2024		509,247		0.1
241,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 5.650%, 09/14/2026		240,126		0.0
533,000 (1)	Svenska Handelsbanken AB, 3.650%, 06/10/2025		513,768		0.1
447,000 (1)	Swedbank AB, 3.356%, 04/04/2025		430,246		0.1
576,000	Toronto-Dominion Bank, 3.766%, 06/06/2025		557,287		0.1
594,000	Toronto-Dominion Bank, MTN, 0.700%, 09/10/2024		565,891		0.1
859,000	Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026		853,007		0.1
592,000	Toronto-Dominion Bank FXD, FXD, 1.450%, 01/10/2025		560,661		0.1
370,000 (3)	Truist Financial Corp., MTN, 1.267%, 03/02/2027		327,989		0.1
491,000 (3)	Truist Financial Corp., MTN, 1.887%, 06/07/2029		403,513		0.1
425,000 (3)	Truist Financial Corp., MTN, 4.260%, 07/28/2026		409,282		0.1
515,000 (1)(2)	UBS AG/London, 0.700%, 08/09/2024		492,342		0.1
321,000	UBS AG/London, 5.800%, 09/11/2025		319,865		0.1
1,249,000 (1)(3)	UBS Group AG, 2.193%, 06/05/2026		1,162,119		0.2
451,000 (1)(3)	UBS Group AG, 4.488%, 05/12/2026		436,967		0.1
539,000 (1)(3)	UBS Group AG, 4.490%, 08/05/2025		529,691		0.1
406,000 (3)	US Bancorp, 5.775%, 06/12/2029		395,418		0.1
999,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 3.500%, 02/15/2025		956,747		0.2

See Accompanying Notes to Financial Statements

135

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
777,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025	$	751,056	0.1
222,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 5.625%, 05/01/2024		220,788	0.0
97,000 (3)	Wells Fargo & Co., MTN, 2.164%, 02/11/2026		91,601	0.0
383,000 (3)	Wells Fargo & Co., MTN, 3.526%, 03/24/2028		351,930	0.1
116,000 (3)	Wells Fargo & Co., MTN, 4.540%, 08/15/2026		112,693	0.0
555,000 (3)	Wells Fargo & Co., MTN, 5.574%, 07/25/2029		541,676	0.1
574,000	Wells Fargo Bank NA, 5.450%, 08/07/2026		570,347	0.1
			93,414,724	16.5
	Industrial: 2.2%
735,000	Avnet, Inc., 6.250%, 03/15/2028		733,566	0.1
600,000	Ball Corp., 4.875%, 03/15/2026		576,815	0.1
921,000	Boeing Co., 4.875%, 05/01/2025		905,324	0.2
900,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026		857,137	0.2
1,225,000	CNH Industrial Capital LLC, 5.450%, 10/14/2025		1,215,916	0.2
480,000 (1)	Graphic Packaging International LLC, 0.821%, 04/15/2024		465,403	0.1
368,000	HEICO Corp., 5.250%, 08/01/2028		359,267	0.1
251,000	John Deere Capital Corp., MTN, 2.350%, 03/08/2027		227,747	0.0
178,000	John Deere Capital Corp., MTN, 4.950%, 07/14/2028		175,619	0.0
271,000	L3Harris Technologies, Inc., 5.400%, 01/15/2027		268,793	0.0
396,000	Lockheed Martin Corp., 5.100%, 11/15/2027		393,957	0.1
405,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.050%, 08/01/2028		400,219	0.1
1,239,000	Raytheon Technologies Corp., 3.950%, 08/16/2025		1,199,454	0.2

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
347,000	Raytheon Technologies Corp., 5.000%, 02/27/2026	$	342,910	0.1
777,000	Republic Services, Inc., 2.500%, 08/15/2024		754,941	0.1
707,000	Ryder System, Inc., MTN, 5.250%, 06/01/2028		688,695	0.1
300,000 (1)	Sealed Air Corp., 5.500%, 09/15/2025		294,258	0.1
920,000	Teledyne Technologies, Inc., 0.950%, 04/01/2024		895,752	0.2
707,000 (1)	Veralto Corp., 5.500%, 09/18/2026		704,057	0.1
690,000	Waste Management, Inc., 4.875%, 02/15/2029		675,039	0.1
			12,134,869	2.2
	Technology: 3.3%
364,000	Analog Devices, Inc., 2.950%, 04/01/2025		350,529	0.1
252,000	Apple, Inc., 1.125%, 05/11/2025		235,772	0.0
731,000	Broadcom, Inc., 3.459%, 09/15/2026		686,664	0.1
999,000	CDW LLC / CDW Finance Corp., 5.500%, 12/01/2024		988,251	0.2
144,000	Concentrix Corp., 6.600%, 08/02/2028		139,044	0.0
1,101,000	Fidelity National Information Services, Inc., 0.600%, 03/01/2024		1,076,089	0.2
1,244,000	Fidelity National Information Services, Inc., 1.150%, 03/01/2026		1,115,129	0.2
342,000	Fidelity National Information Services, Inc., 4.700%, 07/15/2027		331,686	0.1
1,044,000	Fiserv, Inc., 2.750%, 07/01/2024		1,019,091	0.2
685,000	Fiserv, Inc., 5.450%, 03/02/2028		679,512	0.1
1,059,000	HP, Inc., 2.200%, 06/17/2025		996,069	0.2
297,000	Intel Corp., 3.700%, 07/29/2025		287,607	0.0
659,000	Intel Corp., 3.750%, 08/05/2027		621,943	0.1
1,039,000 (2)	Intel Corp., 4.875%, 02/10/2026		1,026,765	0.2
651,000	International Business Machines Corp., 4.000%, 07/27/2025		634,141	0.1

See Accompanying Notes to Financial Statements

136

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
702,000	International Business Machines Corp., 4.500%, 02/06/2026	$	686,838	0.1
427,000	International Business Machines Corp., 6.500%, 01/15/2028		446,674	0.1
1,060,000	Intuit, Inc., 5.250%, 09/15/2026		1,057,715	0.2
999,000	Microchip Technology, Inc., 4.250%, 09/01/2025		966,813	0.2
1,008,000	NetApp, Inc., 1.875%, 06/22/2025		943,095	0.2
923,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 2.700%, 05/01/2025		876,767	0.2
643,000	Oracle Corp., 1.650%, 03/25/2026		582,590	0.1
313,000	Oracle Corp., 2.500%, 04/01/2025		298,076	0.0
633,000	Oracle Corp., 2.650%, 07/15/2026		583,852	0.1
682,000	Take-Two Interactive Software, Inc., 3.550%, 04/14/2025		657,982	0.1
780,000	VMware, Inc., 1.000%, 08/15/2024		747,338	0.1
421,000	VMware, Inc., 1.400%, 08/15/2026		371,513	0.1
290,000	Workday, Inc., 3.500%, 04/01/2027		270,701	0.0
			18,678,246	3.3
	Utilities: 3.9%
518,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025		495,714	0.1
399,000	AES Corp., 1.375%, 01/15/2026		355,516	0.1
299,000 (1)	AES Corp., 3.300%, 07/15/2025		283,575	0.0
1,119,000	AES Corp., 5.450%, 06/01/2028		1,081,065	0.2
579,000	Alabama Power Co., 3.750%, 09/01/2027		547,422	0.1
607,000	Ameren Illinois Co., 3.800%, 05/15/2028		571,312	0.1
563,000	American Electric Power Co., Inc., 2.031%, 03/15/2024		552,584	0.1
551,000	American Electric Power Co., Inc. M, 0.750%, 11/01/2023		548,627	0.1
286,000 (1)	Aquarion Co., 4.000%, 08/15/2024		279,547	0.0
169,000	Arizona Public Service Co., 3.350%, 06/15/2024		165,684	0.0
551,000	Avangrid, Inc., 3.200%, 04/15/2025		526,986	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
403,000	Black Hills Corp., 1.037%, 08/23/2024	$	385,360	0.1
315,000	Consumers Energy Co., 4.900%, 02/15/2029		308,172	0.1
582,000 (3)	DTE Energy Co., 4.220%, 11/01/2024		571,361	0.1
1,032,000 (1)	East Ohio Gas Co., 1.300%, 06/15/2025		956,032	0.2
697,000 (1)	Enel Finance International NV, 6.800%, 10/14/2025		705,372	0.1
927,000	Entergy Corp., 0.900%, 09/15/2025		842,214	0.1
438,000	Eversource Energy, 2.900%, 03/01/2027		400,268	0.1
713,000	Eversource Energy, 4.750%, 05/15/2026		697,321	0.1
306,000	Florida Power & Light Co., 4.400%, 05/15/2028		295,271	0.1
1,238,000	Florida Power & Light Co., 4.450%, 05/15/2026		1,211,934	0.2
369,000	Interstate Power and Light Co., 3.250%, 12/01/2024		357,641	0.1
351,000	IPALCO Enterprises, Inc., 3.700%, 09/01/2024		342,930	0.1
417,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.875%, 02/07/2025		396,288	0.1
392,000 (1)	New York State Electric & Gas Corp., 5.650%, 08/15/2028		388,935	0.1
516,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		457,233	0.1
446,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028		377,724	0.1
464,000	NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027		447,485	0.1
257,000	NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028		248,910	0.0
621,000	NiSource, Inc., 0.950%, 08/15/2025		566,685	0.1
418,000 (1)	NRG Energy, Inc., 3.750%, 06/15/2024		409,445	0.1
660,967	PG&E Wildfire Recovery Funding LLC A-1, 3.594%, 06/01/2032		616,348	0.1
200,000	Public Service Electric and Gas Co. I, I, 3.750%, 03/15/2024		198,046	0.0

See Accompanying Notes to Financial Statements

137

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
647,000	Public Service Enterprise Group, Inc., 0.800%, 08/15/2025	$	591,066	0.1
170,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027		171,128	0.0
220,000	Sempra Energy, 5.400%, 08/01/2026		217,780	0.0
1,252,000	Sierra Pacific Power Co., 2.600%, 05/01/2026		1,165,126	0.2
1,529,000	Southern Co. 21-A, 0.600%, 02/26/2024		1,496,378	0.3
283,000	Southern Co. Gas Capital Corp., 3.250%, 06/15/2026		266,242	0.0
351,000 (1)	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025		339,131	0.1
23,000	WEC Energy Group, Inc., 2.200%, 12/15/2028		19,516	0.0
815,000	WEC Energy Group, Inc., 4.750%, 01/09/2026		798,626	0.1
51,000	WEC Energy Group, Inc., 5.000%, 09/27/2025		50,281	0.0
71,000	WEC Energy Group, Inc., 5.150%, 10/01/2027		69,858	0.0
			21,774,139	3.9
	Total Corporate Bonds/ Notes (Cost $225,663,570)		218,837,937	38.8

U.S. TREASURY OBLIGATIONS: 30.9%

	United States Treasury Notes: 30.9%
81,152,000	2.125%, 09/30/2024	78,556,382	13.9
1,997,100	4.375%, 08/31/2028	1,977,441	0.4
1,299,000	4.500%, 09/30/2028	1,299,913	0.2
53,296,000	4.625%, 09/15/2026	53,037,848	9.4
1,977,500 (2)	5.000%, 08/31/2025	1,973,638	0.3
37,825,000	5.125%, 09/30/2025	37,791,017	6.7
		174,636,239	30.9
	Total U.S. Treasury Obligations
	(Cost $174,844,217)	174,636,239	30.9
ASSET-BACKED SECURITIES: 15.3%
	Automobile Asset-Backed Securities: 4.2%
750,000	Americredit Automobile Receivables Trust 2023-1 A3, 5.620%, 11/18/2027	747,757	0.1
253,825	AmeriCredit Automobile Receivables Trust 2020-1 C, 1.590%, 10/20/2025	250,497	0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities: (continued)
59,442	AmeriCredit Automobile Receivables Trust 2020-2 B, 0.970%, 02/18/2026	$	59,252	0.0
815,203	AmeriCredit Automobile Receivables Trust 2021-3 A3, 0.760%, 08/18/2026		790,957	0.1
700,000	AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027		652,086	0.1
2,850,000	Carmax Auto Owner Trust 2023-3 B, 5.470%, 02/15/2029		2,816,304	0.5
150,000	CarMax Auto Owner Trust 2021-2 B, 1.030%, 12/15/2026		138,337	0.0
300,000	CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027		274,417	0.1
700,000	Carvana Auto Receivables Trust 2022-P1 A3, 3.350%, 02/10/2027		681,081	0.1
1,650,000 (1)	Chase Auto Owner Trust 2023-AA A3, 5.680%, 01/25/2029		1,650,666	0.3
45,338	Exeter Automobile Receivables Trust 2021-3A B, 0.690%, 01/15/2026		45,244	0.0
900,000	Ford Credit Auto Owner Trust 2022-A B, 1.910%, 07/15/2027		828,139	0.2
450,000	GM Financial Automobile Leasing Trust 2023-1 A4, 5.160%, 01/20/2027		445,676	0.1
400,000	GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028		396,407	0.1
550,000	GM Financial Consumer Automobile Receivables Trust 2023-1 A3, 4.660%, 02/16/2028		540,347	0.1
1,750,000	GM Financial Consumer Automobile Receivables Trust 2023-3 A4, 5.340%, 12/18/2028		1,751,417	0.3
2,600,000 (1)	GM Financial Revolving Receivables Trust 2021-1 A, 1.170%, 06/12/2034		2,290,735	0.4
1,050,000	Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027		950,126	0.2

See Accompanying Notes to Financial Statements

138

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities: (continued)
225,403 (1)	JPMorgan Chase Bank NA -CACLN 2021-3 B, 0.760%, 02/26/2029	$	215,591	0.0
1,600,000	Nissan Auto Lease Trust 2023-B A4, 5.610%, 11/15/2027		1,597,787	0.3
1,082,025 (1)	Oscar US Funding XIII LLC 2021-2A A3, 0.860%, 09/10/2025		1,060,817	0.2
1,250,000 (1)	Porsche Financial Auto Securitization Trust 2023-1A A4, 4.720%, 06/23/2031		1,227,569	0.2
2,600,000	Santander Drive Auto Receivables Trust 2023-3 B, 5.610%, 07/17/2028		2,578,033	0.5
1,800,000 (1)	Tesla Auto Lease Trust 2023-A A3, 5.890%, 06/22/2026		1,794,139	0.3
			23,783,381	4.2
	Credit Card Asset-Backed Securities: 0.1%
800,000 (1)	CARDS II Trust 2021-1A A, 0.602%, 04/15/2027		777,385	0.1
	Other Asset-Backed Securities: 9.4%
550,000 (1)(3)	AB BSL CLO 4 Ltd. 2023-4A A, 6.957%, (TSFR3M + 2.000%), 04/20/2036		551,266	0.1
2,000,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.797%, (TSFR1M + 1.464%), 11/15/2036		1,987,212	0.3
400,000 (1)(3)	ARES XLVI CLO Ltd. 2017-46A A2, 6.800%, (TSFR3M + 1.492%), 01/15/2030		395,023	0.1
1,900,000 (1)(3)	Ballyrock CLO 17 Ltd. 2021-17A A1B, 6.988%, (TSFR3M + 1.662%), 10/20/2034		1,870,212	0.3
500,000 (1)(3)	Barings Clo Ltd. 2019-4A A1, 6.900%, (TSFR3M + 1.592%), 01/15/2033		500,374	0.1
250,000 (1)(3)	Barings CLO Ltd. 2017-1A A2, 6.922%, (TSFR3M + 1.612%), 07/18/2029		248,406	0.0
2,000,000 (1)(3)	Benefit Street Partners CLO XX Ltd. 2020-20A AR, 6.740%, (TSFR3M + 1.432%), 07/15/2034		1,986,342	0.3

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
2,500,000 (1)(3)	BlueMountain CLO XXXII Ltd. 2021-32A A, 6.740%, (TSFR3M + 1.432%), 10/15/2034	$	2,469,610	0.4
4,000,000 (1)(3)	BRSP Ltd. 2021-FL1 B, 7.342%, (TSFR1M + 2.014%), 08/19/2038		3,758,855	0.7
450,000 (1)(3)	Carlyle US Clo Ltd. 2017-2A AJR, 6.988%, (TSFR3M + 1.662%), 07/20/2031		445,188	0.1
800,000 (1)(3)	CARLYLE US CLO Ltd. 2021-4A A2, 6.988%, (TSFR3M + 1.662%), 04/20/2034		791,297	0.1
250,000 (1)(3)	CIFC Funding Ltd. 2019-6A A2, 7.320%, (TSFR3M + 2.012%), 01/16/2033		250,125	0.0
1,840,830	CNH Equipment Trust 2021-B A3, 0.440%, 08/17/2026		1,765,079	0.3
573,279	CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026		548,779	0.1
181,581 (1)(3)	Deer Creek Clo Ltd. 2017-1A A, 6.768%, (TSFR3M + 1.442%), 10/20/2030		181,349	0.0
1,750,000 (1)	DLLAA LLC 2023-1A A3, 5.640%, 02/22/2028		1,749,510	0.3
334,969 (1)(3)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 6.833%, (TSFR3M + 1.462%), 08/15/2030		334,650	0.1
250,000 (1)(3)	Eaton Vance Clo Ltd. 2015-1A A2R, 6.838%, (TSFR3M + 1.512%), 01/20/2030		245,723	0.0
157,946 (1)(3)	Elevation CLO Ltd. 2014-2A A1R, 6.800%, (TSFR3M + 1.492%), 10/15/2029		157,728	0.0
400,000 (1)(3)	HGI CRE CLO Ltd. 2022-FL3 A, 7.013%, (SOFR30A + 1.700%), 04/20/2037		398,117	0.1
1,845,783	John Deere Owner Trust 2021-B A3, 0.520%, 03/16/2026		1,783,310	0.3
450,000	John Deere Owner Trust 2022 2022-A A4, 2.490%, 01/16/2029		423,540	0.1
2,117,768 (1)	Kubota Credit Owner Trust 2021-2A A3, 0.560%, 11/17/2025		2,038,766	0.4
1,100,000 (1)	Kubota Credit Owner Trust 2023-1A A3, 5.020%, 06/15/2027		1,083,884	0.2

See Accompanying Notes to Financial Statements

139

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,720,043 (1)(3)	LCM 26 Ltd. 26A A1, 6.658%, (TSFR3M + 1.332%), 01/20/2031	$	1,716,561	0.3
2,750,000 (1)(3)	Magnetite XXVI Ltd. 2020-26A A2R, 7.013%, (TSFR3M + 1.662%), 07/25/2034		2,724,395	0.5
500,000 (1)(3)	Marble Point CLO XIV Ltd. 2018-2A A1R, 6.868%, (TSFR3M + 1.542%), 01/20/2032		497,506	0.1
1,575,000 (1)(3)	MF1 Ltd. 2021-FL6 C, 7.295%, (TSFR1M + 1.964%), 07/16/2036		1,506,438	0.3
1,000,000 (1)(3)	MF1 Ltd. 2022-FL8 A, 6.677%, (TSFR1M + 1.350%), 02/19/2037		988,659	0.2
340,000 (1)(3)	Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 6.922%, (TSFR3M + 1.602%), 01/19/2033		339,911	0.1
1,550,000 (1)(3)	OCP CLO Ltd. 2020-19A AR, 6.738%, (TSFR3M + 1.412%), 10/20/2034		1,536,366	0.3
300,000 (1)(3)	Octagon 61 Ltd. 2023-2A A, 6.919%, (TSFR3M + 1.850%), 04/20/2036		300,086	0.1
250,000 (1)(3)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.932%, (TSFR3M + 1.612%), 07/19/2030		247,357	0.0
600,000 (1)(3)	Octagon Loan Funding Ltd. 2014-1A ARR, 6.821%, (TSFR3M + 1.442%), 11/18/2031		598,898	0.1
3,700,000 (1)(3)	OHA Credit Partners XIII Ltd. 2016-13A AR, 6.765%, (TSFR3M + 1.432%), 10/25/2034		3,684,182	0.6
3,000,000 (1)(3)	OHA Credit Partners XVI 2021-16A A, 6.722%, (TSFR3M + 1.412%), 10/18/2034		2,994,477	0.5
500,000 (1)(3)	OHA Loan Funding Ltd. 2015-1A AR3, 6.732%, (TSFR3M + 1.412%), 01/19/2037		497,383	0.1
394,174 (1)(3)	Palmer Square CLO Ltd. 2015-2A A1R2, 6.688%, (TSFR3M + 1.362%), 07/20/2030		393,631	0.1
1,650,000 (1)(3)	Palmer Square CLO Ltd. 2019-1A A1R, 6.781%, (TSFR3M + 1.412%), 11/14/2034		1,646,103	0.3

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
350,000 (1)	PFS Financing Corp. 2021-B A, 0.770%, 08/15/2026	$	333,883	0.1
600,000 (1)	PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027		581,968	0.1
950,000 (1)	PFS Financing Corp. 2023-C A, 5.520%, 10/15/2028		943,442	0.2
750,000 (1)(3)	Rad CLO 6 Ltd. 2019-6A A1, 6.968%, (TSFR3M + 1.642%), 01/20/2033		750,371	0.1
500,000 (1)(3)	Rad CLO 7 Ltd. 2020-7A A1, 6.770%, (TSFR3M + 1.462%), 04/17/2033		498,214	0.1
410,000 (1)(3)	Sound Point CLO XXV Ltd. 2019-4A A1R, 6.631%, (TSFR3M + 1.280%), 04/25/2033		401,758	0.1
500,000 (1)(3)	THL Credit Wind River CLO Ltd. 2019-1A AR, 6.748%, (TSFR3M + 1.422%), 07/20/2034		494,403	0.1
1,650,000 (1)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025		1,564,588	0.3
300,000 (1)(3)	Wellman Park CLO Ltd. 2021-1A A, 6.670%, (TSFR3M + 1.362%), 07/15/2034		297,749	0.1
1,250,000 (1)(3)	Wind River CLO Ltd. 2022-1A A, 6.856%, (TSFR3M + 1.530%), 07/20/2035		1,236,785	0.2
			52,739,459	9.4
	Student Loan Asset-Backed Securities: 1.6%
2,181,933 (1)	Commonbond Student Loan Trust-GS 2019-AGS A1, 2.540%, 01/25/2047		1,906,495	0.4
14,597 (1)	Laurel Road Prime Student Loan Trust 2018-B A2FX, 3.540%, 05/26/2043		14,456	0.0
193,436 (1)(3)	Navient Private Education Loan Trust 2014-AA A3, 7.047%, (TSFR1M + 1.714%), 10/15/2031		193,814	0.0
175,811 (1)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068		161,387	0.0
55,048 (1)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069		48,759	0.0

See Accompanying Notes to Financial Statements

140

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
98,910 (1)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069	$	85,639	0.0
1,480,712 (1)	Navient Private Education Refi Loan Trust 2021-EA A, 0.970%, 12/16/2069		1,240,636	0.2
352,066 (1)	Navient Private Education Refi Loan Trust 2021-FA A, 1.110%, 02/18/2070		293,825	0.1
3,016,896 (1)	Navient Private Education Refi Loan Trust 2023-A A, 5.510%, 10/15/2071		2,958,157	0.5
292,002 (1)	Sofi Professional Loan Program LLC 2018-A A2B, 2.950%, 02/25/2042		281,868	0.1
407,029 (1)	SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047		335,037	0.1
1,601,832 (1)	SOFI PROFESSIONAL LOAN PROGRAM TRUST 2021-A AFX, 1.030%, 08/17/2043		1,340,535	0.2
			8,860,608	1.6
	Total Asset-Backed Securities (Cost $88,051,157)		86,160,833	15.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.4%
1,500,000 (1)(3)	AREIT LLC 2023-CRE8 A, 7.442%, (TSFR1M + 2.112%), 02/17/2028		1,500,124	0.3
604,500 (1)(3)	AREIT Trust 2019-CRE3 C, 7.347%, (TSFR1M + 2.014%), 09/14/2036		579,631	0.1
4,000,000 (1)(3)	BBCMS Mortgage Trust 2021-AGW E, 8.596%, (TSFR1M + 3.264%), 06/15/2036		3,431,572	0.6
2,917,000 (1)(3)	BHMS 2018-ATLS C, 7.529%, (TSFR1M + 2.197%), 07/15/2035		2,800,735	0.5
343,613 (1)(3)	BX 2021-MFM1 B, 6.396%, (TSFR1M + 1.064%), 01/15/2034		337,269	0.1
1,550,000 (1)(3)	BX Trust 2021-ARIA C, 7.092%, (TSFR1M + 1.760%), 10/15/2036		1,496,137	0.3
1,000,000 (1)(3)	BX Trust 2021-LGCY A, 5.952%, (TSFR1M + 0.620%), 10/15/2036		974,516	0.2
1,312,148 (1)(3)	BX Trust 2022-PSB A, 7.783%, (TSFR1M + 2.451%), 08/15/2039		1,313,427	0.2

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
94,601 (1)(3)	COMM Mortgage Trust 2013-CR10 E, 4.508%, 08/10/2046	$	81,120	0.0
89,746 (1)(3)	COMM Mortgage Trust 2013-CR11 C, 4.828%, 08/10/2050		86,908	0.0
1,300,000	COMM Mortgage Trust 2015-CR26 A4, 3.630%, 10/10/2048		1,233,877	0.2
800,000 (1)(3)	CSWF 2021-SOP2 D, 7.764%, (TSFR1M + 2.431%), 06/15/2034		654,255	0.1
2,070,015	DBJPM Mortgage Trust 2017-C6 A3, 3.269%, 06/10/2050		1,983,260	0.4
4,000,000 (1)	DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040		3,994,928	0.7
1,088,308 (1)(3)	Extended Stay America Trust 2021-ESH A, 6.526%, (TSFR1M + 1.194%), 07/15/2038		1,080,123	0.2
710,000 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050		483,176	0.1
4,191	Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056		4,141	0.0
493	Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049		491	0.0
54,277	Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052		51,083	0.0
10,889	Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057		10,627	0.0
744	Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053		740	0.0
3,967	Ginnie Mae 2017-70 A, 2.500%, 10/16/2057		3,911	0.0
31,461	Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051		30,520	0.0
24,911	Ginnie Mae 2017-89 A, 2.500%, 08/16/2057		24,379	0.0
7,194	Ginnie Mae 2018-41 A, 2.400%, 09/16/2058		7,041	0.0
1,039,000 (1)(3)	GS Mortgage Securities Corp. Trust 2017-SLP E, 4.744%, 10/10/2032		984,775	0.2
1,070,000 (1)(3)	GS Mortgage Securities Corp. Trust 2019-70P C, 6.947%, (TSFR1M + 1.614%), 10/15/2036		980,062	0.2
190,000 (1)	GSCG Trust 2019-600C A, 2.936%, 09/06/2034		158,852	0.0
330,000 (1)	Houston Galleria Mall Trust 2015-HGLR A1A2, 3.087%, 03/05/2037		309,112	0.1

See Accompanying Notes to Financial Statements

141

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,000,000 (1)(3)	ILPT Commercial Mortgage Trust 2022-LPF2 A, 7.577%, (TSFR1M + 2.245%), 10/15/2039	$	1,999,000	0.4
129,748 (3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 C, 4.250%, 12/15/2047		113,897	0.0
360,000 (1)	JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX, 4.950%, 07/05/2033		291,600	0.1
100,000 (1)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.990%, 12/05/2038		61,145	0.0
1,100,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.171%, 11/15/2045		974,713	0.2
1,000,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047		666,497	0.1
820,000 (3)	JPMBB Commercial Mortgage Securities Trust 2014-C19 C, 4.781%, 04/15/2047		778,666	0.1
2,000,000 (1)(3)	Life Mortgage Trust 2022-BMR2 A1, 6.627%, (TSFR1M + 1.295%), 05/15/2039		1,966,755	0.3
1,000,000 (1)(3)	LSTAR Commercial Mortgage Trust 2016-4 F, 4.760%, 03/10/2049		678,034	0.1
2,239,253 (1)(3)	Med Trust 2021-MDLN A, 6.396%, (TSFR1M + 1.064%), 11/15/2038		2,186,035	0.4
170,592	Morgan Stanley Capital I Trust 2017-H1 A2, 3.089%, 06/15/2050		166,443	0.0
753,944 (1)(3)	MSCG Trust 2018-SELF D, 7.030%, (TSFR1M + 1.697%), 10/15/2037		745,467	0.1
1,200,000 (1)(3)	PFP Ltd. 2023-10 A, 7.696%, (TSFR1M + 2.365%), 09/16/2038		1,202,664	0.2
2,000,000 (1)(3)	SMRT 2022-MINI F, 8.683%, (TSFR1M + 3.350%), 01/15/2039		1,850,442	0.3
1,085,000	Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059		1,006,227	0.2

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,500,000 (1)	WSTN Trust 2023-MAUI A, 6.518%, 07/05/2037	$	2,440,558	0.4
	Total Commercial Mortgage-Backed Securities (Cost $43,672,707)		41,724,935	7.4
COLLATERALIZED MORTGAGE OBLIGATIONS: 5.9%
1,000,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2021-R01 1M2, 6.865%, (SOFR30A + 1.550%), 10/25/2041		998,805	0.2
71,427	Fannie Mae Interest Strip 404 8, 3.000%, 05/25/2040		63,354	0.0
10,740	Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040		10,461	0.0
312,291	Fannie Mae REMIC Trust 2013-114 NA, 3.000%, 08/25/2032		300,003	0.1
102,232	Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028		102,434	0.0
863,949 (3)	Freddie Mac REMIC Trust 3049 XF, 5.778%, (SOFR30A + 0.464%), 05/15/2033		850,374	0.2
3,825,410 (3)	Freddie Mac REMIC Trust 3114 PF, 5.828%, (SOFR30A + 0.514%), 02/15/2036		3,757,117	0.7
5,808,776 (3)	Freddie Mac REMIC Trust 3136 FA, 5.978%, (SOFR30A + 0.664%), 04/15/2036		5,731,712	1.0
435,467 (3)	Freddie Mac REMIC Trust 3255 FA, 5.708%, (SOFR30A + 0.394%), 12/15/2036		424,775	0.1
24,811 (3)	Freddie Mac REMIC Trust 3747 FA, 5.928%, (SOFR30A + 0.614%), 10/15/2040		24,375	0.0
195,324 (1)(3)	Freddie Mac STACR REMIC Trust 2020-HQA5 M2, 7.915%, (SOFR30A + 2.600%), 11/25/2050		197,725	0.0
1,285,416 (1)(3)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 7.565%, (SOFR30A + 2.250%), 08/25/2033		1,279,692	0.2
1,500,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 7.715%, (SOFR30A + 2.400%), 02/25/2042		1,510,465	0.3

See Accompanying Notes to Financial Statements

142

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
735,993 (1)(3)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 7.615%, (SOFR30A + 2.300%), 08/25/2033	$	742,429	0.1
260,636 (3)	Ginnie Mae 2010-H03 FA, 5.993%, (TSFR1M + 0.664%), 03/20/2060		259,748	0.0
23,566 (3)	Ginnie Mae 2010-H10 FC, 6.443%, (TSFR1M + 1.114%), 05/20/2060		23,606	0.0
1,621,467 (3)	Ginnie Mae 2010-H11 FA, 6.443%, (TSFR1M + 1.114%), 06/20/2060		1,624,658	0.3
165,138 (3)	Ginnie Mae 2011-H03 FA, 5.932%, (TSFR1M + 0.614%), 01/20/2061		164,413	0.0
48,928 (3)	Ginnie Mae 2011-H05 FA, 5.932%, (TSFR1M + 0.614%), 12/20/2060		48,730	0.0
84,207 (3)	Ginnie Mae 2011-H05 FB, 5.932%, (TSFR1M + 0.614%), 12/20/2060		83,818	0.0
394,212 (3)	Ginnie Mae 2011-H06 FA, 5.882%, (TSFR1M + 0.564%), 02/20/2061		392,184	0.1
35,763 (3)	Ginnie Mae 2011-H07 FA, 5.932%, (TSFR1M + 0.614%), 02/20/2061		35,600	0.0
89,114 (3)	Ginnie Mae 2011-H08 FD, 5.932%, (TSFR1M + 0.614%), 02/20/2061		88,731	0.0
358,160 (3)	Ginnie Mae 2011-H08 FG, 5.912%, (TSFR1M + 0.594%), 03/20/2061		356,662	0.1
431,336 (3)	Ginnie Mae 2011-H09 AF, 5.932%, (TSFR1M + 0.614%), 03/20/2061		429,661	0.1
31,873 (3)	Ginnie Mae 2011-H11 FB, 5.932%, (TSFR1M + 0.614%), 04/20/2061		31,740	0.0
100,050 (3)	Ginnie Mae 2012-H18 NA, 5.952%, (TSFR1M + 0.634%), 08/20/2062		99,578	0.0
570,145 (3)	Ginnie Mae 2012-H23 WA, 5.952%, (TSFR1M + 0.634%), 10/20/2062		567,495	0.1
296,327	Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043		269,171	0.1
178,178 (3)	Ginnie Mae 2014-53 JM, 6.997%, 04/20/2039		182,463	0.0
3,592,539 (3)	Ginnie Mae 2015-H32 FH, 6.092%, (TSFR1M + 0.774%), 12/20/2065		3,582,245	0.6
3,353,789 (3)	Ginnie Mae 2016-H16 FE, 6.105%, (TSFR12M + 1.095%), 06/20/2066		3,333,604	0.6
1,122,128 (3)	Ginnie Mae 2017-H06 FE, 5.982%, (TSFR1M + 0.664%), 02/20/2067		1,117,024	0.2

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
832,961 (3)	Ginnie Mae 2017-H07 FG, 5.892%, (TSFR1M + 0.574%), 02/20/2067	$	828,633	0.2
1,986,938	Ginnie Mae 2023-86 DA, 5.500%, 08/20/2050		1,952,542	0.3
1,013,547 (1)(3)	JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052		748,416	0.1
1,203,378	Seasoned Credit Risk Transfer Trust Series 2018-2 MA, 3.500%, 11/25/2057		1,112,635	0.2
	Total Collateralized Mortgage Obligations
	(Cost $33,535,675)		33,327,078	5.9
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%
	Federal Home Loan Mortgage Corporation: 0.0%(5)
11,278	5.500%, 01/01/2037		10,945	0.0
17,579	5.500%, 08/01/2038		17,054	0.0
5,306	5.500%, 10/01/2038		5,147	0.0
113,002	5.500%, 11/01/2038		112,963	0.0
94,925	5.500%, 02/01/2039		92,096	0.0
			238,205	0.0
	Uniform Mortgage-Backed Securities: 0.0%
2,777	5.000%, 03/01/2027		2,713	0.0
83,244	5.000%, 05/01/2042		81,511	0.0
			84,224	0.0
	Total U.S. Government Agency Obligations (Cost $348,487)		322,429	0.0
	Total Long-Term Investments (Cost $566,115,813)		555,009,451	98.3

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.8%
	Commercial Paper: 6.0%
2,000,000	AT&T, Inc., 5.960%, 02/21/2024		1,954,019	0.3
500,000	Cigna Group, 5.850%, 01/03/2024		492,505	0.1
1,550,000	Entergy Corp., 5.910%, 10/18/2023		1,545,496	0.3
10,000,000	Entergy Corp., 8.210%, 10/02/2023		9,995,505	1.8
11,000,000	Exelon Corp., 8.250%, 10/02/2023		10,995,028	1.9
3,000,000	Mondelez International, Inc., 8.250%, 10/02/2023		2,998,644	0.5

See Accompanying Notes to Financial Statements

143

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
6,000,000	Waste Management, Inc., 8.250%, 10/02/2023	$	5,997,288	1.1
	Total Commercial Paper (Cost $33,988,186)		33,978,485	6.0
	Repurchase Agreements: 0.7%
1,000,000 (6)	Citigroup Global Markets Inc., Repurchase Agreement dated 09/29/2023, 5.300%, due 10/02/2023 (Repurchase Amount $1,000,436, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.087%, Market Value plus accrued interest $1,020,000, due 08/05/25-05/20/72)		1,000,000	0.2
1,000,000 (6)	Daiwa Capital Markets, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $1,000,437, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,062, due 01/31/24-10/01/53)		1,000,000	0.2
1,000,000 (6)	National Bank Financial, Repurchase Agreement dated 09/29/2023, 5.340%, due 10/02/2023 (Repurchase Amount $1,000,439, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $1,020,000, due 10/02/23)		1,000,000	0.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
743,901 (6)	Nomura Securities, Repurchase Agreement dated 09/29/2023, 5.300%, due 10/02/2023 (Repurchase Amount $744,225, collateralized by various U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $758,779, due 10/01/27-09/01/53)	$	743,901	0.1
	Total Repurchase Agreements (Cost $3,743,901)		3,743,901	0.7

Shares		Value		Percentage of Net Assets
	Mutual Funds: 1.1%
6,463,000 (7)	Morgan Stanley Institutional Liquidity Funds -Government Portfolio (Institutional Share Class), 5.270% (Cost $6,463,000)	$	6,463,000	1.1
	Total Short-Term Investments
	(Cost $44,195,087)		44,185,386	7.8
	Total Investments in Securities
	(Cost $610,310,900)	$	599,194,837	106.1
	Liabilities in Excess of Other Assets		(34,569,371)	(6.1	)
	Net Assets	$	564,625,466	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 September 30, 2023.
(4)	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. As such, the FHFA oversees the continuing affairs of these companies.
(5)	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.
(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 September 30, 2023.

See Accompanying Notes to Financial Statements

144

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

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

Investment Type Allocation
as of September 30, 2023
(as a percentage of net assets)
Corporate Bonds/Notes	38.8%
U.S. Treasury Obligations	30.9%
Asset-Backed Securities	15.3%
Commercial Mortgage-Backed Securities	7.4%
Commercial Paper	6.0%
Collateralized Mortgage Obligations	5.9%
Mutual Funds	1.1%
Repurchase Agreements	0.7%
U.S. Government Agency Obligations	0.0%
Liabilities in Excess of Other Assets	(6.1)%
Net Assets	100.0%
Portfolio holdings are subject to change daily.

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—	$	218,837,937	$	—	$	218,837,937
U.S. Treasury Obligations		—		174,636,239		—		174,636,239
Asset-Backed Securities		—		86,160,833		—		86,160,833
Commercial Mortgage-Backed Securities		—		41,724,935		—		41,724,935
Collateralized Mortgage Obligations		—		33,327,078		—		33,327,078
U.S. Government Agency Obligations		—		322,429		—		322,429
Short-Term Investments		6,463,000		37,722,386		—		44,185,386
Total Investments, at fair value	$	6,463,000	$	592,731,837	$	—	$	599,194,837
Other Financial Instruments+
Futures		223,055		—		—		223,055
Total Assets	$	6,686,055	$	592,731,837	$	—	$	599,417,892
Liabilities Table
Other Financial Instruments+
Futures	$	(422,976)	$	—	$	—	$	(422,976)
Total Liabilities	$	(422,976)	$	—	$	—	$	(422,976)

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

At September 30, 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	957	12/29/23	$	193,994,367	$	(422,976)
			$	193,994,367	$	(422,976)
Short Contracts:
U.S. Treasury 5-Year Note	(346)	12/29/23		(36,454,344)		223,055
			$	(36,454,344)	$	223,055

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

See Accompanying Notes to Financial Statements

145

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

The fair value of derivative instruments as of September 30, 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*	$	223,055
Total Asset Derivatives		$	223,055
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	422,976
Total Liability Derivatives		$	422,976

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 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	$	(2,499,078)
Total	$	(2,499,078)

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

Derivatives not accounted for as hedging instruments		Futures
Interest rate contracts	$	(1,410,049)
Total	$	(1,410,049)

At September 30, 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 $769,783,144.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	97,660
Gross Unrealized Depreciation		(13,145,944)
Net Unrealized Depreciation	$	(13,048,284)

See Accompanying Notes to Financial Statements

146

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 25.7%
199,215 (1)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.228%, 05/25/2036	$	170,013	0.0
1,083,174 (1)(2)	Agate Bay Mortgage Trust 2015-2 B3, 3.609%, 03/25/2045		963,658	0.1
475,938 (1)(2)	Agate Bay Mortgage Trust 2015-4 B3, 3.501%, 06/25/2045		350,030	0.0
1,531,863 (1)(2)	Agate Bay Mortgage Trust 2016-1 B3, 3.657%, 12/25/2045		1,248,897	0.1
1,000,000 (1)(2)	Agate Bay Mortgage Trust 2016-1 B4, 3.657%, 12/25/2045		675,423	0.1
1,137,085 (1)(2)	Agate Bay Mortgage Trust 2016-2 B4, 3.759%, 03/25/2046		711,579	0.1
3,089,000 (1)(2)	Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065		2,680,876	0.2
4,234,000 (1)(2)	Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059		3,749,923	0.2
356,891 (1)	Alternative Loan Trust 2004-J7 M1, 4.574%, (TSFR1M + 1.134%), 10/25/2034		353,783	0.0
306,474 (1)	Alternative Loan Trust 2005-10CB 1A2, 5.500%, (TSFR1M + 0.564%), 05/25/2035		227,725	0.0
308,558	Alternative Loan Trust 2005-23CB A15, 5.500%, 07/25/2035		253,224	0.0
18,428 (1)	Alternative Loan Trust 2005-53T2 2A6, 5.934%, (TSFR1M + 0.614%), 11/25/2035		9,369	0.0
33,579	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035		27,709	0.0
167,885 (1)	Alternative Loan Trust 2005-J2 1A12, 5.500%, (TSFR1M + 0.514%), 04/25/2035		128,724	0.0
30,520	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		15,293	0.0
466,983 (1)	Alternative Loan Trust 2006-18CB A10, 5.834%, (TSFR1M + 0.514%), 07/25/2036		196,315	0.0
110,453 (1)	Alternative Loan Trust 2006-19CB A12, 5.834%, (TSFR1M + 0.514%), 08/25/2036		53,249	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
467,744 (1)	Alternative Loan Trust 2006-19CB A28, 6.000%, (TSFR1M + 0.714%), 08/25/2036	$	232,098	0.0
814,920	Alternative Loan Trust 2006-27CB A5, 6.000%, 11/25/2036		432,642	0.0
243,929 (1)	Alternative Loan Trust 2006-HY11 A1, 5.674%, (TSFR1M + 0.354%), 06/25/2036		215,558	0.0
815,973	Alternative Loan Trust 2007-15CB A5, 5.750%, 07/25/2037		471,797	0.0
119,965 (1)	Alternative Loan Trust 2007-2CB 2A1, 5.750%, (TSFR1M + 0.714%), 03/25/2037		50,460	0.0
167,831 (1)	Alternative Loan Trust 2007-HY8C A1, 5.754%, (TSFR1M + 0.434%), 09/25/2047		145,238	0.0
520,708 (1)	Alternative Loan Trust 2007-OA4 A1, 5.774%, (TSFR1M + 0.454%), 05/25/2047		440,024	0.0
444,275 (1)(2)	Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048		404,110	0.0
280,282 (1)	Banc of America Funding Trust 2007-2 1A16, 6.000%, (TSFR1M + 0.714%), 03/25/2037		208,947	0.0
1,337,752 (1)	Banc of America Funding Trust 2007-C 7A1, 5.859%, (TSFR1M + 0.534%), 05/20/2047		1,189,798	0.1
114,562 (1)	Bear Stearns ALT-A Trust 2005-3 4A3, 4.144%, 04/25/2035		111,414	0.0
380,297 (1)	Bear Stearns ALT-A Trust 2006-6 31A1, 4.138%, 11/25/2036		213,977	0.0
530,967 (1)	Bear Stearns ALT-A Trust 2006-6 32A1, 4.491%, 11/25/2036		273,609	0.0
80,147 (1)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 4.710%, 01/26/2036		58,395	0.0
956,070 (1)(2)	Bellemeade Re Ltd. 2019-1A M2, 8.134%, (US0001M + 2.700%), 03/25/2029		963,093	0.1
2,100,000 (1)(2)	Bellemeade RE Ltd. 2021-3A M1C, 6.865%, (SOFR30A + 1.550%), 09/25/2031		2,072,796	0.1

See Accompanying Notes to Financial Statements

147

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
917,123 (1)(2)	Chase Home Lending Mortgage Trust 2019-1 B2, 3.892%, 03/25/2050	$	762,530	0.1
1,193,012 (1)(2)	Chase Home Lending Mortgage Trust 2019-1 B3, 3.892%, 03/25/2050		951,264	0.1
127,638 (1)(2)	Chase Home Lending Mortgage Trust 2019-ATR2 A3, 3.500%, 07/25/2049		109,951	0.0
291,106 (1)	Chase Mortgage Finance Trust Series 2006-A1 2A3, 5.214%, 09/25/2036		255,566	0.0
38,729 (1)	CHL Mortgage Pass-Through Trust 2004-22 A3, 3.861%, 11/25/2034		34,712	0.0
235,343 (1)	CHL Mortgage Pass-Through Trust 2005-HYB9 2A1, 7.873%, (TSFR12M + 2.465%), 02/20/2036		209,443	0.0
1,800,936 (1)(2)	CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067		1,594,945	0.1
131,665 (1)(2)	CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049		121,462	0.0
161,110 (1)(2)	CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049		146,723	0.0
162,707 (1)(2)	CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049		140,403	0.0
244,060 (1)(2)	CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049		211,175	0.0
1,579,065 (1)(2)	CIM Trust 2019-J1 B3, 3.942%, 08/25/2049		1,315,470	0.1
2,950,803 (1)(2)	CIM Trust 2019-J2 B2, 3.770%, 10/25/2049		2,426,563	0.2
1,854,593 (1)(2)	CIM Trust 2019-J2 B3, 3.770%, 10/25/2049		1,498,448	0.1
1,208,691 (1)(2)	CIM Trust 2020-J2 B3, 2.759%, 01/25/2051		852,377	0.1
1,799,471 (1)(2)	CIM Trust 2021-J3 B3, 2.617%, 06/25/2051		1,198,111	0.1
373,593	Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036		316,783	0.0
69,885 (1)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 4.442%, 03/25/2036		54,045	0.0
31,532 (1)	Citigroup Mortgage Loan Trust 2006-AR9 2A, 5.107%, 11/25/2036		26,825	0.0
160,943 (1)(2)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058		150,582	0.0
56,750 (1)	Citigroup Mortgage Loan Trust, Inc. 2005-4 A, 5.913%, 08/25/2035		55,762	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
216,434	Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035	$	211,794	0.0
768,598 (1)(2)	Connecticut Avenue Securities Trust 2019-R05 1B1, 9.529%, (SOFR30A + 4.214%), 07/25/2039		794,882	0.1
1,289,745 (1)(2)	Connecticut Avenue Securities Trust 2020-R02 2M2, 7.429%, (SOFR30A + 2.114%), 01/25/2040		1,293,954	0.1
1,700,000 (1)(2)	Connecticut Avenue Securities Trust 2020-SBT1 1M2, 9.079%, (SOFR30A + 3.764%), 02/25/2040		1,773,738	0.1
287,488	CSMC Mortgage-Backed Trust 2007-2 3A6, 5.400%, 03/25/2037		150,005	0.0
419,945 (1)(2)	CSMC Trust 2013-7 A11, 3.500%, 08/25/2043		366,428	0.0
275,001 (1)(2)	CSMC Trust 2017-HL1 A12, 3.500%, 06/25/2047		232,938	0.0
1,597,505 (1)(2)	CSMC Trust 2019-AFC1 A3, 3.877%, 07/25/2049		1,452,690	0.1
2,969,575 (1)(2)	CSMC Trust 2021-AFC1 M1, 2.193%, 03/25/2056		1,446,627	0.1
5,704,834 (2)	Deephaven Residential Mortgage Trust 2022-2 A1, 4.300%, 03/25/2067		5,250,765	0.3
369,536 (1)	Deutsche Alt-B Securities Mortgage Loan Trust Series 2007-AB1 A1, 5.734%, (TSFR1M + 0.414%), 04/25/2037		247,132	0.0
79,768 (1)(2)	Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 4.052%, 06/27/2037		69,640	0.0
873,378 (1)(2)	Ellington Financial Mortgage Trust 2022-2 A1, 4.299%, 04/25/2067		806,072	0.1
289,987 (1)(2)	Fannie Mae Connecticut Avenue Securities 2019-R01 2M2, 7.879%, (SOFR30A + 2.564%), 07/25/2031		291,129	0.0

See Accompanying Notes to Financial Statements

148

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,966 (1)(2)	Fannie Mae Connecticut Avenue Securities 2019-R03 1M2, 7.579%, (SOFR30A + 2.264%), 09/25/2031	$	6,966	0.0
102,963 (1)(2)	Fannie Mae Connecticut Avenue Securities 2019-R07 1M2, 7.529%, (SOFR30A + 2.214%), 10/25/2039		103,129	0.0
1,040,999 (1)(2)	Fannie Mae Connecticut Avenue Securities 2020-R01 1M2, 7.479%, (SOFR30A + 2.164%), 01/25/2040		1,045,267	0.1
3,540,000 (1)(2)	Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.429%, (SOFR30A + 3.114%), 01/25/2040		3,547,611	0.2
3,898,000 (1)(2)	Fannie Mae Connecticut Avenue Securities 2020-SBT1 2M2, 9.079%, (SOFR30A + 3.764%), 02/25/2040		4,071,073	0.3
750,000 (1)(2)	Fannie Mae Connecticut Avenue Securities 2022-R04 1B1, 10.565%, (SOFR30A + 5.250%), 03/25/2042		799,824	0.1
397,744 (3)	Fannie Mae Interest Strip 343 6, 5.000%, 10/25/2033		60,470	0.0
16,866,991 (3)	Fannie Mae Interest Strip 427 C18, 3.500%, 03/25/2039		2,444,752	0.2
30,505,350 (3)	Fannie Mae Interest Strip 427 C38, 3.000%, 04/25/2049		5,672,879	0.4
75,574 (1)(3)	Fannie Mae REMIC Trust 2000-26 SP, 3.071%, (-1.000*SOFR30A + 8.386%), 08/25/2030		4,233	0.0
82,351 (1)(3)	Fannie Mae REMIC Trust 2002-13 SR, 1.171%, (-1.000*SOFR30A + 6.486%), 03/25/2032		2,687	0.0
1,014,299 (1)(3)	Fannie Mae REMIC Trust 2004-53 UC, 2.121%, (-1.000*SOFR30A + 7.436%), 07/25/2034		97,791	0.0
81,110 (1)(3)	Fannie Mae REMIC Trust 2004-64 SW, 1.621%, (-1.000*SOFR30A + 6.936%), 08/25/2034		4,687	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
38,589 (1)(3)	Fannie Mae REMIC Trust 2004-66 SE, 1.071%, (-1.000*SOFR30A + 6.386%), 09/25/2034	$	1,944	0.0
611,434 (1)(3)	Fannie Mae REMIC Trust 2005-59 NS, 1.321%, (-1.000*SOFR30A + 6.636%), 05/25/2035		14,009	0.0
294,147 (1)	Fannie Mae REMIC Trust 2006-11 FA, 5.729%, (SOFR30A + 0.414%), 03/25/2036		289,688	0.0
94,975 (1)	Fannie Mae REMIC Trust 2006-46 SP, 4.292%, (-1.000*SOFR30A + 23.780%), 06/25/2036		101,499	0.0
351,427 (1)(3)	Fannie Mae REMIC Trust 2007-18 BS, 1.171%, (-1.000*SOFR30A + 6.486%), 06/25/2035		23,495	0.0
3,057,902 (1)(3)	Fannie Mae REMIC Trust 2007-22 SD, 0.971%, (-1.000*SOFR30A + 6.286%), 03/25/2037		223,278	0.0
1,713,154 (1)(3)	Fannie Mae REMIC Trust 2007-55 S, 1.331%, (-1.000*SOFR30A + 6.646%), 06/25/2037		124,066	0.0
1,371,081 (1)(3)	Fannie Mae REMIC Trust 2008-94 SI, 0.071%, (-1.000*SOFR30A + 5.386%), 04/25/2036		69,151	0.0
200,078 (1)(3)	Fannie Mae REMIC Trust 2009-25 SN, 1.121%, (-1.000*SOFR30A + 6.436%), 04/25/2039		15,098	0.0
847,504 (1)(3)	Fannie Mae REMIC Trust 2009-70 PS, 1.321%, (-1.000*SOFR30A + 6.636%), 01/25/2037		68,015	0.0
142,313 (1)	Fannie Mae REMIC Trust 2010-15 FD, 6.169%, (SOFR30A + 0.854%), 03/25/2040		141,807	0.0
365,229 (1)	Fannie Mae REMIC Trust 2011-47 GF, 5.999%, (SOFR30A + 0.684%), 06/25/2041		359,801	0.0
42,628 (1)	Fannie Mae REMIC Trust 2012-10 UF, 5.979%, (SOFR30A + 0.664%), 02/25/2042		41,892	0.0

See Accompanying Notes to Financial Statements

149

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,916,751 (3)	Fannie Mae REMIC Trust 2012-111 UI, 3.000%, 10/25/2027	$	261,390	0.0
574,226 (3)	Fannie Mae REMIC Trust 2012-121 DI, 2.500%, 11/25/2027		18,528	0.0
5,590,497 (3)	Fannie Mae REMIC Trust 2012-128 KI, 3.000%, 11/25/2027		223,152	0.0
6,791,424 (1)(3)	Fannie Mae REMIC Trust 2012-133 NS, 0.721%, (-1.000*SOFR30A + 6.036%), 12/25/2042		574,464	0.0
1,260,769 (3)	Fannie Mae REMIC Trust 2012-148 IB, 3.500%, 01/25/2028		52,986	0.0
3,764,550 (1)(3)	Fannie Mae REMIC Trust 2012-150 PS, 0.721%, (-1.000*SOFR30A + 6.036%), 01/25/2043		294,636	0.0
8,297,815 (1)(3)	Fannie Mae REMIC Trust 2012-66 IB, 0.050%, (-1.000*SOFR30A + 5.936%), 06/25/2042		17,629	0.0
146,974 (1)(3)	Fannie Mae REMIC Trust 2012-84 KI, 6.000%, (SOFR30A + 6.000%), 08/25/2042		26,577	0.0
291,837 (3)	Fannie Mae REMIC Trust 2012-93 IL, 3.000%, 09/25/2027		10,181	0.0
5,916,693 (3)	Fannie Mae REMIC Trust 2013-1 LI, 2.500%, 02/25/2028		206,369	0.0
147,642 (1)(3)	Fannie Mae REMIC Trust 2013-116 SC, 0.771%, (-1.000*SOFR30A + 6.086%), 04/25/2033		1,271	0.0
1,407,851 (3)	Fannie Mae REMIC Trust 2013-137 PI, 5.000%, 10/25/2041		281,972	0.0
6,459,538 (1)(3)	Fannie Mae REMIC Trust 2013-19 JS, 0.771%, (-1.000*SOFR30A + 6.086%), 10/25/2041		247,206	0.0
1,189,980 (3)	Fannie Mae REMIC Trust 2013-2 NI, 4.000%, 02/25/2043		172,560	0.0
2,361,765 (3)	Fannie Mae REMIC Trust 2013-21 KI, 3.000%, 03/25/2028		87,749	0.0
3,658,526 (3)	Fannie Mae REMIC Trust 2013-32 EI, 2.500%, 04/25/2033		262,520	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
892,597 (3)	Fannie Mae REMIC Trust 2013-41 BI, 3.000%, 05/25/2028	$	38,098	0.0
1,871,194 (3)	Fannie Mae REMIC Trust 2013-67 AI, 3.000%, 07/25/2028		69,701	0.0
1,141,280 (3)	Fannie Mae REMIC Trust 2013-69 PI, 3.000%, 04/25/2033		72,212	0.0
2,796,062 (1)(3)	Fannie Mae REMIC Trust 2013-97 JS, 0.721%, (-1.000*SOFR30A + 6.036%), 04/25/2038		158,515	0.0
8,104,075 (3)	Fannie Mae REMIC Trust 2015-40 AI, 6.000%, 05/25/2037		1,505,774	0.1
5,650,099 (1)(3)	Fannie Mae REMIC Trust 2016-19 SB, 0.671%, (-1.000*SOFR30A + 5.986%), 04/25/2046		298,135	0.0
1,827,675 (3)	Fannie Mae REMIC Trust 2016-4 BI, 4.000%, 02/25/2046		333,980	0.0
1,261,448 (3)	Fannie Mae REMIC Trust 2016-61 PI, 4.500%, 01/25/2046		218,022	0.0
13,139,145 (1)(3)	Fannie Mae REMIC Trust 2017-16 SG, 0.621%, (-1.000*SOFR30A + 5.936%), 03/25/2047		1,106,478	0.1
26,549,844 (1)(3)	Fannie Mae REMIC Trust 2018-86 US, 0.771%, (-1.000*SOFR30A + 6.086%), 12/25/2048		1,495,824	0.1
8,679,363 (3)	Fannie Mae REMIC Trust 2019-15 AI, 4.000%, 04/25/2059		1,739,370	0.1
13,210,381 (1)(3)	Fannie Mae REMIC Trust 2019-17 SA, 0.671%, (-1.000*SOFR30A + 5.986%), 04/25/2049		765,425	0.1
11,625,448 (1)(3)	Fannie Mae REMIC Trust 2019-8 SB, 0.671%, (-1.000*SOFR30A + 5.986%), 03/25/2049		673,069	0.1
12,724,520 (3)	Fannie Mae REMIC Trust 2020-47 PI, 4.000%, 07/25/2050		2,684,445	0.2
18,871,029 (1)(3)	Fannie Mae REMIC Trust 2020-49 SB, 0.671%, (-1.000*SOFR30A + 5.986%), 07/25/2050		2,082,390	0.1

See Accompanying Notes to Financial Statements

150

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,925,765 (3)	Fannie Mae REMIC Trust 2020-52 AI, 4.000%, 08/25/2050	$	2,375,674	0.2
38,665,825 (3)	Fannie Mae REMIC Trust 2020-64 IO, 3.000%, 09/25/2050		6,948,805	0.5
21,105,574 (3)	Fannie Mae REMIC Trust 2020-65 CI, 4.000%, 09/25/2050		3,762,860	0.2
21,557,920 (3)	Fannie Mae REMIC Trust 2020-67 JI, 4.000%, 09/25/2050		4,311,759	0.3
16,396,196 (3)	Fannie Mae REMIC Trust 2021-18 IY, 4.500%, 08/25/2049		4,037,911	0.3
18,727,007 (3)	Fannie Mae REMIC Trust 2021-2 PI, 2.000%, 02/25/2051		1,850,408	0.1
20,337,719 (3)	Fannie Mae REMIC Trust 2021-28 GI, 4.000%, 05/25/2051		4,130,054	0.3
38,101,579 (3)	Fannie Mae REMIC Trust 2021-65 KI, 3.500%, 10/25/2051		6,645,529	0.4
63,213	First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A7, 6.000%, 02/25/2037		26,008	0.0
162,350 (1)(2)	Flagstar Mortgage Trust 2017-2 A7, 3.500%, 10/25/2047		143,297	0.0
593,926 (1)(2)	Flagstar Mortgage Trust 2018-1 B3, 3.941%, 03/25/2048		493,499	0.0
740,262 (1)(2)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048		664,850	0.0
3,533,955 (1)(2)	Flagstar Mortgage Trust 2018-4 B3, 4.181%, 07/25/2048		3,055,739	0.2
893,990 (1)(2)	Flagstar Mortgage Trust 2018-5 B3, 4.455%, 09/25/2048		764,656	0.1
235,943 (1)(2)	Flagstar Mortgage Trust 2018-6RR 1A7, 4.000%, 10/25/2048		208,087	0.0
3,366,699 (1)(2)	Flagstar Mortgage Trust 2018-6RR B1, 4.919%, 10/25/2048		3,057,912	0.2
1,378,039 (1)(2)	Flagstar Mortgage Trust 2019-2 B1, 4.030%, 12/25/2049		1,172,259	0.1
1,929,255 (1)(2)	Flagstar Mortgage Trust 2019-2 B2, 4.030%, 12/25/2049		1,633,788	0.1
3,265,734 (1)(2)	Flagstar Mortgage Trust 2020-1INV B2A, 4.209%, 03/25/2050		2,724,495	0.2
2,799,200 (1)(2)	Flagstar Mortgage Trust 2020-1INV B3, 4.209%, 03/25/2050		2,319,505	0.2

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,609,091 (1)(2)	Flagstar Mortgage Trust 2021-2 B3, 2.780%, 04/25/2051	$	2,537,511	0.2
1,134 (1)(3)	Freddie Mac REMIC Trust 2266 S, 3.122%, (-1.000*SOFR30A + 8.436%), 11/15/2030		32	0.0
95,721 (1)(3)	Freddie Mac REMIC Trust 2374 S, 2.672%, (-1.000*SOFR30A + 7.986%), 06/15/2031		7,416	0.0
48,806 (1)(3)	Freddie Mac REMIC Trust 2417 SY, 2.972%, (-1.000*SOFR30A + 8.286%), 12/15/2031		4,716	0.0
206,593 (1)(3)	Freddie Mac REMIC Trust 2525 SM, 2.572%, (-1.000*SOFR30A + 7.886%), 02/15/2032		18,339	0.0
94,448 (1)(3)	Freddie Mac REMIC Trust 2577 SA, 2.022%, (-1.000*SOFR30A + 7.336%), 02/15/2033		7,637	0.0
993,910 (1)(3)	Freddie Mac REMIC Trust 2781 SB, 1.722%, (-1.000*SOFR30A + 7.036%), 04/15/2034		75,257	0.0
208,920 (1)	Freddie Mac REMIC Trust 2921 PF, 5.778%, (SOFR30A + 0.464%), 01/15/2035		205,978	0.0
188,731 (1)(3)	Freddie Mac REMIC Trust 2981 CS, 1.292%, (-1.000*SOFR30A + 6.606%), 05/15/2035		9,881	0.0
45,475 (1)(3)	Freddie Mac REMIC Trust 2981 SU, 2.372%, (-1.000*SOFR30A + 7.686%), 05/15/2030		2,949	0.0
236,955 (1)(3)	Freddie Mac REMIC Trust 2989 HS, 1.722%, (-1.000*SOFR30A + 7.036%), 08/15/2034		30,312	0.0
100,247 (1)(3)	Freddie Mac REMIC Trust 3018 SM, 1.772%, (-1.000*SOFR30A + 7.086%), 08/15/2035		9,123	0.0
120,101 (1)	Freddie Mac REMIC Trust 3031 BP, 8.000%, (-1.000*SOFR30A + 44.205%), 08/15/2035		116,157	0.0

See Accompanying Notes to Financial Statements

151

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
355,425 (1)(3)	Freddie Mac REMIC Trust 3049 PI, 1.222%, (-1.000*SOFR30A + 6.536%), 10/15/2035	$	26,585	0.0
2,481,934 (1)(3)	Freddie Mac REMIC Trust 3128 JI, 1.202%, (-1.000*SOFR30A + 6.516%), 03/15/2036		190,407	0.0
44,421 (4)	Freddie Mac REMIC Trust 3151 PO, 0.000%, 05/15/2036		35,302	0.0
1,201,651 (1)(3)	Freddie Mac REMIC Trust 3222 SN, 1.172%, (-1.000*SOFR30A + 6.486%), 09/15/2036		84,296	0.0
1,115,006 (1)(3)	Freddie Mac REMIC Trust 3298 S, 0.682%, (-1.000*SOFR30A + 5.996%), 04/15/2037		66,942	0.0
388,274 (1)(3)	Freddie Mac REMIC Trust 3523 SA, 0.572%, (-1.000*SOFR30A + 5.886%), 09/15/2036		20,592	0.0
353,539 (1)(3)	Freddie Mac REMIC Trust 3582 MS, 0.722%, (-1.000*SOFR30A + 6.036%), 10/15/2039		23,152	0.0
135,047 (1)(3)	Freddie Mac REMIC Trust 3624 TS, 0.116%, (-1.000*SOFR30A + 4.686%), 01/15/2040		2,995	0.0
498,007 (3)	Freddie Mac REMIC Trust 3688 BI, 5.000%, 07/15/2040		77,950	0.0
348,589 (1)	Freddie Mac REMIC Trust 3740 FB, 5.928%, (SOFR30A + 0.614%), 10/15/2040		339,349	0.0
1,706,880 (3)	Freddie Mac REMIC Trust 4097 IC, 2.500%, 08/15/2027		51,813	0.0
737,195 (3)	Freddie Mac REMIC Trust 4116 IL, 4.500%, 05/15/2042		83,665	0.0
5,861,361 (3)	Freddie Mac REMIC Trust 4120 TI, 2.500%, 10/15/2027		192,692	0.0
790,667 (3)	Freddie Mac REMIC Trust 4136 QI, 3.000%, 11/15/2032		37,873	0.0
535,557 (3)	Freddie Mac REMIC Trust 4143 IK, 4.000%, 10/15/2041		41,000	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,189,920 (1)(3)	Freddie Mac REMIC Trust 4146 SA, 0.722%, (-1.000*SOFR30A + 6.036%), 12/15/2042	$	963,828	0.1
381,678 (3)	Freddie Mac REMIC Trust 4153 YI, 3.000%, 09/15/2042		9,412	0.0
1,630,149 (3)	Freddie Mac REMIC Trust 4157 IH, 3.500%, 01/15/2043		250,314	0.0
768,532 (3)	Freddie Mac REMIC Trust 4162 DI, 2.000%, 02/15/2028		20,622	0.0
2,823,861 (3)	Freddie Mac REMIC Trust 4182 IL, 3.000%, 03/15/2028		118,725	0.0
1,946,030 (3)	Freddie Mac REMIC Trust 4186 IA, 3.000%, 03/15/2033		167,561	0.0
89,378 (3)	Freddie Mac REMIC Trust 4261 ID, 6.500%, 06/15/2032		6,030	0.0
68,428 (3)	Freddie Mac REMIC Trust 4266 LI, 3.500%, 06/15/2028		293	0.0
22,381,917 (1)(3)	Freddie Mac REMIC Trust 4273 PS, 0.672%, (-1.000*SOFR30A + 5.986%), 11/15/2043		1,369,200	0.1
359,686 (3)	Freddie Mac REMIC Trust 4287 CI, 4.500%, 07/15/2041		38,321	0.0
1,551,720 (3)	Freddie Mac REMIC Trust 4290 EI, 5.000%, 12/15/2043		292,808	0.0
71,141 (3)	Freddie Mac REMIC Trust 4333 AI, 5.500%, 02/15/2044		11,653	0.0
1,634,045 (3)	Freddie Mac REMIC Trust 4494 LI, 5.000%, 12/15/2043		172,487	0.0
5,983,092 (1)(3)	Freddie Mac REMIC Trust 4618 SA, 0.572%, (-1.000*SOFR30A + 5.886%), 09/15/2046		514,007	0.0
1,488,126 (3)	Freddie Mac REMIC Trust 4625 BI, 3.500%, 06/15/2046		253,176	0.0
1,607,127 (3)	Freddie Mac REMIC Trust 4708 KI, 4.500%, 11/15/2046		251,905	0.0
11,358,566 (3)	Freddie Mac REMIC Trust 4813 IO, 5.500%, 08/15/2048		2,231,933	0.2

See Accompanying Notes to Financial Statements

152

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
19,983,595 (1)(3)	Freddie Mac REMIC Trust 4903 NS, 0.671%, (-1.000*SOFR30A + 5.986%), 08/25/2049	$	1,630,047	0.1
10,985,003 (1)(3)	Freddie Mac REMIC Trust 4909 SJ, 0.621%, (-1.000*SOFR30A + 5.936%), 09/25/2049		1,080,030	0.1
4,398,268 (1)(3)	Freddie Mac REMIC Trust 4910 SD, 0.622%, (-1.000*SOFR30A + 5.936%), 06/15/2049		414,015	0.0
13,787,721 (1)(3)	Freddie Mac REMIC Trust 4910 SH, 0.621%, (-1.000*SOFR30A + 5.936%), 09/25/2049		1,335,873	0.1
18,260,059 (1)(3)	Freddie Mac REMIC Trust 4924 SY, 0.621%, (-1.000*SOFR30A + 5.936%), 10/25/2049		1,878,721	0.1
12,939,021 (3)	Freddie Mac REMIC Trust 4967 IQ, 4.000%, 02/25/2050		2,640,688	0.2
34,561,100 (3)	Freddie Mac REMIC Trust 4974 I, 4.000%, 04/25/2050		6,963,384	0.5
31,637,645 (3)	Freddie Mac REMIC Trust 5010 MI, 3.000%, 09/25/2050		4,652,895	0.3
18,925,859 (3)	Freddie Mac REMIC Trust 5036 CI, 4.000%, 12/25/2049		3,855,561	0.3
26,704,141 (3)	Freddie Mac REMIC Trust 5049 UI, 3.000%, 12/25/2050		4,720,165	0.3
10,179,502 (3)	Freddie Mac REMIC Trust 5052 BI, 5.000%, 12/25/2050		2,449,106	0.2
13,641,107 (3)	Freddie Mac REMIC Trust 5074 GI, 2.000%, 02/25/2051		1,468,869	0.1
22,777,848 (3)	Freddie Mac REMIC Trust 5081 CI, 2.000%, 03/25/2051		2,311,311	0.2
15,705,072 (3)	Freddie Mac REMIC Trust 5133 CI, 4.500%, 07/25/2039		2,750,461	0.2
17,250,637 (3)	Freddie Mac REMIC Trust 5138 CI, 4.000%, 07/25/2050		3,485,198	0.2
10,643,981 (3)	Freddie Mac REMIC Trust 5142 LI, 2.500%, 09/25/2051		1,621,018	0.1
9,169,038 (3)	Freddie Mac REMIC Trust 5261 IC, 4.000%, 01/25/2050		1,772,020	0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
695,314 (1)(2)	Freddie Mac STACR Remic Trust 2020-DNA2 M2, 7.279%, (SOFR30A + 1.964%), 02/25/2050	$	696,785	0.1
734,381 (1)(2)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 7.329%, (SOFR30A + 2.014%), 01/25/2050		734,747	0.1
5,100,000 (1)(2)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 8.715%, (SOFR30A + 3.400%), 10/25/2041		5,166,991	0.3
6,100,000 (1)(2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 9.065%, (SOFR30A + 3.750%), 12/25/2041		6,077,061	0.4
5,000,000 (1)(2)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 7.665%, (SOFR30A + 2.350%), 12/25/2041		4,844,031	0.3
2,800,000 (1)(2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 8.715%, (SOFR30A + 3.400%), 01/25/2042		2,808,708	0.2
3,000,000 (1)(2)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 7.815%, (SOFR30A + 2.500%), 01/25/2042		2,939,464	0.2
3,400,000 (1)(2)	Freddie Mac STACR REMIC Trust 2022-DNA3 M2, 9.665%, (SOFR30A + 4.350%), 04/25/2042		3,560,352	0.2
1,000,000 (1)(2)	Freddie Mac STACR REMIC Trust 2022-DNA6 M2, 11.065%, (SOFR30A + 5.750%), 09/25/2042		1,095,990	0.1
663,081 (3)	Freddie Mac Strips 224 IO, 6.000%, 03/01/2033		111,211	0.0
330,573 (1)(3)	Freddie Mac Strips 237 S23, 1.672%, (-1.000*SOFR30A + 6.986%), 05/15/2036		31,922	0.0
392,918 (3)	Freddie Mac Strips 260 33, 4.000%, 05/15/2039		61,675	0.0
729,233 (3)	Freddie Mac Strips 287 IO, 3.000%, 10/15/2027		26,078	0.0
205,538 (1)(3)	Freddie Mac Strips 324 144, 6.000%, 06/15/2039		40,811	0.0
1,565,007 (1)(2)	Galton Funding Mortgage Trust 2018-2 B2, 4.725%, 10/25/2058		1,389,469	0.1

See Accompanying Notes to Financial Statements

153

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,328,962 (1)(2)	Galton Funding Mortgage Trust 2019-1 B1, 4.250%, 02/25/2059	$	2,070,473	0.1
1,867,431 (1)(2)	Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059		1,653,237	0.1
3,068,501 (1)(3)	Ginnie Mae 2007-59 SC, 1.061%, (-1.000*TSFR1M + 6.386%), 07/20/2037		251,588	0.0
251,972 (1)(3)	Ginnie Mae 2008-40 SA, 0.955%, (-1.000*TSFR1M + 6.286%), 05/16/2038		12,873	0.0
465,610 (3)	Ginnie Mae 2010-143 JI, 4.000%, 08/16/2039		23,751	0.0
769,608 (3)	Ginnie Mae 2010-4 IP, 5.000%, 01/16/2039		54,460	0.0
448,755 (1)(3)	Ginnie Mae 2010-4 SL, 0.955%, (-1.000*TSFR1M + 6.286%), 01/16/2040		35,740	0.0
16,077 (1)(3)	Ginnie Mae 2010-98 QS, 1.161%, (-1.000*TSFR1M + 6.486%), 01/20/2040		83	0.0
1,250,966 (1)(3)	Ginnie Mae 2011-101 BI, 0.650%, (-1.000*TSFR1M + 6.536%), 11/20/2037		26,522	0.0
99,942 (1)(3)	Ginnie Mae 2011-101 EI, 3.773%, (-1.000*TSFR1M + 106.946%), 10/16/2039		19,172	0.0
1,181,559 (3)	Ginnie Mae 2011-124 KI, 4.000%, 08/20/2039		59,823	0.0
3,524,972 (1)(3)	Ginnie Mae 2011-25 AS, 0.621%, (-1.000*TSFR1M + 5.946%), 02/20/2041		194,132	0.0
1,139,491 (3)	Ginnie Mae 2012-148 IP, 3.500%, 04/20/2041		41,074	0.0
13,587 (3)	Ginnie Mae 2012-149 BI, 3.500%, 10/20/2041		1,253	0.0
1,518,581 (3)	Ginnie Mae 2012-39 PI, 4.000%, 03/16/2042		144,494	0.0
2,616,640 (1)(3)	Ginnie Mae 2013-103 DS, 0.711%, (-1.000*TSFR1M + 6.036%), 07/20/2043		192,090	0.0
16,732,562 (1)(3)	Ginnie Mae 2013-130 SB, 0.016%, (-1.000*TSFR1M + 4.936%), 09/16/2043		410,948	0.0
4,726,051 (1)(3)	Ginnie Mae 2013-134 DS, 0.661%, (-1.000*TSFR1M + 5.986%), 09/20/2043		324,102	0.0
154,295 (3)	Ginnie Mae 2013-44 LI, 4.500%, 01/16/2043		18,358	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
615,270 (3)	Ginnie Mae 2013-81 IO, 4.500%, 01/16/2040	$	45,956	0.0
7,066,819 (1)(3)	Ginnie Mae 2014-58 SM, 0.655%, (-1.000*TSFR1M + 5.986%), 04/16/2044		531,815	0.0
1,732,660 (3)	Ginnie Mae 2014-84 PI, 4.500%, 04/20/2043		204,074	0.0
1,567,780 (3)	Ginnie Mae 2015-132 BI, 4.000%, 11/20/2044		204,670	0.0
2,536,776 (1)(3)	Ginnie Mae 2015-69 IL, 0.200%, (-1.000*TSFR1M + 6.586%), 07/20/2034		17,357	0.0
168,303 (3)	Ginnie Mae 2015-94 IU, 4.000%, 08/20/2044		23,823	0.0
5,554,692 (1)(3)	Ginnie Mae 2016-66 ES, 0.611%, (-1.000*TSFR1M + 5.936%), 05/20/2046		451,766	0.0
353,512 (3)	Ginnie Mae 2016-8 PI, 4.000%, 10/20/2044		44,366	0.0
5,164,242 (1)(3)	Ginnie Mae 2018-153 SQ, 0.761%, (-1.000*TSFR1M + 6.086%), 11/20/2048		324,227	0.0
12,482,852 (1)(3)	Ginnie Mae 2018-93 SJ, 0.761%, (-1.000*TSFR1M + 6.086%), 07/20/2048		862,988	0.1
146,673 (3)	Ginnie Mae 2019-111 TI, 5.000%, 09/20/2049		26,487	0.0
83,593 (3)	Ginnie Mae 2019-86 GI, 6.500%, 07/20/2049		15,292	0.0
340,561 (3)	Ginnie Mae 2019-86 HI, 5.500%, 07/20/2049		71,712	0.0
10,763,815 (1)(3)	Ginnie Mae 2019-89 SC, 0.661%, (-1.000*TSFR1M + 5.986%), 07/20/2049		981,791	0.1
41,448,314 (3)	Ginnie Mae 2021-194 IK, 3.000%, 11/20/2051		6,568,273	0.4
250,160 (1)(2)	GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050		215,375	0.0
397,312 (1)(2)	GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050		339,226	0.0
1,000,688 (1)(2)	GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050		861,544	0.1
2,260,442 (1)(2)	GS Mortage-Backed Securities Trust 2020-PJ1 B2, 3.631%, 05/25/2050		1,800,657	0.1

See Accompanying Notes to Financial Statements

154

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,568,371 (1)(2)	GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.631%, 05/25/2050	$	2,743,216	0.2
1,479,646 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.071%, 08/25/2049		1,189,076	0.1
68,161 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		62,192	0.0
3,628,669 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.378%, 11/25/2049		3,145,366	0.2
3,753,289 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.378%, 11/25/2049		3,223,578	0.2
443,480 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.961%, 03/25/2050		381,759	0.0
452,330 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.961%, 03/25/2050		383,539	0.0
1,741,887 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.424%, 10/25/2050		1,221,815	0.1
1,643,041 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.650%, 08/25/2051		1,105,605	0.1
3,756,937 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ4 B3, 2.615%, 09/25/2051		2,494,987	0.2
4,860,243 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ5 B3, 2.588%, 10/25/2051		3,309,739	0.2
960,288 (1)(2)	GS Mortgage-Backed Securities Trust 2021-GR3 B3, 3.384%, 04/25/2052		664,313	0.0
962,739 (1)(2)	GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.384%, 04/25/2052		650,418	0.0
2,489,485 (2)	GS Mortgage-Backed Securities Trust 2021-PJ9 A4, 2.500%, 02/26/2052		1,832,068	0.1
2,379,292 (2)	GS Mortgage-Backed Securities Trust 2022-NQM1 A4, 4.000%, 05/25/2062		2,033,251	0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
321,332 (1)	HarborView Mortgage Loan Trust 2007-5 A1A, 5.632%, (TSFR1M + 0.304%), 09/19/2037	$	271,103	0.0
4,769,000 (1)(2)	Home RE Ltd. 2019-1 M2, 8.684%, (US0001M + 3.250%), 05/25/2029		4,866,825	0.3
903 (1)	HomeBanc Mortgage Trust 2004-1 2A, 6.294%, (TSFR1M + 0.974%), 08/25/2029		860	0.0
2,600,000 (1)(2)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057		1,642,493	0.1
52,004 (1)	IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 5.854%, (TSFR1M + 0.534%), 04/25/2046		45,624	0.0
70,892 (1)(2)	J.P. Morgan Mortgage Trust 2019-2 A3, 3.979%, 08/25/2049		66,004	0.0
1,033,156 (1)(2)	J.P. Morgan Mortgage Trust 2019-2 B1, 4.426%, 08/25/2049		918,238	0.1
2,503,240 (1)(2)	J.P. Morgan Mortgage Trust 2019-2 B2, 4.426%, 08/25/2049		2,194,618	0.1
1,328,498 (1)(2)	J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.611%, 06/25/2049		1,214,958	0.1
2,403,951 (1)(2)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.158%, 05/25/2052		1,550,108	0.1
923,008 (1)(2)	J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052		723,953	0.1
1,449,743 (1)	JP Morgan Mortgage Trust 2005-A4 B1, 4.797%, 07/25/2035		1,321,626	0.1
70,510	JP Morgan Mortgage Trust 2005-S3 1A10, 6.000%, 01/25/2036		33,878	0.0
147,774	JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036		75,224	0.0
389,862	JP Morgan Mortgage Trust 2006-S3 1A30, 6.500%, 08/25/2036		130,269	0.0
784,352 (1)(2)	JP Morgan Mortgage Trust 2014-5 B3, 2.758%, 10/25/2029		681,479	0.1
447,037 (1)(2)	JP Morgan Mortgage Trust 2016-1 B3, 3.801%, 05/25/2046		393,632	0.0
2,095,000 (1)(2)	JP Morgan Mortgage Trust 2016-1 B4, 3.801%, 05/25/2046		1,417,546	0.1
360,744 (1)(2)	JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046		316,785	0.0

See Accompanying Notes to Financial Statements

155

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
796,967 (1)(2)	JP Morgan Mortgage Trust 2017-1 B4, 3.449%, 01/25/2047	$	646,939	0.0
1,282,702 (1)(2)	JP Morgan Mortgage Trust 2017-3 B1, 3.756%, 08/25/2047		1,116,052	0.1
1,760,514 (1)(2)	JP Morgan Mortgage Trust 2017-5 B1, 3.542%, 10/26/2048		1,657,778	0.1
514,648 (1)(2)	JP Morgan Mortgage Trust 2017-6 B3, 3.777%, 12/25/2048		438,352	0.0
1,453,131 (1)(2)	JP Morgan Mortgage Trust 2017-6 B4, 3.777%, 12/25/2048		1,201,806	0.1
1,005,367 (1)(2)	JP Morgan Mortgage Trust 2017-6 B5, 3.777%, 12/25/2048		703,602	0.1
2,112,951 (1)(2)	JP Morgan Mortgage Trust 2018-1 B2, 3.610%, 06/25/2048		1,732,554	0.1
2,168,728 (1)(2)	JP Morgan Mortgage Trust 2018-3 B3, 3.711%, 09/25/2048		1,785,586	0.1
436,263 (1)(2)	JP Morgan Mortgage Trust 2018-4 B2, 3.714%, 10/25/2048		367,909	0.0
102,183 (1)(2)	JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048		87,094	0.0
154,040 (1)(2)	JP Morgan Mortgage Trust 2018-8 A3, 4.000%, 01/25/2049		137,903	0.0
3,555,751 (1)(2)	JP Morgan Mortgage Trust 2018-8 B2, 4.042%, 01/25/2049		3,061,571	0.2
905,571 (1)(2)	JP Morgan Mortgage Trust 2018-9 B2, 4.264%, 02/25/2049		780,232	0.1
1,789,787 (1)(2)	JP Morgan Mortgage Trust 2018-9 B3, 4.264%, 02/25/2049		1,511,160	0.1
177,236 (1)(2)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049		159,909	0.0
389,189 (1)(2)	JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049		352,603	0.0
2,743,522 (1)(2)	JP Morgan Mortgage Trust 2019-5 B1, 4.457%, 11/25/2049		2,455,747	0.2
100,713 (1)(2)	JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049		89,691	0.0
906,550 (1)(2)	JP Morgan Mortgage Trust 2019-7 B3A, 3.219%, 02/25/2050		712,146	0.1
426,249 (1)(2)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050		363,135	0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
921,001 (1)(2)	JP Morgan Mortgage Trust 2019-8 B3A, 3.408%, 03/25/2050	$	739,528	0.1
3,661,991 (1)(2)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.932%, 10/25/2049		3,280,106	0.2
261,265 (1)(2)	JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050		228,204	0.0
3,910,170 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 B3, 4.352%, 05/25/2050		3,255,137	0.2
6,818 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		6,786	0.0
1,819,958 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B2, 4.676%, 12/25/2049		1,661,424	0.1
1,844,864 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.676%, 12/25/2049		1,675,250	0.1
2,608,010 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 B2, 4.357%, 03/25/2050		2,265,939	0.2
6,070,569 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 B3, 4.357%, 03/25/2050		5,172,294	0.3
270,328 (1)(2)	JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050		227,392	0.0
2,884,020 (1)(2)	JP Morgan Mortgage Trust 2020-3 B2, 3.844%, 08/25/2050		2,341,529	0.2
126,304 (1)(2)	JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050		121,078	0.0
652,487 (1)(2)	JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050		625,080	0.0
2,444,865 (1)(2)	JP Morgan Mortgage Trust 2022-2 B3, 3.131%, 08/25/2052		1,653,973	0.1
1,769,472 (1)(2)	JP MORGAN MORTGAGE TRUST 2018-5 A13, 3.500%, 10/25/2048		1,466,849	0.1
541,693 (1)(2)	JP Morgan Trust 2015-3 B3, 3.593%, 05/25/2045		472,433	0.0
1,327,529 (1)(2)	JP Morgan Trust 2015-3 B4, 3.593%, 05/25/2045		861,347	0.1
63,732 (1)	Lehman XS Trust Series 2005-5N 1A2, 5.794%, (TSFR1M + 0.474%), 11/25/2035		60,897	0.0
1,799,531 (1)(2)	Mello Mortgage Capital Acceptance 2021-MTG3 B3, 2.907%, 07/01/2051		1,265,257	0.1

See Accompanying Notes to Financial Statements

156

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,775,733 (1)(2)	Mello Mortgage Capital Acceptance 2022-INV1 B3, 3.321%, 03/25/2052	$	1,894,619	0.1
2,000,000 (1)(2)	MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056		1,356,273	0.1
655,000 (1)	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 7.234%, (TSFR1M + 1.914%), 09/25/2035		636,512	0.0
980,538 (1)	Morgan Stanley Mortgage Loan Trust 2006-9AR A2, 5.734%, (TSFR1M + 0.414%), 08/25/2036		259,171	0.0
313,781 (1)(2)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057		295,685	0.0
1,300,000 (1)(2)	Oaktown Re VII Ltd. 2021-2 M1C, 8.665%, (SOFR30A + 3.350%), 04/25/2034		1,307,651	0.1
209,823 (1)(2)	OBX Trust 2019-EXP3 1A9, 3.500%, 10/25/2059		183,400	0.0
346,849 (1)(2)	OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049		310,899	0.0
254,236 (1)(2)	OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049		216,649	0.0
1,856,236 (1)(2)	OBX Trust 2022-J1 A14, 2.500%, 02/25/2052		1,366,046	0.1
2,500,000 (1)	OBX Trust 2022-NQM4 A1B, 3.900%, 04/25/2062		2,079,367	0.1
2,160,057 (1)(2)	Oceanview Mortgage Trust 2021-1 B3, 2.721%, 05/25/2051		1,464,248	0.1
1,163,570,518 (2)(3)	PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048		3,715,222	0.2
16,389	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		13,456	0.0
142,365 (1)(2)	PSMC Trust 2019-3 A12, 3.500%, 11/25/2049		133,274	0.0
6,856,000 (1)(2)	Radnor RE Ltd. 2021-1 M1C, 8.015%, (SOFR30A + 2.700%), 12/27/2033		6,959,033	0.5
2,279,300 (1)(2)	RCKT Mortgage Trust 2019-1 B2A, 3.838%, 09/25/2049		1,920,418	0.1
1,539,928 (1)(2)	RCKT Mortgage Trust 2020-1 B2A, 3.474%, 02/25/2050		1,243,037	0.1

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,457,206 (1)(2)	RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051	$	1,814,432	0.1
5,363,224 (1)(2)	RCKT Mortgage Trust 2021-6 B3, 2.794%, 12/25/2051		3,420,340	0.2
935,082 (1)(2)	RCKT Mortgage Trust 2022-3 A21, 3.000%, 05/25/2052		721,440	0.1
767,068 (2)	Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043		702,642	0.1
1,342,223 (1)(2)	Sequoia Mortgage Trust 2017-1 B2, 3.607%, 02/25/2047		1,165,167	0.1
1,089,379 (1)(2)	Sequoia Mortgage Trust 2018-6 B1, 4.162%, 07/25/2048		965,399	0.1
509,611 (2)	Sequoia Mortgage Trust 2018-CH1 B2B, 4.452%, 03/25/2048		451,222	0.0
1,591,215 (1)(2)	Sequoia Mortgage Trust 2019-2 B2, 4.261%, 06/25/2049		1,412,136	0.1
1,504,636 (1)(2)	Sequoia Mortgage Trust 2019-2 B3, 4.261%, 06/25/2049		1,274,197	0.1
1,966,059 (1)(2)	Sequoia Mortgage Trust 2019-5 B2, 3.717%, 12/25/2049		1,650,380	0.1
1,966,963 (1)(2)	Sequoia Mortgage Trust 2019-5 B3, 3.717%, 12/25/2049		1,641,088	0.1
767,108 (1)(2)	Sequoia Mortgage Trust 2019-CH1 B2B, 4.874%, 03/25/2049		730,829	0.1
66,831 (1)(2)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049		65,513	0.0
172,295 (1)(2)	Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049		156,891	0.0
1,844,453 (1)(2)	Sequoia Mortgage Trust 2019-CH3 B1B, 4.503%, 09/25/2049		1,637,044	0.1
184,059 (1)(2)	Sequoia Mortgage Trust 2020-1 A1, 3.500%, 02/25/2050		157,193	0.0
1,398,623 (1)(2)	Sequoia Mortgage Trust 2020-2 B3, 3.637%, 03/25/2050		1,088,646	0.1
545,621 (1)(2)	Sequoia Mortgage Trust 2021-3 B3, 2.650%, 05/25/2051		371,941	0.0
1,188,409 (1)(2)	Sequoia Mortgage Trust 2021-5 B3, 3.050%, 07/25/2051		785,409	0.1
1,072,479 (1)(2)	Sequoia Mortgage Trust 2022-1 B3, 2.946%, 02/25/2052		748,398	0.1

See Accompanying Notes to Financial Statements

157

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,825,396 (1)(2)	Shellpoint Co.-Originator Trust 2017-2 B3, 3.646%, 10/25/2047	$	2,448,404	0.2
2,131,276 (1)(2)	Shellpoint Co-Originator Trust 2017-2 B2, 3.646%, 10/25/2047		1,850,836	0.1
2,000,000 (1)(2)	Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067		1,367,225	0.1
25,456 (1)	Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 3A1, 5.523%, 03/25/2035		23,039	0.0
6,000,000 (1)(2)	Triangle Re Ltd. 2021-3 M1B, 8.215%, (SOFR30A + 2.900%), 02/25/2034		6,026,632	0.4
2,445,408 (1)(2)	UWM Mortgage Trust 2021-INV4 B3, 3.227%, 12/25/2051		1,630,860	0.1
61,828,758 (1)(3)	WaMu Mortgage Pass-Through Certificates 2005-AR1 X, 0.229%, 01/25/2045		621	0.0
23,330,237 (1)(3)	WaMu Mortgage Pass-Through Certificates 2005-AR2 X, 0.001%, 01/25/2045		234	0.0
11,027 (1)	WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 3.946%, 10/25/2036		9,857	0.0
53,953 (1)	WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 3.523%, 10/25/2036		47,781	0.0
276,626 (1)	WaMu Mortgage Pass-Through Certificates 2006-AR14 1A4, 3.347%, 11/25/2036		235,258	0.0
38,090 (1)	WaMu Mortgage Pass-Through Certificates 2006-AR8 1A4, 4.435%, 08/25/2046		33,413	0.0
68,511 (1)	WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 3.907%, 12/25/2036		60,089	0.0
360,725 (1)	WaMu Mortgage Pass-Through Certificates 2007-HY3 1A1, 3.479%, 03/25/2037		284,567	0.0
42,246 (1)	WaMu Mortgage Pass-Through Certificates 2007-HY7 2A2, 3.770%, 07/25/2037		35,125	0.0

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
745,981 (1)	WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 5.008%, 07/25/2034	$	693,472	0.1
111,121 (1)	WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 5.056%, 06/25/2034		103,881	0.0
71,980 (1)	WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR14 1A3, 3.347%, 11/25/2036		61,216	0.0
414,374 (1)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-10 2A3, 5.750%, (TSFR1M + 1.014%), 11/25/2035		345,970	0.0
481,993	Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-5 CB3, 5.500%, 07/25/2035		424,619	0.0
587,050 (1)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-5 2CB2, 6.000%, (TSFR1M + 0.714%), 07/25/2036		333,203	0.0
1,589,949 (1)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR5 3A, 5.566%, (12MTA + 0.940%), 07/25/2046		964,854	0.1
634,979 (1)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.586%, (12MTA + 0.960%), 08/25/2046		346,648	0.0
439,367	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-10 2A9, 6.000%, 11/25/2035		380,236	0.0
92,595	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035		79,754	0.0
19,579 (1)	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.864%, (TSFR1M + 0.544%), 06/25/2037		15,733	0.0

See Accompanying Notes to Financial Statements

158

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,329,201 (1)(2)	Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.660%, 07/25/2047	$	1,079,937	0.1
397,165 (1)	Wells Fargo Mortgage Backed Securities Trust 2006-AR12 1A1, 6.086%, 09/25/2036		360,412	0.0
82,801 (1)	Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 4.782%, 12/28/2037		71,335	0.0
1,475,066 (1)(2)	Wells Fargo Mortgage Backed Securities Trust 2019-4 B3, 3.524%, 09/25/2049		914,979	0.1
1,871,407 (1)(2)	Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049		1,464,137	0.1
2,754,404 (1)(2)	Wells Fargo Mortgage Backed Securities Trust 2020-4 B2, 3.161%, 07/25/2050		2,188,368	0.1
1,908,086 (1)(2)	Wells Fargo Mortgage Backed Securities Trust 2021-1 B3, 2.707%, 12/25/2050		1,207,074	0.1
377,583 (1)(2)	WinWater Mortgage Loan Trust 2015-5 B4, 3.752%, 08/20/2045		328,169	0.0
	Total Collateralized Mortgage Obligations (Cost $470,483,503)		397,257,562	25.7
CORPORATE BONDS/NOTES: 19.2%
	Basic Materials: 1.3%
1,500,000	AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030		1,211,100	0.1
510,000 (2)(5)	Arsenal AIC Parent LLC, 8.000%, 10/01/2030		508,098	0.0
350,000 (2)(5)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029		190,743	0.0
700,000	ATI, Inc., 7.250%, 08/15/2030		695,604	0.1
1,350,000	Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027		1,220,002	0.1
645,000 (2)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029		562,572	0.0
250,000 (2)(5)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031		213,230	0.0
625,000 (2)(5)	Coeur Mining, Inc., 5.125%, 02/15/2029		536,989	0.0
600,000 (2)	Consolidated Energy Finance SA, 5.625%, 10/15/2028		496,344	0.0

				Percentage
Principal				of Net
Amount†			Value	Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials: (continued)
625,000(2)	Constellium SE, 5.625%, 06/15/2028	$	588,841	0.1
1,075,000 (2)	Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034		1,043,902	0.1
550,000 (2)	Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053		524,562	0.0
600,000(2)	First Quantum Minerals Ltd., 6.875%, 10/15/2027		576,084	0.0
1,800,000 (2)(5)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		1,538,613	0.1
900,000 (2)	Hudbay Minerals, Inc., 4.500%, 04/01/2026		843,270	0.1
685,000 (2)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028		647,786	0.1
800,000 (2)(5)	INEOS Quattro Finance 2 PLC, 3.375%, 01/15/2026		729,585	0.1
925,000 (2)(6)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026		835,192	0.1
750,000 (2)	Mativ Holdings, Inc., 6.875%, 10/01/2026		685,282	0.1
100,000 (2)	Novelis Corp., 3.250%, 11/15/2026		89,434	0.0
600,000 (2)	Novelis Corp., 3.875%, 08/15/2031		479,949	0.0
250,000 (2)	Novelis Corp., 4.750%, 01/30/2030		216,697	0.0
600,000 (2)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030		530,163	0.0
325,000 (2)	OCP SA, 3.750%, 06/23/2031		257,255	0.0
490,000	Olin Corp., 5.000%, 02/01/2030		435,759	0.0
485,000	Olin Corp., 5.125%, 09/15/2027		453,936	0.0
200,000 (2)	Olympus Water US Holding Corp., 7.125%, 10/01/2027		185,228	0.0
600,000 (2)	SPCM SA, 3.125%, 03/15/2027		531,667	0.0
1,350,000	Suzano Austria GmbH, 5.000%, 01/15/2030		1,229,877	0.1
200,000	Suzano Austria GmbH, 6.000%, 01/15/2029		195,350	0.0
700,000 (2)	Taseko Mines Ltd., 7.000%, 02/15/2026		654,892	0.1

See Accompanying Notes to Financial Statements

159

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†			Value	Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials: (continued)
810,000 (2)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029	$	423,573	0.0
			19,331,579	1.3
	Communications: 1.9%
500,000 (2)	Acuris Finance US, Inc. / Acuris Finance Sarl, 5.000%, 05/01/2028		411,895	0.0
800,000 (2)	Altice France Holding SA, 6.000%, 02/15/2028		396,753	0.0
1,000,000 (2)	Altice France SA/ France, 5.500%, 10/15/2029		720,585	0.1
375,000 (2)	Altice France SA/ France, 8.125%, 02/01/2027		333,027	0.0
625,000	AMC Networks, Inc., 4.250%, 02/15/2029		384,375	0.0
600,000 (2)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026		385,754	0.0
1,050,000 (2)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034		774,194	0.1
1,170,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032		919,471	0.1
850,000 (2)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028		772,848	0.1
825,000 (2)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027		769,528	0.1
275,000 (2)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		265,920	0.0
200,000 (2)	CommScope Technologies LLC, 5.000%, 03/15/2027		113,829	0.0
325,000 (2)	CommScope Technologies LLC, 6.000%, 06/15/2025		309,809	0.0
375,000 (2)	CommScope, Inc., 4.750%, 09/01/2029		276,322	0.0
660,000 (2)	CommScope, Inc., 7.125%, 07/01/2028		396,000	0.0
450,000 (2)	Connect Finco Sarl / Connect US Finco LLC, 6.750%, 10/01/2026		420,277	0.0
325,000	CSC Holdings LLC, 5.250%, 06/01/2024		309,672	0.0
1,500,000 (2)	CSC Holdings LLC, 5.750%, 01/15/2030		842,649	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
400,000 (2)	CSC Holdings LLC, 7.500%, 04/01/2028	$	260,390	0.0
700,000 (2)(5)	CSC Holdings LLC, 11.250%, 05/15/2028		698,258	0.1
1,050,000 (2)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027		929,722	0.1
775,000	DISH DBS Corp., 5.125%, 06/01/2029		430,803	0.0
400,000 (2)	DISH DBS Corp., 5.750%, 12/01/2028		308,250	0.0
575,000	DISH DBS Corp., 7.375%, 07/01/2028		363,264	0.0
975,000 (2)	DISH Network Corp., 11.750%, 11/15/2027		983,718	0.1
400,000	Embarq Corp., 7.995%, 06/01/2036		225,962	0.0
375,000 (2)	GCI LLC, 4.750%, 10/15/2028		323,854	0.0
880,000 (2)	Gray Escrow II, Inc., 5.375%, 11/15/2031		577,040	0.1
275,000 (2)	iHeartCommunications, Inc., 5.250%, 08/15/2027		218,363	0.0
600,000 (2)	ION Trading Technologies Sarl, 5.750%, 05/15/2028		523,926	0.0
450,000 (2)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029		362,533	0.0
720,000 (2)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027		662,227	0.1
1,025,000 (2)	Level 3 Financing, Inc., 3.750%, 07/15/2029		574,366	0.0
575,000 (2)	Level 3 Financing, Inc., 10.500%, 05/15/2030		579,303	0.1
1,025,000 (2)	Match Group Holdings II LLC, 4.625%, 06/01/2028		920,173	0.1
550,000 (2)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029		477,697	0.0
525,000 (2)	Millennium Escrow Corp., 6.625%, 08/01/2026		419,362	0.0
475,000 (1)	Paramount Global, 6.250%, 02/28/2057		358,388	0.0
1,650,000 (1)	Paramount Global, 6.375%, 03/30/2062		1,297,659	0.1
575,000 (2)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028		302,743	0.0
200,000 (2)	Sirius XM Radio, Inc., 3.125%, 09/01/2026		178,458	0.0
1,590,000 (2)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		1,453,904	0.1

See Accompanying Notes to Financial Statements

160

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
610,000 (2)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026	$	410,421	0.0
625,000 (2)	Stagwell Global LLC, 5.625%, 08/15/2029		505,450	0.0
375,000	Telecom Italia Capital SA, 6.000%, 09/30/2034		313,032	0.0
405,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		351,559	0.0
400,000 (2)	Uber Technologies, Inc., 4.500%, 08/15/2029		358,293	0.0
535,000 (2)	Uber Technologies, Inc., 8.000%, 11/01/2026		541,832	0.0
250,000 (2)	Univision Communications, Inc., 4.500%, 05/01/2029		203,827	0.0
1,025,000 (2)	Univision Communications, Inc., 6.625%, 06/01/2027		955,702	0.1
500,000 (2)	Urban One, Inc., 7.375%, 02/01/2028		429,593	0.0
140,000 (2)	Viasat, Inc., 5.625%, 04/15/2027		121,450	0.0
325,000 (2)	Viasat, Inc., 6.500%, 07/15/2028		225,511	0.0
160,000 (2)	Viasat, Inc., 7.500%, 05/30/2031		105,880	0.0
625,000 (2)	Viavi Solutions, Inc., 3.750%, 10/01/2029		508,719	0.0
1,300,000 (2)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028		1,123,304	0.1
765,000 (2)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031		618,937	0.1
900,000 (2)(5)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027		668,970	0.1
			29,675,751	1.9
	Consumer, Cyclical: 2.9%
225,000 (2)	1011778 BC ULC / New Red Finance, Inc., 3.500%, 02/15/2029		192,802	0.0
850,000 (2)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030		707,322	0.1
900,000 (2)	Adient Global Holdings Ltd., 4.875%, 08/15/2026		849,866	0.1
300,000 (2)(5)	Adient Global Holdings Ltd., 8.250%, 04/15/2031		300,734	0.0
855,000 (2)	Affinity Interactive, 6.875%, 12/15/2027		725,822	0.1
175,000 (2)	Allison Transmission, Inc., 3.750%, 01/30/2031		141,646	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
600,000 (2)	Allison Transmission, Inc., 5.875%, 06/01/2029	$	566,370	0.0
775,000 (2)(5)	American Airlines, Inc., 7.250%, 02/15/2028		741,750	0.1
183,333 (2)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026		179,218	0.0
710,000 (2)	Arko Corp., 5.125%, 11/15/2029		573,474	0.0
500,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028		448,192	0.0
475,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		406,843	0.0
600,000 (2)	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 08/01/2029		506,985	0.0
500,000 (2)	Banijay Entertainment SASU, 8.125%, 05/01/2029		496,613	0.0
975,000	Bath & Body Works, Inc., 6.750%, 07/01/2036		855,376	0.1
150,000 (2)(6)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027		130,858	0.0
450,000 (2)	Brinker International, Inc., 5.000%, 10/01/2024		439,313	0.0
175,000 (2)	Brinker International, Inc., 8.250%, 07/15/2030		168,606	0.0
925,000 (2)	Caesars Entertainment, Inc., 4.625%, 10/15/2029		784,617	0.1
665,000 (2)	Caesars Entertainment, Inc., 6.250%, 07/01/2025		656,483	0.1
575,000 (2)	Caesars Entertainment, Inc., 7.000%, 02/15/2030		560,120	0.0
475,000 (2)	Carnival Corp., 4.000%, 08/01/2028		412,251	0.0
1,025,000 (2)(5)	Carnival Corp., 6.000%, 05/01/2029		875,507	0.1
600,000 (2)	Carrols Restaurant Group, Inc., 5.875%, 07/01/2029		504,159	0.0
650,000 (2)	CCM Merger, Inc., 6.375%, 05/01/2026		622,326	0.1
350,000 (5)	Delta Air Lines, Inc., 4.375%, 04/19/2028		322,067	0.0
200,000	Delta Air Lines, Inc., 7.375%, 01/15/2026		202,632	0.0

See Accompanying Notes to Financial Statements

161

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
108,782 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028	$	103,420	0.0
450,000 (2)	Dream Finders Homes, Inc., 8.250%, 08/15/2028		453,492	0.0
650,000 (2)(5)	Foot Locker, Inc., 4.000%, 10/01/2029		469,498	0.0
700,000 (5)	Ford Motor Co., 6.100%, 08/19/2032		660,060	0.1
1,400,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026		1,250,719	0.1
1,700,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		1,549,764	0.1
600,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026		563,755	0.0
600,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029		549,843	0.0
200,000 (2)	Gap, Inc., 3.625%, 10/01/2029		148,246	0.0
600,000 (2)	Gap, Inc., 3.875%, 10/01/2031		422,273	0.0
320,000 (2)	Golden Entertainment, Inc., 7.625%, 04/15/2026		319,600	0.0
425,000 (2)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031		357,687	0.0
650,000 (2)	Installed Building Products, Inc., 5.750%, 02/01/2028		599,129	0.1
775,000 (2)	Interface, Inc., 5.500%, 12/01/2028		659,585	0.1
200,000 (2)	International Game Technology PLC, 4.125%, 04/15/2026		188,322	0.0
900,000 (2)	International Game Technology PLC, 5.250%, 01/15/2029		830,291	0.1
700,000 (2)	LBM Acquisition LLC, 6.250%, 01/15/2029		574,704	0.0
710,000 (2)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029		604,509	0.1
835,000 (2)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029		551,757	0.0
225,000	M/I Homes, Inc., 3.950%, 02/15/2030		183,755	0.0
525,000	M/I Homes, Inc., 4.950%, 02/01/2028		473,797	0.0
305,000	Macy's Retail Holdings LLC, 4.500%, 12/15/2034		206,685	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
210,000 (2)	Macy's Retail Holdings LLC, 5.875%, 03/15/2030	$	178,263	0.0
400,000 (2)(5)	Macy's Retail Holdings LLC, 6.125%, 03/15/2032		330,552	0.0
800,000 (2)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029		660,924	0.1
300,000	MGM Resorts International, 4.625%, 09/01/2026		280,486	0.0
300,000	MGM Resorts International, 4.750%, 10/15/2028		264,648	0.0
150,000 (2)	Murphy Oil USA, Inc., 3.750%, 02/15/2031		122,620	0.0
450,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029		406,260	0.0
165,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027		159,407	0.0
575,000 (2)	NCL Corp. Ltd., 7.750%, 02/15/2029		534,314	0.0
150,000 (2)	NCL Corp. Ltd., 8.375%, 02/01/2028		152,290	0.0
500,000 (2)	NCL Finance Ltd., 6.125%, 03/15/2028		441,833	0.0
500,000 (2)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031		508,125	0.0
1,785,000 (2)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027		1,653,690	0.1
420,000 (2)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027		455,920	0.0
535,000	Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/01/2025		521,929	0.0
750,000	Sands China Ltd., 5.375%, 08/08/2025		727,403	0.1
600,000 (2)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030		518,286	0.0
665,000 (2)	Scientific Games International, Inc., 7.000%, 05/15/2028		654,313	0.1
780,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029		677,364	0.1
645,000 (2)(5)	Sonic Automotive, Inc., 4.625%, 11/15/2029		535,546	0.0
225,000 (2)	SRS Distribution, Inc., 6.000%, 12/01/2029		189,251	0.0
600,000 (2)	SRS Distribution, Inc., 6.125%, 07/01/2029		511,577	0.0
955,000 (2)	Station Casinos LLC, 4.500%, 02/15/2028		834,111	0.1

See Accompanying Notes to Financial Statements

162

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
700,000 (2)	STL Holding Co. LLC, 7.500%, 02/15/2026	$	649,002	0.1
650,000 (2)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030		568,675	0.0
625,000 (2)	Tempur Sealy International, Inc., 3.875%, 10/15/2031		482,926	0.0
150,000 (2)	Tempur Sealy International, Inc., 4.000%, 04/15/2029		125,346	0.0
665,000	United Airlines Holdings, Inc., 4.875%, 01/15/2025		644,368	0.1
315,000 (2)	United Airlines, Inc., 4.375%, 04/15/2026		291,622	0.0
930,000 (2)	Viking Cruises Ltd., 5.875%, 09/15/2027		849,769	0.1
600,000 (2)	VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030		464,415	0.0
1,956,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		1,454,553	0.1
510,000 (2)	White Cap Buyer LLC, 6.875%, 10/15/2028		451,368	0.0
655,000 (2)	William Carter Co., 5.625%, 03/15/2027		630,647	0.1
950,000 (2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027		884,626	0.1
42,000 (2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025		41,335	0.0
450,000 (2)	ZF North America Capital, Inc., 4.750%, 04/29/2025		433,107	0.0
590,000 (2)	ZF North America Capital, Inc., 6.875%, 04/14/2028		577,846	0.1
			44,961,560	2.9
	Consumer, Non-cyclical: 2.4%
500,000 (2)	1375209 BC Ltd., 9.000%, 01/30/2028		494,832	0.0
750,000 (2)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028		698,332	0.1
805,000 (2)	ADT Security Corp., 4.125%, 08/01/2029		681,557	0.1
500,000 (2)	AHP Health Partners, Inc., 5.750%, 07/15/2029		422,423	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
500,000 (2)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029	$	426,735	0.0
275,000 (2)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030		248,146	0.0
550,000 (2)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028		529,960	0.0
750,000 (2)	Alta Equipment Group, Inc., 5.625%, 04/15/2026		691,875	0.1
205,000 (2)	AMN Healthcare, Inc., 4.625%, 10/01/2027		185,488	0.0
300,000 (2)	APi Group DE, Inc., 4.125%, 07/15/2029		252,477	0.0
375,000 (2)	APi Group DE, Inc., 4.750%, 10/15/2029		329,745	0.0
775,000	B&G Foods, Inc., 5.250%, 09/15/2027		649,846	0.1
360,000 (2)	Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028		361,519	0.0
625,000 (2)	Bausch Health Cos., Inc., 4.875%, 06/01/2028		356,482	0.0
625,000 (2)	Bausch Health Cos., Inc., 6.125%, 02/01/2027		389,717	0.0
625,000 (2)	Bausch Health Cos., Inc., 11.000%, 09/30/2028		425,594	0.0
660,000 (2)	BellRing Brands, Inc., 7.000%, 03/15/2030		650,750	0.1
1,000,000 (2)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028		908,460	0.1
350,000 (2)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031		248,185	0.0
615,000 (2)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030		468,314	0.0
535,000 (2)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027		459,565	0.0
550,000 (2)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029		292,875	0.0
880,000 (2)	CPI CG, Inc., 8.625%, 03/15/2026		867,984	0.1
275,000 (2)	DaVita, Inc., 3.750%, 02/15/2031		209,290	0.0

See Accompanying Notes to Financial Statements

163

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
1,050,000 (2)	DaVita, Inc., 4.625%, 06/01/2030	$	863,479	0.1
1,025,000	Encompass Health Corp., 4.750%, 02/01/2030		908,269	0.1
575,000 (2)	Graham Holdings Co., 5.750%, 06/01/2026		556,358	0.0
200,000 (2)	IQVIA, Inc., 5.000%, 10/15/2026		191,417	0.0
400,000 (2)	IQVIA, Inc., 6.500%, 05/15/2030		392,008	0.0
800,000 (2)	Jazz Securities DAC, 4.375%, 01/15/2029		698,143	0.1
800,000 (2)	JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg Sarl, 6.750%, 03/15/2034		779,116	0.1
460,000 (2)	JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg Sarl, 7.250%, 11/15/2053		445,144	0.0
599,000 (2)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026		601,385	0.0
600,000 (2)(5)	Legacy LifePoint Health LLC, 4.375%, 02/15/2027		516,732	0.0
685,000 (2)	Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026		672,064	0.1
850,000 (2)	Medline Borrower L.P., 3.875%, 04/01/2029		719,366	0.1
825,000 (2)(5)	Medline Borrower L.P., 5.250%, 10/01/2029		714,043	0.1
1,000,000	Minerva Luxembourg SA, 4.375%, 03/18/2031		778,750	0.1
1,600,000 (2)	Minerva Luxembourg SA, 8.875%, 09/13/2033		1,589,600	0.1
550,000 (2)	ModivCare, Inc., 5.875%, 11/15/2025		523,342	0.0
350,000 (2)(5)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028		263,188	0.0
725,000 (2)	NESCO Holdings II, Inc., 5.500%, 04/15/2029		637,062	0.1
400,000	New Albertsons L.P., 7.450%, 08/01/2029		404,454	0.0
1,100,000 (2)	Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031		883,017	0.1
630,000 (2)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029		342,657	0.0
200,000	Perrigo Finance Unlimited Co., 4.375%, 03/15/2026		187,214	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
500,000	Perrigo Finance Unlimited Co., 4.650%, 06/15/2030	$	426,885	0.0
425,000 (2)	Post Holdings, Inc., 4.625%, 04/15/2030		364,459	0.0
900,000 (2)	Post Holdings, Inc., 5.625%, 01/15/2028		851,700	0.1
975,000 (2)(5)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028		904,136	0.1
760,000 (2)	Primo Water Holdings, Inc., 4.375%, 04/30/2029		650,621	0.1
535,000 (2)	Select Medical Corp., 6.250%, 08/15/2026		523,158	0.0
660,000 (2)	Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029		542,249	0.0
590,000 (2)	Teleflex, Inc., 4.250%, 06/01/2028		528,410	0.0
605,000	Tenet Healthcare Corp., 4.250%, 06/01/2029		521,318	0.0
600,000 (5)	Tenet Healthcare Corp., 5.125%, 11/01/2027		558,978	0.0
1,075,000 (5)	Tenet Healthcare Corp., 6.125%, 10/01/2028		1,010,156	0.1
1,015,000	Tenet Healthcare Corp., 6.125%, 06/15/2030		952,881	0.1
710,000 (2)	Triton Water Holdings, Inc., 6.250%, 04/01/2029		581,263	0.0
550,000 (2)	United Natural Foods, Inc., 6.750%, 10/15/2028		420,007	0.0
255,000	United Rentals North America, Inc., 3.750%, 01/15/2032		206,103	0.0
495,000	United Rentals North America, Inc., 4.875%, 01/15/2028		462,861	0.0
125,000	United Rentals North America, Inc., 5.250%, 01/15/2030		115,778	0.0
600,000 (2)	Varex Imaging Corp., 7.875%, 10/15/2027		602,073	0.1
575,000 (2)	VT Topco, Inc., 8.500%, 08/15/2030		570,144	0.0
275,000 (2)	Williams Scotsman International, Inc., 4.625%, 08/15/2028		246,427	0.0
568,000 (2)	Williams Scotsman International, Inc., 6.125%, 06/15/2025		562,925	0.0
			36,519,491	2.4

See Accompanying Notes to Financial Statements

164

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 3.1%
510,000 (2)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029	$	467,511	0.0
610,000 (2)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027		582,763	0.0
375,000 (2)	Antero Resources Corp., 5.375%, 03/01/2030		345,703	0.0
635,000 (2)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028		591,915	0.0
250,000 (2)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027		242,081	0.0
435,000 (2)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029		391,667	0.0
310,000	Cenovus Energy, Inc., 5.250%, 06/15/2037		278,490	0.0
805,000 (2)	Chord Energy Corp., 6.375%, 06/01/2026		790,116	0.1
575,000 (2)	CNX Midstream Partners L.P., 4.750%, 04/15/2030		479,329	0.0
1,600,000 (2)	Cosan Luxembourg SA, 7.500%, 06/27/2030		1,592,000	0.1
940,000 (2)	Crescent Energy Finance LLC, 7.250%, 05/01/2026		922,201	0.1
85,000 (2)	Crescent Energy Finance LLC, 9.250%, 02/15/2028		86,862	0.0
1,050,000 (2)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029		1,014,604	0.1
350,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025		343,362	0.0
525,000 (2)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028		480,240	0.0
162,000	Devon Energy Corp., 4.500%, 01/15/2030		147,296	0.0
275,000 (2)	DT Midstream, Inc., 4.125%, 06/15/2029		238,115	0.0
575,000 (2)	DT Midstream, Inc., 4.375%, 06/15/2031		484,167	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
795,000 (2)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027	$	814,414	0.1
2,500,000	Ecopetrol SA, 6.875%, 04/29/2030		2,280,000	0.2
3,175,000	Ecopetrol SA, 8.875%, 01/13/2033		3,103,086	0.2
1,450,000 (2)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036		1,178,632	0.1
500,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026		465,342	0.0
1,200,000	Empresa Nacional del Petroleo, 5.250%, 11/06/2029		1,125,270	0.1
340,000 (2)	Empresa Nacional del Petroleo, 5.250%, 11/06/2029		318,827	0.0
750,000 (2)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028		720,986	0.1
660,000 (2)	Enerflex Ltd., 9.000%, 10/15/2027		652,440	0.1
2,725,000 (1)	Energy Transfer L.P. G, 7.125%, 12/31/2199		2,356,228	0.2
1,225,000	EnLink Midstream LLC, 5.375%, 06/01/2029		1,134,321	0.1
225,000	EnLink Midstream Partners L.P., 4.150%, 06/01/2025		214,999	0.0
650,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028		610,699	0.0
345,000 (2)	EQM Midstream Partners L.P., 6.000%, 07/01/2025		339,963	0.0
725,000 (2)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038		711,863	0.1
725,000 (2)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042		715,705	0.1
545,000 (2)	Hess Midstream Operations L.P., 4.250%, 02/15/2030		460,202	0.0
505,000 (2)	Hess Midstream Operations L.P., 5.125%, 06/15/2028		465,052	0.0
205,000 (2)	Hess Midstream Operations L.P., 5.500%, 10/15/2030		186,506	0.0
400,000 (2)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029		361,629	0.0
400,000 (2)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030		361,109	0.0
400,000 (2)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		353,422	0.0

See Accompanying Notes to Financial Statements

165

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
1,575,000 (2)(5)	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033	$	1,590,593	0.1
905,000 (2)	Kinetik Holdings L.P., 5.875%, 06/15/2030		849,478	0.1
875,000 (2)(5)	Matador Resources Co., 6.875%, 04/15/2028		859,970	0.1
575,000 (2)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026		557,655	0.0
685,000	Murphy Oil Corp., 6.375%, 07/15/2028		673,978	0.1
535,000 (2)	Northern Oil and Gas, Inc., 8.750%, 06/15/2031		539,682	0.0
825,000 (2)	Permian Resources Operating LLC, 5.875%, 07/01/2029		777,133	0.1
1,000,000	Petroleos del Peru SA, 4.750%, 06/19/2032		707,830	0.1
4,700,000	Petroleos Mexicanos, 5.950%, 01/28/2031		3,364,025	0.2
33,000	Petroleos Mexicanos, 6.700%, 02/16/2032		24,560	0.0
3,300,000 (2)	Petroleos Mexicanos, 10.000%, 02/07/2033		2,938,650	0.2
1,700,000 (2)	Reliance Industries Ltd., 3.625%, 01/12/2052		1,088,943	0.1
1,025,000	Southwestern Energy Co., 5.375%, 02/01/2029		944,945	0.1
315,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029		276,819	0.0
690,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030		598,394	0.0
395,000 (2)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025		394,360	0.0
468,750 (2)	Transocean Poseidon Ltd., 6.875%, 02/01/2027		461,986	0.0
95,000 (2)	Transocean Titan Financing Ltd., 8.375%, 02/01/2028		96,743	0.0
425,000 (2)	Transocean, Inc., 7.500%, 01/15/2026		415,818	0.0
275,000 (2)	Venture Global Calcasieu Pass LLC, 3.875%, 08/15/2029		231,705	0.0
875,000 (2)	Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031		718,927	0.1
400,000 (2)	Venture Global LNG, Inc., 8.125%, 06/01/2028		396,349	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
400,000 (2)	Venture Global LNG, Inc., 8.375%, 06/01/2031	$	393,617	0.0
			47,311,277	3.1
	Financial: 4.1%
350,000 (5)	Ally Financial, Inc., 5.750%, 11/20/2025		340,103	0.0
350,000	Ally Financial, Inc., 6.700%, 02/14/2033		304,185	0.0
610,000 (2)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029		543,451	0.0
1,250,000	Banco Nacional de Panama, 2.500%, 08/11/2030		973,200	0.1
1,175,000 (2)	Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033		1,108,906	0.1
2,100,000 (1)(2)	Bank Hapoalim BM, 3.255%, 01/21/2032		1,799,595	0.1
16,000 (1)	Bank of America Corp., 2.482%, 09/21/2036		11,654	0.0
205,000 (1)	Bank of America Corp., 3.846%, 03/08/2037		166,893	0.0
243,000 (1)	Bank of America Corp., 5.288%, 04/25/2034		226,250	0.0
830,000 (1)	Bank of America Corp., 5.872%, 09/15/2034		808,174	0.1
1,500,000 (1)	Bank of America Corp., MTN, 1.530%, 12/06/2025		1,416,829	0.1
3,000,000 (1)	Bank of America Corp., MTN, 3.384%, 04/02/2026		2,871,987	0.2
837,000 (1)	Bank of America Corp. RR, 4.375%, 12/31/2199		703,539	0.1
1,800,000 (1)(2)	BBVA Bancomer SA/Texas, 8.450%, 06/29/2038		1,776,006	0.1
800,000 (2)	BroadStreet Partners, Inc., 5.875%, 04/15/2029		706,735	0.1
625,000 (2)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030		574,675	0.0
2,000,000 (1)	Capital One Financial Corp., 4.166%, 05/09/2025		1,963,648	0.1
2,096,000 (1)	Corebridge Financial, Inc., 6.875%, 12/15/2052		2,012,613	0.1
1,800,000 (1)(2)	Danske Bank A/S, 6.466%, 01/09/2026		1,797,399	0.1
255,000 (2)	Freedom Mortgage Corp., 6.625%, 01/15/2027		224,383	0.0

See Accompanying Notes to Financial Statements

166

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
512,000 (2)	Freedom Mortgage Corp., 8.250%, 04/15/2025	$	512,582	0.0
160,000 (2)	Freedom Mortgage Corp., 12.250%, 10/01/2030		163,741	0.0
1,300,000	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 5.250%, 05/15/2027		1,144,201	0.1
2,000,000 (1)	JPMorgan Chase & Co., 2.083%, 04/22/2026		1,877,760	0.1
1,798,000 (1)	KeyCorp, MTN, 4.789%, 06/01/2033		1,499,792	0.1
575,000 (2)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		465,230	0.0
7,906,000 (1)	Lloyds Banking Group PLC, 8.000%, 12/31/2199		7,107,229	0.5
400,000 (2)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030		310,660	0.0
515,000 (2)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028		445,181	0.0
2,000,000 (1)	Morgan Stanley, 0.985%, 12/10/2026		1,784,805	0.1
2,000,000 (1)	Morgan Stanley, 2.188%, 04/28/2026		1,879,544	0.1
2,500,000 (1)	Morgan Stanley, 4.679%, 07/17/2026		2,435,989	0.2
760,000 (1)	Morgan Stanley, MTN, 5.250%, 04/21/2034		706,123	0.1
155,000 (1)	Morgan Stanley, MTN, 5.424%, 07/21/2034		146,277	0.0
535,000	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029		379,734	0.0
675,000	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027		524,119	0.0
425,000 (2)	Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026		397,450	0.0
835,000 (2)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030		679,057	0.1
625,000	Navient Corp., 4.875%, 03/15/2028		530,466	0.0
350,000 (5)	Navient Corp., 5.000%, 03/15/2027		314,970	0.0
175,000 (1)	Northern Trust Corp., 3.375%, 05/08/2032		154,572	0.0
199,000	Northern Trust Corp., 6.125%, 11/02/2032		196,627	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
375,000	OneMain Finance Corp., 4.000%, 09/15/2030	$	281,842	0.0
875,000	OneMain Finance Corp., 5.375%, 11/15/2029		733,862	0.1
225,000	OneMain Finance Corp., 7.125%, 03/15/2026		220,589	0.0
900,000 (2)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028		823,306	0.1
1,235,000 (1)	PNC Financial Services Group, Inc. U, 6.000%, 12/31/2199		1,086,039	0.1
6,573,000 (1)	PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199		5,650,904	0.4
500,000 (2)	PRA Group, Inc., 5.000%, 10/01/2029		380,335	0.0
925,000 (2)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029		670,061	0.1
600,000 (2)	RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028		590,060	0.0
100,000 (2)	RLJ Lodging Trust L.P., 3.750%, 07/01/2026		90,532	0.0
205,000	Service Properties Trust, 4.750%, 10/01/2026		176,072	0.0
220,000	Service Properties Trust, 5.500%, 12/15/2027		188,296	0.0
1,410,000 (1)	Truist Financial Corp., MTN, 5.867%, 06/08/2034		1,328,119	0.1
662,000 (1)	Truist Financial Corp. N, 4.800%, 12/31/2199		569,139	0.0
893,000 (1)	Truist Financial Corp. Q, 5.100%, 12/31/2199		767,946	0.1
980,000 (2)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027		888,110	0.1
575,000 (2)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028		563,746	0.0
1,275,000 (1)	Wells Fargo & Co., 5.389%, 04/24/2034		1,192,493	0.1
2,000,000 (1)	Wells Fargo & Co., MTN, 4.540%, 08/15/2026		1,942,991	0.1
532,000 (1)	Wells Fargo & Co., MTN, 5.557%, 07/25/2034		504,033	0.0

See Accompanying Notes to Financial Statements

167

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
725,000 (2)	XHR L.P., 4.875%, 06/01/2029	$	617,029	0.1
100,000 (2)	XHR L.P., 6.375%, 08/15/2025		98,273	0.0
			63,350,111	4.1
	Industrial: 1.8%
350,000 (2)	AmeriTex HoldCo Intermediate LLC, 10.250%, 10/15/2028		346,500	0.0
1,025,000 (2)(6)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027		774,942	0.1
350,000	Ball Corp., 3.125%, 09/15/2031		274,588	0.0
300,000	Ball Corp., 6.875%, 03/15/2028		302,132	0.0
475,000 (2)(5)	Bombardier, Inc., 7.500%, 02/01/2029		451,372	0.0
550,000 (2)	Bombardier, Inc., 7.875%, 04/15/2027		537,134	0.0
675,000 (2)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026		642,853	0.1
875,000 (2)	Builders FirstSource, Inc., 5.000%, 03/01/2030		781,175	0.1
100,000 (2)	Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026		95,982	0.0
775,000 (2)	Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028		716,813	0.1
1,775,000 (1)(5)	Cemex SAB de CV, 5.125%, 12/31/2199		1,657,983	0.1
800,000 (2)	Chart Industries, Inc., 7.500%, 01/01/2030		805,384	0.1
610,000 (2)	Clean Harbors, Inc., 6.375%, 02/01/2031		593,903	0.0
1,625,000 (2)	Embraer Netherlands Finance BV, 7.000%, 07/28/2030		1,612,325	0.1
635,000 (2)	Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030		612,092	0.0
1,000,000 (2)	Energizer Holdings, Inc., 4.750%, 06/15/2028		864,953	0.1
775,000 (2)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028		703,449	0.1
200,000 (2)	Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/01/2025		196,748	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
750,000 (2)	GFL Environmental, Inc., 4.000%, 08/01/2028	$	656,068	0.1
225,000 (2)	GFL Environmental, Inc., 4.250%, 06/01/2025		216,456	0.0
400,000 (2)	GFL Environmental, Inc., 4.375%, 08/15/2029		347,950	0.0
325,000 (2)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029		268,198	0.0
350,000 (2)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032		299,883	0.0
625,000 (2)	GrafTech Finance, Inc., 4.625%, 12/15/2028		483,919	0.0
725,000 (2)	Graham Packaging Co., Inc., 7.125%, 08/15/2028		608,531	0.0
550,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027		540,893	0.0
915,000 (2)	Imola Merger Corp., 4.750%, 05/15/2029		802,808	0.1
400,000 (2)(6)	Intelligent Packaging Holdco Issuer L.P., 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026		332,817	0.0
650,000 (2)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028		569,749	0.0
575,000 (2)	Maxim Crane Works Holdings Capital LLC, 11.500%, 09/01/2028		560,625	0.0
800,000 (2)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028		790,964	0.1
700,000 (2)(5)	Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031		685,125	0.1
775,000 (2)(5)	PGT Innovations, Inc., 4.375%, 10/01/2029		715,459	0.1
575,000 (2)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029		495,312	0.0
400,000 (2)	Rolls-Royce PLC, 3.625%, 10/14/2025		376,000	0.0
800,000 (2)	Rolls-Royce PLC, 5.750%, 10/15/2027		772,727	0.1
650,000 (2)	Sealed Air Corp., 4.000%, 12/01/2027		580,711	0.0
110,000 (2)	Sealed Air Corp., 5.125%, 12/01/2024		108,717	0.0
370,000 (2)	Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028		358,747	0.0

See Accompanying Notes to Financial Statements

168

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
280,000 (2)	Sensata Technologies BV, 5.000%, 10/01/2025	$	271,748	0.0
875,000 (2)	Sensata Technologies, Inc., 3.750%, 02/15/2031		709,056	0.1
870,000 (2)	Standard Industries, Inc., 3.375%, 01/15/2031		673,585	0.1
510,000 (2)	Standard Industries, Inc., 4.375%, 07/15/2030		422,914	0.0
570,000 (2)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029		518,109	0.0
440,000 (2)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027		430,078	0.0
675,000	TransDigm, Inc., 4.625%, 01/15/2029		590,284	0.0
550,000	TransDigm, Inc., 5.500%, 11/15/2027		515,540	0.0
955,000 (2)	TransDigm, Inc., 6.875%, 12/15/2030		937,542	0.1
650,000 (2)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028		564,801	0.0
			28,175,644	1.8
	Technology: 0.3%
875,000 (2)	Cloud Software Group, Inc., 6.500%, 03/31/2029		774,673	0.1
500,000 (2)(5)	Cloud Software Group, Inc., 9.000%, 09/30/2029		435,193	0.0
500,000 (2)(5)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028		426,594	0.0
345,000 (2)	Entegris Escrow Corp., 5.950%, 06/15/2030		320,314	0.0
275,000 (2)(5)	Entegris, Inc., 3.625%, 05/01/2029		233,802	0.0
525,000 (2)	McAfee Corp., 7.375%, 02/15/2030		440,141	0.0
600,000 (2)	NCR Atleos Escrow Corp., 9.500%, 04/01/2029		580,941	0.1
300,000 (2)	Open Text Corp., 3.875%, 12/01/2029		246,936	0.0
650,000 (2)	Open Text Holdings, Inc., 4.125%, 02/15/2030		544,500	0.1
625,000 (2)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028		210,390	0.0
575,000 (2)	Virtusa Corp., 7.125%, 12/15/2028		465,040	0.0
			4,678,524	0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 1.4%
1,313,137 (2)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030	$	1,121,715	0.1
800,000 (2)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028		691,338	0.1
1,250,000 (2)	Comision Federal de Electricidad, 4.688%, 05/15/2029		1,125,000	0.1
4,028,000 (1)	Dominion Energy, Inc. B, 4.650%, 12/31/2199		3,707,214	0.2
743,000 (1)	Duke Energy Corp., 4.875%, 12/31/2199		725,011	0.1
625,000	Inkia Energy Ltd., 5.875%, 11/09/2027		600,000	0.0
3,681,000 (1)	National Rural Utilities Cooperative Finance Corp., 8.541%, (TSFR3M + 3.172%), 04/30/2043		3,625,139	0.2
2,875,000 (1)	NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079		2,661,792	0.2
2,950,000	South Jersey Industries, Inc., 5.020%, 04/15/2031		2,238,074	0.2
3,625,000 (1)	Southern Co. B, 4.000%, 01/15/2051		3,362,124	0.2
660,000	TransAlta Corp., 7.750%, 11/15/2029		668,867	0.0
425,000 (2)	Vistra Operations Co. LLC, 4.375%, 05/01/2029		365,737	0.0
475,000 (2)	Vistra Operations Co. LLC, 5.500%, 09/01/2026		453,433	0.0
575,000 (2)	Vistra Operations Co. LLC, 5.625%, 02/15/2027		545,820	0.0
			21,891,264	1.4
	Total Corporate Bonds/ Notes (Cost $324,860,561)		295,895,201	19.2
COMMERCIAL MORTGAGE-BACKED SECURITIES: 18.2%
2,000,000 (1)(2)	AREIT LLC 2023-CRE8 A, 7.442%, (TSFR1M + 2.112%), 02/17/2028		2,000,166	0.1
28,867,325 (1)(3)	Bank 2019-BN19 XA, 1.078%, 08/15/2061		1,205,123	0.1
555,000 (1)	BANK 2017-BNK4 C, 4.372%, 05/15/2050		450,929	0.0
5,320,000 (1)(2)(3)	BANK 2017-BNK4 XE, 1.640%, 05/15/2050		217,227	0.0
4,380,000 (2)	BANK 2017-BNK6 D, 3.100%, 07/15/2060		2,998,605	0.2
1,600,000 (1)(2)	BANK 2017-BNK6 E, 2.769%, 07/15/2060		736,777	0.1

See Accompanying Notes to Financial Statements

169

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
16,600,000 (1)(2)(3)	BANK 2017-BNK6 XE, 1.500%, 07/15/2060	$	762,756	0.1
9,830,065 (1)(3)	BANK 2019-BN16 XA, 1.102%, 02/15/2052		388,674	0.0
49,539,218 (1)(3)	BANK 2019-BN17 XA, 1.159%, 04/15/2052		2,119,355	0.1
57,841,386 (1)(3)	BANK 2019-BN22 XA, 0.708%, 11/15/2062		1,649,894	0.1
1,500,000 (1)	BANK 2019-BN24 C, 3.635%, 11/15/2062		1,031,110	0.1
10,659,685 (1)(3)	BBCMS Trust 2021-C10 XA, 1.412%, 07/15/2054		699,228	0.1
98,242,414 (1)(3)	Benchmark Mortgage Trust 2018-B7 XA, 0.565%, 05/15/2053		1,903,899	0.1
50,129,626 (1)(3)	Benchmark Mortgage Trust 2019-B10 XA, 1.356%, 03/15/2062		2,313,881	0.2
42,285,000 (1)(2)(3)	Benchmark Mortgage Trust 2019-B10 XB, 1.043%, 03/15/2062		1,786,592	0.1
41,993,503 (1)(3)	Benchmark Mortgage Trust 2019-B12 XA, 1.161%, 08/15/2052		1,496,749	0.1
3,090,000 (2)	Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052		1,285,404	0.1
7,330,000 (1)(2)(3)	Benchmark Mortgage Trust 2019-B9 XD, 2.160%, 03/15/2052		622,955	0.0
17,432,385 (1)(3)	Benchmark Mortgage Trust 2021-B24 XA, 1.266%, 03/15/2054		972,331	0.1
9,850,161 (1)(3)	Benchmark Mortgage Trust 2021-B28 XA, 1.389%, 08/15/2054		645,948	0.0
1,000,000 (1)(2)	BLP Commercial Mortgage Trust 2023-IND D, 8.572%, (TSFR1M + 3.240%), 03/15/2040		982,537	0.1
2,653,000 (2)(4)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		1,748,394	0.1
3,002,000 (2)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.453%, 05/25/2052		2,151,606	0.1
5,289,582 (1)(2)	BX Commercial Mortgage Trust 2021-21M E, 7.617%, (TSFR1M + 2.285%), 10/15/2036		5,066,757	0.3
3,277,269 (1)(2)	BX Commercial Mortgage Trust 2021-SOAR D, 6.847%, (TSFR1M + 1.514%), 06/15/2038		3,183,700	0.2

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
750,000 (1)(2)	BX Commercial Mortgage Trust 2021-VOLT D, 7.097%, (TSFR1M + 1.764%), 09/15/2036	$	716,996	0.1
1,500,000 (1)(2)	BX Commercial Mortgage Trust 2021-VOLT F, 7.847%, (TSFR1M + 2.514%), 09/15/2036		1,412,915	0.1
3,500,000 (1)(2)	BX Trust 2021-LBA EJV, 7.447%, (TSFR1M + 2.114%), 02/15/2036		3,350,312	0.2
2,767,834 (1)(2)	BX Trust 2021-LBA EV, 7.447%, (TSFR1M + 2.114%), 02/15/2036		2,649,459	0.2
2,000,000 (1)(2)	BX Trust 2021-LGCY A, 5.952%, (TSFR1M + 0.620%), 10/15/2036		1,949,033	0.1
1,000,000 (1)(2)	BX Trust 2021-SDMF D, 6.833%, (TSFR1M + 1.501%), 09/15/2034		966,030	0.1
1,500,000 (1)(2)	BX Trust 2021-SDMF E, 7.033%, (TSFR1M + 1.701%), 09/15/2034		1,440,922	0.1
905,950 (1)(2)	BX Trust 2022-FOX2 C, 6.642%, (TSFR1M + 1.309%), 04/15/2039		862,413	0.1
1,180,000 (1)(2)	BX Trust 2022-LBA6 C, 6.932%, (TSFR1M + 1.600%), 01/15/2039		1,149,518	0.1
1,000,000 (1)(2)	BX Trust 2022-LBA6 D, 7.332%, (TSFR1M + 2.000%), 01/15/2039		976,955	0.1
1,500,000 (1)(2)	BX Trust 2022-VAMF F, 8.631%, (TSFR1M + 3.299%), 01/15/2039		1,407,888	0.1
7,000,000 (2)	BX Trust 2023-LIFE C, 5.884%, 02/15/2028		6,527,717	0.4
90,933,862 (1)(3)	Cantor Commercial Real Estate Lending 2019-CF1 XA, 1.289%, 05/15/2052		3,822,659	0.3
37,587,607 (1)(3)	Cantor Commercial Real Estate Lending 2019-CF2 XA, 1.324%, 11/15/2052		1,805,654	0.1
6,746,539 (1)(3)	CD Mortgage Trust 2016-CD1 XA, 1.497%, 08/10/2049		180,405	0.0
14,660,000 (1)(2)(3)	CD Mortgage Trust 2016-CD1 XB, 0.825%, 08/10/2049		241,492	0.0
1,000,000 (1)(2)	Citigroup Commercial Mortgage Trust 2013-GC17 D, 5.228%, 11/10/2046		891,567	0.1
4,126,000 (1)(2)	Citigroup Commercial Mortgage Trust 2014-GC19 E, 4.751%, 03/11/2047		3,528,675	0.2

See Accompanying Notes to Financial Statements

170

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
6,540,000 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 E, 4.847%, 07/10/2049	$	4,375,994	0.3
5,790,000 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 F, 4.847%, 07/10/2049		3,526,768	0.2
8,661,000 (2)	Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049		5,200,322	0.3
23,101,260 (1)(3)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.172%, 10/12/2050		711,735	0.1
40,256,791 (1)(3)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.168%, 08/10/2056		1,600,507	0.1
83,777 (1)(3)	COMM Mortgage Trust 2012-CR3 XA, 1.022%, 10/15/2045		116	0.0
170,789 (1)(3)	COMM Mortgage Trust 2012-CR4 XA, 1.288%, 10/15/2045		131	0.0
1,316,524 (1)(2)	COMM Mortgage Trust 2013-CR10 E, 4.508%, 08/10/2046		1,128,919	0.1
1,460,000 (1)(2)	COMM Mortgage Trust 2013-CR10 F, 4.508%, 08/10/2046		1,143,079	0.1
9,496,014 (1)(3)	COMM Mortgage Trust 2016-COR1 XA, 1.449%, 10/10/2049		263,392	0.0
2,281,236 (1)(3)	COMM Mortgage Trust 2016-CR28 XA, 0.752%, 02/10/2049		27,682	0.0
5,725,000 (1)(2)	COMM Mortgage Trust 2020-CBM F, 3.754%, 02/10/2037		5,125,846	0.3
5,117,995 (1)(2)(3)	Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.931%, 10/05/2030		37,993	0.0
2,792,000 (2)	CSAIL Commercial Mortgage Trust 2020-C19 E, 2.500%, 03/15/2053		1,010,054	0.1
568,000 (1)(2)	CSWF 2021-SOP2 D, 7.764%, (TSFR1M + 2.431%), 06/15/2034		464,521	0.0
1,432,000 (1)(2)	CSWF 2021-SOP2 E, 8.814%, (TSFR1M + 3.481%), 06/15/2034		1,134,860	0.1
7,759,844 (1)(2)	EQUS Mortgage Trust 2021-EQAZ C, 6.797%, (TSFR1M + 1.464%), 10/15/2038		7,534,572	0.5

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
950,488 (1)(2)	Extended Stay America Trust 2021-ESH E, 8.296%, (TSFR1M + 2.964%), 07/15/2038	$	933,473	0.1
1,900,975 (1)(2)	Extended Stay America Trust 2021-ESH F, 9.146%, (TSFR1M + 3.814%), 07/15/2038		1,853,973	0.1
20,012,996 (1)(3)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.696%, 04/25/2030		1,590,180	0.1
2,436,016 (1)(3)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.095%, 08/25/2036		187,656	0.0
9,878,000 (2)(4)	FREMF Mortgage Trust 2019-KG01 C, 0.000%, 05/25/2029		6,019,756	0.4
189,099,681 (2)(3)	FREMF Mortgage Trust 2019-KG01 X2A, 0.100%, 04/25/2029		554,582	0.0
21,120,000 (2)(3)	FREMF Mortgage Trust 2019-KG01 X2B, 0.100%, 05/25/2029		83,833	0.0
2,000,000 (1)(2)	FRR Re-REMIC Trust 2018-C1 B725, 2.757%, 02/27/2050		1,931,221	0.1
1,268,740 (2)(4)	FRR Re-REMIC Trust 2018-C1 C725, 0.000%, 02/27/2050		1,220,435	0.1
3,000,000 (2)(4)	GAM Re-REMIC Trust 2021-FRR1 2D, 0.000%, 11/29/2050		1,652,190	0.1
3,192,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049		2,389,166	0.2
4,690,000 (2)	GAM RE-REMIC Trust 2022-FRR3 BK71, 2.021%, 11/27/2050		3,570,933	0.2
2,676,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052		1,682,072	0.1
1,815,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050		1,650,697	0.1
1,850,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		1,586,528	0.1
2,238,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 CK61, 0.000%, 11/27/2049		1,589,814	0.1
1,816,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050		1,624,901	0.1
1,849,000 (2)(4)	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		1,560,791	0.1

See Accompanying Notes to Financial Statements

171

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,975,000 (2)	GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.420%, 09/27/2051	$	2,167,614	0.1
2,263,000 (2)(4)	GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051		1,994,567	0.1
2,751,000 (2)(4)	GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051		2,395,672	0.2
2,238,000 (2)	GAM RE-REMIC TRUST 2021-FRR2 CK49, 1.030%, 09/27/2051		1,907,044	0.1
1,900,000 (2)(4)	GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051		1,171,691	0.1
2,263,000 (2)(4)	GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051		1,980,704	0.1
2,237,000 (2)(4)	GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051		1,834,704	0.1
2,000,000 (1)(2)	GS Mortgage Securities Corp. Trust 2018-RIVR F, 7.730%, (TSFR1M + 2.397%), 07/15/2035		304,983	0.0
10,000,000 (1)(2)	GS Mortgage Securities Corp. Trust 2021-ARDN B, 7.097%, (TSFR1M + 1.764%), 11/15/2036		9,671,635	0.6
500,000 (1)	GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051		438,309	0.0
15,228,464 (1)(3)	GS Mortgage Securities Trust 2019-GC38 XA, 1.109%, 02/10/2052		665,957	0.0
40,426,644 (1)(3)	GS Mortgage Securities Trust 2019-GC40 XA, 1.211%, 07/10/2052		1,560,307	0.1
660,000	GS Mortgage Securities Trust 2019-GSA1 B, 3.511%, 11/10/2052		523,990	0.0
81,578,208 (1)(3)	GS Mortgage Securities Trust 2019-GSA1 XA, 0.935%, 11/10/2052		3,069,808	0.2
180,000 (1)(2)	IMT Trust 2017-APTS EFX, 3.613%, 06/15/2034		171,980	0.0
1,972,300 (1)(2)	INTOWN Mortgage Trust 2022-STAY D, 9.466%, (TSFR1M + 4.134%), 08/15/2039		1,976,180	0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,050,000 (1)(2)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP E, 7.540%, (TSFR1M + 2.207%), 07/15/2036	$	3,899,309	0.3
2,000,000 (1)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 D, 4.250%, 12/15/2047		1,661,242	0.1
1,300,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 F, 3.986%, 01/15/2046		996,794	0.1
5,910,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT FFX, 5.542%, 07/05/2033		3,605,100	0.2
3,810,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.990%, 12/05/2038		2,329,615	0.2
675,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH E, 7.287%, (TSFR1M + 1.954%), 06/15/2038		584,606	0.0
1,000,000 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.171%, 11/15/2045		886,103	0.1
2,549,000 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 5.032%, 01/15/2047		2,092,531	0.1
9,560,000 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047		6,371,715	0.4
1,300,000 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047		658,447	0.0
1,405,000 (1)	JPMBB Commercial Mortgage Securities Trust 2014-C21 C, 4.798%, 08/15/2047		1,259,776	0.1
43,031,818 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.058%, 10/15/2048		465,458	0.0
1,489,237 (1)(2)	KIND Trust 2021-KIND A, 6.396%, (TSFR1M + 1.064%), 08/15/2038		1,438,914	0.1

See Accompanying Notes to Financial Statements

172

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
496,412 (1)(2)	KIND Trust 2021-KIND D, 7.746%, (TSFR1M + 2.414%), 08/15/2038	$	466,088	0.0
5,000,000 (1)(2)	Life Mortgage Trust 2022-BMR2 A1, 6.627%, (TSFR1M + 1.295%), 05/15/2039		4,916,888	0.3
9,985,037 (1)(2)(3)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.956%, 03/10/2050		169,866	0.0
9,952,237 (1)(2)	Med Trust 2021-MDLN D, 7.446%, (TSFR1M + 2.114%), 11/15/2038		9,562,891	0.6
5,250,000 (1)(2)	MHP 2021-STOR F, 7.647%, (TSFR1M + 2.314%), 07/15/2038		4,999,859	0.3
3,109,307 (1)(2)	MHP 2022-MHIL E, 7.943%, (TSFR1M + 2.611%), 01/15/2027		2,931,490	0.2
4,448,742 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 XA, 0.954%, 11/15/2046		276	0.0
5,287,000	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 D, 3.068%, 10/15/2048		4,314,802	0.3
560,000 (2)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048		378,844	0.0
14,796,855 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 XA, 0.910%, 11/15/2052		355,657	0.0
11,892,913 (1)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 2014-C19 XA, 1.099%, 12/15/2047		70,551	0.0
30,853,901 (1)(3)	Morgan Stanley Capital I 2017-HR2 XA, 0.993%, 12/15/2050		895,268	0.1
4,841,000 (1)(2)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049		2,364,875	0.2
25,660,000 (1)(2)(3)	Morgan Stanley Capital I Trust 2018-L1 XD, 1.942%, 10/15/2051		1,887,533	0.1
22,122,722 (1)(3)	Morgan Stanley Capital I Trust 2021-L6 XA, 1.327%, 06/15/2054		1,234,769	0.1
13,000,000 (2)	Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050		10,769,615	0.7
7,030,000 (2)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049		5,685,982	0.4

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,950,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB60, 2.440%, 11/08/2049	$	4,868,138	0.3
8,960,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB64, 2.290%, 03/01/2050		7,211,602	0.5
2,190,000 (2)(4)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049		1,698,635	0.1
2,750,000 (2)(4)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049		2,021,053	0.1
2,580,000 (2)(4)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050		1,887,749	0.1
3,000,000 (1)(2)	SMRT 2022-MINI E, 8.033%, (TSFR1M + 2.700%), 01/15/2039		2,848,946	0.2
859,124 (1)(2)	TTAN 2021-MHC D, 7.197%, (TSFR1M + 1.864%), 03/15/2038		838,918	0.1
21,936,506 (1)(3)	UBS Commercial Mortgage Trust 2019-C16 XA, 1.689%, 04/15/2052		1,338,704	0.1
2,500,000 (2)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 2.500%, 04/15/2054		1,113,037	0.1
19,108,390 (1)(3)	Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.657%, 04/15/2054		1,458,325	0.1
1,500,000 (1)(2)	WFLD Mortgage Trust 2014-MONT D, 3.880%, 08/10/2031		441,765	0.0
8,000,000 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C17 D, 5.230%, 12/15/2046		7,652,277	0.5
760,000 (2)	WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046		686,755	0.0
1,900,000 (2)	WFRBS Commercial Mortgage Trust 2014-C21 D, 3.497%, 08/15/2047		1,437,462	0.1
	Total Commercial Mortgage-Backed Securities (Cost $318,327,079)		281,863,274	18.2
ASSET-BACKED SECURITIES: 15.9%
	Automobile Asset-Backed Securities: 0.4%
2,450,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025		2,409,738	0.1

See Accompanying Notes to Financial Statements

173

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

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	$	4,261,027	0.3
			6,670,765	0.4
	Home Equity Asset-Backed Securities: 0.6%
2,089,119 (1)(2)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038		1,598,733	0.1
2,749,134 (1)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038		2,101,884	0.2
301,226 (1)	GSAA Home Equity Trust 2006-3 A3, 6.034%, (TSFR1M + 0.714%), 03/25/2036		160,155	0.0
1,917,207 (1)	GSAA Home Equity Trust 2006-4 4A3, 3.778%, 03/25/2036		1,197,277	0.1
831,139 (1)	GSAA Home Equity Trust 2007-1 1A1, 5.594%, (TSFR1M + 0.274%), 02/25/2037		239,083	0.0
828,402 (1)	GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046		311,840	0.0
729,466 (1)	Morgan Stanley Mortgage Loan Trust 2007-10XS A2, 6.250%, 02/25/2037		399,165	0.0
345,582 (1)	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 5.894%, (TSFR1M + 0.574%), 02/25/2037		304,140	0.0
3,211,044 (1)	Renaissance Home Equity Loan Trust 2004-4 MF2, 5.818%, 02/25/2035		2,698,078	0.2
			9,010,355	0.6
	Other Asset-Backed Securities: 13.5%
2,500,000 (1)(2)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.523%, (TSFR3M + 2.212%), 04/14/2029		2,503,497	0.2
2,000,000 (1)(2)	AMMC CLO XI Ltd. 2012-11A CR2, 7.531%, (TSFR3M + 2.162%), 04/30/2031		1,947,946	0.1
2,700,000 (1)(2)	Apidos CLO XXIV 2016-24A BRR, 7.638%, (TSFR3M + 2.312%), 10/20/2030		2,680,120	0.2

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
2,900,000 (1)(2)	Apidos CLO XXXIII 2020-33A CR, 7.507%, (TSFR3M + 2.162%), 10/24/2034	$	2,835,652	0.2
742,500 (2)	Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049		692,799	0.0
303,641 (2)	Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040		281,305	0.0
3,000,000 (1)(2)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.797%, (TSFR1M + 1.464%), 11/15/2036		2,980,819	0.2
500,000 (1)(2)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 8.347%, (TSFR1M + 3.014%), 11/15/2036		477,328	0.0
2,500,000 (2)	Atrium XIV LLC 14A A2BR, 2.304%, 08/23/2030		2,224,785	0.1
2,000,000 (1)(2)	Barings CLO Ltd. 2018-3A C, 7.488%, (TSFR3M + 2.162%), 07/20/2029		1,993,332	0.1
2,000,000 (1)(2)	Benefit Street Partners CLO V-B Ltd. 2018-5BA B, 7.738%, (TSFR3M + 2.412%), 04/20/2031		1,976,232	0.1
1,000,000 (1)(2)	BlueMountain CLO Ltd. 2013-2A CR, 7.557%, (TSFR3M + 2.212%), 10/22/2030		987,958	0.1
1,000,000 (1)(2)	BlueMountain CLO Ltd. 2015-4A CR, 7.488%, (TSFR3M + 2.162%), 04/20/2030		973,094	0.1
2,000,000 (1)(2)	BlueMountain CLO XXIX Ltd. 2020-29A CR, 7.713%, (TSFR3M + 2.362%), 07/25/2034		1,965,200	0.1
1,250,000 (1)(2)	BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.570%, (TSFR3M + 2.262%), 04/15/2034		1,224,661	0.1
1,871,500 (2)	Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050		1,716,432	0.1
4,000,000 (1)(2)	Bristol Park CLO Ltd. 2016-1A CR, 7.520%, (TSFR3M + 2.212%), 04/15/2029		3,899,896	0.3
750,000 (1)(2)	Buttermilk Park CLO Ltd. 2018-1A C, 7.670%, (TSFR3M + 2.362%), 10/15/2031		735,007	0.0

See Accompanying Notes to Financial Statements

174

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,000,000 (1)(2)	Carlyle C17 CLO Ltd. C17A BR, 7.481%, (TSFR3M + 2.112%), 04/30/2031	$	981,158	0.1
1,500,000 (1)(2)	Carlyle US CLO Ltd. 2016-4A BR, 7.688%, (TSFR3M + 2.362%), 10/20/2027		1,498,893	0.1
4,600,000 (1)(2)	CARLYLE US CLO Ltd. 2017-3A BR, 7.588%, (TSFR3M + 2.262%), 07/20/2029		4,453,968	0.3
5,500,000 (1)(2)	CIFC Funding Ltd. 2019-2A CR, 7.670%, (TSFR3M + 2.362%), 04/17/2034		5,433,401	0.4
5,000,000 (1)(2)	Crown City CLO V 2023-5A B, 8.538%, (TSFR3M + 3.600%), 04/20/2034		5,012,150	0.3
747,958 (1)	CWABS Asset-Backed Certificates Trust 2005-AB2 M1, 6.139%, (TSFR1M + 0.819%), 09/25/2035		704,214	0.0
816,000 (2)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049		739,500	0.0
432,000 (2)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049		405,219	0.0
4,028,250 (2)	DB Master Finance LLC 2021-1A A23, 2.791%, 11/20/2051		3,116,329	0.2
3,000,000 (1)(2)	Dewolf Park CLO Ltd. 2017-1A DR, 8.420%, (TSFR3M + 3.112%), 10/15/2030		2,897,883	0.2
559,500 (2)	Domino's Pizza Master Issuer LLC 2015-1A A2II, 4.474%, 10/25/2045		537,456	0.0
1,039,500 (2)	Domino's Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047		964,421	0.1
2,247,900 (2)	Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048		2,139,337	0.1
3,425,750 (2)	Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049		2,972,423	0.2
1,439,125 (2)	Driven Brands Funding LLC 2022-1A A2, 7.393%, 10/20/2052		1,461,861	0.1
1,184,375 (2)	DRIVEN BRANDS FUNDING LLC 2018-1A A2, 4.739%, 04/20/2048		1,144,021	0.1

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
2,101,000 (2)	DRIVEN BRANDS FUNDING LLC 2019-1A A2, 4.641%, 04/20/2049	$	1,986,993	0.1
2,750,000 (1)(2)	Dryden 30 Senior Loan Fund 2013-30A DR, 8.226%, (TSFR3M + 2.862%), 11/15/2028		2,600,408	0.2
1,750,000 (1)(2)	Dryden 55 CLO Ltd. 2018-55A C, 7.470%, (TSFR3M + 2.162%), 04/15/2031		1,701,597	0.1
5,000,000 (1)(2)	Dryden 75 CLO Ltd. 2019-75A CR2, 7.370%, (TSFR3M + 2.062%), 04/15/2034		4,776,545	0.3
3,038,725 (2)	Five Guys Funding LLC 2017-1A A2, 4.600%, 07/25/2047		2,990,670	0.2
1,750,000 (1)(2)	Invesco US CLO Ltd. 2023-1A C, 8.520%, (TSFR3M + 3.650%), 04/22/2035		1,759,805	0.1
931,767 (2)	JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077		781,419	0.1
1,350,000 (1)(2)	LCM XVIII L.P. 18A CR, 7.438%, (TSFR3M + 2.112%), 04/20/2031		1,330,687	0.1
1,000,000 (1)(2)	LCM XX L.P. 20A CR, 7.538%, (TSFR3M + 2.212%), 10/20/2027		1,002,454	0.1
2,800,000 (1)(2)	LCM XXIV Ltd. 24A CR, 7.488%, (TSFR3M + 2.162%), 03/20/2030		2,774,114	0.2
784,025 (2)	LCSS Financing LLC 2018-A A, 4.700%, 12/15/2062		642,333	0.0
1,000,000 (1)(2)	Madison Park Funding XIII Ltd. 2014-13A CR2, 7.482%, (TSFR3M + 2.162%), 04/19/2030		998,664	0.1
2,500,000 (1)(2)	Madison Park Funding XIX Ltd. 2015-19A B1R2, 7.457%, (TSFR3M + 2.112%), 01/22/2028		2,484,840	0.2
750,000 (1)(2)	Madison Park Funding XLI Ltd. 12A CR, 7.257%, (TSFR3M + 1.912%), 04/22/2027		748,891	0.0
1,000,000 (1)(2)	Magnetite VIII Ltd. 2014-8A CR2, 7.420%, (TSFR3M + 2.112%), 04/15/2031		988,263	0.1
2,972,100 (2)	Marlette Funding Trust 2023-1A A, 6.070%, 04/15/2033		2,967,058	0.2

See Accompanying Notes to Financial Statements

175

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
3,000,000 (1)(2)	MF1 LLC 2023-FL12 A, 7.366%, (TSFR1M + 2.066%), 10/19/2038	$	2,985,000	0.2
7,000,000 (1)(2)	MF1 Ltd. 2021-FL6 D, 7.995%, (TSFR1M + 2.664%), 07/16/2036		6,577,321	0.4
3,000,000 (1)(2)	MF1 Ltd. 2021-FL7 AS, 6.895%, (TSFR1M + 1.564%), 10/16/2036		2,916,655	0.2
2,000,000 (1)(2)	MF1 Ltd. 2022-FL8 A, 6.677%, (TSFR1M + 1.350%), 02/19/2037		1,977,319	0.1
1,484,887 (2)	Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043		1,241,881	0.1
479,066 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		431,312	0.0
610,936 (2)	Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044		533,350	0.0
1,080,461 (2)	Mosaic Solar Loan Trust 2019-1A A, 4.370%, 12/21/2043		978,432	0.1
477,120 (2)	Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040		407,591	0.0
840,002 (2)	Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043		753,170	0.1
3,500,000 (1)(2)	Neuberger Berman Loan Advisers CLO 24 Ltd. 2017-24A CR, 7.532%, (TSFR3M + 2.212%), 04/19/2030		3,452,127	0.2
2,300,000 (1)(2)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR, 7.470%, (TSFR3M + 2.162%), 10/16/2033		2,262,680	0.1
4,750,000 (1)(2)	Neuberger Berman Loan Advisers Clo 44 Ltd. 2021-44A C, 7.470%, (TSFR3M + 2.162%), 10/16/2034		4,695,522	0.3
6,000,000 (1)(2)	Oaktree CLO Ltd. 2021-1A C, 7.520%, (TSFR3M + 2.212%), 07/15/2034		5,655,522	0.4
7,470,000 (1)(2)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 7.638%, (TSFR3M + 2.312%), 07/20/2030		7,432,090	0.5
4,500,000 (1)(2)	Octagon Investment Partners 32 Ltd. 2017-1A CR, 7.620%, (TSFR3M + 2.312%), 07/15/2029		4,424,427	0.3

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
600,000 (1)(2)	Octagon Investment Partners 33 Ltd. 2017-1A B, 7.438%, (TSFR3M + 2.112%), 01/20/2031	$	584,783	0.0
4,500,000 (1)(2)	Octagon Investment Partners XIV Ltd. 2012-1A BRR, 7.670%, (TSFR3M + 2.362%), 07/15/2029		4,442,778	0.3
1,500,000 (1)(2)	OHA Credit Funding 9 Ltd. 2021-9A C, 7.482%, (TSFR3M + 2.162%), 07/19/2035		1,490,740	0.1
5,000,000 (1)(2)	Palmer Square CLO Ltd. 2020-3A CR, 8.576%, (TSFR3M + 3.212%), 11/15/2031		4,955,900	0.3
4,250,000 (1)(2)	Palmer Square Loan Funding Ltd. 2021-2A C, 8.041%, (TSFR3M + 2.662%), 05/20/2029		4,168,795	0.3
105,977 (1)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.521%, 01/25/2036		103,421	0.0
2,370,375 (2)	Primrose Funding LLC 2019-1A A2, 4.475%, 07/30/2049		2,206,572	0.1
1,710,000 (1)(2)	Rad CLO 1 Ltd. 2018-1A CR, 7.320%, (TSFR3M + 2.012%), 07/15/2031		1,696,060	0.1
1,600,000 (1)(2)	Rad CLO 10 Ltd. 2021-10A C, 7.357%, (TSFR3M + 2.012%), 04/23/2034		1,547,992	0.1
1,100,000 (1)(2)	Recette Clo Ltd. 2015-1A CRR, 7.338%, (TSFR3M + 2.012%), 04/20/2034		1,063,389	0.1
2,050,000 (1)(2)	Rockland Park CLO Ltd. 2021-1A C, 7.488%, (TSFR3M + 2.162%), 04/20/2034		2,007,014	0.1
3,270,000 (1)(2)	Shackleton CLO Ltd. 2019-15A CR, 7.720%, (TSFR3M + 2.412%), 01/15/2032		3,177,714	0.2
977,192 (2)	SoFi Consumer Loan Program Trust 2023-1S A, 5.810%, 05/15/2031		974,986	0.1
1,889,875 (2)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050		1,718,260	0.1
824,784 (2)	Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048		751,526	0.0

See Accompanying Notes to Financial Statements

176

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
3,080,094 (2)	Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048	$	2,686,749	0.2
1,370,703 (2)	Sunnova Helios XI Issuer LLC 2023-A B, 5.600%, 05/20/2050		1,275,716	0.1
4,590,663 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055		3,860,357	0.3
1,774,338 (2)	Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049		1,624,752	0.1
3,436,151 (2)	Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055		2,991,560	0.2
5,511,695 (2)	Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057		4,806,023	0.3
1,047,750 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048		987,153	0.1
1,000,000 (1)(2)	TCI-Flatiron Clo Ltd. 2017-1A C, 7.488%, (TSFR3M + 2.112%), 11/18/2030		998,783	0.1
2,250,000 (1)(2)	TCI-Flatiron Clo Ltd. 2018-1A CR, 7.381%, (TSFR3M + 2.012%), 01/29/2032		2,208,969	0.1
3,100,000 (1)(2)	TCW CLO Ltd. 2021-1A C, 7.488%, (TSFR3M + 2.162%), 03/18/2034		3,012,549	0.2
1,500,000 (1)(2)	Upland CLO Ltd. 2016-1A BR, 7.438%, (TSFR3M + 2.112%), 04/20/2031		1,459,902	0.1
1,310,733 (2)	Upstart Securitization Trust 2023-1 A, 6.590%, 02/20/2033		1,308,417	0.1
1,220,538 (2)	Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048		1,096,717	0.1
3,068,500 (2)	Wendy's Funding LLC 2019-1A A2I, 3.783%, 06/15/2049		2,853,033	0.2
2,000,000 (1)(2)	Wind River CLO Ltd. 2014-1A CRR, 7.522%, (TSFR3M + 2.212%), 07/18/2031		1,978,132	0.1
			207,856,179	13.5
	Student Loan Asset-Backed Securities: 1.4%
63,570 (2)	Commonbond Student Loan Trust-GS 2018-CGS C, 4.350%, 02/25/2046		52,358	0.0
213,861 (2)	ELFI Graduate Loan Program LLC 2018-A B, 4.000%, 08/25/2042		188,957	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
563,699 (1)(2)	ELFI Graduate Loan Program LLC 2019-A B, 2.940%, 03/25/2044	$	446,179	0.0
1,092,294 (2)	Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043		1,022,206	0.1
3,445,889 (2)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068		3,163,188	0.2
4,000,000 (2)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045		3,367,388	0.2
1,000,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041		916,452	0.1
1,000,000 (1)(2)	Sofi Professional Loan Program LLC 2017-C C, 4.210%, 07/25/2040		870,080	0.0
2,000,000 (2)	Sofi Professional Loan Program LLC 2019-B BFX, 3.730%, 08/17/2048		1,692,027	0.1
3,000,000 (2)	Sofi Professional Loan Program LLC 2019-C BFX, 3.050%, 11/16/2048		2,434,331	0.2
2,004,195 (1)(2)	SoFi Professional Loan Program LLC 2017-A B, 3.440%, 03/26/2040		1,917,454	0.1
1,000,000 (1)(2)	SoFi Professional Loan Program LLC 2017-A C, 4.430%, 03/26/2040		909,135	0.1
1,000,000 (2)	SoFi Professional Loan Program LLC 2017-E C, 4.160%, 11/26/2040		896,829	0.1
1,000,000 (2)	Sofi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048		878,367	0.0
4,400,000 (2)	SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046		3,301,605	0.2
			22,056,556	1.4
	Total Asset-Backed Securities (Cost $260,188,023)		245,593,855	15.9
BANK LOANS: 8.5%
	Aerospace & Defense: 0.1%
150,000	Barnes Group Inc, Term Loan B, 8.882%, (US0006M+3.000%), 09/03/2030		150,402	0.0

See Accompanying Notes to Financial Statements

177

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Aerospace & Defense: (continued)
139,650	Dynasty Acquisition Co., Inc., 2023 Term Loan B1, 9.882%, (US0006M+4.000%), 08/24/2028	$	139,598	0.0
59,850	Dynasty Acquisition Co., Inc., 2023 Term Loan B2, 9.882%, (US0006M+4.000%), 08/24/2028		59,828	0.0
1,234,268	Peraton Corp., Term Loan B, 8.953%, (US0006M+3.750%), 02/01/2028		1,232,597	0.1
			1,582,425	0.1
	Air Transport: 0.2%
246,875	Air Canada, 2021 Term Loan B, 9.382%, (US0006M+3.500%), 08/11/2028		247,404	0.0
777,518	LaserShip, Inc., 2021 Term Loan, 9.693%, (US0006M+4.500%), 05/08/2028		726,332	0.1
1,175,803	United Airlines, Inc., 2021 Term Loan B, 9.292%, (US0006M+3.750%), 04/21/2028		1,183,419	0.1
462,650	Worldwide Express Operations, LLC, 2021 1st Lien Term Loan, 9.504%, (TSFR3M+4.000%), 07/26/2028		456,096	0.0
170,000	Worldwide Express Operations, LLC, 2021 2nd Lien Term Loan, 12.504%, (TSFR3M+7.000%), 07/26/2029		144,925	0.0
			2,758,176	0.2
	Auto Components: 0.1%
650,000	American Axle and Manufacturing, Inc., 2022 Term Loan B, 9.382%, (US0006M+3.500%), 12/13/2029		647,969	0.1
524,379	Holley Purchaser, Inc., 2021 Term Loan, 9.184%, (US0006M+3.750%), 11/17/2028		507,533	0.0
322,575	RC Buyer, Inc., 2021 Term Loan, 9.004%, (US0006M+3.500%), 07/28/2028		313,704	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Auto Components: (continued)
298,310	RealTruck Group, Inc., 2021 Term Loan B, 8.967%, (US0006M+3.750%), 01/31/2028	$	285,756	0.0
			1,754,962	0.1
	Automotive: 0.1%
396,947	Belron Finance US LLC, 2021 USD Term Loan B, 7.800%, (US0006M+2.425%), 04/13/2028		396,760	0.0
489,848	Bombardier Recreational Products, Inc., 2020 Term Loan, 7.203%, (US0006M+2.000%), 05/24/2027		487,297	0.1
344,951	IXS Holdings, Inc., 2020 Term Loan B, 9.479%, (US0006M+4.250%), 03/05/2027		284,369	0.0
326,417	MajorDrive Holdings IV LLC, Term Loan B, 9.500%, (US0006M+4.000%), 06/01/2028		323,969	0.0
218,217	Wand NewCo 3, Inc., 2020 Term Loan, 7.413%, (US0006M+2.750%), 02/05/2026		218,135	0.0
			1,710,530	0.1
	Basic Materials: 0.2%
200,000	Arsenal AIC Parent LLC, Term Loan, 10.382%, (US0006M+4.500%), 08/18/2030		199,950	0.0
498,750	INEOS Quattro Holdings UK Ltd, 2023 USD Term Loan, 9.632%, (US0006M+3.750%), 03/14/2030		498,127	0.0
708,225	Ineos US Finance LLC, 2023 USD Term Loan B, 8.753%, (US0006M+3.500%), 02/18/2030		704,684	0.1
643,500	IRIS Holdings Inc., Term Loan, 9.895%, (US0006M+4.750%), 06/15/2028		601,472	0.1
603,488	Starfruit Finco B.V, 2023 Term Loan B, 8.990%, (US0006M+4.000%), 04/03/2028		597,075	0.0

See Accompanying Notes to Financial Statements

178

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Basic Materials: (continued)
375,089	U.S. Silica Company, 2023 Term Loan B, 9.953%, (US0006M+4.750%), 03/16/2030	$	376,361	0.0
			2,977,669	0.2
	Building & Development: 0.1%
498,721	Cornerstone Building Brands, Inc., 2021 Term Loan B, 9.132%, (US0006M+3.250%), 04/12/2028		486,721	0.0
249,362	LBM Acquisition LLC, Term Loan B, 9.632%, (US0006M+3.750%), 12/17/2027		244,148	0.0
739,921	LHS Borrower, LLC, 2022 Term Loan B, 9.953%, (US0006M+4.750%), 02/16/2029		677,953	0.1
444,218	Standard Industries Inc., 2021 Term Loan B, 7.692%, (US0006M+2.500%), 09/22/2028		444,858	0.0
249,361	Wilsonart LLC, 2021 Term Loan E, 9.132%, (US0006M+3.250%), 12/31/2026		249,018	0.0
			2,102,698	0.1
	Business Equipment & Services: 0.1%
471,588	Ensono, LP, 2021 Term Loan, 9.288%, (US0006M+4.000%), 05/26/2028		455,745	0.0
750,000	Garda World Security Corporation, 2021 Term Loan B, 9.427%, (US0006M+4.250%), 10/30/2026		751,219	0.0
813,850	Open Text Corporation, 2023 Term Loan B, 8.632%, (US0006M+2.750%), 01/31/2030		814,613	0.1
1,249	West Corporation, 2023 Term Loan B3, 9.882%, (US0006M+4.000%), 10/10/2024		1,196	0.0
			2,022,773	0.1
	Chemicals & Plastics: 0.2%
535,599	Charter NEX US, Inc., 2021 Term Loan, 8.967%, (US0006M+3.750%), 12/01/2027		531,344	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Chemicals & Plastics: (continued)
115,000	CPC Acquisition Corp, Second Lien Term Loan, 13.254%, (US0006M+7.750%), 12/29/2028	$	61,525	0.0
200,000	CPC Acquisition Corp, Term Loan, 9.254%, (US0006M+3.750%), 12/29/2027		166,000	0.0
99,746	GEON Performance Solutions, LLC, 2021 Term Loan, 10.382%, (US0006M+4.500%), 08/18/2028		98,748	0.0
418,006	Ineos US Finance LLC, 2021 USD Term Loan B, 7.584%, (US0006M+2.500%), 11/08/2028		414,983	0.0
367,509	Lonza Group AG, USD Term Loan B, 9.267%, (US0006M+3.925%), 07/03/2028		327,083	0.0
693,806	LSF11 A5 Holdco LLC, Term Loan, 8.717%, (US0006M+3.500%), 10/15/2028		677,328	0.1
149,619	Olympus Water US Holding Corporation, 2021 USD Term Loan B, 9.632%, (US0006M+3.750%), 11/09/2028		147,956	0.0
458,768	PQ Corporation, 2021 Term Loan B, 7.645%, (US0006M+2.500%), 06/09/2028		457,836	0.0
149,619	Sparta U.S. HoldCo LLC, 2021 Term Loan, 9.132%, (US0006M+3.250%), 08/02/2028		149,114	0.0
300,000	Tronox Finance LLC, 2021 Term Loan B, 7.443%, (US0006M+2.500%), 09/22/2024		295,250	0.0
			3,327,167	0.2
	Clothing/Textiles: 0.0%
264,338	Samsonite International S.A., 2023 Term Loan, 7.826%, (US0006M+2.750%), 06/21/2030		265,108	0.0

See Accompanying Notes to Financial Statements

179

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Commodities: 0.3%
488,550	American Builders & Contractors Supply Co., Inc., 2019 Term Loan, 7.203%, (US0006M+2.000%), 01/15/2027	$	488,677	0.0
586,009	Core & Main LP, 2021 Term Loan B, 7.686%, (US0006M+2.500%), 08/01/2024		586,814	0.1
427,924	Foundation Building Materials Holding Company LLC, 2021 Term Loan, 8.523%, (US0006M+3.250%), 01/31/2028		424,358	0.0
695,000	Setanta Aircraft Leasing Designated Activity Compa, Term Loan B, 7.538%, (US0006M+2.000%), 11/05/2028		695,760	0.1
432,781	Specialty Building Products Holdings, LLC, 2021 Term Loan B, 8.443%, (US0006M+3.750%), 10/15/2028		428,453	0.0
250,000	SRS Distribution Inc., 2021 Term Loan B, 9.382%, (US0006M+3.500%), 06/04/2028		247,969	0.0
792,543	White Cap Buyer LLC, Term Loan B, 8.853%, (US0006M+3.750%), 10/19/2027		792,093	0.1
175,000	Windsor Holdings III, LLC, USD Term Loan B, 9.580%, (TSFR1M+4.500%), 08/01/2030		174,417	0.0
324,458	Yak Access, LLC, 2023 Term Loan, 11.815%, (TSFR3M+6.400%), 03/10/2028		288,768	0.0
			4,127,309	0.3
	Communications: 0.2%
373,956	AP Core Holdings II, LLC, Amortization Term Loan B1, 10.693%, (US0006M+5.500%), 09/01/2027		364,139	0.0
843,411	Charter Communications Operating, LLC, 2019 Term Loan B2, 6.795%, (US0006M+1.750%), 02/01/2027		843,459	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Communications: (continued)
302,265	CommScope, Inc., 2019 Term Loan B, 8.443%, (US0006M+3.250%), 04/04/2026	$	276,824	0.0
449,313	Crown Subsea Communications Holding,Inc., 2023 Incremental Term Loan, 10.525%, (US0006M+5.250%), 04/27/2027		451,419	0.0
210,220	Global Tel*Link Corporation, 2018 1st Lien Term Loan, 9.453%, (US0006M+4.250%), 05/21/2020		204,589	0.0
397,005	Go Daddy Operating Company, LLC, 2022 Term Loan B5, 8.103%, (US0006M+2.500%), 11/09/2029		397,811	0.0
250,000	I-Logic Technologies Bidco Limited, 2021 USD Term Loan B, 9.882%, (US0006M+4.000%), 02/16/2028		247,250	0.0
491,288	Uber Technologies, Inc., 2023 Term Loan B, 8.014%, (US0006M+2.750%), 03/04/2030		491,779	0.1
			3,277,270	0.2
	Consumer, Cyclical: 0.2%
364,091	Ascend Learning, LLC, 2021 Term Loan, 8.584%, (US0006M+3.500%), 12/10/2028		347,707	0.0
363,824	BIFM CA Buyer Inc., Term Loan B, 8.717%, (US0006M+3.500%), 06/01/2026		363,596	0.0
519,902	Cengage Learning, Inc., 2021 Term Loan B, 9.880%, (US0006M+4.750%), 07/14/2026		518,278	0.0
829,000	Clarios Global LP, 2023 Incremental Term Loan, 8.853%, (US0006M+3.750%), 05/04/2030		829,104	0.1
421,814	GVC Holdings (Gibraltar) Limited, 2022 Term Loan B, 8.437%, (US0006M+3.500%), 10/31/2029		422,077	0.0

See Accompanying Notes to Financial Statements

180

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Consumer, Cyclical: (continued)
80,000	RealTruck Group, Inc., 2023 Incremental Term Loan, 10.882%, (US0006M+5.000%), 01/31/2028	$	78,400	0.0
702,900	Stars Group Holdings B.V. (The), 2022 USD Term Loan B, 8.489%, (US0006M+3.250%), 07/22/2028		704,086	0.1
			3,263,248	0.2
	Consumer, Non-cyclical: 0.2%
309,197	Bausch & Lomb Corporation, Term Loan, 8.592%, (US0006M+3.250%), 05/10/2027		300,749	0.0
462,675	Covetrus, Inc., Term Loan, 10.242%, (US0006M+5.000%), 10/15/2029		459,205	0.1
64,837	Fugue Finance B.V., 2023 USD Term Loan B, 9.764%, (US0006M+4.000%), 01/25/2028		64,968	0.0
274,313	Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 8.584%, (US0006M+3.500%), 02/08/2028		272,599	0.0
385,000	KUEHG Corp., 2023 Term Loan, 10.239%, (US0006M+5.000%), 06/12/2030		386,155	0.0
423,219	Nielsen Consumer Inc., 2023 USD Fifth Amendment Incremental Term Loan, 12.132%, (US0006M+6.250%), 03/05/2028		405,232	0.0
266,858	Sabre GLBL Inc., 2022 1st Lien Term Loan B, 10.203%, (US0006M+5.000%), 06/30/2028		236,336	0.0
255,000	Spring Education Group, Inc., Term Lan, 9.799%, (TSFR3M+4.500%), 09/25/2030		251,813	0.0
669,938	Sunshine Investments B.V., 2022 USD Term Loan, 9.336%, (US0006M+4.250%), 07/12/2029		670,775	0.1
			3,047,832	0.2

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Containers & Glass Products: 0.3%
331,608	Altium Packaging LLC, 2021 Term Loan B, 7.943%, (US0006M+2.750%), 02/03/2028	$	329,062	0.0
622,125	Clydesdale Acquisition Holdings Inc, Term Loan, 9.378%, (US0006M+4.175%), 04/13/2029		614,438	0.1
170,863	Plastipak Packaging, Inc., 2021 Term Loan B, 7.750%, (US0006M+2.500%), 12/01/2028		171,107	0.0
250,000	Plaze, Inc., 2020 Incremental Term Loan, 9.632%, (US0006M+3.750%), 08/03/2026		242,188	0.0
633,713	Pretium PKG Holdings, Inc., 2021 1st Lien Term Loan, 9.291%, (US0006M+4.000%), 10/02/2028		391,634	0.0
205,000	Pretium PKG Holdings, Inc., 2021 2nd Lien Term Loan, 12.116%, (US0006M+6.750%), 10/01/2029		65,942	0.0
549,553	Pro Mach Group, Inc., 2021 Term Loan B, 9.193%, (US0006M+4.000%), 08/31/2028		550,927	0.1
2,768	Proampac PG Borrower LLC, 2020 Term Loan, 8.977%, (US0006M+3.750%), 11/03/2025		2,757	0.0
290,000	Proampac PG Borrower LLC, 2023 Term Loan, 10.382%, (US0006M+4.500%), 11/03/2028		288,731	0.0
465,136	Reynolds Consumer Products LLC, Term Loan, 6.834%, (US0006M+1.750%), 02/04/2027		465,136	0.1
342,364	Reynolds Group Holdings Inc., 2021 Term Loan B, 8.467%, (US0006M+3.250%), 09/24/2028		342,364	0.0
232,654	TricorBraun Holdings, Inc., 2021 Term Loan, 8.467%, (US0006M+3.250%), 03/03/2028		228,680	0.0

See Accompanying Notes to Financial Statements

181

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Containers & Glass Products: (continued)
361,925	Trident TPI Holdings, Inc., 2021 Term Loan B3, 9.538%, (US0006M+4.000%), 09/15/2028	$	361,218	0.0
			4,054,184	0.3
	Electronics/Electrical: 0.2%
248,741	Altar Bidco, Inc., 2021 Term Loan, 8.142%, (SOFRRATE+3.100%), 02/01/2029		248,274	0.0
378,760	Chamberlain Group Inc, Term Loan B, 8.453%, (US0006M+3.250%), 11/03/2028		373,828	0.0
199,621	Creation Technologies Inc., 2021 Term Loan, 10.723%, (US0006M+5.500%), 10/05/2028		189,640	0.0
160,000	DG Investment Intermediate Holdings 2, Inc., 2021 2nd Lien Term Loan, 11.967%, (US0006M+6.750%), 03/30/2029		142,150	0.0
446,932	DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 8.967%, (US0006M+3.750%), 03/31/2028		440,899	0.0
334,779	II-VI Incorporated, 2021 Term Loan B, 7.967%, (US0006M+2.750%), 06/29/2029		334,988	0.0
489,394	Illuminate Merger Sub Corp., Term Loan, 8.476%, (US0006M+3.000%), 07/21/2028		481,564	0.1
789,973	Ingram Micro Inc., 2021 Term Loan B, 9.044%, (US0006M+3.000%), 06/30/2028		791,807	0.1
200,000	NAVEX TopCo, Inc., 2018 1st Lien Term Loan, 9.132%, (US0006M+3.250%), 09/05/2025		199,950	0.0
99,451	Project Boost Purchaser, LLC, 2019 Term Loan B, 9.382%, (US0006M+3.500%), 05/30/2026		99,444	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Electronics/Electrical: (continued)
149,615	Weld North Education, LLC, 2021 Term Loan B, 9.632%, (US0006M+3.750%), 12/21/2027	$	147,122	0.0
			3,449,666	0.2
	Energy: 0.1%
402,975	Brazos Delaware II, LLC, 2023 Term Loan B, 8.896%, (US0006M+3.750%), 02/11/2030		401,632	0.0
622,695	Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, 8.539%, (US0006M+3.250%), 10/05/2028		623,707	0.1
288,890	Profrac Services, LLC, 2022 Term Loan, 12.410%, (US0006M+7.250%), 03/04/2025		289,973	0.0
			1,315,312	0.1
	Equipment Leasing: 0.0%
79,663	Rent-A-Center, Inc., 2021 First Lien Term Loan B, 8.563%, (US0006M+3.250%), 02/17/2028		79,601	0.0
	Financial: 0.5%
232,616	AmWINS Group, Inc., 2023 Incremental Term Loan B, 7.834%, (US0006M+2.750%), 02/19/2028		232,865	0.0
290,000	AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 11.688%, (US0006M+6.500%), 08/02/2029		276,950	0.0
515,991	AqGen Island Holdings, Inc., Term Loan, 8.693%, (US0006M+3.500%), 08/02/2028		512,444	0.0
384,898	Aretec Group, Inc., 2018 Term Loan, 9.334%, (US0006M+4.250%), 10/01/2025		385,319	0.0
558,600	Castlelake Aviation Limited, Term Loan B, 8.302%, (US0006M+2.750%), 10/22/2026		558,644	0.1

See Accompanying Notes to Financial Statements

182

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Financial: (continued)
681,496	Citadel Securities LP, 2023 Term Loan B, 8.382%, (US0006M+2.500%), 07/28/2030	$	680,963	0.1
255,000	Cushman & Wakefield U.S. Borrower, LLC, 2023 Term Loan B, 9.882%, (US0006M+4.000%), 01/31/2030		253,406	0.0
935,022	Edelman Financial Center, LLC, 2021 Term Loan B, 8.943%, (US0006M+3.500%), 05/23/2025		927,015	0.1
132,361	Focus Financial Partners, LLC, 2021 Term Loan, 7.603%, (US0006M+2.500%), 06/30/2028		132,149	0.0
170,000	Focus Financial Partners, LLC, 2023 Term Loan B6, 8.580%, (US0006M+3.500%), 06/30/2028		170,106	0.0
300,000	GTCR W Merger Sub LLC, USD Term Loan B, 8.299%, (TSFR3M+3.000%), 09/20/2030		300,118	0.0
254,732	HighTower Holdings LLC, 2021 Term Loan B, 9.150%, (US0006M+4.000%), 04/21/2028		254,095	0.0
992,500	HUB International Limited, 2022 Term Loan B, 9.072%, (US0006M+4.000%), 11/10/2029		995,153	0.1
289,275	IMA Financial Group, Inc., 2023 Incremental Term Loan, 9.439%, (US0006M+4.250%), 11/01/2028		288,371	0.0
561,998	Jane Street Group, LLC, 2021 Term Loan, 7.967%, (US0006M+2.750%), 01/26/2028		561,178	0.1
208,950	RHP Hotel Properties, LP, 2023 Term Loan B, 7.853%, (US0006M+2.750%), 05/20/2030		209,760	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Financial: (continued)
496,241	USI, Inc., 2022 Incremental Term Loan, 8.992%, (US0006M+3.750%), 11/22/2029	$	496,628	0.0
368,750	VFH Parent LLC, 2022 Term Loan B, 8.189%, (US0006M+3.000%), 01/13/2029		366,906	0.0
228,850	Walker & Dunlop, Inc., 2023 Incremental Term Loan B, 8.203%, (US0006M+3.000%), 12/18/2028		229,708	0.0
			7,831,778	0.5
	Financial Intermediaries: 0.0%
767,651	Advisor Group, Inc., 2023 Term Loan B, 10.382%, (US0006M+4.500%), 08/17/2028		768,930	0.0
	Food Products: 0.2%
482,278	8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 8.967%, (US0006M+3.750%), 10/01/2025		462,586	0.0
676,200	8th Avenue Food & Provisions, Inc., 2021 Incremental Term Loan, 9.834%, (US0006M+4.750%), 10/01/2025		650,842	0.1
285,000	BCPE North Star US HoldCo 2, Inc., 2021 2nd Lien Term Loan, 12.788%, (US0006M+7.250%), 06/10/2029		233,344	0.0
74,809	BCPE North Star US HoldCo 2, Inc., Term Loan, 9.882%, (US0006M+4.000%), 06/09/2028		67,515	0.0
153,246	CHG PPC Parent LLC, 2021 Term Loan, 8.239%, (US0006M+3.000%), 12/08/2028		152,576	0.0
401,853	IRB Holding Corp, 2022 Term Loan B, 8.203%, (US0006M+3.000%), 12/15/2027		400,792	0.0

See Accompanying Notes to Financial Statements

183

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Food Products: (continued)
469,063	Primary Products Finance LLC, Term Loan, 9.040%, (US0006M+4.000%), 04/02/2029	$	468,293	0.1
			2,435,948	0.2
	Food/Drug Retailers: 0.0%
657,609	US Foods, Inc., 2019 Term Loan B, 7.193%, (US0006M+2.000%), 09/13/2026		658,549	0.0
	Health Care: 0.7%
248,866	Accelerated Health Systems, LLC, 2022 Term Loan B, 9.642%, (US0006M+4.250%), 02/15/2029		209,545	0.0
609,142	Amneal Pharmaceuticals LLC, 2018 Term Loan B, 8.584%, (US0006M+3.500%), 05/04/2025		599,815	0.0
749,588	Athenahealth Group, Inc., 2022 Term Loan, 8.589%, (US0006M+3.250%), 02/15/2029		737,095	0.1
715,400	CHG Healthcare Services Inc., 2021 Term Loan, 8.443%, (US0006M+3.250%), 09/30/2028		713,164	0.1
149,620	Embecta Corp, Term Loan B, 8.882%, (US0006M+3.000%), 03/30/2029		146,890	0.0
290,693	Gloves Buyer, Inc., 2021 Term Loan, 9.217%, (US0006M+4.000%), 12/29/2027		282,699	0.0
432,353	Hunter Holdco 3 Limited, USD Term Loan B, 9.592%, (US0006M+4.250%), 08/19/2028		431,993	0.0
262,642	ICON Luxembourg S.A.R.L., LUX Term Loan, 7.754%, (US0006M+2.250%), 07/03/2028		262,861	0.0
988,372	Jazz Financing Lux S.a.r.l., USD Term Loan, 8.864%, (US0006M+3.500%), 05/05/2028		989,127	0.1

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Health Care: (continued)
542,186	Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 8.614%, (US0006M+3.250%), 11/01/2028	$	526,191	0.0
1,041,613	Medline Borrower, LP, USD Term Loan B, 8.353%, (US0006M+3.250%), 10/21/2028		1,040,311	0.1
249,364	MPH Acquisition Holdings LLC, 2021 Term Loan B, 10.132%, (US0006M+4.250%), 09/01/2028		234,714	0.0
150,000	National Mentor Holdings, Inc., 2021 2nd Lien Term Loan, 12.592%, (US0006M+7.250%), 03/02/2029		105,000	0.0
542,279	National Mentor Holdings, Inc., 2021 Term Loan, 8.981%, (US0006M+3.750%), 03/02/2028		489,633	0.0
23,743	National Mentor Holdings, Inc., 2021 Term Loan C, 9.092%, (US0006M+3.750%), 03/02/2028		21,438	0.0
250,000	Pacific Dental Services, LLC, 2021 Term Loan, 8.704%, (US0006M+3.500%), 05/05/2028		249,844	0.0
65,437	PRA Health Sciences, Inc., US Term Loan, 7.754%, (US0006M+2.250%), 07/03/2028		65,492	0.0
200,000	Press Ganey Holdings, Inc., 2022 Incremental Term Loan, 9.632%, (US0006M+3.750%), 07/24/2026		193,625	0.0
498,750	Select Medical Corporation, 2023 Term Loan B1, 8.882%, (US0006M+3.000%), 03/06/2027		498,905	0.0
635,000	Sotera Health Holdings, LLC, 2021 Term Loan, 8.023%, (US0006M+2.750%), 12/11/2026		633,710	0.1

See Accompanying Notes to Financial Statements

184

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Health Care: (continued)
195,000	Star Parent, Inc., 2023 Term Loan B, 9.882%, (US0006M+4.000%), 09/19/2030	$	190,913	0.0
732,544	Surgery Center Holdings, Inc., 2021 Term Loan, 8.896%, (US0006M+3.750%), 08/31/2024		733,962	0.1
715,627	Verscend Holding Corp., 2021 Term Loan B, 9.217%, (US0006M+4.000%), 08/27/2025		716,801	0.1
			10,073,728	0.7
	Home Furnishings: 0.1%
652,897	APX Group, Inc., 2021 Term Loan B, 8.461%, (US0006M+3.250%), 07/10/2028		653,668	0.1
243,873	Restoration Hardware, Inc., Term Loan B, 7.693%, (US0006M+2.500%), 10/20/2028		234,820	0.0
259,939	Weber-Stephen Products LLC, Term Loan B, 8.467%, (US0006M+3.250%), 10/30/2027		236,104	0.0
			1,124,592	0.1
	Industrial: 0.7%
257,889	ADS Tactical, Inc., 2021 Term Loan B, 10.943%, (US0006M+5.750%), 03/19/2026		253,375	0.0
206,908	AlixPartners, LLP, 2021 USD Term Loan B, 7.717%, (US0006M+2.750%), 02/04/2028		207,009	0.0
764,400	Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.953%, (US0006M+3.750%), 05/14/2028		739,947	0.1
518,443	Amentum Government Services Holdings LLC, 2022 Term Loan, 9.147%, (US0006M+4.000%), 02/15/2029		512,610	0.1
149,625	Aramark Services, Inc., 2023 Term Loan B6, 7.717%, (US0006M+2.500%), 06/22/2030		149,563	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Industrial: (continued)
433,677	Belfor Holdings Inc., Term Loan B, 9.192%, (US0006M+4.000%), 04/04/2026	$	434,490	0.0
820,363	Berry Global, Inc., 2021 Term Loan Z, 6.972%, (US0006M+1.750%), 07/01/2026		821,260	0.1
388,050	Chart Industries, Inc., 2023 Term Loan B, 8.941%, (US0006M+3.750%), 03/17/2030		389,021	0.0
249,356	Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 9.632%, (US0006M+3.750%), 04/09/2027		244,161	0.0
258,807	Emrld Borrower LP, Term Loan B, 8.264%, (US0006M+3.000%), 05/31/2030		258,767	0.0
366	Foley Products Company, LLC, 2021 Term Loan, 10.142%, (US0006M+4.750%), 12/29/2028		366	0.0
226,305	Garda World Security Corporation, 2022 Term Loan B, 9.327%, (US0006M+4.250%), 02/01/2029		226,527	0.0
184,075	LSF11 Trinity Bidco, Inc., Term Loan, 9.647%, (US0006M+4.500%), 06/14/2030		184,075	0.0
200,000	NCR Atleos LLC, Term Loan B, 10.632%, (US0006M+4.750%), 03/27/2029		192,875	0.0
75,000	Pre-Paid Legal Services, Inc., 2021 2nd Lien Term Loan, 12.193%, (US0006M+7.000%), 12/14/2029		68,813	0.0
348,194	Pre-Paid Legal Services, Inc., 2021 Term Loan, 8.943%, (US0006M+3.500%), 12/15/2028		345,328	0.0
974,692	Prime Security Services Borrower, LLC, 2021 Term Loan, 7.943%, (US0006M+2.750%), 09/23/2026		974,581	0.1

See Accompanying Notes to Financial Statements

185

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Industrial: (continued)
156,335	Project Castle, Inc., Term Loan B, 10.412%, (US0006M+5.500%), 06/01/2029	$	139,139	0.0
496,222	Quikrete Holdings, Inc., 2021 Term Loan B1, 8.217%, (US0006M+2.750%), 03/18/2029		497,307	0.1
254,327	Rockwood Service Corporation, 2020 Term Loan, 9.882%, (US0006M+4.000%), 01/23/2027		255,535	0.0
444,314	Smyrna Ready Mix Concrete, LLC, Term Loan B, 9.337%, (US0006M+4.250%), 04/02/2029		445,980	0.0
378,648	St. George Warehousing & Trucking Co. of Californi, 2022 Term Loan, 11.392%, (US0006M+6.000%), 03/24/2028		346,463	0.0
487,006	Trans Union, LLC, 2019 Term Loan B5, 6.953%, (US0006M+1.750%), 11/16/2026		487,031	0.0
1,033,170	Trans Union, LLC, 2021 Term Loan B6, 7.467%, (US0006M+2.250%), 12/01/2028		1,034,362	0.1
744,375	TransDigm, Inc., 2022 Term Loan H, 8.492%, (US0006M+3.250%), 02/22/2027		746,060	0.1
265,900	Tutor Perini Corporation, Term Loan B, 10.254%, (US0006M+4.750%), 08/18/2027		254,599	0.0
150,000	VT Topco, Inc., 2023 Term Loan B, 10.132%, (US0006M+4.250%), 08/10/2030		150,063	0.0
			10,359,307	0.7
	Industrial Equipment: 0.3%
284,925	Albion Financing 3 SARL, USD Term Loan, 10.523%, (US0006M+5.250%), 08/17/2026		285,756	0.0
464,435	Alliance Laundry Systems LLC, Term Loan B, 8.559%, (US0006M+3.500%), 10/08/2027		464,855	0.0

				Percentage
Principal				of Net
Amount†		Value		Assets
BANK LOANS: (continued)
	Industrial Equipment: (continued)
480,459	American Trailer World Corp., Term Loan B, 8.855%, (US0006M+3.750%), 03/03/2028	$	462,842	0.0
199,523	ASP Blade Holdings, Inc, Initial Term Loan, 9.882%, (US0006M+4.000%), 10/13/2028		176,827	0.0
519,400	Conair Holdings, LLC, Term Loan B, 9.288%, (US0006M+3.750%), 05/17/2028		497,975	0.1
412,925	Filtration Group Corporation, 2023 USD Term Loan, 9.326%, (US0006M+4.250%), 10/21/2028		413,570	0.0
510,571	Gates Global LLC, 2021 Term Loan B3, 7.703%, (US0006M+2.500%), 03/31/2027		510,012	0.1
150,000	LSF12 Badger Bidco LLC, Term Loan B, 11.882%, (US0006M+6.000%), 09/02/2030		149,813	0.0
492,177	Titan Acquisition Limited, 2018 Term Loan B, 8.731%, (US0006M+3.000%), 03/28/2025		488,527	0.0
652,223	Vertical US Newco Inc, Term Loan B, 8.602%, (US0006M+3.500%), 07/30/2027		651,543	0.1
			4,101,720	0.3
	Insurance: 0.4%
541,801	Acrisure, LLC, 2020 Term Loan B, 8.693%, (US0006M+3.500%), 11/22/2023		535,283	0.1
455,313	Acrisure, LLC, 2021 First Lien Term Loan B, 9.428%, (US0006M+4.250%), 02/15/2027		455,028	0.0
488,437	Alliant Holdings Intermediate, LLC, 2021 Term Loan B4, 8.650%, (US0006M+3.500%), 11/05/2027		488,160	0.0
344,365	AssuredPartners, Inc., 2020 Term Loan B, 8.717%, (US0006M+3.500%), 02/13/2027		344,211	0.0

See Accompanying Notes to Financial Statements

186

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Insurance: (continued)
226,126	AssuredPartners, Inc., 2021 Term Loan B, 8.584%, (US0006M+3.500%), 02/12/2027	$	225,891	0.0
379,225	AssuredPartners, Inc., 2022 Term Loan, 8.603%, (US0006M+3.500%), 02/13/2027	378,830		0.0
489,768	Broadstreet Partners, Inc., 2020 Term Loan B, 7.943%, (US0006M+3.000%), 01/27/2027	488,106		0.0
388,861	NFP Corp., 2020 Term Loan, 8.467%, (US0006M+3.250%), 01/08/2024	384,688		0.0
564,964	OneDigital Borrower LLC, 2021 Term Loan, 9.453%, (US0006M+4.250%), 11/16/2027	565,317		0.1
497,787	Ryan Specialty Group, LLC, Term Loan, 8.882%, (US0006M+3.000%), 09/01/2027	498,772		0.1
805,935	Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 8.853%, (US0006M+3.750%), 02/24/2028	805,054		0.1
101,333	USI, Inc., 2023 Acquisition Term Loan, 9.132%, (US0006M+3.250%), 09/29/2030	101,291		0.0
202,667	USI, Inc., 2023 Refi Term Loan, 9.132%, (US0006M+3.250%), 09/29/2030	202,920		0.0
		5,473,551		0.4
	Leisure Good/Activities/Movies: 0.2%
389,302	24 Hour Fitness Worldwide, Inc., 2021 Delayed Draw Term Loan, 14.476%, (US0006M+9.000%), 08/26/2024	330,907		0.0
414,951	24 Hour Fitness Worldwide, Inc., 2021 Exit Delayed Draw Term Loan, 17.655%, (US0006M+14.000%), 09/29/2026	217,849		0.0

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Leisure Good/Activities/Movies: (continued)
1,072,746	Alterra Mountain Company, 2021 Series B-2 Consenting Term Loan, 8.693%, (US0006M+3.500%), 08/17/2028	$	1,075,428	0.1
203,975	Cinemark USA, Inc., 2023 Term Loan B, 8.834%, (US0006M+3.750%), 05/24/2030	204,145		0.0
125,234	Fender Musical Instruments Corporation, 2021 Term Loan B, 9.882%, (US0006M+4.000%), 12/01/2028	122,416		0.0
560,265	Hayward Industries, Inc., 2021 Term Loan, 7.967%, (US0006M+2.750%), 05/30/2028	556,588		0.1
489,975	Playtika Holding Corp, 2021 Term Loan, 7.943%, (US0006M+2.750%), 03/11/2028	490,067		0.0
370,000	Renaissance Holding Corp., 2023 Refi Term Loan, 9.834%, (US0006M+4.750%), 04/09/2021	367,611		0.0
		3,365,011		0.2
	Lodging & Casinos: 0.3%
500,000	1011778 B.C. Unlimited Liability Company, 2023 Term Loan B5, 8.132%, (US0006M+2.250%), 09/12/2030	499,115		0.0
712,770	Ballys Corporation, 2021 Term Loan B, 8.396%, (US0006M+3.250%), 10/02/2028	700,126		0.1
149,620	Century Casinos, Inc, 2022 Term Loan, 11.882%, (US0006M+6.000%), 04/02/2029	146,254		0.0
641,484	Fertitta Entertainment, LLC, 2022 Term Loan B, 9.103%, (US0006M+4.000%), 01/27/2029	636,236		0.0
478,660	Flynn Restaurant Group LP, 2021 Term Loan B, 9.467%, (US0006M+4.250%), 12/01/2028	477,413		0.0

See Accompanying Notes to Financial Statements

187

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Lodging & Casinos: (continued)
255,000	Golden Entertainment, Inc., 2023 Term Loan B, 7.939%, (US0006M+2.750%), 05/28/2030	$	255,000	0.0
732,525	Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 8.239%, (US0006M+3.000%), 08/02/2028	733,784		0.1
409,606	Scientific Games Holdings LP, 2022 USD Term Loan B, 8.421%, (US0006M+3.500%), 04/04/2029	407,757		0.0
691,250	Scientific Games International, Inc., 2022 USD Term Loan, 8.248%, (US0006M+3.000%), 04/14/2029	691,682		0.1
488,494	Station Casinos LLC, 2020 Term Loan B, 7.450%, (US0006M+2.250%), 02/08/2027	488,216		0.0
99,746	Whatabrands LLC, 2021 Term Loan B, 8.882%, (US0006M+3.000%), 08/03/2028	99,511		0.0
		5,135,094		0.3
	Mortgage REITs: 0.0%
149,616	Blackstone Mortgage Trust, Inc., 2021 Term Loan B2, 8.632%, (US0006M+2.750%), 04/23/2026	147,746		0.0
	Oil & Gas: 0.1%
155,000	GIP Pilot Acquisition Partners LP, Term Loan, 8.882%, (US0006M+3.000%), 09/18/2030	154,806		0.0
204,480	Medallion Midland Acquisition, LLC, 2021 Term Loan, 9.632%, (US0006M+3.750%), 10/18/2028	205,042		0.0
548,344	TransMontaigne Operating Company L.P., Term Loan B, 8.698%, (US0006M+3.500%), 11/17/2028	546,973		0.0

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Oil & Gas: (continued)
598,184	Traverse Midstream Partners LLC, 2017 Term Loan, 8.937%, (US0006M+3.750%), 02/16/2028	$	598,433	0.1
		1,505,254		0.1
	Radio & Television: 0.2%
534,600	ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, 8.703%, (US0006M+3.500%), 12/21/2028	534,457		0.1
248,721	CMG Media Corporation, 2021 Term Loan, 8.842%, (US0006M+3.500%), 12/17/2026	229,445		0.0
2,764,859	Diamond Sports Group, LLC, 2022 2nd Lien Term Loan, 8.330%, (US0006M+5.250%), 08/24/2026	69,122		0.0
892,061	DirecTV Financing, LLC, Term Loan, 10.217%, (US0006M+5.000%), 08/02/2027	872,902		0.1
249,363	Eagle Broadband Investments LLC, Term Loan, 8.882%, (US0006M+3.000%), 11/12/2027	243,804		0.0
498,731	Gray Television, Inc., 2021 Term Loan D, 8.882%, (US0006M+3.000%), 12/01/2028	486,886		0.0
249,370	Houghton Mifflin Harcourt Publishing Company, 2022 Term Loan, 11.132%, (US0006M+5.250%), 04/07/2029	237,058		0.0
202,363	iHeartCommunications, Inc., 2020 Term Loan, 8.217%, (US0006M+3.000%), 05/01/2026	182,397		0.0
215,000	Simon & Schuster Inc, Term Loan B, 9.882%, (US0006M+4.000%), 09/27/2030	213,925		0.0
149,621	Sinclair Television Group Inc., 2022 Term Loan B4, 9.632%, (US0006M+3.750%), 04/21/2029	104,992		0.0

See Accompanying Notes to Financial Statements

188

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Radio & Television: (continued)
33,245	Sinclair Television Group Inc., Term Loan B2B, 8.382%, (US0006M+2.500%), 09/30/2026	$	28,956	0.0
329,138	WideOpenWest Finance LLC, 2021 Term Loan B, 8.080%, (US0006M+3.000%), 12/20/2028	324,406		0.0
		3,528,350		0.2
	Rail Industries: 0.1%
732,911	Genesee & Wyoming Inc. (New), Term Loan, 7.342%, (US0006M+2.000%), 12/30/2026	733,158		0.1
493,282	Kenan Advantage Group, Inc., 2021 Term Loan B, 9.477%, (US0006M+3.750%), 03/24/2026	492,743		0.0
190,000	XPO Logistics, Inc., 2023 Term Loan B, 7.080%, (TSFR1M+2.000%), 05/24/2028	190,937		0.0
		1,416,838		0.1
	Retailers (Except Food & Drug): 0.4%
607,844	Autokiniton US Holdings, Inc., 2021 Term Loan B, 9.584%, (US0006M+4.500%), 04/06/2028	596,447		0.0
1,012,149	CWGS Group, LLC, 2021 Term Loan B, 7.662%, (US0006M+2.500%), 06/03/2028	955,034		0.1
370,864	Dealer Tire Financial, LLC, Term Loan B2, 9.603%, (US0006M+4.500%), 12/14/2027	372,023		0.0
149,617	Empire Today, LLC, 2021 Term Loan, 10.882%, (US0006M+5.000%), 04/01/2028	122,624		0.0
385,046	Great Outdoors Group, LLC, 2021 Term Loan B1, 8.943%, (US0006M+3.750%), 03/05/2028	384,805		0.0

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Retailers (Except Food & Drug): (continued)
918,898	Harbor Freight Tools USA, Inc., 2021 Term Loan B, 7.967%, (US0006M+2.750%), 10/19/2027	$	913,091	0.1
281,836	Jo-Ann Stores, Inc., 2021 Term Loan B1, 10.018%, (US0006M+4.750%), 07/07/2028	96,529		0.0
191,137	Les Schwab Tire Centers, Term Loan B, 8.443%, (US0006M+3.250%), 11/02/2027	190,659		0.0
427,482	Leslies Poolmart, Inc., 2021 Term Loan B, 7.967%, (US0006M+2.750%), 03/09/2028	421,337		0.0
503,947	Michaels Companies, Inc., 2021 Term Loan B, 9.754%, (US0006M+4.250%), 04/15/2028	461,616		0.0
381,583	Petco Health and Wellness Company, Inc., 2021 Term Loan B, 8.754%, (US0006M+3.250%), 03/03/2028	378,125		0.0
816,213	Pilot Travel Centers LLC, 2021 Term Loan B, 7.203%, (US0006M+2.000%), 08/04/2028	816,213		0.1
223,960	RVR Dealership Holdings, LLC, Term Loan B, 8.971%, (US0006M+3.750%), 02/08/2028	201,704		0.0
1,016,846	Staples, Inc., 7 Year Term Loan, 10.299%, (US0006M+5.000%), 04/12/2026	873,534		0.1
		6,783,741		0.4
	Technology: 1.2%
522,375	Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, 9.742%, (US0006M+4.500%), 09/19/2026	524,497		0.1
792,306	AppLovin Corporation, 2021 Term Loan B, 8.203%, (US0006M+3.100%), 10/25/2028	792,678		0.1

See Accompanying Notes to Financial Statements

189

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Technology: (continued)
330,000	Asurion LLC, 2021 2nd Lien Term Loan B3, 10.453%, (US0006M+5.250%), 02/03/2028	$	297,206	0.0
322,575	Atlas Purchaser, Inc., 2021 Term Loan, 10.385%, (US0006M+5.250%), 05/08/2028	231,125		0.0
842	Avaya, Inc., 2023 Exit Term Loan, 13.739%, (US0006M+8.500%), 08/01/2028	748		0.0
723,496	Banff Merger Sub Inc, 2021 USD Term Loan, 8.967%, (US0006M+3.750%), 10/02/2025	723,596		0.1
139,265	Blackhawk Network Holdings, Inc, 2018 1st Lien Term Loan, 8.264%, (TSFR3M+2.750%), 06/15/2025	139,014		0.0
644,927	Bright Bidco B.V., 2022 Exit Term Loan, 14.045%, (US0006M+8.000%), 10/31/2027	262,808		0.0
356,678	CDK Global, Inc., 2022 USD Term Loan B, 9.492%, (US0006M+4.250%), 07/06/2029	357,161		0.0
447,750	Cloud Software Group, Inc., 2022 USD Term Loan, 9.842%, (US0006M+4.500%), 03/30/2029	431,435		0.0
323,753	Cloudera, Inc., 2021 Term Loan, 8.953%, (US0006M+3.750%), 10/08/2028	320,192		0.0
250,000	ConnectWise, LLC, 2021 Term Loan B, 9.382%, (US0006M+3.500%), 09/29/2028	246,875		0.0
249,499	Constant Contact Inc, Term Loan, 9.882%, (US0006M+4.000%), 02/10/2028	242,599		0.0
280,000	Cvent, Inc., 2023 Term Loan B, 9.004%, (US0006M+3.750%), 06/17/2030	279,533		0.0

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Technology: (continued)
82,349	Cyxtera DC Holdings, Inc., 2023 DIP Term Loan, 13.793%, (US0006M+8.614%), 12/07/2023	$	83,104	0.0
149,604	Cyxtera DC Holdings, Inc., Term Loan B, 8.068%, (US0006M+2.000%), 05/01/2024	87,986		0.0
485,501	Endure Digital Inc., Term Loan, 8.792%, (US0006M+3.500%), 02/10/2028	472,959		0.0
530,000	Epicor Software Corporation, 2023 Incremental Term Loan, 9.632%, (US0006M+3.750%), 07/30/2027	531,325		0.1
250,000	Gainwell Acquisition Corp., Term Loan B, 9.882%, (US0006M+4.000%), 10/01/2027	244,375		0.0
316,972	GoTo Group, Inc., Term Loan B, 9.943%, (US0006M+4.750%), 08/31/2027	212,272		0.0
1,027,918	Greeneden U.S. Holdings II, LLC, 2020 USD Term Loan B4, 9.193%, (US0006M+4.000%), 12/01/2027	1,029,988		0.1
4,521	GTT Communications, Inc., 2022 Holdco Term Loan, 5.882%, (US0006M+0.000%), 06/30/2028	2,707		0.0
291,790	Helios Software Holdings, Inc., 2021 USD Term Loan B, 8.989%, (US0006M+3.750%), 03/11/2028	289,556		0.0
149,625	Idemia Group, 2023 USD Extended Term Loan B4, 9.830%, (US0006M+4.750%), 09/29/2028	149,812		0.0
602,798	Informatica LLC, 2021 USD Term Loan B, 8.000%, (US0006M+2.750%), 10/27/2028	602,138		0.1

See Accompanying Notes to Financial Statements

190

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Technology: (continued)
547,400	ION Trading Finance Limited, 2021 USD Term Loan, 10.288%, (US0006M+4.750%), 03/31/2028	$	541,173	0.1
150,000	Ivanti Software, Inc., 2021 2nd Lien Term Loan, 12.420%, (US0006M+7.250%), 12/01/2028	108,094		0.0
923,951	Ivanti Software, Inc., 2021 Term Loan B, 9.420%, (US0006M+4.250%), 12/01/2027	801,528		0.1
706,563	Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 10.030%, (US0006M+5.000%), 07/27/2028	530,427		0.1
375,000	Magenta Buyer LLC, 2021 USD 2nd Lien Term Loan, 13.530%, (US0006M+8.250%), 07/27/2029	174,375		0.0
496,231	McAfee, LLC, 2022 USD Term Loan B, 9.010%, (US0006M+3.750%), 03/01/2029	485,996		0.0
249,367	Mediaocean LLC, 2021 Term Loan, 9.382%, (US0006M+3.500%), 12/15/2028	239,392		0.0
280,000	MH Sub I, LLC, 2021 2nd Lien Term Loan, 11.353%, (US0006M+6.250%), 09/15/2025	249,681		0.0
358,033	Mitchell International, Inc., 2021 Term Loan B, 8.943%, (US0006M+3.750%), 10/15/2028	352,626		0.0
195,000	Mosel Bidco SE, USD Term Loan B, 10.632%, (US0006M+4.750%), 09/16/2030	195,244		0.0
207,570	Paysafe Holdings (US) Corp, USD Term Loan B1, 7.967%, (US0006M+2.750%), 06/28/2028	204,248		0.0
397,970	Polaris Newco LLC, USD Term Loan B, 9.499%, (US0006M+4.000%), 06/04/2028	382,051		0.0

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Technology: (continued)
450,000	Project Boost Purchaser, LLC, 2021 Incremental Term Loan, 9.382%, (US0006M+3.500%), 06/01/2026	$	449,930	0.0
175,000	Quartz Acquireco LLC, Term Loan B, 8.580%, (US0006M+3.500%), 06/28/2030	175,000		0.0
277,143	Rackspace Technology Global, Inc., 2021 Term Loan, 7.996%, (US0006M+2.750%), 02/15/2028	127,781		0.0
537,033	Redstone Holdco 2 LP, 2021 Term Loan, 10.005%, (US0006M+4.750%), 04/27/2028	461,848		0.0
471,493	Rocket Software, Inc., 2018 Term Loan, 9.467%, (US0006M+4.250%), 11/28/2025	471,661		0.0
301,795	SkillSoft Corporation, 2021 Term Loan, 10.511%, (US0006M+5.250%), 07/14/2028	285,636		0.0
368,248	Skopima Merger Sub Inc., Term Loan B, 9.193%, (US0006M+4.000%), 05/12/2028	359,101		0.0
305,000	SonicWall US Holdings Inc., 2023 Term Loan, 10.882%, (US0006M+5.000%), 05/16/2028	299,567		0.0
535,864	Sovos Compliance, LLC, 2021 Term Loan, 9.717%, (US0006M+4.500%), 08/11/2028	528,128		0.1
296,776	SS&C Technologies Inc., 2022 Term Loan B6, 7.453%, (US0006M+2.250%), 03/22/2029	297,126		0.0
447,362	SS&C Technologies Inc., 2022 Term Loan B7, 7.453%, (US0006M+2.250%), 03/22/2029	447,889		0.0
246,451	Tenable Holdings, Inc., Term Loan B, 8.632%, (US0006M+2.750%), 07/07/2028	246,451		0.0

See Accompanying Notes to Financial Statements

191

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Technology: (continued)
620,846	Travelport Finance (Luxembourg) S.a.r.l., 2023 Consented Term Loan, 14.382%, (US0006M+8.500%), 05/29/2026	$	363,195	0.0
738,703	Ultimate Software Group Inc (The), 2021 Term Loan, 8.271%, (US0006M+3.250%), 05/03/2026		737,947	0.1
863,586	Veritas US Inc., 2021 USD Term Loan B, 10.217%, (US0006M+5.000%), 09/01/2025		751,011	0.1
190,260	Virgin Pulse, Inc., 2021 Term Loan, 8.967%, (US0006M+3.750%), 04/06/2028		190,221	0.0
146,485	Xperi Corporation, 2020 Term Loan B, 9.382%, (US0006M+3.500%), 06/08/2028		146,485	0.0
			19,159,501	1.2
	Telecommunications: 0.4%
374,539	Altice Financing SA, 2022 USD Term Loan, 9.986%, (US0006M+5.000%), 10/31/2027		372,354	0.0
303,501	Altice France S.A., 2023 USD Term Loan B14, 11.382%, (US0006M+5.500%), 08/31/2028		275,521	0.0
408,562	Asurion LLC, 2023 Term Loan B11, 10.132%, (US0006M+4.250%), 08/19/2028		399,710	0.0
150,000	Cablevision Lightpath LLC, Term Loan B, 9.132%, (US0006M+3.250%), 11/30/2027		148,500	0.0
1,069,846	CCI Buyer, Inc., Term Loan, 9.242%, (US0006M+4.000%), 12/17/2027		1,057,810	0.1
1,713	CenturyLink, Inc., 2020 Term Loan B, 7.467%, (US0006M+2.250%), 03/15/2027		1,224	0.0
939,677	Connect Finco Sarl, 2021 Term Loan B, 8.700%, (US0006M+3.500%), 12/11/2026		922,352	0.1

Principal Amount†		Value		Percentage of Net Assets
BANK LOANS: (continued)
	Telecommunications: (continued)
2,550	Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 9.444%, (US0006M+4.250%), 02/01/2029	$	2,549	0.0
74,620	Radiate Holdco, LLC, 2021 Term Loan B, 8.683%, (TSFR1M+3.250%), 09/25/2026		61,259	0.0
447,551	Telesat Canada, Term Loan B5, 8.030%, (US0006M+2.750%), 12/06/2026		330,721	0.0
750,000	UPC Financing Partnership, 2021 USD Term Loan AX, 8.118%, (US0006M+2.925%), 01/31/2029		738,809	0.1
248,741	ViaSat, Inc., Term Loan, 9.603%, (US0006M+4.500%), 03/02/2029		234,749	0.0
650,000	Virgin Media Bristol LLC, 2020 USD Term Loan Q, 8.443%, (US0006M+3.250%), 01/31/2029		636,340	0.1
710,597	Zayo Group Holdings, Inc., USD Term Loan, 8.217%, (TSFR1M+3.000%), 03/09/2027		580,308	0.0
			5,762,206	0.4
	Utilities: 0.1%
150,000	Generation Bridge Northeast, LLC, Term Loan B, 10.132%, (US0006M+4.250%), 08/07/2029		150,187	0.0
198,601	Nautilus Power, LLC, 2023 Term Loan B, 10.240%, (US0006M+5.250%), 11/16/2026		150,844	0.0
530,884	Waterbridge Midstream Operating LLC, Term Loan B, 11.005%, (US0006M+5.750%), 06/22/2026		532,377	0.1
			833,408	0.1
	Total Bank Loans (Cost $136,787,432)		131,581,182	8.5
U.S. GOVERNMENT AGENCY OBLIGATIONS: 4.6%
	Uniform Mortgage-Backed Securities: 4.6%
44,188,000 (7)	2.500%, 10/01/2053		35,079,328	2.3
2,807	5.500%, 10/01/2039		2,795	0.0

See Accompanying Notes to Financial Statements

192

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
37,157,000 (7)	5.500%, 10/01/2053	$	35,910,208	2.3
		70,992,331		4.6
	Total U.S. Government Agency Obligations (Cost $72,654,788)	70,992,331		4.6
SOVEREIGN BONDS: 3.2%
BRL5,320,000	Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050	4,484,424		0.3
1,000,000	Colombia Government International Bond, 5.200%, 05/15/2049	660,155		0.1
2,250,000 (2)	Guatemala Government Bond, 6.600%, 06/13/2036	2,168,438		0.1
MXN385,750,000	Mexican Bonos M, 7.750%, 05/29/2031	19,568,332		1.3
700,000	Mexico Government International Bond, 3.750%, 04/19/2071	398,825		0.0
1,500,000	Mexico Government International Bond, 6.338%, 05/04/2053	1,366,500		0.1
600,000	Panama Government International Bond, 3.160%, 01/23/2030	504,231		0.0
1,000,000	Panama Government International Bond, 6.875%, 01/31/2036	1,004,455		0.1
ZAR335,750,000	Republic of South Africa Government Bond 2035, 8.875%, 02/28/2035	13,994,690		0.9
3,365,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029	2,894,236		0.2
800,000 (8)	Russian Foreign Bond-Eurobond, 4.375%, 03/21/2029	384,160		0.0
450,000 (8)	Ukraine Government International Bond, 7.375%, 09/25/2034	119,362		0.0
4,550,000 (8)	Ukraine Government International Bond, 7.750%, 09/01/2027	1,314,950		0.1
975,000 (8)	Ukraine Government International Bond regs, 7.750%, 09/01/2025	324,187		0.0
	Total Sovereign Bonds (Cost $55,215,450)	49,186,945		3.2
U.S. TREASURY OBLIGATIONS: 1.5%
	United States Treasury Bonds: 0.5%
10,225,000	3.625%, 05/15/2053	8,468,377		0.5

Principal Amount†		Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	United States Treasury Notes: 1.0%
858,000	0.375%, 09/30/2027	$	724,373	0.1
250,000	2.125%, 09/30/2024		242,004	0.0
94,000	2.750%, 08/15/2032		81,413	0.0
6,650,500	3.875%, 08/15/2033		6,284,723	0.4
2,486,100	4.125%, 08/31/2030		2,413,459	0.2
4,929,600	4.375%, 08/31/2028		4,881,074	0.3
171,000	5.000%, 08/31/2025		170,666	0.0
			14,797,712	1.0
	Total U.S. Treasury Obligations
	(Cost $24,338,760)		23,266,089	1.5

Shares		Value		Percentage of Net Assets
COMMON STOCK: 0.0%
	Business & Equipment Services: 0.0%
5,366 (9)	Yak Access LLC Series A		27	0.0
1,157 (9)	Yak Access LLC Series B		6	0.0
			33	0.0
	Communication Services: 0.0%
26,277 (9)	Avaya, Inc.		220,070	0.0
3,256 (9)	GTT Communications, Inc.		37,444	0.0
			257,514	0.0
	Consumer Discretionary: 0.0%
142,000 (9)	24 Hour Fitness Worldwide, Inc.		852	0.0
	Consumer Staples: 0.0%
2,038 (9)	Save-A-Lot, Inc./Moran Foods		391	0.0
	Total Common Stock
	(Cost $711,129)		258,790	0.0
PREFERRED STOCK: 0.0%
	Business & Equipment Services: 0.0%
137,359 (9)	Yak Access LLC Series A		96,151	0.0
175,362 (9)	Yak Access LLC Series B-1		1,753	0.0
4,957 (9)	Yak Access LLC Series B-2		50	0.0
			97,954	0.0
	Consumer Discretionary: —%
189,193 (9)	24 Hour Fitness Worldwide, Inc.		—	—
	Total Preferred Stock
	(Cost $304,709)		97,954	0.0

See Accompanying Notes to Financial Statements

193

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
WARRANTS: —%
	Consumer, Cyclical: —%
26,686 (9)	Cineworld Group PLC	$	—	—
	Total Warrants
	(Cost $–)	—		—
PURCHASED OPTIONS(10): 0.1%
	Total Purchased Options
	(Cost $4,973,739)	1,635,361		0.1
	Total Long-Term Investments
	(Cost $1,668,845,173)	1,497,628,544		96.9

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.2%
	Commercial Paper: 5.9%
10,000,000	American Electric Power Co., Inc., 5.820%, 11/06/2023		9,941,332	0.7
5,000,000	American Electric Power Co., Inc., 5.840%, 10/30/2023		4,976,100	0.3
5,150,000	American Honda Finance Corp., 5.840%, 12/11/2023		5,091,310	0.3
15,000,000	EIDP Inc., 6.130%, 10/11/2023		14,972,430	1.0
6,000,000	Entergy Corp., 5.700%, 11/28/2023		5,945,200	0.4
3,500,000	Entergy Corp., 5.700%, 11/29/2023		3,467,495	0.2
12,000,000	Entergy Corp., 6.080%, 10/10/2023		11,980,031	0.8
7,907,000	Keurig Dr Pepper, Inc., 7.270%, 10/03/2023		7,902,277	0.5
5,000,000	Old Line Funding, 5.930%, 05/01/2024		4,832,479	0.3
8,000,000	Oracle Corp., 5.780%, 10/30/2023		7,962,153	0.5
9,200,000	Oracle Corp., 5.790%, 11/08/2023		9,143,471	0.6
5,000,000	Parker-Hannifin Corp., 5.790%, 11/27/2023		4,954,447	0.3
	Total Commercial Paper (Cost $91,194,510)		91,168,725	5.9

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 1.1%
3,161,704 (11)	Cantor Fitzgerald, Repurchase Agreement dated 09/29/2023, 5.320%, due 10/02/2023 (Repurchase Amount $3,163,086, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $3,224,938, due 05/01/25-03/15/65)	$	3,161,704	0.2
3,962,094 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 09/29/2023, 5.330%, due 10/02/2023 (Repurchase Amount $3,963,830, collateralized by various U.S. Government Securities, 0.000%-7.500%, Market Value plus accrued interest $4,041,336, due 10/31/23-02/15/53)		3,962,094	0.2
3,243,643 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 09/29/2023, 5.370%, due 10/02/2023 (Repurchase Amount $3,245,075, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.449%, Market Value plus accrued interest $3,309,996, due 02/15/25-04/20/71)		3,243,643	0.2
2,506,338 (11)	National Bank Financial, Repurchase Agreement dated 09/29/2023, 5.340%, due 10/02/2023 (Repurchase Amount $2,507,438, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $2,556,465, due 10/02/23)		2,506,338	0.2

See Accompanying Notes to Financial Statements

194

Voya Strategic Income Opportunities Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
4,042,953 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 09/29/2023, 5.380%, due 10/02/2023 (Repurchase Amount $4,044,741, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,123,814, due 07/15/25-02/15/51)	$	4,042,953	0.3
	Total Repurchase Agreements
	(Cost $16,916,732)		16,916,732	1.1

Shares		Value		Percentage of Net Assets
	Mutual Funds: 1.2%
3,351,944 (12)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.240%		3,351,944	0.2
15,783,000 (12)	Morgan Stanley Institutional Liquidity Funds-Government Portfolio (Institutional Share Class), 5.270%		15,783,000	1.0
	Total Mutual Funds (Cost $19,134,944)		19,134,944	1.2
	Total Short-Term Investments
	(Cost $127,246,186)		127,220,401	8.2
	Total Investments in Securities
	(Cost $1,796,091,359)	$	1,624,848,945	105.1
	Liabilities in Excess of Other Assets		(78,711,884)	(5.1)
	Net Assets	$	1,546,137,061	100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Variable rate security. Rate shown is the rate in effect as of September 30, 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)	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.
(4)	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.
(5)	Security, or a portion of the security, is on loan.
(6)	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.
(7)	Represents or includes a TBA transaction.
(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)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(11)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(12)	Rate shown is the 7-day yield as of September 30, 2023.

Currency Abbreviations:

BRL	Brazilian Real
JPY	Japanese Yen
MXN	Mexican Peso
ZAR	South African Rand

Reference Rate Abbreviations:

12MTA	12-month Treasury Average
SOFR30A	30-day Secured Overnight Financing Rate
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
US0006M	6-month LIBOR

See Accompanying Notes to Financial Statements

195

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

Investment Type Allocation
as of September 30, 2023

(as a percentage of net assets)

Collateralized Mortgage Obligations	25.7	%
Corporate Bonds/Notes	19.2	%
Commercial Mortgage-Backed Securities	18.2	%
Asset-Backed Securities	15.9	%
Bank Loans	8.5	%
Commercial Paper	5.9	%
U.S. Government Agency Obligations	4.6	%
Sovereign Bonds	3.2	%
U.S. Treasury Obligations	1.5	%
Mutual Funds	1.2	%
Repurchase Agreements	1.1	%
Common Stock	0.0	%
Preferred Stock	0.0	%
Warrants	—%
Liabilities in Excess of Other Assets	(5.0)	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

196

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		September 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Collateralized Mortgage Obligations	$	—	$	397,257,562	$	—	$	397,257,562
Corporate Bonds/Notes		—		295,895,201		—		295,895,201
Commercial Mortgage-Backed Securities		—		281,863,274		—		281,863,274
Asset-Backed Securities		—		245,593,855		—		245,593,855
Bank Loans		—		131,581,182		—		131,581,182
U.S. Government Agency Obligations		—		70,992,331		—		70,992,331
Sovereign Bonds		—		49,186,945		—		49,186,945
U.S. Treasury Obligations		—		23,266,089		—		23,266,089
Purchased Options		—		1,635,361		—		1,635,361
Common Stock		—		—		258,790		258,790
Preferred Stock		—		—		97,954		97,954
Warrants		—		—		—		—
Short-Term Investments		19,134,944		108,085,457		—		127,220,401
Total Investments, at fair value	$	19,134,944	$	1,605,357,257	$	356,744	$	1,624,848,945
Other Financial Instruments+
Centrally Cleared Interest Rate Swap		—		1,483,962		—		1,483,962
Forward Foreign Currency Contracts		—		1,665,655		—		1,665,655
Forward Premium Swaptions		—		2,279,411		—		2,279,411
Futures		11,244,459		—		—		11,244,459
Total Assets	$	30,379,403	$	1,610,786,285	$	356,744	$	1,641,522,432
Liabilities Table
Other Financial Instruments+
Centrally Cleared Interest Rate Swap	$	—	$	(3,945,537)	$	—	$	(3,945,537)
Forward Foreign Currency Contracts		—		(1,528,359)		—		(1,528,359)
Forward Premium Swaptions		—		(3,429,179)		—		(3,429,179)
Futures		(3,192,735)		—		—		(3,192,735)
Written Options		—		(11,109,923)		—		(11,109,923)
Total Liabilities	$	(3,192,735)	$	(20,012,998)	$	—	$	(23,205,733)

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

At September 30, 2023, the following forward foreign currency contracts were outstanding for Voya Strategic Income Opportunities Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
NZD	47,797,440	USD	28,388,773	Bank of America N.A.	11/17/23	$	259,209
USD	5,117,857	CAD	6,905,007	Bank of America N.A.	11/17/23		30,842
EUR	12,402,345	USD	13,114,833	Bank of America N.A.	11/17/23		23,041
USD	10,011,840	NZD	16,791,878	Bank of America N.A.	11/17/23		(52,578	)
JPY	1,102,820,631	USD	7,440,631	Barclays Bank PLC	11/17/23		(4,139	)
CAD	3,928,516	USD	2,907,854	Barclays Bank PLC	11/17/23		(13,661	)
CAD	13,856,910	USD	10,267,837	Barclays Bank PLC	11/17/23		(59,259	)
USD	12,983,668	EUR	12,317,091	Barclays Bank PLC	11/17/23		(63,897	)
MXN	278,415,697	USD	15,776,864	BNP Paribas	10/06/23		190,446
MXN	57,699,561	USD	3,311,130	BNP Paribas	10/06/23		(2,025	)
USD	14,218,795	MXN	251,920,699	BNP Paribas	10/06/23		(229,010	)
GBP	10,359,984	USD	12,571,283	BNP Paribas	11/17/23		72,250
EUR	19,896,465	USD	21,040,179	BNP Paribas	11/17/23		36,259

See Accompanying Notes to Financial Statements

197

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	19,054,447	EUR	17,978,834	BNP Paribas	11/17/23	$	9,366
AUD	7,568,924	USD	4,868,005	BNP Paribas	11/17/23		6,195
USD	5,684,603	AUD	8,820,750	BNP Paribas	11/17/23		4,258
SEK	5,339,902	USD	485,618	BNP Paribas	11/17/23		4,072
USD	5,898,175	GBP	4,837,241	BNP Paribas	11/17/23		(5,291	)
USD	2,443,302	NOK	26,233,676	BNP Paribas	11/17/23		(12,341	)
USD	4,997,649	NOK	53,534,550	BNP Paribas	11/17/23		(13,533	)
USD	12,397,417	SEK	136,704,249	BNP Paribas	11/17/23		(138,886	)
USD	27,745,159	CAD	37,455,687	Brown Brothers Harriman & Co.	11/17/23		151,032
USD	26,996,934	JPY	4,003,429,411	Brown Brothers Harriman & Co.	11/17/23		1,181
CHF	21,172,243	USD	23,283,344	Brown Brothers Harriman & Co.	11/17/23		(38,306	)
NZD	40,243,185	USD	24,187,362	Brown Brothers Harriman & Co.	11/17/23		(67,115	)
USD	18,805,471	MXN	322,380,260	Citibank N.A.	10/06/23		316,768
USD	5,552,027	MXN	95,687,416	Citibank N.A.	10/06/23		64,295
USD	12,099,592	JPY	1,792,757,133	Citibank N.A.	11/17/23		10,749
CHF	9,155,611	USD	10,043,078	Citibank N.A.	11/17/23		8,882
USD	3,526,401	CAD	4,779,494	Citibank N.A.	11/17/23		5,281
USD	9,221,488	BRL	46,264,852	Goldman Sachs International	10/06/23		21,393
SEK	237,299,945	USD	21,735,577	Goldman Sachs International	11/17/23		25,737
CHF	10,878,062	USD	11,936,639	Goldman Sachs International	11/17/23		6,402
NOK	18,648,648	USD	1,739,637	Goldman Sachs International	11/17/23		5,998
USD	11,983,552	EUR	11,313,744	Goldman Sachs International	11/17/23		(1,162	)
NZD	22,145,654	USD	13,276,253	Goldman Sachs International	11/17/23		(2,984	)
CAD	4,414,314	USD	3,267,852	Goldman Sachs International	11/17/23		(15,765	)
USD	15,070,466	ZAR	288,923,161	JPMorgan Chase Bank N.A.	10/06/23		(185,108	)
EUR	18,295,917	USD	19,266,058	Morgan Stanley Capital Services LLC	11/17/23		114,911
CHF	19,222,176	USD	21,073,493	Morgan Stanley Capital Services LLC	11/17/23		30,564
USD	11,160,082	NOK	118,950,013	Morgan Stanley Capital Services LLC	11/17/23		25,586
USD	9,349,635	SEK	101,827,605	Morgan Stanley Capital Services LLC	11/17/23		11,653
USD	6,223,732	CAD	8,435,484	Morgan Stanley Capital Services LLC	11/17/23		9,193
USD	4,567,017	NZD	7,658,527	Morgan Stanley Capital Services LLC	11/17/23		(23,215	)
USD	9,579,088	NZD	16,222,324	Morgan Stanley Capital Services LLC	11/17/23		(143,962	)
USD	53,435,434	CHF	48,835,765	Morgan Stanley Capital Services LLC	11/17/23		(181,428	)
USD	20,714,205	NZD	35,000,617	Morgan Stanley Capital Services LLC	11/17/23		(263,844	)
AUD	20,425,797	USD	13,056,288	Standard Chartered Bank	11/17/23		97,420
GBP	9,350,625	USD	11,359,837	Standard Chartered Bank	11/17/23		51,854
EUR	4,325,894	USD	4,546,804	Standard Chartered Bank	11/17/23		35,640
AUD	3,101,704	USD	1,969,855	Standard Chartered Bank	11/17/23		27,566
USD	5,921,407	AUD	9,188,211	Standard Chartered Bank	11/17/23		4,426
JPY	324,864,410	USD	2,187,589	Standard Chartered Bank	11/17/23		3,023
USD	1,322,121	GBP	1,083,199	Standard Chartered Bank	11/17/23		163
USD	1,674,004	CHF	1,534,613	Standard Chartered Bank	11/17/23		(10,850	)
						$	137,296

At September 30, 2023, the following futures contracts were outstanding for Voya Strategic Income Opportunities Fund:

						Unrealized
	Number	Expiration	Notional			Appreciation/
Description	of Contracts	Date	Amount			(Depreciation)
Long Contracts:
U.S. Treasury 5-Year Note	5,294	12/29/23	$	557,772,531		$	(3,192,735	)
			$	557,772,531		$	(3,192,735	)
Short Contracts:
U.S. Treasury 2-Year Note	(112)	12/29/23		(22,703,625	)		54,910
U.S. Treasury 10-Year Note	(2,990)	12/19/23		(323,106,875	)		5,577,517
U.S. Treasury Long Bond	(564)	12/19/23		(64,172,625	)		3,537,012
U.S. Treasury Ultra 10-Year Note	(698)	12/19/23		(77,870,625	)		1,005,937
U.S. Treasury Ultra Long Bond	(126)	12/19/23		(14,954,625	)		1,069,083
			$	(502,808,375	)	$	11,244,459

See Accompanying Notes to Financial Statements

198

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

At September 30, 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	1-day Overnight Brazil Interbank Deposit	At termination	10.850%	At termination	01/02/25	BRL	304,638,214	$	—		$	—
Pay	28-day MXN TIIE-BANXICO	Monthly	8.440	Monthly	07/20/28	MXN	359,415,000		(940,744	)		(940,744	)
Pay	1-day Secured Overnight Financing Rate	Annual	3.759	Annual	08/11/33	USD	4,313,000		(58,205	)		(58,876	)
Pay	1-day Secured Overnight Financing Rate	Annual	4.603	Annual	09/05/25	USD	12,708,000		5,375			5,375
Pay	1-day Secured Overnight Financing Rate	Annual	3.391	Annual	08/25/24	USD	160,000,000		(2,926,866	)		(2,926,866	)
Receive	1-day Secured Overnight Financing Rate	Annual	4.805	Annual	02/20/25	USD	9,455,000		33,166			33,166
Receive	1-day Secured Overnight Financing Rate	Annual	4.561	Annual	09/05/25	USD	12,477,000		(504	)		(504	)
Receive	1-day Secured Overnight Financing Rate	Annual	4.875	Annual	02/20/25	USD	12,832,000		36,520			36,520
Receive	1-day Secured Overnight Financing Rate	Annual	4.807	Annual	06/20/25	USD	12,832,000		156			156
Receive	1-day Secured Overnight Financing Rate	Annual	4.601	Annual	06/20/25	USD	14,858,000		28,565			28,565
Receive	1-day Secured Overnight Financing Rate	Annual	4.975	Annual	02/20/25	USD	15,263,000		28,961			28,961
Receive	1-day Secured Overnight Financing Rate	Annual	4.667	Annual	06/20/25	USD	16,208,000		21,200			21,200
Receive	1-day Secured Overnight Financing Rate	Annual	5.061	Annual	02/20/25	USD	16,343,000		17,730			17,730
Receive	1-day Secured Overnight Financing Rate	Annual	4.884	Annual	02/20/25	USD	17,289,000		47,832			47,832
Receive	1-day Secured Overnight Financing Rate	Annual	4.073	Annual	02/20/25	USD	17,559,000		183,195			183,195
Receive	1-day Secured Overnight Financing Rate	Annual	4.986	Annual	02/20/25	USD	18,478,000		33,301			33,301
Receive	1-day Secured Overnight Financing Rate	Annual	4.657	Annual	09/05/25	USD	18,484,000		(17,211	)		(17,211	)
Receive	1-day Secured Overnight Financing Rate	Annual	4.551	Annual	09/09/25	USD	19,639,000		(1,336	)		(1,336	)
Receive	1-day Secured Overnight Financing Rate	Annual	4.745	Annual	06/20/25	USD	21,611,000		12,635			12,635
Receive	1-day Secured Overnight Financing Rate	Annual	4.464	Annual	02/20/25	USD	23,907,000		161,166			161,166
Receive	1-day Secured Overnight Financing Rate	Annual	3.559	Annual	02/20/25	USD	27,689,000		423,337			423,337
Receive	1-day Secured Overnight Financing Rate	Annual	4.586	Annual	02/20/25	USD	28,365,000		158,366			158,366
Receive	1-day Secured Overnight Financing Rate	Annual	4.756	Annual	02/20/25	USD	29,715,000		118,019			118,019
Receive	1-day Secured Overnight Financing Rate	Annual	4.668	Annual	06/20/25	USD	33,768,000		43,957			43,957
Receive	1-day Secured Overnight Financing Rate	Annual	4.784	Annual	02/20/25	USD	35,118,000		130,481			130,481
								$	(2,460,904	)	$	(2,461,575	)

At September 30, 2023, the following OTC purchased equity options were outstanding for Voya Strategic Income Opportunities Fund:

Expiration

Exercise

Number of

Notional

Description

Counterparty

Put/Call

Date

Price

Contracts

Amount

Cost

Fair Value

iShares iBoxx $ High Yield Corporate Bond ETF

Citibank N.A.

Put

11/17/23

USD

69.500

2,176,827

USD

159,648,492

$

710,734

$

353,727

iShares iBoxx $ High Yield Corporate Bond ETF

Citibank N.A.

Put

11/17/23

USD

70.500

2,149,522

USD

157,645,944

494,390

498,653

$

1,205,124

$

852,380

At September 30, 2023, the following OTC purchased foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

		Expiration	Exercise
Description	Counterparty	Date	Price	Notional Amount		Cost		Fair Value
Call BRL vs. Put USD	Bank of America N.A.	10/11/23	4.850	USD	17,323,000	$	156,548	$	8,799
Call CAD vs. Put USD	Barclays Bank PLC	07/25/24	1.313	USD	17,111,000		383,780		162,845
Call JPY vs. Put USD	BNP Paribas	02/27/25	107.500	JPY	12,280,000		609,088		33,894
Call USD vs. Put CNH	Standard Chartered Bank	11/16/23	7.400	USD	17,355,000		128,080		42,324
Call USD vs. Put JPY	Bank of America N.A.	09/09/32	140.000	USD	15,517,000		276,203		209,139
Call USD vs. Put JPY	BNP Paribas	09/09/32	140.000	USD	15,517,000		296,064		209,139
						$	1,849,763	$	666,140

At September 30, 2023, the following OTC written foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

		Expiration	Exercise			Premiums
Description	Counterparty	Date	Price	Notional Amount		Received		Fair Value
Call BRL vs. Put USD	Bank of America N.A.	10/11/23	4.700	USD	25,983,000	$	72,025	$	(761)
Call USD vs. Put CNH	Standard Chartered Bank	11/16/23	7.600	USD	17,355,000		45,644		(6,027)

See Accompanying Notes to Financial Statements

199

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

		Expiration	Exercise			Premiums
Description	Counterparty	Date	Price	Notional Amount		Received		Fair Value
Call USD vs. Put JPY	Bank of America N.A.	09/09/27	140.000	USD	15,517,000	$	439,441	$	(338,692	)
Call USD vs. Put JPY	BNP Paribas	09/09/27	140.000	USD	15,517,000		425,166		(338,692	)
						$	982,276	$	(684,172	)

At September 30, 2023, the following OTC purchased interest rate swaptions were outstanding for Voya Strategic Income Opportunities Fund:

		Pay/
		Receive
		Exercise	Exercise	Floating Rate	Expiration	Notional
Description	Counterparty	Rate	Rate	Index	Date	Amount		Cost		Fair Value
Call on 10-Year Interest	Bank of America			1-day Secured Overnight
Rate Swap(1)	N.A.	Receive	2.200%	Financing Rate	04/25/24	USD	33,783,000	$	391,883	$	22,510
Call on 10-Year Interest	Bank of America			1-day Secured Overnight
Rate Swap(1)	N.A.	Receive	2.200%	Financing Rate	04/25/24	USD	101,347,000		1,155,356		67,529
Call on 10-Year Interest	JPMorgan Chase			1-day Secured Overnight
Rate Swap(1)	Bank N.A.	Receive	2.208%	Financing Rate	05/09/24	USD	33,783,000		371,613		26,802
								$	1,918,852	$	116,841

At September 30, 2023, the following OTC written interest rate swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Pay/Receive

Exercise

Exercise

Floating Rate

Expiration

Notional

Premiums

Description

Counterparty

Rate

Rate

Index

Date

Amount

Received

Fair Value

Call on 1-Year Interest

1-day Secured Overnight

Rate Swap(1)

Barclays Bank PLC

Pay

4.170%

Financing Rate

02/16/24

USD

67,535,000

$

317,752

$

(29,589

)

Call on 1-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap(1)

Capital Services LLC

Pay

3.520%

Financing Rate

01/24/24

USD

135,070,000

587,892

(11,281

)

Put on 10-Year Interest

1-day Secured Overnight

Rate Swap(2)

Bank of America N.A.

Receive

4.050%

Financing Rate

04/25/24

USD

101,347,000

1,124,952

(3,497,653

)

Put on 10-Year Interest

1-day Secured Overnight

Rate Swap(2)

Bank of America N.A.

Receive

4.050%

Financing Rate

04/25/24

USD

33,783,000

391,883

(1,165,907

)

Put on 10-Year Interest

JPMorgan Chase

1-day Secured Overnight

Rate Swap(2)

Bank N.A.

Receive

4.050%

Financing Rate

05/09/24

USD

33,783,000

371,613

(1,187,929

)

Put on 1-Year Interest

1-day Secured Overnight

Rate Swap(2)

Barclays Bank PLC

Receive

4.170%

Financing Rate

02/16/24

USD

67,535,000

317,752

(714,041

)

Put on 1-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap(2)

Capital Services LLC

Receive

3.520%

Financing Rate

01/24/24

USD

135,070,000

587,892

(2,293,927

)

$

3,699,736

$

(8,900,327

)

At September 30, 2023, the following OTC written equity options were outstanding for Voya Strategic Income Opportunities Fund:

Put/

Expiration

Exercise

Number of

Notional

Premiums

Description

Counterparty

Call

Date

Price

Contracts

Amount

Received

Fair Value

iShares iBoxx $ High

Yield Corporate Bond

ETF

Citibank N.A.

Put

10/04/23

USD

74.000

2,149,522

USD

157,645,943

$

768,884

$

(1,525,424)

$

768,884

$

(1,525,424)

At September 30, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Pay/

Premium

Receive

receivable/​

Unrealized

Exercise

Exercise

Floating Rate

Expiration

Notional

(payable)

Appreciation/​

Description

Counterparty

Rate(1)

Rate

Index

Date

Amount

at expiration

(2)

(Depreciation)

Call on 30-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

17.500%

Receive

Financing Rate

06/14/27

USD

22,958,000

$

(4,017,650

)

$

(176,400

)

Put on 30-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

18.000%

Pay

Financing Rate

05/25/27

USD

53,680,100

(9,662,418

)

(616,604

)

$

(13,680,068

)

$

(793,004

)

See Accompanying Notes to Financial Statements

200

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

At September 30, 2023, the following OTC written forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

Pay/

Premium

Receive

receivable/​

Unrealized

Exercise

Exercise

Floating Rate

Expiration

Notional

(payable)

Appreciation/​

Description

Counterparty

Rate(1)

Rate

Index

Date

Amount

at expiration

(2)

(Depreciation)

Call on 1-Year Interest

1-day Secured Overnight

Rate Swap

Bank of America N.A.

4.150%

Pay

Financing Rate

09/03/24

USD

57,763,000

$

323,473

$

125,091

Call on 1-Year Interest

1-day Secured Overnight

Rate Swap

BNP Paribas

4.150%

Pay

Financing Rate

09/03/24

USD

115,526,000

645,501

248,810

Call on 1-Year Interest

Goldman Sachs

1-day Secured Overnight

Rate Swap

International

3.900%

Pay

Financing Rate

06/17/24

USD

187,869,000

1,071,323

701,250

Call on 1-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap

Capital Services LLC

3.800%

Pay

Financing Rate

06/14/24

USD

187,869,000

1,075,550

848,741

Call on 5-Year Interest

1-day Secured Overnight

Rate Swap

Bank of America N.A.

4.160%

Pay

Financing Rate

09/28/28

USD

19,051,000

845,864

11,247

Call on 5-Year Interest

1-day Secured Overnight

Rate Swap

Barclays Bank PLC

3.858%

Pay

Financing Rate

08/21/28

USD

19,014,000

840,419

122,493

Call on 5-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap

Capital Services LLC

3.525%

Pay

Financing Rate

08/08/28

USD

19,051,000

806,810

204,241

Put on 1-Year Interest

1-day Secured Overnight

Rate Swap

Bank of America N.A.

4.150%

Receive

Financing Rate

09/03/24

USD

57,763,000

323,473

(121,655

)

Put on 1-Year Interest

1-day Secured Overnight

Rate Swap

BNP Paribas

4.150%

Receive

Financing Rate

09/03/24

USD

115,526,000

645,502

(244,682

)

Put on 1-Year Interest

Goldman Sachs

1-day Secured Overnight

Rate Swap

International

3.900%

Receive

Financing Rate

06/17/24

USD

187,869,000

1,071,323

(926,823

)

Put on 1-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap

Capital Services LLC

3.800%

Receive

Financing Rate

06/14/24

USD

187,869,000

1,075,550

(1,028,933

)

Put on 2-Year Interest

Goldman Sachs

Rate Swap

International

3.400%

Receive

6-month EUR-EURIBOR

08/29/25

EUR

34,658,000

289,394

(10,717

)

Put on 5-Year Interest

1-day Secured Overnight

Rate Swap

Bank of America N.A.

4.160%

Receive

Financing Rate

09/28/28

USD

19,051,000

845,864

17,538

Put on 5-Year Interest

1-day Secured Overnight

Rate Swap

Barclays Bank PLC

3.858%

Receive

Financing Rate

08/21/28

USD

19,014,000

840,419

(77,322

)

Put on 5-Year Interest

Morgan Stanley

1-day Secured Overnight

Rate Swap

Capital Services LLC

3.525%

Receive

Financing Rate

08/08/28

USD

19,051,000

806,810

(226,043

)

$

11,507,275

$

(356,764

)

(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:			Currency Abbreviations:
AUD	—	Australian Dollar	JPY	—	Japanese Yen
BRL	—	Brazilian Real	MXN	—	Mexican Peso
CAD	—	Canadian Dollar	NOK	—	Norwegian Krone
CHF	—	Swiss Franc	NZD	—	New Zealand Dollar
EUR	—	EU Euro	SEK	—	Swedish Krona
GBP	—	British Pound	USD	—	United States Dollar
			ZAR	—	South African Rand

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

The fair value of derivative instruments as of September 30, 2023 was as follows:

See Accompanying Notes to Financial Statements

201

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	666,140
Interest rate contracts	Investments in securities at value*		116,841
Equity contracts	Investments in securities at value*		852,380
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,665,655
Interest rate contracts	Unrealized appreciation on forward premium swaptions		2,279,411
Interest rate contracts	Variation margin receivable on futures contracts**		11,244,459
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		1,483,962
Total Asset Derivatives		$	18,308,848
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,528,359
Interest rate contracts	Unrealized depreciation on forward premium swaptions		3,429,179
Interest rate contracts	Variation margin payable on futures contracts**		3,192,735
Interest rate contracts	Variation margin payable on centrally cleared swaps**		3,945,537
Foreign exchange contracts	Written options, at fair value		684,172
Interest rate contracts	Written options, at fair value		8,900,327
Equity contracts	Written options, at fair value		1,525,424
Total Liability Derivatives		$	23,205,733

*

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).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 2023 was as follows:

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

				Forward
				foreign
Derivatives not accounted for as hedging				currency									Written
instruments	Investments*			contracts			Futures			Swaps			options		Total
Credit contracts	$	—		$	—		$	—		$	(3,911	)	$	—	$	(3,911	)
Equity contracts		—			—			(202,666	)		—			—		(202,666	)
Foreign exchange contracts		—			(6,613,908	)		—			—			15,066,653		8,452,745
Interest rate contracts		(60,418	)		—			(128,374	)		(12,970,393	)		—		(13,159,184	)
Total	$	(60,418	)	$	(6,613,908	)	$	(331,040	)	$	(12,974,304	)	$	15,066,653	$	(4,913,016	)

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

				Forward
				foreign
Derivatives not accounted for as hedging				currency						Written
instruments	Investments*			contracts		Futures		Swaps		options			Total
Equity contracts	$	—		$	—	$	—	$	—	$	(756,541	)	$	(756,540	)
Foreign exchange contracts		847,035			1,083,940		—		263		506,320			2,437,557
Interest rate contracts		(2,992,356	)		—		17,946,942		1,433,984		(6,665,730	)		9,722,840
Total	$	(2,145,321	)	$	1,083,940	$	17,946,942	$	1,434,247	$	(6,915,951	)	$	11,403,857

^* 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 September 30, 2023:

See Accompanying Notes to Financial Statements

202

	PORTFOLIO OF INVESTMENTS
VOYA STRATEGIC INCOME OPPORTUNITIES FUND	AS OF SEPTEMBER 30, 2023 (UNAUDITED) (CONTINUED)

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Brown Brothers Harriman & Co.		Citibank N.A.			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank		Total
Assets:
Purchased options	$	307,977		$	162,845		$	243,033		$	—	$	852,380		$	—		$	26,802		$	—		$	42,324	$	1,635,361
Forward foreign currency
contracts		313,092			—			322,846			152,213		405,975			59,530			—			191,907			220,092		1,665,655
Forward premium swaptions		153,876			122,493			248,810			—		—			701,250			—			1,052,982			—		2,279,411
Total Assets	$	774,945		$	285,338		$	814,689		$	152,213	$	1,258,355		$	760,780		$	26,802		$	1,244,889		$	262,416	$	5,580,427
Liabilities:
Forward foreign currency
contracts	$	52,578		$	140,956		$	401,086		$	105,421	$	—		$	19,911		$	185,108		$	612,449		$	10,850	$	1,528,359
Forward premium swaptions		121,655			870,326			244,682			—		—			937,540			—			1,254,976			—		3,429,179
Written options		5,003,013			743,630			338,692			—		1,525,424			—			1,187,929			2,305,208			6,027		11,109,923
Total Liabilities	$	5,177,246		$	1,754,912		$	984,460		$	105,421	$	1,525,424		$	957,451		$	1,373,037		$	4,172,633		$	16,877	$	16,067,461
Net OTC derivative
instruments by
counterparty, at fair value	$	(4,402,301	)	$	(1,469,574	)	$	(169,771	)	$	46,792	$	(267,069	)	$	(196,671	)	$	(1,346,235	)	$	(2,927,744	)	$	245,539	$	(10,487,034	)
Total collateral pledged
by the
Fund/(Received from
counterparty)	$	4,402,301		$	—		$	169,771		$	—	$	267,069		$	196,671		$	940,000		$	1,560,000		$	—	$	7,535,812
Net Exposure(1),(2)	$	—		$	(1,469,574	)	$	—		$	46,792	$	—		$	—		$	(406,235	)	$	(1,367,744	)	$	245,539	$	(2,951,222	)

(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 September 30, 2023, the Fund had pledged $4,700,000 $1,810,000, $600,000, $240,000 and $660,000 in cash collateral from Bank of America N.A., BNP Paribas, Citibank N.A., Goldman Sachs International and Standard Chartered Bank, respectively. In addition, the Fund had received $420,000 from Barclays Bank PLC. Excess cash collateral is not shown for financial reporting purposes.

At September 30, 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 $1,834,042,506.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	28,229,351
Gross Unrealized Depreciation		(193,528,361)
Net Unrealized Depreciation	$	(165,299,010)

See Accompanying Notes to Financial Statements

203

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

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

RETIREMENT | INVESTMENTS | INSURANCE   voyainvestments.com

163313 (0923)

Semi-Annual Report

September 30, 2023

Voya Government Money Market Fund

Classes A, C, I, and W

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

  E-Delivery Sign-up – details inside

INVESTMENT MANAGEMENT    voyainvestments.com  

TABLE OF CONTENTS

Shareholder Expense Examples	1
Statements of Assets and Liabilities	2
Statements of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Portfolios of Investments	15

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PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) 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.

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.

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 April 1, 2023 to September 30, 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

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 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 April 1, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio*	Expenses Paid During the Period Ended September 30, 2023**	Beginning Account Value April 1, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio*	Expenses Paid During the Period Ended September 30, 2023**
Class A	$1,000.00	$1,024.40	0.40%	$2.02	$1,000.00	$1,023.00	0.40%	$2.02
Class C	1,000.00	1,019.30	1.40	7.07	1,000.00	1,018.00	1.40	7.06
Class I	1,000.00	1,024.40	0.40	2.02	1,000.00	1,023.00	0.40	2.02
Class W	1,000.00	1,024.40	0.40	2.02	1,000.00	1,023.00	0.40	2.02

* The annualized expense ratios reflect waivers of 0.35%, 1.35%, 0.35% and 0.35% 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 ratio multiplied by the average account value over the period, multiplied by 183/ 366 to reflect the most recent fiscal half-year.

1 

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2023 (Unaudited)

ASSETS:
Short-term investments at amortized cost	$	250,201,560
Repurchase agreements		53,734,000
Cash		73,884
Receivables:
Investment securities sold		15,073,102
Fund shares sold		15,128,962
Interest		999,556
Prepaid expenses		38,806
Reimbursement due from Investment Adviser		136,922
Other assets		20,491
Total assets		335,407,283
LIABILITIES:
Income distribution payable		1,201,492
Payable for investment securities purchased		30,452,132
Payable for fund shares redeemed		3,753,570
Payable for investment management fees		174,810
Payable for distribution and shareholder service fees		1,782
Payable to trustees under the deferred compensation plan (Note 6)		20,491
Payable for trustee fees		1,691
Other accrued expenses and liabilities		346,999
Total liabilities		35,952,967
NET ASSETS	$	299,454,316
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	299,504,257
Total distributable loss		(49,941	)
NET ASSETS	$	299,454,316

See Accompanying Notes to Financial Statements

2 

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2023 (Unaudited)(continued)

Class A
Net assets	$	231,360,185
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		231,392,626
Net asset value and redemption price per share†	$	1.00
Class C
Net assets	$	2,171,056
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		2,171,385
Net asset value and redemption price per share†	$	1.00
Class I
Net assets	$	54,105,208
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		54,113,394
Net asset value and redemption price per share	$	1.00
Class W
Net assets	$	11,817,867
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		11,819,657
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 

3 

STATEMENT OF OPERATIONS for the period ended September 30, 2023 (Unaudited)

INVESTMENT INCOME:
Dividends	$	30,303
Interest		7,649,384
Other		952
Total investment income		7,680,639
EXPENSES:
Investment management fees		513,052
Distribution and shareholder service fees:
Class C		10,906
Transfer agent fees:
Class A		244,681
Class C		2,302
Class I		20,189
Class W		6,199
Shareholder reporting expense		8,235
Registration fees		46,864
Professional fees		14,823
Custody and accounting expense		7,320
Trustee fees		1,830
Miscellaneous expense		5,942
Total expenses		882,343
Waived and reimbursed fees		(282,419	)
Net expenses		599,924
Net investment income		7,080,715
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		9,215
Increase in net assets resulting from operations	$	7,089,930

See Accompanying Notes to Financial Statements 

4 

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
FROM OPERATIONS:
Net investment income	$	7,080,715		$	6,363,180
Net realized gain (loss)		9,215			(4,142	)
Increase in net assets resulting from operations		7,089,930			6,359,038
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(5,603,109	)		(5,001,800	)
Class C		(41,770	)		(35,525	)
Class I		(1,289,177	)		(1,290,155	)
Class W		(146,587	)		(36,370	)
Total distributions		(7,080,643	)		(6,363,850	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		744,969,646			1,140,832,736
Reinvestment of distributions		5,857,961			6,347,946
		750,827,607			1,147,180,682
Cost of shares redeemed		(728,692,334	)		(1,070,424,026	)
Net increase in net assets resulting from capital share transactions		22,135,273			76,756,656
Net increase in net assets		22,144,560			76,751,844
NET ASSETS:
Beginning of year or period		277,309,756			200,557,912
End of year or period	$	299,454,316		$	277,309,756

See Accompanying Notes to Financial Statements 

5 

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
.
Year or period ended	($)		($)		($)		($)			($)		($)		($)	($)		($)	($)	(%)		(%)	(%)		(%)	(%)			($000's)	(%)
Class A
09-30-23+	1.00		0.02	•	—		0.02			0.02		—		—	0.02		—	1.00	2.44		0.62	0.40		0.40	4.84			231,360	—
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
09-30-23+	1.00		0.02	•	—		0.02			0.02		—		—	0.02		—	1.00	1.93		1.62	1.40		1.40	3.83			2,171	—
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
09-30-23+	1.00		0.02•		—		0.02			0.02		—		—	0.02		—	1.00	2.44		0.48	0.40		0.40	4.83			54,105	—
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
09-30-23+	1.00		0.02	•	—		0.02			0.02		—		—	0.02		—	1.00	2.44		0.62	0.40		0.40	5.00			11,818	—
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⁾ 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⁾ 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.

See Accompanying Notes to Financial Statements 

6 

FINANCIAL HIGHLIGHTS (continued)

+ Unaudited.

• 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 

7 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited)

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 Government Money Market Fund (“Government Money Market” or the “Fund”), a diversified series of the Trust.

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 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

8 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund.

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 September 30, 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 (“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

9 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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, 2024. 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 period ended September 30, 2023, there were no waivers or reimbursements necessary to assist the Fund in maintaining a net yield of not less than zero.

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.

As of September 30, 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:

September 30,
2024	2025	2026	Total
$751,757	$382,839	$—	$1,134,596

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 period ended September 30, 2023, the Distributor retained the following amounts in sales charges:

10 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 4 — DISTRIBUTION AND SERVICE FEES (continued)

	Class A
Contingent Deferred Sales Charges:	$	9

NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At September 30, 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		21.15	%
Voya Investments Distributor, LLC		10.55
Voya Retirement Insurance and Annuity Company		27.26

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

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2023, the per account fees for affiliated recordkeeping services paid by the Fund were $164,067.

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 September 30, 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:

September 30,
2024		2025		2026		Total
$	259,156	$	205,664‌	$	106,066‌	$	570,886‌

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of September 30, 2023 are as follows:

	September 30,
	2024		2025		2026		Total
Class A	$	232,576‌	$	234,446‌	$	387,979‌	$	855,001‌
Class C		3,406‌		2,926‌		3,787‌		10,119‌
Class I		—‌		—‌		20,173‌		20,173‌
Class W		499‌		487‌		7,371‌		8,357‌

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 June 12, 2023, 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 10, 2024. 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 12, 2023, 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 12, 2023.

11 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

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

NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

of a revolving credit advance. During the period ended September 30, 2023, the Fund did not utilize the line of credit.

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

#

#

#

#

#

#

($)

($)

($)

($)

($)

($)

Class A

9/30/2023

729,698,997‌

—‌

4,657,528‌

(720,397,021

)

—‌

13,959,504

729,698,997‌

—‌

4,657,528‌

(720,397,021

)

—‌

13,959,504‌

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

Class C

9/30/2023

251,892‌

—‌

34,369‌

(335,158

)

—‌

(48,897

)

251,892‌

—‌

34,369‌

(335,158

)

—‌

(48,897

)

3/31/2023

672,786‌

—‌

35,247‌

(502,725

)

—‌

205,308‌

672,786‌

—‌

35,247‌

(502,725

)

—‌

205,308‌

Class I

9/30/2023

4,529,364‌

—‌

1,067,293‌

(7,959,505

)

—‌

(2,362,848

)

4,529,364‌

—‌

1,067,293‌

(7,959,505

)

—‌

(2,362,848

)

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

Class W

9/30/2023

10,489,393‌

—‌

98,771‌

(650

)

—‌

10,587,514

10,489,393‌

—‌

98,771‌

(650

)

—‌

10,587,514‌

3/31/2023

1,753,335‌

—‌

36,370‌

(730,513

)

—‌

1,059,192‌

1,753,335‌

—‌

36,370‌

(730,513

)

—‌

1,059,192‌

NOTE 9 — 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 de minimis distributions in excess of net investment income.

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		Ordinary
	Income		Income
$	6,363,850‌	$	193,613‌

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:

Unrealized													Total
Appreciation/			Capital Loss Carryforwards										Distributable
(Depreciation)			Amount			Character		Expiration		Other			Earnings/(Loss)
$	(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 September 30, 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.

12 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

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 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).

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 the 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 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, geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, 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. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 12 — 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. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Fund’s financial statements.

13 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 13 — SUBSEQUENT EVENTS

Dividends. Subsequent to September 30, 2023, the Fund declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Class A	$0.0042	November 1, 2023	Daily
Class C	$0.0034	November 1, 2023	Daily
Class I	$0.0042	November 1, 2023	Daily
Class W	$0.0043	November 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.

14 

Voya Government Money Market Fund PORTFOLIO OF INVESTMENTS
September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 26.2%
8,000,000 (1)	Federal Home Loan Banks, 5.330%, (SOFRRATE + 0.020%), 11/07/2023	$	8,000,000		2.7
15,000,000 (1)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.030%), 12/06/2023		15,000,000		5.0
14,000,000 (1)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.030%), 12/29/2023		14,000,000		4.7
8,000,000 (1)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.030%), 01/08/2024		8,000,000		2.7
10,500,000 (1)	Federal Home Loan Banks, 5.350%, (SOFRRATE + 0.040%), 02/16/2024		10,500,000		3.5
15,000,000 (1)	Federal Home Loan Banks, 5.365%, (SOFRRATE + 0.055%), 11/24/2023		15,000,000		5.0
6,000,000 (1)	Federal Home Loan Banks 0001, 5.350%, (SOFRRATE + 0.040%), 02/01/2024		6,000,000		2.0
2,000,000	Federal Home Loan Mortgage Corp., 0.125%, 10/16/2023		1,995,672		0.6
	Total U.S. Government Agency Debt
	(Cost $78,495,672)		78,495,672		26.2
U.S. TREASURY DEBT: 57.3%
33,500,000 (2)	United States Treasury Bill, 5.050%, 10/17/2023		33,421,443		11.1
26,000,000 (2)	United States Treasury Bill, 5.380%, 01/30/2024		25,540,473		8.5
45,000,000 (2)	United States Treasury Bill, 5.460%, 01/23/2024		44,239,129		14.8
9,000,000 (1)	United States Treasury Floating Rate Notes, 5.388%, (USBMMY3M + (0.015)%), 01/31/2024		9,001,185		3.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY DEBT: (continued)
59,500,000 (1)	United States Treasury Floating Rate Notes, 5.438%, (USBMMY3M + 0.035%), 10/31/2023	$	59,503,658			19.9
	Total U.S. Treasury Debt
	(Cost $171,705,888)		171,705,888			57.3
U.S. TREASURY REPURCHASE AGREEMENTS: 18.0%
53,734,000	Deutsche Bank AG, Repurchase Agreement dated 0, 5.280%, due 10/02/2023 $53,757,643 to be received upon repurchase (Collateralized by $162,836,400, Various U.S. Treasury Bonds, 0.000%, Market Value plus accrued interest and principal $55,346,027 due 05/15/40-11/15/51)		53,734,000			18.0
	Total U.S. Treasury Repurchase Agreements
	(Cost $53,734,000)		53,734,000			18.0
	Total Long-Term Investments
	(Cost $303,935,560)		303,935,560			101.5
	Total Investments in Securities
	(Cost $303,935,560)	$	303,935,560			101.5
	Liabilities in Excess of Other Assets		(4,481,244	)		(1.5	)
	Net Assets	$	299,454,316			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Variable rate security. Rate shown is the rate in effect as of September 30, 2023.
(2)	Represents a zero coupon bond. Rate shown reflects the effective yield as of September 30, 2023.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

At September 30, 2023, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements 

15 

Voya Government Money Market Fund PORTFOLIO OF INVESTMENTS
September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
U.S. Government Agency Debt	$	—	$	78,495,672	$	—	$	78,495,672
U.S. Treasury Debt		—		171,705,888		—		171,705,888
U.S. Treasury Repurchase Agreements		—		53,734,000		—		53,734,000
Total Investments, at fair value	$	—	$	303,935,560	$	—	$	303,935,560

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

See Accompanying Notes to Financial Statements

16 

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Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286
Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

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

RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com	163308 (0923)

 

Semi-Annual Report

September 30, 2023

■ Voya VACS Series EMCD Fund

■ Voya VACS Series EMHCD Fund

■ Voya VACS Series HYB Fund

■ Voya VACS Series SC Fund

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

E-Delivery Sign-up – details inside

INVESTMENT MANAGEMENT    voyainvestments.com  

TABLE OF CONTENTS

Shareholder Expense Example	1
Statements of Assets and Liabilities	2
Statement of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	6
Notes to Financial Statements	7
Portfolios of Investments	18

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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 and upon request, by calling 1-800-992-0180, or by accessing the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

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

[This Page Intentionally Left Blank] 

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 April 1, 2023 to September 30, 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 April 1, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio	Expenses Paid During the Period Ended September 30, 2023*	Beginning Account Value April 1, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio	Expenses Paid During the Period Ended September 30, 2023*
Voya VACS Series EMCD Fund	$1,000.00	$1,019.80	0.11%	$0.56	$1,000.00	$1,024.45	0.11%	$0.56
Voya VACS Series EMHCD Fund	1,000.00	1,007.70	0.09%	0.45	1,000.00	1,024.55	0.09%	0.46
Voya VACS Series HYB Fund	1,000.00	1,018.30	0.08%	0.40	1,000.00	1,024.60	0.08%	0.40
Voya VACS Series SC Fund	1,000.00	1,036.40	0.05%	0.25	1,000.00	1,024.75	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 183/366 to reflect the most recent fiscal half-year.

1 

STATEMENTS OF ASSETS AND LIABILITIES as of September 30, 2023 (Unaudited)

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+*

$

87,176,564

$

134,436,101‌

$

112,479,358‌

$

195,057,836‌

Short-term investments at fair value†

7,208,612

10,005,121‌

6,683,666‌

10,788,420‌

Cash

45,935

—

39,632‌

—

Cash collateral for futures contracts

229,431

251,675‌

—

465,105‌

Foreign currencies at value‡

—

86‌

—

—

Receivables:

Investment securities sold

3,161,972

2,606,085‌

575,654‌

13,397‌

Fund shares sold

485,152

801,511‌

26,853‌

350,281‌

Dividends

3,344

2,803‌

2,970‌

10,791‌

Interest

1,131,364

2,016,328‌

2,032,252‌

891,554‌

Prepaid expenses

13,753

13,111‌

4,348‌

3,250‌

Prepaid offering expense

—

13,712‌

14,288‌

15,055‌

Reimbursement due from Investment Adviser

—

—

—

5,050‌

Other assets

3,015‌

121‌

103‌

188‌

Total assets

99,459,142‌

150,146,654‌

121,859,124‌

207,600,927‌

LIABILITIES:

Income distribution payable

485,152‌

774,361‌

—

812,378‌

Payable for investment securities purchased

2,673,372‌

3,218,934‌

1,114,674‌

430‌

Payable for fund shares redeemed

—

1,829‌

3,258‌

11,512‌

Payable upon receipt of securities loaned

1,758,768‌

3,247,634‌

2,252,822‌

—

Variation margin payable on futures contracts

11,656‌

12,055‌

—

56,016‌

Payable to custodian due to bank overdraft

—

34,174‌

—

20,601‌

Payable to trustees under the deferred

compensation plan (Note 5)

3,015‌

121‌

103‌

188‌

Payable for trustee fees

235‌

360‌

304‌

553‌

Other accrued expenses and liabilities

48,307‌

15,220‌

9,949‌

32,504‌

Total liabilities

4,980,505‌

7,304,688‌

3,381,110‌

934,182‌

NET ASSETS

$

94,478,637‌

$

142,841,966‌

$

118,478,014‌

$

206,666,745‌

NET ASSETS WERE COMPRISED OF:

Paid-in capital

$

112,470,111‌

$

146,100,572‌

$

119,959,204‌

$

204,170,451‌

Total distributable earnings (loss)

(17,991,474

)

(3,258,606

)

(1,481,190

)

2,496,294‌

NET ASSETS

$

94,478,637‌

$

142,841,966‌

$

118,478,014‌

$

206,666,745‌

+

Including securities loaned at value

$

1,701,143‌

$

3,163,560‌

$

2,192,922‌

$

—‌

*

Cost of investments in securities

$

94,815,041‌

$

138,398,144‌

$

113,984,706‌

$

194,214,305‌

†

Cost of short-term investments

$

7,209,938‌

$

10,006,831‌

$

6,684,695‌

$

10,791,398‌

‡

Cost of foreign currencies

$

—‌

$

89‌

$

—‌

$

—‌

Net assets

$

94,478,637

$‌

142,841,966‌

$

118,478,014‌

$

206,666,745‌

Shares authorized

unlimited

unlimited

unlimited

unlimited

Par value

$

0.001

$

0.001

$

0.001

$

0.001‌

Shares outstanding

11,569,503‌

14,608,064‌

11,993,015‌

20,444,715‌

Net asset value and redemption price per share

$

8.17

$‌

9.78‌

$

9.88‌

$

10.11‌

See Accompanying Notes to Financial Statements

2 

STATEMENTS OF OPERATIONS for the six months ended September 30, 2023 (Unaudited)

Voya VACS Series  EMCD Fund

Voya VACS Series  EMHCD Fund

Voya VACS Series HYB Fund

Voya VACS Series  SC Fund

INVESTMENT INCOME:

Dividends

$

37,444‌

$

28,552‌

$

7,437‌

$

109,566‌

Interest, net of foreign taxes withheld*

2,734,514‌

4,786,054‌

5,052,309‌

5,768,967‌

Securities lending income, net

25,647‌

3,040‌

2,928‌

—‌

Other

309‌

357‌

296‌

526‌

Total investment income

2,797,914‌

4,818,003‌

5,062,970‌

5,879,059‌

EXPENSES:

Transfer agent fees

95‌

100‌

85‌

154‌

Shareholder reporting expense

275‌

732‌

1,830‌

3,477‌

Registration fees

10,471‌

10,692‌

2,727‌

2,046‌

Professional fees

19,947‌

14,640‌

11,346‌

27,084‌

Custody and accounting expense

14,640‌

13,908‌

10,065‌

24,751‌

Trustee fees

1,175‌

1,799‌

1,519‌

2,763‌

Offering expense

—‌

17,548‌

17,548‌

17,548‌

Miscellaneous expense

4,611‌

6,110‌

2,636‌

5,070‌

Total expenses

51,214‌

65,529‌

47,756‌

82,893‌

Waived and reimbursed fees

—‌

—‌

—‌

(26,787

)

Net expenses

51,214‌

65,529‌

47,756‌

56,106‌

Net investment income

2,746,700‌

4,752,474‌

5,015,214‌

5,822,953‌

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on:

Investments (net of foreign capital gains taxes withheld^)

(1,326,600

)

294,449‌

(3,026

)

296,222‌

Futures

34,444‌

129,355‌

—‌

803,461‌

Net realized gain (loss)

(1,292,156

)

423,804‌

(3,026

)

1,099,683‌

Net change in unrealized appreciation (depreciation) on:

Investments

107,305‌

(4,523,703

)

(2,832,810

)

(486,703

)

Foreign currency related transactions

—‌

(3

)

—‌

—‌

Futures

206,333‌

400,366‌

—‌

1,623,747‌

Net change in unrealized appreciation (depreciation)

313,638‌

(4,123,340

)

(2,832,810

)

1,137,044‌

Net realized and unrealized gain (loss)

(978,518

)

(3,699,536

)

(2,835,836

)

2,236,727‌

Increase in net assets resulting from operations

$

1,768,182‌

$

1,052,938‌

$

2,179,378‌

$

8,059,680‌

*

Foreign taxes withheld

$

—‌

$

369‌

$

—‌

$

—‌

^

Foreign capital gains taxes withheld

$

61,827‌

$

—‌

$

—‌

$

—‌

See Accompanying Notes to Financial Statements

3 

STATEMENTS OF CHANGES IN NET ASSETS

	Voya VACS Series EMCD Fund						Voya VACS Series EMHCD Fund
	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Six Months Ended September 30, 2023 (Unaudited)			February 17, 2023 to March 31, 2023(1)
FROM OPERATIONS:
Net investment income	$	2,746,700		$	4,575,070		$	4,752,474		$	957,824
Net realized gain (loss)		(1,292,156	)		(9,105,570	)		423,804			137,327
Net change in unrealized appreciation (depreciation)		313,638			3,037,088			(4,123,340	)		260,545
Increase (decrease) in net assets resulting from operations		1,768,182			(1,493,412	)		1,052,938			1,355,696
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)(2)		(2,648,986	)		(4,740,003	)		(4,714,376	)		(952,864	)
Total distributions		(2,648,986	)		(4,740,003	)		(4,714,376	)		(952,864	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		—			—			1,683,500			140,354,256
Reinvestment of distributions		2,648,986			4,740,003			3,163,334			952,864
		2,648,986			4,740,003			4,846,834			141,307,120
Cost of shares redeemed		—			(2,999,993	)		(46,469	)		(6,913	)
Net increase in net assets resulting from capital share transactions		2,648,986			1,740,010			4,800,365			141,300,207
Net increase (decrease) in net assets		1,768,182			(4,493,405	)		1,138,927			141,703,039
NET ASSETS:
Beginning of year or period		92,710,455			97,203,860			141,703,039			—
End of year or period	$	94,478,637		$	92,710,455		$	142,841,966		$	141,703,039

⁽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

4 

STATEMENTS OF CHANGES IN NET ASSETS

	Voya VACS Series HYB Fund						Voya VACS Series SC Fund
	Six Months Ended September 30, 2023 (Unaudited)			February 24, 2023 to March 31, 2023(1)			Six Months Ended September 30, 2023 (Unaudited)			March 3, 2023 to March 31, 2023(1)
FROM OPERATIONS:
Net investment income	$	5,015,214		$	918,323		$	5,822,953		$	866,747
Net realized gain (loss)		(3,026	)		(4,715	)		1,099,683			(10,231	)
Net change in unrealized appreciation (depreciation)		(2,832,810	)		1,326,434			1,137,044			(119,786	)
Increase in net assets resulting from operations		2,179,378			2,240,042			8,059,680			736,730
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)		(4,982,288	)		(918,323	)		(5,479,443	)		(820,674	)
Total distributions		(4,982,288	)		(918,323	)		(5,479,443	)		(820,674	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		170,613			122,013,715			1,851,219			236,189,763
Reinvestment of distributions		4,982,288			918,323			1,627,023			386,086
		5,152,901			122,932,038			3,478,242			236,575,849
Cost of shares redeemed		(8,117,921	)		(7,813	)		(35,854,769	)		(28,870	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,965,020	)		122,924,225			(32,376,527	)		236,546,979
Net increase (decrease) in net assets		(5,767,930	)		124,245,944			(29,796,290	)		236,463,035
NET ASSETS:
Beginning of year or period		124,245,944			—			236,463,035			—
End of year or period	$	118,478,014		$	124,245,944		$	206,666,745		$	236,463,035

⁽¹⁾ Commencement of operations.

See Accompanying Notes to Financial Statements

5 

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
Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)
Voya VACS Series EMCD Fund
09-30-23+	8.24	0.24•	(0.08)	0.16	0.23	—	—	0.23	—	8.17	1.98	0.11	0.11	0.11	5.84	94,479	80
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
09-30-23+	10.03	0.33•	(0.25)	0.08	0.33	—	—	0.33	—	9.78	0.77	0.09	0.09	0.09	6.60	142,842	58
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
09-30-23+	10.11	0.41•	(0.23)	0.18	0.41	—	—	0.41	—	9.88	1.83	0.08	0.08	0.08	8.26	118,478	28
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
09-30-23+	10.00	0.27•	0.09	0.36	0.25	—	—	0.25	—	10.11	3.64	0.08	0.05	0.05	5.27	206,667	6
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⁾ 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⁾ Prior to November 18, 2022, Voya VACS Series EMCD Fund had a Class P shares designation.

⁽⁵⁾ Commencement of operations.

+ Unaudited.

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

See Accompanying Notes to Financial Statements

6 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION

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

Voya Separate Portfolios Trust is a Delaware statutory trust and is registered as an open-end management investment company under the 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.

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(a)(2) of the 1933 Act. Investments in a Fund may only be made by “accredited investors,” within the meaning of 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.

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 each Fund’s assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund’s assets will likely change and you will not be able to purchase or redeem shares of a Fund.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or 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,

7 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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

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

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

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

associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

(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.

8 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

Interest Rate Risk. 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 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

9 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. The Funds intend to limit its use of futures contracts and

10 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended September 30, 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 period ended September 30, 2023, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased		Sold
EMCD	$	18,292,380	$	15,618,062
EMHCD		19,338,094		17,970,943
HYB		—		—
SC		6,008,406		64,682,110

Please refer to the tables within the Portfolio of Investments for open futures contracts at September 30, 2023. HYB did not enter into any futures contracts during the period ended September 30, 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.

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. 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.

11 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 period ended September 30, 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	$	73,072,952	$	68,729,127
EMHCD		84,358,253		78,816,790
HYB		31,924,566		34,445,300
SC		12,259,808		35,517,911

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

	Sales
SC	$	3,760,770

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.

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

NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At September 30, 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		84.11
	HYB		56.70
	SC		58.24
Voya Investment Management Co. LLC	EMHCD		11.09
	HYB		27.97
	SC		32.55

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

12 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

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

Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2023, the Funds did not pay any amounts for affiliated recordkeeping services.

NOTE 6 — EXPENSE LIMITATION AGREEMENTS

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

Fund	Expense Limit
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 September 30, 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:

	September 30,
		2024		2025		2026		Total
SC	$	—	$	—	$	29,951	$	29,951

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 12, 2023, the Funds, in addition to certain other funds managed by the Investment Adviser, each Fund entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. 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 12, 2023, 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 commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2023.

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

The Funds did not utilize the line of credit during the period ended September 30, 2023.

13 

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 8 — CAPITAL SHARES

	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	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
EMCD(1)
9/30/2023	110,592	—	210,209	—	—	320,801	—	—	2,648,986	—	—	2,648,986
3/31/2023	—	—	579,354	(386,597)	—	192,757	—	—	4,740,003	(2,999,993)	—	1,740,010
EMHCD
9/30/2023	169,230	—	313,603	(4,618)	—	478,215	1,683,500	—	3,163,334	(46,469)	—	4,800,365
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
9/30/2023	14,267	—	499,178	(811,822)	—	(298,377)	170,613	—	4,982,288	(8,117,921)	—	(2,965,020)
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
9/30/2023	183,616	—	160,956	(3,554,536)	—	(3,209,964)	1,851,219	—	1,627,023	(35,854,769)	—	(32,376,527)
3/03/2023(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.

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

The following tables represent a summary of each respective Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of September 30, 2023:

EMCD

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Int'l Ltd.	$	639,094	$	(639,094	)	$	—
Goldman Sachs & Co. LLC		847,500		(847,500	)		—
Jefferies LLC		186,793		(186,793	)		—

14

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 9 — SECURITIES LENDING (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Morgan Stanley & Co. LLC	$	27,756	$	(27,756	)	$	—
Total	$	1,701,143	$	(1,701,143	)	$	—

(1) Cash collateral with a fair value of $1,758,768 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.

EMHCD

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BofA Securities Inc	$	478,181	$	(478,181	)	$	—
Jefferies LLC		1,639,555		(1,639,555	)		—
Wells Fargo Securities LLC		1,045,824		(1,045,824	)		—
Total	$	3,163,560	$	(3,163,560	)	$	—

(1) Cash collateral with a fair value of $3,247,634 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.

HYB

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
BofA Securities Inc	$	301,390	$	(301,390	)	$	—
Citadel Clearing LLC		290,769		(290,769	)		—
Jefferies LLC		109,090		(109,090	)		—
Mizuho Securities USA LLC.		305,894		(305,894	)		—
State Street Bank and Trust Company		411,707		(411,707	)		—
Truist Securities Inc.		774,072		(774,072	)		—
Total	$	2,192,922	$	(2,192,922	)	$	—

(1) Cash collateral with a fair value of $2,252,822 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

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 futures contracts, paydowns and perpetual preferred securities.

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		Long-term Capital Gains
EMCD	$	4,565,018	$	174,985	$	4,859,024	$	2,148,353
EMHCD		952,864		—		—		—
HYB		918,323		—		—		—
SC		820,674		—		—		—

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:

15

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)													Total Distributable Earnings/(Loss)
						Capital Loss Carryforwards
						Amount			Character		Expiration		Other
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
						$	(4,715	)
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.

As of September 30, 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 11 — 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).

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 — 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 markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world.

16

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 12 — MARKET DISRUPTION (continued)

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

NOTE 13 — 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. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Funds' financial statements.

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to September 30, 2023, the Funds declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
EMCD	$0.0449	November 1, 2023	Daily
EMHCD	$0.0571	November 1, 2023	Daily
HYB	$0.0722	November 1, 2023	Daily
SC	$0.0411	November 1, 2023	Daily

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

17

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMCD Fund	as of September 30, 2023 (Unaudited)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 91.0%
	Argentina: 0.7%
800,000	YPF SA, 6.950%, 07/21/2027	$	643,056		0.7
	Brazil: 4.2%
750,000 (1)	Banco do Brasil SA/ Cayman, 9.000%, 12/31/2199		753,461		0.8
500,000	Braskem Netherlands Finance BV, 7.250%, 02/13/2033		460,675		0.5
500,000	Embraer Netherlands Finance BV, 5.400%, 02/01/2027		488,233		0.5
950,000	Minerva Luxembourg SA, 4.375%, 03/18/2031		739,812		0.8
475,000 (2)	Minerva Luxembourg SA, 4.375%, 03/18/2031		369,906		0.4
900,000	Nexa Resources SA, 6.500%, 01/18/2028		856,247		0.9
300,000 (2)	Suzano Austria GmbH, 7.000%, 03/16/2047		287,250		0.3
			3,955,584		4.2
	Cayman Islands: 1.2%
925,000 (2)	CK Hutchison International 23 Ltd., 4.875%, 04/21/2033		861,605		0.9
250,000	Suzano International Finance BV, 5.500%, 01/17/2027		245,781		0.3
			1,107,386		1.2
	Chile: 3.7%
450,000	Antofagasta PLC, 5.625%, 05/13/2032		428,288		0.5
800,000	Banco de Credito e Inversiones SA, 2.875%, 10/14/2031		644,200		0.7
600,000 (2)	Celulosa Arauco y Constitucion SA, 4.200%, 01/29/2030		514,980		0.6
700,000 (2)	Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034		679,750		0.7
700,000	Engie Energia Chile SA, 3.400%, 01/28/2030		579,383		0.6
800,000	Telefonica Moviles Chile SA, 3.537%, 11/18/2031		601,600		0.6
			3,448,201		3.7
	China: 2.9%
650,000	Alibaba Group Holding Ltd., 3.600%, 11/28/2024		632,895		0.7

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	China: (continued)
600,000 (2)	ENN Clean Energy International Investment Ltd., 3.375%, 05/12/2026	$	553,990		0.6
650,000 (2)	Lenovo Group Ltd., 5.831%, 01/27/2028		637,250		0.7
950,000 (2)	Tencent Holdings Ltd., 3.595%, 01/19/2028		869,882		0.9
			2,694,017		2.9
	Colombia: 4.1%
750,000 (1)	Bancolombia SA, 4.625%, 12/18/2029		648,229		0.7
900,000	Ecopetrol SA, 8.625%, 01/19/2029		904,365		0.9
1,100,000	Ecopetrol SA, 8.875%, 01/13/2033		1,075,085		1.1
625,000 (2)	Geopark Ltd., 5.500%, 01/17/2027		535,937		0.6
450,000 (2)	Millicom International Cellular SA, 5.125%, 01/15/2028		380,583		0.4
404,000	Oleoducto Central SA, 4.000%, 07/14/2027		361,984		0.4
			3,906,183		4.1
	Ghana: 0.4%
424,000 (2)	Tullow Oil PLC, 10.250%, 05/15/2026		369,007		0.4
	Guatemala: 0.7%
800,000 (2)	CT Trust, 5.125%, 02/03/2032		623,700		0.7
	Hong Kong: 2.0%
635,000 (2)	Lenovo Group Ltd., 6.536%, 07/27/2032		627,263		0.6
1,500,000 (2)	Melco Resorts Finance Ltd., 5.750%, 07/21/2028		1,308,300		1.4
			1,935,563		2.0
	India: 3.9%
450,000	Adani Ports & Special Economic Zone Ltd., 4.375%, 07/03/2029		360,277		0.4
1,200,000 (2)	JSW Steel Ltd., 5.050%, 04/05/2032		969,810		1.0
525,000 (1)(2)	Network i2i Ltd., 3.975%, 12/31/2199		478,842		0.5
535,000 (2)	Reliance Industries Ltd., 2.875%, 01/12/2032		426,178		0.4
720,000 (2)	Reliance Industries Ltd., 3.667%, 11/30/2027		667,667		0.7
700,000 (2)	Summit Digitel Infrastructure Ltd., 2.875%, 08/12/2031		534,019		0.6

See Accompanying Notes to Financial Statements

18

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMCD Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	India: (continued)
350,000 (2)	Vedanta Resources Finance II PLC, 8.950%, 03/11/2025	$	258,909		0.3
			3,695,702		3.9
	Indonesia: 1.1%
1,100,000 (2)	Medco Bell Pte Ltd., 6.375%, 01/30/2027		1,037,839		1.1
	Isle of Man: 0.5%
600,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		506,562		0.5
	Israel: 2.9%
925,000 (1)(2)	Bank Hapoalim BM, 3.255%, 01/21/2032		792,679		0.8
675,000 (2)	Energean Israel Finance Ltd., 8.500%, 09/30/2033		676,265		0.7
825,000 (2)	Israel Discount Bank Ltd., 5.375%, 01/26/2028		803,608		0.9
500,000 (2)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028		459,545		0.5
			2,732,097		2.9
	Kazakhstan: 0.8%
500,000	KazMunayGas National Co. JSC, 3.500%, 04/14/2033		376,115		0.4
500,000	KazMunayGas National Co. JSC, 6.375%, 10/24/2048		408,755		0.4
			784,870		0.8
	Kuwait: 2.0%
550,000 (2)	MEGlobal BV, 2.625%, 04/28/2028		476,325		0.5
575,000	MEGlobal BV, 4.250%, 11/03/2026		546,839		0.6
900,000 (1)(2)	NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199		829,922		0.9
			1,853,086		2.0
	Luxembourg: 4.2%
475,000 (2)	Aegea Finance Sarl, 9.000%, 01/20/2031		479,258		0.5
775,000 (2)(3)	Altice Financing SA, 5.750%, 08/15/2029		636,127		0.7
750,000 (2)	Chile Electricity Lux MPC Sarl, 6.010%, 01/20/2033		746,250		0.8
625,000 (2)	Cosan Luxembourg SA, 7.500%, 06/27/2030		621,875		0.7
675,000 (2)	CSN Resources SA, 4.625%, 06/10/2031		514,016		0.5

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Luxembourg: (continued)
325,000 (2)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042	$	320,834		0.3
625,000 (2)	Minerva Luxembourg SA, 8.875%, 09/13/2033		620,937		0.7
			3,939,297		4.2
	Macao: 2.3%
675,000	MGM China Holdings Ltd., 4.750%, 02/01/2027		609,528		0.6
1,675,000	Sands China Ltd., 5.650%, 08/08/2028		1,576,594		1.7
			2,186,122		2.3
	Malaysia: 1.6%
375,000 (2)	CIMB Bank Bhd, 2.125%, 07/20/2027		331,710		0.4
650,000 (2)	GENM Capital Labuan Ltd., 3.882%, 04/19/2031		513,165		0.5
725,000 (2)	MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027		670,973		0.7
			1,515,848		1.6
	Mexico: 7.5%
950,000 (2)	Alpek SAB de CV, 4.250%, 09/18/2029		834,575		0.9
600,000 (1)	Banco Mercantil del Norte SA/Grand Cayman, 7.500%, 12/31/2199		539,541		0.6
500,000 (1)(2)	Banco Mercantil del Norte SA/Grand Cayman, 7.500%, 12/31/2199		449,618		0.5
900,000 (1)(2)	BBVA Bancomer SA/Texas, 8.450%, 06/29/2038		888,003		0.9
525,000 (1)(3)	Cemex SAB de CV, 5.125%, 12/31/2199		490,389		0.5
850,000 (2)	Cemex SAB de CV, 5.200%, 09/17/2030		783,385		0.8
750,000 (1)(2)	Cemex SAB de CV, 9.125%, 12/31/2199		780,938		0.8
650,000 (2)	GCC SAB de CV, 3.614%, 04/20/2032		528,775		0.6
450,000	Industrias Penoles SAB de CV, 4.150%, 09/12/2029		395,437		0.4
675,000	Petroleos Mexicanos, 6.875%, 08/04/2026		620,919		0.7
875,000 (2)	Petroleos Mexicanos, 10.000%, 02/07/2033		779,188		0.8
			7,090,768		7.5

See Accompanying Notes to Financial Statements

19

Voya VACS Series EMCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Morocco: 0.4%
500,000	OCP SA, 6.875%, 04/25/2044	$	421,853		0.4
	Netherlands: 2.6%
975,000 (2)	Embraer Netherlands Finance BV, 7.000%, 07/28/2030		967,395		1.0
625,000 (2)	Sigma Finance Netherlands BV, 4.875%, 03/27/2028		595,703		0.6
900,000	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 09/15/2031		929,160		1.0
			2,492,258		2.6
	Nigeria: 0.4%
475,000	IHS Netherlands Holdco BV, 8.000%, 09/18/2027		399,359		0.4
	Oman: 0.6%
550,000 (2)	Oryx Funding Ltd., 5.800%, 02/03/2031		527,951		0.6
	Panama: 1.4%
569,852 (2)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030		486,782		0.5
1,000,000	C&W Senior Financing DAC, 6.875%, 09/15/2027		882,240		0.9
			1,369,022		1.4
	Peru: 2.7%
1,000,000 (1)	Banco de Credito del Peru S.A., 3.125%, 07/01/2030		922,751		1.0
950,000 (2)(3)	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033		959,405		1.0
700,000	Southern Copper Corp., 3.875%, 04/23/2025		674,037		0.7
			2,556,193		2.7
	Poland: 1.5%
775,000 (2)	Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033		731,406		0.8
785,000 (2)	Canpack SA / Canpack US LLC, 3.125%, 11/01/2025		730,184		0.7
			1,461,590		1.5

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Qatar: 0.6%
650,000 (2)	Ooredoo International Finance Ltd., 2.625%, 04/08/2031	$	543,072		0.6
	Russian Federation: 0.1%
1,000,000 (2)(4)	Alfa Bank AO Via Alfa Bond Issuance PLC, 5.950%, 04/15/2030		60,000		0.1
500,000 (2)	Sovcombank Via SovCom Capital DAC, 7.750%, 12/31/2199		43,437		0.0
			103,437		0.1
	Saudi Arabia: 3.6%
400,000 (2)	Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026		365,082		0.4
525,000 (2)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036		426,746		0.4
650,000	EIG Pearl Holdings Sarl, 4.387%, 11/30/2046		473,649		0.5
350,000 (2)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038		343,658		0.4
1,400,000 (2)	Saudi Arabian Oil Co., 2.250%, 11/24/2030		1,124,592		1.2
700,000	Saudi Arabian Oil Co., 2.875%, 04/16/2024		687,267		0.7
			3,420,994		3.6
	Singapore: 0.8%
800,000 (1)(2)	Oversea-Chinese Banking Corp. Ltd., 1.832%, 09/10/2030		734,784		0.8
	South Africa: 1.2%
875,000 (2)	Bidvest Group UK PLC, 3.625%, 09/23/2026		780,583		0.8
400,000	Bidvest Group UK PLC, 3.625%, 09/23/2026		356,838		0.4
			1,137,421		1.2
	South Korea: 7.4%
700,000 (2)	GS Caltex Corp., 5.375%, 08/07/2028		684,519		0.7
1,000,000 (2)	Hanwha Q Cells Americas Holdings Corp., 5.000%, 07/27/2028		974,660		1.0
700,000 (2)	Kookmin Bank, 2.500%, 11/04/2030		551,222		0.6
550,000 (1)(2)	Kookmin Bank, 4.350%, 12/31/2199		537,727		0.6
650,000 (2)	Korea Electric Power Corp., 3.625%, 06/14/2025		628,572		0.7

See Accompanying Notes to Financial Statements

20 

Voya VACS Series EMCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	South Korea: (continued)
500,000 (2)	LG Energy Solution Ltd., 5.750%, 09/25/2028	$	497,518		0.5
925,000 (2)	POSCO, 5.625%, 01/17/2026		921,781		1.0
675,000 (2)(3)	POSCO, 5.750%, 01/17/2028		671,679		0.7
425,000 (1)(2)	Shinhan Financial Group Co. Ltd., 2.875%, 12/31/2199		377,855		0.4
675,000 (2)	Shinhan Financial Group Co. Ltd., 5.000%, 07/24/2028		652,294		0.7
700,000 (2)	SK Hynix, Inc., 2.375%, 01/19/2031		527,681		0.5
			7,025,508		7.4
	Spain: 1.6%
600,000	Banco Santander SA, 5.588%, 08/08/2028		587,250		0.6
1,000,000	Banco Santander SA, 6.921%, 08/08/2033		956,867		1.0
			1,544,117		1.6
	Taiwan: 0.7%
650,000 (2)(3)	TSMC Global Ltd., 4.625%, 07/22/2032		613,255		0.7
	Tanzania: 0.7%
775,000	AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030		625,735		0.7
	Thailand: 2.9%
1,075,000 (1)	Bangkok Bank PCL/ Hong Kong, 3.733%, 09/25/2034		897,018		0.9
725,000 (2)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		619,719		0.7
300,000	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		256,436		0.3
438,000 (2)	PTTEP Treasury Center Co. Ltd., 3.903%, 12/06/2059		285,269		0.3
700,000	Thaioil Treasury Center Co. Ltd., 4.625%, 11/20/2028		659,211		0.7
			2,717,653		2.9
	Turkey: 2.2%
250,000 (2)	Akbank TAS, 6.800%, 02/06/2026		244,344		0.3
550,000 (2)	Turk Telekomunikasyon AS, 6.875%, 02/28/2025		537,284		0.6
700,000 (2)	Turkiye Sise ve Cam Fabrikalari AS, 6.950%, 03/14/2026		681,660		0.7

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Turkey: (continued)
575,000 (2)	Yapi ve Kredi Bankasi AS, 9.250%, 10/16/2028	$	579,312		0.6
			2,042,600		2.2
	United Arab Emirates: 3.2%
700,000	DP World Ltd./United Arab Emirates, 6.850%, 07/02/2037		725,966		0.8
650,000 (1)	Emirates NBD Bank PJSC, 6.125%, 12/31/2199		642,275		0.7
614,271	Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027		567,009		0.6
445,914 (2)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		372,635		0.4
373,248 (2)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040		288,567		0.3
508,993 (2)	Sweihan PV Power Co. PJSC, 3.625%, 01/31/2049		395,182		0.4
			2,991,634		3.2
	United Kingdom: 5.8%
650,000 (2)	Anglo American Capital PLC, 5.500%, 05/02/2033		609,781		0.6
475,000 (2)	Antofagasta PLC, 5.625%, 05/13/2032		452,081		0.5
600,000 (2)	CK Hutchison International 21 Ltd., 2.500%, 04/15/2031		481,773		0.5
1,500,000 (1)	HSBC Holdings PLC, 5.887%, 08/14/2027		1,482,289		1.6
900,000 (1)	HSBC Holdings PLC, 6.547%, 06/20/2034		854,359		0.9
550,000 (1)(2)	Standard Chartered PLC, 6.170%, 01/09/2027		547,800		0.6
550,000 (1)(2)	Standard Chartered PLC, 6.301%, 01/09/2029		548,177		0.6
525,000 (2)	WE Soda Investments Holding PLC, 9.500%, 10/06/2028		530,250		0.5
			5,506,510		5.8
	United States: 2.4%
700,000 (1)	Commercial Bank PSQC, 4.500%, 12/31/2199		635,687		0.7
700,000 (2)	Hyundai Capital America, 5.680%, 06/26/2028		684,786		0.7

See Accompanying Notes to Financial Statements

21 

Voya VACS Series EMCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
975,000 (2)	Sasol Financing USA LLC, 8.750%, 05/03/2029	$	938,394		1.0
			2,258,867		2.4
	Virgin Islands (British): 1.5%
750,000 (2)	Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.250%, 04/27/2029		676,875		0.7
775,000 (2)	Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024		768,552		0.8
			1,445,427		1.5
	Total Corporate Bonds/Notes (Cost $93,570,276)		85,964,128		91.0
SOVEREIGN BONDS: 1.3%
	Hungary: 0.6%
575,000 (2)	Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027		566,522		0.6
	India: 0.7%
675,000 (2)	Export-Import Bank of India, 5.500%, 01/18/2033		645,914		0.7
	Total Sovereign Bonds (Cost $1,244,765)		1,212,436		1.3
	Total Long-Term Investments (Cost $94,815,041)		87,176,564		92.3
SHORT-TERM INVESTMENTS: 7.6%
	Commercial Paper: 4.7%
1,000,000	Autozone, Inc., 8.080%, 10/02/2023		999,557		1.1
1,000,000	Entergy Corp., 6.570%, 10/05/2023		999,100		1.1
1,000,000	HP, Inc., 6.040%, 10/11/2023		998,182		1.0
700,000	HP, Inc., 6.610%, 10/05/2023		699,367		0.7
800,000	Mondelez International, Inc., 8.250%, 10/02/2023		799,638		0.8
	Total Commercial Paper (Cost $4,497,170)		4,495,844		4.7

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 1.9%
635,457 (5)	Bethesda Securities LLC, Repurchase Agreement dated 09/29/2023, 5.390%, due 10/02/2023 (Repurchase Amount $635,739, collateralized by various U.S. Government Agency Obligations, 3.062%- 6.000%, Market Value plus accrued interest $648,166, due 08/01/28-07/01/53)	$	635,457		0.7
1,000,000 (5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 09/29/2023, 5.330%, due 10/02/2023 (Repurchase Amount $1,000,438, collateralized by various U.S. Government Securities, 0.000%- 7.500%, Market Value plus accrued interest $1,020,000, due 10/31/23-02/15/53)		1,000,000		1.1
123,311 (5)	National Bank Financial, Repurchase Agreement dated 09/29/2023, 5.340%, due 10/02/2023 (Repurchase Amount $123,365, collateralized by various U.S. Government Securities, 0.000%- 4.750%, Market Value plus accrued interest $125,777, due 10/02/23)		123,311		0.1
	Total Repurchase Agreements (Cost $1,758,768)		1,758,768		1.9

See Accompanying Notes to Financial Statements

22 

Voya VACS Series EMCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.0%
954,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $954,000)	$	954,000		1.0
	Total Short-Term Investments (Cost $7,209,938)	$	7,208,612		7.6
	Total Investments in Securities (Cost $102,024,979)	$	94,385,176		99.9
	Assets in Excess of Other Liabilities		93,461		0.1
	Net Assets	$	94,478,637		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Variable rate security. Rate shown is the rate in effect as of September 30, 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)	Security, or a portion of the security, is on loan.
(4)	Defaulted security.
(5)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of September 30, 2023.

Sector Diversification	Percentage of Net Assets
Financial		20.8	%
Energy		19.1
Basic Materials		16.4
Consumer, Cyclical		7.6
Industrial		6.8
Communications		6.6
Consumer, Non-cyclical		6.5
Utilities		4.7
Technology		2.5
Sovereign Bonds		1.3
Short-Term Investments		7.6
Assets in Excess of Other Liabilities		0.1
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements 

23 

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMCD Fund	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—		$	85,964,128	$	—	$	85,964,128
Sovereign Bonds		—			1,212,436		—		1,212,436
Short-Term Investments		954,000			6,254,612		—		7,208,612
Total Investments, at fair value	$	954,000		$	93,431,176	$	—	$	94,385,176
Other Financial Instruments+
Futures		413,003			—		—		413,003
Total Assets	$	1,367,003		$	93,431,176	$	—	$	94,798,179
Liabilities Table
Other Financial Instruments+
Futures	$	(346,298	)	$	—	$	—	$	(346,298	)
Total Liabilities	$	(346,298	)	$	—	$	—	$	(346,298	)

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

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

At September 30, 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		54		12/29/23	$	10,946,391		$	(26,682	)
U.S. Treasury 5-Year Note		19		12/29/23		2,001,828			(8,935	)
U.S. Treasury Long Bond		13		12/19/23		1,479,156			(64,741	)
U.S. Treasury Ultra Long Bond		28		12/19/23		3,323,250			(245,940	)
					$	17,750,625		$	(346,298	)
Short Contracts:
U.S. Treasury 10-Year Note		(66	)	12/19/23		(7,132,125	)		124,125
U.S. Treasury Ultra 10-Year Note		(89	)	12/19/23		(9,929,062	)		288,878
					$	(17,061,187	)	$	413,003

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

The fair value of derivative instruments as of September 30, 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*	$	413,003
Total Asset Derivatives		$	413,003
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	346,298
Total Liability Derivatives		$	346,298

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

See Accompanying Notes to Financial Statements

 24

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMCD Fund	as of September 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 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	$	34,444
Total	$	34,444

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

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts	$	206,333
Total	$	206,333

At September 30, 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 $102,528,529.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	519,493
Gross Unrealized Depreciation		(7,973,408	)
Net Unrealized Depreciation	$	(7,453,915	)

See Accompanying Notes to Financial Statements

 25

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMHCD Fund	as of September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: 56.2%
	Angola: 0.8%
750,000 (1)	Angolan Government International Bond, 8.000%, 11/26/2029	$	618,791		0.4
500,000 (1)	Angolan Government International Bond, 9.500%, 11/12/2025		490,368		0.4
			1,109,159		0.8
	Argentina: 1.2%
1,883,777 (2)	Argentine Republic Government International Bond, 0.750% (Step Rate @ 1.750% on 07/09/2030), 07/09/2030		541,237		0.4
374,111	Argentine Republic Government International Bond, 1.000%, 07/09/2029		103,272		0.1
3,406,220 (2)	Argentine Republic Government International Bond, 3.625% (Step Rate @ 4.125% on 07/09/2027), 07/09/2035		853,020		0.6
701,019 (2)	Argentine Republic Government International Bond, 4.250% (Step Rate @ 5.000% on 01/09/2038), 01/09/2038		206,271		0.1
			1,703,800		1.2
	Bahrain: 1.4%
2,000,000	Bahrain Government International Bond, 7.375%, 05/14/2030		2,012,400		1.4
	Brazil: 1.0%
1,000,000	Brazilian Government International Bond, 5.625%, 02/21/2047		796,535		0.5
700,000	Brazilian Government International Bond, 6.000%, 10/20/2033		661,850		0.5
			1,458,385		1.0
	Chile: 0.8%
1,000,000	Chile Government International Bond, 3.500%, 01/31/2034		828,360		0.6
500,000	Chile Government International Bond, 4.000%, 01/31/2052		364,805		0.2
			1,193,165		0.8

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Colombia: 2.1%
900,000	Colombia Government International Bond, 3.250%, 04/22/2032	$	648,207		0.4
1,000,000	Colombia Government International Bond, 4.125%, 05/15/2051		558,750		0.4
750,000	Colombia Government International Bond, 5.000%, 06/15/2045		494,359		0.3
400,000	Colombia Government International Bond, 5.200%, 05/15/2049		264,062		0.2
500,000	Colombia Government International Bond, 6.125%, 01/18/2041		393,752		0.3
664,000	Colombia Government International Bond, 8.000%, 04/20/2033		658,376		0.5
			3,017,506		2.1
	Costa Rica: 1.0%
1,500,000	Costa Rica Government International Bond, 6.125%, 02/19/2031		1,450,935		1.0
	Cote d'Ivoire: 0.6%
992,154 (3)	Ivory Coast Government International Bond REGs, 5.750%, 12/31/2032		888,513		0.6
	Dominican Republic: 3.0%
700,000 (1)	Dominican Republic International Bond, 4.875%, 09/23/2032		570,636		0.4
500,000 (1)	Dominican Republic International Bond, 5.300%, 01/21/2041		369,017		0.3
1,700,000	Dominican Republic International Bond, 5.875%, 01/30/2060		1,218,815		0.9
925,000	Dominican Republic International Bond, 6.000%, 07/19/2028		881,423		0.6
500,000 (1)	Dominican Republic International Bond, 6.000%, 02/22/2033		442,323		0.3
500,000 (1)	Dominican Republic International Bond, 6.875%, 01/29/2026		500,285		0.3
300,000 (1)	Dominican Republic International Bond, 7.050%, 02/03/2031		290,372		0.2
			4,272,871		3.0

See Accompanying Notes to Financial Statements

 26

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMHCD Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Ecuador: 0.9%
717,550 (1)(2)	Ecuador Government International Bond, 2.500% (Step Rate @ 5.000% on 07/31/2027), 07/31/2040	$	238,352		0.1
1,807,845 (1)(2)	Ecuador Government International Bond, 3.500% (Step Rate @ 5.500% on 07/31/2025), 07/31/2035		675,149		0.5
800,850 (1)(2)	Ecuador Government International Bond, 6.000% (Step Rate @ 6.900% on 07/31/2030), 07/31/2030		410,319		0.3
			1,323,820		0.9
	Egypt: 1.5%
1,000,000	Egypt Government International Bond, 5.800%, 09/30/2027		661,350		0.5
500,000 (1)	Egypt Government International Bond, 7.500%, 02/16/2061		253,500		0.2
1,750,000 (1)	Egypt Government International Bond, 8.700%, 03/01/2049		945,254		0.6
600,000 (1)	Egypt Government International Bond, 8.875%, 05/29/2050		326,985		0.2
			2,187,089		1.5
	El Salvador: 0.6%
1,000,000 (1)	El Salvador Government International Bond, 6.375%, 01/18/2027		818,050		0.6
	Gabon: 0.3%
500,000 (1)	Gabon Government International Bond, 6.625%, 02/06/2031		372,823		0.3
	Ghana: 1.2%
750,000 (4)	Ghana Government International Bond, 7.875%, 03/26/2027		339,506		0.3
2,000,000 (4)	Ghana Government International Bond, 7.875%, 02/11/2035		898,400		0.6
1,000,000 (4)	Ghana Government International Bond, 8.750%, 03/11/2061		428,610		0.3
			1,666,516		1.2

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Guatemala: 1.2%
860,000 (1)	Guatemala Government Bond, 5.250%, 08/10/2029	$	794,829		0.6
950,000 (1)	Guatemala Government Bond, 6.600%, 06/13/2036		915,563		0.6
			1,710,392		1.2
	Honduras: 0.3%
250,000	Honduras Government International Bond, 5.625%, 06/24/2030		214,000		0.2
200,000	Honduras Government International Bond, 6.250%, 01/19/2027		188,800		0.1
			402,800		0.3
	Hungary: 2.1%
1,750,000 (1)	Hungary Government International Bond, 3.125%, 09/21/2051		974,225		0.7
700,000 (1)	Hungary Government International Bond, 5.500%, 06/16/2034		640,301		0.4
500,000	Hungary Government International Bond, 7.625%, 03/29/2041		524,655		0.4
875,000 (1)	Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027		862,098		0.6
			3,001,279		2.1
	India: 0.9%
500,000	Export-Import Bank of India, 2.250%, 01/13/2031		387,383		0.3
1,000,000 (1)	Export-Import Bank of India, 5.500%, 01/18/2033		956,910		0.6
			1,344,293		0.9
	Indonesia: 2.1%
1,250,000	Indonesia Government International Bond, 5.250%, 01/17/2042		1,162,112		0.8
320,000	Indonesia Government International Bond, 5.450%, 09/20/2052		295,251		0.2
1,250,000	Indonesia Government International Bond, 8.500%, 10/12/2035		1,532,294		1.1
			2,989,657		2.1
	Jamaica: 0.9%
600,000	Jamaica Government International Bond, 7.875%, 07/28/2045		661,008		0.5

See Accompanying Notes to Financial Statements

 27

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMHCD Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Jamaica: (continued)
500,000	Jamaica Government International Bond, 8.000%, 03/15/2039	$	571,703		0.4
			1,232,711		0.9
	Jordan: 1.0%
1,000,000 (1)	Jordan Government International Bond, 5.850%, 07/07/2030		890,305		0.6
500,000 (1)	Jordan Government International Bond, 7.500%, 01/13/2029		490,210		0.4
			1,380,515		1.0
	Kenya: 0.6%
500,000 (1)	Republic of Kenya Government International Bond, 6.875%, 06/24/2024		464,288		0.3
500,000	Republic of Kenya Government International Bond, 7.250%, 02/28/2028		403,747		0.3
			868,035		0.6
	Lebanon: 0.2%
2,000,000 (4)	Lebanon Government International Bond, 6.850%, 03/23/2027		164,620		0.1
2,000,000 (4)	Lebanon Government International Bond, 6.100%, 10/04/2022		167,500		0.1
			332,120		0.2
	Mexico: 3.4%
940,000	Mexico Government International Bond, 3.250%, 04/16/2030		800,889		0.6
1,000,000	Mexico Government International Bond, 4.500%, 04/22/2029		932,855		0.6
1,550,000	Mexico Government International Bond, 4.875%, 05/19/2033		1,391,660		1.0
1,829,000	Mexico Government International Bond, 6.338%, 05/04/2053		1,666,219		1.2
			4,791,623		3.4
	Morocco: 0.2%
500,000 (1)	Morocco Government International Bond, 4.000%, 12/15/2050		310,717		0.2
	Nigeria: 1.9%
500,000	Nigeria Government International Bond, 6.500%, 11/28/2027		418,853		0.3

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Nigeria: (continued)
1,500,000 (1)	Nigeria Government International Bond, 7.375%, 09/28/2033	$	1,112,677		0.8
500,000	Nigeria Government International Bond, 7.696%, 02/23/2038		351,115		0.2
675,000	Nigeria Government International Bond, 7.875%, 02/16/2032		533,915		0.4
300,000	Nigeria Government International Bond, 7.875%, 02/16/2032		237,295		0.2
			2,653,855		1.9
	Oman: 1.0%
800,000	Oman Government International Bond, 6.000%, 08/01/2029		786,088		0.5
750,000 (1)	Oman Government International Bond, 6.500%, 03/08/2047		671,891		0.5
			1,457,979		1.0
	Panama: 2.6%
750,000	Panama Government International Bond, 3.298%, 01/19/2033		586,567		0.4
500,000	Panama Government International Bond, 4.500%, 04/16/2050		341,775		0.2
1,000,000	Panama Government International Bond, 4.500%, 01/19/2063		648,815		0.5
1,000,000	Panama Government International Bond, 6.400%, 02/14/2035		969,430		0.7
550,000	Panama Government International Bond, 6.700%, 01/26/2036		544,932		0.4
600,000	Panama Government International Bond, 6.875%, 01/31/2036		602,673		0.4
			3,694,192		2.6
	Paraguay: 1.4%
576,000	Paraguay Government International Bond, 5.000%, 04/15/2026		561,404		0.4
650,000	Paraguay Government International Bond, 5.600%, 03/13/2048		528,704		0.4
1,000,000 (1)	Paraguay Government International Bond, 5.850%, 08/21/2033		946,425		0.6
			2,036,533		1.4
	Peru: 0.8%
500,000	Peruvian Government International Bond, 2.780%, 12/01/2060		266,333		0.2

See Accompanying Notes to Financial Statements

 28

	PORTFOLIO OF INVESTMENTS
Voya VACS Series EMHCD Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Peru: (continued)
500,000	Peruvian Government International Bond, 2.783%, 01/23/2031	$	410,210		0.3
500,000	Peruvian Government International Bond, 5.625%, 11/18/2050		462,952		0.3
			1,139,495		0.8
	Philippines: 1.2%
750,000 (5)	Philippine Government International Bond, 5.500%, 01/17/2048		706,796		0.5
1,000,000 (5)	Philippine Government International Bond, 5.950%, 10/13/2047		994,960		0.7
			1,701,756		1.2
	Poland: 1.8%
1,400,000	Republic of Poland Government International Bond, 4.875%, 10/04/2033		1,303,736		0.9
1,225,000	Republic of Poland Government International Bond, 5.750%, 11/16/2032		1,230,751		0.9
			2,534,487		1.8
	Qatar: 1.2%
750,000 (1)	Qatar Government International Bond, 3.750%, 04/16/2030		700,433		0.5
750,000 (1)	Qatar Government International Bond, 4.400%, 04/16/2050		612,645		0.4
500,000 (1)	Qatar Government International Bond, 4.817%, 03/14/2049		435,395		0.3
			1,748,473		1.2
	Romania: 1.9%
1,500,000 (1)	Romanian Government International Bond, 3.000%, 02/14/2031		1,209,225		0.8
1,500,000 (1)	Romanian Government International Bond, 3.625%, 03/27/2032		1,222,342		0.9
400,000	Romanian Government International Bond, 5.125%, 06/15/2048		313,384		0.2
			2,744,951		1.9
	Russian Federation: 0.3%
1,000,000 (4)	Russian Foreign Bond - Eurobond, 5.250%, 06/23/2047		365,000		0.3

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Saudi Arabia: 2.7%
3,000,000	Saudi Government International Bond, 3.450%, 02/02/2061	$	1,842,210		1.3
800,000	Saudi Government International Bond, 3.750%, 01/21/2055		532,512		0.4
1,475,000 (1)	Saudi Government International Bond, 5.500%, 10/25/2032		1,476,859		1.0
			3,851,581		2.7
	Senegal: 0.3%
500,000	Senegal Government International Bond, 6.250%, 05/23/2033		402,545		0.3
	Serbia: 0.4%
500,000	Serbia International Bond, 2.125%, 12/01/2030		369,010		0.2
275,000 (1)	Serbia International Bond, 6.500%, 09/26/2033		262,459		0.2
			631,469		0.4
	South Africa: 2.1%
2,000,000	Republic of South Africa Government International Bond, 4.300%, 10/12/2028		1,732,880		1.2
1,125,000	Republic of South Africa Government International Bond, 5.750%, 09/30/2049		748,946		0.5
800,000	Republic of South Africa Government International Bond, 6.300%, 06/22/2048		574,840		0.4
			3,056,666		2.1
	Sri Lanka: 1.1%
500,000 (1)(4)	Sri Lanka Government International Bond, 5.875%, 07/25/2022		247,720		0.2
2,000,000 (1)(4)	Sri Lanka Government International Bond, 6.825%, 07/18/2026		967,150		0.7
750,000 (4)	Sri Lanka Government International Bond, 7.550%, 03/28/2030		349,808		0.2
			1,564,678		1.1
	Turkey: 2.9%
950,000	Turkey Government International Bond, 4.875%, 10/09/2026		873,606		0.6
500,000	Turkey Government International Bond, 5.125%, 02/17/2028		446,900		0.3

See Accompanying Notes to Financial Statements

 29

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Turkey: (continued)
750,000	Turkey Government International Bond, 6.000%, 01/14/2041	$	556,571		0.4
375,000	Turkey Government International Bond, 6.500%, 09/20/2033		322,097		0.2
1,000,000	Turkey Government International Bond, 7.625%, 04/26/2029		960,485		0.7
1,000,000	Turkey Government International Bond, 9.875%, 01/15/2028		1,055,905		0.7
			4,215,564		2.9
	Ukraine: 0.8%
1,111,000 (4)	Ukraine Government International Bond, 7.253%, 03/15/2035		294,693		0.2
650,000 (4)	Ukraine Government International Bond, 7.375%, 09/25/2034		172,412		0.1
346,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2024		118,505		0.1
346,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2025		115,045		0.1
346,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2026		103,454		0.1
346,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2027		99,994		0.0
346,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2028		99,994		0.1
225,000 (1)(4)	Ukraine Government International Bond, 7.750%, 09/01/2029		64,800		0.0
500,000 (4)	Ukraine Government International Bond, 9.750%, 11/01/2030		149,500		0.1
			1,218,397		0.8
	United Arab Emirates: 1.0%
1,400,000 (1)	Finance Department Government of Sharjah, 6.500%, 11/23/2032		1,394,064		1.0
	Uruguay: 0.9%
123,334	Uruguay Government International Bond, 4.375%, 10/27/2027		121,921		0.1
51,825	Uruguay Government International Bond, 4.375%, 01/23/2031		49,665		0.0

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Uruguay: (continued)
1,062,164 (5)	Uruguay Government International Bond, 5.750%, 10/28/2034	$	1,086,589		0.8
			1,258,175		0.9
	Venezuela: 0.1%
1,250,000 (4)	Venezuela Government International Bond, 9.250%, 09/15/2027		131,250		0.1
	Zambia: 0.5%
750,000 (1)(4)	Zambia Government International Bond, 8.500%, 04/14/2024		413,449		0.3
500,000 (1)(4)	Zambia Government International Bond, 8.970%, 07/30/2027		273,572		0.2
			687,021		0.5
	Total Sovereign Bonds (Cost $82,127,706)		80,327,305		56.2
CORPORATE BONDS/NOTES: 37.9%
	Brazil: 0.6%
1,050,000	Minerva Luxembourg SA, 4.375%, 03/18/2031		817,687		0.6
	Chile: 4.5%
900,000 (1)	Corp Nacional del Cobre de Chile, 3.750%, 01/15/2031		776,835		0.5
1,150,000 (1)	Corp Nacional del Cobre de Chile, 4.250%, 07/17/2042		866,427		0.6
750,000 (1)	Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047		566,831		0.4
700,000	Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033		647,707		0.5
725,000 (1)	Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034		704,027		0.5
400,000 (1)	Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053		381,500		0.3
400,000 (1)	Empresa de Transporte de Pasajeros Metro SA, 3.693%, 09/13/2061		245,066		0.2
700,000 (1)	Empresa Nacional del Petroleo, 3.450%, 09/16/2031		562,090		0.4
1,500,000 (1)	Empresa Nacional del Petroleo, 3.750%, 08/05/2026		1,396,027		1.0

See Accompanying Notes to Financial Statements

30

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Chile: (continued)
300,000 (1)	Empresa Nacional del Petroleo, 4.500%, 09/14/2047	$	213,090		0.1
			6,359,600		4.5
	Colombia: 0.9%
1,250,000	Ecopetrol SA, 8.625%, 01/19/2029		1,256,062		0.9
	Guatemala: 0.4%
700,000 (1)	CT Trust, 5.125%, 02/03/2032		545,738		0.4
	Indonesia: 3.6%
750,000 (1)	Hutama Karya Persero PT, 3.750%, 05/11/2030		659,366		0.5
750,000 (1)	Pertamina Persero PT, 3.100%, 01/21/2030		636,180		0.4
1,000,000	Pertamina Persero PT, 5.625%, 05/20/2043		875,800		0.6
550,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030		452,488		0.3
750,000 (5)	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027		706,372		0.5
1,500,000 (1)	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027		1,412,745		1.0
500,000 (1)	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.250%, 01/25/2049		451,563		0.3
			5,194,514		3.6
	Isle of Man: 0.4%
650,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		548,776		0.4
	Israel: 0.4%
750,000 (1)	Israel Electric Corp. Ltd., 3.750%, 02/22/2032		619,613		0.4
	Kazakhstan: 0.5%
1,000,000 (1)	KazMunayGas National Co. JSC, 3.500%, 04/14/2033		752,230		0.5

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Luxembourg: 2.4%
1,150,000 (1)	Chile Electricity Lux MPC Sarl, 6.010%, 01/20/2033	$	1,144,250		0.8
1,000,000 (1)	EIG Pearl Holdings Sarl, 4.387%, 11/30/2046		728,690		0.5
550,000 (1)	Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042		542,949		0.4
950,000 (1)	Minerva Luxembourg SA, 8.875%, 09/13/2033		943,825		0.7
			3,359,714		2.4
	Malaysia: 1.2%
300,000	Petronas Capital Ltd., 2.480%, 01/28/2032		237,900		0.2
1,750,000 (1)	Petronas Capital Ltd., 4.800%, 04/21/2060		1,449,254		1.0
			1,687,154		1.2
	Mexico: 7.3%
750,000 (1)	Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025		728,186		0.5
1,350,000 (1)(3)	BBVA Bancomer SA/Texas, 8.450%, 06/29/2038		1,332,004		0.9
800,000 (3)(5)	Cemex SAB de CV, 5.125%, 12/31/2199		747,260		0.5
1,100,000 (1)(3)	Cemex SAB de CV, 9.125%, 12/31/2199		1,145,375		0.8
500,000 (1)	Comision Federal de Electricidad, 4.677%, 02/09/2051		323,838		0.2
425,000 (1)	Comision Federal de Electricidad, 4.688%, 05/15/2029		382,500		0.3
1,000,000 (1)	Comision Federal de Electricidad, 6.264%, 02/15/2052		817,270		0.6
350,000	Petroleos Mexicanos, 5.500%, 06/27/2044		193,408		0.2
1,000,000	Petroleos Mexicanos, 6.500%, 03/13/2027		881,290		0.6
500,000	Petroleos Mexicanos, 6.500%, 01/23/2029		406,482		0.3
1,735,000	Petroleos Mexicanos, 6.700%, 02/16/2032		1,291,274		0.9
500,000	Petroleos Mexicanos, 6.750%, 09/21/2047		295,000		0.2
1,000,000	Petroleos Mexicanos, 6.950%, 01/28/2060		593,500		0.4
1,375,000 (1)	Petroleos Mexicanos, 10.000%, 02/07/2033		1,224,438		0.9
			10,361,825		7.3

See Accompanying Notes to Financial Statements

31

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Netherlands: 1.0%
1,500,000 (1)	Embraer Netherlands Finance BV, 7.000%, 07/28/2030	$	1,488,300		1.0
	Oman: 1.2%
1,750,000 (1)	OQ SAOC, 5.125%, 05/06/2028		1,673,420		1.2
	Panama: 1.4%
1,425,000	Banco Nacional de Panama, 2.500%, 08/11/2030		1,109,448		0.8
1,200,000 (1)	Empresa de Transmision Electrica SA, 5.125%, 05/02/2049		922,014		0.6
			2,031,462		1.4
	Peru: 2.0%
400,000 (1)	Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027		345,228		0.3
1,425,000 (1)	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033		1,439,108		1.0
250,000	Petroleos del Peru SA, 4.750%, 06/19/2032		176,957		0.1
1,400,000 (1)	Petroleos del Peru SA, 5.625%, 06/19/2047		845,901		0.6
			2,807,194		2.0
	Poland: 0.8%
1,175,000 (1)	Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033		1,108,906		0.8
	Qatar: 0.6%
1,350,000 (1)	QatarEnergy, 3.300%, 07/12/2051		877,459		0.6
	Saudi Arabia: 0.4%
550,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038		540,034		0.4
	South Africa: 0.6%
1,000,000 (1)	Eskom Holdings SOC Ltd., 6.350%, 08/10/2028		913,730		0.6
	South Korea: 0.7%
1,000,000 (1)(5)	POSCO, 5.750%, 01/17/2028		995,080		0.7
	Spain: 1.6%
800,000	Banco Santander SA, 5.588%, 08/08/2028		782,999		0.5

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Spain: (continued)
1,600,000	Banco Santander SA, 6.921%, 08/08/2033	$	1,530,988		1.1
			2,313,987		1.6
	Tanzania: 0.3%
600,000	AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030		484,440		0.3
	Thailand: 0.7%
850,000 (1)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		726,567		0.5
375,000	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032		320,545		0.2
			1,047,112		0.7
	United Arab Emirates: 2.2%
750,000	DP World Crescent Ltd., 3.875%, 07/18/2029		682,125		0.5
424,680 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		354,890		0.2
583,200 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040		450,887		0.3
1,450,000 (1)	MDGH GMTN RSC Ltd., 4.375%, 11/22/2033		1,326,532		0.9
400,000 (1)	MDGH GMTN RSC Ltd., 5.500%, 04/28/2033		399,732		0.3
			3,214,166		2.2
	United Kingdom: 2.1%
1,550,000 (3)	HSBC Holdings PLC, 5.887%, 08/14/2027		1,531,699		1.1
675,000 (3)	HSBC Holdings PLC, 6.547%, 06/20/2034		640,769		0.5
775,000 (1)	WE Soda Investments Holding PLC, 9.500%, 10/06/2028		782,750		0.5
			2,955,218		2.1
	Venezuela: 0.1%
1,000,000 (4)	Petroleos de Venezuela SA, 9.000%, 11/17/2021		56,500		0.0
1,750,000 (4)	Petroleos de Venezuela SA, 9.750%, 05/17/2035		98,875		0.1
			155,375		0.1
	Total Corporate Bonds/Notes (Cost $56,270,438)		54,108,796		37.9

See Accompanying Notes to Financial Statements

32

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Venezuela: (continued)
	Total Long-Term Investments (Cost $138,398,144)	$	134,436,101		94.1
SHORT-TERM INVESTMENTS: 7.0%
	Commercial Paper: 4.0%
1,000,000	Autozone, Inc., 8.080%, 10/02/2023		999,558		0.7
1,300,000	Entergy Corp., 6.570%, 10/05/2023		1,298,830		0.9
1,300,000	HP, Inc., 6.040%, 10/11/2023		1,297,637		0.9
1,200,000	HP, Inc., 6.610%, 10/05/2023		1,198,914		0.8
1,000,000	Mondelez International, Inc., 8.250%, 10/02/2023		999,548		0.7
	Total Commercial Paper (Cost $5,796,197)		5,794,487		4.0
	Repurchase Agreements: 2.3%
247,634 (6)	Bank of America Inc., Repurchase Agreement dated 09/29/2023, 5.290%, due 10/02/2023 (Repurchase Amount $247,742, collateralized by various U.S. Government Securities, 1.375%- 4.000%, Market Value plus accrued interest $252,587, due 11/15/40-02/15/53)		247,634		0.2
1,000,000 (6)	Daiwa Capital Markets, Repurchase Agreement dated 09/29/2023, 5.310%, due 10/02/2023 (Repurchase Amount $1,000,436, collateralized by various U.S. Government Securities, 0.000%- 5.440%, Market Value plus accrued interest $1,020,000, due 11/14/23-05/15/40)		1,000,000		0.7

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (6)	Deutsche Bank Securities Inc., Repurchase Agreement dated 09/29/2023, 5.300%, due 10/02/2023 (Repurchase Amount $1,000,436, collateralized by various U.S. Government Securities, 0.500%- 1.750%, Market Value plus accrued interest $1,020,000, due 06/30/24-05/31/27)	$	1,000,000		0.7
1,000,000 (6)	HSBC Securities USA, Repurchase Agreement dated 09/29/2023, 5.290%, due 10/02/2023 (Repurchase Amount $1,000,435, collateralized by various U.S. Government Securities, 0.000%- 4.375%, Market Value plus accrued interest $1,020,000, due 02/29/24-02/15/53)		1,000,000		0.7
	Total Repurchase Agreements (Cost $3,247,634)		3,247,634		2.3

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.7%
963,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $963,000)	$	963,000			0.7
	Total Short-Term Investments (Cost $10,006,831)		10,005,121			7.0
	Total Investments in Securities (Cost $148,404,975)	$	144,441,222			101.1
	Liabilities in Excess of Other Assets		(1,599,256	)		(1.1)
	Net Assets	$	142,841,966			100.0

See Accompanying Notes to Financial Statements

33

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

^† 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⁾ Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of September 30, 2023.

⁽³⁾ Variable rate security. Rate shown is the rate in effect as of September 30, 2023.

⁽⁴⁾ Defaulted security.

⁽⁵⁾ Security, or a portion of the security, is on loan.

⁽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 September 30, 2023.

	Percentage
Sector Diversification	of Net Assets
Sovereign Bonds		56.2%
Energy		14.0
Financial		7.6
Utilities		5.7
Basic Materials		5.5
Industrial		2.5
Consumer, Non-cyclical		2.2
Communications		0.4
Short-Term Investments		7.0
Liabilities in Excess of Other Assets		(1.1)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

34

Voya VACS Series EMHCD Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
Sovereign Bonds	$	—		$	80,327,305	$	—	$	80,327,305
Corporate Bonds/Notes		—			54,108,796		—		54,108,796
Short-Term Investments		963,000			9,042,121		—		10,005,121
Total Investments, at fair value	$	963,000		$	143,478,222	$	—	$	144,441,222
Other Financial Instruments+
Futures		343,353			—		—		343,353
Total Assets	$	1,306,353		$	143,478,222	$	—	$	144,784,575
Liabilities Table
Other Financial Instruments+
Futures	$	(242,391	)	$	—	$	—	$	(242,391	)
Total Liabilities	$	(242,391	)	$	—	$	—	$	(242,391	)

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

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

At September 30, 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		73	12/29/23	$	14,797,898		$	(34,713	)
U.S. Treasury Ultra Long Bond		24	12/19/23		2,848,500			(207,678	)
				$	17,646,398		$	(242,391	)
Short Contracts:
U.S. Treasury 5-Year Note		(2)	12/29/23		(210,719	)		903
U.S. Treasury 10-Year Note		(8)	12/19/23		(864,500	)		10,745
U.S. Treasury Long Bond		(1)	12/19/23		(113,781	)		4,529
U.S. Treasury Ultra 10-Year Note		(112)	12/19/23		(12,495,000	)		327,176
				$	(13,684,000	)	$	343,353

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

The fair value of derivative instruments as of September 30, 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*	$	343,353
Total Asset Derivatives		$	343,353
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	242,391
Total Liability Derivatives		$	242,391

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

See Accompanying Notes to Financial Statements

 35

Voya VACS Series EMHCD Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 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	$	129,355
Total	$	129,355

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

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts	$	400,366
Total	$	400,366

At September 30, 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 $151,967,007.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,408,246
Gross Unrealized Depreciation		(5,971,635	)
Net Unrealized Depreciation	$	(3,563,389	)

See Accompanying Notes to Financial Statements

 36

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 93.6%
	Basic Materials: 5.9%
290,000 (1)	Arsenal AIC Parent LLC, 8.000%, 10/01/2030	$	288,918		0.2
200,000 (1)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029		108,996		0.1
415,000	ATI, Inc., 7.250%, 08/15/2030		412,394		0.4
355,000 (1)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029		309,633		0.3
145,000 (1)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031		123,673		0.1
330,000 (1)	Coeur Mining, Inc., 5.125%, 02/15/2029		283,530		0.2
393,000 (1)	Consolidated Energy Finance SA, 5.625%, 10/15/2028		325,105		0.3
368,000 (1)	Constellium SE, 5.625%, 06/15/2028		346,710		0.3
245,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027		235,234		0.2
490,000 (1)	Hudbay Minerals, Inc., 4.500%, 04/01/2026		459,114		0.4
390,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028		368,813		0.3
436,000 (1)	INEOS Quattro Finance 2 PLC, 3.375%, 01/15/2026		397,624		0.3
454,000 (1)(2)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026		409,921		0.3
509,000 (1)	Mativ Holdings, Inc., 6.875%, 10/01/2026		465,078		0.4
65,000 (1)	Novelis Corp., 3.250%, 11/15/2026		58,132		0.1
350,000 (1)	Novelis Corp., 3.875%, 08/15/2031		279,970		0.2
135,000 (1)	Novelis Corp., 4.750%, 01/30/2030		117,017		0.1
415,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030		366,696		0.3
265,000	Olin Corp., 5.000%, 02/01/2030		235,665		0.2
270,000	Olin Corp., 5.125%, 09/15/2027		252,706		0.2
200,000 (1)	Olympus Water US Holding Corp., 7.125%, 10/01/2027		185,229		0.2
280,000 (1)	SPCM SA, 3.125%, 03/15/2027		248,112		0.2
465,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026		435,035		0.4

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials: (continued)
490,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029	$	256,235		0.2
			6,969,540		5.9
	Communications: 14.4%
380,000 (1)	Acuris Finance US, Inc. / Acuris Finance Sarl, 5.000%, 05/01/2028		313,040		0.3
491,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028		243,507		0.2
577,000 (1)	Altice France SA/ France, 5.500%, 10/15/2029		415,778		0.3
245,000 (1)	Altice France SA/ France, 8.125%, 02/01/2027		217,577		0.2
570,000	AMC Networks, Inc., 4.250%, 02/15/2029		350,550		0.3
405,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026		260,384		0.2
595,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034		438,710		0.4
835,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032		656,204		0.6
480,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028		436,432		0.4
465,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027		433,734		0.4
160,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		154,717		0.1
105,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027		59,760		0.0
165,000 (1)	CommScope Technologies LLC, 6.000%, 06/15/2025		157,288		0.1
215,000 (1)	CommScope, Inc., 4.750%, 09/01/2029		158,425		0.1
325,000 (1)	CommScope, Inc., 7.125%, 07/01/2028		195,000		0.2
239,000 (1)	Connect Finco Sarl / Connect US Finco LLC, 6.750%, 10/01/2026		223,214		0.2
196,000	CSC Holdings LLC, 5.250%, 06/01/2024		186,756		0.2
900,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030		505,589		0.4

See Accompanying Notes to Financial Statements

37 

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
400,000 (1)(3)	CSC Holdings LLC, 11.250%, 05/15/2028	$	399,005		0.3
580,000 (1)	Directv Financing LLC / Directv Financing Co- Obligor, Inc., 5.875%, 08/15/2027		513,561		0.4
465,000	DISH DBS Corp., 5.125%, 06/01/2029		258,482		0.2
282,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028		217,316		0.2
325,000	DISH DBS Corp., 7.375%, 07/01/2028		205,323		0.2
550,000 (1)	DISH Network Corp., 11.750%, 11/15/2027		554,918		0.5
307,000	Embarq Corp., 7.995%, 06/01/2036		173,426		0.1
370,000 (1)	GCI LLC, 4.750%, 10/15/2028		319,536		0.3
610,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031		399,994		0.3
175,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027		138,958		0.1
343,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028		299,511		0.2
239,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029		192,545		0.2
374,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027		343,990		0.3
585,000 (1)	Level 3 Financing, Inc., 3.750%, 07/15/2029		327,809		0.3
335,000 (1)(4)	Level 3 Financing, Inc., 10.500%, 05/15/2030		337,507		0.3
610,000 (1)	Match Group Holdings II LLC, 4.625%, 06/01/2028		547,615		0.5
360,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029		312,674		0.3
375,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026		299,545		0.2
319,000 (5)	Paramount Global, 6.250%, 02/28/2057		240,686		0.2
435,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028		229,032		0.2
155,000 (1)	Sirius XM Radio, Inc., 3.125%, 09/01/2026		138,305		0.1
950,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		868,685		0.7
365,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026		245,580		0.2
435,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029		351,793		0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
200,000	Telecom Italia Capital SA, 6.000%, 09/30/2034	$	166,950		0.1
220,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		190,971		0.2
230,000 (1)	Uber Technologies, Inc., 4.500%, 08/15/2029		206,018		0.2
335,000 (1)	Uber Technologies, Inc., 8.000%, 11/01/2026		339,278		0.3
150,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029		122,296		0.1
570,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027		531,463		0.4
340,000 (1)	Urban One, Inc., 7.375%, 02/01/2028		292,123		0.2
100,000 (1)	Viasat, Inc., 5.625%, 04/15/2027		86,750		0.1
155,000 (1)	Viasat, Inc., 6.500%, 07/15/2028		107,551		0.1
100,000 (1)	Viasat, Inc., 7.500%, 05/30/2031		66,175		0.1
415,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029		337,789		0.3
651,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028		562,516		0.5
417,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031		337,382		0.3
540,000 (1)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027		401,382		0.3
			17,071,105		14.4
	Consumer, Cyclical: 21.4%
185,000 (1)	1011778 BC ULC / New Red Finance, Inc., 3.500%, 02/15/2029		158,526		0.1
460,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030		382,786		0.3
515,000 (1)	Adient Global Holdings Ltd., 4.875%, 08/15/2026		486,312		0.4
235,000 (1)(3)	Adient Global Holdings Ltd., 8.250%, 04/15/2031		235,575		0.2
460,000 (1)	Affinity Interactive, 6.875%, 12/15/2027		390,501		0.3
130,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031		105,223		0.1
345,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029		325,663		0.3
440,000 (1)	American Airlines, Inc., 7.250%, 02/15/2028		421,122		0.4

See Accompanying Notes to Financial Statements

38 

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
114,583 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026	$	112,011		0.1
400,000 (1)	Arko Corp., 5.125%, 11/15/2029		323,084		0.3
280,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028		250,987		0.2
251,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		214,985		0.2
380,000 (1)	Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 08/01/2029		321,090		0.3
300,000 (1)	Banijay Entertainment SASU, 8.125%, 05/01/2029		297,967		0.3
460,000	Bath & Body Works, Inc., 6.750%, 07/01/2036		403,562		0.3
78,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025		81,202		0.1
90,000 (1)(2)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027		78,515		0.1
250,000 (1)	Brinker International, Inc., 5.000%, 10/01/2024		244,063		0.2
120,000 (1)	Brinker International, Inc., 8.250%, 07/15/2030		115,616		0.1
485,000 (1)	Caesars Entertainment, Inc., 4.625%, 10/15/2029		411,394		0.3
370,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025		365,261		0.3
325,000 (1)	Caesars Entertainment, Inc., 7.000%, 02/15/2030		316,590		0.3
275,000 (1)	Carnival Corp., 4.000%, 08/01/2028		238,672		0.2
575,000 (1)	Carnival Corp., 6.000%, 05/01/2029		491,138		0.4
350,000 (1)	Carrols Restaurant Group, Inc., 5.875%, 07/01/2029		294,092		0.2
400,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026		382,970		0.3
190,000	Delta Air Lines, Inc., 4.375%, 04/19/2028		174,836		0.1
115,000	Delta Air Lines, Inc., 7.375%, 01/15/2026		116,513		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
295,000 (1)	Dream Finders Homes, Inc., 8.250%, 08/15/2028	$	297,289		0.2
370,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029		267,253		0.2
530,000	Ford Motor Co., 6.100%, 08/19/2032		499,760		0.4
785,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026		701,296		0.6
835,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		761,208		0.6
275,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026		258,388		0.2
400,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029		366,562		0.3
103,000 (1)	Gap, Inc., 3.625%, 10/01/2029		76,347		0.1
347,000 (1)	Gap, Inc., 3.875%, 10/01/2031		244,215		0.2
225,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026		224,719		0.2
270,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031		227,236		0.2
436,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028		401,878		0.3
435,000 (1)	Interface, Inc., 5.500%, 12/01/2028		370,219		0.3
657,000 (1)	International Game Technology PLC, 5.250%, 01/15/2029		606,113		0.5
420,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029		344,822		0.3
385,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029		327,797		0.3
445,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029		294,050		0.2
130,000	M/I Homes, Inc., 3.950%, 02/15/2030		106,169		0.1
310,000	M/I Homes, Inc., 4.950%, 02/01/2028		279,766		0.2
170,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034		115,202		0.1
110,000 (1)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030		93,376		0.1
230,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032		190,067		0.2

See Accompanying Notes to Financial Statements

39 

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
208,000 (1)	Melco Resorts Finance Ltd., 5.250%, 04/26/2026	$	192,140		0.2
472,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029		389,945		0.3
195,000 (3)	MGM Resorts International, 4.625%, 09/01/2026		182,316		0.2
205,000 (3)	MGM Resorts International, 4.750%, 10/15/2028		180,843		0.2
340,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029		306,952		0.3
110,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027		106,271		0.1
325,000 (1)(3)	NCL Corp. Ltd., 7.750%, 02/15/2029		302,004		0.3
85,000 (1)	NCL Corp. Ltd., 8.375%, 02/01/2028		86,298		0.1
270,000 (1)	NCL Finance Ltd., 6.125%, 03/15/2028		238,590		0.2
270,000 (1)	Ritchie Bros Holdings, Inc., 7.750%, 03/15/2031		274,387		0.2
965,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027		894,011		0.8
73,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025		77,123		0.1
250,000 (1)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027		271,381		0.2
395,000	Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/01/2025		385,350		0.3
500,000	Sands China Ltd., 5.375%, 08/08/2025		484,935		0.4
340,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030		293,695		0.2
415,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028		408,331		0.3
429,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029		372,550		0.3
365,000 (1)	Sonic Automotive, Inc., 4.625%, 11/15/2029		303,061		0.3
125,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029		105,139		0.1
320,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029		272,841		0.2
530,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028		462,910		0.4
370,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026		343,044		0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
375,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030	$	328,082		0.3
351,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031		271,211		0.2
69,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029		57,659		0.0
360,000	United Airlines Holdings, Inc., 4.875%, 01/15/2025		348,831		0.3
165,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026		152,755		0.1
510,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027		466,002		0.4
410,000 (1)	VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030		317,350		0.3
350,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028		309,762		0.3
365,000 (1)	William Carter Co., 5.625%, 03/15/2027		351,429		0.3
545,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027		507,496		0.4
27,000 (1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025		26,572		0.0
200,000 (1)	ZF North America Capital, Inc., 4.750%, 04/29/2025		192,492		0.2
330,000 (1)	ZF North America Capital, Inc., 6.875%, 04/14/2028		323,202		0.3
			25,380,948		21.4
	Consumer, Non-cyclical: 16.7%
285,000 (1)	1375209 BC Ltd., 9.000%, 01/30/2028		282,054		0.2
475,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028		442,277		0.4
495,000 (1)	ADT Security Corp., 4.125%, 08/01/2029		419,094		0.4
300,000 (1)	AHP Health Partners, Inc., 5.750%, 07/15/2029		253,453		0.2
285,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029		243,239		0.2

See Accompanying Notes to Financial Statements

40 

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
140,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030	$	126,329		0.1
315,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028		303,523		0.3
415,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026		382,838		0.3
120,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027		108,578		0.1
175,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029		147,278		0.1
210,000 (1)	APi Group DE, Inc., 4.750%, 10/15/2029		184,657		0.2
475,000	B&G Foods, Inc., 5.250%, 09/15/2027		398,293		0.3
220,000 (1)	Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028		220,928		0.2
380,000 (1)	Bausch Health Cos., Inc., 4.875%, 06/01/2028		216,741		0.2
365,000 (1)	Bausch Health Cos., Inc., 6.125%, 02/01/2027		227,595		0.2
385,000 (1)	Bausch Health Cos., Inc., 11.000%, 09/30/2028		262,166		0.2
355,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030		350,024		0.3
509,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028		462,406		0.4
200,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031		141,820		0.1
345,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030		262,713		0.2
295,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027		253,405		0.2
320,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029		170,400		0.1
480,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026		473,446		0.4
160,000 (1)	DaVita, Inc., 3.750%, 02/15/2031		121,769		0.1
605,000 (1)	DaVita, Inc., 4.625%, 06/01/2030		497,529		0.4
550,000	Encompass Health Corp., 4.750%, 02/01/2030		487,364		0.4

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
337,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026	$	326,074		0.3
200,000 (1)	IQVIA, Inc., 5.000%, 10/15/2026		191,417		0.2
200,000 (1)	IQVIA, Inc., 6.500%, 05/15/2030		196,004		0.2
466,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029		406,668		0.3
305,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026		306,215		0.3
545,000 (1)(3)	Legacy LifePoint Health LLC, 4.375%, 02/15/2027		469,365		0.4
383,000 (1)	Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer, Inc., 5.000%, 02/01/2026		375,767		0.3
460,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029		389,304		0.3
520,000 (1)	Medline Borrower L.P., 5.250%, 10/01/2029		450,063		0.4
345,000 (1)	ModivCare, Inc., 5.875%, 11/15/2025		328,278		0.3
282,000 (1)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028		212,054		0.2
430,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029		377,844		0.3
264,000	New Albertsons L.P., 7.450%, 08/01/2029		266,940		0.2
614,000 (1)	Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031		492,884		0.4
300,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029		163,170		0.1
200,000	Perrigo Finance Unlimited Co., 4.375%, 03/15/2026		187,214		0.2
300,000	Perrigo Finance Unlimited Co., 4.650%, 06/15/2030		256,131		0.2
290,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030		248,689		0.2
565,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028		534,678		0.4
575,000 (1)(3)	Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028		533,208		0.4
415,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029		355,273		0.3
385,000 (1)	Select Medical Corp., 6.250%, 08/15/2026		376,478		0.3

See Accompanying Notes to Financial Statements

41 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
380,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029	$	312,204		0.3
345,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028		308,985		0.3
325,000	Tenet Healthcare Corp., 4.250%, 06/01/2029		280,047		0.2
350,000	Tenet Healthcare Corp., 5.125%, 11/01/2027		326,070		0.3
580,000	Tenet Healthcare Corp., 6.125%, 10/01/2028		545,014		0.5
570,000	Tenet Healthcare Corp., 6.125%, 06/15/2030		535,116		0.5
393,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/2027		361,745		0.3
386,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029		316,010		0.3
331,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028		252,768		0.2
155,000	United Rentals North America, Inc., 3.750%, 01/15/2032		125,278		0.1
310,000	United Rentals North America, Inc., 4.875%, 01/15/2028		289,873		0.2
100,000	United Rentals North America, Inc., 5.250%, 01/15/2030		92,623		0.1
70,000	United Rentals North America, Inc., 5.500%, 05/15/2027		68,097		0.1
350,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027		351,209		0.3
340,000 (1)	VT Topco, Inc., 8.500%, 08/15/2030		337,129		0.3
185,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028		165,779		0.1
285,000 (1)	Williams Scotsman International, Inc., 6.125%, 06/15/2025		282,454		0.2
			19,834,038		16.7
	Energy: 11.9%
305,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029		279,590		0.2
375,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027		358,256		0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
205,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030	$	188,984		0.2
365,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028		340,234		0.3
135,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027		130,724		0.1
465,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029		418,679		0.4
486,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026		477,014		0.4
362,000 (1)	CNX Midstream Partners L.P., 4.750%, 04/15/2030		301,769		0.3
540,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026		529,775		0.4
55,000 (1)	Crescent Energy Finance LLC, 9.250%, 02/15/2028		56,205		0.0
595,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029		574,943		0.5
220,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025		215,828		0.2
325,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028		297,291		0.3
185,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029		160,186		0.1
353,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031		297,236		0.2
445,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027		455,867		0.4
410,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028		394,139		0.3
360,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027		355,876		0.3
710,000	EnLink Midstream LLC, 5.375%, 06/01/2029		657,443		0.6
125,000	EnLink Midstream Partners L.P., 4.150%, 06/01/2025		119,444		0.1
420,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028		394,606		0.3

See Accompanying Notes to Financial Statements

42 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
225,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025	$	221,715		0.2
300,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030		253,322		0.2
270,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028		248,642		0.2
110,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030		100,076		0.1
200,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029		180,815		0.2
220,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030		198,610		0.2
230,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		203,217		0.2
505,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030		474,018		0.4
500,000 (1)	Matador Resources Co., 6.875%, 04/15/2028		491,411		0.4
320,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026		310,347		0.3
375,000	Murphy Oil Corp., 6.375%, 07/15/2028		368,966		0.3
315,000 (1)	Northern Oil and Gas, Inc., 8.750%, 06/15/2031		317,756		0.3
415,000	Occidental Petroleum Corp., 5.500%, 12/01/2025		409,996		0.3
485,000 (1)	Permian Resources Operating LLC, 5.875%, 07/01/2029		456,860		0.4
675,000 (3)	Southwestern Energy Co., 5.375%, 02/01/2029		622,281		0.5
170,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029		149,395		0.1
390,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030		338,223		0.3
235,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025		234,619		0.2
258,750 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027		255,016		0.2
55,000 (1)	Transocean Titan Financing Ltd., 8.375%, 02/01/2028		56,009		0.0
235,000 (1)	Transocean, Inc., 7.500%, 01/15/2026		229,923		0.2

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
170,000 (1)	Venture Global Calcasieu Pass LLC, 3.875%, 08/15/2029	$	143,236		0.1
500,000 (1)	Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031		410,815		0.3
230,000 (1)	Venture Global LNG, Inc., 8.125%, 06/01/2028		227,901		0.2
230,000 (1)	Venture Global LNG, Inc., 8.375%, 06/01/2031		226,330		0.2
			14,133,588		11.9
	Financial: 7.6%
245,000	Ally Financial, Inc., 5.750%, 11/20/2025		238,072		0.2
175,000	Ally Financial, Inc., 6.700%, 02/14/2033		152,093		0.1
355,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029		316,270		0.3
420,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029		371,036		0.3
393,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030		361,356		0.3
125,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027		109,992		0.1
220,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025		220,250		0.2
100,000 (1)	Freedom Mortgage Corp., 12.250%, 10/01/2030		102,338		0.1
740,000	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 5.250%, 05/15/2027		651,315		0.6
410,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		331,729		0.3
214,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030		166,203		0.1
380,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028		328,483		0.3
380,000	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029		269,718		0.2
445,000	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027		345,530		0.3

See Accompanying Notes to Financial Statements

43 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
255,000 (1)	Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026	$	238,470		0.2
485,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030		394,422		0.3
350,000	Navient Corp., 4.875%, 03/15/2028		297,061		0.3
195,000	Navient Corp., 5.000%, 03/15/2027		175,483		0.2
233,000	OneMain Finance Corp., 4.000%, 09/15/2030		175,118		0.1
475,000	OneMain Finance Corp., 5.375%, 11/15/2029		398,382		0.3
145,000	OneMain Finance Corp., 7.125%, 03/15/2026		142,157		0.1
535,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028		489,410		0.4
280,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029		212,987		0.2
540,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029		391,171		0.3
480,000 (1)	RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028		472,048		0.4
65,000 (1)	RLJ Lodging Trust L.P., 3.750%, 07/01/2026		58,846		0.1
175,000	Service Properties Trust, 4.750%, 10/01/2026		150,305		0.1
165,000	Service Properties Trust, 5.500%, 12/15/2027		141,222		0.1
540,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027		489,367		0.4
345,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 10.500%, 02/15/2028		338,248		0.3
455,000 (1)	XHR L.P., 4.875%, 06/01/2029		387,239		0.3
65,000 (1)	XHR L.P., 6.375%, 08/15/2025		63,877		0.1
			8,980,198		7.6
	Industrial: 12.0%
220,000 (1)	AmeriTex HoldCo Intermediate LLC, 10.250%, 10/15/2028		217,800		0.2

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
485,000 (1)(2)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027	$	366,680		0.3
210,000	Ball Corp., 3.125%, 09/15/2031		164,753		0.1
70,000	Ball Corp., 4.875%, 03/15/2026		67,295		0.1
175,000	Ball Corp., 6.875%, 03/15/2028		176,244		0.1
255,000 (1)	Bombardier, Inc., 7.500%, 02/01/2029		242,315		0.2
240,000 (1)	Bombardier, Inc., 7.875%, 04/15/2027		234,386		0.2
375,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026		357,141		0.3
370,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030		330,326		0.3
65,000 (1)	Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026		62,388		0.1
423,000 (1)	Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028		391,241		0.3
445,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030		447,995		0.4
395,000 (1)	Clean Harbors, Inc., 6.375%, 02/01/2031		384,576		0.3
365,000 (1)	Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030		351,832		0.3
575,000 (1)	Energizer Holdings, Inc., 4.750%, 06/15/2028		497,348		0.4
509,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028		462,007		0.4
115,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/01/2025		113,130		0.1
460,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028		402,388		0.3
125,000 (1)	GFL Environmental, Inc., 4.250%, 06/01/2025		120,253		0.1
225,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029		195,722		0.2
190,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029		156,793		0.1
196,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032		167,935		0.1

See Accompanying Notes to Financial Statements

44 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
375,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028	$	290,351		0.2
425,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028		356,725		0.3
335,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027		329,453		0.3
550,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029		482,562		0.4
225,000 (1)(2)	Intelligent Packaging Holdco Issuer L.P., 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026		187,209		0.2
355,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028		311,171		0.3
340,000 (1)	Maxim Crane Works Holdings Capital LLC, 11.500%, 09/01/2028		331,500		0.3
470,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028		464,691		0.4
395,000 (1)	Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031		386,606		0.3
435,000 (1)(3)	PGT Innovations, Inc., 4.375%, 10/01/2029		401,580		0.3
360,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029		310,108		0.3
208,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025		195,520		0.2
386,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027		372,841		0.3
380,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027		339,493		0.3
65,000 (1)	Sealed Air Corp., 5.125%, 12/01/2024		64,242		0.1
215,000 (1)	Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028		208,461		0.2
170,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025		164,990		0.1
520,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031		421,382		0.4
485,000 (1)	Standard Industries, Inc., 3.375%, 01/15/2031		375,504		0.3
280,000 (1)	Standard Industries, Inc., 4.375%, 07/15/2030		232,188		0.2
335,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029		304,503		0.3

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
233,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027	$	227,746		0.2
385,000	TransDigm, Inc., 4.625%, 01/15/2029		336,681		0.3
310,000	TransDigm, Inc., 5.500%, 11/15/2027		290,577		0.2
535,000 (1)	TransDigm, Inc., 6.875%, 12/15/2030		525,220		0.4
405,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028		351,915		0.3
			14,173,767		12.0
	Technology: 2.4%
480,000 (1)	Cloud Software Group, Inc., 6.500%, 03/31/2029		424,964		0.4
275,000 (1)	Cloud Software Group, Inc., 9.000%, 09/30/2029		239,356		0.2
275,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028		234,627		0.2
240,000 (1)	Entegris Escrow Corp., 5.950%, 06/15/2030		222,827		0.2
160,000 (1)	Entegris, Inc., 3.625%, 05/01/2029		136,030		0.1
300,000 (1)	McAfee Corp., 7.375%, 02/15/2030		251,509		0.2
370,000 (1)	NCR Atleos Escrow Corp., 9.500%, 04/01/2029		358,247		0.3
195,000 (1)	Open Text Corp., 3.875%, 12/01/2029		160,508		0.1
420,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030		351,831		0.3
335,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028		112,769		0.1
399,000 (1)	Virtusa Corp., 7.125%, 12/15/2028		322,697		0.3
			2,815,365		2.4
	Utilities: 1.3%
466,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028		402,704		0.3
365,000	TransAlta Corp., 7.750%, 11/15/2029		369,904		0.3
240,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029		206,534		0.2
200,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026		190,919		0.2

See Accompanying Notes to Financial Statements

45 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
395,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027	$	374,955		0.3
			1,545,016		1.3
	Total Corporate Bonds/Notes
	(Cost $112,411,933)		110,903,565		93.6
BANK LOANS: 1.3%
	Communications: 0.3%
368,000	AP Core Holdings II, LLC, High-Yield Term Loan B2, 10.717%, (TSFR3M+5.500%), 09/01/2027		357,956		0.3
	Consumer, Non-cyclical: 0.2%
295,000	Nielsen Consumer Inc., 2023 USD Fifth Amendment Incremental Term Loan, 11.549%, (TSFR3M+6.250%), 03/05/2028		282,462		0.2
	Financial: 0.4%
465,000	HUB International Limited, 2023 Term Loan B, 9.369%, (TSFR3M+4.250%), 06/30/2030		466,983		0.4
	Lodging & Casinos: 0.3%
294,000	Hilton Worldwide 06/22/2026, 2019 Term Loan B2, 6.939%, (TSFR1M+1.750%), 06/21/2026		294,223		0.3
	Radio & Television: 0.1%
178,889	Clear Channel Outdoor Holdings, Inc., Term Loan B, 8.807%, (TSFR3M+3.500%), 08/23/2026		174,169		0.1
	Total Bank Loans
	(Cost $1,572,773)		1,575,793		1.3
	Total Long-Term Investments
	(Cost $113,984,706)		112,479,358		94.9

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.7%
	Commercial Paper: 3.0%
1,000,000	Autozone, Inc., 8.080%, 10/02/2023	$	999,558		0.9
1,000,000	Entergy Corp., 6.570%, 10/05/2023		999,100		0.9
500,000	HP, Inc., 6.040%, 10/11/2023		499,091		0.4
1,000,000	HP, Inc., 6.610%, 10/05/2023		999,095		0.8
	Total Commercial Paper
	(Cost $3,497,873)		3,496,844		3.0
	Repurchase Agreements: 1.9%
1,000,000 (6)	Daiwa Capital Markets, Repurchase Agreement dated 09/29/2023, 5.310%, due 10/02/2023 (Repurchase Amount $1,000,436, collateralized by various U.S. Government Securities, 0.000%- 5.440%, Market Value plus accrued interest $1,020,000, due 11/14/23-05/15/40)		1,000,000		0.9
1,000,000 (6)	Deutsche Bank Securities Inc., Repurchase Agreement dated 09/29/2023, 5.300%, due 10/02/2023 (Repurchase Amount $1,000,436, collateralized by various U.S. Government Securities, 0.500%- 1.750%, Market Value plus accrued interest $1,020,000, due 06/30/24-05/31/27)		1,000,000		0.8
252,822 (6)	HSBC Securities USA, Repurchase Agreement dated 09/29/2023, 5.290%, due 10/02/2023 (Repurchase Amount $252,932, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $257,878, due 02/29/24-02/15/53)		252,822		0.2
	Total Repurchase Agreements
	(Cost $2,252,822)		2,252,822		1.9

See Accompanying Notes to Financial Statements

46 

	PORTFOLIO OF INVESTMENTS
Voya vacs Series hyb Fund	as of September 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.8%
934,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $934,000)	$	934,000			0.8
	Total Short-Term Investments
	(Cost $6,684,695)	$	6,683,666			5.7
	Total Investments in Securities
	(Cost $120,669,401)	$	119,163,024			100.6
	Liabilities in Excess of
	Other Assets		(685,010	)		(0.6	)
	Net Assets	$	118,478,014			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⁾ 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.

⁽³⁾ Security, or a portion of the security, is on loan.

⁽⁴⁾ Bond may be called prior to maturity date.

⁽⁵⁾ Variable rate security. Rate shown is the rate in effect as of September 30, 2023.

⁽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 September 30, 2023.

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate

TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

47 

Voya VACS Series HYB Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the assets and liabilities:

	Quoted Prices		Significant
	in Active Markets		Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		September 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—	$	110,903,565	$	—	$	110,903,565
Bank Loans		—		1,575,793		—		1,575,793
Short-Term Investments		934,000		5,749,666		—		6,683,666
Total Investments, at fair value	$	934,000	$	118,229,024	$	—	$	119,163,024

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

At September 30, 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:

Cost for federal income tax purposes was $120,669,401.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	976,086
Gross Unrealized Depreciation		(2,482,464	)
Net Unrealized Depreciation	$	(1,506,378	)

See Accompanying Notes to Financial Statements

48

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: 39.9%
776,962 (1)	Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054	$	429,376	0.2
1,701,186 (1)	Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054		846,279	0.4
1,054,000 (1)(2)	AREIT Trust 2019- CRE3 D, 8.097%, (TSFR1M + 2.764%), 09/14/2036		1,001,526	0.5
662,526 (1)	BANK 2017-BNK4 D, 3.357%, 05/15/2050		467,864	0.2
1,710,522 (1)	BANK 2017-BNK4 E, 3.357%, 05/15/2050		1,016,280	0.5
6,369,284 (1)(2)(3)	BANK 2017-BNK8 XE, 1.431%, 11/15/2050		277,563	0.1
15,846,543 (2)(3)	BANK 2020-BN27 XA, 1.265%, 04/15/2063		879,146	0.4
5,306,914 (2)(3)	BANK 2020-BN30 XA, 1.407%, 12/15/2053		342,655	0.2
4,441,599 (2)(3)	BANK 2021-BN31 XA, 1.425%, 02/15/2054		292,039	0.1
13,690,505 (2)(3)	Barclays Commercial Mortgage Trust 2019- C4 XA, 1.702%, 08/15/2052		861,203	0.4
5,710,974 (1)(2)(3)	Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051		326,459	0.2
5,764,765 (2)(3)	Benchmark Mortgage Trust 2019-B10 XA, 1.356%, 03/15/2062		266,090	0.1
4,489,366 (1)(2)(3)	Benchmark Mortgage Trust 2019-B14 XD, 1.399%, 12/15/2062		287,098	0.1
1,841,521 (1)	Benchmark Mortgage Trust 2020-B18 AGNF, 4.139%, 07/15/2053		1,606,517	0.8
6,792,606 (2)(3)	Benchmark Mortgage Trust 2020-B18 XA, 1.912%, 07/15/2053		457,522	0.2
4,790,248 (2)(3)	Benchmark Mortgage Trust 2020-B22 XA, 1.627%, 01/15/2054		382,214	0.2
5,529,621 (2)(3)	Benchmark Mortgage Trust 2021-B23 XA, 1.375%, 02/15/2054		340,215	0.2
10,356,382 (2)(3)	Benchmark Mortgage Trust 2021-B25 XA, 1.213%, 04/15/2054		582,311	0.3
1,981,555 (1)(4)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		1,305,895	0.6
1,008,846 (1)(4)	BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052		631,134	0.3
2,537,173 (1)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.453%, 05/25/2052		1,818,453	0.9

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
723,659 (1)(2)	BX Commercial Mortgage Trust 2019- IMC D, 7.346%, (TSFR1M + 2.014%), 04/15/2034	$	712,958	0.3
602,296 (1)(2)	BX Commercial Mortgage Trust 2021- VOLT F, 7.847%, (TSFR1M + 2.514%), 09/15/2036		567,329	0.3
5,305,260 (2)(3)	CD Mortgage Trust 2019-CD8 XA, 1.542%, 08/15/2057		310,189	0.2
846,226 (1)(2)	Citigroup Commercial Mortgage Trust 2014- GC19 E, 4.751%, 03/11/2047		723,717	0.4
1,274,158 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 E, 4.847%, 07/10/2049		852,555	0.4
605,308 (1)(2)	Citigroup Commercial Mortgage Trust 2016-P4 F, 4.847%, 07/10/2049		368,701	0.2
1,550,913 (1)	Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049		931,214	0.5
6,220,215 (1)(2)(3)	Citigroup Commercial Mortgage Trust 2017- P8 XE, 1.400%, 09/15/2050		258,763	0.1
674,572 (1)(2)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.232%, 11/10/2051		433,259	0.2
548,090 (1)(2)	COMM Mortgage Trust 2020-CBM F, 3.754%, 02/10/2037		490,729	0.2
7,399,854 (2)(3)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.970%, 11/25/2030		339,870	0.2
3,914,893 (2)(3)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.095%, 08/25/2036		301,580	0.1
6,637,004 (2)(3)	Freddie Mac Multifamily Structured Pass Through Certificates KG01 X3, 3.230%, 05/25/2029		938,123	0.5
1,455,653 (1)(4)	FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049		1,088,950	0.5
603,444 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050		426,103	0.2

See Accompanying Notes to Financial Statements

49

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,235,423 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050	$	1,547,644	0.8
3,356,899 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050		2,245,087	1.1
1,505,741 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 1E, 0.000%, 11/29/2050		880,507	0.4
1,505,741 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050		1,024,701	0.5
2,415,208 (1)(4)	GAM Re-REMIC Trust 2021-FRR1 2C, 0.000%, 11/29/2050		1,595,076	0.8
2,036,364 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049		1,524,189	0.7
2,992,509 (1)	GAM RE-REMIC Trust 2022-FRR3 BK71, 2.021%, 11/27/2050		2,278,475	1.1
1,616,752 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052		1,016,253	0.5
1,158,216 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050		1,053,368	0.5
1,178,995 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		1,011,086	0.5
1,428,647 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 CK61, 0.000%, 11/27/2049		1,014,872	0.5
1,159,119 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050		1,037,144	0.5
1,178,694 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		994,968	0.5
4,818,371 (1)(4)	GAM RE-REMIC Trust 2022-FRR3 DK89, 0.000%, 01/27/2052		2,260,149	1.1
2,134,237 (1)	GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.420%, 09/27/2051		1,555,026	0.8
1,624,694 (1)(4)	GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051		1,431,976	0.7
1,974,628 (1)(4)	GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051		1,719,579	0.8
1,362,997 (1)(4)	GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051		840,532	0.4

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,623,791 (1)(4)	GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051	$	1,421,232	0.7
1,605,421 (1)(4)	GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051		1,316,707	0.6
653,492 (1)	GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052		343,298	0.2
542,067 (1)	GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054		248,872	0.1
1,760,000 (1)(2)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2019- ICON E, 5.394%, 01/05/2034		1,723,030	0.8
401,000 (1)(2)	JP Morgan Chase Commercial Mortgage Securities Trust 2020- LOOP E, 3.990%, 12/05/2038		245,190	0.1
1,069,076 (1)(2)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 5.032%, 01/15/2047		877,629	0.4
403,777 (1)(2)	LAQ Mortgage Trust 2023-LAQ D, 9.521%, (TSFR1M + 4.188%), 03/15/2036		404,352	0.2
3,914,926 (1)(2)	LSTAR Commercial Mortgage Trust 2016-4 F, 4.760%, 03/10/2049		2,654,454	1.3
1,490,683 (1)(2)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 E, 4.512%, 10/15/2048		829,722	0.4
4,684,360 (1)(2)(3)	Morgan Stanley Capital I 2017-HR2 XD, 1.733%, 12/15/2050		262,789	0.1
478,826 (1)(2)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049		233,911	0.1
12,079,557 (2)(3)	Morgan Stanley Capital I Trust 2019-H7 XA, 1.440%, 07/15/2052		605,880	0.3
653,492 (1)	Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050		602,869	0.3
3,011,482 (1)	Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050		2,494,808	1.2
4,842,462 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049		3,916,664	1.9

See Accompanying Notes to Financial Statements

50

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,104,649 (1)(2)	RFM Reremic Trust 2022-FRR1 AB60, 2.440%, 11/08/2049	$	3,358,319	1.6
2,179,560 (1)(2)	RFM Reremic Trust 2022-FRR1 AB64, 2.290%, 03/01/2050		1,754,254	0.8
1,508,752 (1)(4)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049		1,170,237	0.6
1,897,233 (1)(4)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049		1,394,330	0.7
1,000,000 (1)(4)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050		731,685	0.4
2,730,209 (4)	Series RR Trust 2014-1 E, 0.000%, 05/25/2047		2,589,166	1.3
1,000,000 (1)(2)	SG Commercial Mortgage Securities Trust 2020-COVE E, 3.852%, 03/15/2037		876,908	0.4
9,541,070 (2)(3)	Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 1.008%, 10/15/2050		254,428	0.1
6,143,149 (2)(3)	Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.653%, 08/15/2054		475,991	0.2
4,333,522 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.964%, 06/15/2046		2,155,927	1.0
1,549,708 (1)	WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046		1,400,355	0.7
	Total Commercial Mortgage-Backed Securities (Cost $81,253,468)		82,535,518	39.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 31.3%
422,109 (1)(2)	Agate Bay Mortgage Trust 2015-1 B4, 3.656%, 01/25/2045		302,789	0.2
351,055 (1)(2)	Agate Bay Mortgage Trust 2016-2 B3, 3.759%, 03/25/2046		313,683	0.2
903,444 (1)(2)	Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065		784,080	0.4
451,722 (1)(2)	Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059		400,076	0.2
577,251 (1)(2)	Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.486%, 11/25/2051		409,252	0.2

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
605,617 (1)(2)	Bayview MSR Opportunity Master Fund Trust 2022- 2 B3A, 3.404%, 12/25/2051	$	416,786	0.2
738,852 (1)(2)	Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.390%, 10/25/2051		527,958	0.3
354,212 (2)	Bear Stearns ALT-A Trust 2005-9 26A1, 3.698%, 11/25/2035		213,293	0.1
532,303 (1)(2)	CIM Trust 2019- INV3 B1A, 4.689%, 08/25/2049		470,775	0.2
382,943 (1)(2)	CIM Trust 2021- J1 A19, 2.500%, 03/25/2051		281,816	0.1
440,193 (1)(2)	Citigroup Mortgage Loan Trust 2021- J3 B3W, 2.859%, 09/25/2051		297,270	0.1
873,330 (1)(2)	Connecticut Avenue Securities Trust 2020- SBT1 1M2, 9.079%, (SOFR30A + 3.764%), 02/25/2040		911,211	0.4
1,054,019 (1)(2)	Connecticut Avenue Securities Trust 2022- R01 1B1, 8.465%, (SOFR30A + 3.150%), 12/25/2041		1,061,374	0.5
602,296 (1)(2)	Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066		394,293	0.2
602,296 (1)(2)	Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.429%, (SOFR30A + 3.114%), 01/25/2040		603,591	0.3
301,148 (1)(2)	Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 8.615%, (SOFR30A + 3.300%), 11/25/2041		299,670	0.1
1,761,717 (1)(2)	Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 10.865%, (SOFR30A + 5.550%), 01/25/2043		1,886,757	0.9
408,936 (1)(2)	Flagstar Mortgage Trust 2018-4 B3, 4.181%, 07/25/2048		353,599	0.2
1,577,383 (1)(2)	Flagstar Mortgage Trust 2019-1INV B2A, 4.541%, 10/25/2049		1,364,381	0.7
1,404,915 (1)(2)	Flagstar Mortgage Trust 2020-1INV B2A, 4.209%, 03/25/2050		1,172,075	0.6

See Accompanying Notes to Financial Statements

51

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS
as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
700,216 (1)(2)	Flagstar Mortgage Trust 2020-1INV B3, 4.209%, 03/25/2050	$	580,221	0.3
314,089 (1)(2)	Freddie Mac STACR Remic Trust 2020- DNA2 M2, 7.279%, (SOFR30A + 1.964%), 02/25/2050		314,753	0.2
261,368 (1)(2)	Freddie Mac STACR REMIC Trust 2020- DNA5 M2, 8.115%, (SOFR30A + 2.800%), 10/25/2050		263,994	0.1
294,249 (1)(2)	Freddie Mac STACR REMIC Trust 2020- HQA2 M2, 8.529%, (SOFR30A + 3.214%), 03/25/2050		303,695	0.2
553,001 (1)(2)	Freddie Mac STACR REMIC Trust 2021- HQA1 M2, 7.565%, (SOFR30A + 2.250%), 08/25/2033		550,538	0.3
1,505,741 (1)(2)	Freddie Mac STACR REMIC Trust 2021- HQA4 B1, 9.065%, (SOFR30A + 3.750%), 12/25/2041		1,500,079	0.7
3,011,482 (1)(2)	Freddie Mac STACR REMIC Trust 2022- DNA1 B1, 8.715%, (SOFR30A + 3.400%), 01/25/2042		3,020,848	1.5
2,845,850 (1)(2)	Freddie Mac STACR REMIC Trust 2022- DNA2 B1, 10.065%, (SOFR30A + 4.750%), 02/25/2042		2,888,851	1.4
1,505,741 (1)(2)	Freddie Mac STACR REMIC Trust 2022- DNA2 M1B, 7.715%, (SOFR30A + 2.400%), 02/25/2042		1,516,247	0.7
1,656,315 (1)(2)	Freddie Mac STACR REMIC Trust 2022- DNA2 M2, 9.065%, (SOFR30A + 3.750%), 02/25/2042		1,702,198	0.8
443,286 (1)(2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 7.615%, (SOFR30A + 2.300%), 08/25/2033		447,162	0.2
494,227 (1)(2)	GCAT Trust 2022-INV3 B1, 4.622%, 08/25/2052		418,557	0.2
999,557 (1)(2)	GCAT Trust 2023- NQM1 A2, 4.250%, 10/25/2057		866,978	0.4

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
624,938 (1)(2)	GS Mortage-Backed Securities Trust 2020- PJ1 B3, 3.631%, 05/25/2050	$	480,426	0.2
1,012,101 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.961%, 03/25/2050		858,179	0.4
867,144 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.961%, 03/25/2050		728,678	0.4
1,269,367 (1)(2)	GS Mortgage-Backed Securities Trust 2022- PJ5 B3, 2.990%, 10/25/2052		883,735	0.4
919,228 (1)(2)	GS Mortgage-Backed Securities Trust 2022- PJ6 A24, 3.000%, 01/25/2053		709,209	0.3
983,533 (1)(2)	GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054		958,373	0.5
1,204,593 (1)(2)	Home RE Ltd. 2019-1 M2, 8.684%, (US0001M + 3.250%), 05/25/2029		1,229,302	0.6
729,427 (1)(2)	Hundred Acre Wood Trust 2021-INV3 B3, 3.323%, 12/25/2051		515,911	0.3
451,722 (1)(2)	Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057		285,365	0.1
678,693 (2)	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.854%, (TSFR1M + 0.534%), 02/25/2046		491,481	0.2
273,736 (1)(2)	J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.611%, 06/25/2049		250,341	0.1
434,367 (1)(2)	J.P. Morgan Mortgage Trust 2021-14 B4, 3.158%, 05/25/2052		280,087	0.1
492,935 (1)(2)	J.P. Morgan Mortgage Trust 2022-1 B3, 3.092%, 07/25/2052		333,263	0.2
1,183,676 (1)(2)	J.P. Morgan Mortgage Trust 2022-6 B3, 3.304%, 11/25/2052		836,892	0.4
975,769 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 A15B, 5.500%, 07/25/2053		907,322	0.4
790,197 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 B3, 5.773%, 07/25/2053		676,368	0.3
942,853 (1)(2)	J.P. Morgan Mortgage Trust 2023-3 A15A, 5.000%, 10/25/2053		853,565	0.4

See Accompanying Notes to Financial Statements

52

	PORTFOLIO OF INVESTMENTS
Voya VACS Series SC Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
325,317 (1)(2)	JP Morgan Mortgage Trust 2014-1 B5, 3.687%, 01/25/2044	$	267,044		0.1
960,021 (1)(2)	JP Morgan Mortgage Trust 2017-1 B4, 3.449%, 01/25/2047		779,298		0.4
385,243 (1)(2)	JP Morgan Mortgage Trust 2017-4 B2, 3.863%, 11/25/2048		332,699		0.2
389,100 (1)(2)	JP Morgan Mortgage Trust 2017-6 B4, 3.777%, 12/25/2048		321,803		0.2
422,953 (1)(2)	JP Morgan Mortgage Trust 2018-3 B2, 3.711%, 09/25/2048		357,237		0.2
599,292 (1)(2)	JP Morgan Mortgage Trust 2018-3 B3, 3.711%, 09/25/2048		493,417		0.2
604,347 (1)(2)	JP Morgan Mortgage Trust 2018-4 B2, 3.714%, 10/25/2048		509,658		0.3
817,925 (1)(2)	JP Morgan Mortgage Trust 2019-7 B3A, 3.219%, 02/25/2050		642,527		0.3
825,694 (1)(2)	JP Morgan Mortgage Trust 2019-8 B3A, 3.408%, 03/25/2050		663,000		0.3
884,657 (1)(2)	JP Morgan Mortgage Trust 2019-HYB1 B1, 4.737%, 10/25/2049		824,282		0.4
479,995 (1)(2)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.932%, 10/25/2049		429,939		0.2
981,284 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 B3, 4.352%, 05/25/2050		816,899		0.4
555,577 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B2, 4.676%, 12/25/2049		507,182		0.2
555,577 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.676%, 12/25/2049		504,498		0.2
703,131 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 B3, 4.357%, 03/25/2050		599,087		0.3
416,621 (1)(2)	JP Morgan Mortgage Trust 2020-3 B2, 3.844%, 08/25/2050		338,254		0.2
699,847 (1)(2)	JP Morgan Mortgage Trust 2020-5 B1, 3.578%, 12/25/2050		571,191		0.3
416,843 (1)(2)	JP Morgan Mortgage Trust 2020-8 B3, 3.504%, 03/25/2051		323,829		0.2
366,273 (1)(2)	JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052		270,461		0.1
352,287 (1)(2)	JP Morgan Trust 2015-1 B3, 6.565%, 12/25/2044		334,071		0.2

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
568,689 (1)(2)	Mello Mortgage Capital Acceptance 2018- MTG2 B2, 4.320%, 10/25/2048	$	497,081		0.2
727,381 (1)(2)	Mello Mortgage Capital Acceptance 2022-INV1 B3, 3.321%, 03/25/2052		496,485		0.2
1,050,706 (1)(2)	MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056		712,522		0.3
542,067 (1)(2)	Mill City Mortgage Trust 2015-2 B2, 3.704%, 09/25/2057		460,694		0.2
501,906 (1)(2)	New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057		460,306		0.2
1,144,363 (1)(2)	Oaktown Re VII Ltd. 2021-2 M1C, 8.665%, (SOFR30A + 3.350%), 04/25/2034		1,151,098		0.6
419,251 (1)(2)	OBX Trust 2022- J1 A14, 2.500%, 02/25/2052		308,537		0.2
1,119,896 (1)(2)	Oceanview Mortgage Trust 2021-5 B3, 2.974%, 10/25/2051		750,227		0.4
873,330 (1)(2)	Radnor RE Ltd. 2021- 1 M1C, 8.015%, (SOFR30A + 2.700%), 12/27/2033		886,455		0.4
562,799 (1)(2)	RCKT Mortgage Trust 2020-1 B2A, 3.474%, 02/25/2050		454,294		0.2
531,022 (1)(2)	Sequoia Mortgage Trust 2017-2 B2, 3.558%, 02/25/2047		459,064		0.2
740,822 (1)(2)	Sequoia Mortgage Trust 2017-5 B3, 3.779%, 08/25/2047		622,522		0.3
397,705 (1)(2)	Sequoia Mortgage Trust 2019-2 B3, 4.261%, 06/25/2049		336,795		0.2
484,813 (1)(2)	Sequoia Mortgage Trust 2019-CH2 B2B, 4.925%, 08/25/2049		452,199		0.2
848,456 (1)(2)	Sequoia Mortgage Trust 2019-CH3 B1B, 4.503%, 09/25/2049		753,047		0.4
499,631 (1)(2)	Sequoia Mortgage Trust 2019-CH3 B2B, 4.503%, 09/25/2049		454,572		0.2
700,022 (1)(2)	Sequoia Mortgage Trust 2020-2 B3, 3.637%, 03/25/2050		544,876		0.3
563,224 (1)(2)	Sequoia Mortgage Trust 2020-3 B3, 3.324%, 04/25/2050		429,517		0.2
729,914 (1)(2)	Sequoia Mortgage Trust 2021-7 B3, 2.865%, 11/25/2051		507,903		0.2

See Accompanying Notes to Financial Statements

53

	PORTFOLIO OF INVESTMENTS
Voya VACS Series SC Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
602,662 (1)(2)	Sequoia Mortgage Trust 2023-1 B2, 5.146%, 01/25/2053	$	519,792		0.3
380,983 (1)(2)	Shellpoint Co.- Originator Trust 2017-2 B3, 3.646%, 10/25/2047		330,149		0.2
335,715 (1)(2)	STAR Trust 2021-1 A3, 1.528%, 05/25/2065		288,570		0.1
903,444 (1)(2)	Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050		738,757		0.4
602,296 (1)(2)	Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065		505,851		0.2
752,870 (1)	Starwood Mortgage Residential Trust 2020- INV1 M1, 2.501%, 11/25/2055		605,229		0.3
1,117,341 (2)	TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037		255,690		0.1
331,263 (1)(2)	Towd Point Mortgage Trust 2015-2 2B2, 4.527%, 11/25/2057		312,606		0.2
573,110 (1)(2)	UWM Mortgage Trust 2021-INV1 B1, 3.159%, 08/25/2051		433,088		0.2
434,728 (1)(2)	UWM Mortgage Trust 2021-INV4 B3, 3.227%, 12/25/2051		289,923		0.1
1,420,932 (1)(2)	UWM Mortgage Trust 2021-INV5 B3, 3.239%, 01/25/2052		954,093		0.5
311,093 (1)(2)	Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066		259,374		0.1
596,258 (1)(2)	Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049		466,496		0.2
	Total Collateralized Mortgage Obligations (Cost $65,002,712)		64,701,535		31.3
ASSET-BACKED SECURITIES: 23.2%
	Automobile Asset-Backed Securities: 1.1%
542,000	Americredit Automobile Receivables Trust 2019-2 D, 2.990%, 06/18/2025		537,027		0.3
1,009,000	AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025		992,419		0.5

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities: (continued)
708,000	AmeriCredit Automobile Receivables Trust 2020-2 D, 2.130%, 03/18/2026	$	677,139		0.3
			2,206,585		1.1
	Other Asset-Backed Securities: 18.2%
1,150,000 (1)(2)	AMMC CLO XI Ltd. 2012-11A CR2, 7.531%, (TSFR3M + 2.162%), 04/30/2031		1,120,069		0.5
350,000 (1)(2)	Apidos CLO XV 2013- 15A CRR, 7.438%, (TSFR3M + 2.112%), 04/20/2031		343,451		0.2
730,000 (1)(2)	Apidos CLO XXIV 2016-24A BRR, 7.638%, (TSFR3M + 2.312%), 10/20/2030		724,625		0.4
327,690 (1)	Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049		305,755		0.1
1,747,000 (1)	Aqua Finance Trust 2021-A B, 2.400%, 07/17/2046		1,401,207		0.7
832,260 (1)	Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050		740,111		0.4
1,041,500 (1)	Atrium XIV LLC 14A A2BR, 2.304%, 08/23/2030		926,845		0.4
937,350 (1)	Barings CLO Ltd. 2018-3A B2R, 2.268%, 07/20/2029		853,365		0.4
781,125 (1)(2)	BlueMountain CLO XXX Ltd. 2020-30A CR, 7.458%, (TSFR3M + 2.150%), 04/15/2035		744,793		0.4
1,364,225 (1)	Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050		1,251,189		0.6
800,000 (1)(2)	Cedar Funding V CLO Ltd. 2016-5A CR, 7.670%, (TSFR3M + 2.362%), 07/17/2031		780,258		0.4
783,297 (1)	CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046		670,096		0.3
416,243 (1)	Domino's Pizza Master Issuer LLC 2018- 1A A2I, 4.116%, 07/25/2048		396,140		0.2
553,403 (1)	Domino's Pizza Master Issuer LLC 2018- 1A A2II, 4.328%, 07/25/2048		515,220		0.3
392,755 (1)	Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049		340,782		0.2

See Accompanying Notes to Financial Statements

54

	PORTFOLIO OF INVESTMENTS
Voya VACS Series SC Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
612,373 (1)	Driven Brands Funding LLC 2022-1A A2, 7.393%, 10/20/2052	$	622,047		0.3
445,220 (1)	Five Guys Funding LLC 2017-1A A2, 4.600%, 07/25/2047		438,179		0.2
780,000 (1)(2)	Galaxy XV CLO Ltd. 2013-15A CRR, 7.420%, (TSFR3M + 2.112%), 10/15/2030		770,661		0.4
937,350 (1)(2)	Galaxy XXIII CLO Ltd. 2017-23A DR, 9.007%, (TSFR3M + 3.662%), 04/24/2029		929,747		0.5
672,915 (1)(5)	Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052		625,670		0.3
510,936 (1)	Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047		370,893		0.2
1,059,645 (1)	Marlette Funding Trust 2023-1A A, 6.070%, 04/15/2033		1,057,847		0.5
425,534 (1)	Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043		355,894		0.2
280,573 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		252,605		0.1
357,732 (1)	Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046		305,765		0.1
277,031 (1)	Mosaic Solar Loan Trust 2023-1A B, 6.920%, 06/20/2053		264,341		0.1
1,500,000 (1)(2)	Oaktree CLO Ltd. 2019-4A CR, 7.838%, (TSFR3M + 2.512%), 10/20/2032		1,456,737		0.7
450,000 (1)(2)	Octagon Investment Partners XVI Ltd. 2013-1A CR, 7.420%, (TSFR3M + 2.112%), 07/17/2030		437,096		0.2
250,000 (1)(2)	Palmer Square CLO Ltd. 2018-2A B, 7.470%, (TSFR3M + 2.162%), 07/16/2031		246,052		0.1
650,937 (1)(2)	Palmer Square Loan Funding Ltd. 2021-2A D, 10.641%, (TSFR3M + 5.262%), 05/20/2029		627,533		0.3
1,000,000 (1)(2)	Parallel Ltd. 2023-1A B, 8.759%, (TSFR3M + 3.500%), 07/20/2036		1,002,721		0.5
351,246 (1)	SoFi Consumer Loan Program Trust 2023-1S A, 5.810%, 05/15/2031		350,453		0.2

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
937,350 (1)(2)	Sound Point CLO XIV Ltd. 2016-3A DR, 9.257%, (TSFR3M + 3.912%), 01/23/2029	$	930,562		0.5
556,265 (1)	Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048		485,227		0.2
2,226,270 (1)	Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048		1,793,678		0.9
429,042 (1)	Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047		382,307		0.2
1,114,683 (1)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055		877,571		0.4
980,865 (1)	Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055		853,955		0.4
746,656 (1)	Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059		692,981		0.3
1,955,251 (1)	Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057		1,704,916		0.8
435,383 (1)	Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054		381,567		0.2
1,041,500 (1)(2)	THL Credit Wind River CLO Ltd. 2017-3A CR, 8.070%, (TSFR3M + 2.762%), 04/15/2035		1,007,401		0.5
547,472 (1)	TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046		454,132		0.2
738,000 (1)	Trafigura Securitisation Finance PLC 2021-1A B, 1.780%, 01/15/2025		693,605		0.3
711,113 (1)	Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046		589,549		0.3
333,280 (1)(2)	Venture 33 CLO Ltd. 2018-33A CR, 7.850%, (TSFR3M + 2.542%), 07/15/2031		333,198		0.2
1,127,424 (1)(2)	Venture XXI CLO Ltd. 2015-21A DR, 8.370%, (TSFR3M + 3.062%), 07/15/2027		1,130,835		0.5
642,434 (1)	Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051		504,546		0.2
416,600 (1)(2)	Wind River CLO Ltd. 2014-1A CRR, 7.522%, (TSFR3M + 2.212%), 07/18/2031		412,045		0.2
1,712,154 (1)	Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050		1,486,995		0.7

See Accompanying Notes to Financial Statements

55

	PORTFOLIO OF INVESTMENTS
Voya VACS Series SC Fund	as of September 30, 2023 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,933,070 (1)	Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051	$	1,611,615		0.8
			37,554,832		18.2
	Student Loan Asset-Backed Securities: 3.9%
312,158 (1)	Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048		284,778		0.1
1,933,917 (1)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068		1,775,259		0.9
790,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045		665,059		0.3
376,000 (1)(2)	Sofi Professional Loan Program LLC 2017-C C, 4.210%, 07/25/2040		327,150		0.2
459,000 (1)(2)	SoFi Professional Loan Program LLC 2017-A C, 4.430%, 03/26/2040		417,293		0.2
376,000 (1)	SoFi Professional Loan Program LLC 2017-D BFX, 3.610%, 09/25/2040		333,555		0.2
1,205,000 (1)	SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041		1,065,265		0.5
602,000 (1)	Sofi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048		530,929		0.2
632,000 (1)	Sofi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048		555,128		0.3
1,521,000 (1)	SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046		1,141,305		0.5
1,235,000 (1)	SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046		963,645		0.5
			8,059,366		3.9
	Total Asset-Backed Securities (Cost $47,958,125)		47,820,783		23.2
	Total Long-Term Investments (Cost $194,214,305)		195,057,836		94.4

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.2%
	Commercial Paper: 4.8%
2,000,000	Autozone, Inc., 8.080%, 10/02/2023	$	1,999,115		1.0
2,000,000	Berkshire Hathaway, Inc., 7.340%, 10/03/2023		1,998,794		1.0
2,000,000	Duke Energy Co., 6.880%, 10/04/2023		1,998,493		0.9
1,500,000	Entergy Corp., 6.570%, 10/05/2023		1,498,650		0.7
1,500,000	HP, Inc., 6.040%, 10/11/2023		1,497,273		0.7
1,000,000	HP, Inc., 6.610%, 10/05/2023		999,095		0.5
	Total Commercial Paper (Cost $9,994,398)		9,991,420		4.8

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.4%
797,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.270% (Cost $797,000)	$	797,000		0.4
	Total Short-Term Investments (Cost $10,791,398)		10,788,420		5.2
	Total Investments in Securities (Cost $205,005,703)	$	205,846,256		99.6
	Assets in Excess of Other Liabilities		820,489		0.4
	Net Assets	$	206,666,745		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 September 30, 2023.
(3)	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.
(4)	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.
(5)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(6)	Rate shown is the 7-day yield as of September 30, 2023.

See Accompanying Notes to Financial Statements

56

Voya VACS Series SC Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

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

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of September 30, 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 September 30, 2023
Asset Table
Investments, at fair value
Commercial Mortgage-Backed Securities	$	—		$	82,535,518	$	—	$	82,535,518
Collateralized Mortgage Obligations		—			64,701,535		—		64,701,535
Asset-Backed Securities		—			47,195,113		625,670		47,820,783
Short-Term Investments		797,000			9,991,420		—		10,788,420
Total Investments, at fair value	$	797,000		$	204,423,586	$	625,670	$	205,846,256
Other Financial Instruments+
Futures		375,301			—		—		375,301
Total Assets	$	1,172,301		$	204,423,586	$	625,670	$	206,221,557
Liabilities Table
Other Financial Instruments+
Futures	$	(198,596	)	$	—	$	—	$	(198,596	)
Total Liabilities	$	(198,596	)	$	—	$	—	$	(198,596	)

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

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

At September 30, 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 2-Year Note	2	12/29/23	$	405,422		$	(988	)
U.S. Treasury Long Bond	12	12/19/23		1,365,375			(75,514	)
U.S. Treasury Ultra Long Bond	14	12/19/23		1,661,625			(122,094	)
			$	3,432,422		$	(198,596	)
Short Contracts:
U.S. Treasury 5-Year Note	(415)	12/29/23		(43,724,141	)		375,301
			$	(43,724,141	)	$	375,301

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

The fair value of derivative instruments as of September 30, 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*	$	375,301
Total Asset Derivatives		$	375,301

See Accompanying Notes to Financial Statements

 57

Voya VACS Series SC Fund	PORTFOLIO OF INVESTMENTS
	as of September 30, 2023 (Unaudited) (continued)

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	198,596
Total Liability Derivatives		$	198,596

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended September 30, 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	$	803,461
Total	$	803,461

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

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts	$	1,623,747
Total	$	1,623,747

At September 30, 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 $163,090,237.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	4,618,156
Gross Unrealized Depreciation		(2,153,856	)
Net Unrealized Appreciation	$	2,464,300

See Accompanying Notes to Financial Statements

 58

[This Page Intentionally Left Blank]

Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286

Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

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

RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com	220646 (0923)

Semi-Annual Report

September 30, 2023

Voya Floating Rate Fund

Classes A, C, I, R and W

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

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

TABLE OF CONTENTS

Shareholder Expense Example	1
Statement of Assets and Liabilities	2
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Portfolio of Investments	15

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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.

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.

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 April 1, 2023 to September 30, 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

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 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 April 1, 2023

Ending Account Value September 30, 2023

Annualized Expense Ratio

Expenses Paid During the Period Ended September 30, 2023*

Beginning Account Value April 1, 2023

Ending Account Value September 30, 2023

Annualized Expense Ratio

Expenses Paid During the Period Ended September 30, 2023*

Class A

​

$

1,000.00

​

$

1,049.20

​

1.00%

​

$

5.12

​

$

1,000.00

​

$

1,020.00

​

1.00%

​

$

5.05

Class C

​

​

1,000.00

​

​

1,046.60

​

1.75

​

​

8.95

​

​

1,000.00

​

​

1,016.25

​

1.75

​

​

8.82

Class I

​

​

1,000.00

​

​

1,050.50

​

0.75

​

​

3.84

​

​

1,000.00

​

​

1,021.25

​

0.75

​

​

3.79

Class R

​

​

1,000.00

​

​

1,049.30

​

1.25

​

​

6.40

​

​

1,000.00

​

​

1,018.75

​

1.25

​

​

6.31

Class W

​

​

1,000.00

​

​

1,051.70

​

0.75

​

​

3.85

​

​

1,000.00

​

​

1,021.25

​

0.75

​

​

3.79

*

Expenses are equal to the Fund’s annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year.

1

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2023 (Unaudited)

ASSETS:	​	​
Investments in securities at fair value (Cost $248,765,277)	$	237,465,112
Short-term investments at fair value (Cost $3,500,150)	​	3,500,000
Cash	​	2,181,053
Receivables:	​	​
Investment securities sold	​	6,547,530
Fund shares sold	​	55,287
Interest	​	1,512,723
Dividend	​	14,009
Prepaid structuring fee (Note 7)	​	23,081
Prepaid expenses	​	41,223
Reimbursement due from Investment Adviser	​	39,953
Other assets	​	40,247
Total assets	​	251,420,218
LIABILITIES:	​	​
Payable for investment securities purchased	​	10,968,336
Payable for fund shares redeemed	​	1,927,126
Income distribution payable	​	20,976
Payable for investment management fees	​	123,879
Payable for distribution and shareholder service fees	​	47,481
Payable for trustee fees	​	27,370
Payable to trustees under the deferred compensation plan (Note 8)	​	40,247
Payable for commitment fees on line of credit (Note 7)	​	33,277
Unfunded loan commitments (Note 9)	​	49,468
Other accrued expenses and liabilities	​	675,785
Total liabilities	​	13,913,945
NET ASSETS	$	237,506,273
NET ASSETS WERE COMPRISED OF:	​	​
Paid-in capital	​	463,134,924
Total distributable loss	​	(225,628,651)
NET ASSETS	$	237,506,273

See Accompanying Notes to Financial Statements

2

STATEMENT OF ASSETS AND LIABILITIES as of September 30, 2023 (Unaudited) (continued)

Class��A:	​	​
Net assets	$	33,184,360
Shares authorized	​	unlimited
Par value	$	0.001
Shares outstanding	​	3,986,855
Net asset value and redemption price per share(2)	$	8.32
Maximum offering price per share (2.50%)(1)	$	8.53
Class C:	​	​
Net assets	$	6,143,219
Shares authorized	​	unlimited
Par value	$	0.001
Shares outstanding	​	738,276
Net asset value and redemption price per share(2)	$	8.32
Class I:	​	​
Net assets	$	105,198,213
Shares authorized	​	unlimited
Par value	$	0.001
Shares outstanding	​	12,637,674
Net asset value and redemption price per share	$	8.32
Class R:	​	​
Net assets	$	86,422,067
Shares authorized	​	unlimited
Par value	$	0.001
Shares outstanding	​	10,404,107
Net asset value and redemption price per share	$	8.31
Class W:	​	​
Net assets	$	6,558,414
Shares authorized	​	unlimited
Par value	$	0.001
Shares outstanding	​	786,460
Net asset value and redemption price per share	$	8.34

(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

3

STATEMENT OF OPERATIONSfor the six months ended September 30, 2023 (Unaudited)

INVESTMENT INCOME:	​	​
Interest	$	11,874,082
Dividend	​	241,593
Total investment income	​	12,115,675
EXPENSES:	​	​
Investment management fees	​	792,336
Distribution and shareholder service fees:	​	​
Class A	​	41,757
Class C	​	31,814
Class R	​	217,928
Transfer agent fees:	​	​
Class A	​	18,917
Class C	​	3,604
Class I	​	16,600
Class R	​	49,365
Class W	​	4,835
Shareholder reporting expense	​	5,490
Custody and accounting expense	​	109,300
Registration fees	​	49,376
Professional fees	​	24,705
Trustees fees	​	1,830
Commitment fees on line of credit (Note 7)	​	49,162
Miscellaneous expense	​	30,440
Structuring Fee (Note 7)	​	35,335
Interest expense	​	169
Total expenses	​	1,482,963
Waived and reimbursed fees	​	(274,923)
Net expenses	​	1,208,040
Net investment income	​	10,907,635
REALIZED AND UNREALIZED GAIN (LOSS):	​	​
Net realized loss on investments	​	(8,383,241)
Net change in unrealized appreciation (depreciation) on Investments	​	9,241,987
Net realized and unrealized gain	​	858,746
Increase in net assets resulting from operations	$	11,766,381

See Accompanying Notes to Financial Statements

4

STATEMENTS OF CHANGES IN NET ASSETS

​	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
FROM OPERATIONS:	​	​	​	​	​	​
Net investment income	​	$	10,907,635	​	$	23,626,623
Net realized loss	​	​	(8,383,241)	​	​	(21,570,125)
Net change in unrealized appreciation (depreciation)	​	​	9,241,987	​	​	(12,909,447)
Net increase (decrease) in net assets resulting from operations	​	​	11,766,381	​	​	(10,852,949)
FROM DISTRIBUTIONS TO SHAREHOLDERS:	​	​	​	​	​	​
Total distributions (excluding return of capital):	​	​	​	​	​	​
Class A	​	​	(1,489,936)	​	​	(2,220,292)
Class C	​	​	(259,803)	​	​	(411,867)
Class I	​	​	(4,957,226)	​	​	(10,054,986)
Class P(1)	​	​	—	​	​	(2,878,797)
Class R	​	​	(3,786,673)	​	​	(5,900,552)
Class W	​	​	(387,505)	​	​	(787,192)
Total distributions	​	​	(10,881,143)	​	​	(22,253,686)
FROM CAPITAL SHARE TRANSACTIONS:	​	​	​	​	​	​
Net proceeds from sale of shares	​	​	11,987,711	​	​	88,312,943
Reinvestment of distributions	​	​	10,683,830	​	​	21,736,937
​	​	​	22,671,541	​	​	110,049,880
Cost of shares redeemed	​	​	(43,139,784)	​	​	(305,895,536)
Net decrease in net assets resulting from capital share transactions	​	​	(20,468,243)	​	​	(195,845,656)
Net decrease in net assets	​	​	(19,583,005)	​	​	(228,952,291)
NET ASSETS:	​	​	​	​	​	​
Beginning of year or period	​	​	257,089,278	​	​	486,041,569
End of year or period	​	$	237,506,273	​	$	257,089,278

(1)

Class P liquidated on March 24, 2023.

See Accompanying Notes to Financial Statements

5

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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
09-30-23+	​	8.29	​	0.37*	​	0.03	​	0.40	​	0.37	​	—	​	—	​	0.37	​	8.32	​	4.92	​	1.26	​	1.00	​	1.00	​	8.92	​	33,184	​	20
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
09-30-23+	​	8.28	​	0.34*	​	0.04	​	0.38	​	0.34	​	—	​	—	​	0.34	​	8.32	​	4.66	​	2.01	​	1.75	​	1.75	​	8.17	​	6,143	​	20
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
09-30-23+	​	8.29	​	0.38*	​	0.03	​	0.41	​	0.38	​	—	​	—	​	0.38	​	8.32	​	5.05	​	0.93	​	0.75	​	0.75	​	9.21	​	105,198	​	20
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
09-30-23+	​	8.27	​	0.36*	​	0.04	​	0.40	​	0.36	​	—	​	—	​	0.36	​	8.31	​	4.93	​	1.51	​	1.25	​	1.25	​	8.67	​	86,422	​	20
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	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
09-30-23+	​	8.30	​	0.38*	​	0.04	​	0.42	​	0.38	​	—	​	—	​	0.38	​	8.34	​	5.17	​	1.01	​	0.75	​	0.75	​	9.19	​	6,558	​	20
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.

+

Unaudited.

See Accompanying Notes to Financial Statements

6

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited)

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 Floating Rate Fund (“Floating Rate” or the “Fund”), a diversified series of the Trust.

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.

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. 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

7

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

valuation, the values used to determine the Fund’s NAV may materially differ from the value received upon actual sale of those investments.

Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Fund.

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

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

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

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

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

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

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

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and 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

8

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

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

9

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

NOTE 3 — INVESTMENTS

For the period ended September 30, 2023, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $48,954,179 and $53,172,206, 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

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 0.650% on the first $300 million; 0.625% on the next $200 million; and 0.600% thereafter, of the Fund’s average daily net assets.

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.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment

advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class A, 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 period ended September 30, 2023, the Distributor retained the following amounts:

​	Class A			Class R
Initial Sales Charges	​	$	1,536	​	$	—
Contingent Deferred Sales Charges	​	​	—	​	​	3

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:

10

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 6 — EXPENSE LIMITATION AGREEMENT (continued)

 

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, 2024, 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, 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 September 30, 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:

September 30,							​	​	​
2024	2025			2026			Total
$241,148	​	$	—	​	$	—	​	$	241,148

As of September 30, 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:

​

September 30,

​

​

​

​

2024

2025

2026

Total

Class A

​

$

9,231

​

$

—

​

$

—

​

$

9,231

Class C

​

​

4,208

​

​

—

​

​

—

​

​

4,208

Class R

​

​

21,704

​

​

—

​

​

—

​

​

21,704

Class W

​

​

3,064

​

​

—

​

​

—

​

​

3,064

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, 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 May 24, 2023, 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 $50,000,000, through May 22, 2024. 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 $49,162 and a structuring fee of $35,335 which is expensed over a year. Prior to May 24, 2023, 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 24, 2023. 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 period ended September 30, 2023, as below:

Days Utilized	Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
2	​	$	500,000	​	6.08%

NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At September 30, 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	​	36.74%

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

11

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

 

net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended September 30, 2023, the per account fees for affiliated recordkeeping services paid by the Fund were $58,253.

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.

Funded and unfunded portions of the credit agreements are presented within the Portfolio of Investments. At September 30, 2023 the Fund had the following unfunded loan commitments:

​	Unfunded Loan Commitment
IPS Corporation 2021 Delayed Draw	​	​	​
Term Loan	​	$	49,468
​	​	$	49,468

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

115,608

​

168,489

​

(362,962)

​

(78,865)

​

961,578

​

1,400,207

​

(3,017,795)

​

(656,010)

03-31-23

​

573,399

​

249,450

​

(1,456,250)

​

(633,401)

​

4,904,872

​

2,083,167

​

(12,312,445)

​

(5,324,406)

Class C

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

9,339

​

28,439

​

(113,462)

​

(75,684)

​

77,732

​

236,292

​

(942,071)

​

(628,047)

03-31-23

​

168,424

​

45,196

​

(480,806)

​

(267,186)

​

1,441,713

​

377,266

​

(4,088,327)

​

(2,269,348)

Class I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

1,180,327

​

586,875

​

(3,232,363)

​

(1,465,161)

​

9,813,977

​

4,876,945

​

(26,733,362)

​

(12,042,440)

03-31-23

​

7,929,585

​

1,182,486

​

(20,237,255)

​

(11,135,184)

​

66,613,524

​

9,899,009

​

(170,300,201)

​

(93,787,668)

Class P(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

03-31-23

​

498

​

320,838

​

(10,009,923)

​

(9,688,587)

​

4,080

​

2,700,960

​

(83,216,320)

​

(80,511,280)

Class R

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

131,281

​

456,653

​

(940,111)

​

(352,177)

​

1,088,321

​

3,786,673

​

(7,792,507)

​

(2,917,513)

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)

Class W

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

09-30-23

​

5,498

​

46,128

​

(559,768)

​

(508,142)

​

45,843

​

383,713

​

(4,654,049)

​

(4,224,493)

03-31-23

​

288,496

​

92,762

​

(537,377)

​

(156,119)

​

2,509,752

​

776,091

​

(4,509,544)

​

(1,223,701)

(1)

Share class was fully redeemed on March 24, 2023.

NOTE 11 — 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 wash sale deferrals.

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.

12

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (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

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)

Amount

Character

Expiration

​

$

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.

As of September 30, 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 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).

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 the 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 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.

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 the 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 the Fund’s shareholder base, characteristics of its

13

NOTES TO FINANCIAL STATEMENTS as of September 30, 2023 (Unaudited) (continued)

NOTE 13 — LIQUIDITY (continued)

 

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

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. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can

be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the 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

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 fund’s financial statements.

NOTE 16 — SUBSEQUENT EVENTS

Dividends. Subsequent to September 30, 2023, the Fund declared dividends from net investment income of:

​	Per Share Amount			Payable Date	Record Date
Class A	​	$	0.0626	November 1, 2023	​	Daily
Class C	​	$	0.0573	November 1, 2023	​	Daily
Class I	​	$	0.0644	November 1, 2023	​	Daily
Class R	​	$	0.0609	November 1, 2023	​	Daily
Class W	​	$	0.0644	November 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 above, no such subsequent events were identified.

14

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: 93.1%
​	Aerospace & Defense: 2.1%
1,425,000	AAdvantage Loyalty IP Ltd. 2021 Term Loan, 10.338%, (US0003M + 4.750%), 04/20/28	​	$	1,470,333	​	0.6
839,407	Amentum Government Services Holdings LLC 2022 Term Loan, 9.331%, (TSFR1M + 4.000%), 02/15/29	​	​	829,964	​	0.4
145,125	Amentum Government Services Holdings LLC Term Loan B, 9.431%, (US0001M + 3.500%), 01/29/27	​	​	144,399	​	0.1
250,000	Barnes Group Inc Term Loan B, 8.416%, (TSFR3M + 3.000%), 09/03/30	​	​	250,670	​	0.1
258,353	Dynasty Acquisition Co., Inc. 2023 Term Loan B1, 9.316%, (TSFR1M + 4.000%), 08/24/28	​	​	258,257	​	0.1
110,723	Dynasty Acquisition Co., Inc. 2023 Term Loan B2, 9.316%, (TSFR1M + 4.000%), 08/24/28	​	​	110,682	​	0.0
1,744,533	Peraton Corp. Term Loan B, 9.166%, (TSFR1M + 3.750%), 02/01/28	​	​	1,742,171	​	0.7
297,733	Vertex Aerospace Services Corp. 2021 First Lien Term Loan, 8.916%, (TSFR1M + 3.750%), 12/06/28	​	​	298,271	​	0.1
​	​	​	​	5,104,747	​	2.1
​	Air Transport: 1.3%
407,112	LaserShip, Inc. 2021 Term Loan, 9.980%, (US0001M + 4.500%), 05/07/28	​	​	380,311	​	0.2
386,172	Savage Enterprises LLC 2021 Term Loan B, 8.681%, (TSFR1M + 3.250%), 09/15/28	​	​	386,655	​	0.2
575,663	ST GEO WARE + TR CO OF CAL INC 2022 TERM LOAN, 11.540%, (TSFR3M + 6.000%), 03/24/28	​	​	526,732	​	0.2
1,757,789	United Airlines, Inc. 2021 Term Loan B, 9.182%, (US0003M + 3.750%), 04/21/28	​	​	1,769,174	​	0.7
​	​	​	​	3,062,872	​	1.3
​	Apparel: 0.2%
545,000	Crocs, Inc. 2023 Term Loan B, 8.530%, (TSFR3M + 3.000%), 02/20/29	​	​	547,347	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Auto Components: 1.2%
149,612	Broadstreet Partners, Inc. 2020 Term Loan B, 8.431%, (US0001M + 3.000%), 01/27/27	​	$	149,105	​	0.1
743,000	Clarios Global LP 2023 Incremental Term Loan, 9.066%, (TSFR1M + 3.750%), 05/06/30	​	​	743,093	​	0.3
682,596	Holley Purchaser, Inc. 2021 Term Loan, 9.402%, (TSFR3M + 3.750%), 11/17/28	​	​	661,009	​	0.3
483,863	RC Buyer, Inc. 2021 Term Loan, 8.931%, (TSFR3M + 3.500%), 07/28/28	​	​	470,556	​	0.2
867,637	Truck Hero, Inc. 2021 Term Loan B, 9.181%, (TSFR1M + 3.750%), 01/31/28	​	​	831,124	​	0.3
​	​	​	​	2,854,887	​	1.2
​	Automotive: 2.3%
831,561	Autokiniton US Holdings, Inc. 2021 Term Loan B, 9.818%, (US0001M + 4.500%), 04/06/28	​	​	815,969	​	0.3
595,420	Belron Finance US LLC 2021 USD Term Loan B, 8.057%, (US0003M + 2.430%), 04/13/28	​	​	595,141	​	0.2
448,764	Dealer Tire Financial, LLC Term Loan B2, 9.817%, (TSFR1M + 4.500%), 12/14/27	​	​	450,166	​	0.2
771,060	Gates Global LLC 2021 Term Loan B3, 7.931%, (TSFR1M + 2.500%), 03/31/27	​	​	770,217	​	0.3
518,111	IXS Holdings, Inc. 2020 Term Loan B, 9.851%, (TSFR3M + 4.250%), 03/05/27	​	​	427,118	​	0.2
854,315	Les Schwab Tire Centers Term Loan B, 8.692%, (US0001M + 3.250%), 11/02/27	​	​	852,179	​	0.4
608,234	Mister Car Wash Holdings, Inc. 2019 Term Loan B, 8.416%, (TSFR3M + 3.000%), 05/14/26	​	​	608,784	​	0.3
964,912	Wand NewCo 3, Inc. 2020 Term Loan, 8.166%, (US0001M + 2.750%), 02/05/26	​	​	964,550	​	0.4
​	​	​	​	5,484,124	​	2.3

See Accompanying Notes to Financial Statements

15

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Basic Materials: 0.8%
1,097,250	Ineos US Finance LLC 2023 USD Term Loan B, 8.818%, (TSFR1M + 3.500%), 02/18/30	​	$	1,091,764	​	0.4
965,250	Iris Holdings, Inc. 2022 Term Loan 1L, 10.219%, (TSFR3M + 4.750%), 06/28/28	​	​	902,207	​	0.4
​	​	​	​	1,993,971	​	0.8
​	Beverage & Tobacco: 0.2%
445,754	Triton Water Holdings, Inc Term Loan, 8.650%, (TSFR3M + 3.250%), 03/31/28	​	​	436,879	​	0.2
​	Beverages: 0.4%
952,800	Sunshine Investments B.V. 2022 USD Term Loan, 9.615%, (TSFR3M + 4.250%), 07/12/29	​	​	953,991	​	0.4
​	Brokers, Dealers & Investment Houses: 0.1%
199,336	Brookfield Property REIT Inc. 1st Lien Term Loan B, 7.818%, (TSFR1M + 2.500%), 08/27/25	​	​	197,903	​	0.1
​	Building & Development: 2.1%
494,845	American Builders & Contractors Supply Co., Inc. 2019 Term Loan, 7.416%, (SOFRRATE + 2.000%), 01/15/27	​	​	494,974	​	0.2
1,226,275	Applecaramel Buyer, LLC Term Loan B, 9.066%, (TSFR1M + 3.750%), 10/19/27	​	​	1,225,579	​	0.5
425,623	Cornerstone Building Brands, Inc. 2021 Term Loan B, 8.682%, (TSFR1M + 3.250%), 04/12/28	​	​	415,381	​	0.2
441,924	CP Atlas Buyer, Inc. 2021 Term Loan B, 9.166%, (US0001M + 3.750%), 11/23/27	​	​	417,839	​	0.2
845,537	Foundation Building Materials Holding Company LLC 2021 Term Loan, 8.881%, (US0001M + 3.250%), 01/31/28	​	​	838,492	​	0.4
377	Latham Pool Products, Inc. 2022 Term Loan B, 9.527%, (SOFRRATE + 4.000%), 02/23/29	​	​	365	​	0.0

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Building & Development (continued)
522,348	LBM Acquisition LLC Term Loan B, 9.068%, (TSFR3M + 3.750%), 12/17/27	​	$	511,426	​	0.2
906,126	LHS Borrower, LLC 2022 Term Loan B, 10.070%, (SOFRRATE + 4.750%), 02/16/29	​	​	830,238	​	0.3
223,852	Wilsonart LLC 2021 Term Loan E, 8.740%, (US0003M + 3.500%), 12/31/26	​	​	223,544	​	0.1
​	​	​	​	4,957,838	​	2.1
​	Business Equipment & Services: 3.8%
364,066	AlixPartners, LLP 2021 USD Term Loan B, 8.068%, (US0001M + 2.750%), 02/04/28	​	​	364,243	​	0.2
248,983	Anticimex International AB 2021 USD Term Loan B1, 8.450%, (TSFR3M + 3.150%), 11/16/28	​	​	247,323	​	0.1
978,763	APX Group, Inc. 2021 Term Loan B, 8.658%, (TSFR1M + 3.250%), 07/10/28	​	​	979,919	​	0.4
515,692	Belfor Holdings Inc. Term Loan B, 9.318%, (US0001M + 4.000%), 04/06/26	​	​	516,659	​	0.2
249,339 (1)(2)(3)	Cyxtera DC Holdings, Inc. Term Loan B, 10.250%, (TSFR3M + 3.000%), 05/01/24	​	​	146,642	​	0.1
762,944	Endure Digital Inc. Term Loan, 8.792%, (US0001M + 3.500%), 02/10/28	​	​	743,235	​	0.3
661,715	Ensono, LP 2021 Term Loan, 9.431%, (TSFR1M + 4.000%), 05/26/28	​	​	639,485	​	0.3
272,057	Garda World Security Corporation 2022 Term Loan B, 9.746%, (SOFRRATE + 4.250%), 02/01/29	​	​	272,324	​	0.1
745,926	Indy US Bidco, LLC 2021 USD Term Loan, 9.066%, (TSFR1M + 3.750%), 03/05/28	​	​	716,089	​	0.3
289,275	Intrado Corporation 2023 Term Loan B, 9.480%, (TSFR3M + 4.000%), 01/31/30	​	​	289,862	​	0.1

See Accompanying Notes to Financial Statements

16

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Business Equipment & Services (continued)
507,964	ION Trading Finance Limited 2021 USD Term Loan, 10.240%, (US0003M + 4.750%), 04/03/28	​	$	502,186	​	0.2
918,499	Milano Acquisition Corp Term Loan B, 9.490%, (TSFR3M + 4.000%), 10/01/27	​	​	897,833	​	0.4
795,939	Polaris Newco LLC USD Term Loan B, 9.431%, (US0001M + 4.000%), 06/02/28	​	​	764,102	​	0.3
100,000	Pre-Paid Legal Services, Inc. 2021 2nd Lien Term Loan, 12.431%, (US0003M + 7.000%), 12/14/29	​	​	91,750	​	0.0
639,517	Pre-Paid Legal Services, Inc. 2021 Term Loan, 8.931%, (US0001M + 3.750%), 12/15/28	​	​	634,254	​	0.3
174,107	Service Logic Acquisition, Inc Term Loan, 9.631%, (US0003M + 4.000%), 10/29/27	​	​	173,781	​	0.1
712,498	Skopima Merger Sub Inc. Term Loan B, 9.431%, (US0001M + 4.000%), 05/12/28	​	​	694,801	​	0.3
124,672	SSH Group Holdings, Inc. 2018 1st Lien Term Loan, 9.316%, (US0003M + 4.250%), 07/30/25	​	​	124,919	​	0.0
328,098	VM Consolidated, Inc. 2021 Term Loan B, 8.681%, (TSFR1M + 3.250%), 03/24/28	​	​	328,508	​	0.1
​	​	​	​	9,127,915	​	3.8
​	Cable & Satellite Television: 1.4%
659,950	Cogeco Financing 2 LP 2021 Incremental Term Loan B, 7.818%, (TSFR1M + 2.500%), 09/01/28	​	​	645,256	​	0.3
1,578,221	DirecTV Financing, LLC Term Loan, 10.431%, (TSFR1M + 5.000%), 08/02/27	​	​	1,544,325	​	0.7
421,592	Radiate Holdco, LLC 2021 Term Loan B, 8.681%, (TSFR3M + 3.250%), 09/25/26	​	​	346,101	​	0.1
750,000	UPC Financing Partnership 2021 USD Term Loan AX, 8.372%, (US0001M + 2.930%), 01/31/29	​	​	738,808	​	0.3
​	​	​	​	3,274,490	​	1.4

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Chemicals: 0.3%
753,113	LSF11 A5 Holdco LLC 2023 Incremental Term Loan B, 9.666%, (TSFR1M + 4.250%), 10/15/28	​	$	742,757	​	0.3
​	Chemicals & Plastics: 2.6%
930,972	Charter NEX US, Inc. 2021 Term Loan, 9.181%, (TSFR1M + 3.750%), 12/01/27	​	​	923,574	​	0.4
350,000	CPC Acquisition Corp Term Loan, 9.150%, (TSFR3M + 3.750%), 12/29/27	​	​	290,500	​	0.1
428,579	INEOS Styrolution US Holding LLC 2021 USD Term Loan B, 8.181%, (TSFR1M + 2.750%), 01/29/26	​	​	427,775	​	0.2
580,531	Ineos US Finance LLC 2021 USD Term Loan B, 7.818%, (US0001M + 2.500%), 11/08/28	​	​	576,333	​	0.2
49,468 (4)	IPS Corporation 2021 Delayed Draw Term Loan, 8.896%, (US0003M + 3.750%), 10/02/28	​	​	48,293	​	0.0
284,981	IPS Corporation 2021 Term Loan, 9.166%, (TSFR1M + 3.750%), 10/02/28	​	​	278,212	​	0.1
410,641	Lonza Group AG USD Term Loan B, 9.325%, (TSFR3M + 3.930%), 07/03/28	​	​	365,471	​	0.2
190,000	NIC Acquisition Corp. Second Lien Term Loan, 13.150%, (TSFR3M + 7.750%), 12/29/28	​	​	101,650	​	0.0
181,353	Olympus Water US Holding Corporation 2021 USD Term Loan B, 9.402%, (TSFR3M + 3.750%), 11/09/28	​	​	179,336	​	0.1
392,649	PMHC II, Inc. 2022 Term Loan B, 9.699%, (TSFR3M + 4.250%), 04/23/29	​	​	372,580	​	0.2
199,490	PQ Corporation 2021 Term Loan B, 7.969%, (US0003M + 2.500%), 06/09/28	​	​	199,085	​	0.1
527,572	Sparta U.S. HoldCo LLC 2021 Term Loan, 8.692%, (TSFR1M + 3.250%), 08/02/28	​	​	525,792	​	0.2
902,738	Starfruit Finco B.V 2023 Term Loan, 9.347%, (TSFR3M + 4.000%), 04/03/28	​	​	893,146	​	0.4

See Accompanying Notes to Financial Statements

17

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Chemicals & Plastics (continued)
500,000	Tronox Finance LLC 2021 Term Loan B, 8.114%, (US0001M + 2.250%), 03/10/28	​	$	492,084	​	0.2
494,962	W.R. Grace & Co.-Conn. 2021 Term Loan B, 9.402%, (US0003M + 3.750%), 09/22/28	​	​	493,477	​	0.2
​	​	​	​	6,167,308	​	2.6
​	Clothing/Textiles: 0.6%
697,950	ABG Intermediate Holdings 2 LLC 2021 Term Loan B1, 8.810%, (SOFRRATE + 3.500%), 12/21/28	​	​	697,763	​	0.3
149,251	Birkenstock GmbH & Co. KG USD Term Loan B, 8.877%, (US0003M + 3.250%), 04/28/28	​	​	149,291	​	0.1
458,850	Samsonite International S.A. 2023 Term Loan, 8.068%, (TSFR1M + 2.750%), 06/21/30	​	​	460,188	​	0.2
​	​	​	​	1,307,242	​	0.6
​	Commercial Services: 0.4%
550,000  (9)	GTCR W Merger Sub LLC USD Term Loan B, 09/20/30	​	​	550,215	​	0.3
280,000	VT Topco, Inc. 2023 Term Loan B, 9.661%, (TSFR3M + 4.250%), 08/10/30	​	​	280,117	​	0.1
​	​	​	​	830,332	​	0.4
​	Commodities: 0.7%
563,281	Specialty Building Products Holdings, LLC 2021 Term Loan B, 9.068%, (TSFR1M + 3.250%), 10/15/28	​	​	557,648	​	0.2
1,363,016	Yak Access, LLC 2023 Term Loan, 11.976%, (TSFR3M + 6.400%), 03/10/28	​	​	1,213,084	​	0.5
​	​	​	​	1,770,732	​	0.7
​	Communications: 1.2%
513,711	AP Core Holdings II, LLC Amortization Term Loan B1, 10.931%, (TSFR1M + 5.500%), 09/01/27	​	​	500,226	​	0.2
293,155	AP Core Holdings II, LLC High-Yield Term Loan B2, 10.818%, (TSFR1M + 5.500%), 09/01/27	​	​	285,154	​	0.1

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Communications (continued)
309,170	Global Tel*Link Corporation 2018 1st Lien Term Loan, 9.769%, (TSFR1M + 4.250%), 11/29/25	​	$	300,889	​	0.1
595,508	Go Daddy Operating Company, LLC 2022 Term Loan B5, 7.816%, (TSFR1M + 3.000%), 11/09/29	​	​	596,717	​	0.3
4,571 (5)	GTT Communications, Inc. 2022 Holdco Term Loan, 5.396%, (TSFR3M + 4.580%) (PIK Rate 14.490%, Cash Rate 0.000%), 06/30/28	​	​	2,737	​	0.0
2,671 (5)	GTT Communications, Inc. 2022 Opco Term Loan, 5.319%, (TSFR1M + 4.618%) (PIK Rate 12.416%, Cash Rate 0.000%), 12/30/27	​	​	2,310	​	0.0
485,100	Tiger Acquisition, LLC 2021 Term Loan, 8.666%, (TSFR1M + 3.250%), 06/01/28	​	​	480,006	​	0.2
295,000	Virgin Media Bristol LLC 2023 USD Term Loan Y, 8.311%, (TSFR6M + 3.250%), 03/31/31	​	​	288,608	​	0.1
475,000 (9)	WeddingWire, Inc. 2023 Term Loan, 9.922%, 01/29/28	​	​	473,813	​	0.2
​	​	​	​	2,930,460	​	1.2
​	Computers: 0.2%
570,000	SonicWall US Holdings Inc. 2023 Term Loan, 10.402%, (TSFR3M + 5.000%), 05/16/28	​	​	559,847	​	0.2
​	Consumer, Cyclical: 2.0%
438,325	American Axle and Manufacturing, Inc. 2022 Term Loan B, 8.915%, (TSFR6M + 3.500%), 12/13/29	​	​	436,955	​	0.2
843,084	Ascend Learning, LLC 2021 Term Loan, 8.916%, (TSFR1M + 3.500%), 12/11/28	​	​	805,146	​	0.3
479,006	BIFM CA Buyer Inc. Term Loan B, 8.931%, (TSFR1M + 3.500%), 06/01/26	​	​	478,707	​	0.2
903,175	Bombardier Recreational Products, Inc. 2022 Incremental Term Loan B, 8.818%, (TSFR1M + 3.500%), 12/13/29	​	​	904,707	​	0.4

See Accompanying Notes to Financial Statements

18

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Consumer, Cyclical (continued)
832,904	GVC Holdings (Gibraltar) Limited 2022 Term Loan B, 8.990%, (TSFR1M + 3.500%), 10/31/29	​	$	833,425	​	0.3
160,026	Motion Finco Sarl USD Term Loan B1, 8.903%, (US0003M + 3.250%), 11/12/26	​	​	159,725	​	0.1
365,375	Penn National Gaming, Inc. 2022 Term Loan B 1L, 8.166%, (TSFR1M + 2.750%), 05/03/29	​	​	365,437	​	0.2
345,000  (9)	Spring Education Group, Inc Term Loan, 9.914%, 10/04/30	​	​	340,688	​	0.1
504,900	Stars Group Holdings B.V. 2022 USD Term Loan B, 8.902%, (TSFR3M + 3.250%), 07/22/28	​	​	505,752	​	0.2
​	​	​	​	4,830,542	​	2.0
​	Consumer, Non-cyclical: 0.6%
322,138	CoreLogic, Inc. TL B 1L, 8.818%, (US0001M + 3.500%), 06/02/28	​	​	298,448	​	0.1
398,299	Fugue Finance B.V. 2023 USD Term Loan B, 9.400%, (TSFR3M + 4.500%), 01/31/28	​	​	399,108	​	0.2
695,000	KUEHG Corp. 2023 Term Loan, 10.390%, (TSFR3M + 5.000%), 06/12/30	​	​	697,085	​	0.3
​	​	​	​	1,394,641	​	0.6
​	Containers & Glass Products: 3.2%
671,364	Altium Packaging LLC 2021 Term Loan B, 8.068%, (TSFR1M + 2.750%), 02/03/28	​	​	666,209	​	0.3
898,625	Clydesdale Acquisition Holdings Inc Term Loan B, 9.591%, (TSFR1M + 4.180%), 04/13/29	​	​	887,521	​	0.4
294,799	Graham Packaging Company Inc. 2021 Term Loan, 8.431%, (TSFR1M + 3.000%), 08/04/27	​	​	293,878	​	0.1
581,583	Plastipak Packaging, Inc. 2021 Term Loan B, 7.824%, (US0001M + 2.500%), 12/01/28	​	​	582,414	​	0.2
950,241	Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan, 9.508%, (US0003M + 4.000%), 10/02/28	​	​	587,249	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Containers & Glass Products (continued)
280,000	Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan, 12.236%, (US0003M + 6.750%), 10/01/29	​	$	90,067	​	0.0
1,022,090	Pro Mach Group, Inc. 2021 Term Loan B, 9.431%, (US0001M + 4.000%), 08/31/28	​	​	1,024,646	​	0.4
525,000  (9)	Proampac PG Borrower LLC 2023 Term Loan, 11/03/28	​	​	522,703	​	0.2
614,904	Reynolds Group Holdings Inc. 2021 Term Loan B, 8.681%, (TSFR1M + 3.250%), 09/24/28	​	​	614,904	​	0.3
1,333,155	Titan Acquisition Limited 2018 Term Loan B, 8.652%, (US0003M + 3.000%), 03/28/25	​	​	1,323,268	​	0.6
638,568	TricorBraun Holdings, Inc. 2021 Term Loan, 8.681%, (TSFR1M + 3.250%), 03/03/28	​	​	627,659	​	0.3
431,303	Trident TPI Holdings, Inc. 2021 Incremental Term Loan, 9.652%, (US0003M + 4.000%), 09/15/28	​	​	430,461	​	0.2
​	​	​	​	7,650,979	​	3.2
​	Distribution/Wholesale: 0.1%
335,000	Windsor Holdings III, LLC USD Term Loan B, 9.830%, (TSFR1M + 4.500%), 08/01/30	​	​	333,883	​	0.1
​	Diversified Finan Serv: 0.9%
438,636	Advisor Group, Inc. 2023 Term Loan B, 9.900%, (TSFR3M + 4.500%), 08/17/28	​	​	439,368	​	0.2
1,716,253	Citadel Securities LP 2023 Term Loan B, 7.818%, (TSFR3M + 2.500%), 07/29/30	​	​	1,714,913	​	0.7
​	​	​	​	2,154,281	​	0.9
​	Drugs: 0.9%
974,149	Amneal Pharmaceuticals LLC 2018 Term Loan B, 8.818%, (TSFR1M + 3.500%), 05/04/25	​	​	959,233	​	0.4
1,208,341	Jazz Financing Lux S.a.r.l. USD Term Loan, 8.931%, (US0001M + 3.500%), 05/05/28	​	​	1,209,264	​	0.5
​	​	​	​	2,168,497	​	0.9

See Accompanying Notes to Financial Statements

19

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Ecological Services & Equipment: 0.3%
707,400	Clean Harbors Inc. 2021 Incremental Term Loan B, 7.318%, (US0001M + 2.000%), 10/08/28	​	$	711,084	​	0.3
​	Electric: 0.1%
205,000	Generation Bridge Northeast, LLC Term Loan B, 9.566%, (TSFR3M + 4.250%), 08/22/29	​	​	205,256	​	0.1
​	Electrical Compo&Equip: 0.1%
171,165	Energizer Holdings, Inc. 2020 Term Loan, 7.688%, (TSFR1M + 2.250%), 12/22/27	​	​	171,094	​	0.1
​	Electronics/Electrical: 6.1%
700,943	Altar Bidco, Inc. 2021 Term Loan, 8.142%, (US0003M + 3.100%), 02/01/29	​	​	699,629	​	0.3
174,063	Brave Parent Holdings, Inc. 1st Lien Term Loan, 9.519%, (US0001M + 4.000%), 04/18/25	​	​	173,990	​	0.1
362,160	CentralSquare Technologies, LLC 2018 1st Lien Term Loan, 9.290%, (US0003M + 3.750%), 08/29/25	​	​	344,354	​	0.1
520,610	Chamberlain Group Inc Term Loan B, 8.568%, (TSFR1M + 3.250%), 11/03/28	​	​	513,831	​	0.2
725,795	Cloudera, Inc. 2021 Term Loan, 9.166%, (TSFR1M + 3.750%), 10/08/28	​	​	717,812	​	0.3
397,913	ConnectWise, LLC 2021 Term Loan B, 8.931%, (US0003M + 3.500%), 09/29/28	​	​	392,939	​	0.2
369,449	Creation Technologies Inc. 2021 Term Loan, 11.012%, (US0003M + 5.500%), 10/05/28	​	​	350,977	​	0.1
225,000	DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan, 12.181%, (TSFR1M + 6.750%), 03/30/29	​	​	199,899	​	0.1
542,686	DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan, 9.181%, (TSFR1M + 3.750%), 03/31/28	​	​	535,360	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Electronics/Electrical (continued)
430,907	EagleView Technology Corporation 2018 Add On Term Loan B, 9.153%, (US0003M + 3.500%), 08/14/25	​	$	409,954	​	0.2
198,797	Epicor Software Corporation 2020 Term Loan, 8.681%, (US0001M + 3.250%), 07/30/27	​	​	198,845	​	0.1
291,288	Grab Holdings Inc Term Loan B, 9.931%, (US0003M + 4.500%), 01/29/26	​	​	293,594	​	0.1
1,142,234	Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B, 9.431%, (TSFR1M + 4.000%), 12/01/27	​	​	1,144,534	​	0.5
818,166	II-VI Incorporated 2022 Term Loan B, 8.181%, (TSFR1M + 2.750%), 07/02/29	​	​	818,677	​	0.3
607,294	Illuminate Merger Sub Corp. 1st Lien Term Loan, 8.652%, (US0003M + 3.000%), 07/21/28	​	​	597,577	​	0.3
399,226	Ingram Micro Inc. 2021 Term Loan B, 9.153%, (US0003M + 3.500%), 06/30/28	​	​	400,153	​	0.2
498,734	Mediaocean LLC 2021 Term Loan, 8.916%, (US0001M + 3.500%), 12/15/28	​	​	478,785	​	0.2
365,000	MH Sub I, LLC 2021 2nd Lien Term Loan, 11.566%, (TSFR1M + 6.250%), 02/23/29	​	​	325,477	​	0.1
673,730	Mitchell International, Inc. 2021 Term Loan B, 9.181%, (US0001M + 3.750%), 10/15/28	​	​	663,519	​	0.3
400,000	NAVEX TopCo, Inc. 2018 1st Lien Term Loan, 3.360%, (US0001M + 3.250%), 09/05/25	​	​	399,900	​	0.2
1,135	Planview Parent, Inc. Term Loan, 9.652%, (TSFR3M + 4.000%), 12/17/27	​	​	1,124	​	0.0
248,628	Project Boost Purchaser, LLC 2019 Term Loan B, 8.931%, (US0001M + 3.500%), 06/01/26	​	​	248,611	​	0.1

See Accompanying Notes to Financial Statements

20

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Electronics/Electrical (continued)
982,500	Proofpoint, Inc. 1st Lien Term Loan, 8.681%, (TSFR1M + 3.250%), 08/31/28	​	$	975,472	​	0.4
1,465,317	Quest Software US Holdings Inc. 2022 Term Loan, 9.769%, (SOFRRATE + 4.250%), 02/01/29	​	​	1,225,633	​	0.5
567,257	Rackspace Technology Global, Inc. 2021 Term Loan B, 8.194%, (TSFR1M + 2.750%), 02/15/28	​	​	261,541	​	0.1
669,934	Rocket Software, Inc. 2018 Term Loan, 9.681%, (US0001M + 4.250%), 11/28/25	​	​	670,173	​	0.3
1,486,143	Ultimate Software Group Inc (The) 2021 Term Loan, 8.618%, (TSFR3M + 3.250%), 05/04/26	​	​	1,484,622	​	0.6
​	​	​	​	14,526,982	​	6.1
​	Energy: 0.9%
611,925	Brazos Delaware II, LLC 2023 Term Loan B, 9.084%, (TSFR1M + 3.750%), 02/11/30	​	​	609,885	​	0.2
856,205	Oryx Midstream Services Permian Basin LLC Term Loan B, 8.692%, (TSFR1M + 3.250%), 10/05/28	​	​	857,596	​	0.4
447,780	Profrac Services, LLC 2022 Term Loan, 12.902%, (SOFRRATE + 7.250%), 03/04/25	​	​	449,459	​	0.2
198,500	UGI Energy Services, LLC 2023 Term Loan B, 8.666%, (TSFR1M + 3.250%), 02/22/30	​	​	198,571	​	0.1
​	​	​	​	2,115,511	​	0.9
​	Equipment Leasing: 0.2%
373,350	Albion Financing 3 SARL USD Term Loan, 10.857%, (US0003M + 5.250%), 08/17/26	​	​	374,439	​	0.2
136,144	Rent-A-Center, Inc. 2021 First Lien Term Loan B, 8.881%, (US0003M + 3.250%), 02/17/28	​	​	136,037	​	0.0
​	​	​	​	510,476	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Financial: 3.9%
730,236	Alliant Holdings Intermediate, LLC 2023 Term Loan B5, 8.831%, (TSFR1M + 3.500%), 11/05/27	​	$	729,871	​	0.3
245,204	AllSpring Buyer LLC Term Loan B, 8.650%, (TSFR3M + 3.250%), 11/01/28	​	​	242,752	​	0.1
1,329,950	AmWINS Group, Inc. 2023 Incremental Term Loan B, 8.196%, (TSFR1M + 2.750%), 02/19/28	​	​	1,331,374	​	0.6
729,488	Aretec Group, Inc. 2018 Term Loan, 9.568%, (TSFR1M + 4.250%), 10/01/25	​	​	730,286	​	0.3
1,221,197	Edelman Financial Center, LLC 2021 Term Loan B, 8.818%, (US0001M + 3.750%), 04/07/28	​	​	1,210,740	​	0.5
436,312	Focus Financial Partners, LLC 2021 Term Loan, 7.816%, (TSFR1M + 2.500%), 06/30/28	​	​	435,611	​	0.2
544,500	Focus Financial Partners, LLC 2022 Term Loan B5, 8.566%, (TSFR1M + 3.250%), 06/30/28	​	​	544,463	​	0.2
362,143	Forest City Enterprises, L.P. 2019 Term Loan B, 8.931%, (TSFR1M + 3.500%), 12/08/25	​	​	319,048	​	0.1
445,832	HighTower Holdings LLC 2021 Term Loan B, 9.612%, (US0001M + 4.000%), 04/21/28	​	​	444,717	​	0.2
1,488,750	Hub International Limited 2022 Term Loan B, 9.365%, (TSFR3M + 4.000%), 11/10/29	​	​	1,492,729	​	0.6
144,638	IMA Financial Group, Inc. 2023 Incremental Term Loan, 9.570%, (TSFR1M + 4.250%), 11/01/28	​	​	144,592	​	0.1
1,257,912	Jane Street Group, LLC 2021 Term Loan, 8.181%, (TSFR1M + 2.750%), 01/26/28	​	​	1,256,078	​	0.5
343,275	Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 8.416%, (SOFRRATE + 3.000%), 12/16/28	​	​	344,562	​	0.2
​	​	​	​	9,226,823	​	3.9

See Accompanying Notes to Financial Statements

21

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Financial Intermediaries: 1.9%
295,000	AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 12.030%, (US0003M + 6.500%), 08/02/29	​	$	281,725	​	0.1
740,543	AqGen Island Holdings, Inc. Term Loan, 8.931%, (TSFR1M + 3.500%), 08/02/28	​	​	735,452	​	0.3
273,556	Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 8.173%, (US0001M + 3.000%), 06/15/25	​	​	273,062	​	0.1
124,362	Blackstone Mortgage Trust, Inc. 2021 Term Loan B2, 8.068%, (US0001M + 2.750%), 04/23/26	​	​	122,808	​	0.1
730,100	Castlelake Aviation Limited Term Loan B, 8.421%, (US0003M + 2.750%), 10/22/26	​	​	730,157	​	0.3
583,420	Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 9.136%, (TSFR3M + 3.750%), 04/09/27	​	​	571,266	​	0.3
336,327	First Eagle Holdings, Inc. 2020 Term Loan B, 7.990%, (US0003M + 2.500%), 02/01/27	​	​	333,846	​	0.2
539,672	Trans Union, LLC 2021 Term Loan B6, 7.681%, (TSFR1M + 2.250%), 12/01/28	​	​	540,295	​	0.2
811,800	VFH Parent LLC 2022 Term Loan B, 8.418%, (SOFRRATE + 3.000%), 01/13/29	​	​	807,741	​	0.3
​	​	​	​	4,396,352	​	1.9
​	Food Products: 1.8%
969,466	8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 9.068%, (TSFR1M + 3.750%), 10/01/25	​	​	929,880	​	0.4
540,228	8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan, 10.068%, (TSFR1M + 4.750%), 10/01/25	​	​	519,969	​	0.2
150,000	B&G Foods, Inc. 2019 Term Loan B4, 7.816%, (US0001M + 2.500%), 10/10/26	​	​	148,281	​	0.0

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Food Products (continued)
660,000	BCPE North Star US HoldCo 2, Inc. 2021 2nd Lien Term Loan, 12.902%, (US0003M + 7.250%), 06/08/29	​	$	540,375	​	0.2
633,427	CHG PPC Parent LLC 2021 Term Loan, 8.318%, (TSFR1M + 3.000%), 12/08/28	​	​	630,656	​	0.3
895,709	IRB Holding Corp 2022 Term Loan B, 8.316%, (TSFR1M + 3.000%), 12/15/27	​	​	893,346	​	0.4
729,822	Primary Products Finance LLC Term Loan, 9.397%, (US0003M + 4.000%), 03/31/29	​	​	728,624	​	0.3
​	​	​	​	4,391,131	​	1.8
​	Food Service: 0.2%
259,350	Aramark Services, Inc. 2023 Term Loan B6, 7.931%, (TSFR1M + 2.500%), 06/22/30	​	​	259,242	​	0.1
150,000	Fogo De Chao, Inc. 2018 Add On Term Loan, 8.004%, (US0001M + 4.250%), 04/07/25	​	​	150,000	​	0.0
174,556	Whatabrands LLC 2021 Term Loan B, 8.431%, (US0001M + 3.250%), 08/03/28	​	​	174,144	​	0.1
​	​	​	​	583,386	​	0.2
​	Food/Drug Retailers: 1.0%
396,448	EG Finco Limited 2018 USD Term Loan, 9.300%, (TSFR1M + 4.000%), 02/07/25	​	​	392,731	​	0.2
1,333,535  (6)	Moran Foods, LLC 2022 Extended 2nd Lien Term Loan, 16.990%, (TSFR3M + 4.680%), 12/31/26	​	​	293,378	​	0.1
1,460,171  (6)	Moran Foods, LLC 2022 Extended Term Loan, 12.740%, (TSFR3M + 4.680%), 06/30/26	​	​	1,241,145	​	0.5
728,030  (6)	Moran Foods, LLC Incremental FLSO Loan, 12.740%, (TSFR3M + 4.680%), 06/30/26	​	​	509,621	​	0.2
​	​	​	​	2,436,875	​	1.0
​	Forest Products: 0.3%
349,165	ASP Blade Holdings, Inc Initial Term Loan, 9.652%, (US0001M + 4.000%), 10/13/28	​	​	309,447	​	0.1

See Accompanying Notes to Financial Statements

22

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Forest Products (continued)
354,132	Spa Holdings 3 Oy USD Term Loan B, 9.652%, (US0003M + 3.750%), 02/04/28	​	$	345,722	​	0.2
​	​	​	​	655,169	​	0.3
​	Health Care: 6.1%
547,606	Accelerated Health Systems, LLC 2022 Term Loan B, 9.641%, (TSFR3M + 4.250%), 02/15/29	​	​	461,084	​	0.2
1,013,856	Athenahealth, Inc. 2022 Term Loan B, 8.568%, (TSFR1M + 3.500%), 02/15/29	​	​	996,958	​	0.4
179,262	Avantor Funding, Inc. 2021 Term Loan B5, 7.666%, (TSFR1M + 2.250%), 11/08/27	​	​	179,476	​	0.1
425,000	Bausch Health Companies Inc. 2022 Term Loan B, 10.674%, (TSFR3M + 5.250%), 02/01/27	​	​	346,830	​	0.1
396,944	CCRR Parent, Inc Term Loan B, 9.181%, (TSFR1M + 3.750%), 03/06/28	​	​	379,578	​	0.2
955,500	CHG Healthcare Services Inc. 2021 Term Loan, 8.568%, (US0001M + 3.250%), 09/29/28	​	​	952,514	​	0.4
641,775	Covetrus, Inc. 2022 1st Lien Term Loan, 10.400%, (TSFR3M + 5.000%), 10/13/29	​	​	636,962	​	0.3
470,681	Curia Global, Inc. 2021 Term Loan, 9.219%, (TSFR3M + 3.750%), 08/30/26	​	​	391,841	​	0.2
486,217	Gloves Buyer, Inc. 2021 Term Loan, 9.431%, (TSFR1M + 4.000%), 12/29/27	​	​	472,846	​	0.2
492,197	GoodRx, Inc. 1st Lien Term Loan, 8.166%, (US0001M + 2.750%), 10/10/25	​	​	492,153	​	0.2
396,992	Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan, 8.773%, (TSFR3M + 3.250%), 11/01/28	​	​	385,281	​	0.2
1,073,650	Medline Borrower, LP USD Term Loan B, 8.681%, (TSFR1M + 3.250%), 10/23/28	​	​	1,072,308	​	0.5
150,000	National Mentor Holdings, Inc. 2021 2nd Lien Term Loan, 12.740%, (TSFR3M + 7.250%), 03/02/29	​	​	105,000	​	0.0

Principal Amount†	Borrower/Tranche Description	Fair Value				Percentage of Net Assets
LOANS*: (continued)
​	Health Care (continued)
28,622	National Mentor Holdings, Inc. 2021 Term Loan C, 9.150%, (TSFR3M + 3.750%), 03/02/28	​	$	25,844	���	​	0.0
825,066	National Mentor Holdings, Inc. 2021 Term Loan, 9.181%, (TSFR1M + 3.750%), 03/02/28	​	​	744,966	​	​	0.3
459,726	Pacific Dental Services,LLC 2021 Term Loan, 8.818%, (US0001M + 3.500%), 05/05/28	​	​	459,439	​	​	0.2
248,402	Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan, 9.152%, (TSFR3M + 3.500%), 11/30/27	​	​	247,780	​	​	0.1
440,528	Parexel International Corporation 2021 1st Lien Term Loan, 8.681%, (TSFR1M + 3.250%), 11/15/28	​	​	437,927	​	​	0.2
266,625	Perrigo Investments, LLC Term Loan B, 7.666%, (TSFR1M + 2.350%), 04/20/29	​	​	266,070	​	​	0.1
249,351	PetVet Care Centers, LLC 2021 Term Loan B3, 8.916%, (US0003M + 3.500%), 02/14/25	​	​	248,441	​	​	0.1
460,824	Phoenix Guarantor Inc 2020 Term Loan B, 8.681%, (US0001M + 3.250%), 03/05/26	​	​	458,603	​	​	0.2
448,849	Phoenix Guarantor Inc 2021 Term Loan B3, 8.931%, (US0001M + 3.500%), 03/05/26	​	​	446,685	​	​	0.2
283,794	Press Ganey Holdings, Inc. 2022 Incremental Term Loan, 9.322%, (TSFR1M + 3.750%), 07/24/26	​	​	274,748	​	​	0.1
405,875	RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 9.072%, (US0003M + 3.750%), 11/16/25	​	​	405,512	​	​	0.2
300,847	RxBenefits, Inc. 2020 Term Loan, 9.829%, (TSFR1M + 4.500%), 12/20/27	​	​	297,838	​	​	0.1
1,035,000	Sotera Health Holdings, LLC 2021 Term Loan, 8.181%, (US0003M + 2.750%), 12/11/26	​	​	1,032,898	​	​	0.4

See Accompanying Notes to Financial Statements

23

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Health Care (continued)
355,000	Star Parent, Inc. 2023 Term Loan B, 9.657%, (US0003M + 4.000%), 09/19/30	​	$	347,559	​	0.1
950,566	Surgery Center Holdings, Inc. 2021 Term Loan, 9.189%, (US0001M + 3.750%), 08/31/26	​	​	952,407	​	0.4
349,278	U.S. Anesthesia Partners, Inc. 2021 Term Loan, 9.694%, (US0001M + 4.250%), 10/01/28	​	​	321,642	​	0.1
733,600	Verscend Holding Corp. 2021 Term Loan B, 9.431%, (US0001M + 4.000%), 08/27/25	​	​	734,804	​	0.3
​	​	​	​	14,575,994	​	6.1
​	Healthcare-Services: 0.2%
399,000	Select Medical Corporation 2023 Term Loan B1, 8.316%, (TSFR1M + 3.000%), 03/06/27	​	​	399,125	​	0.2
​	Home Furnishings: 1.0%
749,700	Conair Holdings, LLC Term Loan B, 9.402%, (US0003M + 3.750%), 05/17/28	​	​	718,775	​	0.3
299,233	Prime Security Services Borrower, LLC 2021 Term Loan, 8.192%, (US0006M + 2.750%), 09/23/26	​	​	299,199	​	0.1
893,663	Solis IV BV USD Term Loan B1, 8.891%, (TSFR3M + 3.500%), 02/26/29	​	​	872,438	​	0.4
411,845	Weber-Stephen Products LLC Term Loan B, 8.681%, (TSFR1M + 3.250%), 10/30/27	​	​	374,080	​	0.2
​	​	​	​	2,264,492	​	1.0
​	Industrial: 3.4%
354,874	ADS Tactical, Inc. 2021 Term Loan B, 11.068%, (US0001M + 5.750%), 03/19/26	​	​	348,664	​	0.1
362,707	Aegion Corporation Term Loan, 10.181%, (TSFR1M + 4.750%), 05/17/28	​	​	361,574	​	0.2
490,000	Allied Universal Holdco LLC 2021 USD Incremental Term Loan B, 9.166%, (TSFR1M + 3.750%), 05/12/28	​	​	474,325	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Industrial (continued)
184,068	Belfor Holdings Inc. 2022 Incremental Term Loan, 9.550%, (SOFRRATE + 4.250%), 04/06/26	​	$	184,528	​	0.1
362,263	Brown Group Holding LLC 2022 Term Loan B2 1L, 9.121%, (TSFR3M + 3.750%), 07/02/29	​	​	362,433	​	0.2
306,125	Crown Subsea Communications Holding,Inc. 2023 Incremental Term Loan, 10.694%, (TSFR1M + 5.250%), 04/27/27	​	​	307,560	​	0.1
421,606	Emrld Borrower LP Term Loan B, 8.316%, (TSFR3M + 3.000%), 05/31/30	​	​	421,540	​	0.2
370,000	NCR Atleos LLC Term Loan B, 10.140%, (TSFR3M + 4.750%), 03/22/29	​	​	356,819	​	0.1
753,113	Neptune Bidco US Inc 2022 USD Term Loan B, 10.399%, (TSFR3M + 5.000%), 04/11/29	​	​	679,549	​	0.3
413,055	Northstar Group Services, INC. 2020 Term Loan B, 10.931%, (TSFR1M + 5.500%), 11/12/26	​	​	414,087	​	0.2
495,000	Oscar AcquisitionCo, LLC Term Loan B, 9.990%, (SOFRRATE + 4.500%), 04/29/29	​	​	490,174	​	0.2
299,164	Project Castle, Inc. Term Loan B 1L, 10.755%, (TSFR3M + 5.500%), 06/01/29	​	​	266,256	​	0.1
987,469	Quikrete Holdings, Inc. 2021 Term Loan B1, 8.181%, (TSFR1M + 3.000%), 03/18/29	​	​	989,629	​	0.4
474,228	Rockwood Service Corporation 2020 Term Loan, 9.431%, (TSFR1M + 4.000%), 01/23/27	​	​	476,481	​	0.2
671,675	Smyrna Ready Mix Concrete, LLC Term Loan B, 9.666%, (TSFR1M + 4.250%), 04/02/29	​	​	674,194	​	0.3
452,725	TransDigm, Inc. 2023 Term Loan I, 8.640%, (TSFR3M + 3.250%), 08/24/28	​	​	453,334	​	0.2
244,314	Tutor Perini Corporation Term Loan B, 10.181%, (TSFR1M + 4.750%), 08/18/27	​	​	233,931	​	0.1

See Accompanying Notes to Financial Statements

24

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Industrial (continued)
562,633	U.S. Silica Company 2023 Term Loan B, 10.166%, (TSFR1M + 4.750%), 03/25/30	​	$	564,542	​	0.2
​	​	​	​	8,059,620	​	3.4
​	Industrial Equipment: 2.4%
380,761	AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B, 9.084%, (TSFR1M + 3.750%), 07/31/28	​	​	377,429	​	0.2
481,993	Alliance Laundry Systems LLC Term Loan B, 8.901%, (TSFR3M + 3.500%), 10/08/27	​	​	482,429	​	0.2
621,876	Chart Industries, Inc. 2023 Term Loan B, 9.174%, (TSFR1M + 3.750%), 03/15/30	​	​	623,301	​	0.3
293,302	Clark Equipment Company 2022 Term Loan B, 7.990%, (TSFR3M + 2.500%), 04/20/29	​	​	293,779	​	0.1
260,000	CPM Holdings, Inc. 2023 Term Loan, 9.900%, (TSFR3M + 4.500%), 09/22/28	​	​	259,675	​	0.1
375,000	Crown Subsea Communications Holding,Inc. 2021 Term Loan, 10.444%, (TSFR1M + 5.000%), 04/27/27	​	​	376,719	​	0.2
746,250	Filtration Group Corporation 2023 USD Term Loan, 9.681%, (TSFR1M + 4.250%), 10/21/28	​	​	747,416	​	0.3
240,000	LSF12 Badger Bidco LLC Term Loan B, 11.400%, (TSFR1M + 6.000%), 07/25/30	​	​	239,700	​	0.1
491,206	Madison IAQ LLC Term Loan, 8.689%, (US0003M + 3.250%), 06/21/28	​	​	483,469	​	0.2
450,000	SPX Flow, Inc. 2022 Term Loan, 9.916%, (TSFR1M + 4.500%), 04/05/29	​	​	449,824	​	0.2
929,561	Vertical US Newco Inc Term Loan B, 9.381%, (US0006M + 3.500%), 07/30/27	​	​	928,592	​	0.4
331,573	Watlow Electric Manufacturing Company Term Loan B, 9.377%, (TSFR3M + 3.750%), 03/02/28	​	​	331,988	​	0.1
​	​	​	​	5,594,321	​	2.4
​	Insurance: 3.6%
765,379	Acrisure, LLC 2020 Term Loan B, 8.931%, (US0001M + 3.500%), 02/15/27	​	​	756,170	​	0.3

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Insurance (continued)
719,353	Acrisure, LLC 2021 First Lien Term Loan B, 9.682%, (US0001M + 4.250%), 02/15/27	​	$	718,904	​	0.3
260,888	Acrisure, LLC 2021 Incremental Term Loan B, 9.181%, (US0001M + 3.750%), 02/15/27	​	​	257,029	​	0.1
605,000  (9)	AssuredPartners, Inc. 2023 Term Loan B4, 02/12/27	​	​	606,437	​	0.3
493,763	Broadstreet Partners, Inc. 2023 Term Loan B3, 9.316%, (TSFR1M + 4.000%), 01/27/29	​	​	494,336	​	0.2
371,509	IMA Financial Group, Inc. Term Loan, 8.818%, (US0001M + 3.500%), 11/01/28	​	​	370,348	​	0.2
893,134	NFP Corp. 2020 Term Loan, 8.681%, (TSFR1M + 3.250%), 02/15/27	​	​	883,552	​	0.4
850,018	OneDigital Borrower LLC 2021 Term Loan, 9.666%, (SOFRRATE + 4.250%), 11/16/27	​	​	850,549	​	0.4
995,574	Ryan Specialty Group, LLC Term Loan, 8.416%, (TSFR1M + 3.000%), 09/01/27	​	​	997,544	​	0.4
949,469	Sedgwick Claims Management Services, Inc. 2023 Term Loan B, 9.066%, (TSFR1M + 3.750%), 02/17/28	​	​	948,430	​	0.4
526,000  (9)	USI, Inc. 2023 Acquisition Term Loan, 09/14/30	​	​	525,780	​	0.2
1,052,000	USI, Inc. 2023 Refi Term Loan, (TSFR3M + 3.250%), 09/14/30	​	​	1,053,315	​	0.4
​	​	​	​	8,462,394	​	3.6
​	Investment Companies: 0.1%
304,238	LSF11 Trinity Bidco, Inc. Term Loan, 9.832%, (TSFR1M + 4.500%), 06/14/30	​	​	304,238	​	0.1
​	Leisure Good/Activities/Movies: 2.8%
348,128	Alterra Mountain Company 2021 Series B-2 Consenting Term Loan, 8.931%, (US0001M + 3.500%), 08/17/28	​	​	348,998	​	0.2
373,125	Cinemark USA, Inc. 2023 Term Loan B, 9.093%, (TSFR1M + 3.750%), 05/24/30	​	​	373,436	​	0.2

See Accompanying Notes to Financial Statements

25

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Leisure Good/Activities/Movies (continued)
223,861	City Football Group Limited Term Loan, 8.439%, (US0003M + 3.000%), 07/21/28	​	$	223,441	​	0.1
1,101,676	CWGS Group, LLC 2021 Term Loan B, 7.944%, (US0001M + 2.500%), 06/03/28	​	​	1,039,509	​	0.4
219,159	Fender Musical Instruments Corporation 2021 Term Loan B, 9.424%, (SOFRRATE + 4.000%), 12/01/28	​	​	214,228	​	0.1
200,000	Fitness International, LLC 2018 Term Loan B, 8.769%, (TSFR3M + 3.250%), 04/18/25	​	​	199,187	​	0.1
345,000	Formula One Holdings Limited Term Loan B, 8.331%, (TSFR1M + 3.000%), 01/15/30	​	​	345,431	​	0.1
1,010,790	Hayward Industries, Inc. 2022 Term Loan, 8.666%, (TSFR1M + 3.250%), 05/30/28	​	​	1,004,683	​	0.4
391,927	MajorDrive Holdings IV LLC Term Loan B, 9.652%, (US0003M + 4.000%), 06/01/28	​	​	388,988	​	0.2
22,814	Motion Finco Sarl Delayed Draw Term Loan B2, 8.903%, (US0003M + 3.250%), 11/04/26	​	​	22,771	​	0.0
938,609	Playtika Holding Corp 2021 Term Loan, 8.181%, (US0001M + 2.750%), 03/13/28	​	​	938,785	​	0.4
550,000	Renaissance Learning, Inc. 2018 Add On Term Loan, 10.150%, (TSFR1M + 4.750%), 04/05/30	​	​	546,448	​	0.2
499,710	SRAM, LLC 2021 Term Loan B, 8.181%, (US0001M + 2.750%), 05/18/28	​	​	499,241	​	0.2
293,768	The Knot Worldwide Inc. 2022 Term Loan, 9.916%, (TSFR1M + 4.500%), 12/19/25	​	​	293,768	​	0.1
268,650	Topgolf Callaway Brands Corp. Term Loan B, 8.916%, (TSFR1M + 3.500%), 03/15/30	​	​	267,542	​	0.1
​	​	​	​	6,706,456	​	2.8
​	Leisure Time: 0.1%
209,475	Alterra Mountain Company 2023 Term Loan B, 9.068%, (TSFR1M + 3.750%), 05/31/30	​	​	209,737	​	0.1

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Lodging & Casinos: 3.9%
1,000,000	1011778 B.C. Unlimited Liability Company 2023 Term Loan B5, 7.566%, (TSFR1M + 2.250%), 09/23/30	​	$	998,229	​	0.4
710,247 (5)	24 Hour Fitness Worldwide, Inc. 2021 Delayed Draw Term Loan, 14.684%, (US0003M + 9.000%) (PIK Rate 7.000%, Cash Rate 12.652%), 09/29/25	​	​	585,954	​	0.2
1,193,990	24 Hour Fitness Worldwide, Inc. 2021 Exit Delayed Draw Term Loan, 19.669%, (US0003M + 14.000%), 09/29/26	​	​	626,845	​	0.3
729,011	Arches Buyer Inc. 2021 Term Loan B, 8.666%, (US0001M + 3.250%), 12/06/27	​	​	714,691	​	0.3
199,494	Century Casinos, Inc 2022 Term Loan, 11.430%, (TSFR1M + 6.000%), 04/02/29	​	​	195,005	​	0.1
459,169	ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 8.403%, (US0003M + 2.750%), 09/18/24	​	​	453,047	​	0.2
494,975	Fertitta Entertainment, LLC 2022 Term Loan B, 9.316%, (SOFRRATE + 4.000%), 01/27/29	​	​	490,925	​	0.2
611,618	Flynn Restaurant Group LP 2021 Term Loan B, 9.681%, (TSFR1M + 4.250%), 12/01/28	​	​	610,025	​	0.3
458,850	Golden Entertainment, Inc. 2023 Term Loan B, 8.168%, (TSFR1M + 2.750%), 05/28/30	​	​	458,850	​	0.2
785,197	Hilton Grand Vacations Borrower LLC 2021 Term Loan B, 8.318%, (TSFR1M + 3.000%), 08/02/28	​	​	786,547	​	0.3
473,814	Kingpin Intermediate Holdings LLC 2023 Term Loan B, 8.816%, (TSFR1M + 3.500%), 02/08/28	​	​	470,853	​	0.2
970,000  (2)(6)	NPC International, Inc. 2nd Lien Term Loan, 1.000%, 04/18/25	​	​	—	​	0.0

See Accompanying Notes to Financial Statements

26

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Lodging & Casinos (continued)
637,306	Scientific Games Holdings LP 2022 USD Term Loan B, 8.768%, (TSFR3M + 3.500%), 04/04/29	​	$	634,429	​	0.3
987,500	Scientific Games International, Inc. 2022 USD Term Loan, 8.434%, (TSFR1M + 3.000%), 04/14/29	​	​	988,117	​	0.4
248,049	Station Casinos LLC 2020 Term Loan B, 7.666%, (US0001M + 2.250%), 02/08/27	​	​	247,908	​	0.1
921,323	Twin River Worldwide Holdings, Inc. 2021 Term Loan B, 9.099%, (US0001M + 3.250%), 10/02/28	​	​	904,978	​	0.4
​	​	​	​	9,166,403	​	3.9
​	Media: 0.1%
249,369	Sinclair Television Group Inc. 2022 Term Loan B4, 9.166%, (TSFR1M + 3.750%), 04/21/29	​	​	174,987	​	0.1
​	Mining: 0.2%
375,000	Arsenal AIC Parent LLC Term Loan, 9.879%, (TSFR3M + 4.500%), 08/19/30	​	​	374,906	​	0.2
​	Oil & Gas: 1.5%
285,000  (9)	GIP Pilot Acquisition Partners LP Term Loan, 09/18/30	​	​	284,644	​	0.1
476,488	ITT Holdings LLC 2021 Term Loan, 8.068%, (US0001M + 2.750%), 07/10/28	​	​	476,905	​	0.2
406,198	M6 ETX Holdings II Midco LLC 2022 Term Loan B 1L, 9.920%, (TSFR1M + 4.500%), 09/19/29	​	​	405,690	​	0.2
472,078	Medallion Midland Acquisition, LLC 2021 Term Loan, 9.402%, (TSFR3M + 3.750%), 10/18/28	​	​	473,376	​	0.2
667,172	TransMontaigne Operating Company L.P. Term Loan B, 8.932%, (TSFR1M + 3.500%), 11/17/28	​	​	665,504	​	0.3
904,570	Traverse Midstream Partners LLC 2017 Term Loan, 9.216%, (TSFR1M + 3.750%), 02/16/28	​	​	904,947	​	0.4

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Oil & Gas (continued)
289,275	Whitewater Whistler Holdings, LLC 2023 Term Loan B, 8.640%, (TSFR3M + 3.250%), 02/15/30	​	$	290,270	​	0.1
​	​	​	​	3,501,336	​	1.5
​	Packaging&Containers: 0.2%
427,446	Trident TPI Holdings, Inc. 2023 USD Term Loan, 9.890%, (TSFR3M + 4.500%), 09/15/28	​	​	427,446	​	0.2
​	Publishing: 0.8%
878,886	Cengage Learning, Inc. 2021 Term Loan B, 10.323%, (US0003M + 4.750%), 07/14/26	​	​	876,140	​	0.4
498,741	Houghton Mifflin Harcourt Publishing Company 2022 Term Loan, 10.666%, (TSFR1M + 5.250%), 04/09/29	​	​	474,115	​	0.2
446,148	McGraw-Hill Global Education Holdings, LLC 2021 Term Loan, 10.181%, (TSFR3M + 4.750%), 07/28/28	​	​	437,597	​	0.2
​	​	​	​	1,787,852	​	0.8
​	Radio & Television: 1.2%
669,946	CMG Media Corporation 2021 Term Loan, 8.990%, (TSFR3M + 3.500%), 12/17/26	​	​	618,025	​	0.3
4,767,826 (1)(2)(3)	Diamond Sports Group, LLC 2022 2nd Lien Term Loan, (TSFR1M + 3.250%), 08/24/26	​	​	119,196	​	0.0
290,000  (9)	E.W. Scripps Company (The) 2019 Term Loan B2, 7.993%, (US0001M + 2.560%), 05/01/26	​	​	286,601	​	0.1
390,731	Gray Television, Inc. 2021 Term Loan D, 8.444%, (TSFR1M + 3.000%), 12/01/28	​	​	381,451	​	0.2
358,849	iHeartCommunications, Inc. 2020 Term Loan, 8.431%, (TSFR1M + 3.000%), 05/01/26	​	​	323,445	​	0.1
308,162	NASCAR Holdings, Inc Term Loan B, 7.931%, (TSFR1M + 2.500%), 10/19/26	​	��	308,911	​	0.1
390,000  (9)	Simon & Schuster Inc Term Loan B, 09/27/30	​	​	388,050	​	0.2

See Accompanying Notes to Financial Statements

27

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Radio & Television (continued)
83,112	Sinclair Television Group Inc. Term Loan B2B, 7.931%, (TSFR1M + 2.500%), 09/30/26	​	$	72,390	​	0.0
432,300	WideOpenWest Finance LLC 2021 Term Loan B, 8.390%, (TSFR3M + 3.000%), 12/20/28	​	​	426,086	​	0.2
​	​	​	​	2,924,155	​	1.2
​	Rail Industries: 0.7%
316,669	Avis Budget Car Rental, LLC 2022 Term Loan C, 8.818%, (TSFR1M + 3.500%), 03/16/29	​	​	317,183	​	0.1
296,744	Kenan Advantage Group, Inc. 2021 Term Loan B1, 9.477%, (TSFR3M + 3.750%), 03/24/26	​	​	296,420	​	0.1
729,488	Uber Technologies, Inc. 2023 Term Loan B, 8.159%, (TSFR3M + 2.750%), 03/03/30	​	​	730,217	​	0.3
360,000	XPO Logistics, Inc. 2023 Term Loan B, 7.318%, (TSFR1M + 2.000%), 05/24/28	​	​	361,775	​	0.2
​	​	​	​	1,705,595	​	0.7
​	Real Estate: 0.2%
475,000	Cushman & Wakefield U.S. Borrower, LLC 2023 Term Loan B, 9.316%, (TSFR1M + 4.000%), 01/31/30	​	​	472,031	​	0.2
​	REITS: 0.2%
368,150	RHP Hotel Properties, LP 2023 Term Loan B, 8.066%, (TSFR1M + 2.750%), 05/18/30	​	​	369,577	​	0.2
​	Retailers (Except Food & Drug): 3.5%
394,312	Anastasia Parent, LLC 2018 Term Loan B, 9.402%, (US0003M + 3.750%), 08/11/25	​	​	282,919	​	0.1
597,181	CNT Holdings I Corp 2020 Term Loan, 8.800%, (TSFR3M + 3.500%), 11/08/27	​	​	596,328	​	0.3
249,362	Empire Today, LLC 2021 Term Loan B, 10.439%, (US0001M + 5.000%), 04/03/28	​	​	204,373	​	0.1
784,251	Great Outdoors Group, LLC 2021 Term Loan B1, 9.181%, (US0001M + 3.750%), 03/06/28	​	​	783,761	​	0.3

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Retailers (Except Food & Drug) (continued)
1,060,249	Harbor Freight Tools USA, Inc. 2021 Term Loan B, 8.181%, (TSFR1M + 2.750%), 10/19/27	​	$	1,053,549	​	0.5
492,782	Jo-Ann Stores, Inc. 2021 Term Loan B1, 10.362%, (US0003M + 4.750%), 07/07/28	​	​	168,778	​	0.1
505,839	Leslies Poolmart, Inc. 2021 Term Loan B, 8.181%, (US0003M + 2.750%), 03/09/28	​	​	498,568	​	0.2
802,820	Michaels Companies, Inc. 2021 Term Loan B, 9.902%, (TSFR3M + 4.250%), 04/15/28	​	​	735,383	​	0.3
945,473	Petco Health and Wellness Company, Inc. 2021 Term Loan B, 9.015%, (TSFR3M + 3.250%), 03/03/28	​	​	936,905	​	0.4
1,221,875	Pilot Travel Centers LLC 2021 Term Loan B, 7.416%, (TSFR1M + 2.000%), 08/04/28	​	​	1,221,875	​	0.5
389,138	Restoration Hardware, Inc. Term Loan B, 7.931%, (US0001M + 2.500%), 10/20/28	​	​	374,691	​	0.2
620,405	RV Retailer, LLC Term Loan B, 9.246%, (SOFRRATE + 3.750%), 02/08/28	​	​	558,752	​	0.2
149,250	Sally Holdings, LLC 2023 Term Loan B, 7.566%, (TSFR1M + 2.500%), 02/28/30	​	​	149,791	​	0.1
658,116	Staples, Inc. 7 Year Term Loan, 10.634%, (US0003M + 5.000%), 04/16/26	​	​	565,362	​	0.2
89,814	Victorias Secret & Co. Term Loan B, 8.903%, (US0003M + 3.250%), 08/02/28	​	​	88,018	​	0.0
​	​	​	​	8,219,053	​	3.5
​	Software: 0.8%
114,713	AppLovin Corporation 2023 Term Loan B, 8.500%, (TSFR3M + 3.100%), 08/14/30	​	​	114,512	​	0.1
790,000	Epicor Software Corporation 2023 Incremental Term Loan, 9.077%, (TSFR1M + 3.750%), 07/30/27	​	​	791,975	​	0.3
300,000	Helios Software Holdings, Inc. 2023 Term Loan B, 9.740%, (TSFR3M + 4.250%), 07/18/30	​	​	299,125	​	0.1

See Accompanying Notes to Financial Statements

28

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Software (continued)
746,241	Open Text Corporation 2023 Term Loan B, 8.068%, (TSFR1M + 2.750%), 01/31/30	​	$	746,940	​	0.3
​	​	​	​	1,952,552	​	0.8
​	Surface Transport: 0.7%
897,292	American Trailer World Corp. Term Loan B, 9.068%, (TSFR1M + 3.750%), 03/03/28	​	​	864,391	​	0.4
625,691	Worldwide Express Operations, LLC 2021 1st Lien Term Loan, 9.652%, (TSFR3M + 4.000%), 07/26/28	​	​	616,827	​	0.2
250,000	Worldwide Express Operations, LLC 2021 2nd Lien Term Loan, 12.652%, (TSFR3M + 7.000%), 07/26/29	​	​	213,125	​	0.1
​	​	​	​	1,694,343	​	0.7
​	Technology: 8.9%
419,906	ABC Financial Services, Inc. 1st Lien Term Loan, 9.881%, (TSFR1M + 4.250%), 01/02/25	​	​	420,956	​	0.2
717,573	Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 9.890%, (TSFR3M + 4.500%), 09/18/26	​	​	720,488	​	0.3
942,514	AppLovin Corporation 2021 Term Loan B, 8.418%, (TSFR1M + 3.100%), 10/25/28	​	​	942,956	​	0.4
530,000	Asurion LLC 2021 2nd Lien Term Loan B3, 10.568%, (US0001M + 5.250%), 01/31/28	​	​	477,331	​	0.2
350,353	Atlas Purchaser, Inc. 2021 Term Loan, 10.879%, (US0003M + 5.250%), 05/08/28	​	​	251,028	​	0.1
1,236,890	Banff Merger Sub Inc 2021 USD Term Loan, 9.181%, (TSFR1M + 3.750%), 10/02/25	​	​	1,237,061	​	0.5
918,929	Bright Bidco B.V. 2022 Exit Term Loan, 6.366%, (TSFR3M + 9.000%), 10/31/27	​	​	374,463	​	0.2
659,391	CDK Global, Inc. 2022 USD Term Loan B, 9.640%, (TSFR3M + 4.250%), 07/06/29	​	​	660,283	​	0.3
388,223	Constant Contact Inc Term Loan, 9.561%, (US0003M + 4.000%), 02/10/28	​	​	377,487	​	0.2

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Technology (continued)
443,225	Cornerstone OnDemand, Inc. 2021 Term Loan, 9.186%, (TSFR3M + 3.750%), 10/16/28	​	$	422,726	​	0.2
500,000	Cvent, Inc. 2023 Term Loan B, 9.140%, (TSFR3M + 3.750%), 06/17/30	​	​	499,167	​	0.2
149,463	Cyxtera DC Holdings, Inc. 2023 DIP Term Loan, 13.942%, (TSFR1M + 8.610%), 12/07/23	​	​	150,834	​	0.1
173,685	ECI Macola Max Holding, LLC 2020 Term Loan, 9.150%, (TSFR3M + 3.750%), 11/09/27	​	​	173,446	​	0.1
199,500	Indy US Bidco, LLC 2023 USD Fifth Amendment Incremental Term Loan, 11.568%, (TSFR1M + 6.250%), 03/06/28	​	​	191,021	​	0.1
1,002,721	Informatica LLC 2021 USD Term Loan B, 8.068%, (US0001M + 2.750%), 10/27/28	​	​	1,001,624	​	0.4
150,000	Ivanti Software, Inc. 2021 2nd Lien Term Loan, 12.783%, (US0001M + 7.250%), 12/01/28	​	​	108,094	​	0.0
253,500	Ivanti Software, Inc. 2021 Add On Term Loan B, 9.538%, (US0001M + 4.000%), 12/01/27	​	​	218,010	​	0.1
1,216,988	Ivanti Software, Inc. 2021 Term Loan B, 9.758%, (US0001M + 4.250%), 12/01/27	​	​	1,055,737	​	0.4
526,130	LogMeIn, Inc. Term Loan B, 10.269%, (US0001M + 4.750%), 08/31/27	​	​	352,343	​	0.1
1,024,153	Magenta Buyer LLC 2021 USD 1st Lien Term Loan, 10.631%, (US0003M + 4.750%), 07/27/28	​	​	768,846	​	0.3
560,000	Magenta Buyer LLC 2021 USD 2nd Lien Term Loan, 13.881%, (US0003M + 8.250%), 07/27/29	​	​	260,400	​	0.1
992,462	McAfee, LLC 2022 USD Term Loan B, 9.180%, (TSFR1M + 3.750%), 03/01/29	​	​	971,993	​	0.4
1,480,050	MKS Instruments, Inc. 2022 Term Loan B 1L, 8.066%, (TSFR1M + 2.750%), 08/17/29	​	​	1,482,594	​	0.6

See Accompanying Notes to Financial Statements

29

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Technology (continued)
365,000	Mosel Bidco SE USD Term Loan B, 10.077%, (TSFR3M + 4.750%), 08/01/30	​	$	365,456	​	0.2
474,175	NortonLifeLock Inc. 2022 Term Loan B, 7.416%, (SOFRRATE + 2.000%), 09/12/29	​	​	473,249	​	0.2
760,000	Project Boost Purchaser LLC, 7.268%, (US0001M + 3.500%), 05/30/26	​	​	759,881	​	0.3
265,000	Quartz Acquireco LLC Term Loan B, 8.818%, (TSFR3M + 3.500%), 06/28/30	​	​	265,000	​	0.1
485,000	Quest Software US Holdings Inc. 2022 2nd Lien Term Loan, 13.019%, (SOFRRATE + 7.500%), 02/01/30	​	​	335,256	​	0.1
654,567	Redstone Buyer LLC 2021 Term Loan, 10.184%, (US0003M + 4.750%), 04/27/28	​	​	562,928	​	0.2
388,157	Sabre GLBL, Inc. 2022 Term Loan B2 1L, 10.416%, (TSFR1M + 5.000%), 06/30/28	​	​	343,761	​	0.1
350,000	SkillSoft Corporation 2021 Term Loan, 10.698%, (TSFR1M + 5.250%), 07/14/28	​	​	331,260	​	0.1
395,702	SS&C Technologies Inc. 2022 Term Loan B6, 7.666%, (TSFR1M + 2.250%), 03/22/29	​	​	396,168	​	0.2
596,483	SS&C Technologies Inc. 2022 Term Loan B7, 7.666%, (TSFR1M + 2.250%), 03/22/29	​	​	597,186	​	0.3
726,350	Tibco Software Inc. 2022 USD Term Loan, 9.990%, (TSFR3M + 4.500%), 03/30/29	​	​	699,883	​	0.3
1,034,743	Travelport Finance (Luxembourg) S.a.r.l. 2023 Consented Term Loan, 13.672%, 05/29/26	​	​	605,325	​	0.3
114,713	Ultimate Software Group Inc (The) 2023 Incremental Term Loan, 10.023%, (TSFR3M + 4.500%), 05/04/26	​	​	115,229	​	0.0
1,247,038	Veritas US Inc. 2021 USD Term Loan B, 10.318%, (US0003M + 5.000%), 09/01/25	​	​	1,084,478	​	0.5

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Technology (continued)
281,676	Virgin Pulse, Inc. 2021 Term Loan, 4.500%, (TSFR1M + 3.750%), 04/06/28	​	$	281,617	​	0.1
407,950	World Wide Technology Holding Co. LLC Term Loan, 8.678%, (TSFR1M + 3.250%), 03/01/30	​	​	408,460	​	0.2
509,045	Xperi Corporation 2020 Term Loan B, 8.931%, (US0001M + 3.500%), 06/08/28	​	​	509,045	​	0.2
​	​	​	​	21,253,070	​	8.9
​	Telecommunications: 3.6%
773,345	Altice Financing SA 2022 USD Term Loan, 10.308%, (TSFR3M + 5.000%), 10/31/27	​	​	768,834	​	0.3
497,437	Altice France S.A. USD Term Loan B11, 8.381%, (US0003M + 2.750%), 07/31/25	​	​	483,136	​	0.2
1,062,126	Asurion LLC 2020 Term Loan B8, 8.650%, (US0003M + 3.250%), 12/23/26	​	​	1,044,351	​	0.4
460,280	Asurion LLC 2021 Term Loan B9, 8.650%, (US0003M + 3.250%), 07/31/27	​	​	448,234	​	0.2
429,643	Cablevision Lightpath LLC Term Loan B, 8.697%, (US0001M + 3.250%), 11/30/27	​	​	425,346	​	0.2
974,907	CCI Buyer, Inc. Term Loan, 9.400%, (TSFR3M + 4.000%), 12/17/27	​	​	963,939	​	0.4
1,249	CenturyLink, Inc. 2020 Term Loan B, 7.681%, (US0001M + 2.250%), 03/15/27	​	​	893	​	0.0
508,889	CommScope, Inc. 2019 Term Loan B, 8.568%, (TSFR1M + 3.250%), 04/06/26	​	​	466,058	​	0.2
199,490	Eagle Broadband Investments LLC Term Loan, 8.652%, (US0003M + 3.000%), 11/12/27	​	​	195,043	​	0.1
323,234	GOGO Intermediate Holdings LLC Term Loan B, 9.068%, (US0003M + 3.750%), 04/30/28	​	​	322,729	​	0.1
572,198	Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B, 9.772%, (SOFRRATE + 4.250%), 02/01/29	​	​	572,064	​	0.2

See Accompanying Notes to Financial Statements

30

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
LOANS*: (continued)
​	Telecommunications (continued)
286,063	Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 10.231%, (US0003M + 4.500%), 11/01/24	​	$	258,887	​	0.1
779,765	Telesat Canada Term Loan B5, 8.434%, (US0003M + 2.750%), 12/07/26	​	​	576,214	​	0.3
149,621	ViaSat, Inc. Term Loan, 9.816%, (TSFR1M + 4.500%), 03/02/29	​	​	141,205	​	0.1
750,000	Virgin Media Bristol LLC 2020 USD Term Loan Q, 8.697%, (US0001M + 3.250%), 01/31/29	​	​	734,238	​	0.3
972,765	Zayo Group Holdings, Inc. USD Term Loan, 8.431%, (TSFR1M + 3.000%), 03/09/27	​	​	794,407	​	0.3
450,000	Ziggo Financing Partnership USD Term Loan I, 7.947%, (US0001M + 2.500%), 04/30/28	​	​	440,468	​	0.2
​	​	​	​	8,636,046	​	3.6
​	Transportation: 0.1%
204,488	Kenan Advantage Group, Inc. 2023 Term Loan B2, 9.727%, (TSFR3M + 4.000%), 03/24/26	​	​	204,360	​	0.1
​	Utilities: 0.4%
344,505	Nautilus Power, LLC 2023 Term Loan B, 10.902%, (TSFR3M + 5.250%), 11/16/26	​	​	261,662	​	0.1
722,173	Waterbridge Midstream Operating LLC Term Loan B, 11.363%, (US0003M + 5.750%), 06/22/26	​	​	724,204	​	0.3
​	​	​	​	985,866	​	0.4
​	Total Loans (Cost $229,757,398)	​	​	221,194,559	​	93.1
CORPORATE BONDS/NOTES: 5.7%
​	Basic Materials: 0.2%
500,000 #	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/26	​	​	455,990	​	0.2
​	Communications: 0.5%
500,000 #	CommScope, Inc., 4.750%, 09/01/29	​	​	368,430	​	0.1

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
​	Communications (continued)
500,000 #	LCPR Senior Secured Financing DAC, 6.750%, 10/15/27	​	$	459,880	​	0.2
500,000 #	ViaSat, Inc., 5.625%, 04/15/27	​	​	433,750	​	0.2
​	​	​	​	1,262,060	​	0.5
​	Consumer, Cyclical: 1.7%
500,000	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/28	​	​	460,095	​	0.2
500,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/27	​	​	455,813	​	0.2
500,000 #	Gap, Inc./The, 3.875%, 10/01/31	​	​	351,895	​	0.1
220,000 #	Macy’s Retail Holdings LLC, 5.875%, 03/15/30	​	​	186,751	​	0.1
355,000 #	Sonic Automotive, Inc., 4.625%, 11/15/29	​	​	294,758	​	0.1
500,000 #	SRS Distribution, Inc., 6.125%, 07/01/29	​	​	426,315	​	0.2
500,000 #	Taylor Morrison Communities, Inc., 5.750%, 01/15/28	​	​	466,327	​	0.2
500,000 #	Tempur Sealy International, Inc., 3.875%, 10/15/31	​	​	386,341	​	0.2
500,000 #	Williams Scotsman International, Inc., 4.625%, 08/15/28	​	​	448,050	​	0.2
500,000 #	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/27	​	​	465,593	​	0.2
​	​	​	​	3,941,938	​	1.7
​	Consumer, Non-cyclical: 0.8%
500,000 #	ADT Security Corp./The, 4.125%, 08/01/29	​	​	423,327	​	0.2
500,000 #	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/30	​	​	451,175	​	0.2
500,000 #	Primo Water Holdings, Inc., 4.375%, 04/30/29	​	​	428,040	​	0.2
500,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/27	​	​	460,235	​	0.2
​	​	​	​	1,762,777	​	0.8
​	Energy: 0.9%
500,000 #	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/28	​	​	466,074	​	0.2
500,000 #	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/28	​	​	432,086	​	0.2

See Accompanying Notes to Financial Statements

31

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

Principal Amount†	Borrower/Tranche Description	Fair Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
​	Energy (continued)
500,000 #	Hess Midstream Operations L.P., 4.250%, 02/15/30	​	$	422,204	​	0.1
500,000 #	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/30	​	​	451,387	​	0.2
500,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/29	​	​	439,396	​	0.2
​	​	​	​	2,211,147	​	0.9
​	Financial: 0.5%
500,000	OneMain Finance Corp., 5.375%, 11/15/29	​	​	419,350	​	0.2
500,000 #	PRA Group, Inc., 5.000%, 10/01/29	​	​	380,335	​	0.1
500,000 #	United Wholesale Mortgage LLC, 5.750%, 06/15/27	​	​	453,117	​	0.2
​	​	​	​	1,252,802	​	0.5
​	Industrial: 0.7%
250,000 #	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/28	​	​	231,230	​	0.1
500,000 #	PGT Innovations, Inc., 4.375%, 10/01/29	​	​	461,587	​	0.2
500,000 #	Rolls-Royce PLC, 5.750%, 10/15/27	​	​	482,954	​	0.2
500,000 #	Standard Industries, Inc./NJ, 4.750%, 01/15/28	​	​	451,624	​	0.2
​	​	​	​	1,627,395	​	0.7
​	Technology: 0.4%
550,000 #	Entegris Escrow Corp., 6.950%, 06/15/30	​	​	510,646	​	0.2
500,000 #	Open Text Corp., 3.875%, 12/01/29	​	​	411,559	​	0.2
​	​	​	​	922,205	​	0.4
​	Total Corporate Bonds/Notes (Cost $14,325,535)	​	​	13,436,314	​	5.7

Shares	​	Value		Percentage of Net Assets
EQUITIES AND OTHER ASSETS: 1.2%
408,271 (6)(7)	24 Hour Fitness Worldwide, Inc.	​	2,450	​	0.0
544,388 (6)(7)	24 Hour Fitness Worldwide, Inc. - Preferred	​	—	​	0.0
40,157 (6)(7)	Avaya, Inc.	​	336,315	​	0.1
50,201  (6)	Cineworld Group PLC	​	—	​	0.0
69,381 (7)	Cumulus Media, Inc. Class-A	​	353,149	​	0.2
1,674 (6)(7)	GTT Communications, Inc.	​	19,251	​	0.0
12,325  (6)	Harvey Gulf International Marine LLC	​	400,563	​	0.2
7,471 (6)(7)	iQor	​	5,917	​	0.0
102,480  (6)	Longview Power LLC	​	1,281,000	​	0.5
88,701 (6)(7)	Save-A-Lot, Inc. / Moran Foods	​	17,031	​	0.0

Shares	​	Value			Percentage of Net Assets
EQUITIES AND OTHER ASSETS: (continued)
42,856 (6)(7)	The Oneida Group (formerly EveryWare Global, Inc.)	​	$	428	​	0.0
24,491 (6)(7)	Yak Access LLC Common Unit Series A	​	​	122	​	0.0
5,388 (6)(7)	Yak Access LLC Common Unit Series B	​	​	27	​	0.0
580,823 (6)(7)	Yak Access LLC Preferred Series A	​	​	406,576	​	0.2
1,117,890 (6)(7)	Yak Access LLC Preferred Series B1	​	​	11,179	​	0.0
23,080 (6)(7)	Yak Access LLC Preferred Series B2	​	​	231	​	0.0
​	Total Equities and Other Assets (Cost $4,682,344)	​	​	2,834,239	​	1.2
​	Total Long-Term Investments (Cost $248,765,277)	​	​	237,465,112	​	100.0

Shares	​	Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
​	Mutual Funds: 1.5%
3,499,300 (8)	State Street Institutional Liquid Reserves Fund - Premier Class, 5.450% (Cost $3,500,150)	​	​	3,500,000	​	1.5
​	Total Short-Term Investments (Cost $3,500,150)	​	​	3,500,000	​	1.5
​	Total Investments (Cost $252,265,427)	​	$	240,965,112	​	101.5
​	Liabilities in Excess of Other Assets	​	​	(3,458,839)	​	(1.5)
​	Net Assets	​	$	237,506,273	​	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)

Defaulted loan. Currently, the borrower is partially or fully in default with respect to principal and/or interest payments.

(2)

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.

(3)

The borrower has filed for protection in federal bankruptcy court.

(4)

All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 9 for additional details.

(5)

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.

See Accompanying Notes to Financial Statements

32

PORTFOLIO OF INVESTMENTS​

Voya Floating Rate Fund as of September 30, 2023 (Unaudited) (continued)

(6)

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

(7)

Non-income producing security.

(8)

Rate shown is the 7-day yield as of September 30, 2023.

(9)

Loans purchased on a when-issued or delayed-delivery basis. Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined.

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 September 30, 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 September 30, 2023

Asset Table

​

​

​

​

​

​

​

​

​

​

​

​

Investments, at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

$

—

​

$

219,150,415

​

$

2,044,144

​

$

221,194,559

Equities and Other Assets

​

​

353,149

​

​

—

​

​

2,481,090

​

​

2,834,239

Corporate Bonds/Notes

​

​

—

​

​

13,436,314

​

​

—

​

​

13,436,314

Short-Term Investments

​

​

3,500,000

​

​

—

​

​

—

​

​

3,500,000

Total Investments, at fair value

​

$

3,853,149

​

$

232,586,729

​

$

4,525,234

​

$

240,965,112

^

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended September 30, 2023:

​	Equities and Other Assets*			Loans**			Total
Assets:	​	​	​	​	​	​	​	​	​
Beginning balance at March 31, 2023	​	$	1,911,844	​	$	—	​	$	1,911,844
Purchases	​	​	336,315	​	​	—	​	​	336,315
Sales	​	​	(110,077)	​	​	—	​	​	(110,077)
Accrued discounts/(premiums)	​	​	—	​	​	—	​	​	—
Total realized gain (loss)	​	​	—	​	​	—	​	​	—
Net change in unrealized appreciation (depreciation)**	​	​	343,009	​	​	—	​	​	343,009
Transfers into Level 3	​	​	—	​	​	2,044,144	​	​	2,044,144
Transfers out of Level 3	​	​	—	​	​	—	​	​	—
Ending balance at September 30, 2023	​	$	2,481,090	​	$	2,044,144	​	$	4,525,234
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of September 30, 2023***	​	$	343,009	​	$	—	​	$	343,009

*

Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Fund does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

**

Loans transferred into Level 3 due to lack of significant other unobservable inputs.

***

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at September, 2023 may be due to securities no longer held or categorized as Level 3 at period end.

At September 30, 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 $253,030,775.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	2,302,109
Gross Unrealized Depreciation	​	(14,367,772)
Net Unrealized Depreciation	$	(12,065,663)

See Accompanying Notes to Financial Statements

33

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
      

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

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

163061   (0323-052523)​

(b) Not applicable.

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. 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 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 is not required for the semi-annual filing.

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

(a)(2)(1)	Not applicable.
(a)(2)(2)	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: December 4, 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: December 4, 2023

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: December 4, 2023