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: 811-10223
Voya Senior Income Fund
(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: February 28
Date of reporting period: March 1, 2017 to August 31, 2017
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
Voya Investment Management
Semi-Annual Report
August 31, 2017
Voya Senior Income Fund
E-Delivery Sign-up – details inside
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.
INVESTMENT MANAGEMENT
voyainvestments.com
Voya Senior Income Fund
SEMI-ANNUAL REPORT
August 31, 2017
Table of Contents
Portfolio Managers' Report | | | 2 | | |
| Statement of Assets and Liabilities | | | 8 | | |
Statement of Operations | | | 10 | | |
Statements of Changes in Net Assets | | | 11 | | |
Statement of Cash Flows | | | 12 | | |
Financial Highlights | | | 13 | | |
Notes to Financial Statements | | | 15 | | |
| Portfolio of Investments | | | 25 | | |
| Additional Information | | | 55 | | |
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Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT
Dear Shareholders:
Voya Senior Income Fund (the "Fund") is a continuously offered, diversified, closed-end management investment company that seeks to provide investors with a high level of monthly income. The Fund seeks to achieve this objective by investing under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar denominated floating rate secured senior loans.
PORTFOLIO CHARACTERISTICS
AS OF AUGUST 31, 2017 | |
Net Assets | | $ | 457,196,747 | | |
Total Assets | | $ | 673,306,044 | | |
Assets Invested in Senior Loans | | $ | 638,967,333 | | |
Senior Loans Represented | | | 421 | | |
Average Amount Outstanding per Loan | | $ | 1,517,737 | | |
Industries Represented | | | 35 | | |
Average Loan Amount per Industry | | $ | 18,256,210 | | |
Portfolio Turnover Rate (YTD) | | | 49 | % | |
Weighted Average Days to Interest Rate Reset | | | 33 | | |
Average Loan Final Maturity | | | 63 months | | |
Total Leverage as a Percentage of Total Assets | | | 26.04 | % | |
PERFORMANCE SUMMARY
During the period ended August 31, 2017, the Fund's Class A shares distributed total dividends of $0.34, resulting in an average annualized distribution rate(1) of 5.30%. The Fund's Class I and Class W shares each distributed total dividends of $0.36, resulting in an average annualized distribution rate(1) of 5.57% and 5.55%, respectively. During the same period, the Fund's Class C shares distributed total dividends of $0.31, resulting in an average annualized distribution rate(1) of 4.81%.
The Fund's total return for the period ended August 31, 2017, excluding sales charges and based on full reinvestment of dividends, for Class A, Class C, Class I and Class W was 0.34%, 0.17%, 0.55%, and 0.47%, respectively.(2) For the same period, the S&P/LSTA Leveraged Loan Index (the "Index")(3) had a total return of 1.49%.
PORTFOLIO SPECIFICS
Over the first six months of the Fund's fiscal year, the loan market has returned 1.49%, with interest carry being partially offset by a -0.88% market value return. The negative market value return for loans has primarily been driven by refinancing activity which was prevalent from the beginning of the year through the early part of the summer, as demand remained strong relative to supply. Demand over the period has been primarily driven by collateralized loan obligation ("CLO") issuance which stands at $73 billion year-to-date ("YTD"). Loan fund appetite, on the other hand, moderated over the six-month period,
(1) The distribution rate is calculated by annualizing the dividends and distributions declared during the last month of the period (i.e., divide the current month's dividend by the number of days in the related month and multiply by the number of days in the fiscal year) and then dividing the resulting figure by the reporting period-end NAV. The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate includes distributions from net investment income. The tax characterization of dividends and distributions will be determined after the Fund's tax year-end.
(2) The Fund's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower.
(3) The Index is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's and the Loan Syndications and Trading Association ("LSTA") conceived the Index to establish a performance benchmark for the syndicated leveraged loan industry. The Index is not subject to any fees or expenses. An investor cannot invest directly in an index.
2
Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT (continued)
as investors continue to reflect on the probability and pace of short-term rate increases. More recently, the combination of improving new issue loan supply and less exuberant net demand across the market over the later months of the period have worked to better stabilize market technicals and thus slow the pace of refinancing activity.
Evidence of that slowdown in refinancing/risk driven returns in the market was shown over the six-month period relative to the year-to-date period in the returns across credit quality. While riskier loans still lead in the YTD race with a return of 6.79%, compared to single B and BB loans at 2.72% and 1.98%, respectively, the playing field has been more even over the recent six-month period. As an indication, BB loans returned 1.44%, while single Bs returned 1.72% and CCC loans returned 1.24% over the six-month period.
From a fundamentals perspective, trailing default activity remained low. The trailing twelve-month Index default rate, as measured by principal amount, ended August at 1.36%.
The Fund underperformed the Index for the six-month period, primarily the result of the use of leverage in an environment marked by the refinancing-driven weakening in loan prices. Leverage was in line with historical levels and the use of leverage continues to be evaluated in conjunction with both fundamental risk and short term technical price movements.
The most significant relative contributors were attributed to selection in the business equipment and services and radio and television sectors. Detractors relative to the Index were primarily due to the Fund's selection in the oil and gas and retail sectors. The largest single issuer decliner over the period was Harvey Gulf International Marine, LLC (oil and gas), which continues to deal with headwinds due to lower oil prices, ship utilization and shipping day rates. The company is in the process of addressing its capital structure over the next several months and we believe that ultimate recovery/recapitalization values warrant holding the position at current levels. The largest detractor within the retail sector was FullBeauty Brands, which continues to have weak results due to increased competition and saturation of the market. The Fund has since exited the name, as in our view, over the near term, there appears to be no clear path for fundamental earnings improvement.
The Fund continues to be well diversified, with 351 individual issuers and 34 different industry sectors represented. The average issuer exposure at period-end stood at 0.28% of assets under management ("AUM"), while the average industry exposure closed the period at 2.94% of AUM.
TOP TEN LOAN ISSUERS
AS OF AUGUST 31, 2017
AS A PERCENTAGE OF:
| | TOTAL
ASSETS | | NET
ASSETS | |
Asurion LLC | | | 0.9 | % | | | 1.3 | % | |
Dell Intl LLC | | | 0.8 | % | | | 1.2 | % | |
BMC Software Fin Inc | | | 0.8 | % | | | 1.2 | % | |
Gates Global LLC | | | 0.8 | % | | | 1.2 | % | |
Western Digital Corp | | | 0.8 | % | | | 1.1 | % | |
Univision Communications | | | 0.7 | % | | | 1.1 | % | |
IQOR US Inc | | | 0.7 | % | | | 1.1 | % | |
Gardner Denver Inc | | | 0.7 | % | | | 1.1 | % | |
Amaya Hldgs B V | | | 0.7 | % | | | 1.1 | % | |
Fitness Intl LLC Calif | | | 0.7 | % | | | 1.0 | % | |
TOP TEN INDUSTRIES
AS OF AUGUST 31, 2017
AS A PERCENTAGE OF:
| | TOTAL
ASSETS | | NET
ASSETS | |
Electronics/Electrical | | | 11.7 | % | | | 17.2 | % | |
Health Care | | | 10.3 | % | | | 15.1 | % | |
Business Equipment & Services | | | 8.8 | % | | | 12.9 | % | |
Telecommunications | | | 5.5 | % | | | 8.2 | % | |
Retailers (Except Food & Drug) | | | 5.3 | % | | | 7.8 | % | |
Chemicals & Plastics | | | 4.6 | % | | | 6.7 | % | |
Insurance | | | 4.4 | % | | | 6.4 | % | |
Lodging & Casinos | | | 4.1 | % | | | 6.0 | % | |
Leisure Good/Activities/Movies | | | 4.0 | % | | | 5.8 | % | |
Containers & Glass Products | | | 3.4 | % | | | 5.0 | % | |
3
Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT (continued)
CURRENT STRATEGY AND OUTLOOK
Looking through to the rest of the year, a recent survey of the LSTA (Loan Syndications and Trading Association) board members indicates that the technical supply/demand balance, as it may influence on spread levels and new deal quality, remains the major factor to watch as it relates to asset class performance. The general expectation seems to be for continued strong CLO issuance and flat-to-slightly positive loan fund AUM growth by year-end. We believe a December Fed Funds decision will likely play a major factor in driving those outcomes.
In our view, the fundamental backdrop barring any exogenous event, points to sound, if not stellar, economic growth and a fairly benign default environment as highlighted by recent U.S. data releases (corporate earnings, jobless claims, retail sales, etc.), as well as positive economic news from Europe. Of particular interest to floating-rate investors is August's 0.4% increase in U.S. Consumer Price Index ("CPI") and its related core CPI gauge that ended a five-month run of weaker-than-expected readings. It is too early to determine if this signals a definite pickup in inflation, but it should assuage recent concerns about a slowdown and possibly help nudge the Federal Reserve into another rate increase fairly soon.
| | 
| |
Jeffrey A. Bakalar
Managing Director
Voya Investment Management Co. LLC | | Daniel A. Norman
Managing Director
Voya Investment Management Co. LLC | |
| | 
| |
Voya Senior Income Fund
September 25, 2017
Ratings Distribution
as of August 31, 2017 | |
Ba | | | 29.94 | % | |
B | | | 64.28 | % | |
Caa and below | | | 5.46 | % | |
Not rated* | | | 0.32 | % | |
Loan ratings apply to the underlying holdings of the Fund and not the Fund itself. Ratings distribution shows the percentage of the Fund's loan commitments (excluding cash and foreign cash) that are rated in each ratings category, based upon the categories provided by Moody's Investors Service, Inc. Ratings distribution is based on Moody's senior secured facility ratings. Moody's ratings classification methodology: Aaa rating denotes the least credit risk; C rating denotes the greatest credit risk. Loans rated below Baa by Moody's are considered to be below investment-grade. When a loan is not rated by Moody's, it is designated as "Not Rated." Ratings can change from time to time, and current ratings may not fully reflect the actual credit condition or risks posed by a loan.
* Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn.
4
Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT (continued)
| | | Average Annual Total Net Returns for the
periods Ended August 31, 2017 | |
| | | 1 Year | | 3 Years | | 5 Years | | 10 Years | | Since Inception of
Classes I and W
April 15, 2008 | |
Including Sales Charge: | |
Class A(1) | | | 2.51 | % | | | 2.63 | % | | | 4.59 | % | | | 4.04 | % | | | — | | |
Class C(2) | | | 3.61 | % | | | 2.98 | % | | | 4.62 | % | | | 3.79 | % | | | — | | |
Class I | | | 5.39 | % | | | 3.76 | % | | | 5.42 | % | | | — | | | | 5.54 | % | |
Class W | | | 5.37 | % | | | 3.75 | % | | | 5.42 | % | | | — | | | | 5.55 | % | |
Excluding Sales Charge: | |
Class A | | | 5.11 | % | | | 3.49 | % | | | 5.13 | % | | | 4.30 | % | | | — | | |
Class C | | | 4.60 | % | | | 2.98 | % | | | 4.62 | % | | | 3.79 | % | | | — | | |
Class I | | | 5.39 | % | | | 3.76 | % | | | 5.42 | % | | | — | | | | 5.54 | % | |
Class W | | | 5.37 | % | | | 3.75 | % | | | 5.42 | % | | | — | | | | 5.55 | % | |
S&P/LSTA Leveraged Loan Index(3) | | | 5.80 | % | | | 3.53 | % | | | 4.24 | % | | | 4.88 | % | | | 5.49 | % | |
Total net returns shown include, if applicable, the effect of fee waivers and/or expense reimbursements by Voya Investments, LLC. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund's future performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month-end.
Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Fund's NAV.
This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements.
The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.
Fund holdings are subject to change daily.
(1) Reflects deduction of the maximum Class A sales charge of 2.50%. Effective, May 1, 2017, there is no front-end sales charge if you purchase Class A Common Shares in an amount of $500,000 or more. However, the shares will be subject to a 1.00% Early Withdrawal Charge ("EWC") if they are repurchased by the Fund within six months of purchase. Prior to May 1, 2017, there was no front-end sales charge if you purchased Class A Common Shares in the amount of $1 million or more. However, the shares were subject to a 1.00% EWC if they were repurchased by the Fund within one year of purchase.
(2) Class C maximum EWC is 1.00% for the first year.
(3) Source: S&P/Loan Syndications and Trading Association. The S&P/LSTA Leveraged Loan Index is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's and the LSTA conceived the Index to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.
5
Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT (continued)
YIELDS AND DISTRIBUTION RATES | |
| | 30-Day SEC Yields(1) | |
| | Class A | | Class C | | Class I | | Class W | |
August 31, 2017 | | | 4.39 | % | | | 4.00 | % | | | 4.78 | % | | | 4.76 | % | |
February 28, 2017 | | | 4.99 | % | | | 4.62 | % | | | 5.40 | % | | | 5.37 | % | |
| | Average Annualized Distribution Rates(2) | |
| | Class A | | Class C | | Class I | | Class W | |
August 31, 2017 | | | 5.30 | % | | | 4.81 | % | | | 5.57 | % | | | 5.55 | % | |
February 28, 2017 | | | 5.38 | % | | | 4.89 | % | | | 5.64 | % | | | 5.62 | % | |
(1) Yield is calculated by dividing the Fund's net investment income per share for the most recent thirty days by the net asset value. Yield calculations do not include any commissions or sales charges, and are compounded for six months and annualized for a twelve-month period to derive the Fund's yield consistent with the U.S. Securities and Exchange Commission ("SEC") standardized yield formula.
(2) The distribution rate is calculated by annualizing the dividends declared during the last month of the period (i.e., divide the current month's dividend by the number of days in the related month and multiply by the number of days in the fiscal year) and then dividing the resulting figure by the reporting period-end NAV. The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate includes distributions from net investment income. The tax characterization of dividends and distributions will be determined after the Fund's tax year-end.
In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:
Credit Risk: Prices of the Fund's investments are likely to fall if the actual or perceived financial health of the borrowers on, or issuers of, such investments deteriorates, whether because of broad economic or issuer-specific reasons, or if the borrower or issuer is late (or defaults) in paying interest or principal. The Fund invests a substantial portion of its assets in below investment-grade senior loans and other below investment-grade assets. Below investment-grade loans commonly known as high-yielding, high risk investments or as "junk" investments involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of the interest due on their loans, the yield on the Fund's Common Shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the value of the Fund's net asset value ("NAV") will decrease.
Interest Rate Risk: Changes in short-term market interest rates will directly affect the yield on the Fund's Common Shares. If short-term market interest rates fall, the yield on the Fund's Common Shares will also fall. To the extent that the interest rate spreads on loans in the Fund's portfolio experience a general decline, the yield on the Fund's Common Shares will fall and the value of the Fund's assets may decrease, which will cause the Fund's NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the interest rate will generally decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this report, interest rates in the United States are at, or near, historic lows, which may increase the Fund's exposure to risks associated with rising interest rates.
Market interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates could have
6
Voya Senior Income Fund
PORTFOLIO MANAGERS' REPORT (continued)
unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income and related markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent and potential changes in government policy may affect interest rates.
Leverage Risk: The Fund's use of leverage through borrowings or the issuance of Preferred Shares can adversely affect the yield on the Fund's Common Shares. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. The Fund also faces the risk that it might have to sell assets at relatively less advantageous times if it were forced to de-leverage if a source of leverage becomes unavailable.
Liquidity Risk: The Fund does not repurchase its shares on a daily basis and no market for the Fund's Common Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers of not less than 5% of its outstanding Common Shares. If more than the respective monthly repurchase offer of Common Shares are tendered, investors may not be able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly repurchase dates.
7
Voya Senior Income Fund
STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2017 (Unaudited)
ASSETS: | |
Investments in securities at value (Cost $652,094,483) | | $ | 640,198,761 | | |
Cash | | | 3,841,881 | | |
Foreign currencies at value (Cost $601,842) | | | 601,860 | | |
Receivables: | |
Investment securities sold | | | 24,115,144 | | |
Fund shares sold | | | 1,243,857 | | |
Dividends and interest | | | 3,202,303 | | |
Prepaid expenses | | | 70,409 | | |
Other assets | | | 31,829 | | |
Total assets | | | 673,306,044 | | |
LIABILITIES: | |
Notes payable | | | 175,300,000 | | |
Payable for investment securities purchased | | | 36,996,539 | | |
Accrued interest payable | | | 602,298 | | |
Payable for investment management fees | | | 532,028 | | |
Payable for distribution and shareholder service fees | | | 165,154 | | |
Income distribution payable | | | 1,739,133 | | |
Unrealized depreciation on forward foreign currency contracts | | | 277,365 | | |
Unfunded loan commitments (Note 7) | | | 129,390 | | |
Accrued trustees fees | | | 9,339 | | |
Payable to trustees under the deferred compensation plan (Note 9) | | | 31,829 | | |
Other accrued expenses and liabilities | | | 326,222 | | |
Total liabilities | | | 216,109,297 | | |
NET ASSETS | | $ | 457,196,747 | | |
NET ASSETS WERE COMPRISED OF: | |
Paid-in capital | | $ | 689,184,422 | | |
Distributions in excess of net investment income | | | (3,686,879 | ) | |
Accumulated net realized loss | | | (215,961,350 | ) | |
Net unrealized depreciation | | | (12,339,446 | ) | |
NET ASSETS | | $ | 457,196,747 | | |
See Accompanying Notes to Financial Statements
8
Voya Senior Income Fund
STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2017 (Unaudited) (continued)
Class A | |
Net assets | | $ | 195,366,082 | | |
Shares authorized | | | unlimited | | |
Par value | | $ | 0.01 | | |
Shares outstanding | | | 15,563,601 | | |
Net asset value and redemption price per share(2) | | $ | 12.55 | | |
Maximum offering price per share (2.50%)(1) | | $ | 12.87 | | |
Class C | |
Net assets | | $ | 190,555,072 | | |
Shares authorized | | | unlimited | | |
Par value | | $ | 0.01 | | |
Shares outstanding | | | 15,210,242 | | |
Net asset value and redemption price per share(2) | | $ | 12.53 | | |
Class I | |
Net assets | | $ | 46,100,560 | | |
Shares authorized | | | unlimited | | |
Par value | | $ | 0.01 | | |
Shares outstanding | | | 3,683,449 | | |
Net asset value and redemption price per share | | $ | 12.52 | | |
Class W | |
Net assets | | $ | 25,175,033 | | |
Shares authorized | | | unlimited | | |
Par value | | $ | 0.01 | | |
Shares outstanding | | | 2,004,169 | | |
Net asset value and redemption price per share | | $ | 12.56 | | |
(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 early withdrawal charge.
See Accompanying Notes to Financial Statements
9
Voya Senior Income Fund
STATEMENT OF OPERATIONS for the Six Months Ended August 31, 2017 (Unaudited)
INVESTMENT INCOME: | |
Interest | | $ | 16,728,501 | | |
Other fees | | | 306,361 | | |
Total investment income | | | 17,034,862 | | |
EXPENSES: | |
Investment management fees | | | 2,993,691 | | |
Distribution and service fees: | |
Class A | | | 258,856 | | |
Class B(1) | | | 47 | | |
Class C | | | 766,050 | | |
Transfer agent fees: | |
Class A | | | 84,866 | | |
Class B(1) | | | 4 | | |
Class C | | | 83,770 | | |
Class I | | | 12,962 | | |
Class W | | | 11,034 | | |
Interest expense | | | 1,895,078 | | |
Custodian fees | | | 159,528 | | |
Professional fees | | | 63,382 | | |
Trustees fees | | | 10,458 | | |
Registration fees | | | 38,018 | | |
Shareholder reporting expense | | | 93,550 | | |
Miscellaneous expense | | | 21,337 | | |
Total expenses | | | 6,492,631 | | |
Waived and reimbursed fees | | | (90,543 | ) | |
Net expenses | | | 6,402,088 | | |
Net investment income | | | 10,632,774 | | |
REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on: | |
Investments | | | (2,394,324 | ) | |
Forward foreign currency contracts | | | (1,950,189 | ) | |
Foreign currency related transactions | | | (461,114 | ) | |
Net realized loss | | | (4,805,627 | ) | |
Net change in unrealized appreciation (depreciation) on: | |
Investments | | | (3,891,218 | ) | |
Forward foreign currency contracts | | | (272,931 | ) | |
Foreign currency related transactions | | | (197,728 | ) | |
Net change in unrealized appreciation (depreciation) | | | (4,361,877 | ) | |
Net realized and unrealized loss | | | (9,167,504 | ) | |
Increase in net assets resulting from operations | | $ | 1,465,270 | | |
(1) Class B converted to Class A on May 2, 2017
See Accompanying Notes to Financial Statements
10
Voya Senior Income Fund
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
| | | Six Months
Ended
August 31,
2017 | | Year Ended
February 28,
2017 | |
FROM OPERATIONS: | |
Net investment income | | $ | 10,632,774 | | | $ | 24,878,784 | | |
Net realized loss | | | (4,805,627 | ) | | | (7,698,741 | ) | |
Net change in unrealized appreciation (depreciation) | | | (4,361,877 | ) | | | 47,397,401 | | |
Increase in net assets resulting from operations | | | 1,465,270 | | | | 64,577,444 | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |
Net investment income: | |
Class A | | | (5,563,301 | ) | | | (11,005,526 | ) | |
Class B(1) | | | (227 | ) | | | (2,132 | ) | |
Class C | | | (4,981,022 | ) | | | (11,072,310 | ) | |
Class I | | | (1,328,895 | ) | | | (2,137,701 | ) | |
Class W | | | (755,698 | ) | | | (1,556,760 | ) | |
Decrease in net assets from distributions to shareholders | | | (12,629,143 | ) | | | (25,774,429 | ) | |
FROM CAPITAL SHARE TRANSACTIONS: | |
Net proceeds from sale of shares | | | 43,603,530 | | | | 72,143,288 | | |
Reinvestment of distributions | | | 1,658,566 | | | | 3,436,578 | | |
| | | | 45,262,096 | | | | 75,579,866 | | |
Cost of shares repurchased | | | (72,760,469 | ) | | | (95,819,522 | ) | |
Net increase (decrease) in net assets resulting from
capital share transactions | | | (27,498,373 | ) | | | (20,239,656 | ) | |
Net increase (decrease) in net assets | | | (38,662,246 | ) | | | 18,563,359 | | |
NET ASSETS: | |
Beginning of year or period | | | 495,858,993 | | | | 477,295,634 | | |
End of year or period | | $ | 457,196,747 | | | $ | 495,858,993 | | |
Distributions in excess of net investment income
at end of year or period | | $ | (3,686,879 | ) | | $ | (1,690,510 | ) | |
(1) Class B converted to Class A on May 2, 2017
See Accompanying Notes to Financial Statements
11
Voya Senior Income Fund
STATEMENT OF CASH FLOWS for the Six Months Ended August 31, 2017 (Unaudited)
INCREASE (DECREASE) IN CASH | |
Cash Flows From Operating Activities: | |
Interest received | | $ | 15,817,473 | | |
Other income received | | | 303,202 | | |
Interest paid | | | (1,313,683 | ) | |
Other operating expenses paid | | | (5,339,718 | ) | |
Purchases of securities | | | (347,444,644 | ) | |
Proceeds on sale of securities | | | 361,168,434 | | |
Net cash provided by operating activities | | | 23,191,064 | | |
Cash Flows From Financing Activities: | |
Distributions paid to common shareholders from
net investment income (net of reinvestments) | | | (10,956,425 | ) | |
Proceeds from shares sold | | | 43,632,397 | | |
Disbursements for shares repurchased | | | (72,760,469 | ) | |
Proceeds from notes payable | | | 151,600,000 | | |
Repayment of notes payable | | | (131,100,000 | ) | |
Net cash flows used in financing activities | | | (19,584,497 | ) | |
Cash Impact from Foreign Exchange Fluctuations | |
Cash impact from foreign exchange fluctuations | | | (2,027 | ) | |
Cash | |
Net increase in cash | | | 3,604,540 | | |
Cash and foreign currency at beginning of year or period | | | 839,201 | | |
Cash and foreign currency at end of year or period | | $ | 4,443,741 | | |
Reconciliation of Increase in Net Assets Resulting from
Operations to Net Cash provided by Operating Activities: | |
Increase in net assets resulting from operations | | $ | 1,465,270 | | |
Adjustments to reconcile increase in net assets resulting
from operations to net cash provided by operating activities: | |
Change in unrealized appreciation or depreciation on investments | | | 3,891,218 | | |
Change in unrealized appreciation or depreciation on forward foreign
currency contracts | | | 272,931 | | |
Change in unrealized appreciation or depreciation on foreign currency related
transactions | | | 197,728 | | |
Accretion of discounts on investments | | | (663,390 | ) | |
Net amortization of premiums on investments | | | 222,079 | | |
Net realized loss on sale of investments, forward foreign currency contracts and
foreign currency related transactions | | | 4,805,627 | | |
Purchases of securities | | | (347,444,644 | ) | |
Proceeds from disposition of securities | | | 361,168,434 | | |
Increase in other assets | | | (3,159 | ) | |
Increase in interest receivable | | | (469,717 | ) | |
Increase in prepaid expenses | | | (13,725 | ) | |
Increase in accrued interest payable | | | 581,395 | | |
Increase in payable for investment management fees | | | 68,717 | | |
Decrease in unfunded loan commitments | | | (815,709 | ) | |
Increase in payable for shareholder service and distribution fees | | | 2,056 | | |
Increase in accrued trustee fees | | | 4,374 | | |
Decrease in accrued expenses | | | (78,421 | ) | |
Total adjustments | | | 21,725,794 | | |
Net cash provided by operating activities | | $ | 23,191,064 | | |
Non Cash Financing Activities | |
Receivable for shares sold | | $ | 1,243,857 | | |
Reinvestment of distributions | | $ | 1,658,566 | | |
See Accompanying Notes to Financial Statements
12
FINANCIAL HIGHLIGHTS (Unaudited)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | Per Share Operating Performance | | | | Ratios to average
net assets after
reimbursement/
recoupment | | Ratios to average
net assets before
reimbursement/
recoupment | | Supplemental
data | |
| | | Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | Distributions from net investment income | | Distributions from net realized gains on investments | | Distributions from return of capital | | Total distributions | | Net asset value, end of year or period | | Total Investment Return(1) | | Expenses (before interest and other fees related to revolving credit facility)(2)(3) | | Expenses (with interest and other fees related to revolving credit facility)(2)(3) | | Net investment income (loss)(2)(3) | | Expenses (before interest and other fees related to revolving credit facility)(3) | | Expenses (with interest and other fees related to revolving credit facility)(3) | | Net investment income (loss)(3) | | Net assets, end of year or period | | Portfolio Turnover | |
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000's) | | (%) | |
Class A | | | |
08-31-17 | | | 12.85 | | | | 0.29 | | | | (0.25 | ) | | | 0.04 | | | | (0.34 | ) | | | — | | | | — | | | | (0.34 | ) | | | 12.55 | | | | 0.34 | | | | 1.68 | | | | 2.46 | | | | 4.56 | | | | 1.72 | | | | 2.50 | | | | 4.52 | | | | 195,366 | | | | 49 | | |
02-28-17 | | | 11.85 | | | | 0.67 | | | | 1.02 | | | | 1.69 | | | | (0.69 | ) | | | — | | | | — | | | | (0.69 | ) | | | 12.85 | | | | 14.56 | | | | 1.63 | | | | 2.12 | | | | 5.34 | | | | 1.68 | | | | 2.17 | | | | 5.28 | | | | 207,989 | | | | 69 | | |
02-29-16 | | | 13.15 | | | | 0.70 | | | | (1.30 | ) | | | (0.60 | ) | | | (0.70 | ) | | | — | | | | — | | | | (0.70 | ) | | | 11.85 | | | | (4.77 | ) | | | 1.65 | | | | 2.07 | | | | 5.48 | | | | 1.75 | | | | 2.17 | | | | 5.38 | | | | 196,812 | | | | 44 | | |
02-28-15 | | | 13.50 | | | | 0.65 | * | | | (0.28 | ) | | | 0.37 | | | | (0.72 | ) | | | — | | | | — | | | | (0.72 | ) | | | 13.15 | | | | 2.81 | | | | 1.66 | | | | 2.09 | | | | 4.90 | | | | 1.69 | | | | 2.12 | | | | 4.87 | | | | 264,305 | | | | 63 | | |
02-28-14 | | | 13.34 | | | | 0.70 | * | | | 0.26 | | | | 0.96 | | | | (0.72 | ) | | | — | | | | (0.08 | ) | | | (0.80 | ) | | | 13.50 | | | | 7.44 | | | | 1.61 | | | | 1.98 | | | | 5.23 | | | | 1.59 | | | | 1.95 | | | | 5.25 | | | | 403,027 | | | | 76 | | |
02-28-13 | | | 12.76 | | | | 0.95 | | | | 0.60 | | | | 1.55 | | | | (0.97 | ) | | | — | | | | — | | | | (0.97 | ) | | | 13.34 | | | | 12.56 | | | | 1.66 | | | | 2.14 | | | | 7.23 | | | | 1.68 | | | | 2.16 | | | | 7.21 | | | | 234,056 | | | | 94 | | |
02-29-12 | | | 13.40 | | | | 0.75 | | | | (0.75 | ) | | | (0.00 | )** | | | (0.64 | ) | | | — | | | | — | | | | (0.64 | ) | | | 12.76 | | | | 0.13 | | | | 1.63 | | | | 2.09 | | | | 5.54 | | | | 1.66 | | | | 2.13 | | | | 5.51 | | | | 237,853 | | | | 68 | | |
02-28-11 | | | 12.60 | | | | 0.52 | | | | 0.89 | | | | 1.41 | | | | (0.57 | ) | | | — | | | | (0.04 | ) | | | (0.61 | ) | | | 13.40 | | | | 11.52 | | | | 1.52 | | | | 1.93 | | | | 4.27 | | | | 1.51 | | | | 1.92 | | | | 4.28 | | | | 400,327 | | | | 64 | | |
02-28-10 | | | 8.74 | | | | 0.50 | * | | | 4.01 | | | | 4.51 | | | | (0.65 | ) | | | — | | | | — | | | | (0.65 | ) | | | 12.60 | | | | 52.65 | | | | 1.46 | | | | 1.82 | | | | 4.44 | | | | 1.61 | (5) | | | 1.97 | (5) | | | 4.29 | (5) | | | 455,482 | | | | 39 | | |
02-28-09 | | | 13.21 | | | | 0.77 | | | | (4.47 | ) | | | (3.70 | ) | | | (0.77 | ) | | | — | | | | — | | | | (0.77 | ) | | | 8.74 | | | | (29.08 | )(a) | | | 1.61 | | | | 2.81 | | | | 6.52 | | | | 1.71 | | | | 2.91 | | | | 6.42 | | | | 278,225 | | | | 10 | | |
02-29-08 | | | 15.57 | | | | 1.04 | | | | (2.35 | ) | | | (1.31 | ) | | | (0.95 | ) | | | (0.03 | ) | | | (0.07 | ) | | | (1.05 | ) | | | 13.21 | | | | (8.94 | ) | | | 1.53 | | | | 2.81 | | | | 6.85 | | | | 1.53 | | | | 2.81 | | | | 6.85 | | | | 595,017 | | | | 56 | | |
Class C | | | |
08-31-17 | | | 12.82 | | | | 0.27 | | | | (0.25 | ) | | | 0.02 | | | | (0.31 | ) | | | — | | | | — | | | | (0.31 | ) | | | 12.53 | | | | 0.17 | | | | 2.18 | | | | 2.96 | | | | 4.05 | | | | 2.22 | | | | 3.00 | | | | 4.01 | | | | 190,555 | | | | 49 | | |
02-28-17 | | | 11.83 | | | | 0.61 | | | | 1.01 | | | | 1.62 | | | | (0.63 | ) | | | — | | | | — | | | | (0.63 | ) | | | 12.82 | | | | 13.93 | | | | 2.13 | | | | 2.62 | | | | 4.84 | | | | 2.18 | | | | 2.67 | | | | 4.79 | | | | 214,361 | | | | 69 | | |
02-29-16 | | | 13.13 | | | | 0.63 | | | | (1.29 | ) | | | (0.66 | ) | | | (0.64 | ) | | | — | | | | — | | | | (0.64 | ) | | | 11.83 | | | | (5.27 | ) | | | 2.15 | | | | 2.57 | | | | 4.98 | | | | 2.25 | | | | 2.67 | | | | 4.88 | | | | 220,899 | | | | 44 | | |
02-28-15 | | | 13.47 | | | | 0.59 | * | | | (0.28 | ) | | | 0.31 | | | | (0.65 | ) | | | — | | | | — | | | | (0.65 | ) | | | 13.13 | | | | 2.38 | | | | 2.16 | | | | 2.59 | | | | 4.42 | | | | 2.19 | | | | 2.62 | | | | 4.39 | | | | 294,011 | | | | 63 | | |
02-28-14 | | | 13.32 | | | | 0.64 | * | | | 0.25 | | | | 0.89 | | | | (0.66 | ) | | | — | | | | (0.08 | ) | | | (0.74 | ) | | | 13.47 | | | | 6.85 | | | | 2.10 | | | | 2.47 | | | | 4.78 | | | | 2.08 | | | | 2.44 | | | | 4.81 | | | | 345,801 | | | | 76 | | |
02-28-13 | | | 12.74 | | | | 0.88 | | | | 0.61 | | | | 1.49 | | | | (0.91 | ) | | | — | | | | — | | | | (0.91 | ) | | | 13.32 | | | | 12.05 | | | | 2.14 | | | | 2.62 | | | | 6.75 | | | | 2.16 | | | | 2.64 | | | | 6.73 | | | | 265,812 | | | | 94 | | |
02-29-12 | | | 13.38 | | | | 0.68 | | | | (0.74 | ) | | | (0.06 | ) | | | (0.58 | ) | | | — | | | | — | | | | (0.58 | ) | | | 12.74 | | | | (0.38 | ) | | | 2.13 | | | | 2.59 | | | | 5.11 | | | | 2.16 | | | | 2.63 | | | | 5.08 | | | | 273,361 | | | | 68 | | |
02-28-11 | | | 12.58 | | | | 0.48 | | | | 0.87 | | | | 1.35 | | | | (0.51 | ) | | | — | | | | (0.04 | ) | | | (0.55 | ) | | | 13.38 | | | | 10.99 | | | | 2.02 | | | | 2.43 | | | | 3.78 | | | | 2.01 | | | | 2.42 | | | | 3.79 | | | | 354,965 | | | | 64 | | |
02-28-10 | | | 8.73 | | | | 0.45 | * | | | 3.99 | | | | 4.44 | | | | (0.59 | ) | | | — | | | | — | | | | (0.59 | ) | | | 12.58 | | | | 51.87 | | | | 1.96 | | | | 2.32 | | | | 3.98 | | | | 2.11 | (5) | | | 2.47 | (5) | | | 3.83 | (5) | | | 388,111 | | | | 39 | | |
02-28-09 | | | 13.19 | | | | 0.71 | | | | (4.46 | ) | | | (3.75 | ) | | | (0.71 | ) | | | — | | | | — | | | | (0.71 | ) | | | 8.73 | | | | (29.42 | )(a) | | | 2.11 | | | | 3.31 | | | | 6.02 | | | | 2.21 | | | | 3.41 | | | | 5.92 | | | | 280,599 | | | | 10 | | |
02-29-08 | | | 15.55 | | | | 0.96 | | | | (2.34 | ) | | | (1.38 | ) | | | (0.88 | ) | | | (0.03 | ) | | | (0.07 | ) | | | (0.98 | ) | | | 13.19 | | | | (9.42 | ) | | | 2.04 | | | | 3.35 | | | | 6.35 | | | | 2.04 | | | | 3.35 | | | | 6.35 | | | | 625,516 | | | | 56 | | |
Class I | | | |
08-31-17 | | | 12.81 | | | | 0.32 | | | | (0.25 | ) | | | 0.07 | | | | (0.36 | ) | | | — | | | | — | | | | (0.36 | ) | | | 12.52 | | | | 0.55 | | | | 1.43 | | | | 2.21 | | | | 4.80 | | | | 1.44 | | | | 2.22 | | | | 4.80 | | | | 46,101 | | | | 49 | | |
02-28-17 | | | 11.82 | | | | 0.69 | | | | 1.03 | | | | 1.72 | | | | (0.73 | ) | | | — | | | | — | | | | (0.73 | ) | | | 12.81 | | | | 14.79 | | | | 1.38 | | | | 1.87 | | | | 5.57 | | | | 1.41 | | | | 1.90 | | | | 5.55 | | | | 46,319 | | | | 69 | | |
02-29-16 | | | 13.12 | | | | 0.72 | | | | (1.29 | ) | | | (0.57 | ) | | | (0.73 | ) | | | — | | | | — | | | | (0.73 | ) | | | 11.82 | | | | (4.54 | ) | | | 1.40 | | | | 1.82 | | | | 5.71 | | | | 1.48 | | | | 1.90 | | | | 5.63 | | | | 33,210 | | | | 44 | | |
02-28-15 | | | 13.47 | | | | 0.68 | * | | | (0.28 | ) | | | 0.40 | | | | (0.75 | ) | | | — | | | | — | | | | (0.75 | ) | | | 13.12 | | | | 3.09 | | | | 1.41 | | | | 1.84 | | | | 5.14 | | | | 1.41 | | | | 1.84 | | | | 5.14 | | | | 53,877 | | | | 63 | | |
02-28-14 | | | 13.31 | | | | 0.73 | * | | | 0.27 | | | | 1.00 | | | | (0.76 | ) | | | — | | | | (0.08 | ) | | | (0.84 | ) | | | 13.47 | | | | 7.76 | | | | 1.33 | | | | 1.70 | | | | 5.43 | | | | 1.30 | | | | 1.67 | | | | 5.46 | | | | 109,180 | | | | 76 | | |
02-28-13 | | | 12.73 | | | | 0.99 | | | | 0.59 | | | | 1.58 | | | | (1.00 | ) | | | — | | | | — | | | | (1.00 | ) | | | 13.31 | | | | 12.87 | | | | 1.41 | | | | 1.89 | | | | 7.50 | | | | 1.43 | | | | 1.91 | | | | 7.48 | | | | 36,900 | | | | 94 | | |
02-29-12 | | | 13.37 | | | | 0.71 | | | | (0.68 | ) | | | 0.03 | | | | (0.67 | ) | | | — | | | | — | | | | (0.67 | ) | | | 12.73 | | | | 0.38 | | | | 1.38 | | | | 1.84 | | | | 6.19 | | | | 1.41 | | | | 1.88 | | | | 6.16 | | | | 27,051 | | | | 68 | | |
02-28-11 | | | 12.54 | | | | 0.63 | | | | 0.84 | | | | 1.47 | | | | (0.60 | ) | | | — | | | | (0.04 | ) | | | (0.64 | ) | | | 13.37 | | | | 12.05 | | | | 1.27 | | | | 1.68 | | | | 4.71 | | | | 1.26 | | | | 1.67 | | | | 4.72 | | | | 3,977 | | | | 64 | | |
02-28-10 | | | 8.67 | | | | 0.51 | * | | | 4.01 | | | | 4.52 | | | | (0.65 | ) | | | — | | | | — | | | | (0.65 | ) | | | 12.54 | | | | 53.19 | | | | 1.21 | | | | 1.57 | | | | 4.42 | | | | 1.36 | (5) | | | 1.72 | (5) | | | 4.27 | (5) | | | 26 | | | | 39 | | |
| 04-15-08(4)-02-28-09 | | | 13.24 | | | | 0.66 | | | | (4.61 | ) | | | (3.95 | ) | | | (0.62 | ) | | | — | | | | — | | | | (0.62 | ) | | | 8.67 | | | | (30.38 | )(a) | | | 1.26 | | | | 2.46 | | | | 6.87 | | | | 1.36 | | | | 2.56 | | | | 6.77 | | | | 2 | | | | 10 | | |
Class W | | | |
08-31-17 | | | 12.86 | | | | 0.31 | | | | (0.25 | ) | | | 0.06 | | | | (0.36 | ) | | | — | | | | — | | | | (0.36 | ) | | | 12.56 | | | | 0.47 | | | | 1.43 | | | | 2.21 | | | | 4.80 | | | | 1.47 | | | | 2.25 | | | | 4.76 | | | | 25,175 | | | | 49 | | |
02-28-17 | | | 11.86 | | | | 0.70 | * | | | 1.03 | | | | 1.73 | | | | (0.73 | ) | | | — | | | | — | | | | (0.73 | ) | | | 12.86 | | | | 14.83 | | | | 1.38 | | | | 1.87 | | | | 5.59 | | | | 1.43 | | | | 1.92 | | | | 5.54 | | | | 27,161 | | | | 69 | | |
02-29-16 | | | 13.16 | | | | 0.73 | | | | (1.30 | ) | | | (0.57 | ) | | | (0.73 | ) | | | — | | | | — | | | | (0.73 | ) | | | 11.86 | | | | (4.52 | ) | | | 1.40 | | | | 1.82 | | | | 5.73 | | | | 1.50 | | | | 1.92 | | | | 5.63 | | | | 26,306 | | | | 44 | | |
02-28-15 | | | 13.51 | | | | 0.69 | * | | | (0.29 | ) | | | 0.40 | | | | (0.75 | ) | | | — | | | | — | | | | (0.75 | ) | | | 13.16 | | | | 3.08 | | | | 1.41 | | | | 1.84 | | | | 5.15 | | | | 1.44 | | | | 1.87 | | | | 5.12 | | | | 31,608 | | | | 63 | | |
02-28-14 | | | 13.36 | | | | 0.74 | * | | | 0.25 | | | | 0.99 | | | | (0.76 | ) | | | — | | | | (0.08 | ) | | | (0.84 | ) | | | 13.51 | | | | 7.65 | | | | 1.36 | | | | 1.73 | | | | 5.51 | | | | 1.34 | | | | 1.70 | | | | 5.54 | | | | 48,587 | | | | 76 | | |
02-28-13 | | | 12.76 | | | | 0.98 | | | | 0.62 | | | | 1.60 | | | | (1.00 | ) | | | — | | | | — | | | | (1.00 | ) | | | 13.36 | | | | 13.00 | | | | 1.41 | | | | 1.89 | | | | 7.40 | | | | 1.43 | | | | 1.91 | | | | 7.38 | | | | 49,149 | | | | 94 | | |
02-29-12 | | | 13.40 | | | | 0.78 | | | | (0.75 | ) | | | 0.03 | | | | (0.67 | ) | | | — | | | | — | | | | (0.67 | ) | | | 12.76 | | | | 0.38 | | | | 1.38 | | | | 1.84 | | | | 5.82 | | | | 1.41 | | | | 1.88 | | | | 5.79 | | | | 19,186 | | | | 68 | | |
02-28-11 | | | 12.60 | | | | 0.57 | | | | 0.87 | | | | 1.44 | | | | (0.60 | ) | | | — | | | | (0.04 | ) | | | (0.64 | ) | | | 13.40 | | | | 11.75 | | | | 1.27 | | | | 1.68 | | | | 4.52 | | | | 1.26 | | | | 1.67 | | | | 4.53 | | | | 26,353 | | | | 64 | | |
02-28-10 | | | 8.71 | | | | 0.52 | * | | | 4.02 | | | | 4.54 | | | | (0.65 | ) | | | — | | | | — | | | | (0.65 | ) | | | 12.60 | | | | 53.18 | | | | 1.21 | | | | 1.57 | | | | 4.47 | | | | 1.36 | (5) | | | 1.72 | (5) | | | 4.32 | (5) | | | 27,950 | | | | 39 | | |
| 04-15-08(4)-02-28-09 | | | 13.24 | | | | 0.65 | | | | (4.56 | ) | | | (3.91 | ) | | | (0.62 | ) | | | — | | | | — | | | | (0.62 | ) | | | 8.71 | | | | (30.07 | )(a) | | | 1.21 | | | | 2.56 | | | | 8.25 | | | | 1.31 | | | | 2.66 | | | | 8.15 | | | | 4,202 | | | | 10 | | |
(1) Total investment return has been calculated assuming a purchase at the beginning of each period and a sale at the end of each period and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, on the dividend/distribution date. Total investment return does not include sales load.
(2) The Investment Adviser has agreed to limit expenses excluding interest, taxes, brokerage commissions, leverage expenses, other investment related costs and extraordinary expenses, subject to possible recoupment by the Investment Adviser within three years to the following: Class A – 0.90% of Managed Assets plus 0.45% of average daily net assets; Class C – 0.90% of
Managed Assets plus 0.95% of average daily net assets; Class I – 0.90% of Managed Assets plus 0.20% of average daily net assets; and Class W – 0.90% of Managed Assets plus 0.20% of average daily net assets.
(3) Annualized for periods less than one year.
(4) Commencement of operations.
(5) Includes excise tax fully reimbursed by the Investment Advisor.
* Calculated using average amount of shares outstanding throughout the period.
** Amount is less than $0.005 or more than $(0.005).
(a) There was no impact on total return due to payments by affiliates.
See Accompanying Notes to Financial Statements
13
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | Supplemental data | |
| | | Borrowings at end of year or period | | Asset coverage per $1,000 of debt | | Average borrowings(1) | | Shares outstanding at end of year or period | |
Year or period ended | | ($000's) | | ($) | | ($000's) | | (000's) | |
Class A | | | |
08-31-17 | | | 175,300 | | | | 3,610 | | | | 178,305 | | | | 15,564 | | |
02-28-17 | | | 154,800 | | | | 4,200 | | | | 149,897 | | | | 16,188 | | |
02-29-16 | | | 160,900 | | | | 3,970 | | | | 188,201 | | | | 16,602 | | |
02-28-15 | | | 224,500 | | | | 3,870 | | | | 276,481 | | | | 20,093 | | |
02-28-14 | | | 293,500 | | | | 4,090 | | | | 228,860 | | | | 29,859 | | |
02-28-13 | | | 169,000 | | | | 4,470 | | | | 191,959 | | | | 17,541 | | |
02-29-12 | | | 202,000 | | | | 3,810 | | | | 208,126 | | | | 18,644 | | |
02-28-11 | | | 183,000 | | | | 5,430 | | | | 158,805 | | | | 29,876 | | |
02-28-10 | | | 108,000 | | | | 9,390 | | | | 94,368 | | | | 36,155 | | |
02-28-09 | | | 152,000 | | | | 5,080 | | | | 288,762 | | | | 31,849 | | |
02-29-08 | | | 544,000 | | | | 3,484 | | | | 426,164 | | | | 45,039 | | |
Class C | | | |
08-31-17 | | | 175,300 | | | | 3,610 | | | | 178,305 | | | | 15,210 | | |
02-28-17 | | | 154,800 | | | | 4,200 | | | | 149,897 | | | | 16,715 | | |
02-29-16 | | | 160,900 | | | | 3,970 | | | | 188,201 | | | | 18,667 | | |
02-28-15 | | | 224,500 | | | | 3,870 | | | | 276,481 | | | | 22,392 | | |
02-28-14 | | | 293,500 | | | | 4,090 | | | | 228,860 | | | | 25,664 | | |
02-28-13 | | | 169,000 | | | | 4,470 | | | | 191,959 | | | | 19,949 | | |
02-29-12 | | | 202,000 | | | | 3,810 | | | | 208,126 | | | | 21,454 | | |
02-28-11 | | | 183,000 | | | | 5,430 | | | | 158,805 | | | | 26,522 | | |
02-28-10 | | | 108,000 | | | | 9,390 | | | | 94,368 | | | | 30,843 | | |
02-28-09 | | | 152,000 | | | | 5,080 | | | | 288,762 | | | | 32,152 | | |
02-29-08 | | | 544,000 | | | | 3,484 | | | | 426,164 | | | | 47,406 | | |
Class I | | | |
08-31-17 | | | 175,300 | | | | 3,610 | | | | 178,305 | | | | 3,683 | | |
02-28-17 | | | 154,800 | | | | 4,200 | | | | 149,897 | | | | 3,615 | | |
02-29-16 | | | 160,900 | | | | 3,970 | | | | 188,201 | | | | 2,809 | | |
02-28-15 | | | 224,500 | | | | 3,870 | | | | 276,481 | | | | 4,106 | | |
02-28-14 | | | 293,500 | | | | 4,090 | | | | 228,860 | | | | 8,106 | | |
02-28-13 | | | 169,000 | | | | 4,470 | | | | 191,959 | | | | 2,772 | | |
02-29-12 | | | 202,000 | | | | 3,810 | | | | 208,126 | | | | 2,126 | | |
02-28-11 | | | 183,000 | | | | 5,430 | | | | 158,805 | | | | 297 | | |
02-28-10 | | | 108,000 | | | | 9,390 | | | | 94,368 | | | | 2 | | |
| 04-15-08(2)-02-28-09 | | | 152,000 | | | | 5,080 | | | | 288,762 | | | | 0 | * | |
Class W | | | |
08-31-17 | | | 175,300 | | | | 3,610 | | | | 178,305 | | | | 2,004 | | |
02-28-17 | | | 154,800 | | | | 4,200 | | | | 149,897 | | | | 2,113 | | |
02-29-16 | | | 160,900 | | | | 3,970 | | | | 188,201 | | | | 2,218 | | |
02-28-15 | | | 224,500 | | | | 3,870 | | | | 276,481 | | | | 2,401 | | |
02-28-14 | | | 293,500 | | | | 4,090 | | | | 228,860 | | | | 3,597 | | |
02-28-13 | | | 169,000 | | | | 4,470 | | | | 191,959 | | | | 3,678 | | |
02-29-12 | | | 202,000 | | | | 3,810 | | | | 208,126 | | | | 1,503 | | |
02-28-11 | | | 183,000 | | | | 5,430 | | | | 158,805 | | | | 1,966 | | |
02-28-10 | | | 108,000 | | | | 9,390 | | | | 94,368 | | | | 2,219 | | |
| 04-15-08(2)-02-28-09 | | | 152,000 | | | | 5,080 | | | | 288,762 | | | | 482 | | |
(1) Based on the active days of borrowing.
(2) Commencement of operations.
* Amount is less than 500.
See Accompanying Notes to Financial Statements
14
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Senior Income Fund (the "Fund"), a Delaware statutory trust, is registered under the Investment Company Act of 1940 as amended, (the "1940 Act"), as a continuously-offered, diversified, closed-end, management investment company. The Fund invests, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings, for investment purposes, in U.S. dollar denominated, floating rate secured senior loans, which generally are not registered under the Securities Act of 1933, as amended (the "1933 Act"), and 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. Effective April 2, 2001, the Fund commenced the offering of Class A and Class C shares to the public. Effective April 15, 2008, the Fund commenced the offering of Class I and Class W shares to the public.
The Fund currently has four classes of shares: A, C, I and W. Class A shares are subject to a sales charge of up to 2.50%. Class A shares purchased in excess of $500,000 are not subject to a sales charge but are subject to an Early Withdrawal Charge ("EWC") of 1.00% within six months of purchase. At the close of business on May 2, 2017 (the "Conversion Date"), all outstanding Class B shares of the Fund were converted to Class A shares of the Fund, which was prior to the date the Class B shares would normally be converted to Class A shares. Shareholders will benefit from the earlier Conversion Date because the 12b-1 fees for Class A shares are lower than the 12b-1 fees for Class B shares. Class B shares are not available for purchase. No contingent deferred sales charges ("CDSCs") will be payable in connection with this early conversion. Class C shares are subject to an EWC of 1.00% during the first year after purchase.
To maintain a measure of liquidity, the Fund will offer to repurchase not less than 5% of its outstanding Common Shares on a monthly basis. This is a fundamental policy that cannot be changed without shareholder approval. The Fund may not offer to repurchase more than 25% of its outstanding Common Shares in any calendar quarter. Other than these monthly repurchases, no market for the Fund's Common Shares is expected to exist. The separate classes of shares differ principally in their distribution fees and shareholder servicing fees. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata on the average daily net assets of each class, without distinction between share classes. Differences in the per share dividend rates generally result from differences in separate class expenses, including distribution fees and shareholder servicing fees.
Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser 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. Senior 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 Common Share of 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,
15
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
electronic communications networks, and third-market broker-dealers. The NAV per Common Share of each class of the Fund is calculated by dividing the value of the Fund's loan assets plus all cash and other assets (including accrued expenses but excluding capital and surplus) attributable to that class of Common Shares by the number of Common Shares outstanding. The NAV per Common Share is made available for publication. 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.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, the Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Board of Trustees ("Board"). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) Over-the-counter swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
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' (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign
16
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
security trades is not the current value as of Market Close. Foreign securities' prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. 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. 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 a security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.
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 following 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. The beginning of period timing recognition is used for the transfers between Levels of the Fund's assets and liabilities. A reconciliation of Level 3 investments is presented only when the Fund has a significant amount of Level 3 investments.
For the period ended August 31, 2017, there have been no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue Recognition. Security transactions and senior loans are accounted for on the 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 senior loans are generally applied as a reduction to the recorded investment
17
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
of the loan. Senior 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 shorter of four years or the actual term of the loan. 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 shorter of four years or the actual term of the loan. No such fees are recognized on loans which have been placed on non-accrual status. Arrangement fees associated with all other loans, except revolving credit facilities, are treated as discounts and are accreted as described above. Dividend income is recorded on the ex-dividend date. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Amendment fees and other fees earned are reported on the Statement of Operations.
C. 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.
D. Forward Foreign Currency Contracts. The Fund has entered into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a currency forward foreign contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These
18
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.
For the period ended August 31, 2017, the Fund had an average quarterly contract amount on forward foreign currency contracts to sell of $21,536,526. Please refer to the table following the Portfolio of Investments for open forward foreign currency contracts to sell at August 31, 2017.
E. When-Issued Delayed-Delivery. 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 Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date.
F. 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 their net investment income and any net realized capital gains to their 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 or expire.
The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
G. 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.
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. Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund'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 the risk of loss from such claims remote.
NOTE 3 — INVESTMENTS
For the period ended August 31, 2017, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $333,630,780 and $376,558,110, respectively. At August 31, 2017, the Fund held senior loans valued at $638,967,333 representing 99.8% of its total investments. The fair value of these assets is established as set forth in Note 2.
19
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 3 — INVESTMENTS (continued)
The senior loans acquired by the Fund typically take the form of a direct lending relationship with the borrower, and are typically 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 the collateral securing the loan. 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.
Warrants and shares of common stock held in the portfolio were acquired in conjunction with loans held by the Fund. Certain of these shares and warrants are restricted and may not be publicly sold without registration under the 1933 Act, or without an exemption under the 1933 Act. In some cases, these restrictions expire after a designated period of time after the issuance of the shares or warrants.
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 fee, computed daily and payable monthly, at an annual rate of 0.90% of the Fund's Managed Assets. For the purposes of the Management Agreement, "Managed Assets" shall mean the Fund's average daily gross asset value, minus the sum of the Fund's accrued and unpaid dividends on any outstanding Preferred Shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding Preferred Shares).
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 and Class C shares of the Fund have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plans"), whereby Voya Investments Distributor, LLC (the "Distributor"), a Delaware limited liability company, is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for actual 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 or shareholder servicing fees ("Service Fees") paid to securities dealers who executed a distribution agreement with the Distributor. Under the 12b-1 plans, each class of shares of the Fund pays the Distributor a combined Distribution and/or Service Fee based on average daily net assets at the following annual rates:
Class A | | Class C | |
| | 0.25 | % | | | 0.75 | % | |
20
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 6 — EXPENSE LIMITATIONS
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 following:
Class A — 0.90% of Managed Assets plus 0.45% of average daily net assets | |
Class C — 0.90% of Managed Assets plus 0.95% of average daily net assets | |
Class I — 0.90% of Managed Assets plus 0.20% of average daily net assets | |
Class W — 0.90% of Managed Assets plus 0.20% of average daily net assets | |
The Investment Adviser may at a later date recoup from the Fund for fees waived and 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 and 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.
The Expense Limitation Agreement is contractual through July 1, 2018 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
As of August 31, 2017, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:
August 31, | | | |
| 2018 | | 2019 | | 2020 | | Total | |
| $ | 224,949 | | | $ | 317,155 | | | $ | 108,651 | | | $ | 650,755 | | |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived and/or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of August 31, 2017, are as follows:
| | August 31, | | | |
| | 2018 | | 2019 | | 2020 | | Total | |
Class A | | $ | 83,021 | | | $ | 29,324 | | | $ | 53,457 | | | $ | 165,802 | | |
Class C | | | 88,633 | | | | 33,283 | | | | 54,942 | | | | 176,858 | | |
Class W | | | 9,963 | | | | 3,908 | | | | 7,059 | | | | 20,930 | | |
NOTE 7 — COMMITMENTS
Effective May 12, 2017, the Fund has entered into a 364-day revolving credit agreement, collateralized by assets of the Fund, to borrow up to $231 million maturing May 11, 2018. Borrowing rates under this agreement are based on a fixed spread over LIBOR, and a commitment fee is charged on the unused portion. There was $175.3 million of borrowings outstanding at August 31, 2017. The weighted average interest rate on outstanding borrowings at August 31, 2017 was 2.18%, excluding fees related to the unused portion of the facilities, and other fees. The amount of borrowings represented 26.04% of total assets at August 31, 2017. Prepaid arrangement fees are amortized over the term of the agreement. Average borrowings for the period ended August 31, 2017 were $178,305,435 and the average annualized interest rate was 2.11%.
21
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 8 — SENIOR LOAN COMMITMENTS
As of August 31, 2017, the Fund had unfunded loan commitments pursuant to the terms of the following loan agreement:
Engineered Machinery Holdings, Inc. | | $ | 20,636 | | |
TricorBraun Holdings, Inc. | | | 108,754 | | |
| | | $ | 129,390 | | |
NOTE 9 — TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
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"). The Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, resulting 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.
NOTE 10 — CUSTODIAL AGREEMENT
State Street Bank and Trust Company ("SSB") serves as the Fund's custodian and recordkeeper. Custody fees paid to SSB may be reduced by earnings credits based on the cash balances held by SSB for the Fund. There were no earnings credits for the period ended August 31, 2017.
NOTE 11 — SUBORDINATED LOANS AND UNSECURED LOANS
The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans. The Fund may invest up to 20% of its total assets, measured at the time of investment, in subordinated loans, unsecured debt instruments and other investments, as directed by the Prospectus. As of August 31, 2017, the Fund held no subordinated loans or unsecured loans.
22
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
Transactions in capital shares and dollars were as follows:
| Year or | | Shares
sold | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease)
in shares
outstanding | |
period ended | | # | | # | | # | | # | | # | |
Class A | | | |
08-31-17 | | | 1,550,568 | | | | 66,620 | | | | (2,241,236 | ) | | | 875 | | | | (624,048 | ) | |
02-28-17 | | | 2,857,977 | | | | 143,285 | | | | (3,415,999 | ) | | | — | | | | (414,737 | ) | |
Class B(1) | | | |
08-31-17 | | | 9 | | | | 4 | | | | (2,246 | ) | | | (2,055 | ) | | | (2,233 | ) | |
02-28-17 | | | 108 | | | | 40 | | | | (3,755 | ) | | | — | | | | (3,607 | ) | |
Class C | | | |
08-31-17 | | | 824,370 | | | | 46,151 | | | | (2,375,656 | ) | | | — | | | | (1,505,135 | ) | |
02-28-17 | | | 1,164,564 | | | | 95,250 | | | | (3,211,174 | ) | | | — | | | | (1,951,360 | ) | |
Class I | | | |
08-31-17 | | | 903,042 | | | | 3,481 | | | | (838,241 | ) | | | — | | | | 68,282 | | |
02-28-17 | | | 1,408,136 | | | | 4,775 | | | | (607,028 | ) | | | — | | | | 805,883 | | |
Class W | | | |
08-31-17 | | | 160,321 | | | | 14,666 | | | | (283,330 | ) | | | — | | | | (108,343 | ) | |
02-28-17 | | | 265,723 | | | | 29,431 | | | | (400,154 | ) | | | — | | | | (105,000 | ) | |
Year or period ended | | Shares
sold | | Reinvestment
of
distributions | | Shares
redeemed | | Shares
converted | | Net increase
(decrease) | |
| | ($) | | ($) | | ($) | | ($) | | ($) | |
Class A | | | |
08-31-17 | | | 19,715,252 | | | | 844,610 | | | | (28,424,480 | ) | | | 26,057 | | | | (7,864,618 | ) | |
02-28-17 | | | 36,284,390 | | | | 1,806,200 | | | | (42,875,532 | ) | | | — | | | | (4,784,942 | ) | |
Class B(1) | | | |
08-31-17 | | | 115 | | | | 57 | | | | (28,495 | ) | | | (26,057 | ) | | | (28,323 | ) | |
02-28-17 | | | 1,335 | | | | 498 | | | | (46,701 | ) | | | — | | | | (44,868 | ) | |
Class C | | | |
08-31-17 | | | 10,431,545 | | | | 583,959 | | | | (30,120,511 | ) | | | — | | | | (19,105,007 | ) | |
02-28-17 | | | 14,653,236 | | | | 1,198,574 | | | | (40,266,533 | ) | | | — | | | | (24,414,723 | ) | |
Class I | | | |
08-31-17 | | | 11,410,238 | | | | 43,896 | | | | (10,587,401 | ) | | | — | | | | 866,733 | | |
02-28-17 | | | 17,843,693 | | | | 60,047 | | | | (7,595,607 | ) | | | — | | | | 10,308,133 | | |
Class W | | | |
08-31-17 | | | 2,046,380 | | | | 186,044 | | | | (3,599,582 | ) | | | — | | | | (1,367,158 | ) | |
02-28-17 | | | 3,360,634 | | | | 371,259 | | | | (5,035,149 | ) | | | — | | | | (1,303,256 | ) | |
(1) Class B converted to Class A on May 2, 2017.
NOTE 13 — 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 short-term capital gains, foreign currency transactions, 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 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:
| Six Months Ended August 31, 2017 | | Year Ended February 28, 2017 | |
| Ordinary Income | | Ordinary Income | |
| $ | 12,629,143 | | | $ | 25,774,429 | | |
23
Voya Senior Income Fund
NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)
NOTE 13 — FEDERAL INCOME TAXES (continued)
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of February 28, 2017 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the "Act") provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Fund's pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
Post-October
Capital Losses | | Unrealized
Appreciation/ | | Capital Loss Carryforwards | |
| Deferred | | (Depreciation) | | Amount | | Character | | Expiration | |
| $ | (3,075,034 | ) | | $ | (7,935,767 | ) | | $ | (133,167,631 | ) | | Short-term | | | 2018 | | |
| | | | | | | | | | (31,805,887 | ) | | Short-term | | | 2019 | | |
| | | | | | | | | | (476,046 | ) | | Short-term | | | None | | |
| | | | | | | | | | (42,610,226 | ) | | Long-term | | | None | | |
| | | | $ | (208,059,790 | ) | | | | | | | | | |
As a result of amendments to Regulation S-X, tax cost, appreciation and depreciation now reflect the Fund's entire portfolio. This includes investments, derivatives, short positions and foreign cash, if applicable. As of August 31, 2017, cost for federal income tax purposes was $652,718,965. Net unrealized depreciation consisted of:
Gross Unrealized Appreciation | | $ | 5,629,706 | | |
Gross Unrealized Depreciation | | | (17,991,792 | ) | |
Net Unrealized Depreciation | | $ | (12,362,086 | ) | |
The Fund's major tax jurisdictions are U.S. federal and Arizona state.
As of August 31, 2017, 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. The earliest tax year that remains subject to examination by these jurisdictions is 2012.
NOTE 14 — SUBSEQUENT EVENTS
Dividends Declared: Subsequent to August 31, 2017, the Fund declared the following dividends from net investment income:
| Class | | Per Share Amount | | Declaration Date | | Record Date | | Payable Date | |
| A | | $ | 0.05202 | | | Daily | | Daily | | October 2, 2017 | |
| C | | $ | 0.04688 | | | Daily | | Daily | | October 2, 2017 | |
| I | | $ | 0.05460 | | | Daily | | Daily | | October 2, 2017 | |
| W | | $ | 0.05460 | | | Daily | | Daily | | October 2, 2017 | |
The Fund has evaluated events occurring after the Statement of Assets and Liabilities date ("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.
24
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
SENIOR LOANS*: 139.7% | | | |
| | | | | Aerospace & Defense: 2.8% | |
| | 1,500,000 | | | | | | | American Airlines,
Inc. 2016 USD
Term Loan B,
3.727%,
(US0003M +
2.500%),
12/14/23 | | $ | 1,506,328 | | | | 0.3 | | |
| | 4,615,000 | | | | | | | Avolon Term
Loan B
Borrower 1
(Luxembourg)
S.a.r.l. Term
Loan B2, 3.981%,
(US0003M +
2.750%),
01/13/22 | | | 4,634,872 | | | | 1.0 | | |
| | 2,089,500 | | | | | | | DigitalGlobe, Inc.
2016 Term
Loan B, 3.989%,
(US0003M +
2.750%),
12/16/23 | | | 2,089,935 | | | | 0.4 | | |
| | 2,680,000 | | | | (1 | ) | | MacDonald,
Dettwiler and
Associates Ltd.
Term Loan B,
4.068%,
(US0003M +
2.750%),
07/06/24 | | | 2,672,630 | | | | 0.6 | | |
| | 1,210,604 | | | | | | | TransDigm, Inc.
2016 Extended
Term Loan F,
4.239%,
(US0003M +
3.000%),
06/09/23 | | | 1,213,630 | | | | 0.3 | | |
| | 760,000 | | | | | | | TransDigm, Inc.
2017 Term
Loan G, 4.264%,
(US0003M +
3.000%),
08/15/24 | | | 761,663 | | | | 0.2 | | |
| | | | | | | | | | 12,879,058 | | | | 2.8 | | |
| | | | | Auto Components: 0.3% | |
| | 1,343,250 | | | | | | | Broadstreet
Partners Inc.
Term Loan,
5.489%,
(US0003M +
4.250%),
10/27/23 | | | 1,364,868 | | | | 0.3 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Automotive: 4.9% | |
| | 1,016,358 | | | | | | | BBB Industries U.S.
Holdings, Inc.
2014 First Lien
Term Loan,
5.739%,
(US0001M +
4.500%),
09/24/21 | | $ | 1,028,097 | | | | 0.2 | | |
| | 1,275,000 | | | | | | | Bright Bidco B.V.
Term Loan B,
5.796%,
(US0003M +
4.500%),
02/27/24 | | | 1,289,609 | | | | 0.3 | | |
| | 1,454,013 | | | | | | | Dealer Tire, LLC
2016 Term
Loan B, 5.063%,
(US0003M +
3.750%),
12/22/21 | | | 1,466,508 | | | | 0.3 | | |
| | 2,257,026 | | | | | | | Dynacast
International LLC
Term Loan B,
4.546%,
(US0003M +
3.250%),
01/30/22 | | | 2,265,489 | | | | 0.5 | | |
| | 1,081,391 | | | | | | | Federal-Mogul
Holdings
Corporation New
Term Loan C,
4.982%,
(US0003M +
3.750%),
04/15/21 | | | 1,085,897 | | | | 0.2 | | |
EUR | 997,500 | | | | | | | Gates Global LLC
2017 EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
04/01/24 | | | 1,195,936 | | | | 0.3 | | |
| | 4,018,722 | | | | | | | Gates Global LLC
2017 USD Term
Loan B, 4.546%,
(US0003M +
3.250%),
03/17/24 | | | 4,038,586 | | | | 0.9 | | |
| | 1,409,310 | | | | | | | Key Safety
Systems, Inc.
New First Lien
Term Loan,
5.820%,
(US0003M +
4.500%),
08/29/21 | | | 1,418,470 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
25
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Automotive (continued) | |
| | 1,566,156 | | | | | | | Midas Intermediate
Holdco II, LLC
Incremental Term
Loan B, 4.046%,
(US0003M +
2.750%),
08/18/21 | | $ | 1,566,156 | | | | 0.3 | | |
| | 1,237,530 | | | | | | | NN, Inc. 2016
Term Loan B,
5.489%,
(US0003M +
4.250%),
09/21/22 | | | 1,239,657 | | | | 0.3 | | |
| | 564,300 | | | | | | | NN, Inc. 2017
Term Loan,
4.989%,
(US0003M +
3.750%),
03/22/21 | | | 565,241 | | | | 0.1 | | |
| | 855,000 | | | | | | | Superior Industries
International, Inc.
First Lien Term
Loan B, 5.787%,
(US0003M +
4.500%),
03/22/24 | | | 846,450 | | | | 0.2 | | |
| | 2,087,813 | | | | | | | TI Group
Automotive
Systems, L.L.C.
2015 USD Term
Loan B, 3.989%,
(US0003M +
2.750%),
06/24/22 | | | 2,096,947 | | | | 0.5 | | |
| | 1,700,000 | | | | | | | Truck Hero, Inc.
First Lien Term
Loan, 5.231%,
(US0003M +
4.000%),
04/21/24 | | | 1,698,584 | | | | 0.4 | | |
| | 565,000 | | | | | | | Truck Hero, Inc.
Second Lien
Term Loan,
9.481%,
(US0003M +
8.250%),
04/17/25 | | | 566,648 | | | | 0.1 | | |
| | | | | | | | | | 22,368,275 | | | | 4.9 | | |
| | | | | Brokers, Dealers & Investment
Houses: 0.3% | |
| | 1,146,488 | | | | | | | Capital Automotive
L.P. 2017 Second
Lien Term Loan,
7.240%,
(US0003M +
6.000%),
03/24/25 | | | 1,162,790 | | | | 0.3 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Building & Development: 3.9% | |
| | 2,299,238 | | | | | | | American Builders
& Contractors
Supply Co., Inc.
2017 Term
Loan B, 3.739%,
(US0003M +
2.500%),
10/31/23 | | $ | 2,306,422 | | | | 0.5 | | |
| | 1,142,868 | | | | | | | Capital Automotive
L.P. 2017 First
Lien Term Loan,
4.240%,
(US0003M +
3.000%),
03/24/24 | | | 1,150,962 | | | | 0.2 | | |
| | 807,975 | | | | | | | Clark Equipment
Company 2017
Term Loan B,
4.013%,
(US0003M +
2.750%),
05/11/24 | | | 812,099 | | | | 0.2 | | |
| | 3,024,753 | | | | | | | Forterra Finance,
LLC 2017 Term
Loan B, 4.239%,
(US0003M +
3.000%),
10/25/23 | | | 2,543,817 | | | | 0.6 | | |
| | 735,000 | | | | | | | HD Supply
Waterworks, Ltd.
2017 Term
Loan B, 4.455%,
(US0003M +
3.500%),
07/12/24 | | | 739,594 | | | | 0.2 | | |
| | 771,125 | | | | | | | Henry Company
LLC Term Loan B,
5.739%,
(US0003M +
4.500%),
09/28/23 | | | 784,620 | | | | 0.2 | | |
| | 430,000 | | | | | | | Installed Building
Products, Inc.
Term Loan B,
4.239%,
(US0003M +
3.000%),
03/23/24 | | | 432,150 | | | | 0.1 | | |
| | 446,225 | | | | | | | MX Holdings US,
Inc. Term
Loan B1B,
3.989%,
(US0003M +
2.750%),
08/14/23 | | | 448,456 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
26
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Building & Development: (continued) | |
| | 1,439,296 | | | | | | | NCI Building
Systems, Inc.
New Term Loan,
4.254%,
(US0003M +
3.000%),
06/24/19 | | $ | 1,451,890 | | | | 0.3 | | |
| | 1,582,000 | | | | | | | Quikrete Holdings
INC Term Loan,
3.989%,
(US0003M +
2.750%),
11/02/23 | | | 1,578,243 | | | | 0.3 | | |
| | 566,427 | | | | | | | LS Newco Pty Ltd.
2016 Term
Loan B, 4.796%,
(US0003M +
3.500%),
05/21/22 | | | 569,259 | | | | 0.1 | | |
| | 700,000 | | | | | | | Werner Co. 2017
Term Loan,
5.258%,
(US0003M +
4.000%),
06/23/24 | | | 702,625 | | | | 0.1 | | |
| | 1,666,625 | | | | | | | Wilsonart LLC
2016 Term Loan,
4.800%,
(US0003M +
3.500%),
12/19/23 | | | 1,674,215 | | | | 0.4 | | |
EUR | 1,080,000 | | | | | | | Xella International
GmbH 2017 EUR
Term Loan B,
4.000%,
(EUR003M +
4.000%),
02/02/24 | | | 1,294,640 | | | | 0.3 | | |
| | 1,511,029 | | | | | | | Zekelman
Industries, Inc.
Term Loan B,
4.789%,
(US0003M +
3.500%),
06/14/21 | | | 1,514,570 | | | | 0.3 | | |
| | | | | | | | | | 18,003,562 | | | | 3.9 | | |
| | | | | Business Equipment & Services: 12.9% | |
| | 2,466,516 | | | | | | | Acosta Holdco, Inc.
2015 Term Loan,
4.489%,
(US0003M +
3.250%),
09/26/21 | | | 2,220,893 | | | | 0.5 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,668,044 | | | | | | | Advantage Sales &
Marketing, Inc.
2014 First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
07/25/21 | | $ | 2,566,325 | | | | 0.5 | | |
| | 410,000 | | | | | | | Advantage Sales &
Marketing, Inc.
Incremental Term
Loan B, 4.561%,
(US0003M +
3.250%),
07/25/21 | | | 394,369 | | | | 0.1 | | |
| | 2,578,538 | | | | | | | AlixPartners, LLP
2017 Term
Loan B, 4.296%,
(US0003M +
3.000%),
04/29/24 | | | 2,598,338 | | | | 0.6 | | |
| | 1,211,849 | | | | | | | Allflex
Holdings III, Inc.
New First Lien
Term Loan,
4.706%,
(US0003M +
3.250%),
07/18/20 | | | 1,220,938 | | | | 0.3 | | |
| | 2,360,000 | | | | | | | Almonde, Inc.
USD First Lien
Term Loan,
4.817%,
(US0003M +
3.500%),
04/27/24 | | | 2,367,670 | | | | 0.5 | | |
| | 300,000 | | | | | | | Almonde, Inc.
USD Second
Lien Term Loan,
8.567%,
(US0003M +
7.250%),
04/27/25 | | | 306,696 | | | | 0.1 | | |
| | 990,000 | | | | (1 | ) | | Ascend
Learning, LLC
2017 Term
Loan B, 4.533%,
(US0003M +
3.250%),
07/05/22 | | | 994,331 | | | | 0.2 | | |
| | 795,000 | | | | | | | Array Canada Inc.
Term Loan B,
6.296%,
(US0003M +
5.000%),
01/02/23 | | | 795,994 | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
27
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Business Equipment & Services:
(continued) | |
| | 1,089,828 | | | | | | | Learning Care
Group (US)
No. 2 Inc.
New Term Loan,
5.175%,
(US0003M +
4.000%),
05/05/21 | | $ | 1,105,494 | | | | 0.2 | | |
| | 545,882 | | | | | | | Camelot UK
Holdco Limited
2017 Term
Loan B, 4.739%,
(US0003M +
3.500%),
10/03/23 | | | 549,196 | | | | 0.1 | | |
| | 720,000 | | | | | | | Colorado
Buyer Inc Term
Loan B, 4.310%,
(US0003M +
3.000%),
03/28/24 | | | 724,770 | | | | 0.2 | | |
| | 992,500 | | | | | | | DTI Holdco, Inc.
2016 Term
Loan B, 6.561%,
(US0003M +
5.250%),
09/21/23 | | | 961,071 | | | | 0.2 | | |
| | 101,239 | | | | (1 | ),(2) | | Duravant LLC
First Lien
Delayed Draw
Term Loan,
3.450%,
(US0003M +
3.250%),
07/24/24 | | | 101,302 | | | | 0.0 | | |
| | 42,553 | | | | (1 | ) | | Duravant LLC
Second Lien
Delayed Draw
Term Loan,
8.568%,
(US0003M +
7.250%),
07/18/25 | | | 42,872 | | | | 0.0 | | |
| | 778,761 | | | | (1 | ) | | Duravant LLC
USD First Lien
Term Loan,
4.733%,
(US0003M +
3.750%),
07/25/24 | | | 779,248 | | | | 0.2 | | |
| | 357,447 | | | | (1 | ) | | Duravant LLC
USD Second
Lien Term Loan,
8.568%,
(US0003M +
8.000%),
07/18/25 | | | 360,128 | | | | 0.1 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,605,143 | | | | | | | EIG Investors Corp.
2017 Term Loan,
5.317%,
(US0003M +
4.000%),
02/09/23 | | $ | 1,621,697 | | | | 0.3 | | |
| | 327,000 | | | | | | | Element Materials
Technology
Group US
Holdings Inc
2017 USD
Term Loan B,
4.748%,
(US0003M +
3.500%),
06/01/24 | | | 330,406 | | | | 0.1 | | |
EUR | 548,625 | | | | | | | Equinix Inc. EUR
2016 Term
Loan B, 2.500%,
(EUR003M +
2.500%),
12/09/23 | | | 655,998 | | | | 0.1 | | |
| | 897,750 | | | | | | | EVO Payments
International
Term Loan B,
6.240%,
(US0003M +
5.000%),
11/15/23 | | | 908,832 | | | | 0.2 | | |
| | 982,609 | | | | | | | First American
Payment
Systems, L.P.
2016 Term Loan,
6.981%,
(US0003M +
5.750%),
01/03/24 | | | 983,427 | | | | 0.2 | | |
| | 1,766,478 | | | | | | | First Data
Corporation
2017 Term Loan,
3.736%,
(US0003M +
2.500%),
04/26/24 | | | 1,769,680 | | | | 0.4 | | |
EUR | 988,298 | | | | | | | Foncia Groupe
2016 EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
07/28/23 | | | 1,184,885 | | | | 0.3 | | |
| | 559,581 | | | | | | | Garda World
Security
Corporation
2017 Term Loan,
5.315%,
(PRIME +
3.000%),
04/05/24 | | | 565,526 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
28
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Business Equipment & Services:
(continued) | |
EUR | 1,000,000 | | | | (1 | ) | | GTCR Valor
Companies, Inc.
EUR 2017
Term Loan B1,
5.568%,
(EUR003M +
4.250%),
06/20/23 | | $ | 1,207,811 | | | | 0.3 | | |
| | 1,095,000 | | | | (1 | ) | | GTCR Valor
Companies, Inc.
USD 2017 Term
Loan B1, 5.568%,
(US0003M +
4.250%),
06/20/23 | | | 1,105,676 | | | | 0.2 | | |
EUR | 688,373 | | | | | | | ION Trading
Finance Limited
EUR Term
Loan B1, 3.750%,
(EUR003M +
2.750%),
08/11/23 | | | 828,693 | | | | 0.2 | | |
| | 1,976,440 | | | | | | | IQOR US Inc.
Second Lien
Term Loan,
10.049%,
(US0003M +
8.750%),
04/01/22 | | | 1,924,558 | | | | 0.4 | | |
| | 3,040,006 | | | | | | | IQOR US Inc.
Term Loan B,
6.299%,
(US0003M +
5.000%),
04/01/21 | | | 3,022,907 | | | | 0.7 | | |
| | 3,305,399 | | | | | | | KUEHG Corp
2017 First Lien
Term Loan,
5.046%,
(US0003M +
3.750%),
08/13/22 | | | 3,311,596 | | | | 0.7 | | |
EUR | 950,000 | | | | | | | Misys Europe SA
EUR First Lien
Term Loan,
3.250%,
(EUR003M +
3.250%),
04/20/24 | | | 1,145,872 | | | | 0.2 | | |
| | 324,000 | | | | | | | MORTGAGE
CONTRACTING
SERVICES ASP
Acquisition Corp.
Term Loan B,
6.056%,
(US0003M +
4.750%),
05/12/24 | | | 329,670 | | | | 0.1 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 220,000 | | | | | | | Neustar Inc,
Aerial Merger
Sub, Inc.
Second Lien
Term Loan,
9.312%,
(US0003M +
8.000%),
02/24/25 | | $ | 223,163 | | | | 0.1 | | |
| | 950,000 | | | | (1 | ) | | Neustar Inc,
Aerial Merger
Sub, Inc. Term
Loan B2, 5.068%,
(US0003M +
3.750%),
02/28/24 | | | 958,906 | | | | 0.2 | | |
| | 1,790,000 | | | | | | | Peak 10, Inc. 2017
First Lien Term
Loan, 4.811%,
(US0003M +
4.000%),
07/18/24 | | | 1,794,922 | | | | 0.4 | | |
| | 465,000 | | | | | | | Peak 10, Inc. 2017
Second Lien
Term Loan,
8.561%,
(US0003M +
7.750%),
07/18/25 | | | 473,138 | | | | 0.1 | | |
| | 2,427,252 | | | | | | | Pre-Paid Legal
Services, Inc.
First Lien Term
Loan, 6.500%,
(US0003M +
5.250%),
05/31/19 | | | 2,451,524 | | | | 0.5 | | |
| | 1,000,000 | | | | | | | Pre-Paid Legal
Services, Inc.
Second Lien
Term Loan,
10.250%,
(US0003M +
9.000%),
05/31/20 | | | 1,007,500 | | | | 0.2 | | |
| | 790,000 | | | | (1 | ) | | Sandvine
Corporation
Term Loan B,
7.068%,
(US0003M +
4.750%),
08/01/24 | | | 758,400 | | | | 0.2 | | |
| | 1,308,811 | | | | | | | Solera
Holdings, Inc.
USD Term
Loan B, 4.507%,
(US0003M +
3.250%),
02/10/23 | | | 1,315,253 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
29
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Business Equipment & Services:
(continued) | |
| | 1,919,557 | | | | | | | Spin Holdco Inc.
2017 Term
Loan B, 5.014%,
(US0003M +
3.750%),
11/14/22 | | $ | 1,925,955 | | | | 0.4 | | |
| | 2,710,000 | | | | (1 | ) | | Staples, Inc.
2017 Term
Loan B, 5.318%,
(US0003M +
4.000%),
08/06/24 | | | 2,694,960 | | | | 0.6 | | |
| | 1,060,000 | | | | | | | SurveyMonkey Inc.
2017 Term Loan,
5.800%,
(US0003M +
4.500%),
04/13/24 | | | 1,075,900 | | | | 0.2 | | |
| | 435,000 | | | | | | | Switch, LTD. Term
Loan B, 3.984%,
(US0003M +
2.750%),
06/20/24 | | | 437,787 | | | | 0.1 | | |
EUR | 1,000,000 | | | | (1 | ) | | Techem GmbH
2017 EUR
Term Loan B,
4.318%,
(EUR003M +
3.250%),
07/31/24 | | | 1,201,686 | | | | 0.3 | | |
| | 220,000 | | | | (1 | ) | | United Site
Services, Inc.
First Lien Term
Loan B, 5.068%,
(US0003M +
3.750%),
08/10/24 | | | 222,200 | | | | 0.1 | | |
| | 150,000 | | | | (1 | ) | | United Site
Services, Inc.
Second Lien
Term Loan B,
9.068%,
(US0003M +
7.750%),
08/10/25 | | | 151,125 | | | | 0.0 | | |
| | 91,281 | | | | | | | Coinamatic
Canada Inc.
Canadian First
Lien Term Loan,
4.489%,
(US0003M +
3.250%),
05/04/22 | | | 91,395 | | | | 0.0 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 521,218 | | | | | | | WASH Multifamily
Laundry
Systems, LLC
2015 First Lien
Term Loan,
4.489%,
(US0003M +
3.250%),
04/21/22 | | $ | 521,870 | | | | 0.1 | | |
| | 2,648,300 | | | | | | | West Corporation
2016 Term Loan
B12, 3.759%,
(US0003M +
2.500%),
06/17/23 | | | 2,649,129 | | | | 0.6 | | |
| | | | | | | | | | 58,941,682 | | | | 12.9 | | |
| | | | | Cable & Satellite Television: 4.4% | |
EUR | 997,500 | | | | | | | Numericable
Group SA EUR
Term Loan B11,
3.000%,
(EUR003M +
3.000%),
06/20/25 | | | 1,192,751 | | | | 0.3 | | |
| | 847,875 | | | | | | | Numericable
Group SA USD
Term Loan B11,
4.061%,
(US0003M +
2.750%),
06/21/25 | | | 846,058 | | | | 0.2 | | |
| | 2,451,475 | | | | | | | Numericable
U.S. LLC USD
Term Loan B10,
4.561%,
(US0003M +
3.250%),
01/13/25 | | | 2,464,115 | | | | 0.5 | | |
| | 1,591,013 | | | | | | | Radiate
Holdco, LLC
First Lien Term
Loan, 4.239%,
(US0003M +
3.000%),
12/02/23 | | | 1,570,983 | | | | 0.3 | | |
| | 1,995,000 | | | | | | | Telenet Financing
USD LLC USD
Term Loan AI,
3.977%,
(US0003M +
2.750%),
03/31/25 | | | 2,001,412 | | | | 0.4 | | |
EUR | 1,000,000 | | | | | | | Telenet
International
Finance S.a.r.l.
EUR Term Loan
AH, 3.000%,
(EUR003M +
3.000%),
03/31/26 | | | 1,201,033 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
30
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Cable & Satellite Television:
(continued) | |
| | 918,074 | | | | | | | Telesat Canada
Term Loan B4,
4.300%,
(US0003M +
3.000%),
11/17/23 | | $ | 925,724 | | | | 0.2 | | |
| | 1,900,000 | | | | | | | UPC Financing
Partnership USD
Term Loan AP,
3.977%,
(US0003M +
2.750%),
04/15/25 | | | 1,906,730 | | | | 0.4 | | |
| | 2,350,000 | | | | | | | Virgin Media
Investment
Holdings Limited
USD Term
Loan I, 3.977%,
(US0003M +
2.750%),
01/31/25 | | | 2,358,079 | | | | 0.5 | | |
| | 480,009 | | | | | | | WaveDivision
Holdings, LLC
Term Loan B,
4.030%,
(US0003M +
2.750%),
10/15/19 | | | 481,089 | | | | 0.1 | | |
| | 3,970,000 | | | | | | | WideOpenWest
Finance LLC
2017 Term
Loan B, 4.478%,
(US0003M +
3.250%),
08/18/23 | | | 3,974,963 | | | | 0.9 | | |
EUR | 1,000,000 | | | | | | | Ziggo Secured
Finance BV EUR
Term Loan F,
3.000%,
(EUR003M +
3.000%),
04/23/25 | | | 1,196,701 | | | | 0.3 | | |
| | | | | | | | | | 20,119,638 | | | | 4.4 | | |
| | | | | Chemicals & Plastics: 6.7% | |
EUR | 694,750 | | | | | | | Allnex
(Luxembourg) &
Cy S.C.A. 2016
EUR Term
Loan B1, 3.250%,
(EUR003M +
3.250%),
05/31/23 | | | 830,943 | | | | 0.2 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 698,597 | | | | | | | Allnex
(Luxembourg) &
Cy S.C.A. 2016
USD Term
Loan B2, 4.567%,
(US0003M +
3.250%),
05/31/23 | | $ | 701,216 | | | | 0.1 | | |
| | 526,316 | | | | | | | Allnex USA, Inc.
USD Term
Loan B3, 4.567%,
(US0003M +
3.250%),
05/31/23 | | | 528,290 | | | | 0.1 | | |
| | 424,000 | | | | | | | Alpha 3 B.V. 2017
Term Loan B1,
4.296%,
(US0003M +
3.000%),
01/24/24 | | | 425,767 | | | | 0.1 | | |
| | 3,391,500 | | | | | | | Avantor
Performance
Materials
Holdings, LLC
2017 First Lien
Term Loan,
5.240%,
(US0003M +
4.000%),
03/10/24 | | | 3,413,758 | | | | 0.8 | | |
| | 200,000 | | | | | | | Avantor
Performance
Materials
Holdings, LLC
2017 Second
Lien Term Loan,
9.490%,
(US0003M +
8.250%),
03/10/25 | | | 201,125 | | | | 0.0 | | |
| | 589,138 | | | | | | | Colouroz
Investment 2 LLC
USD Second
Lien Term
Loan B2, 8.563%,
(US0003M +
7.250%),
09/06/22 | | | 575,882 | | | | 0.1 | | |
EUR | 1,000,000 | | | | (1 | ) | | Diamond (BC) B.V.
EUR Term Loan,
4.568%,
(EUR003M +
3.750%),
07/25/24 | | | 1,189,459 | | | | 0.2 | | |
| | 755,000 | | | | (1 | ) | | Diamond (BC) B.V.
USD Term Loan,
4.318%,
(US0003M +
3.500%),
07/12/24 | | | 752,405 | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
31
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Chemicals & Plastics: (continued) | |
| | 2,051,649 | | | | | | | Emerald
Performance
Materials, LLC
New First Lien
Term Loan,
4.739%,
(US0001M +
3.500%),
08/01/21 | | $ | 2,066,010 | | | | 0.5 | | |
| | 1,000,000 | | | | | | | Emerald
Performance
Materials, LLC
New Second
Lien Term Loan,
8.989%,
(US0001M +
7.750%),
08/01/22 | | | 1,001,563 | | | | 0.2 | | |
| | 212,627 | | | | | | | Colouroz
Investment 1,
GMBH USD
Term Loan C,
4.312%,
(US0003M +
3.000%),
09/07/21 | | | 208,375 | | | | 0.0 | | |
| | 1,286,221 | | | | | | | Colouroz
Investment 1,
GMBH USD
First Lien Term
Loan B2, 4.312%,
(US0003M +
3.000%),
09/07/21 | | | 1,269,339 | | | | 0.3 | | |
| | 838,296 | | | | | | | Huntsman
International LLC
Term Loan B,
4.239%,
(US0003M +
3.000%),
11/03/23 | | | 844,709 | | | | 0.2 | | |
| | 2,253,595 | | | | | | | INEOS Styrolution
Group GmbH
USD 2017 First
Lien Term Loan,
4.046%,
(US0003M +
2.750%),
03/07/24 | | | 2,268,032 | | | | 0.5 | | |
| | 2,052,915 | | | | | | | Ineos US
Finance LLC
2022 USD Term
Loan, 4.007%,
(US0003M +
2.750%),
03/31/22 | | | 2,062,699 | | | | 0.5 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
EUR | 1,042,138 | | | | | | | Inovyn
Finance PLC
2017 EUR
Term Loan B,
3.750%,
(EUR003M +
3.000%),
05/31/24 | | $ | 1,255,457 | | | | 0.3 | | |
EUR | 1,000,000 | | | | | | | Klockner-
Pentaplast of
America, Inc.
EUR 2017 Term
Loan B1, 4.750%,
(EUR003M +
4.750%),
06/13/24 | | | 1,175,384 | | | | 0.3 | | |
| | 1,000,000 | | | | | | | Klockner-
Pentaplast of
America, Inc.
USD 2017 Term
Loan B2, 5.546%,
(US0003M +
4.250%),
06/13/24 | | | 1,000,000 | | | | 0.2 | | |
| | 689,618 | | | | | | | KMG
Chemicals Inc
Term Loan B,
5.489%,
(US0003M +
4.250%),
04/23/24 | | | 700,842 | | | | 0.2 | | |
| | 1,424,100 | | | | | | | Kraton
Polymers, LLC
2016 Term
Loan B, 4.239%,
(US0003M +
3.000%),
01/06/22 | | | 1,439,554 | | | | 0.3 | | |
| | 1,391,425 | | | | | | | MacDermid, Inc.
USD Term
Loan B6, 4.234%,
(US0003M +
3.000%),
06/07/23 | | | 1,399,624 | | | | 0.3 | | |
EUR | 450,000 | | | | | | | Novacap S.A.
EUR Term
Loan B, 4.250%,
(EUR003M +
4.250%),
04/28/23 | | | 540,894 | | | | 0.1 | | |
| | 891,569 | | | | | | | Orion Engineered
Carbons GmbH
USD Term Loan,
3.796%,
(US0003M +
3.000%),
07/25/21 | | | 898,256 | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
32
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Chemicals & Plastics: (continued) | |
EUR | 500,000 | | | | | | | Parexgroup SA,
Financiere Dry
Mix Solutions
S.A.S. EUR First
Lien Term Loan,
3.500%,
(EUR003M +
3.500%),
03/08/24 | | $ | 598,611 | | | | 0.1 | | |
| | 420,758 | | | | | | | PQ Corporation
2017 USD Term
Loan, 4.562%,
(US0003M +
3.250%),
11/04/22 | | | 423,914 | | | | 0.1 | | |
| | 110,345 | | | | | | | Royal
Holdings, Inc.
2015 Second
Lien Term Loan,
8.794%,
(US0003M +
7.500%),
06/01/23 | | | 110,552 | | | | 0.0 | | |
| | 982,538 | | | | | | | Royal
Holdings, Inc.
2017 Term
Loan B, 4.546%,
(US0003M +
3.250%),
06/30/22 | | | 990,275 | | | | 0.2 | | |
| | 1,063,007 | | | | | | | Solenis
International, LP
USD First Lien
Term Loan,
4.567%,
(US0003M +
3.250%),
07/02/21 | | | 1,067,076 | | | | 0.2 | | |
| | 285,000 | | | | (1 | ) | | Trinseo Materials
Operating S.C.A.
2017 Term Loan,
3.818%,
(US0003M +
2.500%),
08/16/24 | | | 286,544 | | | | 0.1 | | |
| | 425,000 | | | | | | | Venator Materials
Corporation
Term Loan B,
4.312%,
(US0003M +
3.000%),
06/20/24 | | | 427,391 | | | | 0.1 | | |
| | | | | | | | | | 30,653,946 | | | | 6.7 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Clothing/Textiles: 0.8% | |
| | 3,502,263 | | | | | | | Varsity Brands, Inc.
First Lien Term
Loan, 4.732%,
(US0003M +
3.500%),
12/03/21 | | $ | 3,527,591 | | | | 0.8 | | |
| | 398,442 | | | | | | | Vince, LLC Term
Loan B, 6.312%,
(US0003M +
5.000%),
11/27/19 | | | 348,637 | | | | 0.1 | | |
| | | | | | | | | | 3,876,228 | | | | 0.9 | | |
| | | | | Conglomerates: 0.5% | |
| | 1,085,155 | | | | | | | Jason Incorporated
First Lien Term
Loan, 5.796%,
(US0003M +
4.500%),
05/21/21 | | | 1,007,024 | | | | 0.2 | | |
| | 599,932 | | | | | | | Jason Incorporated
Second Lien
Term Loan,
9.296%,
(US0003M +
8.000%),
05/21/22 | | | 452,949 | | | | 0.1 | | |
| | 610,388 | | | | | | | WireCo
WorldGroup, Inc.
First Lien Term
Loan, 6.817%,
(US0003M +
5.500%),
07/13/23 | | | 617,000 | | | | 0.2 | | |
| | | | | | | | | | 2,076,973 | | | | 0.5 | | |
| | | | | Containers & Glass Products: 5.0% | |
| | 1,325,000 | | | | | | | Albea Beauty
Holdings S.A
USD First Lien
Term Loan,
5.163%,
(US0003M +
3.750%),
03/09/24 | | | 1,323,344 | | | | 0.3 | | |
| | 550,000 | | | | | | | Berlin
Packaging LLC
2014 Second
Lien Term Loan,
7.990%,
(US0003M +
6.750%),
09/24/22 | | | 554,355 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
33
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Containers & Glass Products: (continued) | |
| | 2,549,087 | | | | | | | Berlin
Packaging LLC
2017 Term
Loan B, 4.513%,
(US0003M +
3.250%),
10/01/21 | | $ | 2,562,097 | | | | 0.6 | | |
| | 947,625 | | | | | | | Berry Plastics
Group, Inc.
Term Loan N,
3.481%,
(US0003M +
2.250%),
01/19/24 | | | 948,809 | | | | 0.2 | | |
| | 690,000 | | | | | | | BWAY Holding
Company 2017
Term Loan B,
4.481%,
(US0003M +
3.250%),
04/03/24 | | | 691,725 | | | | 0.1 | | |
| | 500,000 | | | | | | | Consolidated
Container
Company LLC
2017 First Lien
Term Loan,
4.739%,
(US0003M +
3.500%),
05/09/24 | | | 504,531 | | | | 0.1 | | |
| | 1,437,398 | | | | | | | Flex Acquisition
Company, Inc.
First Lien Term
Loan, 4.299%,
(US0003M +
3.000%),
12/13/23 | | | 1,435,601 | | | | 0.3 | | |
EUR | 2,000,000 | | | | | | | Horizon
Holdings III SAS
EUR Term
Loan B4, 2.750%,
(EUR003M +
3.000%),
10/29/22 | | | 2,386,111 | | | | 0.5 | | |
| | 1,119,345 | | | | | | | Husky Injection
Molding
Systems Ltd.
New Term
Loan B, 4.489%,
(US0003M +
3.250%),
06/30/21 | | | 1,125,960 | | | | 0.2 | | |
| | 1,129,325 | | | | | | | Milacron LLC
Amended Term
Loan B, 4.239%,
(US0003M +
3.000%),
09/28/23 | �� | | 1,133,560 | | | | 0.2 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,433,299 | | | | | | | ProAmpac PG
Borrower LLC
First Lien Term
Loan, 5.275%,
(US0003M +
4.000%),
11/18/23 | | $ | 1,452,708 | | | | 0.3 | | |
| | 245,000 | | | | | | | ProAmpac PG
Borrower LLC
Second Lien
Term Loan,
9.816%,
(US0003M +
8.500%),
10/21/24 | | | 250,053 | | | | 0.1 | | |
| | 3,622,671 | | | | | | | Reynolds Group
Holdings Inc.
USD 2017
Term Loan,
4.239%,
(US0003M +
3.000%),
02/05/23 | | | 3,631,727 | | | | 0.8 | | |
| | 2,205,451 | | | | | | | SIG Combibloc
Group AG,
4.239%,
(US0001M +
3.000%),
03/13/22 | | | 2,219,098 | | | | 0.5 | | |
| | 1,617,620 | | | | | | | Tekni-Plex, Inc.
Term Loan B1,
4.811%,
(US0003M +
3.500%),
06/01/22 | | | 1,622,339 | | | | 0.4 | | |
| | 1,082,108 | | | | | | | Tricorbraun
Holdgins Inc
First Lien Term
Loan, 5.046%,
(US0003M +
3.750%),
11/30/23 | | | 1,093,944 | | | | 0.3 | | |
| | 108,755 | | | | (2 | ) | | TricorBraun
Holdings, Inc.
First Lien
Delayed Draw
Term Loan,
3.750%,
(US0003M +
3.750%),
11/30/23 | | | 109,944 | | | | 0.0 | | |
| | | | | | | | | | 23,045,906 | | | | 5.0 | | |
See Accompanying Notes to Financial Statements
34
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Cosmetics/Toiletries: 0.5% | |
| | 860,000 | | | | | | | Parfums Hldg
Co Inc, Wellness
Merger Sub, Inc.
First Lien Term
Loan, 6.046%,
(US0003M +
4.750%),
06/30/24 | | $ | 863,584 | | | | 0.2 | | |
| | 1,327,413 | | | | | | | Revlon Consumer
Products
Corporation 2016
Term Loan B,
4.739%,
(US0003M +
3.500%),
07/22/23 | | | 1,198,227 | | | | 0.3 | | |
| | | | | | | | | | 2,061,811 | | | | 0.5 | | |
| | | | | Drugs: 1.1% | |
| | 1,513,448 | | | | | | | Alvogen Pharma
US, Inc. Term
Loan, 6.240%,
(US0003M +
5.000%),
04/02/22 | | | 1,503,988 | | | | 0.3 | | |
| | 2,350,000 | | | | | | | Endo Luxembourg
Finance
Company I S.a r.l.
2017 Term
Loan B, 5.500%,
(US0003M +
4.250%),
04/05/24 | | | 2,364,267 | | | | 0.5 | | |
| | 598,500 | | | | | | | Horizon
Pharma, Inc.
2017 Term
Loan B, 5.000%,
(US0003M +
3.750%),
03/15/24 | | | 603,644 | | | | 0.2 | | |
| | 501,822 | | | | | | | Prestige
Brands, Inc.
Term Loan B5,
3.989%,
(US0003M +
2.750%),
01/26/24 | | | 503,978 | | | | 0.1 | | |
| | | | | | | | | | 4,975,877 | | | | 1.1 | | |
| | | | | Ecological Services & Equipment: 1.1% | |
| | 1,821,446 | | | | | | | 4L Holdings, LLC
First Lien Term
Loan, 5.731%,
(US0003M +
4.500%),
05/08/20 | | | 1,602,872 | | | | 0.4 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 3,364,241 | | | | | | | ADS Waste
Holdings Inc
Term Loan,
3.944%,
(US0003M +
2.750%),
11/10/23 | | $ | 3,388,686 | | | | 0.7 | | |
| | | | | | | | | | 4,991,558 | | | | 1.1 | | |
| | | | | Electronics/Electrical: 17.2% | |
| | 1,546,125 | | | | | | | Aptean, Inc.
2017 First Lien
Term Loan,
5.550%,
(US0003M +
4.250%),
12/20/22 | | | 1,560,040 | | | | 0.3 | | |
| | 728,591 | | | | (1 | ) | | ASG Technologies
Group, Inc.
Term Loan,
6.061%,
(US0003M +
4.750%),
07/10/24 | | | 737,699 | | | | 0.2 | | |
EUR | 487,578 | | | | | | | Avast
Software B.V.
2017 EUR
Term Loan B,
3.500%,
(EUR003M +
3.500%),
09/30/23 | | | 586,864 | | | | 0.1 | | |
| | 2,579,350 | | | | | | | Avast
Software B.V.
2017 USD Term
Loan B, 4.503%,
(US0003M +
3.250%),
09/30/23 | | | 2,599,770 | | | | 0.6 | | |
| | 3,365,455 | | | | | | | BMC Software
Finance, Inc.
2017 USD Term
Loan, 5.239%,
(US0003M +
4.000%),
09/13/22 | | | 3,388,021 | | | | 0.8 | | |
EUR | 1,648,770 | | | | | | | BMC Software
Finance, Inc.
EUR Term Loan,
4.500%,
(EUR003M +
4.500%),
09/10/20 | | | 1,978,454 | | | | 0.4 | | |
| | 3,758,226 | | | | | | | Compuware
Corporation
Term Loan B3,
5.550%,
(US0003M +
4.250%),
12/15/21 | | | 3,794,636 | | | | 0.8 | | |
See Accompanying Notes to Financial Statements
35
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Electronics/Electrical: (continued) | |
| | 5,582,796 | | | | | | | Dell Inc. 2017
Term Loan B,
3.740%,
(US0003M +
2.500%),
09/07/23 | | $ | 5,611,708 | | | | 1.2 | | |
| | 2,621,385 | | | | | | | Epicor Software
Corporation
First Lien Term
Loan, 4.990%,
(US0003M +
3.750%),
05/08/22 | | | 2,629,577 | | | | 0.6 | | |
| | 3,040,257 | | | | | | | SkillSoft
Corporation
First Lien Term
Loan, 5.989%,
(US0003M +
4.750%),
04/28/21 | | | 2,837,891 | | | | 0.6 | | |
| | 222,723 | | | | | | | Eze Castle
Software Inc.
2017 First Lien
Term Loan,
4.296%,
(US0003M +
3.000%),
04/06/20 | | | 223,836 | | | | 0.1 | | |
| | 1,095,000 | | | | | | | Eze Castle
Software Inc.
New Second
Lien Term Loan,
7.796%,
(US0003M +
6.500%),
04/05/21 | | | 1,097,738 | | | | 0.2 | | |
| | 1,396,350 | | | | | | | Go Daddy
Operating
Company, LLC
2017 Term
Loan B, 3.734%,
(US0003M +
2.500%),
02/02/24 | | | 1,402,110 | | | | 0.3 | | |
EUR | 995,000 | | | | | | | Greeneden U.S.
Holdings II, LLC
2017 EUR Term
Loan B, 5.000%,
(EUR003M +
4.000%),
12/01/23 | | | 1,194,271 | | | | 0.2 | | |
| | 766,150 | | | | | | | Greeneden U.S.
Holdings II, LLC
USD 2017 Term
Loan B2, 5.007%,
(US0003M +
3.750%),
12/01/23 | | | 771,497 | | | | 0.2 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 3,319,251 | | | | | | | Hyland
Software, Inc.
2017 First Lien
Term Loan,
4.489%,
(US0003M +
3.250%),
07/01/22 | | $ | 3,346,565 | | | | 0.7 | | |
EUR | 394,013 | | | | | | | Infor (US), Inc.
EUR Extended
Term Loan B,
3.750%,
(EUR003M +
2.750%),
02/01/22 | | | 472,082 | | | | 0.1 | | |
| | 1,635,168 | | | | | | | Informatica
Corporation USD
Term Loan,
4.796%,
(US0003M +
3.500%),
05/29/22 | | | 1,639,938 | | | | 0.4 | | |
| | 3,303,421 | | | | | | | Kronos
Incorporated
2017 Term
Loan B, 4.811%,
(US0003M +
3.500%),
11/01/23 | | | 3,334,952 | | | | 0.7 | | |
| | 837,250 | | | | | | | Lully Finance LLC
USD Term
Loan B3, 4.734%,
(US0003M +
3.500%),
10/14/22 | | | 830,448 | | | | 0.2 | | |
EUR | 200,000 | | | | | | | Lully Finance Sarl
2016 EUR First
Lien Term Loan,
3.750%,
(EUR003M +
3.750%),
10/22/22 | | | 238,090 | | | | 0.0 | | |
| | 415,310 | | | | | | | MA
FinanceCo., LLC
USD Term
Loan B3, 3.981%,
(US0003M +
2.750%),
04/18/24 | | | 415,440 | | | | 0.1 | | |
| | 348,529 | | | | | | | MaxLinear, Inc.
Term Loan B,
3.729%,
(US0003M +
2.500%),
04/05/24 | | | 348,747 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
36
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Electronics/Electrical: (continued) | |
| | 2,375,000 | | | | (1 | ) | | MH Sub I, LLC
2017 First Lien
Term Loan,
5.068%,
(US0003M +
3.750%),
08/15/24 | | $ | 2,367,281 | | | | 0.5 | | |
| | 810,000 | | | | (1 | ) | | MH Sub I, LLC
2017 Second
Lien Term Loan,
8.818%,
(US0003M +
7.750%),
08/15/25 | | | 813,376 | | | | 0.2 | | |
| | 775,125 | | | | | | | Navico, Inc.
First Lien Term
Loan, 6.989%,
(US0003M +
5.750%),
03/08/24 | | | 773,187 | | | | 0.2 | | |
| | 671,760 | | | | | | | Optiv Security, Inc.
First Lien Term
Loan, 4.563%,
(US0003M +
3.250%),
01/19/24 | | | 615,220 | | | | 0.1 | | |
| | 500,000 | | | | | | | Optiv Security, Inc.
Second Lien
Term Loan,
8.563%,
(US0003M +
7.250%),
02/01/25 | | | 452,500 | | | | 0.1 | | |
| | 2,128,609 | | | | | | | Quest Software
US Holdings INC
First Lien, 7.257%,
(US0003M +
6.000%),
09/23/22 | | | 2,164,087 | | | | 0.5 | | |
| | 3,092,250 | | | | | | | Rackspace
Hosting, Inc.
2017 First Lien
Term Loan,
4.310%,
(US0003M +
3.000%),
11/03/23 | | | 3,100,302 | | | | 0.7 | | |
| | 3,066,950 | | | | | | | Riverbed
Technology, Inc.
2016 Term Loan,
4.490%,
(US0003M +
3.250%),
04/24/22 | | | 2,991,236 | | | | 0.7 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,437,750 | | | | | | | RP Crown
Parent LLC Term
Loan B, 4.739%,
(US0003M +
3.500%),
09/22/23 | | $ | 2,458,320 | | | | 0.5 | | |
| | 2,804,690 | | | | | | | Seattle Spinco, Inc.
USD Term
Loan B3, 4.030%,
(US0003M +
2.750%),
04/30/24 | | | 2,805,568 | | | | 0.6 | | |
EUR | 1,000,000 | | | | | | | SGB-SMIT
Management
GmbH EUR
Term Loan B,
4.000%,
(EUR003M +
4.000%),
07/31/24 | | | 1,206,713 | | | | 0.3 | | |
| | 3,616,079 | | | | | | | SolarWinds
Holdings, Inc.
2017 Term Loan,
4.739%,
(US0003M +
3.500%),
02/05/23 | | | 3,636,871 | | | | 0.8 | | |
| | 705,487 | | | | | | | Synchronoss
Technologies, Inc.
Term Loan,
5.757%,
(US0003M +
4.500%),
01/12/24 | | | 702,841 | | | | 0.1 | | |
| | 1,293,500 | | | | | | | Tessera Holding
Corporation
Term Loan B,
4.489%,
(US0003M +
3.250%),
11/03/23 | | | 1,309,400 | | | | 0.3 | | |
| | 2,052,632 | | | | | | | TTM
Technologies, Inc.
First Lien Term
Loan, 5.489%,
(US0003M +
4.250%),
04/21/22 | | | 2,082,138 | | | | 0.5 | | |
| | 3,141,979 | | | | (1 | ) | | Veritas
Bermuda Ltd.
Repriced Term
Loan B, 5.796%,
(US0003M +
4.500%),
01/27/23 | | | 3,166,197 | | | | 0.7 | | |
See Accompanying Notes to Financial Statements
37
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Electronics/Electrical: (continued) | |
| | 5,148,130 | | | | | | | Western Digital
Corporation 2017
USD Term
Loan B, 3.984%,
(US0003M +
2.750%),
04/29/23 | | $ | 5,191,163 | | | | 1.1 | | |
| | 1,703,445 | | | | | | | Zebra
Technologies
Corporation
2017 Term
Loan B,
3.314%,
(US0003M +
2.000%),
10/27/21 | | | 1,706,117 | | | | 0.4 | | |
| | | | | | | | | | 78,582,891 | | | | 17.2 | | |
| | | | | Equipment Leasing: 0.3% | |
| | 1,535,000 | | | | | | | Brand Energy &
Infrastructure
Services, Inc.
2017 Term Loan,
5.522%,
(US0003M +
4.250%),
06/06/24 | | | 1,542,388 | | | | 0.3 | | |
| | | | | Financial Intermediaries: 1.9% | |
| | 624,000 | | | | | | | Blucora, Inc.
Term Loan B,
5.037%,
(US0003M +
3.750%),
04/19/24 | | | 629,200 | | | | 0.1 | | |
| | 2,904,681 | | | | | | | Duff & Phelps
Investment
Management Co.
Term Loan B,
5.046%,
(US0003M +
3.750%),
04/23/20 | | | 2,929,501 | | | | 0.7 | | |
| | 430,000 | | | | | | | Focus Financial
Partners, LLC
First Lien
Term Loan,
4.549%,
(US0003M +
3.250%),
05/22/24 | | | 434,838 | | | | 0.1 | | |
| | 2,713,200 | | | | | | | LPL Holdings, Inc.
2017 Term
Loan B, 3.825%,
(US0003M +
2.500%),
03/10/24 | | | 2,728,462 | | | | 0.6 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,984,638 | | | | | | | Trans Union, LLC
Term Loan B3,
3.239%,
(US0003M +
2.000%),
04/07/23 | | $ | 1,989,955 | | | | 0.4 | | |
| | | | | | | | | | 8,711,956 | | | | 1.9 | | |
| | | | | Food Products: 2.3% | |
| | 545,000 | | | | | | | American Seafoods
Group LLC 2017
First Lien Term
Loan, 4.555%,
(US0003M +
3.250%),
08/21/23 | | | 547,384 | | | | 0.1 | | |
| | 415,000 | | | | | | | Atkins Nutritionals
Holdings II, Inc.
2017 Term
Loan B, 5.312%,
(US0003M +
4.000%),
06/21/24 | | | 418,631 | | | | 0.1 | | |
| | 1,278,458 | | | | | | | Atrium
Innovations Inc.
USD Term Loan,
4.796%,
(US0003M +
3.500%),
02/13/21 | | | 1,283,786 | | | | 0.3 | | |
| | 423,150 | | | | | | | CSM Bakery
Solutions LLC
First Lien Term
Loan, 5.300%,
(US0003M +
4.000%),
07/03/20 | | | 409,663 | | | | 0.1 | | |
| | 1,061,500 | | | | | | | Del Monte
Foods, Inc.
First Lien Term
Loan, 4.575%,
(US0003M +
3.250%),
02/18/21 | | | 873,968 | | | | 0.2 | | |
| | 1,700,000 | | | | | | | Del Monte
Foods, Inc.
Second Lien
Term Loan,
8.690%,
(US0003M +
7.250%),
08/18/21 | | | 1,003,000 | | | | 0.2 | | |
| | 870,000 | | | | | | | Dole Food
Company Inc.
2017 Term
Loan B, 4.012%,
(US0003M +
2.750%),
03/16/24 | | | 873,927 | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
38
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Food Products: (continued) | |
| | 1,743,125 | | | | | | | JBS USA, LLC
2017 Term
Loan B, 3.804%,
(US0003M +
2.500%),
10/30/22 | | $ | 1,731,959 | | | | 0.4 | | |
| | 765,000 | | | | | | | Nomad Foods
Europe Midco
Limited USD
Term Loan B,
3.977%,
(US0003M +
2.750%),
04/18/24 | | | 768,825 | | | | 0.2 | | |
| | 980,000 | | | | | | | NPC
International, Inc.
First Lien Term
Loan, 4.736%,
(US0003M +
3.500%),
03/17/24 | | | 987,350 | | | | 0.2 | | |
| | 327,500 | | | | | | | NPC
International, Inc.
Second Lien
Term Loan,
8.736%,
(US0003M +
7.500%),
03/17/25 | | | 332,003 | | | | 0.1 | | |
EUR | 1,000,000 | | | | (1 | ) | | Valeo F1
Company
Limited (Ireland)
2017 EUR Term
Loan B, 5.068%,
(EUR003M +
3.750%),
08/09/24 | | | 1,192,961 | | | | 0.2 | | |
| | | | | | | | | | 10,423,457 | | | | 2.3 | | |
| | | | | Food Service: 1.4% | |
| | 2,229,228 | | | | | | | CEC
Entertainment
Concepts, L.P.
Term Loan,
4.239%,
(US0003M +
3.000%),
02/14/21 | | | 2,221,566 | | | | 0.5 | | |
| | 764,008 | | | | | | | Landrys, Inc.
2016 Term
Loan B, 3.984%,
(US0003M +
2.750%),
09/13/23 | | | 762,575 | | | | 0.2 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,086,667 | | | | | | | Manitowoc
Foodservice, Inc.
Term Loan B,
4.239%,
(US0003M +
3.000%),
04/02/23 | | $ | 1,096,854 | | | | 0.2 | | |
| | 2,328,987 | | | | | | | US Foods, Inc.
2016 Term
Loan B, 3.989%,
(US0003M +
2.750%),
06/13/23 | | | 2,343,544 | | | | 0.5 | | |
| | | | | | | | | | 6,424,539 | | | | 1.4 | | |
| | | | | Food/Drug Retailers: 2.8% | |
| | 2,533,670 | | | | | | | Albertsons, LLC
USD 2017 Term
Loan B4, 3.989%,
(US0003M +
2.750%),
08/25/21 | | | 2,477,456 | | | | 0.6 | | |
| | 635,000 | | | | (1 | ) | | Natures
Bounty Co. (The)
2017 Second
Lien Term Loan,
9.068%,
(US0003M +
7.750%),
09/15/25 | | | 632,883 | | | | 0.1 | | |
| | 845,750 | | | | | | | Natures
Bounty Co. (The)
2017 USD Term
Loan B, 4.796%,
(US0003M +
3.500%),
05/05/23 | | | 845,070 | | | | 0.2 | | |
| | 1,365,000 | | | | (1 | ) | | Natures
Bounty Co. (The)
New 2017 Term
Loan, 4.818%,
(US0003M +
3.500%),
08/11/24 | | | 1,357,322 | | | | 0.3 | | |
| | 2,428,807 | | | | | | | Portillos
Holdings, LLC
First Lien Term
Loan, 5.796%,
(US0003M +
4.500%),
08/02/21 | | | 2,441,711 | | | | 0.5 | | |
| | 1,671,600 | | | | | | | Moran
Foods LLC
Term Loan,
7.239%,
(US0003M +
6.000%),
11/29/23 | | | 1,592,199 | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
39
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Food/Drug Retailers: (continued) | |
| | 1,050,000 | | | | | | | Smart &
Final Stores LLC
First Lien
Term Loan,
4.772%,
(US0003M +
3.500%),
11/15/19 | | $ | 1,014,125 | | | | 0.2 | | |
| | 945,445 | | | | | | | Supervalu Inc.
2017 Delayed
Draw Term
Loan, 4.734%,
(US0003M +
3.500%),
06/08/24 | | | 914,718 | | | | 0.2 | | |
| | 1,575,742 | | | | | | | Supervalu Inc.
2017 Term
Loan B, 4.739%,
(US0003M +
3.500%),
06/08/24 | | | 1,524,531 | | | | 0.3 | | |
| | | | | | | | | | 12,800,015 | | | | 2.8 | | |
| | | | | Forest Products: 0.2% | |
| | 940,500 | | | | | | | Blount
International Inc.
USD Term
Loan, 6.236%,
(US0003M +
5.000%),
04/12/23 | | | 950,493 | | | | 0.2 | | |
| | | | | Health Care: 15.1% | |
| | 1,943,632 | | | | | | | Acadia Healthcare
Company, Inc.
Term Loan B2,
3.982%,
(US0003M +
2.750%),
04/02/23 | | | 1,965,255 | | | | 0.4 | | |
| | 552,183 | | | | | | | ADMI Corp. 2015
Term Loan B,
5.061%,
(US0003M +
3.750%),
04/30/22 | | | 558,510 | | | | 0.1 | | |
| | 3,902,906 | | | | | | | Air Medical
Group
Holdings, Inc.
Term Loan B,
4.489%,
(US0003M +
3.250%),
04/06/22 | | | 3,806,145 | | | | 0.8 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,803,058 | | | | | | | Air Methods
Corporation
2017 Term
Loan B, 4.796%,
(US0003M +
3.500%),
04/21/24 | | $ | 1,764,743 | | | | 0.4 | | |
| | 525,000 | | | | (1 | ) | | Albany Molecular
Research, Inc.
2017 First Lien
Term Loan,
4.568%,
(US0003M +
3.750%),
07/19/24 | | | 526,149 | | | | 0.1 | | |
| | 1,028,935 | | | | | | | ATI Holdings
Acquisition, Inc.
2016 Term Loan,
4.801%,
(US0003M +
3.500%),
04/21/23 | | | 1,034,723 | | | | 0.2 | | |
| | 3,030,405 | | | | | | | Auris
Luxembourg III
S.a.r.l. 2017
USD Term
Loan B7, 4.296%,
(US0003M +
3.000%),
01/17/22 | | | 3,037,981 | | | | 0.7 | | |
| | 1,976,353 | | | | | | | CareCore
National, LLC
Term Loan B,
5.239%,
(US0003M +
4.000%),
03/05/21 | | | 2,004,763 | | | | 0.4 | | |
| | 855,000 | | | | (1 | ) | | Carestream Dental
Equiment, Inc
2017 First Lien
Term Loan B,
4.568%,
(US0003M +
4.000%),
08/07/24 | | | 853,664 | | | | 0.2 | | |
| | 1,567,760 | | | | | | | Catalent Pharma
Solutions Inc.
USD Term
Loan B, 3.989%,
(US0003M +
2.750%),
05/20/21 | | | 1,580,078 | | | | 0.4 | | |
| | 649,356 | | | | | | | CCS Intermediate
Holdings LLC —
First Lien,
5.296%,
(US0003M +
4.000%),
07/23/21 | | | 582,797 | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
40
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Health Care: (continued) | |
| | 2,384,453 | | | | | | | CDRH Parent, Inc.
New First Lien
Term Loan,
5.320%,
(US0003M +
4.250%),
07/01/21 | | $ | 1,901,005 | | | | 0.4 | | |
| | 2,250,000 | | | | | | | CDRH Parent, Inc.
Second Lien,
9.299%,
(US0003M +
8.000%),
07/01/22 | | | 1,625,625 | | | | 0.4 | | |
| | 3,990,000 | | | | | | | Change
Healthcare
Holdings, Inc.
2017 Term
Loan B, 3.989%,
(US0003M +
2.750%),
02/08/24 | | | 3,996,927 | | | | 0.9 | | |
| | 3,116,831 | | | | | | | CHG Healthcare
Services Inc.
2017 Term
Loan B, 4.561%,
(US0003M +
3.250%),
06/07/23 | | | 3,148,242 | | | | 0.7 | | |
| | 1,381,247 | | | | | | | Community Health
Systems, Inc.
Term Loan H,
4.317%,
(US0003M +
3.000%),
01/27/21 | | | 1,378,534 | | | | 0.3 | | |
| | 1,068,328 | | | | | | | Concentra Inc.
First Lien Term
Loan, 4.211%,
(US0003M +
3.000%),
04/22/22 | | | 1,077,310 | | | | 0.2 | | |
| | 934,957 | | | | | | | Cotiviti Corporation
Term Loan B,
3.800%,
(US0003M +
2.500%),
09/28/23 | | | 939,239 | | | | 0.2 | | |
| | 1,566,942 | | | | | | | DJO Finance LLC
2015 Term Loan,
4.485%,
(US0003M +
3.250%),
04/21/20 | | | 1,562,241 | | | | 0.3 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,583,372 | | | | | | | Envision
Healthcare Corp
Term Loan B,
4.300%,
(US0003M +
3.000%),
11/09/23 | | $ | 1,596,434 | | | | 0.4 | | |
| | 1,116,577 | | | | | | | ExamWorks
Group, Inc.
2017 Term Loan,
4.489%,
(US0003M +
3.250%),
07/23/23 | | | 1,123,905 | | | | 0.3 | | |
| | 335,000 | | | | | | | GHX Ultimate
Parent Corp,
Commerce
Merger Sub, Inc.
2017 First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
05/31/24 | | | 335,209 | | | | 0.1 | | |
| | 873,393 | | | | | | | Greenway
Health, LLC
2017 First Lien
Term Loan,
6.050%,
(US0003M +
4.750%),
02/14/24 | | | 875,576 | | | | 0.2 | | |
| | 1,068,180 | | | | | | | Iasis
Healthcare LLC
Term Loan B3,
5.296%,
(US0003M +
4.000%),
02/16/21 | | | 1,075,925 | | | | 0.2 | | |
| | 2,356,962 | | | | | | | Jaguar Holding
Company II
2017 Term Loan,
4.019%,
(US0003M +
2.750%),
08/18/22 | | | 2,367,717 | | | | 0.5 | | |
| | 2,665,000 | | | | | | | Kinetic
Concepts, Inc.
2017 USD Term
Loan B, 4.546%,
(US0003M +
3.250%),
01/25/24 | | | 2,645,567 | | | | 0.6 | | |
| | 1,678,424 | | | | | | | MPH Acquisition
Holdings LLC
2016 Term
Loan B, 4.296%,
(US0003M +
3.000%),
06/07/23 | | | 1,687,266 | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
41
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Health Care: (continued) | |
| | 2,580,820 | | | | | | | NVA Holdings, Inc.
USD First Lien
Term Loan B2,
4.796%,
(US0003M +
3.500%),
08/14/21 | | $ | 2,599,371 | | | | 0.6 | | |
| | 1,476,219 | | | | | | | Onex TSG
Holdings II Corp.
First Lien Term
Loan, 5.239%,
(US0003M +
4.000%),
07/31/22 | | | 1,483,600 | | | | 0.3 | | |
| | 2,448,000 | | | | (1 | ) | | Parexel
International
Corporation
Term Loan B,
4.318%,
(US0003M +
3.250%),
08/07/24 | | | 2,455,650 | | | | 0.5 | | |
| | 1,065,143 | | | | | | | nThrive, Inc. 2016
First Lien
Term Loan,
5.739%,
(US0003M +
4.500%),
09/30/22 | | | 1,074,131 | | | | 0.2 | | |
| | 150,000 | | | | | | | Press Ganey
Holdings, Inc.
Second Lien
Term Loan,
8.489%,
(US0003M +
7.250%),
09/20/24 | | | 153,563 | | | | 0.0 | | |
| | 606,950 | | | | | | | Press Ganey
Holdings, Inc.
First Lien Term
Loan, 4.489%,
(US0003M +
3.250%),
09/20/23 | | | 610,175 | | | | 0.1 | | |
| | 908,245 | | | | | | | Prospect Medical
Holdings, Inc.
Term Loan,
7.250%,
(US0003M +
6.000%),
06/01/22 | | | 923,572 | | | | 0.2 | | |
| | 1,685,775 | | | | | | | Select Medical
Corporation 2017
Term Loan B,
4.810%,
(US0003M +
3.500%),
01/26/24 | | | 1,704,374 | | | | 0.4 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 3,217,810 | | | | | | | Sterigenics-
Nordion
Holdings, LLC
2017 Term
Loan B, 4.239%,
(US0003M +
3.000%),
03/23/22 | | $ | 3,218,817 | | | | 0.7 | | |
| | 1,540,000 | | | | (1 | ) | | Surgery Center
Holdings, Inc.
2017 Term
Loan B, 4.568%,
(US0003M +
3.500%),
06/06/24 | | | 1,526,765 | | | | 0.3 | | |
| | 1,695,750 | | | | | | | Team Health
Holdings, Inc.
First Lien Term
Loan, 3.989%,
(US0003M +
2.750%),
01/17/24 | | | 1,679,852 | | | | 0.4 | | |
| | 525,000 | | | | | | | Tecomet Inc.
2017 Term
Loan B, 5.065%,
(US0003M +
3.750%),
04/13/24 | | | 527,516 | | | | 0.1 | | |
| | 730,000 | | | | | | | U.S. Anesthesia
Partners, Inc.
2017 Term Loan,
4.486%,
(US0003M +
3.250%),
06/07/24 | | | 733,042 | | | | 0.2 | | |
| | 3,449,975 | | | | | | | U.S. Renal
Care, Inc. 2015
Term Loan B,
5.546%,
(US0003M +
4.250%),
11/06/22 | | | 3,389,600 | | | | 0.7 | | |
| | 989,691 | | | | | | | Valeant
Pharmaceuticals
International, Inc.
Term Loan B F1,
5.990%,
(US0003M +
4.750%),
03/13/22 | | | 1,007,263 | | | | 0.2 | | |
| | 1,099,816 | | | | | | | Vizient, Inc. 2017
Term Loan B,
4.734%,
(US0003M +
3.500%),
02/13/23 | | | 1,113,976 | | | | 0.3 | | |
| | | | | | | | | | 69,252,797 | | | | 15.1 | | |
See Accompanying Notes to Financial Statements
42
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Holding Companies — Diversified: 0.7% | |
| | 2,962,500 | | | | | | | First Eagle
Holdings, Inc.
Term Loan B,
4.796%,
(US0003M +
3.500%),
12/01/22 | | $ | 2,996,198 | | | | 0.7 | | |
| | | | | Home Furnishings: 1.1% | |
| | 1,553,482 | | | | | | | Apollo Sec Svcs
Borrower LLC,
Prime Security
Services
Borrower, LLC
2016 First Lien
Term Loan,
3.989%,
(US0003M +
2.750%),
05/02/22 | | | 1,564,162 | | | | 0.3 | | |
| | 1,217,374 | | | | | | | Hillman
Group Inc. (The)
Term Loan B,
4.796%,
(US0003M +
3.500%),
06/30/21 | | | 1,225,364 | | | | 0.3 | | |
| | 2,211,350 | | | | | | | Serta Simmons
Bedding, LLC
First Lien Term
Loan, 4.801%,
(US0003M +
3.500%),
10/20/23 | | | 2,155,513 | | | | 0.5 | | |
| | | | | | | | | | 4,945,039 | | | | 1.1 | | |
| | | | | Industrial Equipment: 4.4% | |
| | 500,000 | | | | | | | Accudyne
Industries, LLC
2017 Term Loan,
5.013%,
(US0003M +
3.750%),
08/02/24 | | | 501,328 | | | | 0.1 | | |
| | 2,730,219 | | | | | | | Apex Tool
Group, LLC
Term Loan B,
4.500%,
(US0001M +
3.250%),
02/01/20 | | | 2,632,387 | | | | 0.6 | | |
| | 1,373,060 | | | | | | | Columbus
McKinnon
Corporation
Term Loan B,
4.296%,
(US0003M +
3.000%),
01/13/24 | | | 1,383,770 | | | | 0.3 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,334,994 | | | | | | | Cortes NP
Acquisition
Corporation
2017 Term
Loan B, 5.239%,
(US0003M +
4.000%),
11/30/23 | | $ | 2,354,696 | | | | 0.5 | | |
| | 887,800 | | | | | | | WTG Holdings III
Corp. First Lien
Term Loan,
5.046%,
(US0003M +
3.750%),
01/15/21 | | | 898,898 | | | | 0.2 | | |
| | 1,634,091 | | | | | | | Filtration Group
Corporation
First Lien Term
Loan, 4.257%,
(US0003M +
3.000%),
11/21/20 | | | 1,645,326 | | | | 0.4 | | |
| | 4,895,042 | | | | | | | Gardner
Denver, Inc. USD
Term Loan,
4.546%,
(US0003M +
3.250%),
07/30/20 | | | 4,899,634 | | | | 1.1 | | |
EUR | 2,000,000 | | | | (1 | ) | | Gardner
Denver, Inc.
2017 EUR Term
Loan B, 4.318%,
(EUR003M +
3.500%),
07/30/24 | | | 2,379,661 | | | | 0.5 | | |
| | 669,938 | | | | | | | Global Brass &
Copper, Inc.
2016 Term
Loan B, 4.500%,
(US0003M +
3.250%),
06/15/23 | | | 675,799 | | | | 0.1 | | |
| | 793,114 | | | | | | | Kenan Advantage
Group, Inc. 2015
Term Loan,
4.239%,
(US0003M +
3.000%),
07/31/22 | | | 793,692 | | | | 0.2 | | |
| | 241,188 | | | | | | | Kenan Advantage
Group, Inc. CAD
Term Loan B,
4.239%,
(US0003M +
3.000%),
07/31/22 | | | 241,364 | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
43
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Industrial Equipment: (continued) | |
| | 333,473 | | | | | | | MKS
Instruments, Inc.
2017 Term
Loan B2, 3.489%,
(US0003M +
2.250%),
05/01/23 | | $ | 336,738 | | | | 0.1 | | |
| | 800,000 | | | | | | | Robertshaw US
Holding Corp
First Lien Term
Loan, 5.750%,
(US0003M +
4.500%),
08/08/24 | | | 806,251 | | | | 0.2 | | |
| | 345,000 | | | | (1 | ) | | Robertshaw US
Holding Corp
Second Lien
Term Loan,
10.318%,
(US0003M +
9.000%),
02/08/25 | | | 343,706 | | | | 0.0 | | |
| | 369,075 | | | | | | | Terex Corporation
2017 Term
Loan B, 3.726%,
(US0003M +
2.500%),
01/24/24 | | | 370,305 | | | | 0.1 | | |
| | | | | | | | | | 20,263,555 | | | | 4.4 | | |
| | | | | Insurance: 6.4% | |
| | 3,311,700 | | | | | | | Acrisure, LLC
2016 Term
Loan B, 6.296%,
(US0003M +
5.000%),
10/28/23 | | | 3,365,515 | | | | 0.7 | | |
| | 2,741,568 | | | | | | | Alliant
Holdings I, Inc.
2015 Term
Loan B, 4.564%,
(US0003M +
3.250%),
07/15/22 | | | 2,746,709 | | | | 0.6 | | |
| | 2,059,650 | | | | | | | AmWINS
Group, Inc. 2017
Term Loan B,
3.986%,
(US0003M +
2.750%),
01/05/24 | | | 2,066,455 | | | | 0.5 | | |
| | 195,000 | | | | | | | AmWINS
Group, Inc.
Second Lien,
7.989%,
(US0003M +
6.750%),
01/25/25 | | | 199,631 | | | | 0.0 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 3,298,379 | | | | | | | Applied
Systems, Inc.
New First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
01/25/21 | | $ | 3,331,020 | | | | 0.8 | | |
| | 969,575 | | | | | | | Applied
Systems, Inc.
New Second
Lien Term Loan,
7.796%,
(US0003M +
6.500%),
01/22/22 | | | 981,493 | | | | 0.2 | | |
| | 2,173,085 | | | | | | | AssuredPartners, Inc.
2017 Term Loan,
4.739%,
(US0003M +
3.500%),
10/21/22 | | | 2,182,203 | | | | 0.5 | | |
| | 431,375 | | | | | | | CH Hold Corp.
First Lien Term
Loan, 4.239%,
(US0003M +
3.000%),
01/18/24 | | | 433,891 | | | | 0.1 | | |
| | 1,280,000 | | | | | | | Cypress Inter
Hldgs III Inc,
CCC Information
Services, Inc.
2017 First Lien
Term Loan,
4.240%,
(US0003M +
3.000%),
03/29/24 | | | 1,280,000 | | | | 0.3 | | |
| | 150,000 | | | | | | | Cypress Inter
Hldgs III Inc,
CCC Information
Services, Inc.
2017 Second
Lien Term Loan,
7.989%,
(US0003M +
6.750%),
03/29/25 | | | 154,688 | | | | 0.0 | | |
| | 2,746,499 | | | | | | | Hub International
Limited Term
Loan B, 4.312%,
(US0003M +
3.000%),
10/02/20 | | | 2,762,344 | | | | 0.6 | | |
| | 2,462,625 | | | | | | | NFP Corp. Term
Loan B, 4.796%,
(US0003M +
3.500%),
01/06/24 | | | 2,480,583 | | | | 0.5 | | |
See Accompanying Notes to Financial Statements
44
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Insurance: (continued) | |
| | 1,825,000 | | | | | | | Sedgwick Claims
Management
Services, Inc.
Incremental
Second Lien
Term Loan,
7.067%,
(US0003M +
5.750%),
02/28/22 | | $ | 1,831,844 | | | | 0.4 | | |
| | 2,300,000 | | | | | | | Sedgwick Claims
Mgmt Svcs, Inc.
Second Lien
Term Loan,
6.989%,
(US0003M +
5.750%),
02/28/22 | | | 2,314,375 | | | | 0.5 | | |
| | 1,900,000 | | | | | | | USI, Inc. 2017
Term Loan B,
4.314%,
(US0003M +
3.000%),
03/30/24 | | | 1,892,282 | | | | 0.4 | | |
| | 1,362,315 | | | | | | | VF Holding
Corp Reprice
Term Loan,
4.546%,
(US0003M +
3.250%),
06/30/23 | | | 1,368,382 | | | | 0.3 | | |
| | | | | | | | | | 29,391,415 | | | | 6.4 | | |
| | | | | Leisure Good/Activities/Movies: 5.8% | |
| | 3,880,000 | | | | | | | 24 Hour Fitness
Worldwide, Inc.
New Term
Loan B, 5.046%,
(US0003M +
3.750%),
05/30/21 | | | 3,881,164 | | | | 0.8 | | |
| | 920,000 | | | | (1 | ) | | ClubCorp Club
Operations, Inc.
2017 Incremental
Term Loan,
4.568%,
(US0003M +
3.250%),
08/15/24 | | | 915,113 | | | | 0.2 | | |
| | 2,577,254 | | | | | | | Delta 2 (LUX)
S.a.r.l. USD Term
Loan B3, 4.489%,
(US0006M +
3.250%),
07/31/21 | | | 2,588,676 | | | | 0.6 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 170,000 | | | | | | | Equinox
Holdings, Inc.
2017 Second
Lien Term Loan,
8.232%,
(US0003M +
7.000%),
03/03/25 | | $ | 173,570 | | | | 0.0 | | |
| | 2,094,750 | | | | | | | Equinox
Holdings, Inc.
2017 Term
Loan B, 4.489%,
(US0003M +
3.250%),
03/03/24 | | | 2,103,653 | | | | 0.5 | | |
| | 4,775,909 | | | | | | | Fitness
International, LLC
Term Loan B,
5.489%,
(US0003M +
4.250%),
07/01/20 | | | 4,835,608 | | | | 1.0 | | |
EUR | 1,000,000 | | | | (1 | ) | | Fugue Finance B.V.
EUR Term Loan,
4.568%,
(EUR003M +
3.250%),
06/27/24 | | | 1,196,180 | | | | 0.3 | | |
| | 445,000 | | | | | | | Hayward
Industries, Inc.
Term Loan B,
4.731%,
(US0003M +
3.500%),
07/18/24 | | | 447,967 | | | | 0.1 | | |
| | 900,000 | | | | | | | Kingpin
Intermediate
Holdings LLC
2017 First Lien
Term Loan B,
5.490%,
(US0003M +
4.250%),
06/28/24 | | | 908,437 | | | | 0.2 | | |
| | 987,481 | | | | | | | LTF Merger
Sub, Inc. 2017
Term Loan B,
4.317%,
(US0003M +
3.000%),
06/10/22 | | | 991,493 | | | | 0.2 | | |
EUR | 666,650 | | | | | | | NEP Europe
Finco B.V. EUR
Incremental
Term Loan,
3.750%,
(EUR003M +
3.500%),
11/17/23 | | | 801,221 | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
45
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Leisure Good/Activities/Movies:
(continued) | |
| | 1,561,278 | | | | | | | NEP/NCP
Holdco, Inc.
2017 Second
Lien Term Loan,
8.231%,
(US0003M +
7.000%),
01/23/23 | | $ | 1,584,698 | | | | 0.4 | | |
| | 2,838,938 | | | | | | | NEP/NCP
Holdco, Inc.
2017 Term Loan,
4.489%,
(US0003M +
3.250%),
07/21/22 | | | 2,881,522 | | | | 0.6 | | |
| | 539,228 | | | | | | | SRAM, LLC 2017
Term Loan,
4.757%,
(US0003M +
3.500%),
03/07/24 | | | 543,272 | | | | 0.1 | | |
EUR | 1,000,000 | | | | (1 | ) | | Stage
Entertainment
B.V. EUR Term
Loan B, 5.318%,
(EUR003M +
4.000%),
06/29/24 | | | 1,202,915 | | | | 0.3 | | |
| | 936,656 | | | | | | | UFC Holdings, LLC
First Lien Term
Loan, 4.490%,
(US0003M +
3.250%),
07/20/23 | | | 941,339 | | | | 0.2 | | |
| | 643,733 | | | | | | | Winnebago
Industries, Inc.
Term Loan,
5.722%,
(US0003M +
4.500%),
10/28/23 | | | 650,573 | | | | 0.1 | | |
| | | | | | | | | | 26,647,401 | | | | 5.8 | | |
| | | | | Lodging & Casinos: 6.0% | |
| | 4,831,363 | | | | | | | Amaya
Holdings B.V.
Repriced Term
Loan B, 4.796%,
(US0003M +
3.500%),
08/01/21 | | | 4,853,843 | | | | 1.1 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 858,038 | | | | | | | American Casino
Entertainment
Properties LLC
Term Loan,
4.489%,
(US0003M +
3.250%),
07/07/22 | | $ | 862,328 | | | | 0.2 | | |
| | 300,000 | | | | | | | Belmond
Interfin Ltd. USD
2017 Term
Loan B, 3.989%,
(US0003M +
2.750%),
06/21/24 | | | 301,000 | | | | 0.1 | | |
| | 553,613 | | | | | | | Caesars Growth
Properties
Holdings, LLC
2017 Term Loan,
4.239%,
(US0003M +
3.000%),
05/08/21 | | | 555,896 | | | | 0.1 | | |
| | 560,000 | | | | | | | CBAC
Borrower, LLC
2017 Term
Loan B, 5.239%,
(US0003M +
4.000%),
06/28/24 | | | 563,500 | | | | 0.1 | | |
| | 1,500,000 | | | | | | | CityCenter
Holdings, LLC
2017 Term
Loan B, 3.734%,
(US0003M +
2.500%),
04/07/24 | | | 1,505,157 | | | | 0.3 | | |
| | 1,250,566 | | | | | | | ESH
Hospitality, Inc.
2017 Term
Loan B, 3.739%,
(US0003M +
2.500%),
08/30/23 | | | 1,256,645 | | | | 0.3 | | |
| | 1,460,000 | | | | | | | Everi Payments Inc.
Term Loan B,
5.739%,
(US0003M +
4.500%),
05/01/24 | | | 1,475,147 | | | | 0.3 | | |
| | 1,705,000 | | | | (1 | ) | | Golden
Entertainment, Inc.
2017 First Lien
Term Loan,
4.318%,
(US0003M +
3.000%),
08/15/24 | | | 1,702,869 | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
46
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Lodging & Casinos: (continued) | |
| | 475,000 | | | | (1 | ) | | Golden
Entertainment, Inc.
2017 Second
Lien Term Loan,
8.318%,
(US0003M +
7.000%),
08/15/25 | | $ | 477,375 | | | | 0.1 | | |
| | 869,318 | | | | | | | Golden Nugget, Inc.
New Delayed
Draw Term Loan,
4.740%,
(US0003M +
3.500%),
11/21/19 | | | 877,468 | | | | 0.2 | | |
| | 2,028,409 | | | | | | | Golden Nugget, Inc.
New Term
Loan B, 4.740%,
(US0003M +
3.500%),
11/21/19 | | | 2,047,425 | | | | 0.4 | | |
| | 1,984,810 | | | | | | | La Quinta
Intermediate
Holdings LLC
Term Loan B,
4.054%,
(US0003M +
2.750%),
04/14/21 | | | 1,996,906 | | | | 0.4 | | |
| | 3,387,258 | | | | | | | Scientific Games
International, Inc.
2017 Term
Loan B4, 4.512%,
(US0003M +
3.250%),
08/14/24 | | | 3,418,407 | | | | 0.8 | | |
| | 3,577,987 | | | | | | | Station
Casinos LLC
2016 Term
Loan B, 3.740%,
(US0003M +
2.500%),
05/23/23 | | | 3,580,224 | | | | 0.8 | | |
| | 1,935,310 | | | | | | | Twin River
Management
Group, Inc. Term
Loan, 4.796%,
(US0003M +
3.500%),
07/10/20 | | | 1,951,640 | | | | 0.4 | | |
| | | | | | | | | | 27,425,830 | | | | 6.0 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Oil & Gas: 2.3% | |
| | 1,390,000 | | | | | | | Energy Transfer
Equity, L.P. 2017
Term Loan B,
3.981%,
(US0003M +
2.750%),
01/24/24 | | $ | 1,395,585 | | | | 0.3 | | |
| | 2,055,113 | | | | | | | FTS
International, Inc.
New Term
Loan B, 5.989%,
(US0003M +
4.750%),
04/16/21 | | | 1,865,015 | | | | 0.4 | | |
| | 6,525,750 | | | | | | | HGIM Corp. Term
Loan B, 5.818%,
(US0003M +
4.500%),
06/18/20 | | | 2,740,815 | | | | 0.6 | | |
| | 997,500 | | | | | | | Limetree Bay
Terminals, LLC
2017 Term
Loan B, 5.228%,
(US0003M +
4.000%),
02/15/24 | | | 1,009,969 | | | | 0.2 | | |
| | 1,884,641 | | | | | | | MEG Energy Corp.
2017 Term
Loan B, 4.734%,
(US0003M +
3.500%),
12/31/23 | | | 1,872,156 | | | | 0.4 | | |
| | 1,190,151 | | | | | | | Southcross
Energy
Partners, L.P.
First Lien Term
Loan, 5.546%,
(US0003M +
4.250%),
08/04/21 | | | 1,060,722 | | | | 0.3 | | |
| | 105,654 | | | | (3 | ) | | Southcross
Holdings
Borrower LP Exit
Term Loan B,
3.500% (PIK
Rate 5.500%,
Cash Rate
0.000%),
04/13/23 | | | 92,183 | | | | 0.0 | | |
| | 430,000 | | | | | | | Summit Midstream
Partners
Holdings, LLC
Term Loan B,
7.239%,
(US0003M +
6.000%),
03/06/22 | | | 436,450 | | | | 0.1 | | |
| | | | | | | | | | 10,472,895 | | | | 2.3 | | |
See Accompanying Notes to Financial Statements
47
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Publishing: 1.4% | |
| | 1,290,193 | | | | (3 | ),(4) | | 682534 N.B. Inc.
Term Loan,
8.000% (PIK
Rate 0.000%,
Cash Rate
0.000%),
10/01/20 | | $ | 741,861 | | | | 0.2 | | |
| | 1,145,574 | | | | | | | McGraw-Hill
Global Education
Holdings, LLC
2016 Term
Loan B, 5.239%,
(US0003M +
4.000%),
05/04/22 | | | 1,128,152 | | | | 0.2 | | |
| | 2,183,781 | | | | | | | Merrill
Communications,
LLC 2015 Term
Loan, 6.561%,
(US0003M +
5.250%),
05/27/22 | | | 2,192,654 | | | | 0.5 | | |
| | 2,253,612 | | | | | | | Tribune Media
Company Term
Loan C, 4.239%,
(US0003M +
3.000%),
01/27/24 | | | 2,266,288 | | | | 0.5 | | |
| | 180,814 | | | | | | | Tribune Media
Company Term
Loan, 4.239%,
(US0003M +
3.000%),
12/27/20 | | | 181,491 | | | | 0.0 | | |
| | | | | | | | | | 6,510,446 | | | | 1.4 | | |
| | | | | Radio & Television: 3.6% | |
| | 2,214,950 | | | | | | | CBS Radio Inc.
Term Loan B,
4.736%,
(US0003M +
3.500%),
10/06/23 | | | 2,233,407 | | | | 0.5 | | |
| | 2,440,598 | | | | | | | Cumulus Media
Holdings Inc.
2013 Term Loan,
4.490%,
(US0003M +
3.250%),
12/19/20 | | | 2,008,917 | | | | 0.4 | | |
| | 2,174,075 | | | | | | | Learfield
Communications
INC. 2016 First
Lien Term Loan,
4.490%,
(US0003M +
3.250%),
11/17/23 | | | 2,190,381 | | | | 0.5 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 1,512,813 | | | | | | | Lions Gate
Entertainment
Corp. 2016 First
Lien Term Loan,
4.239%,
(US0003M +
3.000%),
10/12/23 | | $ | 1,524,907 | | | | 0.3 | | |
| | 260,032 | | | | | | | Mission
Broadcasting, Inc.
2017 Term
Loan B2, 3.732%,
(US0003M +
2.500%),
01/17/24 | | | 260,845 | | | | 0.0 | | |
| | 2,093,344 | | | | | | | Nexstar
Broadcasting, Inc.
2017 Term
Loan B2, 3.732%,
(US0003M +
2.500%),
01/17/24 | | | 2,099,885 | | | | 0.5 | | |
| | 1,310,000 | | | | | | | Raycom TV
Broadcasting, LLC
2017 Term
Loan B, 3.986%,
(US0003M +
2.750%),
07/25/24 | | | 1,316,550 | | | | 0.3 | | |
| | 5,072,646 | | | | | | | Univision
Communications
Inc. Term
Loan C5, 3.989%,
(US0003M +
2.750%),
03/15/24 | | | 5,041,292 | | | | 1.1 | | |
| | | | | | | | | | 16,676,184 | | | | 3.6 | | |
| | | | | Retailers (Except Food & Drug): 7.8% | |
| | 1,229,479 | | | | | | | Abercrombie & Fitch Management Co. Term Loan B, 4.990%,
(US0003M +
3.750%), 07/14/21 | | | 1,201,816 | | | | 0.3 | | |
EUR | 2,090,000 | | | | | | | Action
Nederland B.V.
EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
01/22/23 | | | 2,522,103 | | | | 0.5 | | |
| | 1,643,595 | | | | | | | Ascena Retail
Group, Inc. 2015
Term Loan B,
5.750%,
(US0003M +
4.500%),
07/21/22 | | | 1,276,526 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
48
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Retailers (Except Food & Drug):
(continued) | |
| | 795,000 | | | | | | | Bass Pro
Group, LLC
Asset Sale
Term Loan,
6.046%,
(US0003M +
4.750%),
05/04/18 | | $ | 797,981 | | | | 0.2 | | |
| | 1,000,000 | | | | | | | Bass Pro
Group, LLC
Term Loan B,
6.296%,
(US0003M +
5.000%),
12/16/23 | | | 956,875 | | | | 0.2 | | |
| | 1,969,281 | | | | | | | Belk, Inc. Term
Loan B First
Lien, 6.054%,
(US0003M +
4.750%),
10/29/22 | | | 1,619,734 | | | | 0.4 | | |
| | 3,192,000 | | | | | | | BJs Wholesale
Club, Inc. 2017
First Lien Term
Loan, 4.968%,
(US0003M +
3.750%),
01/26/24 | | | 3,092,250 | | | | 0.7 | | |
| | 650,000 | | | | | | | BJs Wholesale
Club, Inc. 2017
Second Lien
Term Loan,
8.710%,
(US0003M +
7.500%),
01/26/25 | | | 630,229 | | | | 0.1 | | |
| | 1,164,065 | | | | | | | Evergreen
Acqco 1 LP
New Term Loan,
5.064%,
(US0003M +
3.750%),
07/09/19 | | | 1,094,221 | | | | 0.2 | | |
| | 1,930,289 | | | | | | | General Nutrition
Centers, Inc.
New Term Loan,
3.740%,
(US0003M +
2.500%),
03/04/19 | | | 1,846,184 | | | | 0.4 | | |
| | 3,198,504 | | | | | | | Harbor Freight
Tools USA, Inc.
2016 Term
Loan B, 4.489%,
(US0003M +
3.250%),
08/19/23 | | | 3,211,388 | | | | 0.7 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,585,463 | | | | | | | Jo-Ann Stores, Inc.
2016 Term
Loan, 6.391%,
(US0003M +
5.000%),
09/27/23 | | $ | 2,547,759 | | | | 0.6 | | |
| | 1,478,825 | | | | | | | Leslies
Poolmart, Inc.
2016 Term Loan,
5.061%,
(US0003M +
3.750%),
07/27/23 | | | 1,482,676 | | | | 0.3 | | |
| | 3,214,615 | | | | | | | Mens Wearhouse,
Inc. (The) Term
Loan B, 4.770%,
(US0003M +
3.500%),
06/18/21 | | | 3,086,030 | | | | 0.7 | | |
| | 387,995 | | | | | | | National
Vision, Inc. First
Lien Term Loan,
4.239%,
(US0001M +
3.000%),
03/12/21 | | | 389,268 | | | | 0.1 | | |
| | 2,366,248 | | | | (1 | ) | | Neiman Marcus
Group, Inc. (The)
2020 Term
Loan B, 4.481%,
(US0003M +
3.250%),
10/25/20 | | | 1,753,389 | | | | 0.4 | | |
| | 1,063,077 | | | | | | | Party City
Holdings Inc.
2016 Term Loan,
4.319%,
(US0003M +
3.000%),
08/19/22 | | | 1,065,983 | | | | 0.2 | | |
| | 2,612,719 | | | | | | | Petco Animal
Supplies, Inc.
2017 Term
Loan B, 4.311%,
(US0003M +
3.000%),
01/09/23 | | | 2,203,392 | | | | 0.5 | | |
| | 5,368,925 | | | | | | | PetSmart, Inc.,
4.240%,
(US0003M +
3.000%),
03/10/22 | | | 4,755,526 | | | | 1.0 | | |
| | | | | | | | | | 35,533,330 | | | | 7.8 | | |
See Accompanying Notes to Financial Statements
49
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Surface Transport: 1.2% | |
| | 389,025 | | | | | | | AI Mistral Holdco
Limited 2017
Term Loan B,
4.239%,
(US0003M +
3.000%),
01/27/24 | | $ | 387,404 | | | | 0.1 | | |
| | 1,656,838 | | | | | | | IBC Capital
Limited First
Lien Term Loan,
4.978%,
(US0003M +
3.750%),
08/05/21 | | | 1,645,103 | | | | 0.4 | | |
| | 1,790,886 | | | | | | | Navistar
International
Corp. Term
Loan B, 5.240%,
(US0003M +
4.000%),
08/07/20 | | | 1,808,422 | | | | 0.4 | | |
| | 1,595,808 | | | | | | | OSG Bulk
Ships, Inc OBS
Term Loan,
5.570%,
(US0003M +
4.250%),
08/05/19 | | | 1,523,997 | | | | 0.3 | | |
| | | | | | | | | | 5,364,926 | | | | 1.2 | | |
| | | | | Telecommunications: 8.2% | |
| | 1,760,588 | | | | | | | Altice
Financing SA
2017 USD Term
Loan B, 4.054%,
(US0003M +
2.750%),
06/21/25 | | | 1,760,587 | | | | 0.4 | | |
| | 3,224,159 | | | | | | | Aricent
Technologies
1st Lien Term
Loan, 5.729%,
(US0003M +
4.500%),
04/14/21 | | | 3,237,594 | | | | 0.7 | | |
| | 380,000 | | | | | | | Asurion LLC 2017
Second Lien
Term Loan,
7.239%,
(US0003M +
6.000%),
07/11/25 | | | 389,025 | | | | 0.1 | | |
| | 2,913,723 | | | | | | | Asurion LLC 2017
Term Loan B4,
3.989%,
(US0003M +
2.750%),
08/04/22 | | | 2,927,989 | | | | 0.6 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,655,019 | | | | | | | Asurion LLC 2017
Term Loan B5,
4.239%,
(US0003M +
3.000%),
11/03/23 | | $ | 2,670,429 | | | | 0.6 | | |
| | 3,200,000 | | | | | | | CenturyLink, Inc.
2017 Term
Loan B, 2.750%,
(US0003M +
2.750%),
01/31/25 | | | 3,134,000 | | | | 0.7 | | |
| | 4,870,178 | | | | | | | Communications
Sales &
Leasing, Inc.
2017 Term
Loan B, 4.239%,
(US0003M +
3.000%),
10/24/22 | | | 4,716,466 | | | | 1.1 | | |
| | 3,659,931 | | | | | | | Consolidated
Communications,
Inc. 2016 Term
Loan B, 4.240%,
(US0003M +
3.000%),
09/30/23 | | | 3,605,603 | | | | 0.8 | | |
| | 1,514,887 | | | | | | | Global Tel*Link
Corporation First
Lien Term Loan,
5.296%,
(US0003M +
4.000%),
05/23/20 | | | 1,527,510 | | | | 0.3 | | |
| | 850,000 | | | | | | | Global Tel*Link
Corporation
Second Lien
Term Loan,
9.046%,
(US0003M +
7.750%),
11/23/20 | | | 849,646 | | | | 0.2 | | |
| | 1,959,184 | | | | | | | LTS Buyer LLC
First Lien Term
Loan, 4.546%,
(US0003M +
3.250%),
04/11/20 | | | 1,966,006 | | | | 0.4 | | |
| | 1,150,000 | | | | (1 | ) | | Securus
Technologies
Holdings, Inc.
2017 First Lien
Term Loan,
5.818%,
(US0003M +
4.500%),
08/25/24 | | | 1,162,937 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
50
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Telecommunications: (continued) | |
| | 2,708,213 | | | | | | | Sprint
Communications,
Inc. First Lien
Term Loan B,
3.750%,
(US0003M +
2.500%),
02/02/24 | | $ | 2,715,831 | | | | 0.6 | | |
| | 1,997,574 | | | | | | | Syniverse
Holdings, Inc.
Term Loan,
4.311%,
(US0003M +
3.000%),
04/23/19 | | | 1,927,659 | | | | 0.4 | | |
| | 1,955,000 | | | | | | | U.S. Telepacific
Corporation
2017 Term
Loan B, 6.317%,
(US0003M +
5.000%),
04/17/23 | | | 1,924,758 | | | | 0.4 | | |
| | 2,996,640 | | | | | | | Windstream
Corporation
Repriced Term
Loan B6, 5.230%,
(US0003M +
4.000%),
03/16/21 | | | 2,754,413 | | | | 0.6 | | |
| | | | | | | | | | 37,270,453 | | | | 8.2 | | |
| | | | | Utilities: 4.4% | |
| | 994,924 | | | | | | | Calpine
Corporation
Term Loan B5,
4.050%,
(US0003M +
2.750%),
05/19/22 | | | 994,371 | | | | 0.2 | | |
| | 985,000 | | | | | | | Calpine
Corporation
Term Loan B6,
4.050%,
(US0003M +
2.750%),
01/13/23 | | | 984,384 | | | | 0.2 | | |
| | 1,621,850 | | | | | | | Dayton Power &
Light Company
(The) Term
Loan B, 4.490%,
(US0003M +
3.250%),
08/15/22 | | | 1,649,219 | | | | 0.4 | | |
| | 1,815,144 | | | | | | | Dynegy Inc. 2017
Term Loan C,
4.489%,
(US0003M +
3.250%),
06/27/23 | | | 1,819,965 | | | | 0.4 | | |
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | 2,118,856 | | | | | | | EFS Cogen
Holdings I LLC
2016 Term
Loan B, 4.796%,
(US0003M +
3.500%),
06/22/23 | | $ | 2,139,384 | | | | 0.5 | | |
| | 950,525 | | | | | | | Entergy Rhode
Island State
Energy, L.P. Term
Loan B, 5.990%,
(US0003M +
4.750%),
11/12/22 | | | 951,119 | | | | 0.2 | | |
| | 1,231,299 | | | | | | | Helix Gen
Funding, LLC
Term Loan B,
4.960%,
(US0003M +
3.750%),
02/23/24 | | | 1,245,835 | | | | 0.3 | | |
| | 1,617,000 | | | | | | | Longview
Power LLC
Term Loan B,
7.240%,
(US0003M +
6.000%),
04/13/21 | | | 937,860 | | | | 0.2 | | |
| | 992,500 | | | | | | | Meter Readings
Holding, LLC
2016 Term
Loan B, 7.067%,
(US0003M +
5.750%),
08/17/23 | | | 1,012,350 | | | | 0.2 | | |
| | 1,245,588 | | | | | | | Middle River
Power LLC Term
Loan B, 8.296%,
(US0003M +
7.000%),
09/29/22 | | | 1,195,764 | | | | 0.3 | | |
| | 650,000 | | | | | | | Nautilus
Power, LLC
Term Loan B,
5.739%,
(US0003M +
4.500%),
04/26/24 | | | 654,198 | | | | 0.1 | | |
| | 1,645,000 | | | | | | | Southeast
PowerGen, LLC
Term Loan B,
4.800%,
(US0003M +
3.500%),
11/05/21 | | | 1,573,031 | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
51
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Principal
Amount† | |
| | Borrower/
Tranche
Description | | Fair Value | | Percentage
of Net
Assets | |
| | | | | Utilities: (continued) | |
| | 2,430,643 | | | | | | | TEX
Operations Co.
LLC Exit Term
Loan B, 3.987%,
(US0003M +
2.750%),
08/04/23 | | $ | 2,435,706 | | | | 0.5 | | |
| | 557,143 | | | | | | | TEX
Operations Co.
LLC Exit Term
Loan C, 3.982%,
(US0003M +
2.750%),
08/04/23 | | | 558,303 | | | | 0.1 | | |
| | 2,101,225 | | | | | | | TPF II Power, LLC
Term Loan B,
4.989%,
(US0003M +
3.750%),
09/11/21 | | | 2,107,464 | | | | 0.5 | | |
| | | | | | | | | | 20,258,953 | | | | 4.4 | | |
| | | | | | | Total Senior
Loans
(Cost
$646,705,463) | | | 638,967,333 | | | | 139.7 | | |
Shares | |
| |
| | Value | | Percentage
of Net
Assets | |
| | | EQUITIES AND OTHER ASSETS: 0.3% | | | |
| | 89,600 | | | | (5 | ) | | Cengage Learning
Holdings II L.P. | | | 616,000 | | | | 0.2 | | |
| | 42,798 | | | | (5 | ) | | Everyware
Global, Inc. | | | 335,279 | | | | 0.1 | | |
| | 156,376 | | | | (5 | ) | | Longview
Power LLC | | | 125,101 | | | | 0.0 | | |
| | 57,894 | | | | (5 | ) | | Millennium
Health, LLC | | | 61,541 | | | | 0.0 | | |
| | — | | | | (5 | )(6) | | Millennium
Health, LLC | | | — | | | | 0.0 | | |
Shares | |
| | Borrower/
Tranche
Description | | Value | | Percentage
of Net
Assets | |
| | 206,462 | | | | (5 | ) | | Nelson
Education Ltd. | | $ | 18,582 | | | | 0.0 | | |
| | 111 | | | | (5 | ) | | Southcross
Holdings GP LLC | | | — | | | | 0.0 | | |
| | 111 | | | | (5 | ) | | Southcross
Holdings LP Class A | | | 74,925 | | | | 0.0 | | |
| | | | | | | Total Equities
and Other
Assets
(Cost
$5,389,020) | | | 1,231,428 | | | | 0.3 | | |
| | | | | | | Total
Investments
(Cost
$652,094,483) | | $ | 640,198,761 | | | | 140.0 | | |
| | | | | | | Liabilities in
Excess of
Other Assets | | | (183,002,014 | ) | | | (40.0 | ) | |
| | | | | | | Net Assets | | $ | 457,196,747 | | | | 100.0 | | |
* Senior loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior 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.
(1) Loans purchased on a when-issued or delayed-delivery basis. Interest rates that are not disclosed do not take effect until settlement date and have yet to be determined.
(2) All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 8 for additional details.
(3) All or a portion of this Senior 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.
(4) Issuer filed for bankruptcy and/or is in default.
(5) Non-income producing security.
(6) For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
Reference Rate Abbreviations:
EUR003M 3-month EURIBOR
PRIME Federal Reserve Bank Prime Loan Rate
US0001M 1-month LIBOR
US0003M 3-month LIBOR
US0006M 6-month LIBOR
See Accompanying Notes to Financial Statements
52
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of August 31, 2017 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
August 31, 2017 | |
Asset Table | |
Investments, at fair value | |
Senior Loans | | $ | — | | | $ | 638,169,352 | | | $ | — | | | $ | 638,169,352 | | |
Equities and Other Assets | | | — | | | | 1,231,428 | | | | — | | | | 1,231,428 | | |
Short-Term Investments | | | — | | | | 797,981 | | | | — | | | | 797,981 | | |
Total Investments, at fair value | | $ | — | | | $ | 640,198,761 | | | $ | — | | | $ | 640,198,761 | | |
Liabilities Table | |
Other Financial Instruments+ | |
Forward Foreign Currency Contracts | | $ | — | | | $ | (277,365 | ) | | $ | — | | | $ | (277,365 | ) | |
Total Liabilities | | $ | — | | | $ | (277,365 | ) | | $ | — | | | $ | (277,365 | ) | |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and include open forward foreign currency contracts which are fair valued at the unrealized gain (loss) on the instrument.
At August 31, 2017, the following forward foreign currency contracts were outstanding for Voya Senior Income Fund:
Currency
Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation) | |
USD | 25,557,512 | | | EUR | 21,680,000 | | | State Street Bank & Trust Co. | | 09/21/17 | | $ | (273,318 | ) | |
USD | 603,597 | | | EUR | 510,000 | | | State Street Bank & Trust Co. | | 09/21/17 | | | (4,047 | ) | |
| | | | | | | | | $ | (277,365 | ) | |
Currency Abbreviations
EUR EU Euro
USD United States Dollar
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of August 31, 2017 was as follows:
Derivatives not accounted for as hedging instruments | | Location on Statement
of Assets and Liabilities | | Fair Value | |
Liability Derivatives | |
Foreign exchange contracts | | Unrealized depreciation on forward foreign currency contracts | | $ | 277,365 | | |
Total Liability Derivatives | | | | $ | 277,365 | | |
The effect of derivative instruments on the Fund's Statement of Operations for the period ended August 31, 2017 was as follows:
Derivatives not accounted for as hedging instruments | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Forward foreign currency contracts | |
Foreign exchange contracts | | $ | (1,950,189 | ) | |
Total | | $ | (1,950,189 | ) | |
Derivatives not accounted for as hedging instruments | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Forward foreign currency contracts | |
Foreign exchange contracts | | $ | (272,931 | ) | |
Total | | $ | (272,931 | ) | |
See Accompanying Notes to Financial Statements
53
PORTFOLIO OF INVESTMENTS
VOYA SENIOR INCOME FUND AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at August 31, 2017:
| | | State Street Bank
& Trust Co. | |
Liabilities: | |
Forward foreign currency contracts | | $ | 277,365 | | |
Total Liabilities | | $ | 277,365 | | |
Net OTC derivative instruments by counterparty, at fair value | | $ | (277,365 | ) | |
Total collateral pledged by the Fund/(Received from counterparty) | | $ | — | | |
| Net Exposure(1) | | $ | (277,365 | ) | |
(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.
See Accompanying Notes to Financial Statements
54
Voya Senior Income Fund
ADDITIONAL INFORMATION (Unaudited)
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 N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov. The Fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
55
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Sub-Adviser
Voya Investment Management Co. LLC
230 Park Avenue
New York, New York 10169
Institutional Investors and Analysts
Call Voya Senior Income Fund
1-800-336-3436
Written Requests
Please mail all account inquiries and other comments to:
Voya Senior Income Fund
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
Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800) 992-0180
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your investment professional 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. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com
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.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
| (a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
| (b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. 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)(3) | Not required for semi-annual filing. |
| | |
| (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 Senior Income Fund
| By | /s/ Shaun P. Mathews | |
| | Shaun P. Mathews | |
| | President and Chief Executive Officer | |
Date: November 8, 2017
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/ Shaun P. Mathews | |
| | Shaun P. Mathews | |
| | President and Chief Executive Officer | |
Date: November 8, 2017
| By | /s/ Todd Modic | |
| | Todd Modic | |
| | Senior Vice President and Chief Financial Officer | |
Date: November 8, 2017
