PORTFOLIO
OF
INVESTMENTS
as
of
December
31,
2023
(Unaudited)
1
Voya
Short
Duration
High
Income
Fund
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES
:
94.2%
Basic
Materials
:
3.1%
900,000
(1)
Cleveland-Cliffs,
Inc.,
6.750%,
03/15/2026
$
904,449
1.2
500,000
(1)(2)
INEOS
Finance
PLC,
6.750%,
05/15/2028
491,613
0.7
400,000
(1)
INEOS
Quattro
Finance
2
PLC,
9.625%,
03/15/2029
426,284
0.6
500,000
(1)
SCIL
IV
LLC
/
SCIL
USA
Holdings
LLC,
5.375%,
11/01/2026
480,559
0.6
2,302,905
3.1
Communications
:
16.0%
1,500,000
(1)(2)
Clear
Channel
Outdoor
Holdings,
Inc.,
9.000%,
09/15/2028
1,566,285
2.1
250,000
(1)
Connect
Finco
Sarl
/
Connect
US
Finco
LLC,
6.750%,
10/01/2026
248,721
0.3
500,000
(1)
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor,
Inc.,
5.875%,
08/15/2027
470,198
0.6
1,750,000
(1)
DISH
DBS
Corp.,
5.250%,
12/01/2026
1,502,594
2.0
500,000
(1)
DISH
Network
Corp.,
11.750%,
11/15/2027
522,336
0.7
400,000
(1)
Gen
Digital,
Inc.,
6.750%,
09/30/2027
407,182
0.6
1,400,000
(1)
Millennium
Escrow
Corp.,
6.625%,
08/01/2026
995,358
1.4
250,000
Sprint
LLC,
7.125%,
06/15/2024
251,253
0.3
750,000
Sprint
LLC,
7.625%,
02/15/2025
763,587
1.0
1,000,000
(1)
Summer
BC
Bidco
B
LLC,
5.500%,
10/31/2026
937,605
1.3
1,550,000
(1)
Townsquare
Media,
Inc.,
6.875%,
02/01/2026
1,519,829
2.1
250,000
(1)
Uber
Technologies,
Inc.,
8.000%,
11/01/2026
254,812
0.4
500,000
(1)
Univision
Communications,
Inc.,
6.625%,
06/01/2027
498,999
0.7
950,000
(1)
Univision
Communications,
Inc.,
8.000%,
08/15/2028
980,732
1.3
900,000
(1)
Viasat,
Inc.,
5.625%,
04/15/2027
871,700
1.2
11,791,191
16.0
Consumer,
Cyclical
:
20.8%
250,000
(1)
Banijay
Entertainment
SASU,
8.125%,
05/01/2029
257,629
0.3
500,000
(1)
Delta
Air
Lines,
Inc.,
7.000%,
05/01/2025
509,163
0.7
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Cyclical:
(continued)
900,000
(1)
Dream
Finders
Homes,
Inc.,
8.250%,
08/15/2028
$
952,128
1.3
750,000
(1)
EG
Global
Finance
PLC,
12.000%,
11/30/2028
799,376
1.1
1,100,000
Goodyear
Tire
&
Rubber
Co.,
9.500%,
05/31/2025
1,116,879
1.5
1,500,000
(1)
LGI
Homes,
Inc.,
8.750%,
12/15/2028
1,596,562
2.2
200,000
Marriott
International,
Inc.,
5.450%,
09/15/2026
203,535
0.3
1,700,000
MGM
Resorts
International,
6.750%,
05/01/2025
1,706,378
2.3
1,400,000
(1)
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.500%,
06/20/2027
1,404,997
1.9
700,000
(1)
SeaWorld
Parks
&
Entertainment,
Inc.,
8.750%,
05/01/2025
704,872
1.0
1,500,000
(1)
Six
Flags
Theme
Parks,
Inc.,
7.000%,
07/01/2025
1,507,935
2.0
1,500,000
(1)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.,
7.875%,
05/01/2027
1,291,885
1.8
1,600,000
(1)(2)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.,
9.500%,
06/01/2028
1,356,060
1.8
1,500,000
(1)
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.,
5.500%,
03/01/2025
1,493,306
2.0
400,000
(1)
ZF
North
America
Capital,
Inc.,
6.875%,
04/14/2028
414,758
0.6
15,315,463
20.8
Consumer,
Non-cyclical
:
8.1%
1,200,000
(1)
Albion
Financing
2SARL,
8.750%,
04/15/2027
1,176,000
1.6
250,000
HCA,
Inc.,
5.375%,
02/01/2025
249,756
0.3
1,300,000
HCA,
Inc.,
5.875%,
02/15/2026
1,311,600
1.8
500,000
(1)
Legends
Hospitality
Holding
Co
LLC
/
Legends
Hospitality
Co-Issuer,
Inc.,
5.000%,
02/01/2026
499,562
0.7
PORTFOLIO
OF
INVESTMENTS
as
of
December
31,
2023
(Unaudited)
(continued)
2
Voya
Short
Duration
High
Income
Fund
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Consumer,
Non-cyclical:
(continued)
500,000
(1)
Mobius
Merger
Sub,
Inc.,
9.000%,
06/01/2030
$
485,646
0.7
1,000,000
(1)
RP
Escrow
Issuer
LLC,
5.250%,
12/15/2025
801,198
1.1
100,000
(1)
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.,
4.625%,
11/01/2026
97,303
0.1
1,400,000
(1)
WASH
Multifamily
Acquisition,
Inc.,
5.750%,
04/15/2026
1,348,770
1.8
5,969,835
8.1
Energy
:
19.5%
250,000
(1)
CITGO
Petroleum
Corp.,
7.000%,
06/15/2025
249,807
0.3
600,000
(1)
CITGO
Petroleum
Corp.,
8.375%,
01/15/2029
617,490
0.8
1,250,000
(1)
CVR
Energy,
Inc.,
5.750%,
02/15/2028
1,154,431
1.6
1,500,000
(1)
CVR
Energy,
Inc.,
8.500%,
01/15/2029
1,493,798
2.0
1,250,000
(1)
Delek
Logistics
Partners
L.P.
/
Delek
Logistics
Finance
Corp.,
7.125%,
06/01/2028
1,182,026
1.6
1,500,000
Genesis
Energy
L.P.
/
Genesis
Energy
Finance
Corp.,
8.250%,
01/15/2029
1,544,760
2.1
500,000
(1)
HF
Sinclair
Corp.,
6.375%,
04/15/2027
504,212
0.7
675,000
(1)
Martin
Midstream
Partners
L.P.
/
Martin
Midstream
Finance
Corp.,
11.500%,
02/15/2028
693,999
0.9
2,000,000
(1)
New
Fortress
Energy,
Inc.,
6.500%,
09/30/2026
1,922,616
2.6
1,000,000
(1)
New
Fortress
Energy,
Inc.,
6.750%,
09/15/2025
992,821
1.4
1,100,000
(1)
Sunnova
Energy
Corp.,
5.875%,
09/01/2026
937,354
1.3
1,000,000
(1)(2)
Sunnova
Energy
Corp.,
11.750%,
10/01/2028
910,915
1.2
625,000
(1)
Sunoco
L.P.
/
Sunoco
Finance
Corp.,
7.000%,
09/15/2028
645,247
0.9
1,250,000
(1)
Venture
Global
LNG,
Inc.,
8.125%,
06/01/2028
1,263,509
1.7
250,000
(1)
Venture
Global
LNG,
Inc.,
9.500%,
02/01/2029
264,698
0.4
14,377,683
19.5
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Financial
:
19.9%
500,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust,
6.500%,
07/15/2025
$
506,561
0.7
500,000
Air
Lease
Corp.,
5.850%,
12/15/2027
513,344
0.7
1,100,000
(1)
Avolon
Holdings
Funding
Ltd.,
6.375%,
05/04/2028
1,122,595
1.5
1,825,000
(1)(2)
Bread
Financial
Holdings,
Inc.,
7.000%,
01/15/2026
1,815,565
2.5
1,250,000
(1)
Bread
Financial
Holdings,
Inc.,
9.750%,
03/15/2029
1,296,862
1.8
200,000
(1)
Castlelake
Aviation
Finance
DAC,
5.000%,
04/15/2027
188,124
0.3
1,500,000
(1)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
6.000%,
04/15/2025
1,497,330
2.0
750,000
(1)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
8.000%,
06/15/2027
781,945
1.1
250,000
(1)
Iron
Mountain,
Inc.,
7.000%,
02/15/2029
257,126
0.3
2,157,000
(1)
LD
Holdings
Group
LLC,
6.125%,
04/01/2028
1,841,251
2.5
900,000
(1)
LD
Holdings
Group
LLC,
6.500%,
11/01/2025
835,281
1.1
750,000
(1)
Macquarie
Airfinance
Holdings
Ltd.,
8.375%,
05/01/2028
786,127
1.1
200,000
Nasdaq,
Inc.,
5.650%,
06/28/2025
202,007
0.3
1,000,000
(1)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer,
7.500%,
06/01/2025
1,006,290
1.4
250,000
(1)
PennyMac
Financial
Services,
Inc.,
5.375%,
10/15/2025
247,343
0.3
750,000
(1)
PennyMac
Financial
Services,
Inc.,
7.875%,
12/15/2029
773,102
1.0
250,000
(1)
RHP
Hotel
Properties
L.P.
/
RHP
Finance
Corp.,
7.250%,
07/15/2028
260,078
0.3
500,000
SLM
Corp.,
4.200%,
10/29/2025
485,445
0.7
250,000
(1)
United
Wholesale
Mortgage
LLC,
5.500%,
11/15/2025
248,646
0.3
14,665,022
19.9
PORTFOLIO
OF
INVESTMENTS
as
of
December
31,
2023
(Unaudited)
(continued)
3
Voya
Short
Duration
High
Income
Fund
Principal
Amount†
Value
Percentage
of
Net
Assets
CORPORATE
BONDS/NOTES:
(continued)
Industrial
:
4.0%
400,000
(1)
Fortress
Transportation
and
Infrastructure
Investors
LLC,
9.750%,
08/01/2027
$
416,384
0.6
2,500,000
(1)
WESCO
Distribution,
Inc.,
7.125%,
06/15/2025
2,520,105
3.4
2,936,489
4.0
Technology
:
1.3%
586,000
(1)
Consensus
Cloud
Solutions,
Inc.,
6.000%,
10/15/2026
557,761
0.8
450,000
(1)(2)
Consensus
Cloud
Solutions,
Inc.,
6.500%,
10/15/2028
408,638
0.5
966,399
1.3
Utilities
:
1.5%
1,050,000
(1)
AmeriGas
Partners
L.P.
/
AmeriGas
Finance
Corp.,
9.375%,
06/01/2028
1,085,524
1.5
Total
Corporate
Bonds/
Notes
(Cost
$67,891,783)
69,410,511
94.2
Total
Long-Term
Investments
(Cost
$67,891,783)
69,410,511
94.2
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
13.0%
Repurchase
Agreements
:
8.9%
288,670
(3)
Bank
of
America
Inc.,
Repurchase
Agreement
dated
12/29/2023,
5.320%,
due
01/02/2024
(Repurchase
Amount
$288,838,
collateralized
by
various
U.S.
Government
Securities,
0.000%-3.125%,
Market
Value
plus
accrued
interest
$294,443,
due
08/31/27-05/15/48)
288,670
0.4
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
1,568,003
(3)
Daiwa
Capital
Markets,
Repurchase
Agreement
dated
12/29/2023,
5.350%,
due
01/02/2024
(Repurchase
Amount
$1,568,922,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
5.375%,
Market
Value
plus
accrued
interest
$1,599,364,
due
01/25/24-11/15/51)
$
1,568,003
2.1
1,568,003
(3)
Deutsche
Bank
Securities
Inc.,
Repurchase
Agreement
dated
12/29/2023,
5.330%,
due
01/02/2024
(Repurchase
Amount
$1,568,919,
collateralized
by
various
U.S.
Government
Securities,
0.000%,
Market
Value
plus
accrued
interest
$1,599,363,
due
01/18/24-08/15/36)
1,568,003
2.1
1,568,003
(3)
HSBC
Securities
USA,
Repurchase
Agreement
dated
12/29/2023,
5.340%,
due
01/02/2024
(Repurchase
Amount
$1,568,921,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
2.000%-
7.000%,
Market
Value
plus
accrued
interest
$1,599,363,
due
12/01/29-12/01/53)
1,568,003
2.2
PORTFOLIO
OF
INVESTMENTS
as
of
December
31,
2023
(Unaudited)
(continued)
4
Voya
Short
Duration
High
Income
Fund
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
1,568,003
(3)
Nomura
Securities,
Repurchase
Agreement
dated
12/29/2023,
5.340%,
due
01/02/2024
(Repurchase
Amount
$1,568,921,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
1.000%-
6.000%,
Market
Value
plus
accrued
interest
$1,599,693,
due
03/08/27-01/01/59)
$
1,568,003
2.1
Total
Repurchase
Agreements
(Cost
$6,560,682)
6,560,682
8.9
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
4.1%
3,034,042
(4)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
5.260%
(Cost
$3,034,042)
$
3,034,042
4.1
Total
Short-Term
Investments
(Cost
$9,594,724)
9,594,724
13.0
Total
Investments
in
Securities
(Cost
$77,486,507)
$
79,005,235
107.2
Liabilities
in
Excess
of
Other
Assets
(5,295,733)
(7.2)
Net
Assets
$
73,709,502
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Securities
with
purchases
pursuant
to
Rule
144A
or
section
4(a)(2),
under
the
Securities
Act
of
1933
and
may
not
be
resold
subject
to
that
rule
except
to
qualified
institutional
buyers.
(2)
Security,
or
a
portion
of
the
security,
is
on
loan.
(3)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(4)
Rate
shown
is
the
7-day
yield
as
of
December
31,
2023.
PORTFOLIO
OF
INVESTMENTS
as
of
December
31,
2023
(Unaudited)
(continued)
5
Voya
Short
Duration
High
Income
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
December
31,
2023
in
valuing
the
assets
and
liabilities:
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Fair
Value
at
December
31,
2023
Asset
Table
Investments,
at
fair
value
Corporate
Bonds/Notes
$
—
$
69,410,511
$
—
$
69,410,511
Short-Term
Investments
3,034,042
6,560,682
—
9,594,724
Total
Investments,
at
fair
value
$
3,034,042
$
75,971,193
$
—
$
79,005,235
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
1,800,546
Gross
Unrealized
Depreciation
(281,818)
Net
Unrealized
Appreciation
$
1,518,728