Voya Intermediate Bond Fund Class I (IICIX) NPORT-P Voya Short Term Bond Fund (Dec 2019 report)

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 52.3%
	Basic Materials: 1.6%
613,000(1)	Anglo American Capital PLC, 4.125%, 04/15/2021	$	625,324		0.3
34,000	ArcelorMittal SA, 3.600%, 07/16/2024		34,908		0.0
250,000	Ashland LLC, 4.750%, 08/15/2022		261,875		0.1
300,000	CF Industries, Inc., 3.450%, 06/01/2023		309,471		0.1
235,000	Dow Chemical Co/The, 3.150%, 05/15/2024		243,671		0.1
231,000	Eastman Chemical Co., 3.500%, 12/01/2021		236,952		0.1
300,000	Freeport-McMoRan, Inc., 3.875%, 03/15/2023		306,095		0.1
231,000(1)	Georgia-Pacific LLC, 5.400%, 11/01/2020		237,431		0.1
300,000(1)	Novelis Corp., 6.250%, 08/15/2024		315,372		0.2
300,000	Nutrien Ltd., 3.150%, 10/01/2022		306,474		0.1
300,000(1)	OCI NV, 6.625%, 04/15/2023		313,800		0.2
300,000(1)	WR Grace & Co-Conn, 5.125%, 10/01/2021		313,329		0.2
			3,504,702		1 .6
	Communications: 4.6%
230,000	Alibaba Group Holding Ltd., 2.800%, 06/06/2023		233,178		0.1
405,000	Amazon.com, Inc., 1.900%, 08/21/2020		405,408		0.2
250,000	AMC Networks, Inc., 5.000%, 04/01/2024		255,625		0.1
815,000	AT&T, Inc., 2.800%, 02/17/2021		822,379		0.4
590,000	AT&T, Inc., 3.600%, 02/17/2023		615,826		0.3
210,000	AT&T, Inc., 4.050%, 12/15/2023		225,077		0.1
200,000	Cablevision Systems Corp., 5.875%, 09/15/2022		215,856		0.1
150,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 09/30/2022		151,954		0.1
283,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.579%, 07/23/2020		284,826		0.1
342,000	Cisco Systems, Inc., 2.450%, 06/15/2020		343,041		0.2
245,000	Comcast Corp., 1.625%, 01/15/2022		244,418		0.1
500,000	Comcast Corp., 3.450%, 10/01/2021		514,681		0.2
68,000(1)	CommScope, Inc., 5.000%, 06/15/2021		68,231		0.0
200,000(1)	CSC Holdings LLC, 5.375%, 07/15/2023		205,417		0.1
300,000	DISH DBS Corp., 5.125%, 05/01/2020		302,232		0.1
260,000	eBay, Inc., 2.150%, 06/05/2020		260,199		0.1
188,000(1)	Fox Corp., 4.030%, 01/25/2024		200,424		0.1
250,000	Hughes Satellite Systems Corp., 7.625%, 06/15/2021		267,567		0.1
40,000	Interpublic Group of Cos, Inc./The, 3.500%, 10/01/2020		40,432		0.0
248,000	Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021		254,904		0.1
300,000	Level 3 Financing, Inc., 5.375%, 01/15/2024		305,749		0.2
250,000(1)	Plantronics, Inc., 5.500%, 05/31/2023		244,998		0.1
250,000(1)	Sirius XM Radio, Inc., 3.875%, 08/01/2022		255,936		0.1
347,000(1)	Sky Ltd., 3.125%, 11/26/2022		356,673		0.2
300,000	Sprint Communications, Inc., 6.000%, 11/15/2022		315,159		0.2
250,000	T-Mobile USA, Inc., 4.000%, 04/15/2022		256,561		0.1
234,000	TWDC Enterprises 18 Corp., 1.950%, 03/04/2020		234,005		0.1
802,000	Verizon Communications, Inc., 3.125%, 03/16/2022		823,069		0.4
204,000	ViacomCBS, Inc., 2.500%, 02/15/2023		206,224		0.1
318,000	ViacomCBS, Inc., 4.250%, 09/01/2023		338,658		0.2
466,000	Walt Disney Co/The, 3.000%, 09/15/2022		479,855		0.2
220,000	Walt Disney Co/The, 4.000%, 10/01/2023		235,849		0.1
			9,964,411		4 .6
	Consumer, Cyclical: 4.6%
250,000(1)	1011778 BC ULC / New Red Finance, Inc., 4.250%, 05/15/2024		256,771		0.1
226,273	American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025		234,663		0.1
265,000	American Honda Finance Corp., 2.050%, 01/10/2023		266,115		0.1
250,000	Aramark Services, Inc., 5.125%, 01/15/2024		257,071		0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
250,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024	$	258,646	0.1
203,000	AutoZone, Inc., 4.000%, 11/15/2020		205,338	0.1
313,000(1)	BMW US Capital LLC, 3.400%, 08/13/2021		320,134	0.2
52,783	Continental Airlines 2012-2 Class B Pass Through Trust, 5.500%, 04/29/2022		53,780	0.0
200,000(1)	Daimler Finance North America LLC, 2.300%, 01/06/2020		199,997	0.1
514,000(1)	Daimler Finance North America LLC, 3.400%, 02/22/2022		526,620	0.2
160,000	Delta Air Lines 2019-1 Class A Pass Through Trust, 3.404%, 10/25/2025		165,964	0.1
250,000	Delta Air Lines, Inc., 2.875%, 03/13/2020		250,051	0.1
376,000	Delta Air Lines, Inc., 3.800%, 04/19/2023		390,208	0.2
300,000	Fiat Chrysler Automobiles NV, 4.500%, 04/15/2020		302,389	0.1
796,000	Ford Motor Credit Co. LLC, 3.157%, 08/04/2020		799,236	0.4
300,000	KB Home, 7.625%, 05/15/2023		336,874	0.2
300,000	Lennar Corp., 4.500%, 04/30/2024		317,500	0.2
200,000	L Brands, Inc., 6.625%, 04/01/2021		210,080	0.1
250,000(1)	Lions Gate Capital Holdings LLC, 6.375%, 02/01/2024		261,877	0.1
200,000	M/I Homes, Inc., 6.750%, 01/15/2021		200,830	0.1
300,000	MGM Resorts International, 6.000%, 03/15/2023		329,875	0.2
306,000(1)	Nissan Motor Acceptance Corp., 2.150%, 09/28/2020		305,423	0.1
169,000	Ralph Lauren Corp., 2.625%, 08/18/2020		169,659	0.1
250,000(1)	Six Flags Entertainment Corp., 4.875%, 07/31/2024		259,584	0.1
250,000(1)	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024		270,729	0.1
250,000	Tempur Sealy International, Inc., 5.625%, 10/15/2023		257,916	0.1
200,000(1)	Toyota Industries Corp., 3.110%, 03/12/2022		203,649	0.1
110,000	Toyota Motor Credit Corp., 2.950%, 04/13/2021		111,663	0.1
354,000	Toyota Motor Credit Corp., 3.050%, 01/08/2021		358,303	0.2
36,779	United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 02/15/2023		38,225	0.0
236,238	United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024		243,768	0.1
266,977	US Airways 2012-2 Class B Pass Through Trust, 6.750%, 12/03/2022		280,557	0.1
31,597	US Airways 2013-1 Class B Pass Through Trust, 5.375%, 05/15/2023		32,914	0.0
634,000	Walmart, Inc., 2.350%, 12/15/2022		645,111	0.3
249,000	Walmart, Inc., 2.850%, 06/23/2020		250,284	0.1
252,000	Walmart, Inc., 3.125%, 06/23/2021		257,393	0.1
250,000(1)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.250%, 05/30/2023		262,450	0.1
			10,091,647	4 .6
	Consumer, Non-cyclical: 7.3%
490,000(1)	AbbVie, Inc., 2.150%, 11/19/2021		491,126	0.2
245,000(1)	AbbVie, Inc., 2.300%, 11/21/2022		246,333	0.1
220,000	AbbVie, Inc., 2.500%, 05/14/2020		220,342	0.1
85,000	AbbVie, Inc., 2.900%, 11/06/2022		86,757	0.0
198,000	AbbVie, Inc., 3.375%, 11/14/2021		203,145	0.1
250,000	Acadia Healthcare Co., Inc., 6.500%, 03/01/2024		259,791	0.1
300,000	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.625%, 06/15/2024		314,745	0.2
117,000	Altria Group, Inc., 3.490%, 02/14/2022		120,389	0.1
505,000	AmerisourceBergen Corp., 3.500%, 11/15/2021		517,110	0.2
195,000	Anthem, Inc., 2.375%, 01/15/2025		195,316	0.1
275,000	Anthem, Inc., 2.500%, 11/21/2020		276,267	0.1
260,000	Archer-Daniels-Midland Co., 3.375%, 03/15/2022		268,204	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
318,000	AstraZeneca PLC, 2.375%, 11/16/2020	$	319,056	0.2
375,000	BAT Capital Corp., 3.222%, 08/15/2024		383,495	0.2
550,000	Becton Dickinson and Co., 2.404%, 06/05/2020		550,627	0.3
305,000(1)	Bristol-Myers Squibb Co., 2.250%, 08/15/2021		306,882	0.1
231,000(1)	Bristol-Myers Squibb Co., 2.600%, 05/16/2022		234,815	0.1
45,000	Cardinal Health, Inc., 4.625%, 12/15/2020		46,096	0.0
300,000	Centene Corp., 4.750%, 05/15/2022		306,534	0.1
413,000	Cigna Corp., 3.200%, 09/17/2020		416,277	0.2
246,000	Constellation Brands, Inc., 2.250%, 11/06/2020		246,519	0.1
446,000	CVS Health Corp., 3.350%, 03/09/2021		453,417	0.2
200,000	CVS Health Corp., 3.700%, 03/09/2023		208,327	0.1
490,000	DH Europe Finance II Sarl, 2.050%, 11/15/2022		490,602	0.2
220,000	Express Scripts Holding Co., 3.900%, 02/15/2022		227,367	0.1
235,000	Express Scripts Holding Co., 4.750%, 11/15/2021		246,343	0.1
712,000	General Mills, Inc., 3.150%, 12/15/2021		727,963	0.3
373,000	Gilead Sciences, Inc., 1.950%, 03/01/2022		373,503	0.2
127,000	Gilead Sciences, Inc., 2.500%, 09/01/2023		128,922	0.1
146,000	GlaxoSmithKline Capital PLC, 2.875%, 06/01/2022		149,163	0.1
250,000	HCA Healthcare, Inc., 6.250%, 02/15/2021		261,188	0.1
100,000(1),(2)	Hertz Corp., 5.500%, 10/15/2024		102,709	0.1
210,000(1)	Imperial Brands Finance PLC, 2.950%, 07/21/2020		210,612	0.1
200,000(1)	JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024		206,050	0.1
304,000	Keurig Dr Pepper, Inc., 3.551%, 05/25/2021		310,530	0.2
586,000	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023		618,021	0.3
38,000	Kraft Heinz Foods Co., 2.800%, 07/02/2020		38,064	0.0
240,000	Laboratory Corp. of America Holdings, 3.750%, 08/23/2022		249,203	0.1
231,000	McKesson Corp., 3.650%, 11/30/2020		234,264	0.1
300,000(1)	Mondelez International Holdings Netherlands BV, 2.125%, 09/19/2022		300,102	0.1
101,000	Mylan, Inc., 4.200%, 11/29/2023		106,941	0.1
310,000	Novartis Capital Corp., 2.400%, 09/21/2022		314,936	0.2
235,000	PayPal Holdings, Inc., 2.200%, 09/26/2022		236,367	0.1
231,000	Pfizer, Inc., 2.800%, 03/11/2022		235,845	0.1
245,000	Philip Morris International, Inc., 1.875%, 02/25/2021		245,039	0.1
200,000(1)	Seven & i Holdings Co. Ltd., 3.350%, 09/17/2021		204,019	0.1
824,000	Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021		828,683	0.4
160,000	Stryker Corp., 2.625%, 03/15/2021		161,368	0.1
252,000(1)	Takeda Pharmaceutical Co. Ltd., 2.450%, 01/18/2022		253,430	0.1
200,000	Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021		206,861	0.1
250,000(1)	TreeHouse Foods, Inc., 6.000%, 02/15/2024		259,584	0.1
291,000	Unilever Capital Corp., 3.000%, 03/07/2022		298,030	0.1
602,000	UnitedHealth Group, Inc., 3.350%, 07/15/2022		623,452	0.3
297,000	Zoetis, Inc., 3.250%, 08/20/2021		302,503	0.1
			15,823,234	7.3
	Energy: 4.5%
345,000	Apache Corp., 3.250%, 04/15/2022		351,508	0.2
54,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023		56,257	0.0
648,000	BP Capital Markets America, Inc., 4.742%, 03/11/2021		669,667	0.3
180,000	BP Capital Markets PLC, 2.315%, 02/13/2020		180,044	0.1
349,000	BP Capital Markets PLC, 2.521%, 01/15/2020		349,044	0.2
318,000	Canadian Natural Resources Ltd., 2.950%, 01/15/2023		324,411	0.2
489,000	Chevron Corp., 2.419%, 11/17/2020		491,244	0.2
217,000	Columbia Pipeline Group, Inc., 3.300%, 06/01/2020		217,752	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
199,000	Continental Resources, Inc./OK, 5.000%, 09/15/2022	$	200,451	0.1
250,000	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.250%, 04/01/2023		255,521	0.1
663,000	Energy Transfer Partners L.P. / Regency Energy Finance Corp., 5.875%, 03/01/2022		703,611	0.3
254,000	Enterprise Products Operating LLC, 2.800%, 02/15/2021		256,591	0.1
491,000	Enterprise Products Operating LLC, 2.850%, 04/15/2021		496,406	0.2
130,000	Enterprise Products Operating LLC, 5.200%, 09/01/2020		132,714	0.1
437,000	Husky Energy, Inc., 3.950%, 04/15/2022		452,004	0.2
434,000	Kinder Morgan Energy Partners L.P., 5.000%, 10/01/2021		452,392	0.2
290,000	Marathon Petroleum Corp., 5.125%, 04/01/2024		297,764	0.1
125,000(1)	MPLX L.P., 3.500%, 12/01/2022		128,710	0.1
498,000(1)	NGPL PipeCo LLC, 4.375%, 08/15/2022		517,316	0.2
410,000	Occidental Petroleum Corp., 2.700%, 08/15/2022		414,320	0.2
361,000	ONEOK Partners L.P., 3.375%, 10/01/2022		371,471	0.2
250,000	PBF Logistics L.P. / PBF Logistics Finance Corp., 6.875%, 05/15/2023		258,122	0.1
434,000	Sabine Pass Liquefaction LLC, 5.625%, 02/01/2021		446,123	0.2
170,000(1)	Schlumberger Finance Canada Ltd., 2.200%, 11/20/2020		170,281	0.1
936,000	Shell International Finance BV, 1.750%, 09/12/2021		935,351	0.4
294,000	Shell International Finance BV, 2.125%, 05/11/2020		294,192	0.1
355,000	Total Capital International SA, 2.218%, 07/12/2021		357,065	0.2
			9,780,332	4.5
	Financial: 18.8%
210,000(1)	ABN AMRO Bank NV, 2.450%, 06/04/2020		210,388	0.1
400,000(1)	ABN AMRO Bank NV, 3.400%, 08/27/2021		409,097	0.2
300,000	Ally Financial, Inc., 3.875%, 05/21/2024		314,875	0.2
506,000	American Express Co., 3.375%, 05/17/2021		515,687	0.2
209,000	American Express Co., 3.700%, 11/05/2021		215,373	0.1
145,000	American Express Co., 3.700%, 08/03/2023		152,438	0.1
283,000	American International Group, Inc., 3.300%, 03/01/2021		287,132	0.1
50,000	American International Group, Inc., 6.400%, 12/15/2020		52,074	0.0
176,000	American Tower Corp., 3.500%, 01/31/2023		182,470	0.1
200,000(1)	ANZ New Zealand Int'l Ltd./London, 2.200%, 07/17/2020		200,306	0.1
377,000	Aon Corp., 5.000%, 09/30/2020		385,121	0.2
255,000	Assurant, Inc., 4.200%, 09/27/2023		266,197	0.1
285,000(1)	Athene Global Funding, 2.750%, 04/20/2020		285,609	0.1
265,000	Australia & New Zealand Banking Group Ltd./New York NY, 2.050%, 11/21/2022		265,904	0.1
400,000	Banco Santander SA, 3.500%, 04/11/2022		410,880	0.2
1,038,000(3)	Bank of America Corp., 2.369%, 07/21/2021		1,040,353	0.5
682,000(3)	Bank of America Corp., 3.004%, 12/20/2023		698,771	0.3
365,000	Bank of America Corp., 3.300%, 01/11/2023		377,493	0.2
110,000	Bank of Montreal, 3.100%, 04/13/2021		111,800	0.1
103,000	Bank of Montreal, 3.300%, 02/05/2024		107,348	0.1
275,000	Bank of New York Mellon Corp./The, 1.950%, 08/23/2022		275,571	0.1
75,000	Bank of New York Mellon Corp./The, 2.950%, 01/29/2023		77,025	0.0
395,000	Bank of New York Mellon Corp., 2.600%, 08/17/2020		396,630	0.2
406,000	Bank of Nova Scotia/The, 2.450%, 03/22/2021		409,304	0.2
140,000	Bank of Nova Scotia/The, 3.125%, 04/20/2021		142,222	0.1
260,000(1)	Banque Federative du Credit Mutuel SA, 2.125%, 11/21/2022		260,326	0.1
200,000(1)	Banque Federative du Credit Mutuel SA, 2.200%, 07/20/2020		200,197	0.1
500,000	BBVA USA, 3.500%, 06/11/2021		508,680	0.2
800,000(1)	BPCE SA, 2.750%, 01/11/2023		813,046	0.4

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
170,000(3)	Canadian Imperial Bank of Commerce, 2.606%, 07/22/2023	$	171,875	0.1
491,000	Canadian Imperial Bank of Commerce, 2.700%, 02/02/2021		495,573	0.2
490,000	Capital One Financial Corp., 3.200%, 01/30/2023		503,805	0.2
395,000	Capital One NA, 2.650%, 08/08/2022		400,883	0.2
260,000	Charles Schwab Corp./The, 2.650%, 01/25/2023		265,092	0.1
300,000	CIT Group, Inc., 5.000%, 08/15/2022		318,748	0.2
490,000(3)	Citigroup, Inc., 2.312%, 11/04/2022		491,554	0.2
878,000	Citigroup, Inc., 2.900%, 12/08/2021		892,490	0.4
250,000	Citizens Bank NA/Providence RI, 3.700%, 03/29/2023		261,435	0.1
207,000(1)	Commonwealth Bank of Australia, 2.250%, 03/10/2020		207,122	0.1
500,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		522,815	0.2
250,000	Cooperatieve Rabobank UA/NY, 2.500%, 01/19/2021		251,509	0.1
729,000	Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/2020		735,616	0.3
220,000(1)	Danske Bank A/S, 2.000%, 09/08/2021		219,082	0.1
200,000(1)	Danske Bank A/S, 2.800%, 03/10/2021		201,435	0.1
305,000(1),(3)	Danske Bank A/S, 3.001%, 09/20/2022		307,429	0.1
260,000(1)	DNB Bank ASA, 2.150%, 12/02/2022		261,164	0.1
242,000	Enstar Group Ltd., 4.500%, 03/10/2022		250,903	0.1
510,000(1)	Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020		511,256	0.2
223,000	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020		223,215	0.1
247,000	Goldman Sachs Group, Inc./The, 2.350%, 11/15/2021		247,960	0.1
672,000	HSBC Holdings PLC, 3.400%, 03/08/2021		682,673	0.3
200,000	HSBC Holdings PLC, 5.100%, 04/05/2021		207,428	0.1
200,000	HSBC USA, Inc., 5.000%, 09/27/2020		204,209	0.1
250,000	Huntington National Bank/The, 3.250%, 05/14/2021		254,242	0.1
300,000(1)	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 4.750%, 09/15/2024		308,625	0.1
503,000	ING Groep NV, 3.150%, 03/29/2022		514,366	0.2
290,000	Intercontinental Exchange, Inc., 3.450%, 09/21/2023		303,497	0.1
293,000	JPMorgan Chase & Co., 2.550%, 03/01/2021		295,275	0.1
698,000	JPMorgan Chase & Co., 3.200%, 01/25/2023		720,442	0.3
315,000	JPMorgan Chase & Co., 4.500%, 01/24/2022		330,746	0.2
1,085,000(3)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021		1,085,577	0.5
512,000	Kreditanstalt fuer Wiederaufbau, 4.000%, 01/27/2020		512,712	0.2
200,000	Lloyds Bank PLC, 2.700%, 08/17/2020		200,899	0.1
281,000(1)	Lloyds Bank PLC, 6.500%, 09/14/2020		288,758	0.1
145,000	M&T Bank Corp., 3.550%, 07/26/2023		152,239	0.1
188,000	Marsh & McLennan Cos, Inc., 3.500%, 12/29/2020		190,791	0.1
290,000	Marsh & McLennan Cos, Inc., 4.050%, 10/15/2023		308,493	0.1
408,000(1)	Metropolitan Life Global Funding I, 3.375%, 01/11/2022		419,442	0.2
200,000	MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc., 5.625%, 05/01/2024		218,417	0.1
577,000	Mitsubishi UFJ Financial Group, Inc., 2.190%, 09/13/2021		578,708	0.3
200,000	Mitsubishi UFJ Financial Group, Inc., 2.623%, 07/18/2022		202,709	0.1
641,000(1)	Mizuho Financial Group, Inc., 2.632%, 04/12/2021		646,411	0.3
612,000	Morgan Stanley, 2.750%, 05/19/2022		623,213	0.3
556,000	Morgan Stanley, 5.500%, 07/28/2021		585,829	0.3
250,000	MUFG Union Bank NA, 3.150%, 04/01/2022		255,822	0.1
614,000	National Australia Bank Ltd./New York, 2.500%, 05/22/2022		621,183	0.3
200,000(1)	Nationwide Building Society, 2.350%, 01/21/2020		200,024	0.1

217,000⁽¹⁾ Nationwide Financial Services, Inc., 5.375%, 03/25/2021 225,412 0.1 

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
250,000	Navient Corp., 5.000%, 10/26/2020	$	253,962	0.1
130,000(1)	New York Life Global Funding, 2.950%, 01/28/2021		131,819	0.1
200,000(1)	Nordea Bank ABP, 2.250%, 05/27/2021		200,896	0.1
280,000(1)	Nordea Bank ABP, 4.875%, 01/27/2020		280,573	0.1
200,000(1)	Nordea Bank ABP, 4.875%, 05/13/2021		207,382	0.1
310,000	PNC Bank NA, 2.600%, 07/21/2020		311,048	0.2
250,000	PNC Bank NA, 2.700%, 11/01/2022		254,765	0.1
535,000	PNC Financial Services Group, Inc./The, 3.500%, 01/23/2024		563,362	0.3
346,000(1)	Protective Life Global Funding, 2.161%, 09/25/2020		346,547	0.2
175,000(1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021		177,144	0.1
425,000	Reinsurance Group of America, Inc., 5.000%, 06/01/2021		441,455	0.2
456,000	Royal Bank of Canada, 2.125%, 03/02/2020		456,191	0.2
210,000	Royal Bank of Canada, 2.703%, (US0003M + 0.660%), 10/05/2023		211,714	0.1
194,000	Royal Bank of Canada, 3.700%, 10/05/2023		205,075	0.1
399,000	Royal Bank of Scotland Group PLC, 3.875%, 09/12/2023		418,125	0.2
174,000	Santander Holdings USA, Inc., 4.450%, 12/03/2021		180,871	0.1
415,000	Skandinaviska Enskilda Banken AB, 1.875%, 09/13/2021		413,880	0.2
250,000	Skandinaviska Enskilda Banken AB, 2.300%, 03/11/2020		250,136	0.1
300,000	Springleaf Finance Corp., 6.125%, 05/15/2022		322,875	0.2
560,000(1)	Standard Chartered PLC, 2.250%, 04/17/2020		560,328	0.3
245,000(3)	State Street Corp., 2.354%, 11/01/2025		246,010	0.1
270,000	Sumitomo Mitsui Banking Corp., 2.514%, 01/17/2020		270,050	0.1
570,000	Sumitomo Mitsui Financial Group, Inc., 2.934%, 03/09/2021		576,655	0.3
607,000	Svenska Handelsbanken AB, 3.350%, 05/24/2021		618,994	0.3
200,000(1)	Swiss Re Treasury US Corp., 2.875%, 12/06/2022		203,337	0.1
115,000	Toronto-Dominion Bank/The, 3.150%, 09/17/2020		116,023	0.1
608,000	Toronto-Dominion Bank/The, 3.250%, 06/11/2021		620,965	0.3
286,000	Truist Bank, 2.150%, 12/06/2024		285,472	0.1
200,000(3)	Truist Bank, 3.525%, 10/26/2021		202,437	0.1
200,000(1)	UBS AG/London, 2.200%, 06/08/2020		200,270	0.1
250,000	UBS AG/Stamford CT, 2.350%, 03/26/2020		250,293	0.1
413,000(1)	UBS Group AG, 2.650%, 02/01/2022		417,208	0.2
250,000	US Bank NA/Cincinnati OH, 3.400%, 07/24/2023		261,158	0.1
145,000(3)	Wells Fargo & Co., 2.406%, 10/30/2025		145,099	0.1
91,000	Wells Fargo & Co., 4.125%, 08/15/2023		96,655	0.1
250,000(3)	Wells Fargo Bank NA, 3.325%, 07/23/2021		251,982	0.1
897,000	Wells Fargo Bank NA, 3.625%, 10/22/2021		923,375	0.4
242,000	Westpac Banking Corp., 2.100%, 05/13/2021		242,723	0.1
290,000(2)	Westpac Banking Corp., 2.300%, 05/26/2020		290,407	0.1
			40,858,681	18.8
	Industrial: 4.0%
340,000	3M Co., 2.000%, 02/14/2025		338,078	0.2
300,000	AECOM, 5.875%, 10/15/2024		332,632	0.2
324,000	Amphenol Corp., 2.200%, 04/01/2020		324,056	0.2
250,000	Arconic, Inc., 5.400%, 04/15/2021		257,821	0.1
300,000	Ball Corp., 4.000%, 11/15/2023		315,747	0.1
250,000	Berry Global, Inc., 5.125%, 07/15/2023		257,185	0.1
300,000(1)	BMC East LLC, 5.500%, 10/01/2024		312,875	0.1
215,000	Caterpillar Financial Services Corp., 2.650%, 05/17/2021		217,480	0.1
265,000	Caterpillar Financial Services Corp., 2.850%, 05/17/2024		273,980	0.1
608,000	Caterpillar Financial Services Corp., 2.950%, 02/26/2022		621,793	0.3
110,000	Caterpillar Financial Services Corp., 3.150%, 09/07/2021		112,440	0.1
140,000	Caterpillar Financial Services Corp., 3.650%, 12/07/2023		148,568	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
250,000	Crown Americas LLC / Crown Americas Capital Corp. IV, 4.500%, 01/15/2023	$	263,435	0.1
203,000	FedEx Corp., 3.400%, 01/14/2022		208,494	0.1
43,000	General Electric Co., 3.150%, 09/07/2022		43,953	0.0
200,000	Illinois Tool Works, Inc., 3.375%, 09/15/2021		204,936	0.1
231,000	John Deere Capital Corp., 2.950%, 04/01/2022		236,501	0.1
300,000(1)	Owens-Brockway Glass Container, Inc., 5.000%, 01/15/2022		311,931	0.1
203,000(1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 3.650%, 07/29/2021		207,687	0.1
93,000	Rockwell Collins, Inc., 2.800%, 03/15/2022		94,627	0.0
200,000(1)	Rolls-Royce PLC, 2.375%, 10/14/2020		200,779	0.1
305,000	Roper Technologies, Inc., 3.125%, 11/15/2022		312,619	0.1
280,000	Roper Technologies, Inc., 3.000%, 12/15/2020		282,420	0.1
101,000	Ryder System, Inc., 3.500%, 06/01/2021		103,072	0.1
300,000(1)	Sealed Air Corp., 5.250%, 04/01/2023		320,375	0.2
484,000(1)	SMBC Aviation Capital Finance DAC, 4.125%, 07/15/2023		509,264	0.2
164,000(1)	Standard Industries, Inc./NJ, 5.500%, 02/15/2023		167,073	0.1
492,000	United Parcel Service, Inc., 2.050%, 04/01/2021		493,337	0.2
195,000	United Technologies Corp., 2.300%, 05/04/2022		196,528	0.1
601,000	United Technologies Corp., 3.350%, 08/16/2021		615,420	0.3
345,000	WestRock RKT LLC, 4.900%, 03/01/2022		363,447	0.2
			8,648,553	4.0
	Technology: 3.3%
323,000	Activision Blizzard, Inc., 2.300%, 09/15/2021		324,670	0.2
379,000	Activision Blizzard, Inc., 2.600%, 06/15/2022		383,519	0.2
600,000	Analog Devices, Inc., 2.950%, 01/12/2021		605,053	0.3
320,000	Apple, Inc., 1.800%, 05/11/2020		319,735	0.1
300,000	Apple, Inc., 1.900%, 02/07/2020		299,995	0.1
725,000	Apple, Inc., 2.000%, 11/13/2020		726,913	0.3
133,000	Applied Materials, Inc., 2.625%, 10/01/2020		133,737	0.1
240,000	Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.375%, 01/15/2020		240,013	0.1
225,000(1)	Dell International LLC / EMC Corp., 4.420%, 06/15/2021		231,554	0.1
62,000	Electronic Arts, Inc., 3.700%, 03/01/2021		63,162	0.0
290,000	Fiserv, Inc., 2.750%, 07/01/2024		295,204	0.1
144,000	Hewlett Packard Enterprise Co., 3.600%, 10/15/2020		145,646	0.1
188,000	HP, Inc., 4.300%, 06/01/2021		193,646	0.1
286,000	IBM Credit LLC, 2.650%, 02/05/2021		288,598	0.1
170,000	Intel Corp., 1.850%, 05/11/2020		170,004	0.1
998,000	Intel Corp., 2.450%, 07/29/2020		1,001,905	0.5
205,000	International Business Machines Corp., 2.850%, 05/13/2022		209,498	0.1
300,000	NCR Corp., 5.000%, 07/15/2022		303,562	0.1
668,000	NVIDIA Corp., 2.200%, 09/16/2021		671,364	0.3
494,000	salesforce.com, Inc., 3.250%, 04/11/2023		513,843	0.2
169,000	Texas Instruments, Inc., 2.750%, 03/12/2021		170,768	0.1
			7,292,389	3.3
	Utilities: 3.6%
116,000	Alabama Power Co., 3.375%, 10/01/2020		117,030	0.1
188,000	Ameren Illinois Co., 2.700%, 09/01/2022		191,330	0.1
152,000	Arizona Public Service Co., 3.350%, 06/15/2024		158,822	0.1
248,000	Berkshire Hathaway Energy Co., 2.375%, 01/15/2021		249,340	0.1
449,000	Dominion Energy, Inc., 2.579%, 07/01/2020		449,973	0.2
300,000(3)	Dominion Energy, Inc., 2.715%, 08/15/2021		302,322	0.1
315,000	DTE Energy Co., 2.600%, 06/15/2022		317,245	0.1
525,000	Duke Energy Corp., 1.800%, 09/01/2021		524,526	0.2
289,000	Duke Energy Corp., 2.400%, 08/15/2022		291,889	0.1
120,000	Duke Energy Progress LLC, 3.375%, 09/01/2023		125,383	0.1
230,000	Entergy Arkansas LLC, 3.050%, 06/01/2023		236,315	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
160,000	Entergy Louisiana LLC, 4.050%, 09/01/2023	$	170,117	0.1
165,000	Evergy, Inc., 4.850%, 06/01/2021		170,234	0.1
245,000	Eversource Energy, 2.500%, 03/15/2021		246,432	0.1
305,000	Eversource Energy, 2.900%, 10/01/2024		311,709	0.1
293,000	Exelon Generation Co. LLC, 2.950%, 01/15/2020		293,050	0.1
245,000	FirstEnergy Corp., 4.250%, 03/15/2023		258,298	0.1
220,000	Georgia Power Co., 2.000%, 03/30/2020		219,975	0.1
358,000	Georgia Power Co., 2.000%, 09/08/2020		357,897	0.2
387,000	National Rural Utilities Cooperative Finance Corp., 2.300%, 09/15/2022		390,410	0.2
300,000	National Rural Utilities Cooperative Finance Corp., 2.350%, 06/15/2020		300,465	0.1
195,000	NextEra Energy Capital Holdings, Inc., 2.403%, 09/01/2021		196,434	0.1
140,000	NextEra Energy Capital Holdings, Inc., 3.150%, 04/01/2024		145,164	0.1
220,000(1)	Niagara Mohawk Power Corp., 2.721%, 11/28/2022		223,646	0.1
225,000	Oncor Electric Delivery Co. LLC, 2.750%, 06/01/2024		227,759	0.1
105,000	Oncor Electric Delivery Co. LLC, 4.100%, 06/01/2022		109,765	0.1
204,000	PNM Resources, Inc., 3.250%, 03/09/2021		206,399	0.1
235,000	San Diego Gas & Electric Co., 3.000%, 08/15/2021		238,247	0.1
170,000	Sempra Energy, 2.400%, 02/01/2020		170,015	0.1
199,000	Southern California Edison Co., 2.400%, 02/01/2022		200,020	0.1
188,000	Southern Co. Gas Capital Corp., 2.450%, 10/01/2023		189,306	0.1
60,000	Wisconsin Power & Light Co., 2.250%, 11/15/2022		60,277	0.0
220,000	Wisconsin Public Service Corp., 3.350%, 11/21/2021		226,098	0.1
			7,875,892	3.6
	Total Corporate Bonds/Notes (Cost $112,613,977)		113,839,841	52.3
COLLATERALIZED MORTGAGE OBLIGATIONS: 7.9%
416,671	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.242%, (US0001M + 4.450%), 01/25/2029		440,541	0.2
503,241	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 6.142%, (US0001M + 4.350%), 05/25/2029		531,096	0.2
600,000	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.792%, (US0001M + 3.000%), 10/25/2029		627,352	0.3
600,000	Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.192%, (US0001M + 2.400%), 05/28/2030		611,667	0.3
648,543	Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.992%, (US0001M + 2.200%), 08/25/2030		654,720	0.3
900,000	Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 4.342%, (US0001M + 2.550%), 12/25/2030		916,790	0.4
300,000	Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.892%, (US0001M + 2.100%), 03/25/2031		301,951	0.1
201,929	Fannie Mae Interest Strip Series 404 8, 3.000%, 05/25/2040		204,643	0.1
7,290	Fannie Mae REMIC Trust 2009-49 KB, 5.000%, 07/25/2024		7,308	0.0
93,967	Fannie Mae REMIC Trust 2010-137 XP, 4.500%, 10/25/2040		99,703	0.1
26,869	Fannie Mae REMIC Trust 2010-19 PB, 3.000%, 12/25/2039		26,909	0.0
177,864	Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040		182,371	0.1
1,943,377	Fannie Mae REMICS 2010-123 FL, 2.222%, (US0001M + 0.430%), 11/25/2040		1,937,265	0.9
887,549	Fannie Mae REMICS 2011-51 FM, 2.442%, (US0001M + 0.650%), 06/25/2041		890,606	0.4
2,004,620	Fannie Mae REMICS 2011-96 FN, 2.292%, (US0001M + 0.500%), 10/25/2041		2,009,773	0.9
1,156,935	Fannie Mae REMICS 2013-114 NA, 3.000%, 08/25/2032		1,183,621	0.5

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,984,258	Freddie Mac 3049 XF, 2.090%, (US0001M + 0.350%), 05/15/2033	$	1,976,962	0.9
353,592	Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028		394,983	0.2
820,795	Freddie Mac REMICS 3255 FA, 2.020%, (US0001M + 0.280%), 12/15/2036		815,284	0.4
113,375	Freddie Mac REMICS 3747 FA, 2.240%, (US0001M + 0.500%), 10/15/2040		113,280	0.1
742,641	Freddie Mac REMICS 3878 FA, 2.090%, (US0001M + 0.350%), 04/15/2041		743,646	0.3
164,358	Ginnie Mae Series 2012-52 PV, 2.500%, 12/20/2039		165,248	0.1
874,768	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043		884,753	0.4
488,544(3)	Ginnie Mae Series 2014-53 JM, 7.120%, 04/20/2039		553,578	0.3
956,185	Ginnie Mae Series 2017-H19 FA, 2.224%, (US0001M + 0.450%), 08/20/2067		954,637	0.4
	Total Collateralized Mortgage Obligations (Cost $17,193,482)		17,228,687	7.9
U.S. TREASURY OBLIGATIONS: 8.4%
	U.S. Treasury Notes: 8.4%
504,300	1.625%,12/31/2021		504,809	0.2
5,583,000	1.625%,12/15/2022		5,585,651	2.6
258,800	1.750%,12/31/2024		259,387	0.1
11,806,000	2.125%,01/31/2021		11,867,845	5.5
	Total U.S. Treasury Obligations (Cost $18,208,889)		18,217,692	8.4
SOVEREIGN BONDS: 1.0%
2,165,000	FMS Wertmanagement, 1.750%, 01/24/2020		2,164,936	1.0
	Total Sovereign Bonds (Cost $2,163,725)		2,164,936	1.0
COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.7%
270,000(1)	Austin Fairmont Hotel Trust 2019-FAIR C, 3.190%, (US0001M + 1.450%), 09/15/2032		270,497	0.1
72,418(3)	Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9 C, 5.055%, 09/11/2042		72,419	0.0
560,000(1)	BFLD 2019-DPLO A, 2.830%, (US0001M + 1.090%), 10/15/2034		559,628	0.3
670,000(1)	BHP Trust 2019-BXHP A, 2.715%, (US0001M + 0.975%), 08/15/2036		666,639	0.3
220,000(1)	BHP Trust 2019-BXHP D, 3.511%, (US0001M + 1.771%), 08/15/2036		219,054	0.1
220,000(1)	BHP Trust 2019-BXHP E, 4.307%, (US0001M + 2.568%), 08/15/2036		219,387	0.1
1,250,000(1)	BX Commercial Mortgage Trust 2019-XL D, 3.190%, (US0001M + 1.450%), 10/15/2036		1,253,152	0.6
360,000(1)	CGDB Commercial Mortgage Trust 2019-MOB F, 4.290%, (US0001M + 2.550%), 11/15/2036		360,460	0.2
90,000(3)	Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046		96,234	0.1
270,000	Citigroup Commercial Mortgage Trust 2015-GC27 AAB, 2.944%, 02/10/2048		274,636	0.1
294,633	Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD3 AM, 5.648%, 10/15/2048		301,913	0.1
530,000(1)	CLNY Trust 2019-IKPR A, 2.869%, (US0001M + 1.227%), 11/15/2038		525,347	0.2
178,111	COMM 2012-CCRE1 A3 Mortgage Trust, 3.391%, 05/15/2045		182,230	0.1
680,000(1),(3)	COMM 2013-SFS A2 Mortgage Trust, 2.987%, 04/12/2035		693,496	0.3
1,100,000(1)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 B, 2.970%, (US0001M + 1.230%), 05/15/2036		1,101,884	0.5
240,000(1)	CSWF 2018-TOP C, 3.190%, (US0001M + 1.450%), 08/15/2035		240,101	0.1
1,120,000(1),(3)	DBRR 2011-LC2 A4B Trust, 4.537%, 07/12/2044		1,143,385	0.5
793,000(1),(3)	DBUBS 2011-LC1A E, 5.702%, 11/10/2046		809,808	0.4
530,000(1),(3)	DBUBS 2011-LC2A D, 5.530%, 07/10/2044		544,932	0.3
1,000,000(1),(3)	DBUBS 2017-BRBK E Mortgage Trust, 3.530%, 10/10/2034		995,728	0.5
59,572(3)	Ginnie Mae 2011-53 B, 3.934%, 05/16/2051		60,729	0.0
255,735	Ginnie Mae 2014-168 DA, 2.400%, 06/16/2046		254,953	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
227,639	Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056	$	226,901		0.1
61,184(3)	Ginnie Mae 2015-21 AF, 2.077%, 07/16/2048		60,703		0.0
125,508	Ginnie Mae 2015-81 AC, 2.400%, 01/16/2056		125,164		0.1
193,268	Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049		190,577		0.1
78,220	Ginnie Mae 2016-86 AB, 2.500%, 09/16/2056		78,189		0.0
386,293	Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052		383,840		0.2
197,130	Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057		196,235		0.1
84,293	Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053		83,902		0.0
142,448	Ginnie Mae 2017-70 A, 2.500%, 10/16/2057		142,168		0.1
529,142	Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051		526,681		0.2
333,673	Ginnie Mae 2017-89 A, 2.500%, 08/16/2057		333,015		0.2
145,880	Ginnie Mae 2018-41 A, 2.400%, 09/16/2058		145,390		0.1
250,000(1),(3)	GRACE 2014-GRCE F Mortgage Trust, 3.590%, 06/10/2028		250,928		0.1
800,000(1)	Great Wolf Trust 2019-WOLF A, 2.756%, (US0001M + 1.034%), 12/15/2029		797,749		0.4
330,000(1)	GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034		328,373		0.2
1,039,000(1),(3)	GS Mortgage Securities Corp. Trust 2017-SLP E, 4.591%, 10/10/2032		1,048,109		0.5
1,070,000(1)	GS Mortgage Securities Corp. Trust 2019-70P C, 3.240%, (US0001M + 1.500%), 10/15/2036		1,071,487		0.5
870,000(1),(3)	GS Mortgage Securities Trust 2011-GC3 D, 5.636%, 03/10/2044		898,985		0.4
290,000(1),(3)	GS Mortgage Securities Trust 2012-GC6 C, 5.651%, 01/10/2045		304,070		0.1
1,030,000(1)	Hawaii Hotel Trust 2019-MAUI E, 3.899%, (US0001M + 2.350%), 05/15/2038		1,030,647		0.5
330,000(1)	Houston Galleria Mall Trust 2015-HGLR A1A2, 3.087%, 03/05/2037		338,205		0.2
700,000(1),(3)	Irvine Core Office Trust 2013-IRV A2, 3.173%, 05/15/2048		719,310		0.3
282,814(1)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-HSBC A, 3.093%, 07/05/2032		288,594		0.1
730,000(1),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 C, 5.600%, 11/15/2043		739,195		0.3
1,040,000(1),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.418%, 08/15/2046		1,082,331	��	0.5
500,000(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B, 3.674%, 12/15/2047		515,309		0.2
210,000(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 C, 4.113%, 12/15/2047		217,142		0.1
900,000(1),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046		890,717		0.4
300,000(1),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES D, 3.621%, 09/05/2032		300,782		0.1
1,539	JPMBB Commercial Mortgage Securities Trust 2 2014-C19 A2, 3.046%, 04/15/2047		1,546		0.0
820,000(3)	JPMBB Commercial Mortgage Securities Trust 2014-C19 C, 4.679%, 04/15/2047		869,223		0.4
242,077	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 ASB, 2.699%, 12/15/2048		243,357		0.1
158,658	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 A3, 3.669%, 02/15/2047		160,167		0.1
330,000(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 C, 4.910%, 04/15/2047		351,351		0.2
167,481	Morgan Stanley Capital I 2011-C3 A4, 4.118%, 07/15/2049		170,461		0.1
600,000(1),(3)	Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047		615,015		0.3
290,000(1)	Morgan Stanley Capital I Trust 2011-C1 J, 4.193%, 09/15/2047		293,692		0.1
910,000	Morgan Stanley Capital I Trust 2019-H6 A2, 3.228%, 06/15/2052		942,642		0.4

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
280,000(1)	Morgan Stanley Capital I, Inc. 2019-BPR A, 3.140%, (US0001M + 1.400%), 05/15/2036	$	279,793	0.1
390,000(3)	TIAA Seasoned Commercial Mortgage Trust 2007-C4 C, 5.503%, 08/15/2039		392,303	0.2
340,000(1),(3)	Wells Fargo Commercial Mortgage Trust 2010-C1 B, 5.276%, 11/15/2043		345,157	0.2
224,000	Wells Fargo Commercial Mortgage Trust 2017-RC1 A2, 3.118%, 01/15/2060		227,654	0.1
465,000(1),(3)	WFRBS Commercial Mortgage Trust 2012-C6 D, 5.581%, 04/15/2045		488,033	0.2
270,000(3)	WFRBS Commercial Mortgage Trust 2013-C18 A5, 4.162%, 12/15/2046		288,450	0.1
	Total Commercial Mortgage-Backed Securities (Cost $29,821,053)		29,830,154	13.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.9%
	Federal Home Loan Mortgage Corporation: 0.3%(4)
45,799	5.500%,01/01/2037		49,759	0.1
40,179	5.500%,08/01/2038		43,287	0.0
9,899	5.500%,10/01/2038		10,663	0.0
9,786	5.500%,10/01/2038		10,529	0.0
235,059	5.500%,11/01/2038		264,283	0.1
183,039	5.500%,02/01/2039		197,152	0.1
			575,673	0.3
	Government National Mortgage Association: 0.5%
1,125,000(5)	3.000%,01/20/2050		1,154,921	0.5
	Uniform Mortgage-Backed Securities: 0.1%
119,229	5.000%,03/01/2027		123,472	0.0
134,635	5.000%,07/01/2034		148,468	0.1
			271,940	0.1
	Total U.S. Government Agency Obligations (Cost $1,986,918)		2,002,534	0.9
ASSET-BACKED SECURITIES: 16.0%
	Automobile Asset-Backed Securities: 6.7%
200,000	Ally Auto Receivables Trust 2018-3 A4, 3.120%, 07/17/2023		203,861	0.1
100,000	Ally Auto Receivables Trust 2019-1 A4, 3.020%, 04/15/2024		102,247	0.0
700,000	Ally Auto Receivables Trust 2019-2 A2, 2.340%, 06/15/2022		701,306	0.3
350,000	Americredit Automobile Receivables Trust 2019-1 B, 3.130%, 02/18/2025		356,385	0.2
400,000	AmeriCredit Automobile Receivables Trust 2019-3 B, 2.130%, 07/18/2025		399,199	0.2
500,000	Capital One Prime Auto Receivables Trust 2019-1 A4, 2.560%, 10/15/2024		506,891	0.2
250,000	CarMax Auto Owner Trust 2017-1 A4, 2.270%, 09/15/2022		250,707	0.1
450,000	CarMax Auto Owner Trust 2017-3 A4, 2.220%, 11/15/2022		451,075	0.2
100,000	Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024		101,844	0.0
500,000	Carmax Auto Owner Trust 2019-3 A4, 2.300%, 04/15/2025		501,808	0.2
550,000	Carmax Auto Owner Trust 2019-4 A4, 2.130%, 07/15/2025		551,014	0.2
250,000	Ford Credit Auto Lease Trust 2018-B A4, 3.300%, 02/15/2022		253,467	0.1
400,000	Ford Credit Auto Owner Trust 2018-A A4, 3.160%, 10/15/2023		409,379	0.2
350,000	GM Financial Automobile Leasing Trust 2018-1 A4, 2.680%, 12/20/2021		350,988	0.2
500,000	GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021		501,589	0.2
150,000	GM Financial Automobile Leasing Trust 2018-3 A4, 3.300%, 07/20/2022		151,951	0.1
850,000	GM Financial Automobile Leasing Trust 2019-2 A4, 2.720%, 03/20/2023		858,803	0.4
300,000	GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025		297,241	0.1
300,000	GM Financial Consumer Automobile Receivables Trust 2019-3 A3, 2.180%, 04/16/2024		301,419	0.1
200,000	Honda Auto Receivables 2018-4 A4 Owner Trust, 3.300%, 07/15/2025		205,924	0.1
600,000	Honda Auto Receivables 2019-3 A3 Owner Trust, 1.780%, 08/15/2023		598,708	0.3

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities: (continued)
350,000(1)	Hyundai Auto Lease Securitization Trust 2019-B A4, 2.030%, 06/15/2023	$	349,503	0.2
200,000	Hyundai Auto Receivables Trust 2017-B A4, 1.960%, 02/15/2023		199,942	0.1
205,628	Mercedes-Benz Auto Lease Trust 2019-A A2, 3.010%, 02/16/2021		206,027	0.1
150,000	Mercedes-Benz Auto Lease Trust 2019-A A4, 3.250%, 10/15/2024		152,384	0.1
200,000	Mercedes-Benz Auto Receivables Trust 2018-1 A4, 3.150%, 10/15/2024		204,822	0.1
350,000	Nissan Auto Receivables 2018-C A4 Owner Trust, 3.270%, 06/16/2025		361,398	0.2
396,210(1)	OSCAR US Funding Trust VII LLC 2017-2A A3, 2.450%, 12/10/2021		396,744	0.2
400,000	Santander Drive Auto Receivables Trust 2019-1 B, 3.210%, 09/15/2023		403,394	0.2
550,000	Santander Drive Auto Receivables Trust 2019-2 B, 2.790%, 01/16/2024		555,229	0.3
150,000(1)	Santander Retail Auto Lease Trust 2017-A A4, 2.370%, 01/20/2022		150,185	0.1
91,077(1)	Santander Retail Auto Lease Trust 2019-A A2, 2.720%, 01/20/2022		91,683	0.0
300,000(1)	Santander Retail Auto Lease Trust 2019-B A3, 2.300%, 01/20/2023		301,073	0.1
300,000(1)	Santander Retail Auto Lease Trust 2019-B A4, 2.380%, 08/21/2023		301,333	0.1
900,000(1)	Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023		894,442	0.4
180,385(1)	Tesla Auto Lease Trust 2018-B A, 3.710%, 08/20/2021		182,761	0.1
450,000	Toyota Auto Receivables 2017-B Owner Trust A4, 2.050%, 09/15/2022		450,446	0.2
250,000	Toyota Auto Receivables 2017-C A4 Owner Trust, 1.980%, 12/15/2022		250,206	0.1
800,000	Toyota Auto Receivables 2019-B A4 Owner Trust, 2.600%, 11/15/2024		813,880	0.4
350,000	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024		349,124	0.2
			14,670,382	6.7
	Credit Card Asset-Backed Securities: 1.2%
700,000	BA Credit Card Trust 2019-A1 A1, 1.740%, 01/15/2025		697,947	0.3
800,000	Capital One Multi-Asset Execution Trust 2019-A2 A2, 1.720%, 08/15/2024		797,633	0.4
450,000	Discover Card Execution Note Trust 2017-A2 A2, 2.390%, 07/15/2024		454,505	0.2
600,000(1)	Evergreen Credit Card Trust Series 2018-1 A, 2.950%, 03/15/2023		607,447	0.3
			2,557,532	1.2
	Other Asset-Backed Securities: 7.4%
600,000(1)	Allegany Park CLO Ltd. 2019-1A A, 3.238%, (US0003M + 1.330%), 01/20/2033		600,000	0.3
700,000(1)	Apidos CLO XXXII 2019-32A A1, 3.228%, (US0003M + 1.320%), 01/20/2033		700,000	0.3
400,000(1)	Arbor Realty Commercial Real Estate Notes 2019-FL2 A Ltd., 2.971%, (US0001M + 1.200%), 06/15/2034		399,874	0.2
400,000(1)	ARES XLVI CLO Ltd. 2017-46A A2, 3.231%, (US0003M + 1.230%), 01/15/2030		391,639	0.2
250,000(1)	Babson CLO Ltd. 2017-1A A2, 3.353%, (US0003M + 1.350%), 07/18/2029		247,087	0.1
500,000(1)	Barings Clo Ltd. 2019-4A A1, 3.233%, (US0003M + 1.330%), 01/15/2033		499,990	0.2
600,000(1)	Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033		599,999	0.3
250,000(1)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.166%, (US0003M + 1.200%), 01/20/2031		243,933	0.1
250,000(1)	Cedar Funding VIII Clo Ltd. 2017-8A A1, 3.252%, (US0003M + 1.250%), 10/17/2030		250,001	0.1
250,000(1)	CIFC Funding 2013-2A A1LR, 3.213%, (US0003M + 1.210%), 10/18/2030		250,000	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value	Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
250,000(1)	CIFC Funding 2015-IA ARR Ltd., 3.063%, (US0003M + 1.110%), 01/22/2031	$	247,415	0.1
600,000(1)	CIFC Funding 2019-6A A1 Ltd., 3.238%, (US0003M + 1.330%), 01/16/2033		599,994	0.3
250,000(1)	CIFC Funding 2019-6A A2 Ltd., 3.658%, (US0003M + 1.750%), 01/16/2033		249,997	0.1
150,000	CNH Equipment Trust 2017-B A4, 2.170%, 04/17/2023		150,277	0.1
250,000(1)	Deer Creek Clo Ltd. 2017-1A A, 3.146%, (US0003M + 1.180%), 10/20/2030		249,794	0.1
300,000(1)	Dryden 68 CLO Ltd. 2019-68A A, 3.311%, (US0003M + 1.310%), 07/15/2032		300,149	0.1
250,000(1)	Dryden Senior Loan Fund 2017-47A A2, 3.351%, (US0003M + 1.350%), 04/15/2028		247,928	0.1
360,000(1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 3.110%, (US0003M + 1.200%), 08/15/2030		360,004	0.2
250,000(1)	Eaton Vance Clo 2015-1A A2R Ltd., 3.216%, (US0003M + 1.250%), 01/20/2030		250,001	0.1
250,000(1)	Galaxy XIX CLO Ltd. 2015-19A A1R, 3.156%, (US0003M + 1.220%), 07/24/2030		249,609	0.1
500,000(1)	Kayne CLO 6 Ltd. 2019-6A A1, 3.131%, (US0003M + 1.380%), 01/20/2033		499,987	0.2
330,000(1)	LCM XXIII Ltd. 23A A1, 3.366%, (US0003M + 1.400%), 10/20/2029		330,001	0.2
310,000(1)	LoanCore 2019-CRE2 A Issuer Ltd., 2.870%, (US0001M + 1.130%), 05/09/2036		310,000	0.2
600,000(1)	Madison Park Funding XXXVII Ltd. 2019-37A A1, 3.603%, (US0003M + 1.300%), 07/15/2032		600,715	0.3
250,000(1)	Magnetite XII Ltd. 2015-12A ARR, 3.101%, (US0003M + 1.100%), 10/15/2031		249,265	0.1
340,000(1)	Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 3.243%, (US0003M + 1.340%), 01/19/2033		339,993	0.2
700,000(1)	Niagara Park Clo Ltd. 2019-B A4, 3.302%, (US0003M + 1.300%), 07/17/2032		699,233	0.3
250,000(1)	OCP Clo 2019-17A C1 Ltd., 4.047%, (US0003M + 1.750%), 07/20/2032		249,825	0.1
250,000(1)	Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.286%, (US0003M + 1.320%), 03/17/2030		250,606	0.1
250,000(1)	Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.376%, (US0003M + 1.375%), 07/15/2029		245,906	0.1
250,000(1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.316%, (US0003M + 1.350%), 07/19/2030		245,815	0.1
600,000(1)	Octagon Loan Funding Ltd. 2014-1A ARR, 3.084%, (US0003M + 1.180%), 11/18/2031		596,116	0.3
500,000(1)	OHA Credit Funding 3 Ltd. 2019-3A A1, 3.945%, (US0003M + 1.320%), 07/20/2032		500,596	0.2
500,000(1)	OHA Loan Funding 2015-1A A1R2 Ltd., 3.191%, (US0003M + 1.340%), 11/15/2032		499,999	0.2
250,000(1)	Palmer Square CLO 2013-2A AARR Ltd., 3.202%, (US0003M + 1.200%), 10/17/2031		248,561	0.1
250,000(1)	Palmer Square CLO 2015-2A A1AR Ltd., 3.236%, (US0003M + 1.270%), 07/20/2030		250,075	0.1
250,000(1)	Palmer Square CLO 2015-2A A1BR Ltd., 3.316%, (US0003M + 1.350%), 07/20/2030		249,998	0.1
235,283(1)	SoFi Consumer Loan Program 2019-2 A Trust, 3.010%, 04/25/2028		237,079	0.1
254,082(1)	SoFi Consumer Loan Program 2019-3 A Trust, 2.900%, 05/25/2028		255,710	0.1
590,000(1)	Sound Point CLO XXV Ltd. 2019-4A A1A, 3.308%, (US0003M + 1.400%), 01/15/2033		590,000	0.3
400,000(1)	Symphony CLO XXI Ltd. 2019-21A A, 3.742%, (US0003M + 1.380%), 07/15/2032		399,564	0.2
250,000(1)	THL Credit Wind River 2017-2A A CLO Ltd., 3.196%, (US0003M + 1.230%), 07/20/2030		250,054	0.1

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as of December 31, 2019 (Unaudited) (Continued)

Principal Amount†			Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
400,000(1)	THL Credit Wind River 2019-2A A2 Clo Ltd., 3.501%, (US0003M + 1.650%), 01/15/2033	$	399,978		0.2
300,000(1)	Trafigura Securitisation Finance PLC 2018-1A A2, 3.730%, 03/15/2022		306,179		0.1
200,000	Verizon Owner Trust 2018-A A1A, 3.230%, 04/20/2023		203,409		0.1
100,000(1)	Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021		100,119		0.1
			16,196,474		7.4
	Student Loan Asset-Backed Securities: 0.7%
189,146(1)	DRB Prime Student Loan Trust 2017-A A2B, 2.850%, 05/27/2042		189,722		0.1
429,397(1)	Laurel Road Prime Student Loan Trust 2018-B A2FX, 3.540%, 05/26/2043		439,296		0.2
300,000(1)	Navient Private Education Loan Trust 2014-AA A3, 3.340%, (US0001M + 1.600%), 10/15/2031		306,197		0.2
500,000(1)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068		499,478		0.2
			1,434,693		0.7
	Total Asset-Backed Securities (Cost $34,762,624)		34,859,081		16.0
SUPRANATIONAL BONDS: 0.0%
58,000	European Investment Bank, 1.750%, 05/15/2020		58,008		0.0
	Total Supranational Bonds (Cost $57,829)		58,008		0.0
	Total Long-Term Investments (Cost $216,808,497)		218,200,933		100.2
SHORT-TERM INVESTMENTS: 0.4%
	Repurchase Agreements: 0.1%
230,111(6)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/19, 1.57%, due 01/02/20 (Repurchase Amount $230,131, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $234,713, due 06/30/21-12/01/49) (Cost $230,111)		230,111		0.1
Shares			Value		Percentage of Net Assets
	Mutual Funds: 0.3%
611,000(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.500% (Cost $611,000)		611,000		0.3
	Total Short-Term Investments (Cost $841,111)		841,111		0.4
	Total Investments in Securities (Cost $217,649,608)	$	219,042,044		100.6
	Liabilities in Excess of Other Assets		(1,252,460	)	(0.6	)
	Net Assets	$	217,789,584		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 December 31, 2019.
(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)	Settlement is on a when-issued or delayed-delivery basis.
(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 December 31, 2019.

Reference Rate Abbreviations:
US0001M	1-month LIBOR
US0003M	3-month LIBOR

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 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 December 31, 2019
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	–		$	113,839,841		$	–	$	113,839,841
Collateralized Mortgage Obligations		–			17,228,687			–		17,228,687
Asset-Backed Securities		–			34,859,081			–		34,859,081
Commercial Mortgage-Backed Securities		–			29,830,154			–		29,830,154
U.S. Government Agency Obligations		–			2,002,534			–		2,002,534
Supranational Bonds		–			58,008			–		58,008
Sovereign Bonds		–			2,164,936			–		2,164,936
U.S. Treasury Obligations		–			18,217,692			–		18,217,692
Short-Term Investments		611,000			230,111			–		841,111
Total Investments, at fair value	$	611,000		$	218,431,044		$	–	$	219,042,044
Other Financial Instruments+
Centrally Cleared Swaps		–			37,126			–		37,126
Futures		41,928			–			–		41,928
Total Assets	$	652,928		$	218,468,170		$	–	$	219,121,098
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	–		$	(10,004	)	$	–	$	(10,004	)
Forward Premium Swaptions		–			(6,357	)		–		(6,357	)
Futures		(26,084	)		–			–		(26,084	)
Total Liabilities	$	(26,084	)	$	(16,361	)	$	–	$	(42,445	)

+ 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 valued at the unrealized gain (loss) on the instrument.  OTC swaps and written options are valued at the fair value of the instrument.

At December 31, 2019, the following futures contracts were outstanding for Voya Short Term Bond Fund:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note	334	03/31/20	$	71,977,000		$	(26,084	)
			$	71,977,000		$	(26,084	)
Short Contracts:
U.S. Treasury 10-Year Note	(2)	03/20/20		(256,844	)		2,170
U.S. Treasury 5-Year Note	(118)	03/31/20		(13,995,906	)		39,758
			$	(14,252,750	)	$	41,928

At December 31, 2019, the following centrally cleared credit default swaps were outstanding for Voya Short Term Bond Fund: 

Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection⁽¹⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)			Termination Date	Notional Amount(3)		Fair Value(4)			Unrealized Appreciation/ (Depreciation)
iTraxx Cross-over Index, Series 32, Version 1	Buy		(5.000	)	12/20/24	EUR	3,101,000	$	(473,971	)	$	(10,004	)
								$	(473,971	)	$	(10,004	)

Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection⁽⁵⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(6)		Termination Date	Notional Amount(3)		Fair Value(4)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 2	Sell		5.000	12/20/24	USD	1,242,450		119,691		37,126
								119,691	$	37,126

Voya Short Term Bond Fund	PORTFOLIO OF INVESTMENTS
	as ofDecember 31, 2019(Unaudited) (Continued)

(1)	If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	Payments made quarterly.
(3)	The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(4)	The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.
(5)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
(6)	Payments received quarterly.

At December 31, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Short Term Bond Fund:

Description	Counterparty	Exercise Rate(1)			Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration(2)			Unrealized Appreciation/ (Depreciation)
Call on 5-Year Interest Rate Swap (Purchased)	Goldman Sachs International		5.130	%	Receive	3-month USD-LIBOR	03/16/20	USD	809,000	$	(41,502	)	$	(1,377	)
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		4.960	%	Receive	3-month USD-LIBOR	04/29/20	USD	3,464,000		(171,641	)		(310	)
Call on 5-Year Interest Rate Swap (Purchased)	Morgan Stanley Capital Services LLC		5.290	%	Receive	3-month USD-LIBOR	02/27/20	USD	1,441,000		(76,301	)		(4,670	)
										$	(289,444	)	$	(6,357	)

(1)	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.
(2)	Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations
EUR	-	EU Euro
USD	-	United States Dollar

At December 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $217,228,432.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	1,665,077
Gross Unrealized Depreciation		(238,550	)
Net Unrealized Appreciation	$	1,426,527